Click here to close now.

Welcome!

Microsoft Cloud Authors: Liz McMillan, Elizabeth White, Pat Romanski, Jaynesh Shah, Carmen Gonzalez

News Feed Item

Rochester Medical Reports Record Fourth Quarter and Fiscal Year Results

Provides An Update to Fiscal 2013 Outlook

STEWARTVILLE, Minn., Nov. 13, 2012 /PRNewswire/ -- Rochester Medical Corporation (NASDAQ: ROCM) today announced operating results for its fourth quarter and fiscal year ended September 30, 2012.

The Company reported record sales and record income from operations for the fourth quarter. Sales were $16,733,000 compared to $14,839,000 for the fourth quarter of last year.  Income from operations for the quarter was $1,687,000 compared to income from operations of $588,000 in the fourth quarter of last year.  Net income for the fourth quarter of fiscal 2012 was $1,027,000 or $0.08 per diluted share compared to net income of $407,000 or $0.03 per diluted share for the fourth quarter of last year.

Fourth quarter sales increased 13% year over year (16% on a constant currency basis) driven by a 14% increase in Rochester Medical Direct Sales (19% on a constant currency basis) and a 7% increase in Private Label Sales (7% on a constant currency basis).  Constant currency basis assumes current exchange rates for all periods in order to exclude the impact of foreign exchange variations.  In the fourth quarter of fiscal 2012, the U.S. dollar was somewhat stronger versus the pound sterling and the Euro, thus negatively affecting Rochester Medical Direct Sales growth levels in actual U.S. dollars given the significant volume of direct sales in the United Kingdom and The Netherlands.

Net income adjusted for certain non-recurring unusual items and certain recurring non-cash expenses, or "Non-GAAP Net Income" for the current quarter was $1,366,000 or $0.11 per diluted share compared to Non-GAAP Net Income of $822,000 or $0.07 per diluted share for the fourth quarter of last year.  The increase in Non-GAAP net income for the fourth quarter is primarily due to increased gross profit as a result of the higher sales versus last year.

For the fiscal year ended September 30, 2012, the Company reported record sales of $61,089,000 compared to sales of $52,919,000 for the previous year.  It also had a record $3,213,000 of income from operations compared to a loss from operations of ($1,677,000) in fiscal 2011.  The 15% increase in annual total sales (18% on constant currency basis) resulted from an 18% increase in Rochester Medical Direct Sales (21% on a constant currency basis) and a 6% increase in Private Label Sales (6% on a constant currency basis).  The Company reported net income for the year of $2,050,000 or $0.17 per diluted share compared to a net loss of ($1,315,000) or ($0.11) per diluted share for the previous year.  The increase in net income for this fiscal year was primarily attributable to increased gross profit as a result of higher sales.

Non-GAAP Net Income for the current year was $3,507,000 or $0.28 per diluted share compared to Non-GAAP Net Income of $1,073,000 or $0.09 per diluted share for the previous year.  The increase was primarily due to increased gross profit as a result of higher sales.

Commenting on the results, Rochester Medical's CEO and President Anthony J. Conway said, "We had a solid quarter and a good year.  Our Direct Sales continue to grow nicely, especially our Intermittent Catheters which we sell into an $800 million global market.  In the fourth quarter on a global basis, Intermittent Catheters sales were up 44% overall.  In the U.S., Intermittent Catheter sales were up 47%.  This market is a primary focus for the Company going forward.  We expect to introduce further advanced products into this marketplace in late calendar year 2013.

"We announced last week that the Company will exit the Foley Catheter marketplace.  Though we have excellent products, our rate of market penetration was simply not strong enough to justify the considerable expense and attention that it required.  We are confident that the Company will be significantly stronger as a result of our decision."

"The Company also announced an update to its three-year strategic plan originally provided in November 2010.  From continuing operations the Company now expects Fiscal 2013 revenues to be approximately $67 million and net income to be approximately $7 million.  The primary reasons for the change in the strategic plan are the result of the discontinuation of the Foley Catheter line, and to a lesser extent, a more conservative assumption about the performance in our international sales business given the broader economic challenges in Europe."

Conway continued, "As our updated plan indicates, despite the reduction in our expected results of our three-year plan we nonetheless have demonstrated solid growth in fiscal years 2011 and 2012 and, importantly, we continue to grow our business at a robust rate.  Total sales are expected to increase 17% year over year after adjusting for the exclusion of Foley Catheter sales in both years, and net income is expected to double from fiscal 2012 given the higher level of profitability we expect to achieve.  We are looking forward to a good fiscal 2013."

Conference Call and Webcast
The Company will hold a quarterly conference call on Tuesday, November 13, 2012 to discuss its earnings report.  The call will begin at 3:30 p.m., Central Time (4:30 p.m., Eastern Time).

This call is being webcast by Thomson Reuters and can be accessed at Rochester Medical's website at www.rocm.com.  To listen live to the conference call via telephone, call:

Domestic:

888 679 8038

International:

617 213 4850

Pass code:

51602204

Preregistration: https://www.theconferencingservice.com/prereg/key.process?key=PFBBPA8XA


Replay will be available for seven days at www.rocm.com or via telephone at:

Domestic:

888 286 8010

International:

617 801 6888

Pass code:

63543382

 

Individual investors can listen to the call at www.fulldisclosure.com, Thomson Reuters individual investor portal, powered by StreetEvents.  Institutional investors can access the call via Thomson's password-protected event management site, StreetEvents (www.streetevents.com). 

Forward-Looking Statements
This press release contains "forward-looking statements" with the meaning of the Private Securities Litigation Reform Act of 1995.  Such statements include, but are not limited to, statements about the future financial and operating results of Rochester Medical.  Such statements are based on currently available information, operating plans and management's expectations about future events and trends.  Such statements inherently involve significant risks and uncertainties that could cause actual results to differ materially from those predicted in such forward-looking statements, including the uncertainty of estimated revenues and profits, the uncertainty of current domestic and international economic conditions that could adversely affect the level of demand for the Company's products and increased volatility in foreign exchange rates, the uncertainty of market acceptance of new product introductions, and  our level of success in increasing  Rochester Medical Direct Sales revenue, the uncertainty of gaining new strategic relationships or locating and capitalizing on strategic opportunities, the uncertainty of timing of Private Label Sales revenues (particularly international customers), FDA and other regulatory review and response times, and other risk factors listed from time to time in the Company's SEC reports and filings, including, without limitation, the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended September 30, 2011, and quarterly reports on Forms 10-Q.  Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made.  The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Use of Non-GAAP Financial Measures
Rochester Medical has provided Non-GAAP Net Income in addition to net income calculated in accordance with generally accepted accounting principles (GAAP) because management believes Non-GAAP Net Income provides a more consistent basis for comparisons that are not influenced by certain charges and non-cash expenses and are therefore helpful in understanding Rochester Medical's underlying operating results.  Similarly, constant currency represents reported sales with the cost/benefit of currency movements removed.  Management uses the measure to understand the growth of the business on a constant dollar basis, as fluctuations in exchange rates can distort the underlying growth of the business both positively and negatively.  While we recognize that foreign exchange volatility is a reality for a global company, we routinely review our Company performance on a constant dollar basis, and we believe this also allows our shareholders to understand better our Company's growth trends.

Non-GAAP Net Income and constant currency are not measures of financial performance under GAAP, and should not be considered an alternative to net income or any other measure of performance or liquidity under GAAP. Non-GAAP Net Income and constant currency are not comparable to information provided by other companies. Non-GAAP Net Income and constant currency have limitations as analytical tools and should not be considered in isolation or as a substitution for analysis of our results as reported under GAAP.  Reconciliations of GAAP Net Income and Non-GAAP Net Income, and reconciliations of sales under GAAP and sales on a constant currency basis, are presented at the end of this press release.

About Rochester Medical Corporation
Rochester Medical Corporation develops, manufactures, and markets disposable medical catheters and devices for urological and continence care applications.  The Company also sells certain ostomy and wound and scar care products and other brands of urological products into the European marketplace.

For further information, please contact Anthony J. Conway, President and Chief Executive Officer or David A. Jonas, Chief Financial Officer of Rochester Medical Corporation at (507) 533-9600 or Parice Halbert, CFA, at Westwicke Partners (443) 213-0500.  More information about Rochester Medical is available on its website at http://www.rocm.com.

 

ROCHESTER MEDICAL CORPORATION

Reconciliation of Reported GAAP Revenue to Non-GAAP Revenue in Constant Currency

For the Three and Twelve months ended

September 30, 2012 and 2011

















(unaudited)


(unaudited)



Three months ended


Twelve months ended



September 30,


September 30,



2012

2011


2012

2011








GAAP Sales as Reported


$ 16,732,915

$ 14,839,311


$ 61,089,410

$ 52,918,875

         British Sterling Exchange rate as reported


1.58

1.61


1.58

1.61

         Euro Exchange rate as reported


1.25

1.41


1.30

1.41















Constant Currency Sales


$ 16,732,915

$ 14,493,113


$ 61,089,410

$ 51,943,485

  (1)  Exchange rate used for Constant Currency purposes

1.58

1.58


1.58

1.58

  (2)  Exchange rate used for Constant Currency purposes

1.25

1.25


1.30

1.30















Net Effect of Constant Currency Illustration - British Sterling

$                   -

$       (83,417)


$                   -

$     (333,008)

Net Effect of Constant Currency Illustration - Euros


$                   -

$     (262,781)


$                   -

$     (642,382)








Total Net Effect of Constant Currency Illustration


$                   -

$     (346,198)


$                   -

$     (975,390)















(1) For illustrative purposes constant currency translates prior period foreign sales at current exchange rates.

   For Rochester Medical Corporation this is the conversion rate of British pounds to US dollars.  The rate represents the average exchange rate for the respective three or nine month period.

(2) For illustrative purposes constant currency translates prior period foreign sales at current exchange rates.

   For Rochester Medical Corporation this is the conversion rate of Euros to US dollars.  The rate represents the average exchange rate for the respective three or nine month period.  








 

ROCHESTER MEDICAL CORPORATION

Reconciliation of Reported GAAP Net Income to Non-GAAP Net Income

For the Three and Twelve months ended

September 30, 2012 and 2011

















(unaudited)


(unaudited)



Three months ended


Twelve months ended



September 30,


September 30,



2012

2011


2012

2011








GAAP Net Income (Loss) as Reported


$ 1,027,000

$      407,000


$ 2,050,000

$  (1,315,000)








Diluted EPS as Reported


$           0.08

$             0.03


$           0.17

$            (0.11)















Adjustments for non-recurring unusual items:







   Merger and acquisition costs for Laprolan (1)



30,000



725,000

Subtotal


-

30,000


-

725,000















Adjustments for recurring non-cash expenses:







   Intangible amortization (2)


158,000

183,000


632,000

701,000

   ASC 718 compensation expense (3)


181,000

202,000


825,000

962,000

Subtotal


339,000

385,000


1,457,000

1,663,000















Non-GAAP Net Income


$ 1,366,000

$      822,000


$ 3,507,000

$   1,073,000








Non-GAAP Diluted EPS


$           0.11

$             0.07


$           0.28

$             0.09








Weighted Average Shares - Diluted


12,367,693

12,470,989


12,339,500

12,282,545




































(1) Merger and acquisition costs related to the purchase of Laprolan B.V. from Fornix N.V.








(2) Amortization of the intangibles acquired in June 2006 asset acquisition from Coloplast AS and Mentor Corporation and the intangibles acquired in the January 2011 aquisition of Laprolan from Fornix N.V. Management believes these assets are appreciating.  This adjustment adds back amortization expense for the three and twelve months ended September 30, 2012 and 2011 related to certain intangibles. The gross amount of amortization expense for the three months ended September 30, 2012 and 2011 is $218,000 and $236,000 net of taxes of $60,000 and $53,000 for net amounts of $158,000 and $183,000 respectively.  The gross amount of amortization expense for the twelve months ended September 30, 2012 and 2011 is $872,000 and $901,000 net of taxes of $240,000 and $200,000 for net amounts of $632,000 and $701,000 respectively.








(3) Compensation expense mandated by ASC 718.  This adjustment adds back the compensation expense recorded for stock options granted to employees and directors that vested during the three and twelve months ended September 30, 2012 and 2011.  The gross amount of compensation expense for the three months ended September 30, 2012 and 2011 is $208,000 and $316,000 net of taxes of $27,000 and $114,000 for net amounts of $181,000 and $202,000 respectively.  The gross amount of compensation expense for the twelve months ended September 30, 2012 and 2011 is $984,000 and $1,495,000 net of taxes of $159,000 and $533,000 for net amounts of $825,000 and $962,000 respectively.

 

 

 

Rochester Medical Corporation






Press Release - F12 Fourth Quarter



























Summary Statements Of Operations 











(unaudited)


(unaudited)



Three months ended


Twelve months ended



September 30,


September 30,



2012


2011


2012


2011



















Sales

$  16,732,915


$ 14,839,311


$  61,089,410


$  52,918,875










Cost of sales

8,446,864


7,504,817


30,954,828


26,821,427










Gross profit

8,286,051


7,334,494


30,134,582


26,097,448


Gross profit %

49.5%


49.4%


49.3%


49.3%










Costs and expenses:









Marketing and selling

4,401,448


4,613,771


17,560,971


18,263,141


Research and development

207,385


256,266


1,190,095


1,008,767


General and administrative

1,990,690


1,876,686


8,170,468


8,502,956










Total operating expenses

6,599,523


6,746,723


26,921,534


27,774,864










Income (loss) from operations

1,686,528


587,771


3,213,048


(1,677,416)










Other income (expense)


















Interest income

15,126


(14,293)


43,243


139,859


Interest expense

-


(51,917)


(89,545)


(277,008)


Other income

(126,850)


(72,145)


(84,458)


(123,901)










Net income (loss) before income taxes

1,574,804


449,416


3,082,288


(1,938,466)










Income tax expense(benefit)

547,410


42,277


1,031,804


(623,162)










Net income (loss)

$   1,027,394


$     407,139


$   2,050,484


$   (1,315,304)



















Earnings (loss) per common share - Basic

$           0.09


$           0.03


$           0.17


$           (0.11)










Earnings (loss) per common share - Diluted

$           0.08


$           0.03


$           0.17


$           (0.11)










Weighted Average Shares:

12,020,167


12,205,299


12,032,113


12,217,900


Basic

















Weighted Average Shares:









Diluted

12,367,693


12,470,989


12,339,500


12,217,900

 

 

 

Rochester Medical Corporation



Press Release - F12 Fourth Quarter 
















Condensed Balance Sheets










(unaudited)






September 30,


September 30,





2012


2011








Assets












Current Assets






Cash and equivalents

$   13,921,363


$     8,722,935



Marketable securities

6,779,695


26,182,308



Accounts receivable

11,008,429


8,644,332



Inventories

9,883,651


11,278,694



Prepaid expenses and other assets

1,726,908


1,361,259



Deferred income tax asset

1,287,177


1,618,495











Total current assets

44,607,223


57,808,023









Property and equipment, net

11,862,073


12,052,685


Deferred income tax asset

1,030,994


1,242,010


Intangible assets, net

9,377,354


10,272,671


Goodwill


9,053,091


9,094,725









Total Assets

$   75,930,735


$    90,470,114








Liabilities and Stockholders' Equity












Current liabilities:






Accounts payable

$     3,070,329


$     2,773,398



Accrued expenses

3,427,397


2,961,270



Short-term debt

-


17,862,185











Total current liabilities

6,497,726


23,596,853









Long-term liabilities

1,137,212


896,414









Stockholders' equity

68,295,797


65,976,847









Total Liabilities and Stockholder Equity

$   75,930,735


$    90,470,114

 

 

 

SOURCE Rochester Medical Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impact.
There's no doubt that the Internet of Things is driving the next wave of innovation. Google has spent billions over the past few months vacuuming up companies that specialize in smart appliances and machine learning. Already, Philips light bulbs, Audi automobiles, and Samsung washers and dryers can communicate with and be controlled from mobile devices. To take advantage of the opportunities the Internet of Things brings to your business, you'll want to start preparing now.
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect at Hookflash, will walk through the shifting landscape of traditional telephone and voice services ...
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 Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
The world is at a tipping point where the technology, the device and global adoption are converging to such a point that we will see an explosion of a world where smartphone devices not only allow us to talk to each other, but allow for communication between everything – serving as a central hub from which we control our world – MediaTek is at the heart of both driving this and allowing the markets to drive this reality forward themselves. The next wave of consumer gadgets is here – smart, connected, and small. If your ambitions are big, so are ours. In his session at @ThingsExpo, Jack Hu, D...
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, June 9-11, 2015, at the Javits Center in New York City. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be
SYS-CON Events announced today that MetraTech, now part of Ericsson, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Ericsson is the driving force behind the Networked Society- a world leader in communications infrastructure, software and services. Some 40% of the world’s mobile traffic runs through networks Ericsson has supplied, serving more than 2.5 billion subscribers.
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
SYS-CON Events announced today that O'Reilly Media has been named “Media Sponsor” of 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. O'Reilly Media spreads the knowledge of innovators through its books, online services, magazines, and conferences. Since 1978, O'Reilly Media has been a chronicler and catalyst of cutting-edge development, homing in on the technology trends that really matter and spurring their adoption by amplifying "faint signals" from the alpha geeks who are creating the future. An active participa...
We’re entering a new era of computing technology that many are calling the Internet of Things (IoT). Machine to machine, machine to infrastructure, machine to environment, the Internet of Everything, the Internet of Intelligent Things, intelligent systems – call it what you want, but it’s happening, and its potential is huge. IoT is comprised of smart machines interacting and communicating with other machines, objects, environments and infrastructures. As a result, huge volumes of data are being generated, and that data is being processed into useful actions that can “command and control” thi...
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.
There's Big Data, then there's really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines...
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists will peel away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you'll have no problem fil...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
The worldwide cellular network will be the backbone of the future IoT, and the telecom industry is clamoring to get on board as more than just a data pipe. In his session at @ThingsExpo, Evan McGee, CTO of Ring Plus, Inc., discussed what service operators can offer that would benefit IoT entrepreneurs, inventors, and consumers. Evan McGee is the CTO of RingPlus, a leading innovative U.S. MVNO and wireless enabler. His focus is on combining web technologies with traditional telecom to create a new breed of unified communication that is easily accessible to the general consumer. With over a de...
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...
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, a...
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...
Grow your business with enterprise wearable apps using SAP Platforms and Google Glass. SAP and Google just launched the SAP and Google Glass Challenge, an opportunity for you to innovate and develop the best Enterprise Wearable App using SAP Platforms and Google Glass and gain valuable market exposure. In his session at @ThingsExpo, Brian McPhail, Senior Director of Business Development, ISVs & Digital Commerce at SAP, outlined the timeline of the SAP Google Glass Challenge and the opportunity for developers, start-ups, and companies of all sizes to engage with SAP today.