|By Business Wire||
|November 13, 2012 04:03 PM EST||
Griffon Corporation (NYSE: GFF) today reported results for the fourth quarter and fiscal year ended September 30, 2012.
Ron Kramer, Chief Executive Officer, commented “Fourth quarter results were in-line with our expectations and underscore how well each of our businesses are operating in this challenging global economic environment. Specifically, Telephonics had another strong quarter benefiting in part from a more favorable product mix, achieving record-level profitability for the year. Clopay Plastics (“Plastics”) continued to show ongoing improvement from the initiatives undertaken to address manufacturing inefficiencies arising from our capacity expansions in Germany and Brazil. Home & Building Products (“HBP”), benefited from our doors business, but customer build up of snow tool inventory resulting from last year’s unusually warm winter contributed to lower sales at Ames in the quarter.”
Fourth quarter revenue totaled $447 million, decreasing 8% compared to the 2011 quarter. HBP, Telephonics and Plastics revenue decreased 5%, 13% and 6%, respectively, compared to the prior year quarter.
For the current quarter, Segment adjusted EBITDA totaled $37.2 million, decreasing 10% compared to $41.5 million in the prior year quarter. Segment adjusted EBITDA is defined as net income, excluding corporate overhead, interest, taxes, depreciation and amortization, acquisition-related expenses including the impact from the fair value of inventory acquired as part of a business combination, restructuring charges and the gain (loss) from debt extinguishment, as applicable.
Fourth quarter net income totaled $3.4 million, or $0.06 per share, compared to $3.4 million, or $0.06 per share, in the prior year quarter. Fourth quarter 2012 results included restructuring and acquisition costs, net, of $2.1 million, or $0.04 per share, and net discrete tax benefits of $3.5 million, or $0.06 per share. Fourth quarter 2011 results included restructuring and acquisition costs, net, of $2.1 million, or $0.03 per share, and net discrete tax benefits of $1.3 million, or $0.02 per share. Current quarter adjusted net income was $2.0 million, or $0.04 per share, compared to $4.2 million, or $0.07 per share, in the prior year quarter.
For the full year 2012, revenue totaled $1.9 billion, increasing 2% compared to 2011, driven by HBP and Plastics, which increased 2% and 5%, respectively. Telephonics revenue decreased 3% compared to 2011 because of a decline in the Counter Remote Control Improvised Explosive Device Electronic Warfare 3.1 (“CREW 3.1”) program for which Telephonics serves as a contract manufacturer.
For the year ended September 30, 2012, Segment adjusted EBITDA totaled $171.0 million, increasing 3% compared to $165.6 million in the prior year.
For the year ended September 30, 2012, net income was $17.0 million, or $0.30 per share, compared to a net loss of $7.4 million, or $0.13 per share, in the prior year. Adjusted income for 2012 was $15.3 million, or $0.27 per share, compared to $19.9 million, or $0.34 per share, in the prior year. Results for 2012 included restructuring of $4.7 million ($3.0 million, net of tax, or $0.05 per share) and acquisition costs of $0.5 million ($0.3 million, net of tax, or $0.01 per share), as well as discrete tax benefits, net, of $5.1 million, or $0.09 per share. Full year 2011 results included a charge of $26.2 million ($16.8 million, net of tax, or $0.29 per share) resulting from the refinancing of Ames True Temper (“ATT”) acquisition-related debt; $15.2 million ($9.8 million, net of tax, or $0.17 per share) of cost of goods related to the sale of inventory recorded at fair value in connection with ATT acquisition accounting; $7.5 million ($4.9 million, net of tax, or $0.08 per share) of restructuring charges related to the consolidation of Clopay Building Product (“CBP”) facilities, and headcount reductions at Telephonics and ATT; $0.4 million ($0.3 million net of tax) of Southern Patio (“SP”) acquisition costs; and $4.6 million, or $0.08 per share, of net discrete tax benefits.
Mr. Kramer continued, “While we are prepared for economic conditions to remain challenging, our businesses are well-positioned for growth and improved profitability. We remain committed to driving shareholder value through a range of opportunities including organic improvement, a disciplined approach to capital investment and, in the longer term, our ongoing evaluation of additional strategic transactions.”
Segment Operating Results
Revenue in the current quarter decreased $18.1 million or 13% compared to the 2011 quarter. In the current and prior year quarters, revenue included $1.8 million and $11.3 million, respectively, related to the CREW 3.1 program. Excluding CREW 3.1 from both quarters, revenue decreased 7% from the prior year quarter primarily due to timing of Mobile Surveillance Capability and Integrated Fix Tower awards for follow-on production, and timing of awards for Ground Surveillance radars and Firescout, partially offset by LAMPS MMR.
Segment adjusted EBITDA in the 2012 quarter was $13.7 million, increasing 2% from the prior year quarter, mainly driven by higher gross profit from a combination of favorable program mix and manufacturing efficiencies, and lower selling, general and administrative expenses related to the timing of proposal and research and development activities. Operating results also benefited from cost reductions resulting from the voluntary early retirement plan undertaken in the prior year and other restructuring activities implemented earlier this year.
Revenue in 2012 decreased $13.9 million or 3% compared to the prior year. In the current and prior year, revenue included $24.1 million and $44.3 million, respectively, related to the CREW 3.1 program. Excluding CREW 3.1 from both years, revenue increased 2% over the prior year primarily attributable to LAMPS MMR.
Segment adjusted EBITDA for the full year 2012 totaled $60.6 million, increasing 19% over the prior year, mainly driven by higher gross profit from a combination of favorable program mix and manufacturing efficiencies, partially offset by higher selling, general and administrative expenses primarily due to the timing of proposal and research and development activities. Operating results also benefited from cost reductions resulting from the voluntary early retirement plan undertaken in the prior year and other restructuring activities implemented earlier this year.
Contract backlog totaled a record $451 million at September 30, 2012 compared to $417 million at September 30, 2011, with approximately 70% expected to be filled within the next twelve months.
Revenue in the current quarter decreased $8.8 million, or 6%, compared to the 2011 quarter; a volume increase of 3% and a 1% benefit from favorable mix were more than offset by the 9% unfavorable impact of translation of European and Brazilian revenue into a stronger U.S. dollar. Selling price adjustments due to resin fluctuations reduced revenue by 1% in the quarter; Plastics adjusts customer selling prices, based on underlying resin costs, on a delayed basis.
Segment adjusted EBITDA in the 2012 quarter increased $2.0 million, or 19%, compared to the prior year quarter, primarily driven by the improved volume, favorable mix and continued efficiency improvements on past capital initiatives, partially offset by a 3% unfavorable impact of foreign exchange as well as the impact of somewhat higher selling, general and administrative expenses. The impact of resin was not material in the quarter.
Revenue in 2012 increased $27.4 million, or 5%, compared to 2011, driven by a 10% increase in volume. The benefit of the volume growth was partially offset by a 5% unfavorable impact of translation of European and Brazilian revenue into a stronger U.S. dollar. Selling price adjustments due to resin fluctuations did not have a significant impact on 2012 revenue.
Segment adjusted EBITDA in 2012 increased $2.4 million, or 6%, compared to the prior year, primarily driven by the higher volume, a $3.7 million favorable resin impact and efficiency improvement on past capital initiatives, partially offset by a 2% unfavorable impact of foreign exchange, product mix and the impact of somewhat higher selling, general and administrative expenses.
Home & Building Products
Fourth quarter revenue decreased $10.6 million, or 5%, compared to the prior year quarter. ATT revenue decreased 12% primarily due to lower snow tool sales. Typically, ATT has strong snow tool sales in the last fiscal quarter as customers build inventory in anticipation of the coming snow season; however, excess snow tool inventory remaining at customers following the record warm weather of the 2011-2012 winter substantially reduced such sales. The snow tool impact was partially offset by the inclusion of SP. CBP revenue decreased 1% mainly due to volume, partially offset by favorable mix.
Segment adjusted EBITDA in the 2012 quarter decreased $6.4 million, or 37%, compared to the prior year quarter. The decrease was driven by the lower snow volume that also affected ATT plant absorption of manufacturing expenses in the quarter. The ATT decline was partially offset by CBP favorable product mix as well as CBP manufacturing efficiencies, and lower warehouse and distribution costs.
Revenue in 2012 increased $16.8 million, or 2%, compared to the prior year. ATT revenue was flat with the prior year, mainly because of weak snow tool sales, driven by the absence of snow throughout much of the country during the 2011-2012 winter, substantially offset by the inclusion of SP, acquired in October 2011. CBP revenue increased 4% due to a combination of favorable mix and higher volume.
Segment adjusted EBITDA in 2012 decreased $6.7 million, or 9%, compared to the prior year, driven mainly by the decline in snow volume at ATT; the ATT volume decline was partially offset by the inclusion of SP as well as improved CBP profitability driven by increased volume, favorable mix, and lower warehouse and distribution costs.
Griffon’s effective tax rate for 2012 was 22.5% compared to a benefit of 48.2% in 2011. The 2012 rate reflected net discrete benefits of $5.1 million primarily from the release of previously established reserves for uncertain tax positions on conclusion of various tax audits, and benefits related to various tax planning initiatives. The 2011 rate reflected net discrete benefits of $4.6 million primarily from tax planning related to unremitted foreign earnings. Excluding discrete tax items, the 2012 rate would have been 45.8%, and the 2011 benefit would have been 16.4%. In both years, the effective rates reflect the impact of permanent differences not deductible in determining taxable income, mainly limited deductibility of restricted stock, as well as the impact of tax reserves and changes in earnings mix between domestic and non-domestic operations.
In 2012 and 2011, respectively, Telephonics recognized $3.8 and $3.0 million of restructuring charges in connection with two discrete voluntary early retirement plans and other restructuring costs related to changes in its organizational structure; such charges were personnel-related, reducing headcount by 185 employees.
In both 2012 and 2011, ATT recognized $0.9 million in restructuring costs primarily related to termination benefits, reducing headcount by 38 employees.
The consolidation of the CBP manufacturing facilities plan, announced in June 2009, was completed in 2011. In completing the consolidation plan, CBP incurred total pre-tax exit and restructuring costs of $9.0 million, substantially all of which were cash charges, and had $10.4 million of related capital expenditures. The restructuring costs were $3.6 million in 2011, $4.2 million in 2010 and $1.2 million in 2009.
Balance Sheet and Capital Expenditures
At September 30, 2012, the Company had cash and equivalents of $210 million, total debt outstanding of $700 million, net of discounts, and $178 million available for borrowing under its revolving credit facility. Capital expenditures were $68.9 million in 2012. The Company expects capital spending of $60 to $65 million for 2013.
During 2012, the Company purchased 1.2 million shares of its common stock under an authorized stock repurchase plan, for $10.4 million, of which 486,000 shares were purchased in the fourth quarter, for $4.7 million. At September 30, 2012, the Company had a remaining authorization of $38.3 million. During 2011, the Company’s Employee Stock Ownership Plan purchased 1.9 million shares for a total of $20.0 million and the Company purchased 1.5 million shares for a total of $12.4 million under authorized repurchase plans.
Conference Call Information
The Company will hold a conference call today, November 13, 2012, at 4:30 PM ET.
The call can be accessed by dialing 1-800-231-9012 (U.S. participants) or 1-719-457-2619 (International participants). Callers should ask to be connected to the Griffon Corporation teleconference.
A replay of the call will be available starting on November 13, 2012 at 7:30 PM ET by dialing 1-877-870-5176 (U.S.) or 1-858-384-5517 (International), and entering the conference ID number: 4942707. The replay will be available through November 27, 2012.
“Safe Harbor” Statements under the Private Securities Litigation Reform Act of 1995: All statements related to, among other things, income, earnings, cash flows, revenue, changes in operations, operating improvements, industries in which Griffon Corporation (the “Company” or “Griffon”) operates and the United States and global economies that are not historical are hereby identified as “forward-looking statements” and may be indicated by words or phrases such as “anticipates,” “supports,” “plans,” “projects,” “expects,” “believes,” “should,” “would,” “could,” “hope,” “forecast,” “management is of the opinion,” “may,” “will,” “estimates,” “intends,” “explores,” “opportunities,” the negative of these expressions, use of the future tense and similar words or phrases. Such forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed in any forward-looking statements. These risks and uncertainties include, among others: current economic conditions and uncertainties in the housing, credit and capital markets; the Company’s ability to achieve expected savings from cost control, integration and disposal initiatives; the ability to identify and successfully consummate and integrate value-adding acquisition opportunities; increasing competition and pricing pressures in the markets served by Griffon’s operating companies; the ability of Griffon’s operating companies to expand into new geographic and product markets and to anticipate and meet customer demands for new products and product enhancements and innovations; reduced military spending by the government on projects for which Telephonics Corporation supplied products; increases in the cost of raw materials such as resin and steel; changes in customer demand; the potential impact of seasonal variations and uncertain weather patterns on certain of Griffon’s businesses; political events that could impact the worldwide economy; a downgrade in the Company’s credit ratings; changes in international economic conditions including interest rate and currency exchange fluctuations; the reliance by certain of Griffon’s businesses on particular third party suppliers and manufacturers to meet customer demands; the relative mix of products and services offered by Griffon’s businesses, which could impact margins and operating efficiencies; short-term capacity constraints or prolonged excess capacity; unforeseen developments in contingencies, such as litigation; unfavorable results of government agency contract audits of Telephonics Corporation, including as a result of sequestration which is currently scheduled to take effect in January 2013; Griffon’s ability to adequately protect and maintain the validity of patent and other intellectual property rights; the cyclical nature of the businesses of certain Griffon’s operating companies; and possible terrorist threats and actions and their impact on the global economy. Such statements reflect the views of the Company with respect to future events and are subject to these and other risks, as previously disclosed in the Company’s Securities and Exchange Commission filings. Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
About Griffon Corporation
Griffon Corporation (the “Company” or “Griffon”), is a diversified management and holding company that conducts business through wholly-owned subsidiaries. Griffon oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. Griffon provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities as well as in connection with divestitures. In order to further diversify, Griffon also seeks out, evaluates and, when appropriate, will acquire additional businesses that offer potentially attractive returns on capital.
Griffon currently conducts its operations through three segments:
Home & Building Products consists of two companies, Ames True Temper,
Inc. (“ATT”) and Clopay Building Products Company, Inc. (“CBP”):
- ATT is a global provider of non-powered landscaping products that make work easier for homeowners and professionals.
- CBP is a leading manufacturer and marketer of residential, commercial and industrial garage doors to professional installing dealers and major home center retail chains.
- Telephonics Corporation designs, develops and manufactures high-technology, integrated information, communication and sensor system solutions for use in military and commercial markets worldwide.
- Clopay Plastic Products Company, Inc. is an international leader in the development and production of embossed, laminated and printed specialty plastic films used in a variety of hygienic, health-care and industrial applications.
For more information on Griffon and its operating subsidiaries, please see the Company’s website at www.griffoncorp.com.
Griffon evaluates performance and allocates resources based on each segments’ operating results before interest income or expense, income taxes, depreciation and amortization, gain (loss) from debt extinguishment, unallocated amounts, restructuring charges and acquisition-related expenses including the impact from the fair value of inventory acquired as part of a business combination (“Segment Adjusted EBITDA”). Griffon believes this information is useful to investors.
The following table provides a reconciliation of Segment Adjusted EBITDA to Income (loss) before taxes:
|GRIFFON CORPORATION AND SUBSIDIARIES|
|For the Three Months Ended||For the Years Ended|
|September 30,||September 30,|
|Home & Building Products:|
|Home & Building Products||184,341||194,911||856,540||839,736|
|Total consolidated net sales||$||447,436||$||484,989||$||1,861,145||$||1,830,802|
|Segment profit before depreciation, amortization, restructuring, fair value write-up of acquired inventory sold and acquisition costs:|
|Home & Building Products||$||11,033||$||17,479||$||70,467||$||77,119|
|Total Segment profit before depreciation, amortization, restructuring, fair value write-up of acquired inventory sold and acquisition costs||37,224||41,471||171,032||165,633|
|Loss from debt extinguishment, net||-||-||-||(26,164||)|
|Net interest expense||(12,940||)||(12,609||)||(51,715||)||(47,448||)|
|Segment depreciation and amortization||(17,491||)||(15,544||)||(65,864||)||(60,361||)|
|Fair value write-up of acquired inventory sold||-||-||-||(15,152||)|
|Income (loss) before taxes||$||(2,705||)||$||6,652||$||21,941||$||(14,349||)|
|Unallocated amounts typically include general corporate expenses not attributable to a reportable segment.|
The following is a reconciliation of each segment’s operating results to Segment Adjusted EBITDA:
|GRIFFON CORPORATION AND SUBSIDIARIES|
|RECONCILIATION OF NON-GAAP MEASURES|
|BY REPORTABLE SEGMENT|
|Three Months Ended|
|September 30,||Years Ended September 30,|
|Home & Building Products|
|Segment operating profit||$||1,670||$||9,408||$||37,082||$||28,228|
|Depreciation and amortization||8,463||7,248||32,034||28,796|
|Fair value write-up of acquired inventory sold||-||-||-||15,152|
|Segment adjusted EBITDA||11,033||17,479||70,467||77,119|
|Segment operating profit||9,061||8,952||49,232||40,595|
|Depreciation and amortization||2,299||2,023||7,518||7,234|
|Segment adjusted EBITDA||13,653||13,418||60,565||50,875|
|Clopay Plastic Products|
|Segment operating profit||5,809||4,301||13,688||13,308|
|Depreciation and amortization||6,729||6,273||26,312||24,331|
|Segment adjusted EBITDA||12,538||10,574||40,000||37,639|
|Income from operations - as reported||9,722||18,955||72,420||55,549|
|Segment operating profit||16,540||22,661||100,002||82,131|
|Depreciation and amortization||17,491||15,544||65,864||60,361|
|Fair value write-up of acquired inventory sold||-||-||-||15,152|
|Segment adjusted EBITDA||$||37,224||$||41,471||$||171,032||$||165,633|
|GRIFFON CORPORATION AND SUBSIDIARIES|
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
|(in thousands, except per share data)|
|Three Months Ended September 30,||Years Ended September 30,|
|Cost of goods and services||349,785||379,699||1,442,340||1,437,341|
|Selling, general and administrative expenses||85,035||83,515||341,696||330,369|
|Restructuring and other related charges||2,894||2,820||4,689||7,543|
|Total operating expenses||87,929||86,335||346,385||337,912|
|Income from operations||9,722||18,955||72,420||55,549|
|Other income (expense)|
|Loss from debt extinguishment, net||-||-||-||(26,164||)|
|Total other income (expense)||(12,427||)||(12,303||)||(50,479||)||(69,898||)|
|Income (loss) before taxes||(2,705||)||6,652||21,941||(14,349||)|
|Provision (benefit) for income taxes||(6,153||)||3,274||4,930||(6,918||)|
|Net Income (loss)||$||3,448||$||3,378||$||17,011||$||(7,431||)|
|Basic earnings (loss) per common share||$||0.06||$||0.06||$||0.30||$||(0.13||)|
|Weighted-average shares outstanding||55,560||57,516||55,914||58,919|
|Diluted earnings (loss) per common share||$||0.06||$||0.06||$||0.30||$||(0.13||)|
|Weighted-average shares outstanding||57,374||58,284||57,329||58,919|
|GRIFFON CORPORATION AND SUBSIDIARIES|
|CONSOLIDATED BALANCE SHEETS|
|At September 30,||At September 30,|
|Cash and equivalents||$||209,654||$||243,029|
|Accounts receivable, net of allowances of $5,433 and $6,072||239,857||267,471|
|Contract costs and recognized income not yet billed,|
net of progress payments of $3,748 and $9,697
|Prepaid and other current assets||47,472||48,828|
|Assets of discontinued operations||587||1,381|
|Total Current Assets||826,215||899,255|
|PROPERTY, PLANT AND EQUIPMENT, net||356,879||350,050|
|INTANGIBLE ASSETS, net||230,473||223,189|
|ASSETS OF DISCONTINUED OPERATIONS||2,936||3,675|
Notes payable and current portion of long-term debt
Liabilities of discontinued operations
Total Current Liabilities
|LONG-TERM DEBT, net of debt discount of $16,607 and $19,693||681,907||688,247|
|LIABILITIES OF DISCONTINUED OPERATIONS||3,643||5,786|
COMMITMENTS AND CONTINGENCIES
|Total Shareholders' Equity||654,152||651,908|
Total Liabilities and Shareholders' Equity
|GRIFFON CORPORATION AND SUBSIDIARIES|
|CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS|
|Years Ended September 30,|
|CASH FLOWS FROM OPERATING ACTIVITIES:|
|Net income (loss)||$||17,011||$||(7,431||)|
|Adjustments to reconcile net income (loss) to|
|net cash provided by operating activities:|
|Income from discontinued operations||-||-|
|Depreciation and amortization||66,264||60,712|
|Fair value write-up of acquired inventory sold||-||15,152|
|Provision for losses on accounts receivable||1,212||1,225|
|Amortization/write-off of deferred financing costs and debt discounts||6,023||6,733|
|Loss from debt extinguishment, net||-||26,164|
|Deferred income taxes||(2,627||)||(2,749||)|
|(Gain) loss on sale/disposal of assets||56||(251||)|
|Change in assets and liabilities, net of assets and liabilities acquired:|
|(Increase) decrease in accounts receivable and contract costs|
|and recognized income not yet billed||27,269||(30,593||)|
|(Increase) decrease in inventories||9,011||(12,803||)|
|Increase in prepaid and other assets||(3,281||)||9,065|
|Decrease in accounts payable, accrued liabilities|
|and income taxes payable||(46,368||)||(42,604||)|
|Other changes, net||5,121||3,809|
|Net cash provided by operating activities||90,130||35,385|
|CASH FLOWS FROM INVESTING ACTIVITIES:|
|Acquisition of property, plant and equipment||(68,851||)||(87,617||)|
|Acquired business, net of cash acquired||(22,432||)||(855||)|
|Change in funds restricted for capital projects||-||4,629|
|Proceeds from sale of assets||309||1,510|
|Net cash used in investing activities||(90,974||)||(82,333||)|
|CASH FLOWS FROM FINANCING ACTIVITIES:|
|Proceeds from issuance of common stock||-||-|
|Purchase of shares for treasury||(10,382||)||(18,139||)|
|Proceeds from issuance of long-term debt||4,000||674,251|
|Payments of long-term debt||(18,546||)||(498,572||)|
|Change in short-term borrowings||(1,859||)||3,538|
|Purchase of ESOP shares||-||(19,973||)|
|Exercise of stock options||-||2,306|
|Tax effect from exercise/vesting of equity awards, net||834||7|
|Net cash provided by (used in) financing activities||(30,693||)||122,110|
|CASH FLOWS FROM DISCONTINUED OPERATIONS:|
|Net cash used in operating activities||(2,801||)||(962||)|
|Net cash used in discontinued operations||(2,801||)||(962||)|
|Effect of exchange rate changes on cash and equivalents||963||(973||)|
|NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS||(33,375||)||73,227|
|CASH AND EQUIVALENTS AT BEGINNING OF PERIOD||243,029||169,802|
|CASH AND EQUIVALENTS AT END OF PERIOD||$||209,654||$||243,029|
Griffon evaluates performance based on Earnings per share and Net income (loss) excluding restructuring charges, gain (loss) from debt extinguishment, discrete tax items and acquisition-related expenses including the impact from the fair value of inventory acquired as part of a business combination. Griffon believes this information is useful to investors. The following table provides a reconciliation of Earnings (loss) per share and Net income (loss) to Adjusted earnings per share and Adjusted net income:
|GRIFFON CORPORATION AND SUBSIDIARIES|
|RECONCILIATION OF INCOME (LOSS) TO ADJUSTED INCOME (LOSS)|
|For the Three Months||For the Years Ended|
|Ended September 30,||September 30,|
|Net income (loss)||$||3,448||$||3,378||$||17,011||$||(7,431||)|
|Adjusting items, net of tax:|
|Loss from debt extinguishment, net||-||-||-||16,813|
|Fair value write-up of acquired inventory sold||-||-||-||9,849|
|Restructuring and related||1,881||1,833||3,048||4,903|
|Discrete tax benefits||(3,484||)||(1,252||)||(5,110||)||(4,570||)|
|Adjusted net income||$||2,039||$||4,249||$||15,259||$||19,854|
|Earnings (loss) per common share||$||0.06||$||0.06||$||0.30||$||(0.13||)|
|Adjusting items, net of tax:|
|Loss from debt extinguishment, net||-||-||-||0.29|
|Fair value write-up of acquired inventory sold||-||-||-||0.17|
|Discrete tax benefits||(0.06||)||(0.02||)||(0.09||)||(0.08||)|
|Adjusted earnings per share||$||0.04||$||0.07||$||0.27||$||0.34|
|Weighted-average shares outstanding (in thousands)||57,374||58,284||57,329||58,919|
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Established in 1998, Calsoft is a leading software product engineering Services Company specializing in Storage, Networking, Virtualization and Cloud business verticals. Calsoft provides End-to-End Product Development, Quality Assurance Sustenance, Solution Engineering and Professional Services expertise to assist customers in achieving their product development and business goals. The company's deep domain knowledge of Storage, Virtualization, Networking and Cloud verticals helps in delivering ...
Oct. 27, 2016 10:15 PM EDT Reads: 1,162
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
Oct. 27, 2016 10:00 PM EDT Reads: 2,910
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
Oct. 27, 2016 10:00 PM EDT Reads: 2,110
OnProcess Technology has announced it will be a featured speaker at @ThingsExpo, taking place November 1 - 3, 2016, in Santa Clara, California. Dan Gettens, OnProcess’ Chief Analytics Officer, will discuss how Internet of Things (IoT) data can be leveraged to predict product failures, improve uptime and slash costly inventory stock. @ThingsExpo is an annual gathering of IoT and cloud developers, practitioners and thought-leaders who exchange ideas and insights on topics ranging from Big Data in...
Oct. 27, 2016 09:45 PM EDT Reads: 537
SYS-CON Events announced today that Enzu will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to focus on the core of their online busine...
Oct. 27, 2016 07:45 PM EDT Reads: 1,463
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Oct. 27, 2016 07:15 PM EDT Reads: 316
The Open Connectivity Foundation (OCF), sponsor of the IoTivity open source project, and AllSeen Alliance, which provides the AllJoyn® open source IoT framework, today announced that the two organizations’ boards have approved a merger under the OCF name and bylaws. This merger will advance interoperability between connected devices from both groups, enabling the full operating potential of IoT and representing a significant step towards a connected ecosystem.
Oct. 27, 2016 06:15 PM EDT Reads: 1,330
November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Penta Security is a leading vendor for data security solutions, including its encryption solution, D’Amo. By using FPE technology, D’Amo allows for the implementation of encryption technology to sensitive data fields without modification to schema in the database environment. With businesses having their data become increasingly more complicated in their mission-critical applications (such as ERP, CRM, HRM), continued ...
Oct. 27, 2016 05:45 PM EDT Reads: 1,192
SYS-CON Events announced today that Embotics, the cloud automation company, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Embotics is the cloud automation company for IT organizations and service providers that need to improve provisioning or enable self-service capabilities. With a relentless focus on delivering a premier user experience and unmatched customer support, Embotics is the fas...
Oct. 27, 2016 05:00 PM EDT Reads: 1,069
SYS-CON Events announced today that Cloudbric, a leading website security provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Cloudbric is an elite full service website protection solution specifically designed for IT novices, entrepreneurs, and small and medium businesses. First launched in 2015, Cloudbric is based on the enterprise level Web Application Firewall by Penta Security Sys...
Oct. 27, 2016 04:30 PM EDT Reads: 1,346
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
Oct. 27, 2016 04:15 PM EDT Reads: 3,285
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Oct. 27, 2016 01:45 PM EDT Reads: 4,004
SYS-CON Events announced today that MathFreeOn will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MathFreeOn is Software as a Service (SaaS) used in Engineering and Math education. Write scripts and solve math problems online. MathFreeOn provides online courses for beginners or amateurs who have difficulties in writing scripts. In accordance with various mathematical topics, there are more tha...
Oct. 27, 2016 01:45 PM EDT Reads: 1,179
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, will draw together recent research and lessons learned from emerging and established ...
Oct. 27, 2016 01:45 PM EDT Reads: 1,630