Welcome!

Microsoft Cloud Authors: Pat Romanski, Srinivasan Sundara Rajan, Glenn Rossman, Janakiram MSV, Steven Mandel

News Feed Item

Lakeland Industries, Inc. Reports Fiscal 2013 Third Quarter Financial Results

Reports Net Income for Q3 of $0.05 per share

RONKONKOMA, N.Y., Dec. 13, 2012 /PRNewswire/ -- Lakeland Industries, Inc. (NASDAQ: LAKE), a leading global manufacturer of industrial protective clothing for industry, municipalities, healthcare and to first responders on the federal, state and local levels, today announced financial results for its third quarter and first nine months of fiscal year 2013 ended October 31, 2012.  For all periods, the prior year financial results have been restated to reflect the Company's India glove manufacturing subsidiary as a discontinued operation. In this press release, references to "FY" refer to the Company's fiscal year ended January 31; for example, FY13 refers to the fiscal year ending January 31, 2013.

(Logo:  http://photos.prnewswire.com/prnh/20120611/NY21959LOGO )

Financial Results Highlights and Recent Company Developments

  • International revenues from continuing operations as a percentage of consolidated sales increased to 59% in the third quarter of FY13 from 49% in the third quarter of FY12
  • Consolidated revenues were lower primarily due to elimination of sales of DuPont products
  • International sales of $14.4 million in the third quarter of  FY13 increased by $2.4 million or 20% from $12.0 million in the third quarter of FY12
  • Cash balance of $5.6 million and TD Bank debt of $15.4 million at October 31, 2012 outstanding on our TD Bank facility
  • Chile and UK achieved major increases in sales in Q3 over Q3 last year with increases of 203% and 83.4%, respectively
  • Reached a settlement agreement in September regarding the arbitration result in Brazil
  • Closed on amended banking terms with TD Bank in October, waiving all defaults and revising covenants such that the Company is in compliance in Q3
  • While still small, domestic sales in Mexico, Russia and Kazakhstan are gaining traction to the point of each becoming modestly profitable in Q3

Third Quarter Fiscal Year 2013 Financial Results
Net Sales. Net sales from continuing operations decreased $0.5 million, or 2%, to $24.2 million for the three months ended October 31, 2012, from $24.7 million for the three months ended October 31, 2011. The net decrease was due to a $2.9 million decrease in domestic sales offset in part by a $2.4 million increase in foreign sales. USA domestic sales of disposables decreased by $3.1 million, chemical suit sales decreased by $0.5 million, gloves decreased by $0.2 million, as reflective sales increased by $0.5 million, wovens sales increased by $0.1 million and fire product related sales increased by $0.3 million. The decrease in domestic sales was mainly due to the loss of the DuPont product sales as a result of the termination of the DuPont supply contract in July 2011, and partially due to a shortage in stock situation that management believes has been resolved (but may have continuing impact resulting from lost customers), and also to operating inefficiencies resulting from the move from St. Joseph, Missouri to Decatur, Alabama and Mexico which resulted in additional lost sales. The sales team continues to make progress in converting customers from Tyvek, previously supplied DuPont product, to Lakeland branded products. Currently, the decreased sales due to the loss of the DuPont contract have not been offset by such sales of Lakeland branded products; however, the sales achieved from Lakeland branded products have greater gross profit margins than the DuPont Tyvek products, lessening the impact of the revenue reduction. While the Company's sales of Lakeland branded products show strong gains over the Lakeland branded product sales from the same period in the prior year, there can be no assurance that the lost sales volume can be rebuilt. Domestic sales in China and to the Asia Pacific Rim remain strong. UK sales increased by $1.2 million, or 83.4%. Chile and Argentina sales increased by 91%, Beijing sales increased by $0.4 million or 33.5% and Mexico sales increased by $0.2 million or 39.9%.

Gross Profit. Gross profit decreased $0.1 million, or 1.7%, to $7.3 million for the three months ended October 31, 2012, from $7.4 million for the three months ended October 31, 2011. Gross profit as a percentage of net sales was flat at 30.1% for the three months ended October 31, 2012, from 30% for the three months ended October 31, 2011. Factors driving the changes in gross margins were:

  • Disposables margins increased 4.3 percentage points in the third quarter of FY13 over the third quarter of FY12, resulting mainly from changed sales mix of nearly all Lakeland branded products this year, while last year had more than 50% sales of DuPont products at a lower margin. This year's margin was lower than it otherwise would be as a result of lower volume and an increase in inventory reserves against Tyvek items remaining.
  • China manufacturing gross margin at our Qingdao plant increased 10.7 percentage points over last year due to low volume in the previous year forcing us to accept orders from customers not in our normal product range at lower margins in order to keep our plant busy during a slow time.
  • Brazil margin decreased by 17.8 percentage points in the third quarter of FY13 from the third quarter of FY12 due to issues with the Brazilian Navy contract.  This contract was to supply coveralls to the Brazilian Navy made from Fire-Resistant cotton for a total value of approximately USD $5.0 million. The Brazilian currency weakened significantly in May 2012, thereby greatly increasing the material cost purchased from a USA supplier. Further, due to the length of time elapsed since the bid was submitted there were increases in the material invoiced cost, along with a need to change certain components at a higher cost. There were also similar issues with several utility contracts.
  • Chile gross margin increased by approximately 18 percentage points in the second quarter of FY13 over the second quarter of FY12 due to a very strong quarter.
  • Gloves gross margins improved by 8.9 percentage points resulting from improved mix.

Operating Expenses. Operating expenses increased by $0.2 million to $7.0 million for the three months ended October 31, 2012, from $6.8 million for the three months ended October 31, 2011. As a percentage of sales, operating expenses were flat at 28% for the three months ended October 31, 2012 and the three months ended October 31, 2011.  Factors affecting operating expenses included:

$0.2

million increase in sales salaries resulting from additional sales personnel in China and the USA.

$0.1

million increase in bad debts primarily resulting from one large account in Chile

$0.1

million miscellaneous increases

$(0.1)

million increase in professional fees due to additional legal matters relating to various banking compliance issues and accrual for several payroll terminations

$0.1

million decrease in freight out, mainly from lower volume in disposables in the USA

$(0.2)

million decrease in payroll administration salaries due to reductions in Brazil

Operating Profit. Operating profit decreased 53.3% to $0.3 million for the three months ended October 31, 2012, from $0.6 million for the three months ended October 31, 2011. Operating margins were 1.1% for the three months ended October 31, 2012, compared to 2.3% for the three months ended October 31, 2011, due to lower gross profit and higher operating expenses as described above.

Interest Expenses.  Interest expenses increased $0.1 million to $0.3 million for the three months ended October 31, 2012, from $0.2 million for the three months ended October 31, 2011, due to higher borrowing levels outstanding and higher interest rates in the current year.

Income Tax Expense.  Income tax expenses consist of federal, state and foreign income taxes. There was an income tax benefit of $0.3 million for the three months ended October 31, 2012, as compared to an income tax benefit of $0.1 million for the three months ended October 31, 2011. Our effective tax rates were not meaningful for either the third quarter FY13 or the third quarter FY12.  Our effective tax rate for both periods varied from the 34% federal statutory rate primarily due to goodwill amortization in Brazil and tax loss benefits in the USA at higher rates than China profits were taxed, certain losses in China which are carried forward and the arbitration settlement.

Net Income (Loss).  Net income increased by $0.9 million to $0.3 million for the three months ended October 31, 2012, from ($0.6) million for the three months ended October 31, 2011, reflecting the large foreign exchange charge in Brazil in the prior quarter and the larger income tax credit this quarter.

For the quarter ended October 31, 2011, there was a net $722,270 charge for loss from discontinued operations in relation to the discontinued India glove manufacturing facility; there was no such charge in the more recent quarter.

Earnings per share (EPS) from continuing operations on a fully diluted basis for the three months ended October  31, 2012 was $0.05 as compared to EPS of $0.03 for the three months ended October 31, 2011. The weighted average shares used in calculating fully diluted EPS was 5,367,243 for the three months ended October 31, 2012 and 5,356,835 for the three months ended October 31, 2011.

Fiscal Nine Months Fiscal Year 2013 Financial Results
Net Sales. Net sales from continuing operations decreased $4.5 million, or 5.8%, to $71.7 million for the nine months ended October 31, 2012, from $76.2 million for the nine months ended October 31, 2011. The net decrease was due to a $12.3 million decrease in domestic sales, offset in part by a $7.8 million increase in foreign sales. USA domestic sales of disposables decreased by $11.9 million, chemical suite sales decreased by $0.5 million, as wovens increased by $0.5 million, and glove sales increased by $0.1 million. The decrease in domestic sales is due primarily to the loss of the DuPont Tyvek sales, to a shortage in stock situation that management believes has been resolved (but may have continuing impact resulting from lost customers), and also to operating inefficiencies resulting from the move from St. Joseph, MO to Decatur, AL and Mexico which resulted in additional lost sales. External sales from China were up $4.5 million from the year ago period. In addition, domestic sales in China and to the Asia Pacific Rim remain strong recording a $1.5 million increase for the nine months ended October 31, 2012. UK sales increased by $2.7 million, or 57.2%, and Chile and Argentina sales increased by 67.4%. Sales in Brazil increased by $1.2 million or 9.4%. The increase in foreign sales is primarily due to introduction of new products and new marketing material targeting specific markets.

Gross Profit. Gross profit from continuing operations decreased $1.8 million, or 7.4%, to $21.7 million for the nine months ended October 31, 2012, from $23.5 million for the nine months ended October 31, 2011. Gross profit as a percentage of net sales decreased to 30.3% for the nine months ended October 31, 2012, from 30.8% for the nine months ended October 31, 2011. Factors driving the changes in gross margins were:

  • Disposables gross margins increased 4.7 percentage points over last year, resulting mainly from changed sales mix of nearly all Lakeland branded products this year, while last year had more than 50% sales derived from lower margin DuPont products. This year's margin was lower than it otherwise would have been mainly as a result of lower volume.
  • China manufacturing gross margins at our Weifang plant decreased by approximately 5 percentage points over last year due to a 12% labor cost increase in April 2012 and the negative impact to margins from sales to our UK operations in Euros earlier in the year when the Euro was weaker.
  • China margins in our Qingdao plant increased 5.4 percentage points based on continued strong operations and strong internal demand resulting in higher volume.
  • Brazil margins decreased by 8.7 percentage points in the nine months in FY13 from the nine months in FY12 primarily due to issues with the Brazilian Navy contract. The Brazilian currency weakened significantly in May, thereby greatly increasing its material the cost of material purchased from a USA supplier. Further, due to the length of time elapsed since the bid was submitted in respect of the Brazilian Navy contract, there were increases in the material cost, along with a need to change certain components at a higher cost.  There were also similar issues with several utility contracts.
  • Wovens gross margins decreased by approximately 3.6 percentage points in the nine months ended October 2012 over the prior year as a result of the facility closure in the first quarter of FY13, partially offset by improvements in the third quarter of FY13.
  • Chemical gross margins decreased by 8.2 percentage points resulting from a different sales mix, with improvements in the third quarter of FY13 over the second quarter of FY13.
  • Gloves gross margins improved by 6.6 percentage points resulting from improved mix.

Operating Expenses. Operating expenses from continuing operations increased $0.8 million, or 3.8%, to $21.3 million for the nine months ended October 31, 2012, from $20.5 million for the nine months ended October 31, 2011. As a percentage of sales, operating expenses increased to 29.7 % for the nine months ended October 31, 2012, from 26.9% for the nine months ended October 31, 2011. The $0.8 million increase in operating expenses in the nine months ended October 31, 2012, as compared to the nine months ended October 31, 2011, was comprised of:

$0.7

million increase in sales salaries resulting from new hires in China and the USA

$0.6

million increase in sales commissions mainly resulting from large bid contracts in Brazil

$0.2

million increase in professional fees primarily due to additional legal matters relating to various banking compliance issues and several payroll terminations

$0.1

million increase in employee benefits primarily due to unemployment compensation insurance premiums resulting from reductions in force

$0.1

million increase in entertainment and auto expense due to increased sales staff in the USA

$0.1

million increase in computer expense primarily due to USA hardware upgrades

$0.1

million increase in bad debt due to one account in Chile

$(0.2)

million reduction in equity compensation mainly resulting from differences in the new 2012 plan compared with the previous plan

$(0.2)

million decrease in currency fluctuation due to major weakness in the Euro in the prior year

$(0.3)

million reduction in freight out resulting from lower volume in disposables in the USA.

$(0.4)

million decrease in payroll administrative expense due to reductions in Brazil and the USA

Operating Profit. Operating profit from continuing operations decreased to $0.4 million for the nine months ended October 31, 2012 from $3.0 million for the nine months ended October 31, 2011. Operating margins were 0.6% for the nine months ended October 31, 2012, compared to 3.9% for the nine months ended October 31, 2011.

Arbitration Judgment in Brazil. As a result of the decision of the arbitration matter and the subsequent settlement thereof, the Company recorded a $7.9 million charge, inclusive of expenses, for the nine months ended October 31, 2012.

Interest Expenses.  Interest expenses from continuing operations increased by $0.3 million for the nine months ended October 31, 2012, as compared to the nine months ended October 31, 2011, due to higher borrowing levels outstanding.

Income Tax Expense.  Income tax expenses from continuing operations consist of federal, state and foreign income taxes. There was an income tax benefit of $0.3 million for the nine months ended October 31, 2012, as compared to an expense of $0.1 million for the nine months ended October 31, 2011. Our effective tax rates were not meaningful for either the first nine months of FY13 or the first nine months of FY12. Our effective tax rate for the third quarter of FY13 varied from the 34% federal statutory rate primarily due to goodwill amortization in Brazil and tax benefits from operating losses in the USA at higher rates than China profits were taxed along (resulting in a lower overall net rate) with certain losses in China which are carried forward with no tax benefit recorded.

Net Income (Loss).  Loss from continuing operations was $(8.2) million for the nine months ended October 31, 2012 and income from continuing operations was $2.1 million for the nine months ended October 31, 2011. Without the $7.9 million charge in respect of the Brazilian arbitration and settlement, the loss from continuing operations would have been $0.3 million for the more recent period.

For the nine months ended October 31, 2011, there was a net $924,816  charge for loss from discontinued operations in relation to the discontinued India glove manufacturing facility; there was no such charge in the more recent quarter.

Earnings (loss) per share (EPS) from continuing operations on a fully diluted basis for the nine months ended October  31, 2012 was $(1.55) as compared to EPS of $0.40 for the nine months ended October 31, 2011. The weighted average shares used in calculating fully diluted EPS was 5,276,288 for the nine months ended October 31, 2012 and 5,348,172 for the nine months ended October 31, 2011.

TD Bank Loan
On October 17, 2012, the Company entered into an Amendment No. 5 and Waiver (the "Amendment") to the Loan and Security Agreement, dated January 14, 2010 (as amended from time to time, the "Loan Agreement"), with TD Bank. The Amendment was required as a result of the Company's entry into a settlement agreement in August 2012 with former officers of its Brazilian subsidiary, as disclosed in Note 14 to the financial statements included herein and the Company's recent operating results, which collectively caused certain events of default under the Loan Agreement, allowing for TD Bank, at its option, to accelerate the loan. Under the Amendment, TD Bank has agreed to waive the Company's non-compliance with the consolidated leverage ratio requirements and consolidated EBITDA requirements of the Loan Agreement, in each case, for the fiscal quarters ended April 30, 2012 and July 31, 2012. TD Bank has also agreed, with respect to the October 31, 2012 quarter compliance standards, not to test or has revised these and one other financial covenant. Pursuant to the Amendment, TD Bank has reduced the Company's revolving line of credit from the aggregate principal amount of $30,000,000 to $17,500,000 and has increased the maximum rate of interest payable on the revolving credit balance from LIBOR plus 2.5% to LIBOR plus 3.5%. In addition, the maturity date of amounts outstanding under the revolving credit facility was changed from June 30, 2014 to June 30, 2013. As a result of the waivers, the Company is currently in compliance with the Loan Agreement.

Financial Results Conference Call
Lakeland will host a conference call at 4:30 PM eastern today to discuss the Company's third quarter fiscal year 2013 financial results. The conference call will be hosted by Christopher J. Ryan, Lakeland's President and CEO, and Gary Pokrassa, Lakeland's Chief Financial Officer.  Investors can listen to the call by dialing 1-800-860-2442 (Domestic); 1-412-858-4600 (International); or 1-866-605-3852 (Canada), and ask for Lakeland Industries.

For a replay of this call, dial 1-877-344-7529 (Domestic) or 1-412-317-0088 (International), Conference Number: 10021775.

Management's Comments
Commenting on the financial results and recent developments, Lakeland Industries President and Chief Executive Officer Christopher J. Ryan said, "We continue to progress with our transition into a diversified global manufacturer and provider of industrial protective clothing.  Once solely dependent on domestic US sales and one supplier, our strength now lies in our international operations where we have a more comprehensive supply chain and multiple distribution channels. International revenues from continuing operations as a percentage of consolidated sales increased to 59% in the third quarter of fiscal 2013.  With international sales of $14.4 million in the third quarter of fiscal 2013, we achieved another record level for our foreign sales operations. 

"Our progress, however, does not come without challenges. We continue to revitalize our domestic US manufacturing and sales strategies, with encouraging results in heightened marketing activities for an expanding line of Lakeland branded products.  On the international front, we have spent considerable time both growing our presence in Brazil and coming to terms on an arbitration settlement in that country.  We continue to work with our advisors and lenders on a broad range of financial and strategic alternatives. Meanwhile, we are very pleased that we continue to experience solid results for our other Latin American businesses as well as in Asia and Europe."

About Lakeland Industries, Inc.:
Lakeland Industries, Inc. (NASDAQ: LAKE) manufactures and sells a comprehensive line of safety garments and accessories for the industrial protective clothing market.  The Company's products are sold by a direct sales force and through independent sales representatives to a network of over 1,200 safety and mill supply distributors. These distributors in turn supply end user industrial customers such as chemical/petrochemical, automobile, steel, glass, construction, smelting, janitorial, pharmaceutical and high technology electronics manufacturers, as well as hospitals and laboratories. In addition, Lakeland supplies federal, state, and local government agencies, fire and police departments, airport crash rescue units, the Department of Defense, the Centers for Disease Control and Prevention, and many other federal and state agencies.  For more information concerning Lakeland, please visit the Company online at www.lakeland.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:  Forward-looking statements involve risks, uncertainties and assumptions as described from time to time in Press Releases and Forms 8-K, registration statements, annual reports and other periodic reports and filings filed with the Securities and Exchange Commission or made by management.  All statements, other than statements of historical facts, which address Lakeland's expectations of sources or uses for capital or which express the Company's expectation for the future with respect to financial performance or operating strategies can be identified as forward-looking statements.  As a result, there can be no assurance that Lakeland's future results will not be materially different from those described herein as "believed," "projected," "planned," "intended," "anticipated," "estimated" or "expected," (or other similar words) which words reflect the current view of the Company with respect to future events.  We caution readers that these forward-looking statements speak only as of the date hereof.  The Company hereby expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the Company's expectations or any change in events conditions or circumstances on which such statement is based.

(tables to follow)

Lakeland Industries, Inc. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands except share data)




October 31, 2012

January, 31 2012

ASSETS

(unaudited)


Current assets:



Cash and cash equivalents

$5,552

$5,711

Accounts receivable, net

15,598

12,576

Inventories, net

41,237

45,668

Deferred income taxes

4,960

3,988

Assets of discontinued operation in India

1,990

1,999

Prepaid income and VAT tax

2,244

1,773

Other current assets

1,986

1,993

Total current assets

73,567

73,708

Property and equipment, net

14,140

13,915

Prepaid VAT and other taxes, noncurrent

2,433

2,791

Security deposits

1,381

1,331

Intangibles

3,931

4,527

Goodwill

5,529

6,133

Total assets

$100,981

$102,405

LIABILITIES AND STOCKHOLDERS' EQUITY



Current liabilities:



Accounts payable

$7,360

$4,600

Accrued compensation and benefits

1,739

1,305

Other accrued expenses

1,829

1,585

Liabilities of discontinued operation in India

20

65

Current maturity of long-term debt

100

860

Current maturity of arbitration settlement

1,760

-----

Short-term borrowing

888

1,038

Term loans to TD Bank

5,815

-----

Borrowings under revolving credit facility

9,559

-----

Total current liabilities

$29,070

$9,453

Accrued Arbitration Award in Brazil (net of current maturities)

4,906

-----

Borrowings under revolving credit facility

-----

11,458

Other long-term debt

1,502

4,815

Other liabilities-accrued legal fees in Brazil

84

99

VAT taxes payable long-term

3,323

3,313

Total liabilities

38,885

29,138

Stockholders' equity:



Preferred stock, $.01 par; authorized 1,500,000 shares    (none issued)

-----

-----

Common stock, $.01 par; authorized 10,000,000 shares, issued, 5,686,302 and 5,581,919, outstanding, 5,329,861 and 5,225,478 at July 31, 2012 and January  31, 2012, respectively

57

56

Treasury stock, at cost, 356,441 shares at July 3, 2012 and at January 31, 2012

 

(3,352)

 

(3,352)

Additional paid-in capital

50,994

50,772

Retained earnings

17,621

25,816

Accumulated other comprehensive gain (loss)

(3,224)

(25)

Total stockholders' equity

62,096

73,267

Total liabilities and stockholders' equity

$100,981

$102,405


 

Lakeland Industries, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Quarter Ended October 31, 2012 and 2011
(In thousands except share data)
(Unaudited)


THREE MONTHS ENDED

NINE MONTHS ENDED


October 31,

October 31,


2012

2011

2012

2011

Net sales from continuing operations

$24,239

$24,744

$71,719

$76,162

Cost of goods sold from continuing operations

16,952

17,331

49,989

52,689

Gross profit from continuing operations

7,287

7,413

21,730

23,473

Operating expenses from continuing operations

7,020

6,840

21,285

20,499

Operating profit from continuing operations

267

573

445

2,974

Foreign Exchange charge gain (loss) Brazil

(62)

(344)

(840)

(95)

Arbitration judgment in Brazil

-----

-----

(7,874)

-----

Other income (loss), net

52

(12)

172

53

Interest expense

(270)

(162)

(766)

(425)

Income (loss) from continuing operations  before income taxes

(13)

55

(8,863)

2,507

Provision (benefit) for income taxes

(295)

(91)

(669)

412

Income (loss) from continuing operations

282

146

(8,194)

2,095

Discontinued operations:





Loss from operations of discontinued India glove

manufacturing facility

-----

(1,128)

-----

(1,445)

Provision (benefit) for income taxes

-----

(406)

-----

(520)

Loss on discontinued operations

-----

(722)

-----

(925)

Net  Income (loss)

$282

$(576)

$(8,194)

$1,170

Earnings (loss) per share - Basic





Income (loss) from continuing operations

$0.05

$0.03

$(1.55)

$0.40

Discontinued operations

-----

$(0.14)

-----

$(0.18)

Net income (loss)

$0.05

$(0.11)

$(1.55)

$0.22

Earnings (loss) per share - Diluted





Income (loss) from continuing operations

$0.05

$0.03

$(1.55)

$0.39

Discontinued operations

-----

$(0.14)

-----

$(0.17)

Income (loss) net income

$0.05

$(0.11)

$(1.55)

$0.22

Weighted average common shares outstanding:





Basic

5,330,286

5,225,020

5,276,288

5,224,371

Diluted

5,367,243

5,356,835

5,276,288

5,348,172

 

SOURCE Lakeland Industries, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
Digital transformation is too big and important for our future success to not understand the rules that apply to it. The first three rules for winning in this age of hyper-digital transformation are: Advantages in speed, analytics and operational tempos must be captured by implementing an optimized information logistics system (OILS) Real-time operational tempos (IT, people and business processes) must be achieved Businesses that can "analyze data and act and with speed" will dominate those t...
IoT is fundamentally transforming the auto industry, turning the vehicle into a hub for connected services, including safety, infotainment and usage-based insurance. Auto manufacturers – and businesses across all verticals – have built an entire ecosystem around the Connected Car, creating new customer touch points and revenue streams. In his session at @ThingsExpo, Macario Namie, Head of IoT Strategy at Cisco Jasper, will share real-world examples of how IoT transforms the car from a static p...
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 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.
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
I'm a lonely sensor. I spend all day telling the world how I'm feeling, but none of the other sensors seem to care. I want to be connected. I want to build relationships with other sensors to be more useful for my human. I want my human to understand that when my friends next door are too hot for a while, I'll soon be flaming. And when all my friends go outside without me, I may be left behind. Don't just log my data; use the relationship graph. In his session at @ThingsExpo, Ryan Boyd, Engi...
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, will discuss key challenges and solutions to powering a ride sharing and/or multimodal model in the a...
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
WebRTC adoption has generated a wave of creative uses of communications and collaboration through websites, sales apps, customer care and business applications. As WebRTC has become more mainstream it has evolved to use cases beyond the original peer-to-peer case, which has led to a repeating requirement for interoperability with existing infrastructures. In his session at @ThingsExpo, Graham Holt, Executive Vice President of Daitan Group, will cover implementation examples that have enabled ea...
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...