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China Marine Reports Third Quarter 2012 Financial Results

SHISHI, China, Nov. 14, 2012 /PRNewswire-FirstCall/ -- China Marine Food Group Limited (NYSE Amex: CMFO) ("China Marine" or the "Company"), a manufacturer of Mingxiang® seafood-based snack foods, "Hi-Power" marine algae-based beverages and a distributor of frozen marine catch, today announced its financial results for the third quarter ended September 30, 2012.

Financial Summary

Third Quarter 2012 Results



Q3 2012

Q3 2011

CHANGE

Net Sales

$30.8 million

$30.9 million

-0.5%

Gross Profit

$9.9 million

$7.7 million

+29.2%

Net Income

-$2.5 million

$0.8 million

-409.6%

Diluted EPS*

-$0.08

$0.03

-366.7%

Adjusted Net Income**

$0.7 million

$2.0 million

-65.4%

Adjusted Diluted EPS**

$0.02

$0.07

-71.4%


* Diluted EPS calculated for the period is based on 29.7 million shares on September 30, 2012 and September 30, 2011.

** Adjusted Net Income and Diluted EPS are non-GAAP calculations and do not include $0.6 million of non-cash, amortization of intangible assets related to the Company's acquisition in Q3 2012 and Q3 2011, $0.6 million of after-tax non-cash stock-based compensation expenses in Q3 2011 and $2.6 million of non-cash goodwill impairment in Q3 2012. For more information about the non-GAAP financial measures contained in this press release, please see "About Non-GAAP Financial Measures" below.

"We generated revenue growth in our two main businesses -- seafood snacks and "Hi-Power" beverages -- during the third quarter," started Mr. Pengfei Liu, Chairman and CEO of China Marine. "These strong results reflect our unwavering commitment to invest in our brands. With consistent advertising and marketing support and low channel inventories, we expect to drive further positive sales momentum in the fourth quarter."

Third Quarter 2012 Results

Total net revenues in all segments for the quarter ended September 30, 2012, including Mingxiang®-branded seafood snack foods, "Hi-Power" beverages and marine catch was $30.8 million, down slightly from $30.9 million in the prior year's period.

Seafood Snack Food Segment

China Marine's sale of processed and packaged seafood snack foods generated $15.0 million in revenue, a 3.7% increase from the third quarter of 2011, representing the first year-over-year growth in seafood snacks revenue since the second quarter of 2011. Sales were higher in Fujian province as a result of continuous market penetration efforts and marketing support. Seafood snack foods accounted for 48.7% of total revenues in the third quarter of 2012.

China Marine has maintained its product line of 27 Mingxiang®-branded seafood jerky snacks sold to consumers at retail locations. Gross profits margins for the seafood snack foods segment were 30.3% in the third quarter of 2012 compared to 27.4% in the same period last year as a result of reduction on headcount and the change in product mix to products with lower packaging costs. Retail points for seafood snack foods include major supermarket chains, convenience store chains, general food stores, campus canteens and local corner shops in Fujian, Zhejiang, Guangdong, Shandong and major prefectures like Shenzhen.

"Hi-Power" Beverage Segment

Revenues from the "Hi-Power" algae-based beverage line were $13.8 million in the third quarter of 2012, a 63.2% increase compared to $8.4 million in the third quarter of 2011. Sales increased year-over-year in Fujian and Zhejiang provinces.

The total numbers of retail end-points for "Hi-Power" were about 14,000 on September 30, 2012. Since 2011, the Company has focused on increasing sales growth through existing distributors. "Hi-Power" beverages are sold and promoted in major international retailers such as Walmart®, China-based supermarkets like Trust-Mart®, convenience stores, bars, restaurants, school canteens and local corner stores that carry "Hi-Power" beverages, and certain locations where Mingxiang®-branded seafood products are also sold.

Gross margin was 38.6% in the third quarter of 2012, down 40 basis points from 39.0% in the same period last year due to higher raw materials costs, packaging costs and manufacturing overhead. The Company outsources production, bottling and distribution to minimize its working capital and capital expenditures. China Marine continues to invest in sales and marketing, with various seasonal promotions including in store promotions and sporting event sponsorships, to drive trial and brand awareness.

Marine Catch Trade Segment

China Marine's frozen marine catch business segment generated $2.0 million in the third quarter of 2012 compared to $8.0 million in the same period a year ago. The Company purchases and sells marine catch to distributors on an opportunistic basis. Gross profits were minimal in the marine catch business during the three months ended September 30, 2012 compared to $0.4 million in the same period a year ago.

Consolidated costs of goods sold totaled $20.8 million for the quarter, or 67.7% of net revenues for the period ended September 30, 2012, which consists of the cost of raw materials, packaging materials, direct labor and manufacturing overhead.

Gross profit in the third quarter of 2012 was $9.9 million compared to $7.7 million in the third quarter of 2011. Consolidated gross margins increased 750 basis points to 32.3% for the third quarter of 2012, up from 24.8% for the three months ended September 30, 2011. Gross margin improvements were a direct result of higher sales of seafood snacks and "Hi-Power" beverages, and lower sales of marine catch at relatively lower margins.

Operating expenses in the quarter ended September 30, 2012 were $12.4 million compared to $6.7 million in the prior year's period. The Company increased sales and marketing investments by approximately $3.8 million to $8.4 million in the third quarter of 2012 as a result of $2.5 million in advertising campaigns and $5.4 million in promotional costs to strengthen its brand position and improve market awareness. As a result of significant selling and marketing expenses for the nine months ended September 30, 2012 that resulted in a significant operating loss for the algae-based drink business, the Company is performing an updated valuation of its drink business using updated forecasted results. Preliminary estimated results prepared by the Company do not indicate a probable impairment loss to the intangible assets as of September 30, 2012. However, based on the preliminary results of the Company's valuation of the drink business, the Company recorded a goodwill impairment loss of $2.6 million during the quarter ended September 30, 2012.

As a result, GAAP operating loss in the third quarter of 2012 was $2.4 million compared to an operating profit of $1.0 million in the prior year's period. Excluding the $0.6 million of non-cash amortization expense related to the "Hi-Power" acquisition, and the $2.6 million of non-cash goodwill impairment, adjusted operating income was $0.8 million for the three months ended September 30, 2012.

GAAP net loss attributable to China Marine shareholders was $2.5 million in the three months ended September 30, 2012 compared to $0.8 million net income in the same period a year ago. Excluding the non-GAAP financial measure as mentioned above, adjusted net income for the quarter were $0.7 million, with adjusted earnings per share of $0.02.

Nine Month Results

Year to Date 2012 Results



YTD 2012

YTD 2011

CHANGE

Net Sales

$107.1 million

$79.6 million

+34.5%

Gross Profit

$23.5 million

$24.5 million

-3.8%

Net Income

-$6.2 million

$7.4 million

-183.1%

Diluted EPS*

-$0.21

$0.25

-184.0%

Adjusted Net Income**

-$1.1 million

$10.5 million

-110.9%

Adjusted Diluted EPS**

-$0.04

$0.36

-111.1%


* Diluted EPS calculated for the period is based on 29.7 million shares on September 30, 2012 versus 29.5 million shares on September 30, 2011.

** Adjusted Net Income and Diluted EPS are non-GAAP calculations and do not include $1.9 million of non-cash, amortization of intangible assets related to the Company's acquisition in YTD 2012 and YTD 2011, $0.6 million and $1.2 million of after-tax non-cash stock-based compensation expenses in YTD 2012 and YTD 2011, respectively, and $2.6 million of non-cash goodwill impairment in YTD 2012. For more information about the non-GAAP financial measures contained in this press release, please see "About Non-GAAP Financial Measures" below.

Net revenues for the nine months ended September 30, 2012 were $107.1 million compared to $79.6 million in the corresponding period a year ago, representing a 34.5% increase. Sales of Mingxiang®-branded seafood products, "Hi-Power" beverages and marine catch were $35.5 million, $40.3 million and $31.3 million, respectively.

Gross profits were $23.5 million during the year to date of 2012, representing a gross margin of 22.0%. Operating expenses were $29.5 million for the nine months ended September 30, 2012, up 89.7% compared to $15.5 million in the year to date of 2011. The Company had an operating loss of $6.0 million in the first nine months of 2012. Excluding $1.9 million of non-cash amortization expenses related to prior acquisitions, $0.6 million of after-tax non-cash stock-based compensation expenses, and $2.6 million of non-cash goodwill impairment, adjusted operating loss was $0.9 million.

Net loss and net loss per share attributable to China Marine shareholders for the nine months ended September 30, 2012 were $6.2 million and $0.21, respectively. Non-GAAP adjusted net loss was $1.1 million and net loss per share was $0.04. The weighted average shares outstanding were 29.7 million shares.

Financial Condition

As of September 30, 2012, the Company had $1.0 million in cash compared to $0.6 million as of December 31, 2011. China Marine had $8.7 million of debt outstanding at September 30, 2012 as a result of short-term loans used for working capital needs. Cash used for operations were $4.1 million during the first nine months of 2012 compared to $22.5 million of cash generated in the comparable period a year ago. The primary cause of the year-over-year change is higher inventories of trading materials in 2012.

Working capital was $67.3 million as of September 30, 2012, down from $70.2 million as of December 31, 2011. The current ratio was 4.8 to 1 on September 30, 2012 compared to 9.0 to 1 on December 31, 2011. Accounts receivable were $25.6 million as of September 30, 2012 compared to $68.6 million as of December 31, 2011. The accounts receivable takes about 2.5 months to collect on average. Shareholder equity was $124.6 million at September 30, 2012.

Third Quarter 2012 Conference Call

Mr. Pengfei Liu, CEO, and Mr. Marco Ku, CFO, will host the conference call. To attend the call, please use the dial in information below. When prompted, ask for the "China Marine Food Q3 2012 conference call".

Date:

Thursday, November 15, 2012

Time:

8:00 am Eastern Standard Time US

Conference Line Dial-In (U.S.):

+1-877-317-6776

International Dial-In:

+1-412-317-6776

Conference ID:

"China Marine" or 10021009

Webcast:

http://webcast.mzvaluemonitor.com/Home/Login/636 

Please dial in at least 10-minutes before the call to ensure timely participation. This call is being webcast and can be accessed by clicking on this link:

http://webcast.mzvaluemonitor.com/Home/Login/636

A playback of the call will be available until 8:00 am ET on November 22, 2012. To listen, call +1-877-344-7529 within the United States or +1-412-317-0088 when calling internationally. Please use the replay pin number 10021009.

About China Marine

China Marine Food Group Limited is a food and beverage manufacturer of Mingxiang® seafood-based snack foods and "Hi-Power" marine algae-based health drinks, and a wholesaler of frozen marine catch in five provinces in the PRC. Founded in 1994, China Marine has grown steadily and positioned its Mingxiang® brand as a category leader in 3,500 retail food sales points and 14,000 beverage sales points in China. The Company has received "The Famous Brand" and "Green Food" awards. Located in Fujian province, it is one of the largest coastal provinces in the PRC and a vital navigation hub between the East China Sea and the South China Sea. The Company is committed to the highest standard of quality control with the ISO9001, ISO14001, HACCP certification and EU export registration.

Forward Looking Statements

This release contains certain "forward-looking statements" relating to the business of China Marine Food Group Limited and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, concentration in a single customer, raw material costs, market acceptance, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. China Marine Food Group Limited is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Adjusted Non-GAAP Financial Measures

To supplement the Company's consolidated financial statements, which statements are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-GAAP adjusted net income, and non-GAAP adjusted diluted EPS. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company uses these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company's performance and liquidity by excluding certain expenses and expenditures that may not be indicative of "recurring core business operating results", meaning operating performance excluding non-cash amortization charges for intangibles, after-tax non-cash stock-based compensation expenses and non-cash goodwill impairment. China Marine believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing performance and when planning, forecasting and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparisons to historical performance and liquidity as well as comparisons to competitors' operating results. The Company believes these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of the business.

- Financial Statements Follow -

CHINA MARINE FOOD GROUP LIMITED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Currency expressed in United States Dollars ("US$"))

(Unaudited)




September 30, 2012


December 31, 2011

ASSETS







Current assets:







Cash and cash equivalents


$

1,004,962


$

586,914

Accounts receivable, net



25,592,080



68,643,678

Inventories



52,828,681



8,886,234

Prepaid expenses and other current assets



5,635,902



849,419








Total current assets



85,061,625



78,966,245








Property, plant and equipment, net



35,898,223



11,199,244

Land use rights, net



2,978,676



3,023,569

Construction in progress



-



22,923,143

Intangible assets, net



18,425,759



20,225,220

Goodwill



-



2,553,757

 

TOTAL ASSETS


$

142,364,283


$

138,891,178








LIABILITIES AND SHAREHOLDERS' EQUITY







Current liabilities:







Short-term borrowings


$

8,735,559


$

2,550,257

Accounts payable, trade



4,727,694



2,583,549

Amount due to a shareholder



46,615



50,361

Income tax payable



-



174,525

Accrued liabilities and other payables



4,214,689



3,424,288








Total current liabilities



17,724,557



8,782,980








Commitments and contingencies














Shareholders' equity:







Preferred stock, $0.001 par value; 1,000,000 shares authorized; 0 shares issued and outstanding as of September 30, 2012 and December 31, 2011



-



-

Common stock, $0.001 par value; 100,000,000 shares authorized; 29,722,976 and 29,697,976 shares issued and outstanding as of September 30, 2012 and December 31, 2011



29,723



29,698

Additional paid-in capital



50,097,677



50,074,952

Statutory reserve



9,696,177



9,696,177

Accumulated other comprehensive income



12,589,757



11,897,382

Retained earnings



51,869,983



58,053,435

Total China Marine Food Group Limited shareholders' equity



124,283,317



129,751,644

Non-controlling interests



356,409



356,554

Total shareholders' equity



124,639,726



130,108,198

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY


$

142,364,283


$

138,891,178

 

CHINA MARINE FOOD GROUP LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Currency expressed in United States Dollars ("US$"))

(Unaudited)




For the Three Months Ended
September 30,

For the Nine Months Ended
September 30,



2012


2011


2012


2011

Revenue, net



Processed seafood products


$

14,974,488


$

14,440,645


$

35,534,875


$

47,732,721

Marine catch



2,004,746



8,033,004



40,338,847



8,108,980

Algae-based beverage products



13,781,445



8,444,457



31,255,077



23,802,183




30,760,679



30,918,106



107,128,799



79,643,884














Cost of revenue (inclusive of depreciation and amortization)













Processed seafood products



(10,434,366)



(10,468,698)



(25,335,659)



(33,355,105)

Marine catch



(1,919,388)



(7,599,621)



(39,005,493)



(7,646,971)

Algae-based beverage products



(8,459,448)



(5,153,109)



(19,265,702)



(14,181,468)




(20,813,202)



(23,221,428)



(83,606,854)



(55,183,544)














Gross profit



9,947,477



7,696,678



23,521,945



24,460,340














Operating expenses:













Depreciation and amortization



(693,795)



(684,922)



(2,085,010)



(2,024,749)

Sales and marketing



(8,430,540)



(4,677,574)



(21,710,102)



(10,181,898)

General and administrative



(682,132)



(613,047)



(2,429,194)



(1,956,030)

Stock-based compensation



-



(705,157)



(667,246)



(1,368,531)

Goodwill impairment



(2,571,488)



-



(2,571,488)



-

 

TOTAL OPERATING EXPENSES



(12,377,955)



(6,680,700)



(29,463,040)



(15,531,208)



























(LOSS) Income FROm operations



(2,430,478)



1,015,978



(5,941,095)



8,929,132














Other income (expenses):













Subsidy income



-



-



15,866



-

Rental income



50,556



26,907



149,085



75,134

Interest income



21,989



47,892



83,710



115,275

Interest expense



(142,322)



-



(283,443)



-

(LOSS) Income before income taxes



(2,500,255)



1,090,777



(5,975,877)



9,119,541

 

Income tax expense



-



(283,216)



(207,720)



(1,682,711)














NET (LOSS) INCOME



(2,500,255)



807,561



(6,183,597)



7,436,830














Less: net loss attributable to non-controlling interests



53



45



145



163














Net (LOSS) income attributable to China Marine Food Group Limited


$

(2,500,202)


$

807,606


$

(6,183,452)


$

7,436,993














Other comprehensive income:













- Foreign currency translation (loss) gain



(201,797)



1,425,259



692,375



3,787,888














COMPREHENSIVE (LOSS) INCOME


$

(2,701,999)


$

2,232,865


$

(5,491,077)


$

11,224,881

 

Net (loss) income per share attributable to China Marine Food Group Limited

- Basic


$

(0.08)


$

0.03


$

(0.21)


$

0.25

- Diluted


$

(0.08)


$

0.03


$

(0.21)


$

0.25














Weighted average shares outstanding

- Basic



29,715,911



29,695,150



29,703,998



29,452,996

- Diluted



29,715,911



29,695,150



29,703,998



29,452,996

 

CHINA MARINE FOOD GROUP LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Currency expressed in United States Dollars ("US$"))

(Unaudited)




For the Nine Months Ended September 30,



2012


2011

Cash flows from operating activities:







Net (loss) income


$

(6,183,597)


$

7,436,830

Adjustments to reconcile net income to net cash provided by ooperating activities:







Depreciation and amortization



2,405,530



2,248,254

Stock issued for service



22,750



51,800

Reversal of doubtful accounts



(216,340)



(108,336)

Loss on disposal of property, plant and equipment



-



22,045

Compensatory stock awards



-



2,646,000

Goodwill impairment



2,571,488



-

Changes in operating assets and liabilities:







Accounts receivable



43,267,938



21,667,348

Inventories



(43,942,447)



(6,866,217)

Prepaid expenses and other current assets



(4,786,483)



(2,409,978)

Accounts payable, trade



2,144,145



(182,884)

Income tax payable



(174,525)



(536,996)

Accrued liabilities and other payables



790,401



(1,497,187)








Net cash (used in) provided by operating activities



(4,101,140)



22,470,679








Cash flows from investing activities:







Purchase of property, plant and equipment



(172,991)



(26,045)

Cash paid to construction in progress



(1,974,826)



(8,213,324)








Net cash used in investing activities



(2,147,817)



(8,239,369)








Cash flows from financing activities:







Repayment of amount due to a shareholder



(3,746)



(211,714)

Proceeds from short-term borrowings



8,750,099



-

Repayment on short-term borrowings



(2,570,327)



-








Net cash provided by (used in) financing activities



6,176,026



(211,714)








NET CHANGE IN CASH AND CASH EQUIVALENTS



(72,931)



14,019,596

 

Effect of exchange rate changes in cash and cash equivalents



490,979



1,740,730








CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD



586,914



15,556,772








CASH AND CASH EQUIVALENTS, END OF PERIOD


$

1,004,962


$

31,317,098


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Cash paid for income taxes


$

382,245


$

2,219,707

Cash paid for interest


$

283,443


$

-








SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING TRANSACTIONS

Transfer from construction in progress to property, plant and equipment


$

24,897,969


$

1,807,283

 

For more information, please contact:

    COMPANY

     Marco Hon Wai Ku, CFO
     Suite 815, 8th Floor
     Ocean Centre, Harbour City
     Tsimshatsui, Kowloon, HONG KONG
     Tel:             +852-2111-8768
     Email:         [email protected]
     Web:          www.china-marine.cn


    INVESTOR RELATIONS

     John Mattio, SVP
     MZ North America
     Tel:             +1-212-301-7130
     Email:         [email protected]
     Web:          www.mzgroup.us

SOURCE China Marine Food Group Limited

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Contrary to mainstream media attention, the multiple possibilities of how consumer IoT will transform our everyday lives aren’t the only angle of this headline-gaining trend. There’s a huge opportunity for “industrial IoT” and “Smart Cities” to impact the world in the same capacity – especially during critical situations. For example, a community water dam that needs to release water can leverage embedded critical communications logic to alert the appropriate individuals, on the right device, as soon as they are needed to take action.
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, will introduce the technologies required for implementing these ideas and some early experiments performed in the Kurento open source software community in areas ...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevOps to advance innovation and increase agility. Specializing in designing, imple...
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Treloar, President and COO of Bebaio, will explore examples of brands transforming their businesses by t...
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so they don't have to be replaced and are instantly converted to become smart, connected devices.
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts, GM of Platform at FinancialForce.com, will discuss the value of business applications on wearable ...
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron's memory solutions enable the world's most innovative computing, consumer,...
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
SYS-CON Events announced today that the "Second Containers & Microservices Expo" will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
Manufacturing connected IoT versions of traditional products requires more than multiple deep technology skills. It also requires a shift in mindset, to realize that connected, sensor-enabled “things” act more like services than what we usually think of as products. In his session at @ThingsExpo, David Friedman, CEO and co-founder of Ayla Networks, will discuss how when sensors start generating detailed real-world data about products and how they’re being used, smart manufacturers can use the data to create additional revenue streams, such as improved warranties or premium features. Or slash...