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Primary Energy Reports Third Quarter 2012 Results

OAK BROOK, IL, Nov. 6, 2012 /PRNewswire/ - Primary Energy Recycling Corporation (the "Company" or "Primary Energy") (TSX: PRI), a clean energy company that generates revenue from capturing and recycling recoverable heat and byproduct fuels from industrial processes, today announced its financial and operational results for the three and nine months ended September 30, 2012.

Financial Results                        
(in 000's of US$)                        
    Three Months Ended September 30,    Nine Months Ended September 30,
    2012   2011   2012   2011
                         
Revenues    $ 13,660    $ 13,808    $ 40,447    $ 39,903
Operations and maintenance expense     4,422     3,159     12,798     10,025
Operating income (loss)      1,193     3,479     (1,883)     4,974
Net (loss) income and comprehensive (loss) income     (213)     428     (5,114)     (2,512)
EBITDA (1)     7,498     9,738     17,022     27,444
Adjusted EBITDA (2)     9,149     10,138     27,377     28,544
Net cash provided by operating activities     5,409     7,012     12,054     23,610
Free Cash Flow (3)     1,255     6,716     332     19,186
Cash and cash equivalents     30,281     21,605     -     -
Credit facility debt balance     83,156     50,626     -     -

 

Third Quarter Highlights

  • Implemented a new dividend policy to pay a US$0.20 per share annual dividend, payable quarterly.  A quarterly dividend payment of US$0.05 was declared with a record date of November 15, 2012 and a payment date of November 30, 2012;
  • Average availability of facility operations was strong at 99.1%; 
  • Portside's boiler turn down project is substantially complete and operating as expected.  The Portside condensing economizer is on schedule and on budget;
  • North Lake's upgrades are substantially complete and on budget. Performance testing and final check out of all systems is expected to be completed in the fourth quarter of 2012.
  • Contract renewal discussions with the site host for Cokenergy continued. The current contract expires in October of 2013;
  • Harbor Coal volumes remain below normal due to low cost natural gas.

"The announcement of our new dividend policy improved the liquidity of the Company's shares," said John Prunkl, President and Chief Executive Officer of Primary Energy. "The transition to self-management has gone smoothly, and the corporate costs are about the same as the costs experienced under the prior third party manager arrangement.  For the short term, the renewal of the Cokenergy contract remains our primary focus."

Operational Highlights        
    Q3 2012   Q3 2011
         
Total Gross Electric Production Megawatt Hours (MWh) (4)   354,942   375,406
Total Thermal Energy Delivered (MMBtu) (5)   996,276   971,103
Harbor Coal Utilization (%) (6)   68.4%   89.9%

 

Third Quarter 2012 Financial Results

The Company's revenue of $13.7 million in the third quarter of 2012 decreased $0.1 million, or 1.1%, compared with revenue of $13.8 million for the third quarter of 2011. The North Lake facility had reduced host operations during the third quarter of 2012 compared to the third quarter of 2011 which had a negative impact on Energy Service revenue of $0.2 million. This decrease was partially offset by increased revenue at the Portside facility associated with increased operating levels at the host site.

The Company's revenue of $40.4 million in the first nine months of 2012 increased $0.5 million, or 1.4%, compared with revenue of $39.9 million for the first nine months of 2011.  Revenue increased at the North Lake and Ironside facilities as a result of increased host operations in the current year.

Operations and maintenance expense for the third quarter of 2012 was $4.4 million compared to $3.2 million for the third quarter of 2011, an increase of $1.2 million or 40%.  The Company incurred periodic costs during the third quarter of 2012 comprised of $1.2 million for boiler retubing work and $0.2 million for ductwork repairs compared to periodic costs for the third quarter of 2011 totaling $0.4 million for boiler retubing work. In addition, the Company incurred $0.2 million of additional general operations and maintenance expenses during the quarter.

Operations and maintenance expense for the first nine months of 2012 was $12.8 million compared to $10.0 million for the first nine months of 2011, an increase of $2.8 million or 27.7%.  The Company incurred periodic costs for the first nine months of 2012 comprised of $3.3 million for boiler retubing work and $0.6 million for ductwork repairs compared to periodic costs for the first nine months of 2011 totaling $1.1 million for boiler retubing work.

Equity in earnings of the Harbor Coal joint venture for the third quarter of 2012 was $0.5 million compared to $1.0 million for the third quarter of 2011, a decrease of $0.5 million.  Equity in earnings of the Harbor Coal joint venture for the first nine months of 2012 was $1.8 million compared to $3.1 million for the first nine months of 2011, a decrease of $1.3 million.  The decreases noted are the result of reduced pulverized coal deliveries in favor of natural gas injection due to its low cost.

Operating income for the third quarter of 2012 was $1.2 million compared to $3.5 million for the third quarter of 2011, a decrease of $2.3 million.  Operating loss for the first nine months of 2012 was $1.9 million compared to operating income of $5.0 million for the first nine months of 2011, a decrease of $6.9 million. The largest driver impacting year to date results was the $6.0 million fee paid to terminate the Management Agreement at time of the buy-out of the non-controlling interest.

Net loss and comprehensive loss for the third quarter of 2012 was $0.2 million compared to net income and comprehensive income of $0.4 million for the third quarter of 2011, a decrease of $0.6 million.  Net loss and comprehensive loss for the first nine months of 2012 was $5.1 million compared to $2.5 million for the first nine months of 2011, an increase of $2.6 million.

Conference Call and Webcast

Management will host a conference call to discuss the third quarter results on Wednesday, November 7, 2012 at 9:00 am ET. Following management's presentation, there will be a question and answer session. To participate in the conference call, please dial (888) 231-8191 or (647) 427-7450.

A digital conference call replay will be available until midnight on November 21, 2012 (ET) by calling (855) 859-2056 or (416) 849-0833. Please enter the passcode 38427835 when instructed. A webcast replay will be available for 90 days by accessing a link through the Investor Information section at www.primaryenergyrecycling.com.

Forward-Looking Statements
When used in this news release, the words "intend", "likely", "anticipate", "expect", "project", "believe", "estimate", "forecast", "outlook" and similar expressions, are intended to identify forward-looking statements, including statements regarding maintenance and capital expenditures Such statements are subject to certain risks, uncertainties and assumptions pertaining, but not limited, to recovery in the steel industry, continued strong performance from the mills we serve consistent with historical patterns, timely renewal of contracts at the Company's facilities, no protracted outages (planned or unplanned) for any of our facilities, operating and maintenance costs and general and administrative costs being similar to recent years except as described in this press release, regulatory parameters, weather and economic conditions and other factors discussed in the Company's public filings available on SEDAR at www.sedar.com. Additional risks and uncertainties not currently known or that are currently deemed to be immaterial may also materially and adversely affect the Company's business operations and outlook. Any of the matters highlighted in the Company's risk factor disclosure could have a material adverse effect on the Company's results of operations, business prospects and outlook, financial condition or cash flow, in which case, the market price or value of the Company's Common Shares could be adversely affected. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by applicable securities laws.

About Primary Energy Recycling Corporation
Primary Energy Recycling Corporation, headquartered in Oak Brook, Illinois, owns and operates four recycled energy projects and a 50% interest in a pulverized coal facility (collectively, the "Projects"). The Projects have a combined electrical generating capacity of 283 megawatts and a combined steam generating capacity of 1.8M lbs/hour. Primary Energy Recycling Corporation creates value for its customers by capturing and recycling waste energy from industrial and electric generation processes and converting it into reliable and economical electricity and thermal energy for resale back to its customers. For more information, please see www.primaryenergy.com

1As used herein, EBITDA means earnings before interest, taxes, depreciation and amortization and certain other adjustments. EBITDA is reconciled to net (loss) income and comprehensive (loss) income in the table below.  EBITDA is not a recognized measure under IFRS and does not have a standardized meaning prescribed by IFRS. Therefore, EBITDA may not be comparable to similar measures presented by other companies.

2As used herein, references to Adjusted EBITDA are to EBITDA as adjusted for certain non-recurring adjustments for major maintenance/outage work expenses, management agreement termination fee and non-cash stock based compensation that represent recorded expenses based on specific circumstances and are not expected to be part of the Company's ongoing business activity. Adjusted EBITDA is reconciled to net income (loss) and comprehensive income (loss) in the table below. Adjusted EBITDA is not a recognized measure under IFRS and does not have a standardized meaning prescribed by IFRS. Therefore, Adjusted EBITDA may not be comparable to similar measures presented by other companies.

3As used herein, Free Cash Flow means net cash provided by operating activities as adjusted for capital expenditures.  Free Cash Flow is not a recognized measure under IFRS and does not have a standardized meaning prescribed by IFRS. Therefore, Free Cash Flow may not be comparable to similar measures presented by other companies.

4Total Gross Electric Production means the aggregate amount of electricity produced by all of the Company's facilities during the period. The amount is gross generation and is not reduced by internal electric usage of the facilities' auxiliary equipment. The unit of measure is megawatt hours (MWh).  Due to the fixed and variable nature of customer contracts, MWh production cannot be directly tied to financial performance.

5Total Thermal Energy Delivered means the aggregate amount of heat energy contained in the steam and heated water delivered to customers by all of the Company's facilities during the period. The unit of measure is million of British Thermal Units (MMBTU). Due to the fixed and variable nature of customer contracts, MMBTU production cannot be directly tied to financial performance.

6Harbor Coal Utilization is a factor that incorporates the production level of a blast furnace and the amount of coal utilization per unit of blast furnace production as compared to a reference blast furnace production level and coal utilization rate per unit of blast furnace production. The measurement unit is a ratio expressed as a percentage.

Management believes that EBITDA, Adjusted EBITDA, Free Cash Flow, Total Gross Electric Production, Total Thermal Energy Delivered and Harbor Coal Utilization provide useful supplemental information regarding the performance of the Company, facilitate comparisons of historical periods and are indicative of the Company's operating results.  Note, however, that these items are performance measures only, and do not provide any measure of the Company's cash flow or liquidity, and are not a substitute for IFRS financial measures.

Non-IFRS Measures

The Company reports its financial results in accordance with IFRS. The Company's management also evaluates and makes operating decisions using various other measures.  Three such measures are EBITDA, Adjusted EBITDA and Free Cash Flow, which are non-IFRS financial measures. We believe these measures provide useful supplemental information regarding the performance of the Company's business.

Reconcilation of Net (Loss) Income and Comprehensive (Loss) Income                        
  to Adjusted EBITDA                            
(in 000's of US$)       Three Months Ended September 30,   Nine Months Ended September 30,
            2012   2011   2012   2011
                                 
Net (loss) income and comprehensive (loss) income    $ (213)   $ 428   $ (5,114)   $ (2,512)
Adjustment to net (loss) income and comprehensive (loss) income:                        
  Depreciation and amortization       5,296     5,250     15,832     18,943
  Depreciation and amortization included in equity in                         
    earnings of Harbor Coal joint venture     1,009     1,009     3,027     3,027
  Interest expense         1,525     1,518     4,240     5,053
  Deferred finance fees expensed upon extinguishment of debt     -     -     765     -
  Realized and unrealized loss on derivative contracts     292     -     572     4
  Loss on derecognition       -     -     46     500
  Income tax (benefit) expense        (411)     1,533     (2,346)     2,429
EBITDA         $ 7,498   $ 9,738   $ 17,022   $ 27,444
                                 
Adjustments to EBITDA:                            
  Major maintenance (1)       1,471     400     3,957     1,100
  Management agreement termination fee     -     -     6,000     -
  Professional fees related to the buyout of the non-controlling interest     101     -     293     -
  Non-cash stock based compensation     79     -     105     -
Adjusted EBITDA       $ 9,149   $ 10,138   $ 27,377   $ 28,544
                                 
1)  Represents nonrecurring major maintenance expenditures for such items as boiler retubing work and related other maintenance expenditures and ductwork repairs.  
                                 
Reconcilation of Net Cash Provided By Operating Activities                         
  to Free Cash Flow                            
(in 000's of US$)       Three Months Ended September 30,   Nine Months Ended September 30,
            2012   2011   2012   2011
                                 
Net cash provided by operating activities   $ 5,409   $ 7,012   $ 12,054   $ 23,610
                                 
Less: Capital expenditures       (4,184)     (296)     (11,722)     (4,424)
Free Cash Flow       $ 1,225   $ 6,716   $ 332   $ 19,186

 

Primary Energy Recycling Corporation
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(In thousands of U.S. dollars)
                         
                         
ASSETS       September 30, 2012   December 31, 2011
                         
Current assets:            
  Cash and cash equivalents   $ 30,281   $ 20,567
  Accounts receivable      8,646     8,115
  Inventory, net     1,224     987
  Tax receivable     651     565
  Prepaid expenses     1,176     632
  Other current assets     414     -
Total current assets     42,392     30,866
                         
Non-current assets:            
  Property, plant and equipment, net      187,568     180,844
  Intangible assets, net     15,399     24,632
  Restricted cash     3,445     1,930
  Deferred tax asset, net     -     2,519
  Investment in Harbor Coal joint venture     59,707     63,190
  Other non-current assets      92     159
Total assets   $ 308,603   $ 304,140
                         
LIABILITIES AND EQUITY            
                         
Current liabilities:            
  Accounts payable   $ 1,680   $ 1,115
  Short-term debt      9,569     27,304
  Due to affiliates      -     333
  Accrued property taxes     1,338     1,963
  Accrued expenses     6,854     5,503
Total current liabilities     19,441     36,218
                         
Non-current liabilities:            
  Long-term debt      69,160     14,134
  Deferred income tax liability, net     14,738     -
  Interest rate swap      184     -
  Asset retirement obligations      4,451     4,239
Total liabilities     107,974     54,591
                         
                         
Equity                  
                         
Equity attributable to equity owners of the Company            
Common stock: no par value, unlimited shares authorized;             
  44,706,186 issued and outstanding      274,479     274,479
Contributed surplus     37,217     3,316
Accumulated shareholders' deficit     (111,067)     (107,748)
Total equity attributable to equity owners of the Company     200,629     170,047
Non-controlling interest      -     79,502
Total equity     200,629     249,549
Total liabilities and equity   $ 308,603   $ 304,140

 

Primary Energy Recycling Corporation
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands of U.S. dollars, except share and per share amounts)
                                   
                                   
            Three Months Ended September 30,   Nine Months Ended September 30,
            2012     2011   2012   2011
                                   
Revenue:                                
  Capacity         $ 9,018     $ 9,018   $ 27,054   $ 27,054
  Energy service         4,642       4,790     13,393     12,849
              13,660       13,808     40,447     39,903
Expenses:                                
  Operations and maintenance       4,422       3,159     12,798     10,025
  General and administrative       2,082       2,438     6,702     6,917
  Management agreement termination fee     -       -     6,000     -
  Employee benefits          1,216       510     2,731     1,676
  Depreciation and amortization       5,296       5,250     15,832     18,943
  Loss on derecognition        -       -     46     500
Total operating expenses       13,016       11,357     44,109     38,061
                                   
Equity in earnings of Harbor Coal joint venture      549       1,028     1,779     3,132
                                   
Operating income (loss)        1,193       3,479     (1,883)     4,974
                                   
Other expense                               
  Interest expense         (1,525)       (1,518)     (4,240)     (5,053)
  Deferred finance fees expensed upon extinguishment of debt      -       -     (765)     -
  Realized and unrealized loss on derivative                          
    contracts          (292)       -     (572)     (4)
                                   
(Loss) income before income taxes     (624)       1,961     (7,460)     (83)
Income tax benefit (expense)        411       (1,533)     2,346     (2,429)
Net (loss) income and comprehensive (loss) income     $ (213)      $ 428    $ (5,114)    $ (2,512)
                                   
Net (loss) income and comprehensive (loss) income attributable to:                          
  Owners of the Company     $ (213)     $ 745   $ (3,319)   $ (536)
  Non-controlling interest        -       (317)     (1,795)     (1,976)
             $ (213)      $ 428    $ (5,114)    $ (2,512)
                                   
Net (loss) income per share attributable                           
  to owners of the Company:                            
Weighted average number of shares outstanding - basic      44,706,186       44,706,186     44,706,186     44,706,186
Weighted average number of shares outstanding - diluted      44,706,186       45,128,828     44,706,186     44,706,186
Basic and diluted net (loss) income per share attributable to owners of the Company    $ (0.00)      $ 0.02    $ (0.07)    $ (0.01)

 

Primary Energy Recycling Corporation
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands of U.S. dollars)
                         
  Attributable to equity owners of the Company        
                         
    Common   Contributed   Accumulated       Non-controlling   Total
    stock   surplus   deficit   Total   interest   equity
Balance - January 1, 2011  $ 274,479  $ 3,316  $ (107,784)  $ 170,011  $ 82,028  $ 252,039
                         
Net loss and comprehensive loss                         
  for the nine months ended September 30, 2011   -   -   (536)   (536)   (2,265)   (2,801)
Balance - September 30, 2011  $ 274,479  $ 3,316  $ (108,320)  $ 169,475  $ 79,763  $ 249,238
                         
Balance - January 1, 2012  $ 274,479  $ 3,316  $ (107,748)  $ 170,047  $ 79,502  $ 249,549
                         
Net loss and comprehensive loss                        
  for the nine months ended September 30, 2012   -   -   (3,319)   (3,319)   (1,795)   (5,114)
Buyout of non-controlling interest   -   33,796   -   33,796   (77,707)   (43,911)
Stock compensation expense   -   105   -   105   -   105
Balance - September 30, 2012  $ 274,479  $ 37,217  $ (111,067)  $ 200,629  $ -  $ 200,629

 

Primary Energy Recycling Corporation
CONSOLIDATED STATEMENTS OF CASH FLOWS  
(In thousands of U.S. dollars)  
                                       
                Three Months Ended September 30,   Nine Months Ended September 30,  
                2012   2011   2012   2011  
                                       
CASH FLOWS FROM OPERATING ACTIVITIES:                          
Net (loss) income and comprehensive (loss) income for the period    $ (213)   $ 428   $ (5,114)   $ (2,512)  
Adjustments for:                          
Depreciation and amortization     5,296     5,250     15,832     18,943  
Loss on derecognition     -     -     46     500  
Unrealized loss on derivative contracts     273     -     366     4  
Deferred finance fees expensed upon extinguishment of debt     -     -     765     -  
Equity in earnings of Harbor Coal joint venture     (549)     (1,028)     (1,779)     (3,132)  
Distributions from investment in Harbor Coal joint venture     1,515     2,014     5,262     5,561  
Non-cash interest expense     542     552     1,681     1,882  
Non-cash stock based compensation     79     -     105     -  
Income tax        (493)     1,484     (2,428)     2,380  
                  6,450     8,700     14,736     23,626  
Net change in non-cash working capital balances     (1,041)     (1,688)     (2,682)     (16)  
  Net cash provided by operating activities     5,409     7,012     12,054     23,610  
                                       
CASH FLOWS FROM INVESTING ACTIVITIES:                          
Change in restricted cash     -     207     (1,515)     754  
Capital expenditures     (4,184)     (296)     (11,722)     (4,424)  
  Net cash used in investing activities     (4,184)     (89)     (13,237)     (3,670)  
                                       
CASH FLOWS FROM FINANCING ACTIVITIES:                          
Proceeds from issuance of debt     -     -     85,000     -  
Purchase of the non-controlling interest     -     -     (24,225)     -  
Payments of deferred financing costs     2     -     (5,261)     -  
Repayment of debt     (1,844)     (7,777)     (44,617)     (20,740)  
  Net cash (used in) provided by financing activities     (1,842)     (7,777)     10,897     (20,740)  
Net (decrease) increase in cash     (617)     (854)     9,714     (800)  
                                       
Cash and cash equivalents - beginning of period     30,898     22,459     20,567     22,405  
Cash and cash equivalents - end of period   $ 30,281   $ 21,605   $ 30,281   $ 21,605  
                                       
Supplemental disclosure of cash flow information:                          
Cash paid during the period for interest   $ 972   $ 971   $ 2,537   $ 3,184  
Cash paid during the period for income taxes   $ -   $ 8   $ 168   $ 121  

 

 

SOURCE Primary Energy Recycling Corporation

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The Workspace-as-a-Service (WaaS) market will grow to $6.4B by 2018. In his session at 16th Cloud Expo, Seth Bostock, CEO of IndependenceIT, will begin by walking the audience through the evolution of Workspace as-a-Service, where it is now vs. where it going. To look beyond the desktop we must understand exactly what WaaS is, who the users are, and where it is going in the future. IT departments, ISVs and service providers must look to workflow and automation capabilities to adapt to growing demand and the rapidly changing workspace model.
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet conditions, Dyn ensures traffic gets delivered faster, safer, and more reliably than ever.
As organizations shift toward IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection &E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his session at 16th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Partnerships, will discuss how to cut costs, scale easily, and unleash insight with CommVault Simpana software, the only si...
Cloud data governance was previously an avoided function when cloud deployments were relatively small. With the rapid adoption in public cloud – both rogue and sanctioned, it’s not uncommon to find regulated data dumped into public cloud and unprotected. This is why enterprises and cloud providers alike need to embrace a cloud data governance function and map policies, processes and technology controls accordingly. In her session at 15th Cloud Expo, Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems, will focus on how to set up a cloud data governance program and s...
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been involved at the beginning of four IT industries: EDA, Open Systems, Computer Security and now SOA.
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focused on understanding how industrial data can create intelligence for industrial operations. Imagine ...
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, representing a model of how to analyze rea...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
The Internet of Things (IoT) promises to evolve the way the world does business; however, understanding how to apply it to your company can be a mystery. Most people struggle with understanding the potential business uses or tend to get caught up in the technology, resulting in solutions that fail to meet even minimum business goals. In his session at @ThingsExpo, Jesse Shiah, CEO / President / Co-Founder of AgilePoint Inc., showed what is needed to leverage the IoT to transform your business. He discussed opportunities and challenges ahead for the IoT from a market and technical point of vie...
Advanced Persistent Threats (APTs) are increasing at an unprecedented rate. The threat landscape of today is drastically different than just a few years ago. Attacks are much more organized and sophisticated. They are harder to detect and even harder to anticipate. In the foreseeable future it's going to get a whole lot harder. Everything you know today will change. Keeping up with this changing landscape is already a daunting task. Your organization needs to use the latest tools, methods and expertise to guard against those threats. But will that be enough? In the foreseeable future attacks w...
HP and Aruba Networks on Monday announced a definitive agreement for HP to acquire Aruba, a provider of next-generation network access solutions for the mobile enterprise, for $24.67 per share in cash. The equity value of the transaction is approximately $3.0 billion, and net of cash and debt approximately $2.7 billion. Both companies' boards of directors have approved the deal. "Enterprises are facing a mobile-first world and are looking for solutions that help them transition legacy investments to the new style of IT," said Meg Whitman, Chairman, President and Chief Executive Officer of HP...
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
Disruptive macro trends in technology are impacting and dramatically changing the "art of the possible" relative to supply chain management practices through the innovative use of IoT, cloud, machine learning and Big Data to enable connected ecosystems of engagement. Enterprise informatics can now move beyond point solutions that merely monitor the past and implement integrated enterprise fabrics that enable end-to-end supply chain visibility to improve customer service delivery and optimize supplier management. Learn about enterprise architecture strategies for designing connected systems tha...
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
PubNub on Monday has announced that it is partnering with IBM to bring its sophisticated real-time data streaming and messaging capabilities to Bluemix, IBM’s cloud development platform. “Today’s app and connected devices require an always-on connection, but building a secure, scalable solution from the ground up is time consuming, resource intensive, and error-prone,” said Todd Greene, CEO of PubNub. “PubNub enables web, mobile and IoT developers building apps on IBM Bluemix to quickly add scalable realtime functionality with minimal effort and cost.”
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, including what it is today, what it might ultimately be, the role of wearable tech, and technology gaps stil...
In the consumer IoT, everything is new, and the IT world of bits and bytes holds sway. But industrial and commercial realms encompass operational technology (OT) that has been around for 25 or 50 years. This grittier, pre-IP, more hands-on world has much to gain from Industrial IoT (IIoT) applications and principles. But adding sensors and wireless connectivity won’t work in environments that demand unwavering reliability and performance. In his session at @ThingsExpo, Ron Sege, CEO of Echelon, will discuss how as enterprise IT embraces other IoT-related technology trends, enterprises with i...