Welcome!

Microsoft Cloud Authors: Janakiram MSV, Pat Romanski, Steven Mandel, John Basso, Liz McMillan

News Feed Item

Interface Reports Fourth Quarter And Fiscal Year 2012 Results

ATLANTA, Feb. 14, 2013 /PRNewswire/ -- Interface, Inc. (Nasdaq: TILE), a worldwide carpet tile company and global leader in sustainability, today announced results for the fourth quarter and fiscal year ended December 30, 2012. 

"We had a solid top line in the fourth quarter, led by our Americas division which posted a record number for fourth quarter sales," said Daniel T. Hendrix, Chairman and CEO.  "We also saw good sales growth in emerging geographic markets, while Europe continued to stabilize and our Australia business became better adapted to a temporary import model following the plant fire in the third quarter that has suspended manufacturing there.  Even with the disruption in Australia, gross margin improved 140 basis points year-over-year and held even sequentially with the prior quarter."

Mr. Hendrix added that the Company has leased a new building to replace its damaged Australian plant and expects to have the new facility operational in the fourth quarter of 2013.  He also noted the transition of the Company's ticker symbol on Nasdaq to TILE, calling it, "a representation of our worldwide leadership as the only global manufacturer dedicated exclusively to carpet tile."

Fourth Quarter 2012 Financial Results
SALES:  Sales for the fourth quarter of 2012 were $249.6 million, up slightly compared with sales of $244.5 million in the fourth quarter of 2011. 

  • The Americas division, up 8.2% year-over-year, led the increase, with segment growth in corporate office (up 16%), education (up 14%), government (up 22%) and hospitality (up 63%) offsetting decreases in the retail (down 31%) and healthcare (down 16%) segments.
  • The Asia-Pacific region was essentially even year-over-year, with sales growth in China and Southeast Asia offsetting declines in Japan and Australia.  Australia's sales continue to be impacted by the plant fire and the transition to a temporary import model, with product for Australia currently being manufactured at the Company's other plants worldwide.  Corporate office sector sales in the Asia-Pacific region were up 14% year‑over-year, with other segments steady or slightly down.
  • The European region was down 3% in local currency, or 7% as reported in U.S. dollars.  Sales in local currency increased in the government (up 11%), retail (up 27%) and hospitality (up 12%) segments.
  • As previously announced, the Company completed the sale of its Bentley Prince Street business segment in August of 2012.  Results for Bentley Prince Street for the 2012 fourth quarter and full year, and for all prior periods, have been classified as discontinued operations.

OPERATING INCOME:  Excluding a $2.3 million restructuring charge and $0.8 million of Australia fire expenses, operating income in the 2012 fourth quarter was $21.9 million, or 8.8% of sales.  (Including those charges and expenses, operating income was $18.8 million, or 7.5% of sales.)  This compares with operating income in the 2011 fourth quarter of $20.7 million, or 8.5% of sales, excluding a restructuring charge of $5.8 million in that period.  (Including the prior year period restructuring charge, operating income in the 2011 fourth quarter was $14.9 million, or 6.1% of sales).  SG&A expenses in the quarter were $63.2 million, or 25.3% of sales, versus 24.2% in the fourth quarter of 2011 and up sequentially from 23.9% in the third quarter of 2012.  The increase was largely attributable to additional sales and marketing expenditures, primarily from the opening of five new FLOR stores, as well as higher incentive compensation.

INCOME FROM CONTINUING OPERATIONS:  Excluding the above-mentioned restructuring charge and Australia fire expenses, the Company reported income from continuing operations of $10.4 million, or $0.16 per diluted share, in the fourth quarter of 2012.  With these items, income from continuing operations was $7.4 million, or $0.11 per diluted share.  Excluding the $5.8 million restructuring charge in the prior year period, income from continuing operations was $9.0 million, or $0.14 per diluted share (including the charge, $5.0 million, or $0.08 per diluted share) in the fourth quarter of 2011.

NET INCOME: After the items discussed above, net income for the quarter was $7.4 million, or $0.11 per diluted share.  This compares with net income of $3.9 million, or $0.06 per diluted share, in the fourth quarter last year, which included a loss from discontinued operations of $1.1 million related to the former Bentley Prince Street operations.

FISCAL YEAR 2012 FINANCIAL SUMMARY

  • SALES:  For the full year 2012, sales were $932.0 million, compared with $953.0 million in 2011, a decrease of 2.2%.  Fluctuations in currency exchange rates negatively impacted 2012 sales by approximately 2% (approximately $15 million) relative to the prior year.
  • OPERATING INCOME:  Excluding restructuring and asset impairment charges totaling $19.4 million and $1.7 million of expenses related to the Australia fire, operating income for 2012 was $85.8 million, or 9.2% of sales.  This compares with operating income in 2011, excluding restructuring charges, of $91.5 million, or 9.6% of sales.  Including all items, operating income was $64.6 million in 2012, compared with $85.7 million in the prior year.
  • INCOME FROM CONTINUING OPERATIONS:  Excluding restructuring and asset impairment charges and Australia fire expenses, income from continuing operations in 2012 was $39.4 million, or $0.60 per diluted share (with these items included, it was $22.9 million, or $0.35 per diluted share).  This compares with 2011 income from continuing operations, excluding a restructuring charge, of $42.3 million, or $0.65 per diluted share (with the charge included, last year's income from continuing operations was $38.3 million, or $0.58 per diluted share).
  • NET INCOME:  Including all items, as well as a loss from discontinued operations of $17.0 million, the Company reported 2012 net income of $5.9 million, or $0.09 per diluted share.  In 2011, net income was $38.7 million, or $0.59 per diluted share.

Patrick C. Lynch, Senior Vice President and Chief Financial Officer, commented, "We ended the year in a strong financial position, with a cash balance of $90.5 million.  Orders were up 4.6% on a consolidated basis in the fourth quarter, with strength in the U.S. and decent improvements in Europe and Asia.  While the impact of the fire at our Australia plant remains difficult to quantify, we believe the diminished level of business in the country negatively affected operating income in the range of $2.5 million to $3.5 million in the fourth quarter.  Our consumer business, FLOR, ended the quarter with a healthy year-over-year increase in sales, a consequence of robust retail store expansion in 2012.  In addition, our China plant swung from a loss to a profit during the quarter, as its production volume ramped up to support our Australia business. 

Mr. Hendrix concluded, "We are encouraged by our prospects for 2013, particularly in the U.S., Latin America, China and Southeast Asia, where robust project activity and improving macro-environments bode well for our continued growth.  We also look forward to a good year for our FLOR consumer business, as our retail stores – now at 18 locations with more on the way – continue to mature and yield bigger profits.  We are targeting further gross profit expansion from lean manufacturing, primarily in the Americas, and from gaining further efficiency importing into Australia, and we will limit additional SG&A spending while growing the top line to get these expenses back to an optimal percentage of sales."

Webcast and Conference Call Information
The Company will host a conference call tomorrow morning, February 15, 2013, at 9:00 a.m. Eastern Time, to discuss its fourth quarter and fiscal year 2012 results.  The conference call will be simultaneously broadcast live over the Internet.  Listeners may access the conference call live over the Internet at the following address:
HTTP://EDGE.MEDIA-SERVER.COM/M/P/9RB7AF6S/LAN/EN or through the Company's website at:
HTTP://WWW.INTERFACEGLOBAL.COM/INVESTOR-RELATIONS.ASPX. The archived version of the webcast will be available at these sites for one year beginning approximately one hour after the call ends.

Interface, Inc. is the world's largest manufacturer of modular carpet, which it markets under the Interface and FLOR  brands. The Company is committed to the goal of sustainability and doing business in ways that minimize the impact on the environment while enhancing shareholder value. 

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

Except for historical information contained herein, the other matters set forth in this news release are forward‑looking statements.  The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including risks and uncertainties associated with economic conditions in the commercial interiors industry as well as the risks and uncertainties discussed under the heading "Risk Factors" included in Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended January 1, 2012, which discussion is incorporated herein by this reference, including, but not limited to, the discussion of specific risks and uncertainties under the headings "The ongoing worldwide financial and credit crisis could have a material adverse effect on our business, financial condition and results of operations," "Sales of our principal products have been and may continue to be affected by adverse economic cycles in the renovation and construction of commercial and institutional buildings," "We compete with a large number of manufacturers in the highly competitive commercial floorcovering products market, and some of these competitors have greater financial resources than we do," "Our success depends significantly upon the efforts, abilities and continued service of our senior management executives and our principal design consultant, and our loss of any of them could affect us adversely," "Our substantial international operations are subject to various political, economic and other uncertainties that could adversely affect our business results, including by restrictive taxation or other government regulation and by foreign currency fluctuations," "Concerns regarding the European sovereign debt crisis and market perceptions about the instability of the euro, the potential re-introduction of individual currencies within the Eurozone, or the potential dissolution of the euro entirely, could adversely affect our business, results of operations or financial condition," "Large increases in the cost of petroleum-based raw materials could adversely affect us if we are unable to pass these cost increases through to our customers," "Unanticipated termination or interruption of any of our arrangements with our primary third party suppliers of synthetic fiber could have a material adverse effect on us," "We have a significant amount of indebtedness, which could have important negative consequences to us," "The market price of our common stock has been volatile and the value of your investment may decline," "Our earnings in a future period could be adversely affected by non-cash adjustments to goodwill, if a future test of goodwill assets indicates a material impairment of those assets," and "Our Rights Agreement could discourage tender offers or other transactions for our stock that could result in shareholders receiving a premium over the market price for our stock."  Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made.  The Company assumes no responsibility to update or revise forward-looking statements made in this press release and cautions readers not to place undue reliance on any such forward-looking statements.


 


Consolidated Condensed Statements of Operations

Three Months Ended

Twelve Months Ended

(In thousands, except per share data)

12/30/12

01/01/12

12/30/12

01/01/12






Net Sales

$ 249,595

$ 244,478

$ 932,020

$ 953,045

Cost of Sales

164,497

164,603

614,841

618,303

    Gross Profit

85,098

79,875

317,179

334,742

Selling, General & Administrative Expenses

63,224

59,177

231,358

243,287

Restructuring and Asset Impairment Charges

2,339

5,755

19,425

5,755

    Expenses Related to Australia Fire

768

--

1,748

--

    Operating Income

18,767

14,943

64,648

85,700

Interest Expense

5,892

6,353

25,024

26,325

Other Expense, Net

697

563

1,521

465

    Income Before Taxes

12,178

8,027

38,103

58,910

Income Tax Expense

4,786

3,017

15,204

20,640

    Income from Continuing Operations

7,392

5,010

22,899

38,270

Discontinued Operations, Net of Tax

--

(1,096)

(16,956)

451

Net Income

$   7,392

$   3,914

$   5,943

$  38,721






Earnings (Loss) Per Share – Basic





Continuing Operations

$ 0.11

$ 0.08

$ 0.35

$ 0.59

Discontinued Operations

--

(0.02)

(0.26)

0.01

Earnings (Loss) Per Share – Basic

$ 0.11

$0.06

$ 0.09

$ 0.59






Earnings (Loss) Per Share – Diluted





    Continuing Operations

$ 0.11

$ 0.08

$ 0.35

$ 0.58

Discontinued Operations

--

(0.02)

(0.26)

0.01

Earnings (Loss) Per Share – Diluted

$ 0.11

$0.06

$ 0.09

$ 0.59






Common Shares Outstanding – Basic

65,964

65,481

65,767

65,291

Common Shares Outstanding – Diluted

66,119

65,644

65,900

65,486






Orders from Continuing Operations

230,700

220,600

965,200

967,800

 

Consolidated Condensed Balance Sheets




(In thousands)


12/30/12

01/01/12

Assets








Cash


$ 90,533

$ 50,624

Accounts Receivable


137,313

140,800

Inventory


141,176

140,485

Other Current Assets


61,629

30,221

Assets of Businesses Held for Sale


--

60,683

Total Current Assets


430,651

422,813

Property, Plant & Equipment


165,725

177,925

Other Assets


192,991

171,534

Total Assets


$789,367

$772,272





Liabilities




Accounts Payable


$ 56,292

$ 52,226

Accrued Liabilities


97,424

90,693

Liabilities of Businesses Held for Sale


--

8,269

Current Portion of Long-Term Debt


8,110

--

Total Current Liabilities


161,826

151,188

Senior and Senior Subordinated Notes


275,000

294,507

Other Long-Term Liabilities


56,839

45,538

Total Liabilities


493,665

491,233

Shareholders' Equity


295,702

281,039

Total Liabilities and Shareholders' Equity


$ 789,367

$ 772,272

 

Consolidated Condensed Statements of Cash Flows

Twelve Months Ended

(In millions)

12/30/12

01/01/12




Net Income


$ 5.9


$ 38.7

Adjustments for Discontinued Operations


(17.0)


0.5

Net Income from Continuing Operations


$ 22.9


$ 38.2

Depreciation and Amortization


30.0


35.3

Deferred Income Taxes and Other Items


(12.0)


6.2

Change in Working Capital





Accounts Receivable

21.1


(7.5)


Inventories

1.1


(31.6)


Prepaids

(11.9)


1.4


Accounts Payable and Accrued Expenses

(4.3)


(17.6)


Cash Provided from Operating Activities


46.9


24.4

Cash Provided By (Used in) Investing Activities


7.8


(39.6)

Cash Used in Financing Activities


(15.9)


(3.6)

Effect of Exchange Rate Changes on Cash


1.1


0.2

Net Increase (Decrease) in Cash


$39.9


$(18.6)

 


Consolidated Condensed Segment Reporting
(In millions)


Three Months Ended



Twelve Months Ended



12/30/12

01/01/12

% Change


12/30/12

01/01/12

% Change

Operating Income (Loss)








Modular Carpet

$  20.1

$  17.7

13.6%


$ 67.6

$ 94.0

(28.1%)

Corporate Income, Expenses and Eliminations

(1.3)

(2.8)

53.6%


(3.0)

(8.3)

63.9%

Total

$ 18.8

$ 14.9

26.2%


$ 64.6

$ 85.7

(24.6%)

 

Reconciliation of Non-GAAP Performance Measures to GAAP Performance Measures
(In millions, except per share amounts)


Twelve
Months Ended

Twelve
Months Ended


12/30/12

01/01/12

Operating Income, Excluding Restructuring Charges and Expenses Related to Australia Fire

$ 85.8

$ 91.5

Restructuring Charges

(19.4)

(5.8)

Expenses Related to Australia Fire

(1.7)

--

Operating Income, As Reported

$ 64.6

$ 85.7

 


Twelve
Months Ended

Twelve
 Months Ended


12/30/12

01/01/12

Income From Continuing Operations, Excluding Restructuring Charges and Expenses Related to Australia Fire

$ 39.4

$42.3

Restructuring Charges (net of tax of $4.9 million in 2012 and $1.8 million in 2011)

 

(14.5)

 

(4.0)

Expenses Related to Australia Fire (after tax impact of $0.2 million in 2012)

(2.0)

--

Income from Continuing Operations, As Reported

$22.9

$38.3

 



Twelve
Months Ended

Twelve
Months 
Ended


12/30/12

01/01/12

Diluted Earnings Per Share From Continuing Operations, Excluding Restructuring Charges and Expenses Related to Australia Fire

$0.60

$0.65

Restructuring Charges, After Tax

(0.22)

(0.06)

Expenses related to Australia Fire, After Tax

(0.03)

--

Diluted Earnings Per Share From Continuing Operations, As Reported

$0.35

$0.58

 


Three Months
Ended

Three Months
Ended


12/30/12

01/01/12

Income from Continuing Operations, Excluding Restructuring Charge and Expenses Related to Australia Fire

$10.4

$ 9.0

Restructuring Charge (net of tax of $0.6 million in 2012 and $1.8 million in 2011)

(1.7)

(4.0)

Expenses Related to Australia Fire (after tax impact of $0.5  million)

(1.3)

--

Income from Continuing Operations, As Reported

$ 7.4

$ 5.0

 


Three Months
Ended

Three Months
Ended


12/30/12

01/01/12

Diluted Earnings Per Share from Continuing Operations, Excluding Restructuring Charge and Expenses Related to Australia Fire

$0.16

$0.14

Restructuring Charge, After Tax

(0.03)

(0.06)

Expenses Related to Australia Fire, After Tax

(0.02)

--

Diluted Earnings Per Share from Continuing Operations, As Reported

$0.11

$0.08

 


Three Months
Ended

Three Months
Ended


12/30/12

01/01/12

Operating Income, Excluding Restructuring Charge and Expenses Related to Australia Fire 

$21.9

$20.7

Restructuring Charge

(2.3)

(5.8)

Expenses Related to Australia Fire

(0.8)

--

Operating Income, As Reported

$18.8

$14.9

 

The Company believes that the above non-GAAP performance measures, which management uses in managing and evaluating the Company's business, may provide users of the Company's financial information with additional meaningful bases for comparing the Company's current results and results in a prior period, as these measures reflect factors that are unique to one period relative to the comparable period.  However, these non‑GAAP performance measures should be viewed in addition to, and not as an alternative for, the Company's reported results under accounting principles generally accepted in the United States.  Tax effects identified above (when applicable) are calculated using the statutory tax rate for the jurisdictions in which the charge or income occurred.

SOURCE Interface, 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
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...
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
Akana has announced the availability of version 8 of its API Management solution. The Akana Platform provides an end-to-end API Management solution for designing, implementing, securing, managing, monitoring, and publishing APIs. It is available as a SaaS platform, on-premises, and as a hybrid deployment. Version 8 introduces a lot of new functionality, all aimed at offering customers the richest API Management capabilities in a way that is easier than ever for API and app developers to use.
DevOps at Cloud Expo, taking place Nov 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 widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
SYS-CON Events announced today that 910Telecom 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. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
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...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...
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...
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
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....