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General Steel Reports Fourth Quarter and Full-Year 2013 Financial Results

Quarterly Operating Margin of 1.7%

BEIJING, March 27, 2014 /PRNewswire/ -- General Steel Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), a leading non-state-controlled steel producer in China, today announced its financial results for the fourth quarter and full year ended December 31, 2013. The Company will file its Annual Report on Form 10-K for the year ended December 31, 2013 with the United States Securities and Exchange Commission following market close on Thursday, March 27, 2014.

"We are encouraged that we were able to deliver nearly $50 million year-over-year improvement in net income for the fourth quarter, despite a very challenging market environment," said Henry Yu, Chairman and Chief Executive Officer of General Steel. "During the fourth quarter, the average selling price of rebar decreased, while the cost of iron ore increased from a quarter ago, and as a result, our gross margin was depressed. Facing this difficult market, we proactively scaled back production and took time in December to conduct a comprehensive equipment maintenance and upgrade, as we anticipate the market will noticeably improve in 2014."

"We believe China's steel industry is entering a new era, as the government is determined to shut down inefficient factories in order to reduce pollution and balance supply. As the sole qualified steel maker elected by the MIIT in our local market in Shaanxi province[1], we are confident that we will not only survive in this new era but also thrive in the eventual improved market environment. We will continue to harvest lower production costs from our newly built continuous-rolling production lines, as well as lower operating costs from our comprehensive benchmarking programs. As such, despite the market difficulties over the past couple of years, I remain very positive due to General Steel's many operational accomplishments during this period, and I'm optimistic that as the overall industry and market environment improves, we are firmly positioned to convert those operational improvements into healthier financial results," Mr. Yu concluded.

John Chen, Chief Financial Officer of General Steel, commented, "We are glad that we were able to earn positive EBITDA for the full year 2013. We made great strides in controlling operating expenses, lowering finance expenses and enhancing funding flexibility. We believe we have considerably strengthened our financial foundation, and are well positioned for the industry's new era."

[1] The Ministry of Industry and Information Technology of China (the "MIIT") issued two batches of List of Enterprises Fulfilling the Iron and Steel Industry Specification in April 2013 and January 2014, respectively. For more details, please refer to the press release "General Steel Included into China's Qualified Steel Maker List" issued by the Company on January 8, 2014.

Fourth Quarter 2013 Financial Information

  • Sales decreased by 24.2% year-over-year to $548.7 million, from $723.4 million in the fourth quarter of 2012.
  • Sales volume decreased by 19.0% year-over-year to approximately 1.2 million metric tons, compared with 1.4 million metric tons in the fourth quarter of 2012.
  • Gross loss was $(32.7) million, compared with a gross profit of $12.0 million in the fourth quarter of 2012.
  • Operating income was $9.2 million, compared with an operating loss of $(54.0) million in the fourth quarter of 2012.
  • Net loss attributable to the Company was approximately $(102,000), or $(0.002) per diluted share, compared with a net loss of $(49.9) million, or $(0.91) per diluted share in the fourth quarter of 2012.
  • As of December 31, 2013, the Company had cash and restricted cash of $431.3 million.

Full Year 2013 Financial Information

  • Sales decreased by 14.0% year-over-year to $2.5 billion, from $2.9 billion in 2012.
  • Sales volume decreased by 4.4% year-over-year to approximately 5.1 million metric tons, compared with 5.3 million metric tons in 2012.
  • Gross loss was $(55.9) million, compared with a gross profit of $32.1 million in 2012.
  • Operating income was $34.4 million, compared with an operating loss of $(95.5) million in 2012.
  • Net loss attributable to the Company narrowed to $(33.0) million, or $(0.60) per diluted share, compared with $(152.7) million, or $(2.78) per diluted share in 2012.

Fourth Quarter 2013 Financial and Operating Results

Total Sales

Total sales for the fourth quarter of 2013 decreased by 24.2% year-over-year to $548.7 million, compared with $723.4 million in the fourth quarter of 2012. The year-over-year revenue decreases were due to a scale back of production for equipment maintenance and upgrade, and a decrease in average selling price of rebar.

  • Total sales volume in the fourth quarter of 2013 was 1.2 million metric tons, a decrease of 19.0% compared with 1.4 million metric tons in the fourth quarter of 2012.
  • The average selling price of rebar at Longmen Joint Venture decreased 12.6% to approximately $474.3 per metric ton in the fourth quarter of 2013 from approximately $542.6 per metric ton in the same period of 2012.

Gross Profit

Gross loss for the fourth quarter of 2014 was $(32.7) million, compared with a gross profit of $12.0 million in the fourth quarter of 2012. The gross loss was mainly due to a lower average selling price for rebar, combined with higher iron ore cost and higher fixed cost per unit associated with a decreased production volume.

Operating Expenses and Operating Income

Selling, general and administrative expenses for the fourth quarter of 2013 decreased 43.1% to $24.8 million, compared to $43.5 million in the fourth quarter of 2012. General and administrative expenses decreased by 47.4% to $15.2 million, compared with $32.1 million in the same period of 2012. The significant decrease in general and administrative expense was mainly due to the impairment charge of $20.2 million during the fourth quarter of 2012, while no additional impairment was charged in 2013, partially offset by a $2.8 million increase in bad debt expenses compared with the same period of last year. Selling expenses decreased 8.3% to $9.5 million, compared to $11.4 million in the same period of 2012. The decrease in selling expense was primarily attributable to the decrease in sales volume and rail transport expense along with it in the fourth quarter of 2013 as compared to the same period in 2012. 

The Company recognized other operating income of $66.7 million due to a change in the fair value of profit sharing liability during the fourth quarter of 2013, compared with a loss of $22.5 million recognized in the same period of last year, which reflects a change in the estimated fair value of the Company's profit sharing liability.

Correspondingly, income from operations for the fourth quarter of 2013 was $9.2 million, compared with a loss from operations of $(54.0) million in the fourth quarter of 2012.

Finance Expense

Finance and interest expense in the fourth quarter of 2013 decreased by 29.0% or $4.3 million from $14.8 million to $10.5 million, mainly attributable to meaningful savings from a reduction of early redemptions of bank notes receivables, and higher utilization of vendor financings during the fourth quarter in 2013.

Net Loss and Net Loss per Share

Net loss attributable to General Steel for the fourth quarter of 2013 was approximately $(102,000), or $(0.002) per diluted share, based on 55.6 million weighted average shares outstanding. This compares to a net loss of $(49.9) million, or $(0.91) per diluted share, based on 54.9 million weighted average shares outstanding in the fourth quarter of 2012.

Full Year 2013 Financial and Operating Results

Total Sales

Total sales for the year 2013 decreased 14.0% year-over-year to $2.5 billion, compared with $2.9 billion in 2012. The year-over-year revenue decreases were due to a decrease in both average selling price and sales volume.

  • Total sales volume in 2013 was 5.1 million metric tons, a decrease of 4.4% compared with 5.3 million metric tons in 2012.
  • The average selling price of rebar at Longmen Joint Venture decreased 12.5% to approximately $490.7 per metric ton in 2013 from approximately $560.6 per metric ton in 2012.

Gross Profit

Due to a steeper decrease in average selling price in the year of 2013, gross loss for 2013 was $(55.9) million, compared with a gross profit of $32.1 million in 2012.

Operating Expenses and Operating Income

Selling, general and administrative expenses for the year of 2013 decreased 19.8% to $84.2 million, compared to $105.1 million in 2012. General and administrative expenses decreased 23.8% to $50.1 million, compared with $65.8 million in 2012. Selling expenses decreased 13.2% to $34.1 million, compared to $39.3 million.

The Company recognized other operating income of $174.6 million due to a change in the fair value of profit sharing liability during the year of 2013, compared with a loss of $(22.5) million recognized for 2012.

Correspondingly, income from operations for the year of 2013 was $34.4 million, compared with a loss from operations of $(95.5) million in 2012.

Finance Expense

Finance and interest expense in 2013 was $91.9 million, of which, $20.8 million was the non-cash interest expense on capital lease as compared with $20.6 million in 2012, and $71.1 million was the interest expense on bank loans and discounted note receivables, as compared with $133.1 million in 2012.

Net Loss and Net Loss per Share

Net loss attributable to General Steel for the year of 2013 was $(33.0) million, or $(0.60) per diluted share, based on 55.1 million weighted average shares outstanding. This compares to a net loss of $(152.7) million, or $(2.78) per diluted share, based on 54.9 million weighted average shares outstanding in 2012.

Balance Sheet

As of December 31, 2013, the Company had cash and restricted cash of approximately $431.3 million, compared to $369.9 million as of December 31, 2012. The Company had an inventory balance of approximately $212.9 million as of December 31, 2013, compared to $212.7 million as of December 31, 2012.

Conference Call and Webcast:

General Steel will hold a corresponding conference call and live webcast at 8:00 a.m. EST on Thursday, March 27, 2014 (which corresponds to 8:00 p.m. Beijing/Hong Kong Time on Thursday, March 27, 2014) to discuss the results and answer questions from investors. Listeners may access the call by dialing 1-877-870-4263 in the US, and 1-412-317-0790 internationally.

The call will also be available as a live, listen-only webcast under the "Events and Presentations" page on the "Investor Relations" section of the Company's website at http://www.mzcan.com/us/GSI/irwebsite/index.php?mod=event. Following the live webcast, an online archive will be available for 90 days.

About General Steel Holdings, Inc.

General Steel Holdings, Inc., headquartered in Beijing, China, produces a variety of steel products including rebar, high-speed wire and spiral-weld pipe. The Company has operations in China's Shaanxi and Guangdong provinces, Inner Mongolia Autonomous Region and Tianjin municipality, with seven million metric tons of crude steel production capacity under management. For more information, please visit www.gshi-steel.com.

To be added to the General Steel email list to receive Company news, or to request a hard copy of the Company's Annual Report on Form 10-K, please send your request to [email protected].

Forward-Looking Statements

This press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs about future events and financial, political and social trends and assumptions it has made based on information currently available to it. The Company cannot assure that any expectations, forecasts or assumptions made by management in preparing these forward-looking statements will prove accurate, or that any projections will be realized. Actual results could differ materially from those projected in the forward-looking statements as a result of inaccurate assumptions or a number of risks and uncertainties. These risks and uncertainties are set forth in the Company's filings under the Securities Act of 1933 and the Securities Exchange Act of 1934 under "Risk Factors" and elsewhere, and include: (a) those risks and uncertainties related to general economic conditions in China, including regulatory factors that may affect such economic conditions; (b) whether the Company is able to manage its planned growth efficiently and operate profitable operations, including whether its management will be able to identify, hire, train, retain, motivate and manage required personnel or that management will be able to successfully manage and exploit existing and potential market opportunities; (c) whether the Company is able to generate sufficient revenues or obtain financing to sustain and grow its operations; (d) whether the Company is able to successfully fulfill our primary requirements for cash; and (e) other risks, including those disclosed in the Company's Annual Report on Form 10-K, filed with the United States Securities and Exchange Commission.  Forward-looking statements contained herein speak only as of the date of this release. The Company does not undertake any obligation to update or revise publicly any forward-looking statements, whether to reflect new information, future events or otherwise.

Contact Us

General Steel Holdings, Inc.

In China:
Jenny Wang
Tel: +86-10-5775-7691
Email: [email protected]

In the US:
Joyce Sung
Tel: +1-347-534-1435
Email: [email protected]

Asia Bridge Capital Limited
Carene Toh
Tel: +1-888-957-3362
Email: [email protected]

 


GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(In thousands)





December 31,


December 31,

ASSETS

2013


2012

CURRENT ASSETS:







 Cash

$

 

31,967


$

46,467


 Restricted cash


399,333



323,420


 Notes receivable


60,054



145,502


 Restricted notes receivable


395,589



357,900


 Loans receivable - related parties


4,540



69,319


 Accounts receivable, net


4,078



6,695


 Accounts receivable - related parties


2,942



14,966


 Other receivables, net


54,716



8,407


 Other receivables - related parties


54,106



68,382


 Inventories


212,921



212,671


 Advances on inventory purchase


44,897



79,715


 Advances on inventory purchase - related parties


83,003



46,416


 Prepaid expense and other


1,388



450


 Prepaid taxes


28,407



24,116


 Short-term investment


2,783



2,619

TOTAL CURRENT ASSETS


1,380,724



1,407,045








 PLANT AND EQUIPMENT, net


1,271,907



1,167,836








 OTHER ASSETS:







 Advances on equipment purchase


6,409



6,499


 Long-term other receivable


-



43,008


 Investment in unconsolidated entities


16,943



1,166


 Long-term deferred expense


668



1,062


 Intangible assets, net of accumulated amortization


23,707



24,066

TOTAL OTHER ASSETS


47,727



75,801








TOTAL ASSETS

$

2,700,358


$

2,650,682








LIABILITIES AND DEFICIENCY












 CURRENT LIABILITIES:







 Short term notes payable

$

1,017,830


$

983,813


 Accounts payable


434,979



352,052


 Accounts payable - related parties


235,692



177,432


 Short term loans - bank


301,917



147,124


 Short term loans - others


62,067



147,323


 Short term loans - related parties


126,693



79,557


 Current maturities of long-term loans - related party


53,013



54,885


 Other payables and accrued liabilities


45,653



54,589


 Other payable - related parties


94,079



73,025


 Customer deposits


87,860



125,890


 Customer deposits - related parties


64,881



21,998


 Deposit due to sales representatives


24,343



33,870


 Deposit due to sales representatives - related parties


1,997



1,238


 Taxes payable


4,628



16,674


 Deferred lease income, current


2,187



2,120


 Capital lease obligations, current


4,321



-


TOTAL CURRENT LIABILITIES


2,562,140



2,271,590








 NON-CURRENT LIABILITIES:







 Long-term loans - related party


19,644



38,088


 Long-term other payable - related party


-



43,008


 lease income, noncurrent


75,257



75,079


 Capital lease obligations, noncurrent


375,019



330,099


 Profit sharing liability


162,295



328,827


 TOTAL NON-CURRENT LIABILITIES


632,215



815,101








TOTAL LIABILITIES


3,194,355



3,086,691








 COMMITMENTS AND CONTINGENCIES













DEFICIENCY:







Preferred stock, $0.001 par value, 50,000,000 
   shares authorized, 3,092,899 shares issued and 
   outstanding as of December 31, 2013 and 
   December 31, 2012


3



3


Common stock, $0.001 par value, 200,000,000 
   shares authorized, 58,234,688 and 57,269,838 
   shares issued, 55,762,382 and 54,797,532 shares 
   outstanding as of December 31, 2013 and
   December 31, 2012, respectively


58



57


 Treasury stock, at cost, 2,472,306 shares as of
   December 31, 2013 and December 31, 2012


(4,199)



(4,199)


   Paid-in-capital


106,878



105,714


   Statutory reserves


6,243



6,076


   Accumulated deficits


(414,798)



(381,782)


   Accumulated other comprehensive income


729



10,185


TOTAL GENERAL STEEL HOLDINGS, INC. DEFICIENCY


(305,086)



(263,946)








 NONCONTROLLING INTERESTS


(188,911)



(172,063)


TOTAL DEFICIENCY


(493,997)



(436,009)








TOTAL LIABILITIES AND DEFICIENCY

$

2,700,358


$

2,650,682

 

 

 

GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

(In thousands, except per share data)




For the

Three months ended December 31,


For the

Twelve months ended December 31,



2013


2012


2013


2012














SALES


$

482,218


$

525,066


$

2,016,548


$

1,966,391














SALES - RELATED PARTIES



66,492



198,378



447,199



897,202

  TOTAL SALES



548,710



723,444



2,463,747



2,863,593














COST OF GOODS SOLD



511,741



504,204



2,062,570



1,930,793














COST OF GOODS SOLD - RELATED
PARTIES



69,669



 

 

207,199



457,115



900,681

  TOTAL COST OF GOODS SOLD



581,410



711,403



2,519,685



2,831,474














GROSS (LOSS) PROFIT



(32,700)



12,041



(55,938)



32,119














SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES



(24,762)



(43,529)



(84,226)



(105,077)

CHANGE IN FAIR VALUE OF PROFIT
SHARING LIABILITY



66,692



(22,499)



174,569



(22,499)














INCOME (LOSS) FROM OPERATIONS



9,230



 

(53,987)



34,405



(95,457)














OTHER INCOME (EXPENSE)













  Interest income



2,557



2,020



11,214



15,059

  Finance/interest expense



(10,523)



(14,814)



(91,878)



(153,743)

  Change in fair value of derivative liabilities



-



57



1



9

  Gain (loss) on disposal of equipment and
intangible assets



311



 

(2,311)



424



(2,134)

  Government grant



4,216



2,253



4,216



2,253

  Income from equity investments



66



137



203



217

  Foreign currency transaction gain (loss)



946



(79)



1,394



(1,248)

  Lease income



545



531



2,158



2,119

  Gain on deconsolidation of a subsidiary



1,011



-



1,011



-

  Payment for public highway construction



(6,462)






(6,462)




  Other non-operating income (expense), net



(516)



(1,533)



1,043



1,783

    Other expense, net



(7,849)



(13,739)



(76,676)



(135,685)

INCOME (LOSS) BEFORE PROVISION FOR
INCOME TAXES AND NONCONTROLLING
INTEREST



1,381



 

(67,726)



(42,271)



(231,142)














PROVISION FOR INCOME TAXES













  Current



153



117



354



627

  Deferred



-



-



-



169

    Provision for income taxes



153



 

117



354



796














NET INCOME (LOSS)



1,228



(67,843)



(42,625)



(231,938)














Less: Net income (loss) attributable to
noncontrolling interest



1,330



(17,905)



(9,609)



(79,241)














NET LOSS ATTRIBUTABLE TO GENERAL
STEEL HOLDINGS, INC.


$

(102)


$

(49,938)


$

(33,016)


$

(152,697)














NET INCOME (LOSS)


$

1,228


$

(67,843)


$

(42,625)


$

(231,938)














OTHER COMPREHENSIVE LOSS













  Foreign currency translation adjustments



(2,142)



(167)



(14,425)



(744)














COMPREHENSIVE LOSS



(914)



(68,010)



(57,050)



(232,682)














Less: Comprehensive loss attributable to
noncontrolling interest



401



(18,249)



(15,107)



(79,970)














COMPREHENSIVE LOSS ATTRIBUTABLE
TO GENERAL STEEL HOLDINGS, INC.


$

(1,315)


$

 

(49,761)


$

(41,943)


$

(152,712)














WEIGHTED AVERAGE NUMBER OF SHARES













  Basic and Diluted



55,570



54,871



55,126



54,867














LOSS PER SHARE













  Basic and Diluted


$

(0.002)


$

(0.91)


$

(0.60)


$

(2.78)

 


GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(In thousands)






For the

Twelve months ended December 31,






2013


2012

CASH FLOWS FROM OPERATING ACTIVITIES:







Net loss

$

(42,625)


$

(231,938)


Adjustments to reconcile net loss to cash provided by (used in) operating activities:






Depreciation, amortization and depletion


89,048



83,931



Impairment of plant and equipment


-



20,173



Change in fair value of derivative liabilities


(1)



(9)



(Gain) loss on disposal of equipment and intangible assets


(424)



2,134



Provision for doubtful accounts


(677)



(157)



Reservation of mine maintenance fee


327



37



Stock issued for services and compensation


1,165



918



Amortization of deferred financing cost on capital lease


20,799



20,623



Income from equity investments


(203)



(217)



Foreign currency transaction (gain) loss


(1,394)



1,248



Gain on deconsolidation of a subsidiary


(1,011)



-



Deferred tax assets


-



169



Deferred lease income


(2,158)



(2,119)



Changes in fair value of profit sharing liability


(174,569)



22,499


Changes in operating assets and liabilities








Notes receivable


25,555



(53,946)



Accounts receivable


1,281



6,694



Accounts receivable - related parties


12,161



5,835



Other receivables


(1,116)



7,221



Other receivables - related parties


(48,017)



1,820



Inventories


(40,632)



86,635



Advances on inventory purchases


25,414



(18,677)



Advances on inventory purchases - related parties


(145,686)



(69,573)



Prepaid expense and other


(916)



(83)



Long-term deferred expense


422



(424)



Prepaid taxes


(3,485)



320



Accounts payable


23,760



(35,719)



Accounts payable - related parties


113,034



90,833



Other payables and accrued liabilities


(10,508)



14,138



Other payables - related parties


8,332



49,991



Customer deposits


(41,069)



34,410



Customer deposits - related parties


41,636



(46,960)



Taxes payable


(12,367)



4,957




Net cash used in operating activities


(163,924)



(5,236)

CASH FLOWS FROM INVESTING ACTIVITIES:







Restricted cash


(64,860)



78,826


Loans to related parties


(200)



(69,299)


Repayments from related parties


1,660



-


Cash proceeds from (made to) short term investment


(81)



317


Cash proceeds from sales of equipment and intangible assets


160



337


Long-term other receivable


-



(42,994)


Equipment purchase and intangible assets


(43,355)



(27,976)


Cash proceeds from sale of equity ownership


13,619



-


Effect on cash due to deconsolidation of a subsidiary


(12,735)



(2,975)




Net cash used in investing activities


(105,792)



(63,764)











CASH FLOWS FINANCING ACTIVITIES:







Capital contributed by noncontrolling interest


18,028



-


Payments made for treasury stock acquired


-



(1,404)


Notes receivable - restricted


(26,066)



232,218


Borrowings on short term notes payable


1,913,987



1,923,584


Payments on short term notes payable


(1,911,006)



(2,064,571)


Borrowings on short term loans - bank


371,685



260,611


Payments on short term loans - bank


(222,104)



(371,241)


Borrowings on short term loan - others


69,632



184,890


Payments on short term loans - others


(72,989)



(284,242)


Borrowings on short term loan - related parties


393,833



356,989


Payments on short term loans - related parties


(248,119)



(297,718)


Deposits due to sales representatives


(10,455)



10,743


Deposit due to sales representatives - related parties


711



286


Payments on current maturities of long-term loans - related party


(22,940)



-


Principal payment under capital lease obligation


(218)



-


Long-term other payable - related party


-



42,994




Net cash provided by (used in) financing activities


253,979



(6,861)

EFFECTS OF EXCHANGE RATE CHANGE IN CASH


1,237



2,312

DECREASE IN CASH


(14,500)



(73,549)

CASH, beginning of period


46,467



120,016

CASH, end of period

$

31,967


$

46,467











SOURCE General Steel Holdings, Inc.

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SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and E...
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, introduced the technologies required for implementing these idea...
"A lot of times people will come to us and have a very diverse set of requirements or very customized need and we'll help them to implement it in a fashion that you can't just buy off of the shelf," explained Nick Rose, CTO of Enzu, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud enviro...
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
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.
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now ...
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, discussed the impact of technology on identity. Sho...
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.