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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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Last week, while in San Francisco, I used the Uber app and service four times. All four experiences were great, although one of the drivers stopped for 30 seconds and then left as I was walking up to the car. He must have realized I was a blogger. None the less, the next car was just a minute away and I suffered no pain. In this article, my colleague, Ved Sen, Global Head, Advisory Services Social, Mobile and Sensors at Cognizant shares his experiences and insights.
We are reaching the end of the beginning with WebRTC and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) irreversibly encoded. In his session at Internet of @ThingsExpo, Peter Dunkley, Technical Director at Acision, will look at how this identity problem can be solved and discuss ways to use existing web identities for real-time communication.
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. It also ensured scalability and better service for customers, including MUY! Companies, one of the country's largest franchise restaurant companies with 232 Pizza Hut locations. This is one example of WebRTC adoption today, but the potential is limitless when powered by IoT. Attendees will learn real-world benefits of WebRTC and explore future possibilities, as WebRTC and IoT intersect to improve customer service.
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at Internet of @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, will share some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, an Open Source Cloud Communications company that helps the shift from legacy IN/SS7 telco networks to IP-based cloud comms. An early investor in multiple start-ups, he still finds time to code for his companies and contribute to open source projects.
The Internet of Things (IoT) promises to create new business models as significant as those that were inspired by the Internet and the smartphone 20 and 10 years ago. What business, social and practical implications will this phenomenon bring? That's the subject of "Monetizing the Internet of Things: Perspectives from the Front Lines," an e-book released today and available free of charge from Aria Systems, the leading innovator in recurring revenue management.
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges.
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines.
All major researchers estimate there will be tens of billions devices – computers, smartphones, tablets, and sensors – connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be!
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Erik Lagerway, Co-founder of Hookflash, will walk through the shifting landscape of traditional telephone and voice services to the modern P2P RTC era of OTT cloud assisted services.
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehension and conference efficiency.
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, will discuss single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example to explain some of these concepts including when to use different storage models.
SYS-CON Events announced today that Gridstore™, the leader in software-defined storage (SDS) purpose-built for Windows Servers and Hyper-V, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Gridstore™ is the leader in software-defined storage purpose built for virtualization that is designed to accelerate applications in virtualized environments. Using its patented Server-Side Virtual Controller™ Technology (SVCT) to eliminate the I/O blender effect and accelerate applications Gridstore delivers vmOptimized™ Storage that self-optimizes to each application or VM across both virtual and physical environments. Leveraging a grid architecture, Gridstore delivers the first end-to-end storage QoS to ensure the most important App or VM performance is never compromised. The storage grid, that uses Gridstore’s performance optimized nodes or capacity optimized nodes, starts with as few a...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace. These technological reforms have not only changed computers and smartphones, but are also changing the data processing model for all information devices. In particular, in the area known as M2M (Machine-To-Machine), there are great expectations that information with a new type of value can be produced using a variety of devices and sensors saving/sharing data via the network and through large-scale cloud-type data processing. This consortium believes that attaching a huge number of devic...
Innodisk is a service-driven provider of industrial embedded flash and DRAM storage products and technologies, with a focus on the enterprise, industrial, aerospace, and defense industries. Innodisk is dedicated to serving their customers and business partners. Quality is vitally important when it comes to industrial embedded flash and DRAM storage products. That’s why Innodisk manufactures all of their products in their own purpose-built memory production facility. In fact, they designed and built their production center to maximize manufacturing efficiency and guarantee the highest quality of our products.
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital business.
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. Download Slide Deck: ▸ Here
BSQUARE is a global leader of embedded software solutions. We enable smart connected systems at the device level and beyond that millions use every day and provide actionable data solutions for the growing Internet of Things (IoT) market. We empower our world-class customers with our products, services and solutions to achieve innovation and success. For more information, visit www.bsquare.com.
With the iCloud scandal seemingly in its past, Apple announced new iPhones, updates to iPad and MacBook as well as news on OSX Yosemite. Although consumers will have to wait to get their hands on some of that new stuff, what they can get is the latest release of iOS 8 that Apple made available for most in-market iPhones and iPads. Originally announced at WWDC (Apple’s annual developers conference) in June, iOS 8 seems to spearhead Apple’s newfound focus upon greater integration of their products into everyday tasks, cross-platform mobility and self-monitoring. Before you update your device, here is a look at some of the new features and things you may want to consider from a mobile security perspective.