Welcome!

Microsoft Cloud Authors: Pat Romanski, Elizabeth White, Liz McMillan, Mihai Corbuleac, David Bermingham

News Feed Item

American Greetings Announces Third Quarter Earnings

CLEVELAND, Dec. 20, 2012 /PRNewswire/ -- American Greetings Corporation (NYSE: AM) today announced its results for the third fiscal quarter ended November 23, 2012.

Third Quarter Results

For the third quarter of fiscal 2013, the Company reported total revenue of $506.8 million, a pre-tax loss of $2.1 million, and a net loss of $0.8 million or 3 cents per share (all per-share amounts assume dilution).

The Company announced, on June 7, 2012, the acquisition of certain assets of United Kingdom-based Clinton Cards, including approximately 400 stores and related overhead as well as the Clinton Cards and related brands. As a result of the acquisition, the Company recognized during the third quarter of fiscal 2013 a revenue increase of approximately $67.6 million from the operations of the Clintons retail stores, reflected in the Company's new Retail Operations segment. This revenue increase was partially offset by the revenue reduction of approximately $25.5 million from inter-segment sales eliminations, reflected in the Company's International Social Expressions segment, resulting in a net increase in consolidated revenue of approximately $42.1 million in the quarter. The revenue being eliminated would have been third party sales in the prior year quarter.

The Company recognized a loss of $11.5 million (after-tax of approximately $7.0 million or 22 cents per share) from the operation of its Retail Operations segment. The Company also recognized a reduction in pre-tax income of approximately $4.1 million (after-tax of approximately $2.5 million or 8 cents per share) as a result of inter-segment items within the International Social Expressions segment. The total consolidated net reduction in pre-tax income associated with the operation of the Clintons retail stores during the third fiscal quarter was approximately $15.6 million (after-tax of approximately $9.5 million or 30 cents per share).

During the quarter, consolidated revenue was also reduced by $0.6 million as a result of scan-based trading conversions that occurred during the current year's third quarter while the impact of scan-based trading conversions on pre-tax income was $0.6 million (after-tax of approximately $0.4 million or 1 cent per share).

Also impacting the consolidated results was a pre-tax non-operating income benefit of $1.1 million (after-tax of approximately $0.7 million or 2 cents per share) from a gain on the sale of a portion of a legacy minority investment. A separate but related gain from this minority investment was previously recognized during our second fiscal quarter of 2013.

In the prior year's third quarter, the Company reported total revenue of $465.0 million, pre-tax income of $29.7 million, and net income of $20.2 million or 50 cents per share. Scan-based trading conversions reduced revenue by approximately $1.2 million during the quarter and reduced pre-tax income by approximately $1.1 million (after-tax of approximately $0.7 million or 2 cents per share).

Financing Activities

During the third quarter of fiscal 2013, under the Company's $75 million share repurchase program announced July 2012, the Company purchased approximately 1.1 million shares of its common stock for approximately $15.9 million. Purchases under this share repurchase program were suspended as of September 26, 2012.

Conference Call on the Web

American Greetings will broadcast its conference call live on the Internet at 9:00 a.m. Eastern time today. The conference call will be accessible through the Investors section of the American Greetings Web site at http://investors.americangreetings.com. A replay of the call will also be available on the site.

About American Greetings Corporation

For more than 100 years, American Greetings Corporation (NYSE: AM) has been a creator and manufacturer of innovative social expression products that assist consumers in enhancing their relationships to create happiness, laughter and love. The Company's major greeting card lines are American Greetings, Carlton Cards, Gibson, Recycled Paper Greetings and Papyrus, and other paper product offerings include DesignWare party goods and American Greetings and Plus Mark gift-packaging and boxed cards. American Greetings also has one of the largest collections of greetings on the Web, including greeting cards available at Cardstore.com and electronic greeting cards available at AmericanGreetings.com. In addition to its product lines, American Greetings creates and licenses popular character brands through the American Greetings Properties group. Headquartered in Cleveland, Ohio, American Greetings generates annual revenue of approximately $1.7 billion, and its products can be found in retail outlets worldwide. For more information on the Company, visit http://corporate.americangreetings.com.

Non-GAAP Measures

Certain after-tax amounts included in the earnings release may be considered non-GAAP measures under the Securities and Exchange Commission's Regulation G. The after-tax amounts were calculated based on the Company's statutory tax rate of approximately 38.9% for U.S. based items and the appropriate rates for international jurisdictions. Management believes that after-tax information is useful in analyzing the Company's results.

Factors That May Affect Future Results

Certain statements in this release may constitute forward-looking statements within the meaning of the Federal securities laws. These statements can be identified by the fact that they do not relate strictly to historic or current facts. They use such words as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. These forward-looking statements are based on currently available information, but are subject to a variety of uncertainties, unknown risks and other factors concerning the Company's operations and business environment, which are difficult to predict and may be beyond the control of the Company. Important factors that could cause actual results to differ materially from those suggested by these forward-looking statements, and that could adversely affect the Company's future performance, include, but are not limited to, the following:

  • a weak retail environment and general economic conditions;
  • the loss of one or more retail customers and/or retail consolidations, acquisitions and bankruptcies, including the possibility of resulting adverse changes to retail contract terms;
  • competitive terms of sale offered to customers, including costs and other terms associated with new and expanded customer relationships;
  • the ability to successfully integrate Clinton Cards and achieve the anticipated revenue and operating profits, together with the outcome of negotiations with landlords and the ultimate number of stores acquired;
  • the ability of the administrators to generate sufficient proceeds from the liquidation of the remaining Clinton Cards business to repay the remaining secured debt owed to American Greetings;
  • the timing and impact of expenses incurred and investments made to support new retail or product strategies, including increased marketing expenses, as well as new product introductions and achieving the desired benefits from those investments;
  • the timing of investments in, together with the ability to successfully implement or achieve the desired benefits and cost savings associated with, any information technology systems refresh the Company may implement;
  • the timing and amount of expenses incurred by the Company in connection with the non-binding proposal dated September 25, 2012 from Zev Weiss, its Chief Executive Officer, and Jeffrey Weiss, its President and Chief Operating Officer, on behalf of themselves and certain other members of the Weiss family and related parties to acquire all of the outstanding Class A and Class B common shares of the Company not currently owned by the them;
  • the timing and impact of converting customers to a scan-based trading model;
  • the ability to achieve the desired benefits associated with the Company's cost reduction efforts;
  • Schurman Fine Papers' ability to successfully operate its retail operations and satisfy its obligations to the Company; 
  • consumer demand for social expression products generally, shifts in consumer shopping behavior, and consumer acceptance of products as priced and marketed including the success of new and expanded advertising and marketing efforts, such as the Company's on-line efforts through Cardstore.com;
  • the impact and availability of technology, including social media, on product sales;
  • escalation in the cost of providing employee health care;
  • the Company's ability to achieve the desired accretive effect from any share repurchase programs;
  • the Company's ability to comply with its debt covenants;
  • fluctuations in the value of currencies in major areas where the Company operates, including the U.S. Dollar, Euro, U.K. Pound Sterling, and Canadian Dollar; and
  • the outcome of any legal claims known or unknown.

Risks pertaining specifically to AG Interactive include the viability of online advertising, subscriptions as revenue generators, and the ability to adapt to rapidly changing social media and the digital photo sharing space.

In addition, this release contains time-sensitive information that reflects management's best analysis as of the date of this release; however the risks and uncertainties identified above are not the only risks the Company faces. Additional risks and uncertainties not presently known to the Company or that the Company believes to be immaterial also may adversely affect American Greetings. Should any known or unknown risks or uncertainties develop into actual events, or underlying assumptions prove inaccurate, these developments could have a material adverse effect on our business, financial condition and results of operations. American Greetings does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Further information concerning issues that could materially affect performance related to forward-looking statements can be found in the Company's periodic filings with the Securities and Exchange Commission, including without limitation the risk factors described in the Company's most recent annual report on Form 10-K and in each of its subsequent quarterly reports on Form 10-Q.



AMERICAN GREETINGS CORPORATION

THIRD QUARTER CONSOLIDATED STATEMENT OF OPERATIONS

FISCAL YEAR ENDING FEBRUARY 28, 2013



(In thousands of dollars except share and per share amounts)



(Unaudited)


Three Months Ended


Nine Months Ended


November 23, 2012


November 25, 2011


November 23, 2012


November 25, 2011









Net sales

$   499,368


$   458,535


$ 1,275,139


$ 1,217,800

Other revenue

7,446


6,472


18,617


21,097

Total revenue

506,814


465,007


1,293,756


1,238,897









Material, labor and other production costs

244,071


230,572


584,667


546,699

Selling, distribution and marketing expenses

190,041


141,501


466,199


392,630

Administrative and general expenses

74,483


60,510


225,521


186,734

Other operating income - net

(2,217)


(813)


(1,421)


(6,858)









Operating income

436


33,237


18,790


119,692









Interest expense

4,504


5,821


13,314


17,708

Interest income

(65)


(207)


(297)


(838)

Other non-operating (income) expense - net

(1,904)


(2,077)


3,523


(2,621)









(Loss) income before income tax (benefit) expense

(2,099)


29,700


2,250


105,443

Income tax (benefit) expense 

(1,290)


9,454


63


38,128









Net (loss) income

$      (809)


$     20,246


$        2,187


$      67,315

















(Loss) earnings per share - basic

$     (0.03)


$         0.51


$          0.06


$          1.67

















(Loss) earnings per share - assuming dilution

$     (0.03)


$         0.50


$          0.06


$          1.63

















Average number of common shares outstanding

31,877,088


39,480,798


33,712,073


40,226,039









Average number of common shares outstanding - 








assuming dilution

31,877,088


40,436,865


34,478,737


41,381,157









Dividends declared per share

$      0.15


$         0.15


$          0.45


$          0.45




AMERICAN GREETINGS CORPORATION

THIRD QUARTER CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FISCAL YEAR ENDING FEBRUARY 28, 2013


(In thousands of dollars)



(Unaudited)


Three Months Ended


Nine Months Ended


November 23, 2012


November 25, 2011


November 23, 2012


November 25, 2011









Net (loss) income

$     (809)


$   20,246


$    2,187


$   67,315









Other comprehensive income (loss), net of tax:








    Foreign currency translation adjustments

2,680


(15,592)


(91)


(12,554)

    Pension and postretirement benefit adjustments

145


536


643


607

    Unrealized loss on securities

-


(1)


(1)


-

Other comprehensive income (loss), net of tax:

2,825


(15,057)


551


(11,947)

Comprehensive income 

$   2,016


$     5,189


$    2,738


$   55,368













AMERICAN GREETINGS CORPORATION

THIRD QUARTER CONSOLIDATED STATEMENT OF FINANCIAL POSITION

FISCAL YEAR ENDING FEBRUARY 28, 2013


(In thousands of dollars)


(Unaudited)


November 23, 2012


November 25, 2011





ASSETS




CURRENT ASSETS





Cash and cash equivalents

$       63,291


$      85,661


Trade accounts receivable, net

197,844


235,318


Inventories

264,330


214,412


Deferred and refundable income taxes

80,502


57,400


Prepaid expenses and other

155,543


123,481



Total current assets

761,510


716,272





GOODWILL

-


27,713

OTHER ASSETS

460,647


417,479

DEFERRED AND REFUNDABLE INCOME TAXES

120,870


128,595





Property, plant and equipment - at cost

1,004,686


904,555

Less accumulated depreciation

642,994


637,334

PROPERTY, PLANT AND EQUIPMENT - NET

361,692


267,221


$  1,704,719


$ 1,557,280









LIABILITIES AND SHAREHOLDERS' EQUITY




CURRENT LIABILITIES





Accounts payable

$     194,945


$    108,254


Accrued liabilities

82,893


67,596


Accrued compensation and benefits

60,702


58,411


Income taxes payable

14,641


26,626


Deferred revenue

26,404


29,477


Other current liabilities

44,287


60,963



Total current liabilities

423,872


351,327





LONG-TERM DEBT

356,832


234,642

OTHER LIABILITIES

259,787


182,565

DEFERRED INCOME TAXES AND




  NONCURRENT INCOME TAXES PAYABLE

21,008


21,769





SHAREHOLDERS' EQUITY





Common shares - Class A

28,849


35,562


Common shares - Class B

2,860


2,778


Capital in excess of par value

520,119


509,999


Treasury stock

(1,093,789)


(995,338)


Accumulated other comprehensive loss

(11,279)


(14,293)


Retained earnings

1,196,460


1,228,269



Total shareholders' equity

643,220


766,977



$  1,704,719


$ 1,557,280








AMERICAN GREETINGS CORPORATION

THIRD QUARTER CONSOLIDATED STATEMENT OF CASH FLOWS

FISCAL YEAR ENDING FEBRUARY 28, 2013

(In thousands of dollars)




(Unaudited)


Nine Months Ended


November 23, 2012


November 25, 2011





OPERATING ACTIVITIES:





Net income

$      2,187


$      67,315


Adjustments to reconcile net income to cash flows from operating activities:






Stock-based compensation

7,806


8,038



Gain on dispositions

-


(4,500)



Net loss (gain) on disposal of fixed assets

394


(807)



Depreciation and intangible assets amortization

36,095


32,993



Provision for doubtful accounts

17,771


4,879



Impairment of Clinton Cards debt

10,043


-



Deferred income taxes

809


6,412



Gain on sale of Party City investment

(4,293)


-



Other non-cash charges

892


2,747



Changes in operating assets and liabilities,







    net of acquisitions:







Trade accounts receivable

(101,363)


(122,298)




Inventories

(39,105)


(30,939)




Other current assets

(17,877)


6,470




Income taxes

(15,336)


3,362




Deferred costs - net

23,702


(3,838)




Accounts payable and other liabilities

112,283


3,528




Other - net

(1,913)


98



Total Cash Flows From Operating Activities

32,095


(26,540)





INVESTING ACTIVITIES:





Property, plant and equipment additions

(87,408)


(48,956)


Cash payments for business acquisitions, net of cash acquired

621


(5,899)


Proceeds from sale of fixed assets

559


9,046


Proceeds from sale of intellectual properties

-


4,500


Proceeds from sale of Party City investment

4,920


-


Purchase of Clinton Cards debt

(56,560)


-



Total Cash Flows From Investing Activities

(137,868)


(41,309)





FINANCING ACTIVITIES:





Net increase in long-term debt

131,651


-


Issuance or exercise of share-based payment awards

(496)


12,293


Tax (deficiency) benefit from share-based payment awards

(376)


2,380


Purchase of treasury shares

(78,742)


(55,304)


Dividends to shareholders

(15,182)


(18,146)



Total Cash Flows From Financing Activities

36,855


(58,777)





EFFECT OF EXCHANGE RATE CHANGES ON CASH

(229)


(3,551)





DECREASE IN CASH AND CASH EQUIVALENTS

(69,147)


(130,177)







Cash and Cash Equivalents at Beginning of Year

132,438


215,838



Cash and Cash Equivalents at End of Period

$      63,291


$      85,661









AMERICAN GREETINGS CORPORATION

THIRD QUARTER CONSOLIDATED SEGMENT DISCLOSURES

FISCAL YEAR ENDING FEBRUARY 28, 2013

(In thousands of dollars)



(Unaudited)


Three Months Ended


Nine Months Ended


November 23, 2012


November 25, 2011


November 23, 2012


November 25, 2011

Total Revenue:








North American Social Expression Products

$     333,852


$     333,305


$     908,267


$     902,333









International Social Expression Products

101,972


103,352


239,486


249,448

Intersegment items

(25,538)


-


(39,080)


-

Net

76,434


103,352


200,406


249,448









Retail Operations (1)

67,635


-


107,519


-









AG Interactive

15,982


16,878


47,255


49,664









Non-reportable segments

12,911


11,472


30,309


37,452










$     506,814


$     465,007


$  1,293,756


$  1,238,897

















Segment (Loss) Earnings:








North American Social Expression Products

$       22,099


$       28,016


$       98,757


$     113,009









International Social Expression Products

3,413


9,537


(18,855)


15,308

Intersegment items

(4,123)


-


(11,525)


-

Net

(710)


9,537


(30,380)


15,308









Retail Operations (1)

(11,473)


-


(16,579)


-









AG Interactive

5,331


3,737


13,713


10,970









Non-reportable segments

3,259


2,368


5,501


17,467









Unallocated

(20,605)


(13,958)


(68,762)


(51,311)










$        (2,099)


$       29,700


$         2,250


$     105,443

















(1) Retail Operations segment only includes five months of activity










AMERICAN GREETINGS CORPORATION


SUPPLEMENTAL EXHIBIT


(Dollars in millions)
























During the nine months ended November 23, 2012, the Corporation recorded certain charges associated with activities and transactions related to Clinton Cards PLC ("Clinton Cards") that do not have comparative amounts in the prior year period.  









































(Unaudited)







Three Months Ended



November 23, 2012














Contract asset impairment


Bad debt expense


Legal and advisory fees


Impairment of debt purchased


Total


Net sales

$        -


$        -


$            -


$        -


$  -


Administrative and general expenses

-


-


0.3


-


0.3


Other non-operating expense

-


-


-


-


-



$        -


$        -


$        0.3


$        -


$ 0.3





























(Unaudited)







Nine Months Ended



November 23, 2012














Contract asset impairment


Bad debt expense


Legal and advisory fees


Impairment of debt purchased


Total


Net sales

$    4.0


$        -


$            -


$        -


$ 4.0


Administrative and general expenses

-


17.2


6.3


-


23.5


Other non-operating expense

-


-


-


10.0


10.0



$    4.0


$  17.2


$        6.3


$  10.0


$37.5















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
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.
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
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...
Amazon has gradually rolled out parts of its IoT offerings, but these are just the tip of the iceberg. In addition to optimizing their backend AWS offerings, Amazon is laying the ground work to be a major force in IoT - especially in the connected home and office. In his session at @ThingsExpo, Chris Kocher, founder and managing director of Grey Heron, explained how Amazon is extending its reach to become a major force in IoT by building on its dominant cloud IoT platform, its Dash Button strat...
Connected devices and the industrial internet are growing exponentially every year with Cisco expecting 50 billion devices to be in operation by 2020. In this period of growth, location-based insights are becoming invaluable to many businesses as they adopt new connected technologies. Knowing when and where these devices connect from is critical for a number of scenarios in supply chain management, disaster management, emergency response, M2M, location marketing and more. In his session at @Th...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change t...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. Big Data at Cloud Expo - to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
industrial company for a multi-year contract initially valued at over $4.0 million. In addition to DataV software, Bsquare will also provide comprehensive systems integration, support and maintenance services. DataV leverages advanced data analytics, predictive reasoning, data-driven diagnostics, and automated orchestration of remediation actions in order to improve asset uptime while reducing service and warranty costs.
Vidyo, Inc., has joined the Alliance for Open Media. The Alliance for Open Media is a non-profit organization working to define and develop media technologies that address the need for an open standard for video compression and delivery over the web. As a member of the Alliance, Vidyo will collaborate with industry leaders in pursuit of an open and royalty-free AOMedia Video codec, AV1. Vidyo’s contributions to the organization will bring to bear its long history of expertise in codec technolo...