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China Cord Blood Corporation Reports Financial Results for the Second Quarter and First Half of Fiscal 2013

2Q13 New Subscribers Up 33.0% to 18,491

HONG KONG, Nov. 19, 2012 /PRNewswire-FirstCall/ -- China Cord Blood Corporation (NYSE: CO) ("CCBC" or the "Company"), China's leading provider of cord blood collection, laboratory testing, hematopoietic stem cell processing, and stem cell storage services, today announced its preliminary unaudited financial results for the second quarter and first half of fiscal year 2013, which ended September 30, 2012.

Second Quarter of Fiscal 2013 Highlights

  • Revenues for the second quarter of fiscal 2013 increased by 30.5% to RMB128.5 million ($20.4 million) from RMB98.4 million in the prior year period.
  • New subscriber sign-ups and accumulated subscriber base were 18,491 and 274,705, respectively.
  • Gross profit increased by 32.3% to RMB101.4 million ($16.1 million) from RMB76.7 million in the prior year period.
  • Gross margin was 78.9%, compared to 77.9% in the prior year period.
  • Operating income increased by 24.7% to RMB47.0 million ($7.5 million) from RMB37.7 million in the prior year period, after taking into account the increased management and staff related costs.
  • Interest expense amounted to RMB14.1 million ($2.2 million), which was largely attributable to the convertible note issued to KKR China Healthcare Investment Limited ("KKR"), compared to RMB1.2 million in the prior year period.
  • Net income attributable to shareholders increased by 6.2% to RMB24.7 million ($3.9 million) from RMB23.2 million in the prior year period.
  • Operating cash flow for the quarter amounted to RMB142.5 million ($22.7 million).

First Half of Fiscal 2013 Highlights

  • Revenues for the first half of fiscal 2013 increased by 31.1% to RMB243.8 million ($38.8 million) from RMB185.9 million in the prior year period.
  • New subscriber sign-up reached 34,951 and accumulated subscriber base expanded to 274,705.
  • Gross profit increased by 33.3% to RMB192.3 million ($30.6 million) from RMB144.3 million in the prior year period.
  • Operating income increased by 33.5% to RMB91.4 million ($14.6 million) from RMB68.5 million in the prior year period.
  • Interest expense amounted to RMB24.3 million ($3.9 million), compared to RMB1.7 million in the prior year period.
  • Net income attributable to shareholders amounted to RMB55.8 million ($8.9 million), compared to RMB63.3 million in the prior year period.
  • Operating cash flow for the first half of fiscal 2013 was RMB279.4 million ($44.5 million).

"Coming off of robust growth in our financial performance and yet another record in new subscriber numbers, we concluded the first half of fiscal 2013 with notable achievements and records," stated Ms. Ting Zheng, Chief Executive Officer of China Cord Blood Corporation.  "A high mark of 18,491 in new subscriber numbers, which is our highest increase for any single quarter, reflects our continued commitment to optimize our marketing strategy to deepen penetration and enhance our subscriber base.  Our management team's execution capabilities have also been demonstrated by positive performance in such areas as revenue, operating income and built-up cash flow streams resulting from greater volume of upfront customer payments.  These achievements have not only established a solid foundation for the Company to generate long-term sustainable growth, but also provide a platform for the Company to grasp timely opportunities for geographical expansion."

Ms. Zheng further commented, "We are very pleased to have recently received valuable support from KKR and our major shareholder, Golden Meditech Holdings Limited ("Golden Meditech"), who share CCBC's vision for growing the Company in China and throughout the Asia-Pacific region.  Both KKR and Golden Meditech bring valuable management resources and strategic perspectives that fit the Company's expansion plans.  Under the leadership of Mr. Yuen Kam as our newly appointed Chairman and with his extensive experience in China's healthcare industry, the management team and I believe that the present synergies will help drive the Company towards further operational growth and strategic development."

Summary – The Second Quarter and First Half Ended September 30, 2011 and 2012


Three Months Ended September 30,


Six Months Ended September 30,


2011


2012


2011


2012

(in thousands)

RMB


RMB

US$


RMB


RMB

US$

Revenues

98,433


128,462

20,440


185,891


243,792

38,791

Gross Profit

76,676


101,405

16,135


144,266


192,346

30,605

Operating Income

37,725


47,044

7,485


68,477


91,442

14,550

Net Income Attributable to Shareholders

23,249


24,695

3,929


63,271


55,788

8,878

 

Earnings per Ordinary Shares 
- Basic(1) and Diluted (RMB/US$)

0.31


0.34

0.05


0.85


0.75

0.12











Revenue Breakdown (%)










Processing Fees

74.9%


76.4%



74.5%


75.9%


Storage Fees

25.1%


23.6%



25.5%


24.1%












New Subscribers (persons)

13,899


18,491



26,727


34,951


Total Accumulated Subscribers (persons)

212,557


274,705



212,557


274,705


Summary – Selected Cash Flow Statement Items


Three Months Ended


Six Months Ended


September 30, 2012


September 30, 2012

(in thousands)

RMB

US$


RMB

US$

Net cash provided by operating activities

142,534

22,679


279,406

44,457

Net cash used in investing activities

(5,896)

(938)


(88,424)

(14,069)

Net cash provided by financing activities

41,314

6,574


340,360

54,156

Second Quarter Fiscal 2013 Financial Results

REVENUES.  Revenues increased by 30.5% to RMB128.5 million ($20.4 million) in the second quarter of fiscal 2013 from RMB98.4 million in the prior year period, driven mainly by a significant increase in new subscriber sign-ups during the quarter and expansion in our accumulated subscriber base.  

Revenues generated from storage fees increased to RMB30.3 million ($4.8 million), up 22.7% from RMB24.7 million in the prior year period.  In light of the significant increase in new subscribers, revenue from storage fees accounted for a lesser of 23.6% of total revenues, compared to 25.1% in the prior year period.  

Revenues generated from processing fees were RMB98.2 million ($15.6 million), up 33.2% from RMB73.7 million in the prior year period, reflecting 18,491 new subscriber sign-ups this quarter, a 33.0% annual increase and a 12.3% sequential increase in new subscriber sign-ups.  Revenues generated from processing fees accounted for 76.4% of total revenues, compared to 74.9% in the prior year period.

GROSS PROFIT.  Gross profit for the second quarter of fiscal 2013 increased by 32.3% to RMB101.4 million ($16.1 million) from RMB76.7 million in the prior year period, benefiting from economies of scale.  Gross margin was 78.9%, compared to 77.9% in the prior year period.

OPERATING INCOME.  Operating income for the second quarter increased at a slower pace to RMB47.0 million ($7.5 million) compared to RMB37.7 million in the prior year period.  Operating margin was slightly down to 36.6%, compared to 38.3% in the prior year period, as a result of an increase in management and staff related costs, as well as an increase in depreciation expenses as we begin to depreciate part of the new facility in Guangdong.  Depreciation and amortization expenses for the second quarter were RMB8.3 million ($1.3 million), compared to RMB7.1 million in the prior year period.  

  • Research and Development Expenses.  Research and development expenses remained stable at RMB1.9 million ($0.3 million) compared to RMB1.9 million in the prior year period, a reflection of the Company's continuous efforts to enhance operations through technology advancement.
  • Sales and Marketing Expenses.  Sales and marketing expenses, increased by 51.0% to RMB23.5 million ($3.7 million) from RMB15.6 million in the prior year period.  These expenses indicated our continuous reach-out to deeply penetrate into the Beijing market, further marketing campaigns to outreach to potential subscribers in the Guangdong market, as well as costs for the building up of development for the Zhejiang market.  Sales and marketing expenses represented 18.3% of revenues in the second quarter of fiscal 2013, up from 15.8% in the prior year period and 16.7% in the first quarter of fiscal 2013.
  • General and Administrative Expenses.  General and administrative expenses were RMB29.0 million ($4.6 million), compared to RMB21.4 million in the prior year period and RMB25.1 million in the first quarter of fiscal 2013, mainly due to an increase in management and staff related costs of RMB4.6 million ($0.7 million).  As a percentage of revenue, it increased to 22.6% compared to 21.8% in the prior year period and compared to 21.7% in the first quarter of fiscal 2013.  

OTHER INCOME AND EXPENSES

  • Interest Expense.  Interest expense increased to RMB14.1 million ($2.2 million) from RMB1.2 million in the prior year period.  The increase was largely attributable to the issuance of a convertible note to KKR in April 2012.  In the second quarter of fiscal 2013, interest expense related to the convertible note annual coupon payment amounted to RMB7.3 million ($1.2 million) and the amortization of other related costs amounted to RMB6.0 million ($1.0 million).

NET INCOME ATTRIBUTABLE TO SHAREHOLDERS.  Net income attributable to shareholders for the second quarter of fiscal 2013 increased by 6.2% to RMB24.7 million ($3.9 million) from RMB23.2 million in the prior year period.  Net margin for the second quarter of fiscal 2013 was 19.2%. 

EARNINGS PER SHARE.  The terms of the convertible note issued to KKR provides KKR with the ability to participate in any Excess Cash Dividend(2).  Therefore, the calculation of basic EPS has taken into consideration KKR's participating right effect of RMB0.01.  Basic and diluted earnings per ordinary share for the second quarter of fiscal 2013 were RMB0.34 ($0.05)

LIQUIDITY.  As of September 30, 2012, the Company had cash and cash equivalents of RMB1,324.5 million ($210.7 million) compared to RMB794.3 million as of March 31, 2012.  The Company had total debt of RMB472.6 million ($75.2 million) as of September 30, 2012.  Operating cash flow for the quarter amounted to RMB142.5 million ($22.7 million).

First Half Fiscal 2013 Financial Results

For the first half of fiscal year 2013, total revenues increased by 31.1% to RMB243.8 million ($38.8 million) from RMB185.9 million in the prior year period.  The increase was largely attributable to the significant increase in new subscribers and the expansion of the Company's accumulated subscriber base to 274,705 subscribers.  Processing fees and storage fees grew by 33.6% and 24.0%, respectively.  Gross profit increased by 33.3% to RMB192.3 million ($30.6 million) from RMB144.3 million in the prior year period.  Operating income increased by 33.5% to RMB91.4 million ($14.6 million) from RMB68.5 million in the prior year period. Net income attributable to shareholders amounted to RMB55.8 million ($8.9 million).  Basic and diluted earnings per share attributable to ordinary shares were RMB0.75 ($0.12).  Net cash provided by operating activities in the first half of fiscal 2013 was RMB279.4 million ($44.5 million).

Ms. Zheng concluded, "Even though we recorded impressive performance in our operating markets, we are continuing our efforts to widen market coverage and deepen penetration to capture more of the large regional market potential presented in Beijing, Guangdong and Zhejiang.  We have seen encouraging market responses during this start-up phase of our Zhejiang operation while actively searching for an optimal location to build our facility in the province.  For the Guangdong market, our new facility is well under way in construction to increase capacity in this promising region.  CCBC recently completed a transaction with Cordlife Group Limited ("Cordlife"), which has resulted in the Company now wholly owning our Guangdong subsidiary, thereby allowing the Company to fully benefit from the strong sales and future growth potential of this affluent market.  The strengthening of our long-standing strategic alliance with Cordlife opens additional avenues for us to develop Pan-Asian markets.  Since April 2012, we have bought back approximately $20.3 million worth of shares.  With the resources and talents on hand, we aim to enhance shareholder value by expanding our China and Pan-Asia footprint while continuing to explore opportunities to reward our shareholders for their ongoing support." 

(1) The terms of the convertible note issued to KKR provides KKR with the ability to participate in any excess cash dividend.  Therefore, the calculation of basic EPS has taken into consideration KKR's participating right effect of RMB0.01 and RMB0.03 for the three months and six months ended September 30, 2012, respectively.

(2) "Excess Cash Dividend" means any cash dividend to holders of shares that, together with all other cash dividends previously paid to holders of shares in the same financial year, exceeds, on a per share basis, an amount equal to the interest that has accrued and shall accrue at 7% in such financial year divided by the number of shares into which the note is convertible at the conversion price then in effect on the relevant record date.

Conference Call

The Company will host a conference call at 8:00 a.m. ET on Tuesday, November 20, 2012 to discuss its financial performance and give a brief overview of the Company's recent developments, followed by a question and answer session.  Interested parties may access the audio webcast through the Company's IR website at http://ir.chinacordbloodcorp.com.  A replay of the webcast will be accessible two hours after the presentation and available for three weeks at the same URL link above.  Listeners may also access the call by dialing 1-718-354-1231 or 1-866-519-4004 for US callers or +852-2475-0994 for Hong Kong callers, access code: 50728737.

About China Cord Blood Corporation

China Cord Blood Corporation is the first and largest umbilical cord blood banking operator in China in terms of geographical coverage and the only cord blood banking operator with multiple licenses.  Under current PRC government regulations, only one licensed cord blood banking operator is permitted to operate in each licensed region and only seven licenses have been authorized as of today.  China Cord Blood Corporation provides cord blood collection, laboratory testing, hematopoietic stem cell processing and stem cell storage services.  For more information, please visit our website at http://www.chinacordbloodcorp.com.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These statements relate to future events or the Company's future financial performance. The Company has attempted to identify forward-looking statements by terminology including "anticipates", "believes", "expects", "can", "continue", "could", "estimates", "intends", "may", "plans", "potential", "predict", "should" or "will" or the negative of these terms or other comparable terminology. These statements are only predictions, uncertainties and other factors may cause the Company's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. The information in this press release is not intended to project future performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company does not guarantee future results, levels of activity, performance or achievements. The Company expectations are as of the date this press release is issued, and the Company does not intend to update any of the forward-looking statements after the date this press release is issued to confirm these statements to actual results, unless required by law.

The forward-looking statements included in this press release are subject to risks, uncertainties and assumptions about the Company's businesses and business environments. These statements reflect the Company's current views with respect to future events and are not a guarantee of future performance. Actual results of the Company's operations may differ materially from information contained in the forward-looking statements as a result of risk factors some of which include, among other things: continued compliance with government regulations regarding cord blood banking in the People's Republic of China, or PRC; changing legislation or regulatory environments in the PRC; the acceptance by subscribers of the Company's different pricing and payment options and reaction to the introduction of the Company's premium-quality pricing strategy; demographic trends in the regions of the PRC in which the Company is the exclusive licensed cord blood banking operator; labor and personnel relations; credit risks affecting the Company's revenue and profitability; changes in the healthcare industry, including those which may result in the use of stem cell therapies becoming redundant or obsolete; the Company's ability to effectively manage its growth, including implementing effective controls and procedures and attracting and retaining key management and personnel; changing interpretations of generally accepted accounting principles; the availability of capital resources, including in the form of capital markets financing opportunities, in light of industry developments affecting issuers that have pursued a "reverse merger" with an operating company based in China, as well as general economic conditions; and other relevant risks detailed in the Company's filings with the Securities and Exchange Commission.

This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars as of and for the periods ending September 30, 2012 were made at the noon buying rate of RMB6.2848 to $1.00 on September 28, 2012 in the City of New York for cable transfers in Renminbi per U.S. dollar as certified for customs purposes by the Federal Reserve Bank of New York. China Cord Blood Corporation makes no representation that the Renminbi or U.S. dollar amounts referred to in this press release could have been or could be converted into U.S. dollars or Renminbi, at any particular rate or at all.

For more information, please contact:

China Cord Blood Corporation
Investor Relations Department
Tel: (+852) 3605-8180
Email: [email protected]  

ICR, Inc.
Mr. Rob Koepp
Tel: (+86) 10-6583-7516
U.S. Tel: (646) 405-5185

EXHIBIT 1

 

 

CHINA CORD BLOOD CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

As of March 31 and September 30, 2012

 


March 31,


September 30,


2012


2012


RMB


RMB


US$


(in thousands except share data)







ASSETS






Current assets






Cash and cash equivalents

794,311


1,324,507


210,748

Accounts receivable, less allowance for doubtful accounts






  (March 31, 2012: RMB13,916; September 30, 2012: RMB14,841)

79,012


78,627


12,511

Inventories

6,666


5,074


807

Prepaid expenses and other receivables

11,561


15,055


2,395

Trading securities

354


-


-

Deferred offering costs

-


2,852


454

Deferred tax assets

5,268


5,715


909

Total current assets

897,172


1,431,830


227,824

Property, plant and equipment, net

267,862


345,279


54,939

Non-current prepayments

2,863


3,144


500

Non-current accounts receivable, less allowance for doubtful accounts






(March 31, 2012: RMB38,628; September 30, 2012: RMB42,744)

254,236


246,086


39,156

Inventories

34,651


37,773


6,010

Intangible assets, net

129,791


127,481


20,284

Available-for-sale equity securities

98,199


78,332


12,464

Other investment

134,363


134,363


21,379

Deferred offering costs

-


10,183


1,620

Deferred tax assets

5,013


5,879


935

Total assets

1,824,150


2,420,350


385,111







LIABILITIES






Current liabilities






Bank loan

45,000


50,000


7,956

Accounts payable

6,343


14,234


2,265

Accrued expenses and other payables

33,351


62,555


9,953

Deferred revenue

106,110


151,496


24,105

Amounts due to related party

360


720


115

Income tax payable

5,943


5,809


924

Total current liabilities

197,107


284,814


45,318

Convertible notes

-


422,569


67,237

Non-current deferred revenue

306,534


406,359


64,657

Other non-current liabilities

60,420


81,455


12,961

Deferred tax liabilities

24,462


23,306


3,708

Total liabilities

588,523


1,218,503


193,881







EQUITY






Shareholders' equity






Ordinary shares






-   US$0.0001 par value, 250,000,000 shares authorized, 73,140,147






shares issued and outstanding as of March 31, 2012 and






73,140,147 shares issued and 69,064,092 shares outstanding






as of September 30, 2012

50


50


8

Additional paid-in capital

865,654


865,654


137,737

Treasury stock

-


(72,675)


(11,564)

Accumulated other comprehensive income

26,057


3,705


589

Retained earnings

310,973


366,761


58,358

Total shareholders' equity

1,202,734


1,163,495


185,128

Non-controlling interests

32,893


38,352


6,102

Total equity

1,235,627


1,201,847


191,230

Total liabilities and equity

1,824,150


2,420,350


385,111







 

EXHIBIT 2

 

 

CHINA CORD BLOOD CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months and Six Months ended September 30, 2011 and 2012

 


Three months ended September 30,

Six months ended September 30,


2011


2012


2011


2012


RMB


RMB


US$


RMB


RMB


US$


(in thousands except share data)













Revenues

98,433


128,462


20,440


185,891


243,792


38,791

Direct costs

(21,757)


(27,057) 


(4,305) 


(41,625)


(51,446) 


(8,186) 

Gross profit

76,676


101,405


16,135


144,266


192,346


30,605

Operating expenses












Research and development

(1,932)


(1,860)


(296)


(3,709)


(4,123)


(656)

Sales and marketing

(15,575)


(23,517)


(3,742)


(28,181)


(42,737)


(6,800)

General and administrative

(21,444)


(28,984) 


(4,612) 


(43,899)


(54,044) 


(8,599) 

Total operating expenses

(38,951)


(54,361) 


(8,650) 


(75,789)


(100,904) 


(16,055) 

Operating income

37,725


47,044 


7,485 


68,477


91,442 


14,550 

Other (expense)/income , net












Interest income

3,312


3,859


614


6,451


7,188


1,144

Interest expense

(1,190)


(14,089)


(2,242)


(1,650)


(24,265)


(3,861)

Exchange (loss)/gain

(4,956)


41


7


(4,860)


51


8

Dividend income

-


-


-


7,217


2,420


385

Others

111


(1,002) 


(160) 


325


(766) 


(121) 

Total other (expense)/income, net

(2,723)


(11,191) 


(1,781) 


7,483


(15,372) 


(2,445) 

Income before income tax

35,002


35,853


5,704


75,960


76,070


12,105

Income tax expense

(9,093)


(8,466) 


(1,347) 


(7,310)


(14,801) 


(2,355) 

Net income

25,909


27,387


4,357


68,650


61,269


9,750

Income attributable to non-controlling interests

(2,660)


(2,692) 


(428) 


(5,379)


(5,481) 


(872) 

Net income attributable to shareholders

23,249


24,695 


3,929 


63,271


55,788 


8,878 













Net income per share:












Attributable to ordinary shares












-   Basic

0.31


0.34


0.05


0.85


0.75


0.12

-   Diluted

0.31


0.34 


0.05 


0.85


0.75 


0.12 

Other comprehensive income












-   Net effect of foreign currency translation, net of nil tax

122


(1,007)


(160)


(689)


(2,424)


(386)

-   Net unrealized (loss)/gain in available-for-sale equity securities, net of nil tax

(5,976) 


2,624 


418 


(11,508) 


(19,950) 


(3,174) 

Comprehensive income

20,055 


29,004 


4,615 


56,453 


38,895 


6,190 













Comprehensive income attributable to non-controlling interests

(2,680)


(2,672)


(425)


(5,605)


(5,459)


(869) 

Comprehensive income attributable to shareholders

17,375 


26,332 


4,190 


50,848 


33,436 


5,321 

 

SOURCE China Cord Blood Corporation

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IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
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In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...
“delaPlex Software provides software outsourcing services. We have a hybrid model where we have onshore developers and project managers that we can place anywhere in the U.S. or in Europe,” explained Manish Sachdeva, CEO at delaPlex Software, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
We all know the latest numbers: Gartner, Inc. forecasts that 6.4 billion connected things will be in use worldwide in 2016, up 30 percent from last year, and will reach 20.8 billion by 2020. We're rapidly approaching a data production of 40 zettabytes a day – more than we can every physically store, and exabytes and yottabytes are just around the corner. For many that’s a good sign, as data has been proven to equal money – IF it’s ingested, integrated, and analyzed fast enough. Without real-ti...
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…