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Evolution Petroleum Reports Quarterly Loss Due To Previously Announced Restructuring Charge

HOUSTON, Feb. 5, 2014 /PRNewswire/ -- Evolution Petroleum Corporation (NYSE MKT: EPM) today reported operating highlights for the current quarter of fiscal 2014 ending December 31, 2013, with comparisons to the previous quarter ending September 30, 2013, and the year-ago quarter ending December 31, 2012.

Evolution beginning to benefit from previously announced restructuring of operations, capitalizing on:

  • Built-in growth in production, cash flow, earnings and PV-10 at our maturing Delhi EOR project
  • Growth potential from commercialization of the GARP® artificial lift technology business
  • Recently announced initiation of cash dividends to reward shareholders with portion of free cash flow
  • Improved capital structure due to exercise of most outstanding stock options and warrants, the resulting cash proceeds from exercises and resulting $31.2 million in current and potential future tax deductions

The restructure included divestment of remaining non-GARP® production and a reduction in staff to free resources for commercialization of GARP® through our wholly owned subsidiary, NGS Technologies.

Current quarter operating highlights include:

  • Previously announced $2.1 million nonrecurring pre-tax charge contributed to a $0.6 million net loss, or $0.02 per basic and diluted share
  • 27% staff reduction that will result in $1.4 million of annual pre-tax savings in overhead going forward
  • 46% sequential reduction in lease operating costs
  • 6% sequential increase in Delhi production to 464 net barrels of oil ("BO") per day (6,264 BO gross)
  • $0.10 cash dividend paid per share of common stock, which is treated as return of capital to receiving shareholders.

Results for the current quarter were impacted by three primary factors: temporarily depressed effects on production of the previously disclosed remediation work at the Delhi Field, lower realized oil prices and one-time costs associated with a restructuring and refocus of operations. Production rates in the Delhi Field started improving during the quarter.

Robert Herlin, President and CEO, said: "The important highlight for the quarter was our strategic move to focus on the harvesting of our Delhi EOR oil asset and commercialization of our patented GARP® artificial lift technology. In early January, we further reported that the refocus and related staff downsizing would result in lower overhead expense going forward, at the expense of a one-time charge to earnings for the quarter. That charge, however, is more than offset by the positive impacts of a substantial reduction of future income tax, proceeds from the exercise of options and reduction in future overhead costs. Furthermore, our Delhi Field production began to improve during the quarter due, we believe, to development activities from earlier in 2013. We further expect that the resumption of CO2 injection near the end of calendar 2013 in the area around the environmental event also should begin to improve production rate in calendar 2014.

"Subsequent to the end of the quarter, we achieved a major milestone with the execution of an agreement to install our GARP® technology on five to ten wells in the Giddings Field with the potential of adding more. Continued growth in our GARP® business will likely be accompanied by future additions of direct staff."

Financial Results

Net loss to common shareholders was $0.6 million, or $0.02 per basic and diluted share, a decrease from the previous quarter's net income of $1.3 million, or $0.04 per diluted share, and net income of $1.8 million in the year-ago quarter, or $0.06 per diluted share. The decreases were due primarily to $2.1 million of pre-tax restructuring and other nonrecurring charges, continued, but improving, effects of the Delhi remediation and lower oil prices. Revenues in the current quarter were $4.4 million, a sequential 5% decrease from the previous quarter and a 22% decrease from the year-ago quarter. 

Compared to the previous quarter, oil sales volumes increased 7% to 488 BO per day on a 12% lower oil price of $96.70 per barrel. Total volumes for the quarter increased 8% to 510 barrels of oil equivalent ("BOE") per day compared to 474 BOE per day in the previous quarter. Compared to the year-ago quarter, oil sales volumes decreased 14% on a 6% lower average oil price, and total BOE volumes declined 27%. NGL and natural gas volumes declined 84% from 128 BOE per day in the year-ago quarter to 21 BOE per day. NGL and natural gas contributed only 1% of current revenues compared to 5% during the year-ago quarter due to property divestments. The Delhi remediation and the fiscal 2013 sales of all of our non-GARP® producing assets in the Giddings Field were the primary factors in the decrease in total volumes from the year-ago quarter.

Lease operating expense declined 46% to $0.2 million compared to the previous quarter and decreased 47% over the year-ago quarter. The decrease from the year-ago quarter was primarily due to property divestments, offset partly by added GARP® installations. The decrease over the prior quarter was due primarily to reduced activity in the South Texas properties that were divested in December 2013. Lease operating expense per BOE decreased substantially to $4.77 compared to $9.39 in the previous quarter and $6.55 in the year-ago quarter.

General and administrative expense during the quarter was $2.6 million, which includes $0.8 million of nonrecurring charges. Excluding nonrecurring charges, general and administrative expense was similar to prior periods. The nonrecurring expenses include banking fees related to the sale of a portion of the stock issued from exercises of options and warrants, incremental payroll tax due on the exercises and a recruiting fee related to the hiring of our new CFO. General and administrative expense also includes $0.3 million in noncash stock compensation expense. General and administrative expense was $1.9 million in the previous quarter and $1.8 million in the year-ago quarter, including $0.4 million in noncash stock compensation expense in both periods. A separate one-time restructuring charge of $1.3 million reflects severance payments to terminated employees that will be paid over 12 months and a $0.4 million noncash charge due to accelerated vesting of restricted stock.

The board of directors elected to initiate a $0.10 quarterly dividend to common shareholders in December 2013 to begin cash distributions out of a portion of free cash flow in excess of capital expenditures needed to grow our core assets. Since stock options and warrants awarded to employees and directors from 2004 through 2008 did not provide for holders to benefit from dividends or be adjusted for such, most holders elected to exercise their options and warrants. Recognizing that a large exercise would result in a substantial volume of stock selling over a short period to fund exercise costs and significant tax liabilities, the Company elected to facilitate the transaction. Consequently, over 4 million options and warrants were exercised out of 4.8 million outstanding, and 2.2 million shares were subsequently sold in a managed process in November, primarily to fund the exercise and resulting tax obligations.

Employees paid us $2.1 million to exercise their qualified incentive stock options as part of this process. As of December 31, 2013, less than 0.8 million options remained outstanding. An additional 0.4 million shares were subsequently exercised in January 2014, producing another $0.7 million of additional cash proceeds to the Company and further reducing the number of outstanding options to less than 0.4 million.

The $2.1 million of nonrecurring charges are more than offset by $31.2 million in deductions from the Company's current and future income taxes resulting from the option and warrant exercises, the option exercise proceeds and reductions in ongoing staff costs. At the current statutory rate of 34%, the deductions would reduce actual current and potential future cash tax payments by $10.6 million.  This deduction is not reflected in our financial statements, but should generate reductions in future tax payments based on the applicable statutory tax rate and will be recorded in future financial statements as a reduction of income taxes payable and an increase in equity when applied.

Due to the large tax deduction, both the recent common stock dividend and preferred stock dividends paid from July 1, 2013 through December 31, 2013 are being treated for tax purposes as return of capital to shareholders. We similarly expect future common and preferred dividends through June 30, 2014 to be treated as return of capital.         

Delhi Field

Delhi volumes averaged 464 net BO per day (6,264 gross), an increase of 6% from the previous quarter and a 9% decrease from the prior year. Production continued to be adversely impacted by the previously disclosed remediation of the June 2013 fluids release and reduced CO2 injection in the field. Resumption of CO2 injection in that area late in the quarter is expected to restore much if not most of the previous production rate reached prior to the June 2013 event.

As previously reported, the temporary reduction in oil production and substantial remediation costs, partially offset by lower CO2 purchase costs, insurance recoveries and application of the operator's indemnification of EPM (which is being disputed by the operator), may be expected to delay reversion of our 24% working interest into calendar 2014. Due to these uncertainties and the dispute, we cannot accurately forecast when in 2014 the reversion will occur. We filed a lawsuit against the operator seeking declaration of the validity of the environmental indemnity, as well as remedies for other breaches of our operative agreements.

Looking forward and absent any unforeseen circumstances, gross production at Delhi is projected in our June 30, 2013 independent reserves report to exceed 12,000 BO per day plus associated NGLs and natural gas in calendar 2017.

GARP®

We recently announced an agreement with a large operator in the Giddings Field to install our GARP® artificial lift technology on up to ten wells in the Giddings Field. The wells have already been identified and agreed to by both parties and we are preparing definitive work plans for each.  The agreement can be amended to include additional wells in the future, and we have identified numerous additional candidates in their portfolio. The agreement calls for us to fund a limited portion of the costs of installation and provide use of our technology in return for fee based on 25% of the total net profits from each well.

We also recently announced the hiring of Randy Keys as our new Chief Financial Officer and Executive Vice President for Administration and Marketing of our NGS Technologies subsidiary that is commercializing our GARP® technology. Mr. Keys' experience includes positions in the oil field service sector with Core Laboratories, 3DX Technologies, Coherence Technologies and Flotek Industries.

Mississippian Lime Project

We are testing a portion of the lateral in one well that is higher in structure after plugging off the remainder of the lateral that is lower in structure. It is unlikely that we will expend any further capital on this project during the remainder of fiscal 2014 and are exploring options for this asset.

Liquidity and Capital Resources

At December 31, 2013, the Company had total liquidity of $30.5 million, which included $25.5 million of cash and equivalents and $5 million of availability on a revolving unsecured credit line. At year-end 2013, the Company had no borrowings under its revolver. Consequently, current liquidity combined with expected operating cash flows are more than sufficient to fund Evolution's capital budget in 2014 and meet expected future dividend payments.

Conference Call

As previously announced, Evolution Petroleum will host a conference call on Thursday, February 6th at 11:00 a.m. Eastern (10:00 a.m. Central) to discuss results. To access the call, please dial 1-877-418-5260 (U.S.), 1-412-717-9589 (International) or 1-866-605-3852 (Canada). To listen live or hear a rebroadcast, please go to http://www.evolutionpetroleum.com. A replay will be available one hour after the end of the conference call through February 21, 2014 at 9:00 a.m. Eastern Time by calling 1-877-344-7529 (U.S.) or 1-412-317-0088 (Canada/International) and providing the passcode 10039895. The webcast will also be archived on the Company's website.

About Evolution Petroleum

Evolution Petroleum Corporation develops incremental petroleum reserves and shareholder value by applying conventional and specialized technology to known oil and gas resources, onshore in the United States. Principal assets as of June 30, 2013 include 13.8 MMBOE of proved, 11.2 MMBOE of probable reserves, 3.7 MMBOE of possible reserves, and no debt. Assets include a CO2-EOR project with growing production in Louisiana's Delhi Field and a patented artificial lift technology designed to extend the life and ultimate recoveries of wells with oil or associated water production.  Other assets include royalty interests in almost 3,000 net acres in the Giddings Field and an interest in a joint venture in the Mississippian Lime play in Kay County, OK with substantial probable reserves. Additional information, including the Company's annual report on Form 10-K and its quarterly reports on Form 10-Q, is available on its website at www.evolutionpetroleum.com. Additional information regarding GARP® is available on the www.garplift.com website.

Cautionary Statement

All statements contained in this press release regarding potential results and future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update or review any forward-looking statement, whether as a result of new information, future events, or otherwise. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in our documents filed from time to time with the United States Securities and Exchange Commission and other regulatory authorities. Statements regarding our ability to complete transactions, successfully apply technology applications in the re-development of oil and gas fields, realize future production volumes, realize success in our drilling and development activity and forecasts of legal claims, prices, future revenues, income, cash flows and other comments that are not historical facts contain predictions, estimates and other forward-looking statements. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved and these statements will prove to be accurate. Important factors could cause actual results to differ materially from those included in the forward-looking statements.

Company Contact:
Robert Herlin, CEO
(713) 935-0122
[email protected]

----  financial tables to follow ----

 

Evolution Petroleum Corporation and Subsidiaries

Consolidated Condensed Statements of Operations

(Unaudited)





Three Months Ended



Six Months Ended




December 31,



December 31,




2013



2012



2013



2012

Revenues













Crude oil


$

4,344,765


$

5,379,399


$

8,936,142


$

9,384,821

Natural gas liquids



25,956



86,556



50,102



206,167

Natural gas



21,568



182,103



39,744



348,616

Total revenues



4,392,289



5,648,058



9,025,988



9,939,604














Operating Costs













Lease operating expenses



223,498



419,328



633,345



735,497

Production taxes



13,032



20,863



21,435



42,236

Depreciation, depletion and amortization



327,168



350,119



636,841



647,036

Accretion of discount on asset retirement obligations



12,418



17,751



25,346



38,858

General and administrative expenses *



2,642,082



1,815,276



4,571,033



3,520,700

Restructuring charges** 



1,332,186



---



1,332,186



---

Total operating costs



4,550,384



2,623,337



7,220,186



4,984,327














Income (loss) from operations



(158,095)



3,024,721



1,805,802



4,955,277














Other













Interest income



7,701



5,614



15,404



11,230

Interest (expense)



(16,582)



(16,564)



(33,095)



(32,992)




(8,881)



(10,950)



(17,691)



(21,762)














Income (loss) before income taxes



(166,976)



3,013,771



1,788,111



4,933,515














Income tax provision



241,907



1,054,499



724,543



1,814,717














Net Income (Loss)


$

(408,883)


$

1,959,272


$

1,063,568


$

3,118,798














Dividends on Preferred Stock



168,576



168,576



337,151



337,151














Net income (loss) available to common shareholders


$

(577,459)


$

1,790,696


$

726,417


$

2,781,647














Basic


$

(0.02)


$

0.06


$

0.03


$

0.10














Diluted


$

(0.02)


$

0.06


$

0.02


$

0.09














Weighted average number of common shares


























Basic



30,063,676



28,071,317



29,335,498



28,032,223














Diluted



30,063,676



31,856,417



32,377,918



31,836,983














 

* General and administrative expenses for the three months ended December 31, 2013 and 2012 included non-cash stock-based compensation expense of $316,422 and $393,579, respectively.  For the corresponding six month period's non-cash stock-based compensation expense was $689,860 and $747,369, respectively.


** Restructuring charges for the three and six months ended December 31, 2013 included non-cash stock-based compensation expense of $376,365.

 

Evolution Petroleum Corporation and Subsidiaries

Consolidated Condensed Balance Sheets

(Unaudited)





December 31,



June 30,




2013



2013

Assets







Current assets







Cash and cash equivalents


$

25,542,782


$

24,928,585

Certificate of deposit



---



250,000

Receivables







Oil and natural gas sales



1,497,561



1,632,853

Income taxes



281,970



281,970

Joint interest partner



2,368



49,063

Other



12,088



918

Deferred tax asset



26,133



26,133

Prepaid expenses and other current assets



633,980



266,554

Total current assets



27,996,882



27,436,076








Property and equipment, net of depreciation, depletion, and amortization







Oil and natural gas properties — full-cost method of accounting, of which $4,258,459 and $4,112,704 at December 31, 2013 and June 30, 2013, respectively, were excluded from amortization



38,244,071



38,789,032

Other property and equipment



48,182



52,217

Total property and equipment



38,292,253



38,841,249








Advances to joint interest operating partner



43,646



26,059

Other assets



235,972



252,912








Total assets


$

66,568,753


$

66,556,296








Liabilities and Stockholders' Equity







Current liabilities







Accounts payable


$

325,294


$

642,018

Due to joint interest partner



86,289



127,081

Accrued compensation



743,804



1,385,494

Accrued restructuring charges



955,821



---

Royalties payable



139,553



91,427

Income taxes payable



---



233,548

Other current liabilities



537,114



153,182

Total current liabilities



2,787,875



2,632,750








Long term liabilities







Deferred income taxes



8,748,636



8,418,969

Asset retirement obligations



156,756



615,551

Deferred rent



44,293



52,865








Total liabilities



11,737,560



11,720,135








Commitments and contingencies














Stockholders' equity







Preferred stock, par value $0.001; 5,000,000 shares authorized: 8.5% Series A Cumulative Preferred Stock, 1,000,000 shares authorized, 317,319 shares issued and outstanding at December 31, 2013, and June 30, 2013 with a liquidation preference of $7,932,975 ($25.00 per share)



317



317

Common stock; par value $0.001; 100,000,000 shares authorized: issued 32,062,186 shares at December 31, 2013, and 29,410,858 at June 30, 2013; outstanding 32,062,186 shares and 28,608,969 shares as of December 31, 2013 and June  30, 2013, respectively



32,062



29,410

Additional paid-in capital



33,264,497



31,813,239

Retained earnings



21,534,317



24,013,035




54,831,193



55,856,001

Treasury stock, at cost,  no shares and 801,889 shares as of December 31, 2013 and June 30, 2013, respectively



---



(1,019,840)








Total stockholders' equity



54,831,193



54,836,161








Total liabilities and stockholders' equity


$

66,568,753


$

66,556,296

 

Evolution Petroleum Corporation and Subsidiaries

Consolidated Condensed Statements of Cash Flows

(Unaudited)








Six Months Ended

December 31,




2013



2012

Cash flows from operating activities







Net Income


$

1,063,568


$

3,118,798

Adjustments to reconcile net income to net cash provided by operating activities:







Depreciation, depletion and amortization



657,265



667,461

Stock-based compensation



689,860



747,369

Stock-based compensation  related to restructuring



376,365



---

Accretion of discount on asset retirement obligations



25,346



38,858

Settlements of asset retirement obligations



(57,247)



(47,026)

Deferred income taxes



329,667



1,498,760

Deferred rent



(8,574)



(8,574)

Changes in operating assets and liabilities:







Receivables from oil and natural gas sales



135,292



(797,933)

Receivables from income taxes and other



(11,170)



(116)

Due to/from joint interest partner



4,687



40,050

Prepaid expenses and other current assets



(367,426)



48,591

Accounts payable and accrued expenses



174,842



(390,979)

Royalties payable



48,126



(74,876)

Income taxes payable



(233,548)



115,801

Net cash provided by operating activities



2,827,053



4,956,184








Cash flows from investing activities







Proceeds from asset sales



544,442



3,054,976

Capital expenditures for oil and natural gas properties



(856,943)



(4,013,430)

Capital expenditures for other property and equipment



(9,637)



Other assets



(5,957)



(26,110)

Net cash used in investing activities



(328,095)



(984,564)








Cash flows from financing activities







Proceeds on exercise of incentive stock options



2,141,500



---

Cash dividends to preferred stockholders



(337,151)



(337,151)

Cash dividends to common stockholders



(3,205,135)



---

Purchases of treasury stock



(1,127,801)



(16,968)

Windfall tax benefit



386,976



---

Maturity of certificate of deposit



250,000



---

Recovery of short swing profits



6,850



Deferred loan costs





(16,211)

Net cash used in financing activities



(1,884,761)



(370,330)








Net increase in cash and cash equivalents



614,197



3,601,290








Cash and cash equivalents, beginning of period



24,928,585



14,428,548








Cash and cash equivalents, end of period


$

25,542,782


$

18,029,838

 

Supplemental Information:




Six Months Ended



December 31,



2013


2012

Income taxes paid

$

755,564

$

200,156






Non-cash transactions:





Change in accounts payable used to acquire oil and natural gas leasehold interests and develop oil and natural gas properties


(225,062)


31,885

Change in due to joint interest partner used to acquire oil and natural gas leasehold interests and develop oil and natural gas properties


1,216


(435,833)

Oil and natural gas properties incurred through recognition of asset retirement obligations


48,988


8,558

Previously acquired Company shares swapped by holders to pay stock option exercise price


618,606


---

 

Results of Operations - Quarter




Three Months Ended








December 31,




%





2013



2012



Variance



Change
















Sales Volumes, net to the Company:




























Crude oil (Bbl)



44,930



52,270



(7,340)



(14.0)

%















NGLs (Bbl)



847



2,378



(1,531)



(64.4)

%















Natural gas (Mcf)



6,723



56,210



(49,487)



(88.0)

%

Crude oil, NGLs and natural gas (BOE)



46,898



64,016



(17,118)



(26.7)

%















Revenue data:




























Crude oil


$

4,344,765


$

5,379,399


$

(1,034,634)



(19.2)

%















NGLs



25,956



86,556



(60,600)



(70.0)

%















Natural gas



21,568



182,103



(160,535)



(88.2)

%

Total revenues


$

4,392,289


$

5,648,058


$

(1,255,769)



(22.2)

%















Average price:














Crude oil (per Bbl)


$

96.70


$

102.92


$

(6.22)



(6.0)

%

NGLs (per Bbl)



30.64



36.40



(5.76)



(15.8)

%

Natural gas (per Mcf)



3.21



3.24



(0.03)



(0.9)

%

Crude oil, NGLs and natural gas (per BOE)


$

93.66


$

88.23


$

5.43



6.2

%















Expenses (per BOE)














Lease operating expense


$

4.77


$

6.55


$

(1.78)



(27.2)

%

Production taxes


$

0.28


$

0.33


$

(0.05)



(15.2)

%

Depletion expense on oil and natural gas properties (a)


$

6.80


$

5.24


$

1.56



29.8

%

 

(a)

Excludes depreciation of office equipment, furniture and fixtures, and other assets of $8,222 and $14,462, for the three months ended December 31, 2013 and 2012, respectively.

 

Results of Operations – YTD




Six Months Ended

December 31,




%




2013


2012


Variance


Change












Sales Volumes, net to the Company:




















Crude oil (Bbl)


86,745


91,352


(4,607)


(5.0)

%











NGLs (Bbl)


1,644


5,759


(4,115)


(71.5)

%











Natural gas (Mcf)


12,910


122,079


(109,169)


(89.4)

%

Crude oil, NGLs and natural gas (BOE)


90,541


117,457


(26,916)


(22.9)

%











Revenue data:




















Crude oil

$

8,936,142

$

9,384,821

$

(448,679)


(4.8)

%











NGLs


50,102


206,167


(156,065)


(75.7)

%











Natural gas


39,744


348,616


(308,872)


(88.6)

%

Total revenues

$

9,025,988

$

9,939,604

$

(913,616)


(9.2)

%











Average price:










Crude oil (per Bbl)

$

103.02

$

102.73

$

0.29


0.3

%

NGLs (per Bbl)


30.48


35.80


(5.32)


(14.9)

%

Natural gas (per Mcf)


3.08


2.86


0.22


7.7

%

Crude oil, NGLs and natural gas (per BOE)

$

99.69

$

84.62

$

15.07


17.8

%











Expenses (per BOE)










Lease operating expenses

$

7.00

$

6.26

$

0.74


11.8

%

Production taxes

$

0.24

$

0.36

$

(0.12)


(33.3)

%

Depletion expense on oil and natural gas properties (a)

$

6.86

$

5.28

$

1.58


29.9

%











 

(a)

Excludes depreciation of office equipment, furniture and fixtures, and other assets of $16,143 and $26,711 for the six months ended December 31, 2013 and 2012, respectively.

 

SOURCE Evolution Petroleum Corporation

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MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with APIs within the next year.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...
In his keynote at 16th Cloud Expo, Rodney Rogers, CEO of Virtustream, discussed the evolution of the company from inception to its recent acquisition by EMC – including personal insights, lessons learned (and some WTF moments) along the way. Learn how Virtustream’s unique approach of combining the economics and elasticity of the consumer cloud model with proper performance, application automation and security into a platform became a breakout success with enterprise customers and a natural fit for the EMC Federation.
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect their organization.
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 session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, discussed IoE and the enormous opportunities it provides to public and private firms alike. She will share what businesses must do to thrive in the IoE economy, citing examples from several industry sectors.
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.
Akana has released Envision, an enhanced API analytics platform that helps enterprises mine critical insights across their digital eco-systems, understand their customers and partners and offer value-added personalized services. “In today’s digital economy, data-driven insights are proving to be a key differentiator for businesses. Understanding the data that is being tunneled through their APIs and how it can be used to optimize their business and operations is of paramount importance,” said Alistair Farquharson, CTO of Akana.
Business as usual for IT is evolving into a "Make or Buy" decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud business applications and services across multiple cloud delivery models.
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI Intelligence, he worked analyzing bank technology for Corporate Insight and The Clearing House Payment...
"Optimal Design is a technology integration and product development firm that specializes in connecting devices to the cloud," stated Joe Wascow, Co-Founder & CMO of Optimal Design, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and simplified management of data on complex storage networks. CommVault's exclusive single-platform architecture gives companies unp...
Electric Cloud and Arynga have announced a product integration partnership that will bring Continuous Delivery solutions to the automotive Internet-of-Things (IoT) market. The joint solution will help automotive manufacturers, OEMs and system integrators adopt DevOps automation and Continuous Delivery practices that reduce software build and release cycle times within the complex and specific parameters of embedded and IoT software systems.
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.