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Albemarle reports fourth quarter and full year 2012 results

BATON ROUGE, La., Jan. 22, 2013 /PRNewswire/ --

Fourth quarter 2012 highlights:

  • Quarterly earnings of $105.2 million excluding special items, or $1.17 per share.
  • Net sales of $688 million and EBITDA margin of 23 percent for the quarter, excluding special items.
  • Full year earnings of $436.2 million excluding special items, or $4.85 per share.

Three Months Ended


Year Ended



December 31,


December 31,


In thousands, except per share amounts

2012


2011


2012


2011















Net sales

$

687,596


$

707,390


$

2,745,420


$

2,869,005















Segment income

$

150,600


$

165,473


$

661,156


$

712,033















Net income attributable to Albemarle Corporation

$

37,726


$

45,548


$

311,536


$

392,114















Diluted earnings per share

$

0.42


$

0.51


$

3.47


$

4.28















Special items per share













  Non-operating pension and OPEB adjustments (a)


0.60



0.63



0.46



0.59


  Restructuring and other special items, net (b)


0.15



--



0.92



--















Diluted earnings per share excluding special items (d)

$

1.17


$

1.13


$

4.85


$

4.88





See accompanying notes and reconciliations to the condensed consolidated financial information.



 

Albemarle Corporation (NYSE: ALB) reported fourth quarter 2012 earnings of $37.7 million, or $0.42 per share, compared to fourth quarter 2011 earnings of $45.5 million, or $0.51 per share.  Excluding special items, fourth quarter 2012 earnings were $105.2 million, or $1.17 per share, compared to $101.9 million, or $1.13 per share, for 2011.  The Company reported net sales of $687.6 million in the fourth quarter of 2012 compared to net sales of $707.4 million in the fourth quarter of 2011 with lower metals surcharges in the Catalysts segment more than offsetting total company volume growth. 

(Logo: http://photos.prnewswire.com/prnh/20111129/MM14279LOGO )

Earnings for the full year 2012 were $311.5 million, or $3.47 per share, compared to $392.1 million, or $4.28 per share, for 2011.  Excluding special items, earnings for 2012 were $436.2 million, or $4.85 per share, compared to $446.3 million, or $4.88 per share, for 2011.  Net sales for 2012 were $2.7 billion compared to $2.9 billion for 2011 with the majority of the reduction caused by lower metals surcharges in the Catalysts segment. 

As previously announced, in the fourth quarter of 2012 the Company adopted mark-to-market (MTM) accounting relating to its global pension and other postretirement benefit (OPEB) plans.  All historical consolidated financial information presented herein has been retrospectively adjusted to reflect this change in accounting method.  The MTM actuarial loss for 2012, recorded in Corporate and other expense, amounted to $75.8 million ($48.3 million after income taxes, or $0.54 per share) reflecting a lower assumed discount rate partially offset by 2012 pension asset performance. 

Commenting on results, Luke Kissam, CEO, stated, "2012 was a difficult year from a macroeconomic standpoint, but we are pleased with the earnings power that we demonstrated in the face of a weak global economy, the negative impact of raw material pricing related to certain metals and lower demand than originally anticipated in many of the markets served by our products, resulting in lower operating rates at many of our production units.  At the same time, we were able to exit the phosphorus business, freeze our pension obligations and further strengthen our balance sheet while also investing sufficient capital to permit future growth across our business portfolio."

Quarterly Segment Results

Catalysts generated net sales of $294.1 million in the fourth quarter of 2012, a 2 percent increase over net sales in the fourth quarter of 2011, due mainly to favorable impacts from higher hydroprocessing and performance catalyst volumes, partially offset by lower metals surcharges in refinery catalysts and foreign currency.  Catalysts segment income was $78.8 million in the fourth quarter of 2012, down 6 percent from fourth quarter 2011 results of $84.2 million due primarily to unfavorable impacts from metals cost volatility versus the fourth quarter of 2011, partially offset by favorable sales volumes and higher equity income. 

Polymer Solutions reported net sales of $200.1 million in the fourth quarter of 2012, a 4 percent decrease over net sales in the fourth quarter of 2011, due to the year-over-year effects of our phosphorus flame retardants business exit in the second quarter of 2012.  Higher sales volumes in our core products were offset by unfavorable pricing, mix and foreign currency impacts.  Segment income for Polymer Solutions was $36.3 million in the fourth quarter of 2012, a 3 percent decline from $37.5 million in the fourth quarter of 2011, driven by unfavorable pricing, higher variable input costs including fixed cost absorption and unfavorable foreign currency impacts, partly offset by favorable sales volumes and favorable impacts from our exit of the phosphorus flame retardants business.

Fine Chemistry net sales in the fourth quarter of 2012 were $193.4 million, a 7 percent decrease versus net sales in the fourth quarter of 2011, due mainly to unfavorable pricing, lower volumes (mainly due to the timing of custom services contracts) and unfavorable foreign currency impacts.  Segment income for Fine Chemistry was $35.5 million for the fourth quarter of 2012, down 19 percent from fourth quarter 2011 results of $43.8 million, due to unfavorable pricing, higher variable input costs including fixed cost absorption and impacts from higher income attributable to noncontrolling interests, partly offset by favorable sales mix. 

Corporate and Other

Corporate and other expense was $98.7 million for the fourth quarter of 2012.  The decrease from the comparable period in 2011 was due primarily to lower personnel-related costs associated with performance-based incentive compensation levels and lower costs from non-operating pension and OPEB items which included a fourth quarter MTM actuarial loss of $86.0 million in 2012 and $92.3 million in 2011. 

Interest and financing expenses were $7.7 million for the fourth quarter of 2012 compared to $9.0 million for the fourth quarter of 2011, with this decrease due primarily to increases in interest capitalized on higher average construction project balances outstanding and lower variable-rate borrowings year-over-year.

Our fourth quarter and full year 2012 effective income tax rates were (45.6) percent and 22.0 percent, respectively.  The fourth quarter rate was impacted primarily by the MTM actuarial loss.  Excluding special items (see notes to the condensed consolidated financial information), our fourth quarter and full year 2012 effective income tax rates were 18.3 percent and 24.5 percent, respectively.  Our effective tax rate continues to be influenced by the level and geographic mix of income and benefits from a favorable mix of income in lower tax jurisdictions. 

Cash Flow

Our cash flow from operations was approximately $489 million for the full year 2012, and we had $478 million in cash and cash equivalents at December 31, 2012.  During 2012, cash on hand and cash provided by operations funded capital expenditures for plant, machinery and equipment of approximately $281 million (which includes approximately $78.0 million in capital expenditures associated with our Jordanian joint venture), long-term debt repayments of $63.8 million, dividends to shareholders of $69.1 million, repurchases of $63.6 million of our common stock, advances to joint ventures of $25.0 million and pension and OPEB contributions of $21.6 million.

Earnings Call

The Company's performance for the fourth quarter and the year ended December 31, 2012 will be discussed on a conference call at 9:00 AM Eastern Standard time on January 23, 2013.  The call can be accessed by dialing 800-638-4930 (International Dial In # 617-614-3944), and entering conference ID 29909204.  The Company's earnings presentation and supporting material can be accessed through Albemarle's website under Investors at www.albemarle.com.

About Albemarle

Albemarle Corporation, headquartered in Baton Rouge, Louisiana, is a leading global developer, manufacturer and marketer of highly-engineered specialty chemicals for consumer electronics, petroleum refining, utilities, packaging, construction, automotive/transportation, pharmaceuticals, crop protection, food-safety and custom chemistry services.  Albemarle is committed to global sustainability and is advancing its eco-practices and solutions in its three business segments, Polymer Solutions, Catalysts and Fine Chemistry, and employs more than 4,000 people worldwide and serves customers in approximately 100 countries.  Albemarle regularly posts information to www.albemarle.com, including notification of events, news, financial performance, investor presentations and webcasts, Regulation G reconciliations, SEC filings and other information regarding the Company, its businesses and markets served. 

Forward-Looking Statements

Some of the information presented in this press release and the conference call and discussions that follow, including, without limitation, statements with respect to product development, changes in productivity, market trends, price, volume and mix changes, expected growth and earnings, input costs, surcharges, tax rates, stock repurchases, dividends, economic trends, outlook and all other information relating to matters that are not historical facts may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  There can be no assurance that actual results will not differ materially.  Factors that could cause actual results to differ from expectations include, without limitation: changes in economic and business conditions; changes in financial and operating performance of our major customers and industries and markets served by us; the timing of orders received from customers; the gain or loss of significant customers; competition from other manufacturers; changes in the demand for our products; limitations or prohibitions on the manufacture and sale of our products; availability of raw materials; changes in the cost of raw materials and energy and in our ability to pass through increases; acquisitions and divestitures, and changes in performance of acquired companies; fluctuations in foreign currencies; changes in laws and government regulation impacting our operations or our products; the occurrence of claims or litigation; the occurrence of natural disasters; the inability to maintain current levels of product or premises liability insurance or the denial of such coverage; political unrest, including terrorism or hostilities; political instability affecting our manufacturing operations or joint ventures; changes in accounting standards; the inability to achieve results from our global manufacturing cost reduction initiatives as well as our ongoing continuous improvement and rationalization programs; changes in the jurisdictional mix of our earnings; changes in monetary policies or inflation or interest rates, which may impact our ability to raise capital or increase our cost of funds, the performance of our pension fund investments and our pension expense and funding obligations; volatility and substantial uncertainties in the debt and equity markets; technology or intellectual property infringement and other innovation risks; decisions we may make in the future; and the other factors detailed from time to time in the reports we file with the SEC, including those described under "Risk Factors" in our Annual Report on Form 10-K and our 2012 Quarterly Reports on Form 10-Q. 


Albemarle Corporation and Subsidiaries
Consolidated Statements of Income
(In Thousands Except Per Share Amounts) (Unaudited)


Three Months Ended



Year Ended



December 31,



December 31,



2012



2011



2012



2011


Net sales

$

687,596



$

707,390



$

2,745,420



$

2,869,005


Cost of goods sold


495,619




500,580




1,835,425




1,914,058


Gross profit


191,977




206,810




909,995




954,947


Selling, general and administrative expenses (c)


124,084




137,026




313,227




360,070


Research and development expenses


19,128




18,987




78,919




77,083


Restructuring and other charges, net (b)


16,982




--




111,685




--


Operating profit


31,783




50,797




406,164




517,794


Interest and financing expenses


(7,666)




(8,998)




(32,800)




(37,574)


Other (expenses) income, net


(335)




(177)




1,229




357


Income before income taxes and equity in net
















   income of unconsolidated investments


23,782




41,622




374,593




480,577


Income tax (benefit) expense (b)


(10,849)




(1,791)




82,533




104,134


Income before equity in net income of
















   unconsolidated investments


34,631




43,413




292,060




376,443


Equity in net income of unconsolidated
















   investments (net of tax)


8,834




6,636




38,067




43,754


Net income


43,465




50,049




330,127




420,197


Net income attributable to noncontrolling interests


(5,739)




(4,501)




(18,591)




(28,083)


Net income attributable to Albemarle Corporation

$

37,726



$

45,548



$

311,536



$

392,114


















Basic earnings per share

$

0.42



$

0.51



$

3.49



$

4.33


Diluted earnings per share

$

0.42



$

0.51



$

3.47



$

4.28


Weighted-average common shares outstanding –
















   basic


89,018




88,805




89,189




90,522


Weighted-average common shares outstanding –
















   diluted


89,660




89,819




89,884




91,522


















See accompanying notes to the condensed consolidated financial information.

 


Albemarle Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(In Thousands) (Unaudited)



December 31,



December 31,



2012



2011


ASSETS








Cash and cash equivalents

$

477,696



$

469,416


Other current assets


929,617




886,204










Total current assets


1,407,313




1,355,620










Property, plant and equipment


2,867,083




2,619,428


Less accumulated depreciation

   and amortization


1,570,512




1,489,948


Net property, plant and equipment


1,296,571




1,129,480










Other assets and intangibles


733,407




718,724


Total assets

$

3,437,291



$

3,203,824










LIABILITIES AND EQUITY








Current portion of long-term debt

$

12,700



$

14,416


Other current liabilities


372,309




386,762










Total current liabilities


385,009




401,178










Long-term debt


686,588




749,257


Other noncurrent liabilities


370,318




296,659


Deferred income taxes


63,368




77,903


Albemarle Corporation shareholders' equity


1,833,598




1,591,277


Noncontrolling interests


98,410




87,550


Total liabilities & equity

$

3,437,291



$

3,203,824



See accompanying notes to the condensed consolidated financial information.

 

Albemarle Corporation and Subsidiaries
Selected Consolidated Cash Flow Data
(In Thousands) (Unaudited)


Year Ended



December 31,



2012


2011


Cash and cash equivalents at beginning of year

$

469,416


 

$

529,650


Cash and cash equivalents at end of year

$

477,696


$

469,416









Sources of cash and cash equivalents:














  Net income

$

330,127


$

420,197









  Proceeds from borrowings


--



9,415









  Proceeds from exercise of stock options


21,148



2,230









Uses of cash and cash equivalents:














  Capital expenditures


(280,873)



(190,574)









  Repurchases of common stock


(63,575)



(178,132)









  Repayments of long-term debt


(63,811)



(109,591)









  Dividends paid to shareholders


(69,113)



(57,759)









  Pension and postretirement contributions


(21,610)



(59,773)









  Investments in equity and other corporate investments


--



(10,868)









  Long-term advances to joint ventures


(24,959)



--









Non-cash and other items:














  Depreciation and amortization


99,020



96,753









  Restructuring and other charges (b)


111,685



--









  Pension and postretirement expense


77,442



97,207









  Equity in net income of unconsolidated investments


(38,067)



(43,754)









See accompanying notes to the condensed consolidated financial information.

 

Albemarle Corporation and Subsidiaries
Consolidated Summary of Segment Results
(In Thousands) (Unaudited)


Three Months Ended



Year Ended



December 31,



December 31,



2012



2011



2012



2011


Net sales:
















Polymer Solutions

$

200,093



$

209,318



$

892,232



$

1,001,922


Catalysts


294,081




289,524




1,067,948




1,116,863


Fine Chemistry


193,422




208,548




785,240




750,220


Total net sales

$

687,596



$

707,390



$

2,745,420



$

2,869,005


















Segment operating profit:
















Polymer Solutions

$

35,778



$

36,860



$

198,426



$

243,396


Catalysts


71,440




78,750




260,544




290,065


Fine Chemistry


40,287




47,670




182,690




162,726


Total segment operating profit


147,505




163,280




641,660




696,187


















Equity in net income of unconsolidated investments:
















Polymer Solutions


1,459




1,200




6,416




7,696


Catalysts


7,375




5,463




31,651




36,259


Fine Chemistry


--




--




--




--


Corporate & other


--




(27)




--




(201)


Total equity in net income of unconsolidated investments


8,834




6,636




38,067




43,754


















Net (income) loss attributable to noncontrolling interests:
















Polymer Solutions


(966)




(603)




(2,221)




(9,803)


Catalysts


--




--




--




--


Fine Chemistry


(4,773)




(3,867)




(16,350)




(18,306)


Corporate & other


--




(31)




(20)




26


Total net income attributable to noncontrolling interests


(5,739




(4,501)




(18,591)




(28,083)


















Segment income:
















Polymer Solutions


36,271




37,457




202,621




241,289


Catalysts


78,815




84,213




292,195




326,324


Fine Chemistry


35,514




43,803




166,340




144,420


Total segment income


150,600




165,473




661,156




712,033


Corporate & other (a)


(98,740)




(112,541)




(123,831)




(178,568)


Restructuring and other charges, net (b)


(16,982)




--




(111,685)




--


Interest and financing expenses


(7,666)




(8,998)




(32,800)




(37,574)


Other (expenses) income, net


(335)




(177)




1,229




357


Income tax benefit (expense) (b)


10,849




1,791




(82,533)




(104,134)


Net income attributable to Albemarle Corporation

$

37,726



$

45,548



$

311,536



$

392,114








See accompanying notes to the condensed consolidated financial information.






 

Notes to the Condensed Consolidated Financial Information

(a)  Non-operating pension and OPEB items, consisting of MTM actuarial gains/losses as well as interest costs and expected return on assets, are included in Corporate & other as follows:

  • For the three months ended December 31, 2012 and 2011, net charges amounting to $84.2 million ($53.6 million after income taxes, or $0.60 per share) and $89.1 million ($56.3 million after income taxes, or $0.63 per share), respectively.  The MTM actuarial loss was $86.0 million ($54.8 million after income taxes, or $0.61 per share) and $92.3 million ($58.4 million after income taxes, or $0.65 per share) for the three months ended December 31, 2012 and 2011, respectively. 
  • For the years ended December 31, 2012 and 2011, net charges amounting to $65.3 million ($41.7 million after income taxes, or $0.46 per share) and $85.8 million ($54.2 million after income taxes, or $0.59 per share), respectively.  The MTM actuarial loss was $75.8 million ($48.3 million after income taxes, or $0.54 per share) and $98.6 million ($62.3 million after income taxes, or $0.68 per share) for the years ended December 31, 2012 and 2011, respectively. 

(b)  Restructuring and other special items consisted of the following: 

Three months ended December 31, 2012 --

  • A one-time employer contribution to the Company's defined contribution plan of $10.1 million ($6.4 million after income taxes, or $0.07 per share) and a net curtailment gain of $4.5 million ($2.9 million after income taxes, or $0.03 per share), both in connection with various amendments to certain of our U.S. pension and defined contribution plans. 
  • Net charges of $11.4 million ($6.8 million after income taxes, or $0.08 per share) in connection with various restructuring-related activities across the Company including certain planned reductions in force, changes in product sourcing and other items. 
  • Discrete net tax expense items of $3.5 million, or $0.03 per share, relating to tax planning and other tax matters.

Year ended December 31, 2012 --

  • A one-time employer contribution to the Company's defined contribution plan of $10.1 million ($6.4 million after income taxes, or $0.07 per share) and a net curtailment gain of $4.5 million ($2.9 million after income taxes, or $0.03 per share), both in connection with various amendments to certain of our U.S. pension and defined contribution plans. 
  • Net charges amounting to $100.8 million ($76.1 million after income taxes, or $0.85 per share) in connection with our exit of the phosphorus flame retardants business, and other charges amounting to $5.3 million ($4.3 million after income taxes, or $0.04 per share) relating to changes in product sourcing and other items. 
  • Discrete net tax benefit items of $1.0 million, or $0.01 per share, related principally to tax planning and the release of various tax reserves.

(c)  The year ended December 31, 2012 includes a gain of $8.1 million ($5.1 million after tax, or $0.06 per share) resulting from proceeds received in connection with the settlement of litigation (net of related legal fees).  The year ended December 31, 2012 also includes an $8 million charitable contribution ($5.1 million after tax, or $0.06 per share) to the Albemarle Foundation. 

(d)  Totals may not add due to rounding.

Additional Information

It should be noted that Net income attributable to Albemarle Corporation ("earnings"), earnings per share and effective income tax rates which exclude special items, as well as presentations of segment operating profit, segment income, EBITDA, EBITDA excluding special items, EBITDA margin and EBITDA margin excluding special items are financial measures that are not required by, or presented in accordance with, accounting principles generally accepted in the United States, or GAAP.  These measures are presented here to provide additional useful measurements to review our operations, provide transparency to investors and enable period-to-period comparability of financial performance.

A description of other non-GAAP financial measures that we use to evaluate our operations and financial performance, and reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, can be found in the Investors section of our website at www.albemarle.com, under "Non-GAAP Reconciliations" under "Financials."  Also, see attached for a supplemental reconciliation of our segment operating profit and segment income amounts to GAAP Operating profit and GAAP Net income attributable to Albemarle Corporation, respectively, as well as for a supplemental reconciliation of our GAAP Net income attributable to Albemarle Corporation to EBITDA and EBITDA excluding special items.

ALBEMARLE CORPORATION AND SUBSIDIARIES
Non-GAAP Reconciliation
(In Thousands)
(Unaudited)

Our segment information includes measures we refer to as "segment operating profit," "segment income," "EBITDA" and "EBITDA excluding special items," which are financial measures that are not required by, or presented in accordance with, GAAP.  The Company has reported segment operating profit, segment income, EBITDA and EBITDA excluding special items because management believes that these financial measures provide transparency to investors and enable period-to-period comparability of financial performance.  Segment operating profit, segment income, EBITDA and EBITDA excluding special items should not be considered as alternatives to operating profit or net income attributable to Albemarle Corporation, as determined in accordance with GAAP.

See below for a reconciliation of segment operating profit and segment income, the non-GAAP financial measures, to Operating profit and Net income attributable to Albemarle Corporation, respectively, the most directly comparable financial measures calculated and reported in accordance with GAAP.

 


Three Months Ended


Year Ended



December 31,


December 31,



2012


2011


2012


2011















Total segment operating profit

$

147,505


$

163,280


$

641,660


$

696,187


Corporate & other *


(98,740)



(112,483)



(123,811)



(178,393)


Restructuring and other charges, net


(16,982)



--



(111,685)



--


GAAP Operating profit

$

31,783


$

50,797


$

406,164


$

517,794















Total segment income

$

150,600


$

165,473


$

661,156


$

712,033


Corporate & other


(98,740)



(112,541)



(123,831)



(178,568)


Restructuring and other charges, net


(16,982)



--



(111,685)



--


Interest and financing expenses


(7,666)



(8,998)



(32,800)



(37,574)


Other (expenses) income, net


(335)



(177)



1,229



357


Income tax benefit (expense)


10,849



1,791



(82,533)



(104,134)


GAAP Net income attributable to Albemarle Corporation

$

37,726


$

45,548


$

311,536


$

392,114



* Excludes corporate equity income and noncontrolling interest adjustments of $(58) for the three-month period ended December 31, 2011, and $(20) and $(175) for the years ended December 31, 2012 and 2011, respectively.

 

See below for a reconciliation of net income attributable to Albemarle Corporation excluding special items, EBITDA and EBITDA excluding special items, the non-GAAP financial measures, to net income attributable to Albemarle Corporation, the most directly comparable financial measure calculated and reported in accordance with GAAP.  EBITDA is defined as Net income attributable to Albemarle Corporation before interest and financing expenses, income taxes, depreciation and amortization.  EBITDA excluding special items is defined as EBITDA before the special items as listed below.

 


Three Months Ended


Year Ended



December 31,


December 31,



2012


2011


2012


2011















Net income attributable to Albemarle Corporation

$

37,726


$

45,548


$

311,536


$

392,114















Add back:













Non-operating pension and OPEB adjustments (net of tax)


53,649



56,331



41,729



54,231


Restructuring and other charges, net (net of tax)


10,333



--



83,923



--


Discrete tax items, net


3,504



--



(986)



--


Net income attributable to Albemarle Corporation excluding













  special items

$

105,212


$

101,879


$

436,202


$

446,345




























Net income attributable to Albemarle Corporation

$

37,726


$

45,548


$

311,536


$

392,114















Add back:













Interest and financing expenses


7,666



8,998



32,800



37,574


Income tax (benefit) expense


(10,849)



(1,791)



82,533



104,134


Depreciation and amortization


24,592



24,827



99,020



96,753


EBITDA


59,135



77,582



525,889



630,575


Non-operating pension and OPEB adjustments


84,220



89,083



65,316



85,765


Restructuring and other charges, net


16,982



--



111,685



--


EBITDA excluding special items

$

160,337


$

166,665


$

702,890


$

716,340















Net sales

$

687,596


$

707,390


$

2,745,420


$

2,869,005















EBITDA Margin


8.6%



11.0%



19.2%



22.0%















EBITDA Margin excluding special items


23.3%



23.6%



25.6%



25.0%


 

SOURCE Albemarle Corporation

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SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2016 Silicon Valley. The 6thInternet of @ThingsExpo will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
Presidio has received the 2015 EMC Partner Services Quality Award from EMC Corporation for achieving outstanding service excellence and customer satisfaction as measured by the EMC Partner Services Quality (PSQ) program. Presidio was also honored as the 2015 EMC Americas Marketing Excellence Partner of the Year and 2015 Mid-Market East Partner of the Year. The EMC PSQ program is a project-specific survey program designed for partners with Service Partner designations to solicit customer feedbac...
Apixio Inc. has raised $19.3 million in Series D venture capital funding led by SSM Partners with participation from First Analysis, Bain Capital Ventures and Apixio’s largest angel investor. Apixio will dedicate the proceeds toward advancing and scaling products powered by its cognitive computing platform, further enabling insights for optimal patient care. The Series D funding comes as Apixio experiences strong momentum and increasing demand for its HCC Profiler solution, which mines unstruc...
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 ...
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
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.
CenturyLink has announced that application server solutions from GENBAND are now available as part of CenturyLink’s Networx contracts. The General Services Administration (GSA)’s Networx program includes the largest telecommunications contract vehicles ever awarded by the federal government. CenturyLink recently secured an extension through spring 2020 of its offerings available to federal government agencies via GSA’s Networx Universal and Enterprise contracts. GENBAND’s EXPERiUS™ Application...
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...
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...
The idea of comparing data in motion (at the sensor level) to data at rest (in a Big Data server warehouse) with predictive analytics in the cloud is very appealing to the industrial IoT sector. The problem Big Data vendors have, however, is access to that data in motion at the sensor location. In his session at @ThingsExpo, Scott Allen, CMO of FreeWave, discussed how as IoT is increasingly adopted by industrial markets, there is going to be an increased demand for sensor data from the outermos...
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...
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
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...
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
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...
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...
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
When people aren’t talking about VMs and containers, they’re talking about serverless architecture. Serverless is about no maintenance. It means you are not worried about low-level infrastructural and operational details. An event-driven serverless platform is a great use case for IoT. In his session at @ThingsExpo, Animesh Singh, an STSM and Lead for IBM Cloud Platform and Infrastructure, will detail how to build a distributed serverless, polyglot, microservices framework using open source tec...