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Guess?, Inc. Reports Third Quarter Results

Q3 Fiscal 2013 EPS of $0.43, Compared to EPS of $0.71 in Q3 Fiscal 2012

LOS ANGELES, Nov. 28, 2012 /PRNewswire/ -- Guess?, Inc. (NYSE: GES) today reported financial results for its third quarter ended October 27, 2012. 

Third Quarter Fiscal 2013 Highlights

  • Consolidated revenues decreased 2% to $629 million; up 1% in constant dollars
  • Asian revenues increased 16%
  • North American Retail revenues decreased 1%; retail comp sales declined 6%
  • European revenues increased 2% in local currency; declined 8% in U.S. dollars  
  • Operating earnings decreased 40% and operating margin declined 590 basis points to 9.2%

This press release contains certain non-GAAP, or adjusted, financial measures, which exclude a settlement charge incurred during the second quarter of fiscal 2012. A reconciliation of reported GAAP results to comparable non-GAAP results is provided in the accompanying tables and discussed under the heading "Presentation of Non-GAAP Information" below.

Third Quarter Fiscal 2013 Results

For the third quarter of fiscal 2013, the Company generated net earnings of $36.6 million, a 44.7% decrease compared to net earnings of $66.3 million for the third quarter of fiscal 2012.  Diluted earnings per share decreased 39.4%, to $0.43, compared to diluted earnings per share of $0.71 for the prior-year quarter.    

Paul Marciano, Chief Executive Officer, commented, "Third quarter earnings were consistent with our guidance but fell short of our operational goals, as economic pressures impacted consumer confidence in most of our markets.  Our European business was stronger at the beginning of the quarter, though business softened toward the end of the period.  We posted solid double digit growth in Asia.  In North America, our key strategies remain relevant as we focus on driving traffic to the stores through enhanced customer engagement initiatives and elevating the brand with quality."

Mr. Marciano continued, "We do expect that the current market conditions in the global economy will continue for some time and we are more cautious on near term customer demand trends.  Accessories performance, specifically handbags and watches, have been a top priority and I am very confident of these categories going forward.  Our goal is to retain our high-quality standards.  Meanwhile, our team is focused on shortening the development cycle of a large portion of our products to a fast track calendar to deliver current trends at the right time, in addition to our iconic denim lines for men and women that we have offered for the last 30 years."

Mr. Marciano concluded, "We have a strong financial position and will run our business proactively to adapt to the existing economic climate, manage our expenses and inventories tightly and reallocate capital in growth regions of the world, specifically Eastern and Northern Europe as well as Asia.  We plan to evaluate new strategies to drive growth and profitability and improve the performance of our stores in the U.S. and in Canada.  At the same time, with our strong financial position, our goal is to focus on delivering balanced returns to our shareholders, including through our dividend and share repurchase programs."   

Total net revenue for the third quarter of fiscal 2013 decreased 2.2% to $628.8 million, from $642.8 million in the prior-year quarter.  In constant dollars, total net revenue increased 1.2%. 

  • The Company's retail stores in North America generated revenue of $262.1 million in the third quarter of fiscal 2013, a 1.3% decrease from $265.6 million in the same period a year ago.  Comparable store sales decreased 6.0% for the third quarter of fiscal 2013, compared to the same period a year ago.  The Company directly operated 513 retail stores in the United States and Canada at the end of the third quarter of fiscal 2013 versus 495 stores a year earlier.
  • Net revenue from the Company's Europe segment decreased 8.3% to $202.6 million in the third quarter of fiscal 2013, compared to $221.0 million in the prior-year period.  In local currency, net revenue increased 1.7%.
  • Net revenue from the Company's Asia segment increased 15.5% to $74.8 million in the third quarter of fiscal 2013, from $64.8 million in the prior-year period.  In constant dollars, net revenue increased 15.6%.
  • Net revenue from the Company's North American Wholesale segment increased 1.0% to $57.9 million in the third quarter of fiscal 2013, compared to $57.3 million in the prior-year period.
  • Licensing segment net revenue decreased 7.6% to $31.5 million in the third quarter of fiscal 2013, from $34.0 million in the prior-year period.

Operating earnings for the third quarter of fiscal 2013 decreased 40.1% to $58.1 million (including a $2.4 million unfavorable currency translation impact) from operating earnings of $97.0 million in the prior-year period.  Operating margin in the third quarter declined 590 basis points to 9.2%, compared to operating margin of 15.1% in the prior-year quarter.  The lower operating margin primarily reflects the impact of higher occupancy and selling costs in Europe due to retail expansion, negative same store sales on the Company's fixed cost structure and increased investments in advertising.  In addition, product margins were lower, primarily driven by promotions in North America and the effect of pricing parity changes in Canada. 

Other net expense, which primarily includes net unrealized mark-to-market losses on foreign currency contracts and balances, partially offset by net unrealized gains on non-operating assets, was $0.2 million for the third quarter of fiscal 2013.  This compares to other net income of $1.9 million in the prior-year quarter.

The Company's reported effective tax rate increased to 34.8% in the third quarter of fiscal 2013, from 32.3% for the third quarter of the prior year. 

Nine-Month Period Results

Net earnings for the nine months ended October 27, 2012 were $106.2 million, a decrease of 43.3% compared to adjusted net earnings of $187.2 million for the nine months ended October 29, 2011.  The prior-year adjusted net earnings excluded a settlement charge of $19.5 million ($17.6 million net of the related tax impact) associated with the settlement of the Company's relationship with one of its former European service providers. Diluted earnings per share declined 39.8% to $1.21 per share in the first nine months of the 2013 fiscal year compared to adjusted diluted earnings per share of $2.01 in the comparable nine-month period last year.  On a GAAP basis, for the first nine months of fiscal 2013, net earnings decreased 37.4% and diluted earnings per share decreased 33.5%.

Total net revenue for the first nine months of fiscal 2013 decreased 3.6% to $1.84 billion from $1.91 billion in the prior-year period.  In constant dollars, total net revenue increased 0.6%.

  • The Company's retail stores in North America generated revenue of $766.9 million in the first nine months of fiscal 2013, a 0.9% decrease from $774.1 million in the same period a year ago.  Comparable store sales decreased 6.3% in local currency and 6.7% in U.S. dollars for the nine months ended October 27, 2012, compared to the nine months ended October 29, 2011.
  • Net revenue from the Company's Europe segment decreased 11.2% to $639.3 million in the first nine months of fiscal 2013, compared to $720.1 million in the prior-year period.  In local currency, Europe segment revenues decreased 1.6%. 
  • Net revenue from the Company's Asia segment increased 14.6% to $206.5 million in the first nine months of fiscal 2013, compared to $180.2 million in the prior-year period.  In constant dollars the increase was 16.5%.
  • Net revenue from the Company's North American Wholesale segment decreased 2.3% to $143.4 million in the first nine months of fiscal 2013, from $146.8 million in the prior-year period.
  • Licensing segment net revenue decreased 4.0% to $87.4 million in the first nine months of fiscal 2013, from $91.0 million in the prior-year period.

Operating earnings for the first nine months of fiscal 2013 decreased 45.0% to $154.6 million (including an $8.5 million unfavorable currency translation impact) from adjusted operating earnings of $280.9 million in the prior-year period.  Operating margin for the first nine months of fiscal 2013 declined 630 basis points to 8.4% compared to adjusted operating margin of 14.7% in the prior-year period.  The decline in operating margin primarily reflects the impact of higher occupancy and selling costs in Europe, negative same store sales on the Company's fixed cost structure, and increased investments in advertising and marketing.  Product margins for the year-to-date period were lower compared to the prior-year period driven by lower margin in North American Retail and unfavorable currency impact in Europe.  GAAP operating earnings decreased 40.9% and GAAP operating margin declined 530 basis points.

Other net income, which primarily includes net unrealized mark-to-market gains on foreign currency contracts and balances, and net unrealized gains on non-operating assets, was $5.8 million for the first nine months of fiscal 2013.  This compares to other net expense of $5.4 million in the prior-year period. 

The Company's effective tax rate was 33.0% for the first nine months of both fiscal 2013 and fiscal 2012.

Outlook

The Company's expectations for the fourth quarter of fiscal 2013 ending February 2, 2013, are as follows:

  • Consolidated net revenues are expected to range from $780 million to $800 million.
  • Operating margin is expected to be between 14.5% and 15.5%.
  • Diluted earnings per share are expected to be in the range of $0.85 to $0.95.

The Company updated its outlook for the fiscal year ending February 2, 2013, which is now as follows:

  • Consolidated net revenues are expected to range from $2.62 billion to $2.64 billion.
  • Operating margin is expected to be between 10.0% and 10.5%.
  • Diluted earnings per share are expected to be in the range of $2.05 to $2.15.

Dividends

The Company also announced today that its Board of Directors has approved a quarterly cash dividend of $0.20 per share on the Company's common stock.  The Board of Directors has also approved a special cash dividend of $1.20 per share to be paid with the regular quarterly dividend.  The combined dividends will be payable on December 28, 2012 to shareholders of record at the close of business on December 12, 2012.   

Presentation of Non-GAAP Information

The financial information presented in this release includes both GAAP and non-GAAP measures.  The "non-GAAP" or "adjusted" financial measures exclude the impact of a settlement charge incurred during the second quarter of fiscal 2012. In July 2011, the Company experienced a temporary disruption in its European supply chain, related to one of its service providers.  The Company subsequently entered into an agreement to terminate the relationship with that provider, resulting in a $19.5 million settlement charge in the second quarter of fiscal 2012.

The Company has excluded this settlement charge, and related tax impact, from its adjusted financial measures primarily because it does not believe such charge reflects the Company's ongoing operating results or future outlook.  The Company believes that these adjusted financial measures are useful as an additional means for investors to evaluate the comparability of the Company's operating results when reviewed in conjunction with the Company's GAAP financial statements.  A reconciliation of reported GAAP results to comparable non-GAAP results is provided in the accompanying tables. The non-GAAP measures are provided in addition to, and not as alternatives for, the Company's reported GAAP results. 

This release also includes certain constant currency financial information.  Foreign currency exchange rate fluctuations affect the amount reported from translating the Company's foreign revenues and expenses into U.S. dollars.  These rate fluctuations can have a significant effect on reported operating results under GAAP. The Company provides constant currency information to help investors assess how our businesses performed excluding the effects of changes in foreign currency translation rates. To calculate revenues and earnings from operations on a constant currency basis, operating results for the current year period for entities reporting in currencies other than U.S. dollars are translated into U.S. dollars at the average exchange rates in effect during the comparable period of the prior year. The constant currency calculations do not adjust for the impact of revaluing specific transactions denominated in a currency that is different to the functional currency of that entity when exchange rates fluctuate.  The constant currency information presented may not be comparable to similarly titled measures reported by other companies. 

Investor Conference Call

The Company will hold a conference call at 4:30 pm (ET) on November 28, 2012 to discuss the news announced in this press release.  A live webcast of the conference call will be accessible at www.guess.com via the "Investor Relations" link.  The webcast will be archived on the website for 30 days.

About Guess?

Guess?, Inc. designs, markets, distributes and licenses a lifestyle collection of contemporary apparel, denim, handbags, watches, footwear and other related consumer products.  Guess? products are distributed through branded Guess? stores as well as better department and specialty stores around the world.  As of October 27, 2012, the Company directly operated 513 retail stores in the United States and Canada and 312 retail stores in Europe, Asia and Latin America.  The Company's licensees and distributors operated an additional 837 retail stores outside of the United States and Canada. For more information about the Company, please visit www.guess.com.

Forward Looking Statements

Except for historical information contained herein, certain matters discussed in this press release, including statements concerning the Company's strategies, goals, expectations and future prospects, as well as guidance for the fourth quarter and full year of fiscal 2013, are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements, which are frequently indicated by terms such as "expect," "will," "goal," "strategy," "believe," "continue," "outlook," "plan" and similar terms, are only expectations, and involve known and unknown risks and uncertainties, which may cause actual results in future periods to differ materially from what is currently anticipated.  Factors which may cause actual results in future periods to differ materially from current expectations include, among others: our ability to maintain our brand image and reputation; domestic and international economic conditions, including economic and other events that could negatively impact consumer confidence and discretionary consumer spending; changes in the competitive marketplace and in our commercial relationships; our ability to anticipate consumer preferences, effectively operate our various retail concepts and effectively manage inventories; our ability to successfully implement our growth strategies and to continue to expand or grow our business; unexpected obligations arising from litigation, tax and other regulatory proceedings; risks associated with our foreign operations, such as violations of laws prohibiting improper payments and the burdens of complying with a variety of foreign laws and regulations; and changes in economic, political, social and other conditions affecting our foreign operations and sourcing, including currency fluctuations, global tax rates and the current European economic crisis.  In addition to these factors, the economic, technological, managerial, and other risks identified in the Company's most recent annual report on Form 10-K and other filings with the Securities and Exchange Commission, including but not limited to the risk factors discussed therein, could cause actual results to differ materially from current expectations.  The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

Guess?, Inc.


Investor Relations


(213) 765-5578

 

Guess?, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(amounts in thousands, except per share data)















Three Months Ended


Nine Months Ended


October 27,


October 29,


October 27,


October 29,


2012


2011 (2)


2012


2011 (2)


$

%


$

%


$

%


$

%

























Product sales

$ 597,374

95.0%


$ 608,777

94.7%


$ 1,756,123

95.3%


$ 1,821,198

95.2%

Net royalties

31,454

5.0%


34,026

5.3%


87,364

4.7%


91,008

4.8%

Net revenue

628,828

100.0%


642,803

100.0%


1,843,487

100.0%


1,912,206

100.0%













Cost of product sales

381,219

60.6%


367,202

57.1%


1,109,242

60.2%


1,091,119

57.1%













Gross profit 

247,609

39.4%


275,601

42.9%


734,245

39.8%


821,087

42.9%













Selling, general and administrative expenses

189,492

30.2%


178,632

27.8%


579,686

31.4%


540,193

28.3%

Settlement charge

-

0.0%


-

0.0%


-

0.0%


19,463

0.9%













Earnings from operations

58,117

9.2%


96,969

15.1%


154,559

8.4%


261,431

13.7%













Other income (expense):













Interest expense

(424)

(0.1%)


(775)

(0.1%)


(1,205)

(0.0%)


(1,539)

(0.1%)


Interest income

-

0.0%


661

0.1%


1,509

0.0%


2,433

0.1%


Other, net

(245)

(0.0%)


1,868

0.3%


5,765

0.3%


(5,437)

(0.3%)













Earnings before income taxes

57,448

9.1%


98,723

15.4%


160,628

8.7%


256,888

13.4%













Income taxes

19,989

3.1%


31,877

5.0%


53,007

2.9%


84,648

4.4%













Net earnings

37,459

6.0%


66,846

10.4%


107,621

5.8%


172,240

9.0%













Net earnings attributable to noncontrolling interests in subsidiaries

812

0.2%


551

0.1%


1,429

0.0%


2,606

0.1%













Net earnings attributable to Guess?, Inc.

$   36,647

5.8%


$   66,295

10.3%


$    106,192

5.8%


$    169,634

8.9%

























Net earnings per common share attributable to common stockholders:
















Basic

$       0.43



$       0.71



$          1.21



$          1.83















Diluted

$       0.43



$       0.71



$          1.21



$          1.82














Weighted average common shares outstanding attributable to common stockholders:
















Basic

84,408



92,011



86,857



91,835















Diluted

84,702



92,338



87,156



92,279



























Adjusted earnings from operations (1)







$    154,559

8.4%


$    280,894

14.7%














Adjusted net earnings attributable to Guess?, Inc. (1)







$    106,192

5.8%


$    187,247

9.8%














Adjusted diluted earnings per common share attributable to common stockholders (1)







$          1.21



$          2.01





























Notes:


(1)

The adjusted results reflect the exclusion of the settlement charge (and related taxes where applicable) recorded during the nine month period ended October 29, 2011. No adjustments have been made to the current-year period.  A complete reconciliation of actual results to adjusted results is presented in the table entitled "Reconciliation of GAAP Results to Adjusted Results."





(2)

For the three and nine month periods ended October 29, 2011, the Company reclassified certain distribution costs from selling, general and administrative expenses to cost of product sales to conform to current period presentation.  The reclassification had no impact on previously reported earnings from operations, net earnings or net earnings per share.


 

Guess?, Inc. and Subsidiaries

Reconciliation of GAAP Results to Adjusted Results

(amounts in thousands, except per share data)


The following table provides reconciliations of reported GAAP earnings from operations to adjusted earnings from operations and reported GAAP net earnings attributable to Guess?, Inc. to adjusted net earnings attributable to Guess?, Inc. for the nine months ended October 29, 2011.






Nine Months Ended


October 29,


2011



% of


$

Revenues




Reported GAAP earnings from operations

$   261,431

13.7%

  Add back settlement charge (1)

19,463





Adjusted earnings from operations

$   280,894

14.7%







Reported GAAP net earnings attributable to Guess?, Inc.

$   169,634

8.9%




  Add back settlement charge (1)

19,463


  Less income tax on settlement charge(2)

(1,850)


Total adjustments affecting net earnings attributable to Guess?, Inc.

17,613





Adjusted net earnings attributable to Guess?, Inc.

$  187,247

9.8%




Adjusted diluted earnings per common share attributable to common stockholders:

$        2.01








Weighted average common shares outstanding attributable to common stockholders:







Basic

91,835






Diluted

92,279












Notes:



(1)

In July 2011, the Company experienced a temporary disruption in its European supply chain, related to one of its service providers.  The Company subsequently entered into an agreement to terminate the relationship with that provider, resulting in a settlement charge in the second quarter of fiscal 2012, impacting the nine months ended October 29, 2011.  No adjustments have been made to the current-year period.  





(2)

The income tax effect of the settlement charge is based on the Company's assessment of deductibility using the statutory tax rate of the tax jurisdiction in which the charge was incurred.





 

Guess?, Inc. and Subsidiaries

Consolidated Segment Data

(dollars in thousands)













































Three Months Ended


Nine Months Ended



October 27,


October 29,


%


October 27,


October 29,


%



2012


2011


chg


2012


2011


chg














Net revenue:













Europe

$    202,594


$    221,041


-8%


$    639,326


$    720,068


-11%


North American Retail

262,064


265,637


-1%


766,874


774,147


-1%


Asia

74,838


64,782


16%


206,499


180,152


15%


North American Wholesale

57,878


57,317


1%


143,424


146,831


-2%


Licensing

31,454


34,026


-8%


87,364


91,008


-4%



$    628,828


$    642,803


-2%


$ 1,843,487


$ 1,912,206


-4%



























Earnings (loss) from operations:













Europe before settlement charge

$      14,572


$      34,152


-57%


$      51,675


$    131,014


-61%


Europe settlement charge, pre-tax

-


-




-


(19,463)




Europe including settlement charge

14,572


34,152


-57%


51,675


111,551


-54%















North American Retail

8,952


27,533


-67%


42,703


79,077


-46%


Asia

7,799


8,248


-5%


17,693


20,205


-12%


North American Wholesale

14,888


16,013


-7%


31,935


37,649


-15%


Licensing

27,103


30,698


-12%


74,558


81,188


-8%


Corporate Overhead

(15,197)


(19,675)


-23%


(64,005)


(68,239)


-6%



$      58,117


$      96,969


-40%


$    154,559


$    261,431


-41%



























Operating margins:













Europe before settlement charge

7.2%


15.5%




8.1%


18.2%




Europe including settlement charge

7.2%


15.5%




8.1%


15.5%

















North American Retail

3.4%


10.4%




5.6%


10.2%




Asia

10.4%


12.7%




8.6%


11.2%




North American Wholesale

25.7%


27.9%




22.3%


25.6%




Licensing 

86.2%


90.2%




85.3%


89.2%

















Total Company before settlement charge

9.2%


15.1%




8.4%


14.7%




Total Company including settlement charge

9.2%


15.1%




8.4%


13.7%



 

Guess?, Inc. and Subsidiaries

Selected Condensed Consolidated Balance Sheet Data

(in thousands)











October 27, 


January 28,


October 29,



2012


2012


2011








ASSETS










Cash and cash equivalents

$      287,288


$     491,805


$     426,725








Short-term investments

7,348


4,060


4,082








Receivables, net

332,440


340,602


376,502








Inventories

422,304


328,602


385,399








Other current assets

76,784


96,413


84,017








Property and equipment, net

356,396


348,885


352,514








Other assets

260,508


234,108


231,961









Total Assets

$   1,743,068


$  1,844,475


$  1,861,200















LIABILITIES AND STOCKHOLDERS' EQUITY










Current portion of borrowings and capital lease obligations

$          1,776


$         2,030


$         2,131








Other current liabilities

395,044


418,006


425,596








Capital lease obligations

8,739


10,206


11,372








Other long-term liabilities

221,373


211,675


174,519








Redeemable and nonredeemable noncontrolling interests

15,892


26,928


25,588








Guess?, Inc. stockholders' equity

1,100,244


1,175,630


1,221,994









Total Liabilities and Stockholders' Equity

$   1,743,068


$  1,844,475


$  1,861,200








 

Guess?, Inc. and Subsidiaries

Condensed Consolidated Cash Flow Data

(in thousands)











Nine Months Ended


October 27,


October 29, 


2012


2011









Net cash provided by operating activities

$       96,002


$      149,948





Net cash used in investing activities

(96,782)


(103,775)





Net cash used in financing activities

(200,150)


(52,510)





Effect of exchange rates on cash

(3,587)


6,025





Net decrease in cash and cash equivalents

(204,517)


(312)





Cash and cash equivalents at the beginning of the year

491,805


427,037





Cash and cash equivalents at the end of the period

$     287,288


$      426,725













Supplemental information:








Depreciation and amortization

$       66,280


$        59,153





Rent

$     198,997


$      184,798





 

Guess?, Inc. and Subsidiaries

Retail Store Data

International Store Count






















As of October 27, 2012


As of October 29, 2011



Total


Directly Operated


Total


Directly Operated

Region

Stores


Stores


Stores


Stores











United States and Canada

513


513


495


495











Europe and the Middle East

610


234


547


171











Asia

460


49


408


39











Central and South America

79


29


67


22












1,662


825


1,517


727



















 

Guess?, Inc. and Subsidiaries

Retail Store Data

U.S. and Canada














Nine Months Ended



October 27,


October 29,



2012


2011











Number of stores at the beginning of the year

504


481







Store openings

24


25







Store closures

(15)


(11)






Number of stores at the end of the period

513


495











Total store square footage at the end of the period

2,370,000


2,270,000











 

SOURCE Guess?, Inc.

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SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
In his opening keynote at 20th Cloud Expo, Michael Maximilien, Research Scientist, Architect, and Engineer at IBM, discussed the full potential of the cloud and social data requires artificial intelligence. By mixing Cloud Foundry and the rich set of Watson services, IBM's Bluemix is the best cloud operating system for enterprises today, providing rapid development and deployment of applications that can take advantage of the rich catalog of Watson services to help drive insights from the vast t...
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, will provide a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to ...
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
Recently, IoT seems emerging as a solution vehicle for data analytics on real-world scenarios from setting a room temperature setting to predicting a component failure of an aircraft. Compared with developing an application or deploying a cloud service, is an IoT solution unique? If so, how? How does a typical IoT solution architecture consist? And what are the essential components and how are they relevant to each other? How does the security play out? What are the best practices in formulating...
In his session at @ThingsExpo, Arvind Radhakrishnen discussed how IoT offers new business models in banking and financial services organizations with the capability to revolutionize products, payments, channels, business processes and asset management built on strong architectural foundation. The following topics were covered: How IoT stands to impact various business parameters including customer experience, cost and risk management within BFS organizations.
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st 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 devic...
SYS-CON Events announced today that Elastifile will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Elastifile Cloud File System (ECFS) is software-defined data infrastructure designed for seamless and efficient management of dynamic workloads across heterogeneous environments. Elastifile provides the architecture needed to optimize your hybrid cloud environment, by facilitating efficient...
There is only one world-class Cloud event on earth, and that is Cloud Expo – which returns to Silicon Valley for the 21st Cloud Expo at the Santa Clara Convention Center, October 31 - November 2, 2017. Every Global 2000 enterprise in the world is now integrating cloud computing in some form into its IT development and operations. Midsize and small businesses are also migrating to the cloud in increasing numbers. Companies are each developing their unique mix of cloud technologies and service...
SYS-CON Events announced today that Golden Gate University will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Since 1901, non-profit Golden Gate University (GGU) has been helping adults achieve their professional goals by providing high quality, practice-based undergraduate and graduate educational programs in law, taxation, business and related professions. Many of its courses are taug...
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
21st International Cloud Expo, taking place October 31 - November 2, 2017, 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. Me...
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...