Welcome!

.NET Authors: Yeshim Deniz, Carmen Gonzalez, Greg O'Connor, Pat Romanski, Elizabeth White

News Feed Item

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

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
Samsung VP Jacopo Lenzi, who headed the company's recent SmartThings acquisition under the auspices of Samsung's Open Innovaction Center (OIC), answered a few questions we had about the deal. This interview was in conjunction with our interview with SmartThings CEO Alex Hawkinson. IoT Journal: SmartThings was developed in an open, standards-agnostic platform, and will now be part of Samsung's Open Innovation Center. Can you elaborate on your commitment to keep the platform open? Jacopo Lenzi: Samsung recognizes that true, accelerated innovation cannot be driven from one source, but requires a...
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, a...
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Robin Raymond, Chief Architect at Hookflash Inc., will walk through the shifting landscape of traditional telephone a...
BSQUARE is a global leader of embedded software solutions. We enable smart connected systems at the device level and beyond that millions use every day and provide actionable data solutions for the growing Internet of Things (IoT) market. We empower our world-class customers with our products, services and solutions to achieve innovation and success. For more information, visit www.bsquare.com.
SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic • Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happens, where data lives and where the interface lies. For instance, it’s a mix of architectural style...
SYS-CON Events announced today that SOA Software, an API management leader, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. SOA Software is a leading provider of API Management and SOA Governance products that equip business to deliver APIs and SOA together to drive their company to meet its business strategy quickly and effectively. SOA Software’s technology helps businesses to accelerate their digital channels with APIs, drive partner adoption, monetize their assets, and achieve a...
From a software development perspective IoT is about programming "things," about connecting them with each other or integrating them with existing applications. In his session at @ThingsExpo, Yakov Fain, co-founder of Farata Systems and SuranceBay, will show you how small IoT-enabled devices from multiple manufacturers can be integrated into the workflow of an enterprise application. This is a practical demo of building a framework and components in HTML/Java/Mobile technologies to serve as a platform that can integrate new devices as they become available on the market.
SYS-CON Events announced today that Utimaco will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Utimaco is a leading manufacturer of hardware based security solutions that provide the root of trust to keep cryptographic keys safe, secure critical digital infrastructures and protect high value data assets. Only Utimaco delivers a general-purpose hardware security module (HSM) as a customizable platform to easily integrate into existing software solutions, embed business logic and build s...
Connected devices are changing the way we go about our everyday life, from wearables to driverless cars, to smart grids and entire industries revolutionizing business opportunities through smart objects, capable of two-way communication. But what happens when objects are given an IP-address, and we rely on that connection, sometimes with our lives? How do we secure those vast data infrastructures and safe-keep the privacy of sensitive information? This session will outline how each and every connected device can uphold a core root of trust via a unique cryptographic signature – a “bir...
Internet of @ThingsExpo Silicon Valley announced on Thursday its first 12 all-star speakers and sessions for its upcoming event, which will take place November 4-6, 2014, at the Santa Clara Convention Center in California. @ThingsExpo, the first and largest IoT event in the world, debuted at the Javits Center in New York City in June 10-12, 2014 with over 6,000 delegates attending the conference. Among the first 12 announced world class speakers, IBM will present two highly popular IoT sessions, which will take place November 4-6, 2014 at the Santa Clara Convention Center in Santa Clara, Calif...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at Internet of @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, will discuss how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.

SUNNYVALE, Calif., Oct. 20, 2014 /PRNewswire/ -- Spansion Inc. (NYSE: CODE), a global leader in embedded systems, today added 96 new products to the Spansion® FM4 Family of flexible microcontrollers (MCUs). Based on the ARM® Cortex®-M4F core, the new MCUs boast a 200 MHz operating frequency and support a diverse set of on-chip peripherals for enhanced human machine interfaces (HMIs) and machine-to-machine (M2M) communications. The rich set of periphera...

SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue business and deliver exceptional experiences to their customers.
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
The Internet of Things (IoT) is making everything it touches smarter – smart devices, smart cars and smart cities. And lucky us, we’re just beginning to reap the benefits as we work toward a networked society. However, this technology-driven innovation is impacting more than just individuals. The IoT has an environmental impact as well, which brings us to the theme of this month’s #IoTuesday Twitter chat. The ability to remove inefficiencies through connected objects is driving change throughout every sector, including waste management. BigBelly Solar, located just outside of Boston, is trans...
SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.
Predicted by Gartner to add $1.9 trillion to the global economy by 2020, the Internet of Everything (IoE) is based on the idea that devices, systems and services will connect in simple, transparent ways, enabling seamless interactions among devices across brands and sectors. As this vision unfolds, it is clear that no single company can accomplish the level of interoperability required to support the horizontal aspects of the IoE. The AllSeen Alliance, announced in December 2013, was formed with the goal to advance IoE adoption and innovation in the connected home, healthcare, education, aut...
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, a...