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Jacksonville Bancorp Announces Quarterly Results

JACKSONVILLE, Fla., Nov. 14, 2012 /PRNewswire/ -- Jacksonville Bancorp, Inc. (the "Company") (NASDAQ: JAXB), holding company for The Jacksonville Bank (the "Bank"), reported a net loss for the three months ended September 30, 2012 of $10.7 million, or $1.81 per basic and diluted common share, compared to the third quarter 2011 net income of $1.3 million, or $.22 per basic and diluted common share.  The net loss was $21.2 million, or $3.60 per basic and diluted common share, for the nine months ended September 30, 2012, compared to net income of $2.8 million, or $.47 per basic and diluted common share, for the same period in 2011.  Book value and tangible book value per common share as of September 30, 2012 were $2.31 and $2.07, respectively.

(Logo: http://photos.prnewswire.com/prnh/20020410/JAXBLOGO )

The decrease in net income was driven primarily by an increase in provision for loan losses, noncash goodwill impairment expense and OREO expenses, an increase in loan related expenses, and a decrease in interest income on loans.  The decreased net interest income when compared to the previous year was due to a decrease in average earning assets, primarily driven by a reduction in loan balances, and the average yield earned on these assets.

Interest income decreased $1.1 million during the three-month period ended September 30, 2012 when compared to the same period in the prior year.  This decrease was driven by a decrease in average earning assets, in particular, average loan balances which declined by $36.2 million when compared to the same period in the prior year.  This was also attributable to a decrease in the loan yield to 5.42% for the three-month period ended September 30, 2012 from the 5.93% recognized during the three-month period ended September 30, 2011.  The decrease in the loan yield was driven by the following factors when compared to the same period in the prior year:

  • Decrease in accretion recognized on acquired loans of approximately $570 thousand;
  • Decrease in the weighted-average loan yield for new loans of 60 basis points; and
  • Modifications to reduce existing loan rates to be competitive in the current low-rate market environment.

Interest income decreased $3.8 million during the nine-month period ended September 30, 2012 when compared to the same period in the prior year.  This decrease was driven by a decrease in average earning assets, in particular, average loan balances which declined by $44.0 million when compared to the same period in the prior year.  This decrease was also impacted by a decrease in the average loan yield to 5.36% for the nine-month period ended September 30, 2012 from the 5.93% recognized during the nine months ended September 30, 2011.  The decrease in the loan yield was driven by the following factors when compared to the same period in the prior year:

  • Decrease in accretion recognized on acquired loans of approximately $1.4 million;
  • Decrease in the weighted-average loan yield for new loans of 74 basis points; and
  • Modifications to reduce existing loan rates to be competitive in the current low-rate market environment.

Interest expense decreased by $503 thousand and $1.5 million during the three- and nine-month periods ended September 30, 2012, respectively, when compared to the same periods in the prior year.  This was partially due to a decrease in the average cost of interest-bearing liabilities to 1.09% and 1.15% for the three-month and nine-month periods ended September 30, 2012, respectively, compared to 1.46% and 1.49% for the same periods in the prior year.  This decrease reflected the ongoing reduction in interest rates paid on deposits as a result of the re-pricing of deposits in the current market environment as well as a shift in the funding mix from interest-bearing to more noninterest-bearing deposits which further reduces overall funding costs.

Noninterest income for the three- and nine-month periods ended September 30, 2012, respectively, decreased to $356 thousand and $1.1 million when compared to $376 thousand and $1.2 million in the comparable periods in the prior year.  The decrease for the three-month period ended September 30, 2012, compared to the same period in the prior year, was driven by a $16 thousand decrease in service charges on deposit accounts with all other components remaining relatively flat period over period.  The decrease for the nine-month period ended September 30, 2012, compared to the same period in the prior year, was driven primarily by a $72 thousand decrease in service charges on deposit accounts with all other components remaining relatively flat period over period.

Noninterest expense increased to $10.6 million and $20.6 million, respectively, for the three- and nine-month periods ended September 30, 2012, compared to $4.6 million and $13.5 million, respectively, during the same periods in 2011.  This overall increase was mainly due to noncash goodwill impairment of $3.1 million, an increase in OREO expenses and write-downs of $1.8 million, loan related expenses of $1.2 million, and capital raise expenses of $497 thousand as a result of the extended time frame of raising capital when compared to the same period in the prior year.  In comparison, noninterest expense items related to general operating expenses remained relatively consistent year over year with increases in compensation, professional fees, and advertising and business development offset by reductions in data processing, occupancy and equipment, and regulatory assessments.

The income tax benefit for the nine months ended September 30, 2012 was $136 thousand compared to $1.7 million for the same period in 2011.  The Company recorded a full valuation allowance against its deferred taxes at December 31, 2011.  This was substantially due to the fact that it was "more likely than not" that the benefit would not be realized in future periods due to Section 382 of the Internal Revenue Code.  The calculation for the income tax provision or benefit generally does not consider the tax effects of changes in other comprehensive income ("OCI"), which is a component of shareholders' equity on the balance sheet.  However, an exception is provided in certain circumstances, such as when there is a full valuation allowance against the net deferred tax assets, there is a loss from continuing operations and income in other components of the financial statements.  In such a case, income from other categories, such as changes in OCI, must be considered in determining a tax benefit to be allocated to the loss from continuing operations.  During the nine-month period ended September 30, 2012, this resulted in $136 thousand of income tax benefit allocated to continuing operations.   

Total assets were $551.6 million as of September 30, 2012, compared to $607.9 million as of September 30, 2011.  Net loans decreased by 10.1% to $418.7 million as of September 30, 2012, compared to $465.9 million as of September 30, 2011.  Total deposits of $493.2 million as of September 30, 2012 increased $19.3 million compared to total deposits of $473.9 million as of December 31, 2011, whereas total deposits decreased $18.6 million compared to total deposits of $511.8 million as of September 30, 2011.  The increase in total deposits from December 31, 2011 was driven primarily by an increase in time deposits of $16.7 million and noninterest-bearing demand deposits of $5.0 million, offset by a decrease in money market, NOW and savings deposits of $2.4 million.  The increase in noninterest bearing demand deposits in relation to the decrease in interest-bearing deposits resulted in a reduction of overall funding costs.

As of September 30, 2012, nonperforming assets were $39.8 million, or 7.21% of total assets, compared to $56.0 million, or 9.2% of total assets as of September 30, 2011.  The decrease in nonperforming assets from the third quarter of 2011 to the third quarter of 2012 is primarily a result of an increase in loan charge-offs, write-downs on OREO, and the disposition of substandard assets.  This is consistent with the Company's overall strategy, which began in the second quarter of 2012, to accelerate the disposition of substandard assets.  As of September 30, 2012, nonperforming loans acquired in the merger with Atlantic BancGroup, Inc. were $9.0 million, or 22.5% of total nonperforming assets.

The following table presents information concerning nonperforming assets as of the last five quarters:

 


For the Period Ended


September 30,
2012


June 30,
2012


March 31,
2012


December 31,
2011


September 30,
2011






















Nonperforming Assets





















Nonperforming loans

$

35,168



$

46,407




$

49,066



$

46,904



$

51,639























Foreclosed assets, net


4,599




7,508





7,667




7,968




4,314


Total nonperforming assets


39,767




53,915





56,733




54,872




55,953























Nonperforming loans and





















  foreclosed assets as a





















  percent of total assets


7.21

%



9.25

%




9.68

%



9.77

%



9.20

%

Nonperforming loans as a





















  percent of gross loans


8.05

%



10.24

%




10.69

%



10.13

%



10.78

%

Loans past due 30-89 days,





















  still accruing interest

$

11,372



$

4,628




$

10,917



$

7,724



$

9,270



 

The increase in loans past due 30-89 days in the current quarter, still accruing interest, was driven primarily by one large relationship of $2.5 million that is in the process of being renewed, pending regulatory approval, and one loan of $3.5 million that was in process of executing a forbearance agreement in order to refinance to a lender providing government guaranteed loans.  Both of these situations are anticipated to be resolved in the near term.  Nonperforming loans decreased $11.2 million from $46.4 million for the three months ended June 30, 2012 to $35.2 million for the three months ended September 30, 2012.

The allowance for loan losses was 4.14% of total loans as of September 30, 2012, compared to 2.75% for the comparable period in 2011 and 2.82% as of December 31, 2011.  Provision for loan loss expense was $6.0 million and $17.6 million for the three- and nine-month periods ended September 30, 2012, respectively, compared to $1.7 million and $4.8 million for the comparable periods in 2011.  The Company has recorded net charge-offs of $8.5 million and $12.6 million for the three- and nine-month periods ended September 30, 2012, respectively, compared to $533 thousand and $4.6 million for the comparable periods in 2011.  The high level of charge-offs for the nine months ended September 30, 2012 is due primarily to the timing of recording charge-offs related to the Company's disposition of distressed assets on an individual customer basis.  This fits with the Company's current overall strategy to accelerate the disposition of substandard assets as discussed further below. 

During the second quarter of 2012, the Company adopted a new overall strategy to accelerate the disposition of substandard assets on an individual customer basis.  Certain current appraised values were discounted to estimated fair value based on current market data such as recent sales of similar properties, discussions with potential buyers and negotiations with existing customers.  These negotiations have materially impacted the Company's earnings for the three and nine months ended September 30, 2012 through the increased provision for loan losses.  The Company expects to continue this new strategy for the foreseeable future. 

In addition, the Company has executed a financial advisory agreement with an investment banking firm (the "Firm") to assist in raising capital.  During the third quarter of 2012, Bancorp executed a Stock Purchase Agreement (the "Stock Purchase Agreement") with its largest shareholder CapGen Capital Group IV LP ("CapGen"), for the sale of up to 25,000 shares of the Company's preferred stock, to-be-designated as Mandatorily Convertible, Noncumulative, Nonvoting Perpetual Preferred Stock, Series A ("Series A Preferred Stock").  Under the terms of the Stock Purchase Agreement, the Series A Preferred Stock is mandatorily convertible into shares of the Company's common stock upon approval by shareholders regarding the issuance of the common stock in connection with the conversion.  The Stock Purchase Agreement was approved unanimously by Bancorp's Board of Directors in contemplation of the private placement of 50,000 shares of Series A Preferred Stock at a purchase price of $1,000 per share for an aggregate of $50.0 million (the "Private Placement").  The closing of the Private Placement is conditioned upon certain factors, among other customary closing conditions, including: (i) the aggregate sale of $50.0 million in Series A Preferred Stock to investors, (ii) the determination of the conversion price and conversion rate of the Series A Preferred Stock issuance, (iii) the receipt of Federal Reserve approval of CapGen's additional investment in Bancorp, (iv) the receipt of an opinion from the Company's independent auditors that the Private Placement should not be an "ownership change" for purposes of Section 382 of the Internal Revenue Code, and (v) the receipt of a fairness opinion from a third-party investment banker. 

Also during the third quarter of 2012, Bancorp completed a $5.0 million capital raise through the sale of 5,000 shares of the Company's Noncumulative, Nonvoting, Perpetual Preferred Stock, Series B, $0.01 par value ("Series B Preferred Stock"), at a purchase price of $1,000 per share.  Proceeds from the sale of Series B Preferred Stock were $4.9 million, net of offering expenses, and were used for general operating expenses mainly for the subsidiary bank.  In connection with the $5.0 million capital raise, Bancorp and CapGen entered into an Exchange Agreement whereby Bancorp agreed to exchange shares of Series B Preferred Stock for the Series A Preferred Stock simultaneously with the issuance of shares of Series A Preferred Stock in the Private Placement (the "Exchange"), unless such shares of Series B Preferred Stock are first redeemed by the Company.  In the Exchange, all issued and outstanding shares of Series B Preferred Stock would be exchanged for the number of shares of Series A Preferred Stock having an aggregate liquidation preference equal to the aggregate Series B liquidation preference, unless otherwise specified under the closing terms of the Private Placement.

Jacksonville Bancorp, Inc., a bank holding company, is the parent of The Jacksonville Bank, a Florida state-chartered bank focusing on the Northeast Florida market with approximately $552 million in assets and eight full-service branches in Jacksonville, Duval County, Florida, as well as our virtual branch.  The Jacksonville Bank opened for business on May 28, 1999 and provides a variety of community banking services to businesses and individuals in Jacksonville, Florida.  More information is available at its website at www.jaxbank.com.

The statements contained in this press release, other than historical information, are forward-looking statements, which involve risks, assumptions and uncertainties.  The risks, uncertainties and factors affecting actual results include but are not limited to: our ability to raise capital; our ability to dispose of substandard assets and the disposition prices thereof; economic and political conditions, especially in North Florida; real estate prices and sales in the Company's markets; competitive circumstances; bank regulation, legislation, accounting principles and monetary policies; the interest rate environment; efforts to increase our capital and reduce our nonperforming assets; and technological changes.  The Company's actual results may differ significantly from the results discussed in forward-looking statements.  Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof.  The Company does not undertake, and specifically disclaims, any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.  Additional information regarding risk factors can be found in the Company's filings with the Securities and Exchange Commission including the Company's Annual Report on Form 10-K for the year ended December 31, 2011 which are incorporated herein by reference.

 

JACKSONVILLE BANCORP, INC.

(Unaudited)

(Dollars in thousands, except per share data)



















For the Three Months Ended



September 30,


June 30,


March 31,


December 31,


September 30,


2012


2012


2012


2011


2011

Consolidated Earnings Summary















Total interest income

$

6,641


$

6,474


$

6,671


$

7,145


$

7,754

Total interest expense


1,238



1,376



1,356



1,591



1,741

Net interest income


5,403



5,098



5,315



5,554



6,013

Provision for loan losses


5,990



11,584



72



7,617



1,737

Net interest income (loss) after
















provision for loan losses


(587)



(6,486)



5,243



(2,063)



4,276

Total noninterest income


356



290



437



355



376

Total noninterest expense


10,560



5,656



4,392



16,677



4,574

Income (loss) before income taxes


(10,791)



(11,852)



1,288



(18,385)



78

Income tax expense (benefit)


(106)



(30)



-



8,458



(1,219)

Net income (loss)

$

(10,685)


$

(11,822)


$

1,288


$

(26,843)


$

1,297

 



For the Three Months Ended



September 30,


June 30,


March 31,


December 31,


September 30,


2012


2012


2012


2011


2011

Summary Average Consolidated
















Balance Sheet















Loans, gross

$

447,885


$

455,604


$

459,166


$

474,612


$

484,122

Securities


91,887



82,648



70,427



65,380



66,400

Other earning assets


3,802



25,598



8,741



5,698



14,157

Total earning assets


543,574



563,850



538,334



545,690



564,679

Other assets


20,457



30,144



30,184



47,844



45,931

Total assets

$

564,031


$

593,994


$

568,518


$

593,534


$

610,610

















Interest-bearing liabilities

$

453,260


$

471,622


$

454,613


$

451,804


$

473,524

Other liabilities


92,012



91,733



84,400



85,936



82,305

Shareholders' equity


18,759



30,639



29,505



55,794



54,781

Total liabilities and
















shareholders' equity

$

564,031


$

593,994


$

568,518


$

593,534


$

610,610

 



For the Three Months Ended



September 30,


June 30,


March 31,


December 31,


September 30,



2012


2012


2012


2011


2011

Per Share Data















Basic earnings (loss) per share

$

(1.81)


$

(2.01)


$

0.22


$

(4.56)


$

0.22

Diluted earnings (loss) per share

$

(1.81)


$

(2.01)


$

0.22


$

(4.56)


$

0.22

Basic weighted average 
















shares outstanding


5,890,880



5,890,136



5,889,822



5,889,822



5,889,822

Diluted weighted average
















shares outstanding


5,890,880



5,890,136



5,890,689



5,889,822



5,890,553

Book value per basic share
















at end of period

$

2.31


$

3.22


$

5.23


$

4.98


$

9.52

Tangible book value per basic
















share at end of period

$

2.07


$

2.43


$

4.42


$

4.15


$

6.76

Total shares outstanding
















at end of period


5,890,880



5,890,880



5,889,822



5,889,822



5,889,822

Closing market price per share

$

0.92


$

1.51


$

3.53


$

3.15


$

4.89

 

 

JACKSONVILLE BANCORP, INC.

(Unaudited)

(Dollars in thousands, except per share data)



For the Three Months Ended


September 30,


June 30,


March 31,


December 31,


September 30,


2012


2012


2012


2011


2011

Selected Ratios















Return on average assets


(7.54)%



(8.00)%



0.91%



(17.94)%



0.84%

Return on average equity


(226.60)%



(155.19)%



17.56%



(190.87)%



9.39%

Average equity to average assets


3.33%



5.16%



5.19%



9.40%



8.97%

Tangible common equity to
















tangible assets


2.22%



2.48%



4.48%



4.39%



6.73%

Interest rate spread


3.77%



3.44%



3.78%



3.80%



3.99%

Net interest margin


3.95%



3.64%



3.97%



4.04%



4.22%

Allowance for loan losses
















as a percentage of total loans


4.14%



4.56%



2.85%



2.82%



2.75%

Allowance for loan losses
















as a percentage of NPL's


51.47%



44.49%



22.98%



27.77%



25.56%

Ratio of net charge-offs as a 
















percentage of average loans


7.58%



3.56%



0.01%



6.51%



0.44%

Efficiency ratio


183.37%



104.97%



76.36%



282.23%



71.59%

















As of


September 30,


June 30,


March 31,


December 31,


September 30,


2012


2012


2012


2011


2011

Summary Consolidated
















Balance Sheet















Cash and cash equivalents

$

13,661


$

25,703


$

23,136


$

9,955


$

22,972

Securities


88,838



90,583



78,768



66,025



63,892

Loans, gross


436,754



453,263



459,121



462,607



479,083

Allowance for loan losses


(18,100)



(20,647)



(13,082)



(13,024)



(13,197)

Loans, net


418,654



432,616



446,039



449,583



465,886

Goodwill


-



3,137



3,137



3,137



14,326

Other intangible assets, net


1,380



1,511



1,642



1,774



1,916

All other assets


29,018



29,407



33,111



30,951



38,952

Total assets

$

551,551


$

582,957


$

585,833


$

561,425


$

607,944
















Deposit accounts

$

493,205


$

521,549


$

513,513


$

473,907


$

511,754

All other liabilities


44,767



42,430



41,518



58,174



40,126

Shareholders' equity


13,579



18,978



30,802



29,344



56,064

Total liabilities and















  shareholders' equity

$

551,551


$

582,957


$

585,833


$

561,425


$

607,944


















 

 

JACKSONVILLE BANCORP, INC.

(Unaudited)

(Dollars in thousands, except per share data)




For the Nine Months Ended


September 30,


September 30,


2012


2011

Consolidated Earnings Summary






Total interest income

$

19,786


$

23,599

Total interest expense


3,970



5,425

Net interest income


15,816



18,174

Provision for loan losses


17,646



4,775

Net interest income (loss) after provision for loan losses


(1,830)



13,399

Total noninterest income


1,083



1,176

Total noninterest expense


20,608



13,476

Income (loss) before income tax


(21,355)



1,099

Income tax benefit


(136)



(1,684)

Net income (loss)

$

(21,219)


$

2,783








For the Nine Months Ended


September 30,


September 30,


2012


2011

Summary Average Consolidated Balance Sheet






Loans, gross

$

454,195


$

498,154

Securities


81,691



66,080

Other earning assets


12,681



8,371

Total earning assets


548,567



572,605

Other assets


26,905



46,669

Total assets

$

575,472


$

619,274







Interest-bearing liabilities

$

459,807


$

485,942

Other liabilities


89,391



79,894

Shareholders' equity


26,274



53,438

Total liabilities and shareholders' equity

$

575,472


$

619,274








For the Nine Months Ended


September 30,


September 30,


2012


2011

Per Share Data






Basic earnings (loss) per share

$

(3.60)


$

0.47

Diluted earnings (loss) per share

$

(3.60)


$

0.47

Basic weighted average shares outstanding


5,890,281



5,889,310

Diluted weighted average shares outstanding


5,890,281



5,890,170

Book value per basic share at end of period

$

2.31


$

9.52

Tangible book value per basic share at end of period

$

2.07


$

6.76

Total shares outstanding at end of period


5,890,880



5,889,822

Closing market price per share

$

0.92


$

4.89

 

 

JACKSONVILLE BANCORP, INC.

(Unaudited)

(Dollars in thousands, except per share data)




For the Nine Months Ended


September 30,


September 30,


2012


2011

Selected Ratios






Return on average assets


(4.93)%



0.60%

Return on average equity


(107.88)%



6.96%

Average equity to average assets


4.57%



8.63%

Tangible common equity to tangible  assets


2.22%



6.73%

Interest rate spread


3.67%



4.02%

Net interest margin


3.85%



4.24%

Allowance for loan losses as a percentage of total loans


4.14%



2.75%

Allowance for loan losses as a percentage of NPL's


51.47%



25.56%

Ratio of net charge-offs as a percentage of average loans


3.70%



1.25%

Efficiency ratio


121.95%



69.64%








As of


September 30,


September 30,


2012


2011

Summary Consolidated Balance Sheet






Cash and cash equivalents

$

13,661


$

22,972

Securities


88,838



63,892

Loans, gross


436,754



479,083

Allowance for loan losses


(18,100)



(13,197)

Loans, net


418,654



465,886

Goodwill


-



14,326

Other intangible assets, net


1,380



1,916

All other assets


29,018



38,952

Total assets

$

551,551


$

607,944







Deposit accounts

$

493,205


$

511,754

All other liabilities


44,767



40,126

Shareholders' equity


13,579



56,064

Total liabilities and shareholders' equity

$

551,551


$

607,944

 

 

SOURCE Jacksonville Bancorp, Inc.

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There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
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The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
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.
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
SYS-CON Events announced today that 910Telecom 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. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
SYS-CON Events announced today that Pulzze Systems 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. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
SYS-CON Events announced today that Adobe has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of co...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
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.
19th Cloud Expo, taking place November 1-3, 2016, 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 enterpri...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...