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Universal Corporation Reports Six-Month Results

RICHMOND, Va., Nov. 6, 2012 /PRNewswire/ --

HIGHLIGHTS
Six Months 
Diluted earnings per share of $2.50.
Segment operating income of $123 million, up 34% largely due to shipment timing.
Uncommitted inventory levels reduced to 10% of tobacco inventory.
Dividend increase announced for the 42nd consecutive year.

Second Quarter 
Segment operating income of $78 million, up $17 million from prior year.
Revenues increased 5% to $675 million.

George C. Freeman, III, Chairman, President, and Chief Executive Officer of Universal Corporation (NYSE: UVV), announced that net income for the first half of fiscal year 2013, which ended on September 30, 2012, was $71.1 million, or $2.50 per diluted share.  Those results were significantly higher than last year's net income of $7.8 million, or $0.02 per diluted share, which included the effects of the charge in the second quarter of fiscal year 2012 for the European Commission fine. The comparison of the current and prior year periods is affected by several unusual items, which are described below and amount to net pretax charges of $3.7 million ($0.05 per diluted share) for the first six months of fiscal year 2013, and $49.3 million ($1.90 per diluted share) for the same period last year.

For the three months ended September 30, 2012, net income of $48.0 million, or $1.68 per diluted share, which included restructuring costs totaling $3.7 million ($0.05 per diluted share), compared with a net loss for the prior year's second quarter of $8.0 million, or $0.51 per diluted share, which included unusual items amounting to a net pretax charge of $52.1 million ($1.93 per diluted share).  

Segment operating income, which excludes those unusual items, was $122.7 million, an increase of 34%, for the six-month period and $78.5 million, an increase of 27%, for the quarter ended September 30, 2012, on larger volumes due in part to shipment timing.  Operating results in both periods also included a $7.8 million increase in dividend income from unconsolidated subsidiaries.  Revenues increased by 1% to $1.1 billion for the first half of fiscal year 2013, and by 5% to $675.2 million for the three months ended September 30, 2012, mostly as a result of higher volumes influenced by accelerated shipments in the second quarter of fiscal year 2013, sales from uncommitted inventories, and carryover shipments in the first quarter from last year's large crops. 

The following table sets forth the charges and gains included in reported results:



Three Months Ended
September 30,


Six Months Ended
September 30,

(in millions of dollars, except per share amounts) 

2012


2011


2012


2011

(Charges) and gains








Charge for European Commission fine in Italy (1)

$            —


$       (49.1)


$             —


$        (49.1)

Restructuring costs (2)

(3.7)


(3.0)


(3.7)


(9.8)

Gain on fire loss insurance settlement in Europe (3)




9.6










     Total effect on operating income

$         (3.7)


$       (52.1)


$          (3.7)


$        (49.3)










     Total effect on net income

$         (1.5)


$       (48.2)


$          (1.5)


$        (46.3)










     Total effect on diluted earnings per share

$       (0.05)


$       (1.93)


$        (0.05)


$        (1.90)











(1)

Fines and accumulated interest from the September 9, 2011, decision by the General Court of the European Union rejecting an Italian subsidiary's application to reinstate immunity related to infringements of European Union antitrust law in the Italian raw tobacco market. 

(2)

Restructuring charges, primarily related to workforce reductions in the United States, South America, Europe, and Africa. 

(3)

The fire loss insurance settlement related to a plant fire in Europe in 2010. The operating assets have been replaced.  

 

Mr. Freeman stated, "Our results have been good for the first half of the fiscal year, but they were heavily influenced by the effects of shipment timing.  We saw carryover sales from last year's large African crops in this fiscal year's first quarter and accelerated shipments from South America and other origins in the second quarter.  During the same period last fiscal year, shipments began later in Brazil and Africa due to a slow start to the season caused by oversupplied markets.  Although production of flue-cured and burley tobacco outside of China is down, our leaf volumes shipped during the first six months are comparable to last year's levels.  Our uncommitted stocks have also been reduced to very low levels, and we do not anticipate shipment volumes in the second half of the fiscal year to be equivalent to those of the previous fiscal year.

"Beyond that caveat, I am pleased with the recovery in leaf tobacco and with our company's performance in these transitional markets.  Looking forward, we expect market conditions to improve, and we are anticipating larger crops in several key origins where production has not met demand this year.

"Our continued successful management of our cash flow and uncommitted inventories has allowed us to maintain our strong balance sheet and financial flexibility, which we view as a competitive advantage. It also enables us to continue rewarding our shareholders, as we have done with our 42nd consecutive annual dividend increase announced today."

FLUE-CURED AND BURLEY LEAF TOBACCO OPERATIONS:

Six Months

Operating income for the flue-cured and burley tobacco operations, which comprise the North America and Other Regions segments, was $113.3 million for the first half of fiscal year 2013, compared to $88.0 million in the first half of the prior fiscal year, as stronger earnings in the Other Regions segment offset declines in the North America segment.  Revenues of about $1.0 billion were relatively flat compared with the previous year, as improved volumes combined with marginally lower average prices.

Earnings for the Other Regions segment were $108.8 million, an increase of about 41% from last fiscal year's first half earnings of $77.4 million.  The improvement was driven primarily by higher sales volumes in South America and Africa, mainly as a result of accelerated shipment timing in some origins, as well as carryover shipments, compared to slower deliveries last year. Those results were partly offset by decreased earnings in Europe on reduced volumes, the translation effects of weaker local currencies against the U.S. dollar, and the absence of last year's insurance recoveries.  Selling, general, and administrative expenses for the segment were lower, mostly due to currency remeasurement and exchange gains. In addition, segment results benefited from a $7.8 million increase in dividend income from unconsolidated subsidiaries.  Revenues for this segment were up by about 2% to $909.5 million, reflecting increased overall leaf volumes, offset in part by reduced average prices largely as a result of carryover shipments of lower priced African tobaccos. In the North America segment, operating income of $4.5 million decreased by $6.1 million compared with the previous year.  Decreased volumes due to shipment delays in Central America and fewer old crop trading and carryover sales were partly mitigated by lower U.S. fixed factory costs.  Revenues for this segment were down by 5% to $119.9 million on those volume declines.

Second Quarter

In the second quarter of fiscal year 2013, operating income for flue-cured and burley operations increased by $16.0 million to $77.5 million, compared to the same period last fiscal year. Revenues for the group at $631.4 million were up about 5%, on higher volumes.  Operating income for the Other Regions segment improved by 31% to $73.9 million compared with the prior year, due primarily to earlier shipments in Africa and South America and sales of carryover crops in Brazil.  Selling, general, and administrative expenses for the segment were down slightly for the quarter.  Revenues for the Other Regions segment increased by 7% to $572.0 million mainly as a result of the higher volumes mentioned above.  Operating income for the North America segment of $3.6 million was down by $1.5 million, as benefits from lower fixed factory costs in the U.S. were outweighed by fewer domestic old crop sales as well as shipment delays and lower results in Central America. Those volume reductions also reduced revenues for this segment, which declined by 12% to $59.4 million.

OTHER TOBACCO OPERATIONS:

The Other Tobacco Operations segment operating income improved by $6.1 million to $9.3 million for the six months ended September 30, 2012, compared with the same period for the previous fiscal year.  Results for the dark tobacco business improved owing mainly to recovery in the Indonesian operations after weather-related crop shortages affected last fiscal year's comparable results.  The oriental joint venture experienced larger volumes on earlier shipments in the first quarter of fiscal year 2013, and also benefited from lower operating expenses attributable to the effects of a stronger U.S. dollar.  Segment operating income for the second quarter for fiscal year 2013 was $1.0 million, an increase of $0.5 million compared with the prior year, as dark tobacco volume improvements were partly offset by volume reductions due to shipment timing in the oriental joint venture.  Revenues for this segment increased for the second quarter of fiscal year 2013 by 15%, to $43.8 million, mostly related to the higher sales for the Indonesian market.  Revenues were also up $6.9 million to $107.2 million for the first half of fiscal year 2013, primarily attributable to the timing of shipments of oriental tobaccos into the United States. 

OTHER ITEMS:

Cost of goods sold increased by about 3% to $537.1 million in the quarter, consistent with higher revenues for that period and was flat, at $906.5 million, for the first half of fiscal year 2013.  Selling, general, and administrative costs declined by $10.8 million in the first half of the year and increased by $1.6 million in the second fiscal quarter.  In the six months, favorable comparisons from currency remeasurement and exchange gains and fewer claims and allowances were partially offset by the previous year's reversal of non-income tax provisions due to a favorable tax ruling in South America.

The consolidated effective income tax rates for the quarter and six months ended September 30, 2012, were approximately 28% and 30%, respectively.  The rates for both periods were lower than the 35% federal statutory rate because of changes in exchange rates on deferred income tax assets and liabilities as well as lower effective rates on income from certain foreign subsidiaries.  The effective income tax rates for the quarter and six months ended September 30, 2011, were approximately 275% and 70%. Those rates were significantly higher than normal because the Company did not record an income tax benefit on the non-deductible fine portion of the charge for the European Commission fine and interest in Italy.  Without that item, the effective income tax rates would have been approximately 29% and 31% for the quarter and six months ended September 30, 2011, respectively. Those rates were lower than the 35% federal statutory rate chiefly due to the effect of exchange rate changes on deferred income taxes of certain foreign subsidiaries. 

In September 2011, the Company announced that the General Court of the European Union issued a decision rejecting the appeal of Deltafina, S.p.A, its Italian subsidiary. That appeal related to the European Commission's revocation of Deltafina's immunity from a fine of €30 million (about $41 million on September 9, 2011) assessed against Deltafina and Universal jointly for actions in connection with Deltafina's purchase and processing of tobacco in the Italian raw tobacco market between 1995 and 2002.  Deltafina has appealed the decision of the General Court to the European Court of Justice.  Effective with the September 9, 2011 General Court decision, the Company recorded a charge for the full amount of the fine (€30 million) plus accumulated interest (€5.9 million). The charge totaled $49.1 million at the exchange rate in effect on the date of the General Court decision.  The appeal process is likely to be concluded within eighteen months. 

During the first quarter of fiscal year 2012, an insurance settlement was received for replacement cost recovery on the factory and equipment destroyed in a fire at the Company's sheet tobacco operations in Europe in 2010.  The settlement generated a gain of $9.6 million, which was reported as "Other Income" in the Company's consolidated income statement. 

Additional information

Amounts included in the previous discussion are attributable to Universal Corporation and exclude earnings related to non-controlling interests in subsidiaries.

This information includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  The Company cautions readers that any statements contained herein regarding earnings and expectations for its performance are forward-looking statements based upon management's current knowledge and assumptions about future events, including anticipated levels of demand for and supply of its products and services; costs incurred in providing these products and services; timing of shipments to customers; changes in market structure; government regulation; product taxation; industry consolidation and evolution; and general economic, political, market, and weather conditions. Actual results, therefore, could vary from those expected.  A further list and description of these risks, uncertainties, and other factors can be found in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2012, and in other documents the Company files with the Securities and Exchange Commission.  This information should be read in conjunction with the Annual Report on Form 10-K for the year ended March 31, 2012.

At 5:00 p.m. (Eastern Time) on November 6, 2012, the Company will host a conference call to discuss these results.  Those wishing to listen to the call may do so by visiting www.universalcorp.com at that time.  A replay of the webcast will be available at that site through February 5, 2013.  A taped replay of the call will be available through November 20, 2012, by dialing (855) 859-2056.  The confirmation number to access the replay is 64152448.

Headquartered in Richmond, Virginia, Universal Corporation is the leading global leaf tobacco supplier and conducts business in more than 30 countries.  Its revenues for the fiscal year ended March 31, 2012, were $2.4 billion. For more information on Universal Corporation, visit its web site at www.universalcorp.com.

 

UNIVERSAL CORPORATION







CONSOLIDATED STATEMENTS OF INCOME 






(In thousands of dollars, except per share data)







Three Months Ended
September 30,


Six Months Ended
September 30,


2012


2011


2012


2011


(Unaudited)


(Unaudited)

Sales and other operating revenues

$    675,187


$    641,026


$ 1,136,578


$ 1,120,491

Costs and expenses








    Cost of goods sold

537,138


521,600


906,499


906,707

    Selling, general and administrative expenses

59,275


57,660


108,478


119,238

    Other income




(9,592)

    Restructuring costs

3,687


2,962


3,687


9,821

    Charge for European Commission fine in Italy


49,091



49,091

Operating income

75,087


9,713


117,914


45,226

    Equity in pretax earnings (loss) of unconsolidated affiliates

(320)


153


1,049


(3,336)

    Interest income

70


364


227


721

    Interest expense

5,938


5,665


12,108


11,198

Income before income taxes and other items

68,899


4,565


107,082


31,413

    Income taxes

19,613


12,562


32,563


22,088

Net income (loss)

49,286


(7,997)


74,519


9,325

Less:  net income attributable to noncontrolling interests in subsidiaries

(1,305)


(42)


(3,413)


(1,476)

Net income (loss) attributable to Universal Corporation

47,981


(8,039)


71,106


7,849

Dividends on Universal Corporation convertible perpetual preferred stock

(3,713)


(3,713)


(7,425)


(7,425)

Earnings (loss) available to Universal Corporation common shareholders

$      44,268


$    (11,752)


$      63,681


$           424









Earnings (loss) per share attributable to Universal Corporation common shareholders:








    Basic

$          1.89


$        (0.51)


$          2.73


$          0.02

    Diluted

$          1.68


$        (0.51)


$          2.50


$          0.02









See accompanying notes.








 

UNIVERSAL CORPORATION 

CONSOLIDATED BALANCE SHEETS

(In thousands of dollars)


September 30,
2012


September 30,
2011


March 31,
2012


(Unaudited)


(Unaudited)



ASSETS






Current assets






    Cash and cash equivalents

$        115,690


$          45,505


$        261,699

    Accounts receivable, net

352,745


378,406


390,790

    Advances to suppliers, net

80,946


75,477


135,317

    Accounts receivable - unconsolidated affiliates

69,872


47,875


7,370

    Inventories - at lower of cost or market:






        Tobacco

901,154


966,914


682,095

        Other

70,099


73,048


53,197

    Prepaid income taxes

16,889


17,777


20,819

    Deferred income taxes

43,986


69,905


51,025

    Other current assets

72,100


70,444


88,317

        Total current assets

1,723,481


1,745,351


1,690,629







Property, plant and equipment






    Land

17,098


13,986


17,087

    Buildings

230,898


239,325


228,982

    Machinery and equipment

548,953


530,982


537,031


796,949


784,293


783,100

        Less accumulated depreciation

(498,470)


(479,882)


(479,908)


298,479


304,411


303,192

Other assets






    Goodwill and other intangibles

99,145


99,365


99,266

    Investments in unconsolidated affiliates

91,024


88,217


93,312

    Deferred income taxes

21,808


14,879


23,634

    Other noncurrent assets

51,262


51,416


56,886


263,239


253,877


273,098

        Total assets

$     2,285,199


$     2,303,639


$     2,266,919







See accompanying notes.






 

UNIVERSAL CORPORATION 

CONSOLIDATED BALANCE SHEETS

(In thousands of dollars)


September 30,
2012


September 30,
2011


March 31, 
2012


(Unaudited)


(Unaudited)



LIABILITIES AND SHAREHOLDERS' EQUITY






Current liabilities






    Notes payable and overdrafts

$          93,646


$        288,444


$        128,016

    Accounts payable and accrued expenses

187,957


198,942


187,790

    Accounts payable - unconsolidated affiliates

233


2,607


295

    Customer advances and deposits

47,809


56,332


16,832

    Accrued compensation

23,654


17,526


30,659

    Income taxes payable

15,869


9,294


12,866

    Current portion of long-term obligations

8,750


10,000


16,250

           Total current liabilities

377,918


583,145


392,708







Long-term obligations

387,500


300,000


392,500







Pensions and other postretirement benefits

140,085


102,912


140,529







Other long-term liabilities

86,221


88,232


90,609







Deferred income taxes

45,517


59,498


44,583







           Total liabilities

1,037,241


1,133,787


1,060,929







Shareholders' equity






  Universal Corporation:






    Preferred stock:





       Series A Junior Participating Preferred Stock, no par value, 500,000 shares authorized, none issued or outstanding



       Series B 6.75% Convertible Perpetual Preferred Stock, no par value,220,000 shares authorized, 219,999 shares issued and outstanding (219,999 at September 30, 2011, and March 31, 2012)

213,023


213,023


213,023

    Common stock, no par value, 100,000,000 shares authorized, 23,408,445 shares issued and outstanding  (23,230,486 at September 30, 2011, and 23,257,175 at March 31, 2012)

197,435


193,644


196,135

    Retained earnings

895,107


800,763


854,654

    Accumulated other comprehensive loss

(81,913)


(52,807)


(80,361)

           Total Universal Corporation shareholders' equity

1,223,652


1,154,623


1,183,451







  Noncontrolling interests in subsidiaries

24,306


15,229


22,539







           Total shareholders' equity

1,247,958


1,169,852


1,205,990







           Total liabilities and shareholders' equity

$     2,285,199


$     2,303,639


$     2,266,919







See accompanying notes. 






 

UNIVERSAL CORPORATION 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of dollars)


Six Months Ended
September 30,


2012


2011


(Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES:




   Net income

$      74,519


$        9,325

   Adjustments to reconcile net income to net cash used by operating activities:




      Depreciation

21,643


21,786

      Amortization

859


785

      Provisions for losses on advances and guaranteed loans to suppliers

4,015


6,421

      Foreign currency remeasurement loss (gain), net

(10,395)


1,921

      Gain on fire loss insurance settlement


(9,592)

      Restructuring costs

3,687


9,821

      Charge for European Commission fine in Italy


49,091

      Other, net

11,547


20,061

      Changes in operating assets and liabilities, net

(160,643)


(231,659)

        Net cash used by operating activities

(54,768)


(122,040)





CASH FLOWS FROM INVESTING ACTIVITIES:




    Purchase of property, plant and equipment

(19,503)


(18,474)

    Proceeds from sale of property, plant and equipment

2,232


7,905

    Proceeds from fire loss insurance settlement


9,933

        Net cash used by investing activities

(17,271)


(636)





CASH FLOWS FROM FINANCING ACTIVITIES: 




    Issuance (repayment) of short-term debt, net

(29,753)


144,148

    Repayment of long-term obligations

(12,500)


(95,000)

    Dividends paid to noncontrolling interests

(1,837)


    Issuance of common stock

493


134

    Repurchase of common stock


(4,004)

    Dividends paid on convertible perpetual preferred stock

(7,425)


(7,425)

    Dividends paid on common stock

(22,846)


(22,343)

    Proceeds from termination of interest rate swap agreements


13,388

        Net cash provided (used) by financing activities

(73,868)


28,898





Effect of exchange rate changes on cash

(102)


(1,724)

Net decrease in cash and cash equivalents

(146,009)


(95,502)

Cash and cash equivalents at beginning of year

261,699


141,007

Cash and cash equivalents at end of period

$    115,690


$      45,505





See accompanying notes.




 

NOTE 1. BASIS OF PRESENTATION

Universal Corporation, with its subsidiaries ("Universal" or the "Company"), is the leading global leaf tobacco supplier. Because of the seasonal nature of the Company's business, the results of operations for any fiscal quarter will not necessarily be indicative of results to be expected for other quarters or a full fiscal year. All adjustments necessary to state fairly the results for the period have been included and were of a normal recurring nature. Certain amounts in prior year statements have been reclassified to conform to the current year presentation. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2012.

NOTE 2.   EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings (loss) per share:



Three Months Ended
September 30,


Six Months Ended
September 30,

(in thousands, except per share data)


2012


2011


2012


2011

Basic Earnings (Loss) Per Share









Numerator for basic earnings (loss) per share









   Net income (loss) attributable to Universal Corporation


$        47,981


$        (8,039)


$        71,106


$          7,849

   Less:  Dividends on convertible perpetual preferred stock


(3,713)


(3,713)


(7,425)


(7,425)

   Earnings (loss) available to Universal Corporation common shareholders









      for calculation of basic earnings (loss) per share


44,268


(11,752)


63,681


424










Denominator for basic earnings (loss) per share









    Weighted average shares outstanding


23,379


23,229


23,338


23,211










Basic earnings (loss) per share


$            1.89


$          (0.51)


$            2.73


$            0.02










Diluted Earnings (Loss) Per Share









Numerator for diluted earnings (loss) per share









   Earnings (loss) available to Universal Corporation common shareholders


$        44,268


$      (11,752)


$        63,681


$             424

   Add: Dividends on convertible perpetual preferred stock (if

conversion assumed)


3,713



7,425


   Earnings (loss) available to Universal Corporation common shareholders for calculation of diluted earnings (loss) per share


47,981


(11,752)


71,106


424










Denominator for diluted earnings (loss) per share:









    Weighted average shares outstanding


23,379


23,229


23,338


23,211

    Effect of dilutive securities (if conversion or exercise assumed)









       Convertible perpetual preferred stock


4,794



4,791


       Employee share-based awards


328



317


296










    Denominator for diluted earnings (loss) per share


28,501


23,229


28,446


23,507










Diluted earnings (loss) per share


$            1.68


$          (0.51)


$            2.50


$            0.02










 

NOTE 3. SEGMENT INFORMATION

The principal approach used by management to evaluate the Company's performance is by geographic region, although the dark air-cured and oriental tobacco businesses are each evaluated on the basis of their worldwide operations. The Company evaluates the performance of its segments based on operating income after allocated overhead expenses (excluding significant non-recurring charges or credits), plus equity in the pretax earnings of unconsolidated affiliates.

Operating results for the Company's reportable segments for each period presented in the consolidated statements of income were as follows:



Three Months Ended
September 30,


Six Months Ended
September 30,

(in thousands of dollars) 


2012


2011


2012


2011

SALES AND OTHER OPERATING REVENUES


















   Flue-cured and burley leaf tobacco operations:









        North America


$        59,370


$        67,729


$      119,856


$      126,358

        Other regions (1)


571,981


535,149


909,514


893,799

             Subtotal


631,351


602,878


1,029,370


1,020,157

   Other tobacco operations (2)


43,836


38,148


107,208


100,334










   Consolidated sales and other operating revenues


$      675,187


$      641,026


$   1,136,578


$   1,120,491










OPERATING INCOME









   Flue-cured and burley leaf tobacco operations:









        North America


$          3,551


$          5,053


$          4,529


$        10,630

        Other regions (1)


73,935


56,441


108,776


77,350

             Subtotal


77,486


61,494


113,305


87,980

   Other tobacco operations (2)


968


425


9,345


3,230










   Segment operating income


78,454


61,919


122,650


91,210










   Deduct: Equity in pretax (earnings) loss of unconsolidated affiliates (3)


320


(153)


(1,049)


3,336

   Restructuring costs (4)


(3,687)


(2,962)


(3,687)


(9,821)

  Charge for European Commission fine in Italy (4)



(49,091)



(49,091)

  Add: Other income





9,592










   Consolidated operating income


$        75,087


$          9,713


$      117,914


$        45,226










(1)

Includes South America, Africa, Europe, and Asia regions, as well as inter-region eliminations.

(2)

Includes Dark Air-Cured, Special Services, and Oriental, as well as inter-company eliminations. Sales and other operating revenues for this reportable segment include limited amounts for Oriental because its financial results consist principally of equity in the pretax earnings of an unconsolidated affiliate.

(3)

Item is included in segment operating income, but is not included in consolidated operating income.

(4)

Item is not included in segment operating income, but is included in consolidated operating income.

SOURCE Universal Corporation

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@ThingsExpo Stories
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with APIs within the next year.
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...
In his keynote at 16th Cloud Expo, Rodney Rogers, CEO of Virtustream, discussed the evolution of the company from inception to its recent acquisition by EMC – including personal insights, lessons learned (and some WTF moments) along the way. Learn how Virtustream’s unique approach of combining the economics and elasticity of the consumer cloud model with proper performance, application automation and security into a platform became a breakout success with enterprise customers and a natural fit for the EMC Federation.
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect their organization.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, discussed IoE and the enormous opportunities it provides to public and private firms alike. She will share what businesses must do to thrive in the IoE economy, citing examples from several industry sectors.
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.
Akana has released Envision, an enhanced API analytics platform that helps enterprises mine critical insights across their digital eco-systems, understand their customers and partners and offer value-added personalized services. “In today’s digital economy, data-driven insights are proving to be a key differentiator for businesses. Understanding the data that is being tunneled through their APIs and how it can be used to optimize their business and operations is of paramount importance,” said Alistair Farquharson, CTO of Akana.
Business as usual for IT is evolving into a "Make or Buy" decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud business applications and services across multiple cloud delivery models.
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI Intelligence, he worked analyzing bank technology for Corporate Insight and The Clearing House Payment...
"Optimal Design is a technology integration and product development firm that specializes in connecting devices to the cloud," stated Joe Wascow, Co-Founder & CMO of Optimal Design, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and simplified management of data on complex storage networks. CommVault's exclusive single-platform architecture gives companies unp...
Electric Cloud and Arynga have announced a product integration partnership that will bring Continuous Delivery solutions to the automotive Internet-of-Things (IoT) market. The joint solution will help automotive manufacturers, OEMs and system integrators adopt DevOps automation and Continuous Delivery practices that reduce software build and release cycle times within the complex and specific parameters of embedded and IoT software systems.
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.