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Hollysys Automation Technologies Reports Unaudited Financial Results for Fiscal Year 2013 First Quarter Ended September 30, 2012

BEIJING, Nov. 14, 2012 /PRNewswire-FirstCall/ -- Hollysys Automation Technologies, Ltd. (NASDAQ: HOLI) ("Hollysys" or the "Company"), a leading provider of automation and control technologies and applications in China, today announced its unaudited financial results for the fiscal year 2013 first quarter ended on September 30, 2012 (see attached tables).

Q1 Financial Highlights

  • Quarterly revenues of $88.1 million, representing an increase of 1.0% compared to $87.2 million  year-over-year, and an decrease of 0.1% compared to $88.1 million quarter-over-quarter.
  • Gross margin at 34.4%, as compared to 37.8% year-over-year, and 41.4% quarter-over-quarter.
  • Non-GAAP net income attributable to Hollysys of $15.8 million, representing an increase of 22.7% as compared to $12.8 million year-over-year, and an increase of 26.3% as compared to $12.5 million quarter-over-quarter.
  • Non-GAAP Diluted EPS at $0.28 reported for the quarter, as compared to $0.23 year-over-year, and $0.22 quarter-over-quarter.
  • Backlog of $368.7 million as of September 30, 2012, a 22.8% increase compared to $300.1 million year-over-year, and 5.4% decrease compared to $389.8 million quarter-over-quarter.
  • Quarterly DSO of 140 days, as compared to 138 days year-over-year, and 139 days quarter-over-quarter.
  • Inventory turn-over days of 43 days for this quarter compared to 51 days year-over-year, and 53 days quarter-over-quarter.
  • Generate net cash provided by operating activities of $29.1 million for this quarter.

Dr. Changli Wang, Chairman and CEO of Hollysys, stated: "We are pleased to report solid financial and operational performance for the first quarter of this fiscal year, here I would like to discuss some key events during this quarter:

Industrial automation continued its growth momentum in both revenue and backlog compared to the same period of last fiscal year, besides our strengthened efforts and enhanced core capabilities, the growth is mainly driven by several factors amid the challenging external environment: Firstly, we continued to take market share in industrial automation by our better value proposition and unparallel advantages of industry leading proprietary technology, more extensive service network, flexible customization, industry expertise and total solution capabilities; Secondly, we further segmented industrial automation market into detailed niche sectors and found a lot of opportunities and designed customized systems to satisfy clients' specific requirements; Thirdly, we are providing more total solution for the whole plant's automation and control to address customers' buying behavior change and enlarge our business scope; Lastly, we changed our marketing strategy from hunting for projects to cultivating client base to establish long term close working relationship with customers. All in all, with our brand name recognition, industry leading technology, better customization and service capabilities and better value for money proposition, as well as the vast business opportunities we have envisioned so far, we will continue to maintain the stable and sustainable growth and development of this business sector.

In rail sector, we are glad to see that the expedited high-speed construction will continue to bring more opportunities to Hollysys as one of the two major high-speed rail signaling system providers in China. In October, we signed a contract to provide the Line-side Electronic Unit (LEU) and Balise to Chongqing-Lichuan high-speed rail line, which was another major contract we signed in the past few months. Going into the future, we will take on the ride of another round of China's accelerated high-speed construction and take our fair market share.  In the subway sector, we are well on track of the subway signaling system development and certification according to the international standards, which will be finished by the end of this calendar year.

Overseas market will be another exciting growth driver for Hollysys stepping towards internationalization, we believe that with our world class technology and experienced international team, we will make more exciting achievements in the international market in the future.

The First Quarter Ended September 2012 Unaudited Financial Results Summary

To facilitate a clear understanding of Hollysys' operational results, a summary of unaudited non-GAAP financial results is shown as below:

In USD thousands, except share numbers and EPS












Three months ended



September 30,
2012

September 30,
2011

%
Change






Revenues

$

88,067

87,164

1.0%

    Integrated Contract Revenue

$

82,852

83,482

(0.8)%

    Products Sales

$

5,215

3,682

41.6%

Cost of Revenues

$

57,800

54,217

6.6%

Gross Profit

$

30,267

32,947

(8.1)%

Total Operating Expenses

$

15,517

17,515

(11.4)%

    Selling

$

6,593

6,982

(5.6)%

    General and Administrative

$

5,832

4,858

20.0%

    Research and Development

$

7,675

6,069

26.4%

    VAT refunds and government subsidies

$

(4,583)

(394)

1061.6%

Income from operations

$

14,750

15,432

(4.4)%

Other income, net

$

2,037

188

983.8%

Share of net income (loss) of equity investees

$

739

(55)

(1,439.4)%

Interest income

$

982

205

378.9%

Interest expenses

$

(716)

(926)

(22.7)%

Income tax expenses

$

1,966

1,866

5.4%

Non-GAAP net income attributable to non-controlling interests

$

75

141

(46.9)%

Non-GAAP net income attributable to Hollysys Automation Technologies Ltd.

$

15,750

12,837

22.7%

Basic Non-GAAP EPS

$

0.28

0.23

21.7%

Diluted  Non-GAAP EPS

$

0.28

0.23

21.7%






Stock-based Compensation Cost

$

527

157

234.8%

Net income attributable to Hollysys Automation Technologies Ltd.(GAAP)

$

15,223

12,679

20.1%

Basic GAAP EPS

$

0.27

0.23

17.4%

Diluted GAAP EPS

$

0.27

0.23

17.4%






Basic Weighted Average Common Shares Outstanding


55,998,917

55,009,486

1.8%

Diluted Weighted Average Common Shares Outstanding


56,062,950

55,238,035

1.5%

Operational Results Analysis for the First quarter ended September 30, 2012

For the three months ended September 30, 2012, total revenues increased by 1.0% to $88.1 million, from $87.2 million in the prior fiscal year period.  Of the total revenues, revenue from integrated contracts decreased by 0.8% to $82.9 million, as compared to $83.5 million for the same period of the prior year; revenue from products sales increased by 41.6% to $5.2 million, as compared to $3.7 million for the same period of the prior year. The Company's total revenue by segment was as followings:



Three months ended Sep 30,



2012


2011



$

% to Total
Revenue


$

% to Total
Revenue

Industrial Automation


60.1

68.3%


54.8

62.9%

Rail Transportation


14.9

16.9%


25.6

29.4%

Miscellaneous


13.0

14.8%


6.7

7.7%

Total


88.1

100.0%


87.2

100.0%

As a percentage of total revenues, overall gross margin was 34.4% for the three months ended September 30, 2012, as compared to 37.8% for the same period of last year. The gross margin for integrated contracts and product sales were 32.4% and 66.0% for the three months ended September 30, 2012, as compared to 36.6% and 64.4% for the same period of last year respectively. The gross margin fluctuation was mainly due to the different revenue mix with different margin.

For the three months ended September 30, 2012, selling expenses were $6.6 million, compared to $7.0 million year over year, representing a decrease of $0.4 million, or 5.6%. As a percentage of total revenues, selling expenses were 7.5% and 8.0% for the three months ended September 30, 2012, and 2011, respectively.

General and administrative expenses, excluding non-cash stock-based compensation expense, were $5.8 million for the quarter ended September 30, 2012, representing an increase of $0.9 million, or 20.0%, as compared to $4.9 million for the same period of prior year, mainly due to an increase of 0.6 million of bad debt allowance. As a percentage of total revenues, G&A expenses were 6.6% and 5.6% for the three months ended September 30, 2012 and 2011, respectively. Including the non-cash stock-based compensation cost recorded on a GAAP basis, G&A expenses were $6.4 million and $5.0 million for three months ended September 30, 2012 and 2011, respectively.

Research and development expenses were $7.7 million for the three months ended September 30, 2012, compared to $6.1 million year over year, representing an increase of $1.6 million, or 26.4%. Compared to the same period of prior year, the increase was mainly due to the Company's increased R&D activities. As a percentage of total revenues, R&D expenses were 8.7% and 7.0% for the quarter ended September 30, 2012 and 2011, respectively.

The VAT refunds and government subsidies amounted to $4.6 million for three months ended September 30, 2012, as compared to $0.4 million for the comparative prior year period, representing an increase of $4.2 million. No VAT refunds were recognized during the quarter ended September 30, 2011,as the VAT refunds policy was undetermined by then, and all the VAT refunds for the whole calendar year 2011 was recognized during the December quarter of fiscal year 2012.

The income tax expenses and the effective tax rate were $2.0 million and 11.4% for the three months ended September 30, 2012, as compared to $1.9 million and 12.7% for the same prior year period. 

For the three months ended September 30, 2012, the non-GAAP net income attributable to Hollysys excluding non-cash stock compensation cost was $15.8 million or $0.28 per diluted share based on 56 million shares outstanding. This represents an increase of $2.9 million, or 22.7%, over the $12.9 million, or $0.23 per share based on 55 million shares outstanding, reported in the prior year period. On a GAAP basis, net income attributable to Hollysys was $15.2 million, or $0.27 per diluted share representing an increase of $2.5 million or 20.1%, over the $12.7 million, or $0.23 per diluted share reported in the prior year period.

Backlog Highlights

Hollysys' backlog as of September 30, 2012 was $368.7 million, compared to $389.8 million on June 30, 2012, and $300.1 million on September 30, 2011. There is slight decrease compared with last quarter. The large increase compared with prior year was mainly contributed by contracts with Hong Kong MTR Corporation to provide High-Speed Rail Signaling Systems. The detailed breakdown of the backlog by segment is as followings:






Quarter-over-Quarter Analysis


Year-over-Year Analysis



2012-9-30


2012-6-30


2011-9-30



$

% to Total Backlog


$

% to Total Backlog


%
Change


$

% to Total Backlog


%
Change

Industrial Automation


145.2

39.4%


150.9

38.7%


(3.8%)


128.7

42.9%


12.8%

Rail Transportation


185.3

50.2%


196.9

50.5%


(5.9%)


157.2

52.4%


17.9%

Miscellaneous


38.2

10.4%


42.0

10.8%


(9.0%)


14.2

4.7%


168.7%

Total


368.7

100.0%


389.8

100.0%


(5.4%)


300.1

100.0%


22.8%

Cash Flow Highlights

The net cash provided by operating activities was $29.1 million for the three months ended September 30, 2012; including investing and financing activities, the total net cash inflow for this quarter was $24.8 million.

Balance Sheet Highlights

The total amount of cash and cash equivalents and time deposits with original maturities over three months were $139.2 million, $117.9 million, and $75.5 million as of September 30, 2012, June 30, 2012, and September 30, 2011, respectively. Of the total $139.2 million as of September 30, 2012, cash and cash equivalents were $121.2 million, and time deposits with original maturities over three months were $18.0 million.

For the three months ended September 30, 2012, Days Sales Outstanding ("DSO") is 140 days, as compared to 138 days year over year and 139 days quarter over quarter; and inventory turnover is 43 days, as compared to 51 days year over year and 53 days quarter over quarter.

Outlook for FY 2013

Dr. Wang concluded, "Given our strong backlog currently on-hand and sales pipeline envisioned so far, we reiterate our guidance of fiscal year 2013 with revenue in the range of $385 million to $410 million and non-GAAP net income in the range of $63 million to $67 million unchanged."

Conference Call

Management will discuss the current status of the Company's operations during a conference call at 8:30 AM ET/9:30 PM Beijing time on Wednesday, November 14, 2012. Interested parties may participate in the call by dialing the following numbers approximately 10 minutes before the call is scheduled to begin and ask to be connected to the Hollysys Automation Technologies conference call.  The conference call identification number is 57520064.

1-866-519-4004 (USA)
800-930-346 (HK)
+852-24750994 (HK)
800-819-0121 (China Landline)
400-620-8038 (China Mobile)
+65-67239381 (International)

In addition, a recorded replay of the conference call will be accessible within 24 hours via Hollysys' website at: http://www.hollysys.com.sg/home/index.php/investor-relations/events-a-webcast

About Hollysys Automation Technologies, Ltd.

Hollysys Automation Technologies is a leading provider of automation and control technologies and applications in China that enables its diversified industry and utility customers to improve operating safety, reliability, and efficiency. Founded in 1993, Hollysys has approximately 3,500 employees with nationwide presence in over 60 cities in China, with subsidiaries and offices in Singapore, Malaysia, Dubai, India, and serves over 4,000 customers more than 15,000 projects in the industrial, railway, subway & nuclear industries in China, South-East Asia, and the Middle East. Its proprietary technologies are applied in its industrial automation solution suite including DCS (Distributed Control System), PLC (Programmable Logic Controller), RMIS (Real-time Management Information System), HAMS (HolliAS Asset Management System), OTS (Operator Training System), HolliAS BATCH (Batch Application Package), HolliAS APC Suite (Advanced Process Control Package), SIS (Safety Instrumentation System), high-speed railway signaling system of TCC (Train Control Center), ATP (Automatic Train Protection), Subway Supervisory and Control platform, SCADA (Surveillance Control and Data Acquisition), nuclear conventional island automation and control system and other products.

SAFE HARBOUR:

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  All statements, other than statements of historical fact included herein are "forward-looking statements," including statements regarding: the ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties.  Such forward-looking statements, based upon the current beliefs and expectations of Hollysys' management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements.  Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Contact Information:

Hollysys Automation Technologies, Ltd.
www.hollysys.com
Investor Relations
+86-10-5898-1386
[email protected]

 

HOLLYSYS AUTOMATION TECHNOLOGIES LTD.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(In US Dollars)








Three months ended
September 30,



2012


2011



(Unaudited)


(Unaudited)

Net revenues





Integrated contract revenue

$

82,852,035

$

83,481,883

Products sales


5,214,583


3,682,190

Total net revenues


88,066,618


87,164,073






Cost of integrated contracts


56,027,759


52,905,654

Cost of products sold


1,772,187


1,311,271

Gross profit


30,266,672


32,947,148






Operating expenses





Selling


6,592,885


6,981,831

General and administrative


6,358,859


5,015,483

Research and development


7,674,707


6,069,469

VAT refunds and government subsidies


(4,582,586)


(394,491)

Total operating expenses


16,043,865


17,672,292






Income from operations


14,222,807


15,274,856






Other income, net


2,036,663


187,926

Share of net income (loss) of equity investees


739,018


(55,175)

Interest income


981,711


204,978

Interest expenses


(715,831)


(926,117)

Income before income taxes


17,264,368


14,686,468






Income taxes expenses


1,966,056


1,866,180

Net income


15,298,312


12,820,288






Less: Net income attributable to non-controlling interests


74,824


140,930

Net income attributable to Hollysys Automation Technologies Ltd.

$

15,223,488

$

12,679,358






Other comprehensive income, net of tax





Foreign currency translation adjustments, net of nil tax


(1,917,454)


3,939,572

Comprehensive income


13,380,858


16,759,860






Less: Comprehensive income attributable to non-controlling interests


67,961


158,051

Comprehensive income attributable to Hollysys Automation Technologies Ltd.

$

13,312,897

$

16,601,809






Net income per ordinary share:





Basic


0.27


0.23

Diluted


0.27


0.23

Weighted average ordinary shares used in income per share computation:





Basic


55,998,917


55,009,486

Diluted


56,062,950


55,238,035

 

 

 

HOLLYSYS AUTOMATION TECHNOLOGIES LTD.

CONSOLIDATED BALANCE SHEETS

(In US Dollars)












September 30,


June 30,





2012


2012





(Unaudited)


(Unaudited)

ASSETS






Current assets:







Cash and cash equivalents

$

121,157,212

$

96,332,962



Time deposits with original maturities over three months


18,015,398


21,586,896



Restricted cash


3,829,739


5,544,273



Accounts receivable, net of allowance for doubtful accounts of
  $15,777,271 and $14,287,361 as of September 30, 2012 and June 
  30, 2012, respectively


136,752,983


136,589,994



Cost and estimated earnings in excess of billings, net of allowance
  for doubtful accounts of $1,768,528 and $1,890,108 as of
  September 30, 2012 and June 30, 2012, respectively


126,344,148


115,161,236



Other receivables, net of allowance for doubtful accounts of
  $354,214 and $344,978 as of September 30, 2012 and June 30,
  2012, respectively


5,948,416


7,287,214



Advances to suppliers


8,542,288


10,300,182



Amount due from related parties


14,750,841


16,336,558



Inventories, net


28,553,597


26,745,225



Prepaid expenses


288,241


876,363



Income tax recoverable


319,298


139,469



Deferred tax assets


652,979


772,061


Total current assets


465,155,140


437,672,433










Restricted cash


675,651


-



Property, plant and equipment, net


69,137,613


63,536,646



Prepaid land leases


6,813,632


6,870,076



Acquired intangible assets, net


503,328


594,971



Investments in equity investees


14,256,245


13,080,929



Investments in cost investees


2,989,025


2,996,638



Goodwill


27,643,846


27,588,883



Deferred tax assets


1,376,462


414,399









Total assets


588,550,942


552,754,975








LIABILITIES AND STOCKHOLDERS' EQUITY






Current liabilities:







Current portion of long-term loans


7,895,145


7,914,668



Accounts payable


83,314,254


78,761,476



Construction cost payable


3,309,360


923,205



Deferred revenue


70,235,032


59,293,745



Accrued payroll and related expense


7,239,996


6,448,623



Income tax payable


3,148,875


3,605,030



Warranty liabilities


1,602,545


3,575,920



Other tax payables


18,504,017


18,225,344



Accrued liabilities


14,077,091


7,746,036



Amounts due to related parties


1,835,253


1,964,275



Deferred tax liabilities


1,351,906


370,300


Total current liabilities


212,513,474


188,828,622










Long-term bank loans


22,610,747


24,641,374



Deferred tax liabilities


234,111


-


Total liabilities


235,358,332


213,469,996









Commitments and contingencies


-


-









Equity:







Ordinary shares


55,999


55,999



Additional paid-in capital


151,831,919


151,305,146



Statutory reserves


23,091,072


23,091,072



Retained earnings


146,157,830


130,934,342



Accumulated other comprehensive income


30,803,965


32,714,556


Total Hollysys Automation Technologies Ltd. stockholder's 
  equity


351,940,785


338,101,115










Non-controlling interests


1,251,825


1,183,864


Total equity


353,192,610


339,284,979









Total liabilities and stockholders' equity

$

588,550,942

$

552,754,975

 


 

HOLLYSYS AUTOMATION TECHNOLOGIES LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In US Dollars)








Three months ended
September 30, 2012




(Unaudited)

Cash flows from operating activities:                                          




Net income

$

15,298,312

Adjustments to reconcile net income to net cash provided by
   (used in) operating activities:


Depreciation of property, plant and equipment


1,467,299


Amortization of prepaid land leases


39,050


Amortization of intangible assets


43,311


Allowance for doubtful accounts


1,565,846


Loss on disposal of property, plant and equipment


24,115


Share of net income from equity investees


(739,018)


Share based compensation expenses


526,773


Deferred income tax expenses


362,962

Changes in operating assets and liabilities:




Accounts receivable


(1,495,557)


Costs and estimated earnings in excess of billings


(11,358,382)


Inventories 


(1,849,936)


Advances to suppliers


1,734,237


Other receivables 


1,361,238


Deposits and other assets


1,753,793


Due from related parties


1,073,204


Accounts payable


4,558,155


Deferred revenue


10,889,531


Accruals and other payable


4,300,639


Due to related parties


(124,035)


Income tax payable


(629,264)


Other tax payables


325,601


Net cash provided by operating activities


29,127,874





Cash flows from investing activities:




Time deposits placed with banks


(5,217,245)


Purchases of property, plant and equipment


(4,033,240)


Maturity of time deposits


8,766,465


Net cash used in investing activities


(484,020)





Cash flows from financing activities:




Repayments of long-term bank loans


(1,975,998)


Net cash used in financing activities


(1,975,998)






Effect of foreign exchange rate changes


(1,843,606)


Net increase in cash and cash equivalents

$

24,824,250






Cash and cash equivalents, beginning of period

$

96,332,962


Cash and cash equivalents, end of period


121,157,212

Non-GAAP Measures

In evaluating our results, the non-GAAP measures of "Non-GAAP general and administrative expenses", "Non-GAAP net income attributable to Hollysys Automation Technologies Ltd.", "Non-GAAP basic earnings per share", and "Non-GAAP diluted earnings per share" serve as additional indicators of our operating performance and not as a replacement for other measures in accordance with U.S. GAAP. We believe these non-GAAP measures are useful to investors, as they exclude the stock-based compensation cost, which is calculated based on the number of shares or options granted and the fair value as of the grant date. It will not result in any cash inflows or outflows. We believe that using non-GAAP measures help our shareholders to have a better understanding of our operating results and growth prospects. In addition, given the business nature of Hollysys, it has been a common practice for investors and analysts to use such non-GAAP measures to evaluate the Company.

The following table provides a reconciliation of U.S. GAAP measures to the non-GAAP measures for the periods indicated:




Three months ended




September 30,




2012


2011




(Unaudited)


(Unaudited)







General and administrative expenses

$

6,358,859

$

5,015,483

Minus:






Stock-based compensation cost


526,773


157,356

Non-GAAP general and administrative expenses

$

5,832,086

$

4,858,127







Net income attributable to Hollysys Automation Technologies Ltd.

$

15,223,488

$

12,679,358

Add:






Stock-based compensation cost


526,773


157,356

Non-GAAP net income attributable to Hollysys Automation Technologies Ltd.

$

15,750,261

$

12,836,714








Weighted average number of ordinary shares


55,998,917


55,009,486


Weighted average number of diluted ordinary shares


56,062,950


55,238,035

Non-GAAP basic earnings per share

$

0.28

$

0.23

Non-GAAP diluted earnings per share

$

0.28

$

0.23

SOURCE Hollysys Automation Technologies, Ltd.

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When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT's direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
The demand for organizations to expand their infrastructure to multiple IT environments like the cloud, on-premise, mobile, bring your own device (BYOD) and the Internet of Things (IoT) continues to grow. As this hybrid infrastructure increases, the challenge to monitor the security of these systems increases in volume and complexity. In his session at 18th Cloud Expo, Stephen Coty, Chief Security Evangelist at Alert Logic, will show how properly configured and managed security architecture can...
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, will discuss how leveraging the Industrial Interne...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...