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IMAX Corporation Reports First Quarter 2014 Financial Results

HIGHLIGHTS

NEW YORK, April 24, 2014 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX; TSX: IMX) today reported first quarter 2014 revenues of $48.2 million, adjusted EBITDA as calculated in accordance with the Company's credit facility of $12.6 million, adjusted net income of $3.3 million, or $0.05 per diluted share, and reported net income of $0.6 million, or $0.01 per diluted share.  

IMAX Logo

"We made significant progress towards our long-term goals this quarter through our multi-picture agreement with Disney and our recently announced transaction with investors in IMAX China.  We also had a very strong signings quarter, with 36 new theatres signed, driven by a robust 23 signings in strategically-important Europe," said Richard L. Gelfond, IMAX CEO.  "While first-quarter box office is traditionally the softest of the year, just a few weeks into the second quarter, we are encouraged by the strong international opening of The Amazing Spider-Man 2 – just one of the many highly anticipated movies in our portfolio of films for the remainder of year."

Network Growth Update

The total IMAX® theatre network consisted of 840 systems as of March 31, 2014, of which 707 were in commercial multiplexes. There were 431 theatres in backlog as of March 31, 2014, compared to 283 in backlog as of March 31, 2013.  In the first quarter of 2014, the Company signed contracts for 36 theatres, of which 35 were for new locations and 1 was for an upgrade.  In the quarter, the Company installed 10 theatres, of which 8 were for new theatre locations.  For a breakdown of theatre system signings, installations, network and backlog by type, please see the end of this press release.

"The significant level of interest in our business worldwide is promising and underscores how the IMAX brand has become synonymous with the ultimate way to experience blockbuster films," stated Mr. Gelfond. "We are excited for what the future holds for IMAX.  We believe that our network growth, the continued commitment from our partners and our consumers' enthusiasm globally, combined with our portfolio of films in 2014 and beyond, will continue to solidify our position as a unique and dominant player in the global entertainment industry."

First-Quarter Segment Results

  • Revenue from sales and sales-type leases was $4.5 million in the first quarter of 2014, compared to $9.8 million in the first quarter of 2013, primarily reflecting the installation of 3 full, new theatre systems under sales and sales-type lease arrangements in the most recent first quarter, compared to the 6 sales and sales-type theatres the Company installed in the first quarter of 2013. In addition, there were 2 digital system upgrades (1 sales-type and 1 joint revenue-sharing) in existing locations in the first quarter of 2014, compared to 7 upgrades (all sales-type) in the first quarter of 2013.
  • Revenue from joint revenue-sharing arrangements was $10.9 million in the quarter, compared to $9.4 million in the prior-year period.  During the quarter, the Company installed 5 new theatres under joint revenue-sharing arrangements, compared to 4 in the year-ago period.  The Company had 388 theatres operating under joint revenue-sharing arrangements as of March 31, 2014, as compared to 319 theatres one year prior.
  • Production and IMAX DMR® (Digital Re-Mastering) revenues were $15.2 million in the first quarter of 2014, compared to $14.4 million in the first quarter of 2013.  Gross box office from DMR titles was $138.5 million in the first quarter of 2014, compared to $128.7 million in the prior-year period.  The average global DMR box office per screen in the first quarter of 2014 was $197,000 compared to $212,900 in the prior-year period.

Conference Call

The Company will host a conference call today at 8:30 AM ET to discuss its first quarter 2014 financial results.  To access the call via telephone, interested parties in the US and Canada should dial (800) 820-0231 approximately 5 to 10 minutes before it begins.  International callers should dial (416) 640-5926. The participant passcode for the call is 2860379. This call is also being webcast by Thomson Financial and can be accessed on the 'Investor Relations' section of www.imax.com.  A replay of the call will be available via webcast on the 'Investor Relations' section of www.imax.com or via telephone by dialing (888) 203-1112 (US and Canada), or (647) 436-0148 (international). The Conference ID for the telephone replay is 2860379.

About IMAX Corporation

IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.

IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing.  As of March 31, 2014, there were 840 IMAX theatres (707 commercial multiplexes, 18 commercial destinations and 115 institutions) in 57 countries.

IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX nXos® are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).

This press release contains forward looking statements that are based on IMAX management's assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. Important factors that could affect these statements include, but are not limited to, general economic, market or business conditions; the opportunities (or lack thereof) that may be presented to and pursued by the Company; the performance of IMAX DMR films; competitive actions by other companies; conditions in the in-home and out-of-home entertainment industries; the signing of theater system agreements; changes in laws or regulations; conditions, changes and developments in the commercial exhibition industry; the failure to convert theater system backlog into revenue; risks associated with investments and operations in foreign jurisdictions and any future international expansion, including those related to economic, political and regulatory policies of local governments and laws and policies of the United States and Canada; risks related to the Company's growth and operations in China; the failure to respond to change and advancements in digital technology; risks related to the acquisition of AMC Entertainment Holdings, Inc. by Dalian Wanda Group Co., Ltd.; risks related to new business initiatives; the potential impact of increased competition in the markets within which the Company operates; risks related to the Company's inability to protect the Company's intellectual property; risks related to Eastman Kodak bankruptcy and the possibility of constrained film supply; risks related to the Company's implementation of a new enterprise resource planning system; risks related to the Company's prior restatements and the related litigation; and other factors, many of which are beyond the control of the Company. These factors, other risks and uncertainties and financial details are discussed in IMAX's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

For additional information please contact:

Investors:

IMAX Corporation, New York

Teri Loxam

212-821-0100

[email protected]

Business Media:

Sloane & Company, New York

Whit Clay

212-446-1864

[email protected]

Media:

IMAX Corporation, New York

Ann Sommerlath

212-821-0155

[email protected]

Entertainment Media:

Principal Communications Group, Los Angeles

Melissa Zuckerman/Paul Pflug

323-658-1555

[email protected]

[email protected]

 

 

Additional Information






Signings and Installations





Mar. 31, 2014








Three Months





Ended Mar. 31,



Theatre Signings:

2014


2013




Full new sales and sales-type lease arrangements        

32

(1)

14

(1)



New joint revenue sharing arrangements

3


3



Total new theatres

35


17











Upgrades of IMAX theatre systems

1


8

(2)(3)


Total Theatre Signings

36


25












Three Months





Ended Mar. 31,



Theatre Installations:

2014


2013




Full new sales and sales-type lease arrangements

3


6




New joint revenue sharing arrangements

5


4



Total new theatres

8


10











Upgrades of IMAX theatre systems

2


7

(2)


Total Theatre Installations

10


17












As of Mar. 31,



Theatre Backlog:

2014


2013




New sales and sales-type lease arrangements

151


135




New joint revenue sharing arrangements

257


136



Total new theatres

408


271











Upgrades of IMAX theatre systems

23


12



Total Theatres in Backlog

431

(4)

283

(5)











As of Mar. 31,



Theatre Network:

2014


2013



Commercial Multiplex Theatres:







Sales and sales-type lease arrangements

319


287




Joint revenue sharing arrangements

388


319



Total Commercial Multiplex Theatres

707


606










Commercial Destination Theatres

18


19



Institutional Theatres

115


113



Total IMAX Theatre Network

840


738









______________________

(1)

Includes three signings which replaced theaters under an existing arrangement in backlog (2013 – one).

(2)

Includes upgrades to xenon-based digital systems under short-term operating lease arrangements (2 signings, 2 installations).

(3)

Includes installation of laser-based digital systems in existing theater (2 signings).

(4)

Includes 23 upgrades to a digital theater system, in an existing IMAX theater location (3 xenon and 20 laser, of which 4 are under joint revenue sharing arrangements).

(5)

Includes 12 upgrades to a digital theater system, in an existing IMAX theater location (5 xenon and 7 laser).

 

Additional Information (continued)

2014 DMR Films:  

To date, IMAX has announced 19 titles so far to be released in 2014.  The Company released 38 titles in 2013.  The Company remains in discussions with virtually every major studio regarding future titles and expects the total number of titles in 2014 to be similar to that in 2013. 

  • Jack Ryan: Shadow Recruit: The IMAX Experience (Paramount Pictures, January 2014);
  • I, Frankenstein: An IMAX 3D Experience (Lionsgate, January 2014);
  • The Monkey King: The IMAX Experience (Global Star Productions, January 2014, China only);
  • Robocop: The IMAX Experience (Metro-Goldwyn-Mayer Studios, Inc., February 2014);
  • 300: Rise of an Empire: An IMAX 3D Experience (Warner Bros. Pictures, March 2014);
  • Need for Speed: An IMAX 3D Experience  (Walt Disney Studios, March 2014, select international markets);
  • Divergent: The IMAX Experience (Summit Entertainment, March 2014);
  • Noah: The IMAX Experience (Paramount Pictures, March 2014);
  • Captain America: The Winter Soldier: An IMAX 3D Experience (Marvel Entertainment, April 2014);
  • Transcendence: The IMAX Experience (Warner Bros. Pictures, April 2014);
  • The Amazing Spider-Man 2: An IMAX 3D Experience (Sony Pictures, May 2014);
  • Godzilla: An IMAX 3D Experience (Warner Bros. Pictures, May 2014);
  • Maleficent: An IMAX 3D Experience (Walt Disney Studios, May 2014);
  • Edge of Tomorrow: An IMAX 3D Experience (Warner Bros. Pictures, June 2014);
  • How to Train Your Dragon 2: An IMAX 3D Experience  (DreamWorks Animation, June 2014, select international markets);
  • Transformers: Age of Extinction: An IMAX 3D Experience (Paramount Pictures, June 2014);
  • Guardians of the Galaxy: An IMAX 3D Experience (Walt Disney Studios, August 2014);
  • Interstellar: The IMAX Experience (Paramount Pictures and Warner Bros. Pictures, November 2014); and
  • The Hobbit: There and Back Again: An IMAX 3D Experience (Warner Bros. Pictures, December 2014).

 

 

IMAX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

In accordance with United States Generally Accepted Accounting Principles

(In thousands of U.S. dollars, except per share amounts)

(Unaudited)






Three Months



Ended March 31,



2014


2013

Revenues






Equipment and product sales

$

6,354


$

10,679

Services


28,872



26,656

Rentals


10,791



9,972

Finance income


2,180



1,984

Other


-



375




48,197



49,666

Costs and expenses applicable to revenues






Equipment and product sales


3,719



5,059

Services


14,350



14,964

Rentals


3,720



3,453

Other


-



-




21,789



23,476

Gross margin


26,408



26,190

Selling, general and administrative expenses


21,312



19,661


(including share-based compensation expense of $3.2 million for the three months

ended March 31, 2014 (2013 - expense of $2.8 million))






Gain on curtailment of postretirement benefit plan


-



(2,185)

Research and development


3,599



3,634

Amortization of intangibles


402



364

Receivable provisions, net of recoveries


287



-

Income from operations


808



4,716

Interest income


16



13

Interest expense


(266)



(345)

Income from operations before income taxes


558



4,384

Provision for income taxes


(72)



(1,203)

Loss from equity-accounted investments, net of tax


(262)



(220)

Income from continuing operations


224



2,961

Net income (loss) from discontinued operations, net of tax


355



(100)

Net income

$

579


$

2,861








Net income per share - basic & diluted:







Net income per share from continuing operations

$

-


$

0.04


Net income per share from discontinued operations


0.01



-



$

0.01


$

0.04















Weighted average number of shares outstanding (000's):







Basic


67,908



66,646


Fully Diluted


69,321



68,690








Additional Disclosure:













Depreciation and amortization(1)

$

7,555


$

8,591








                                                                               


(1)

Includes $0.1 million of amortization of deferred financing costs charged to interest expense for the three months ended March 31, 2014, respectively (2013 - $0.1 million).

 


IMAX CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

In accordance with United States Generally Accepted Accounting Principles

(in thousands of U.S. dollars)

(Unaudited)


As at


As at


March 31,


December 31,


2014


2013

Assets






Cash and cash equivalents

$

29,692


$

29,546

Accounts receivable, net of allowance for doubtful accounts of $838 (December 31, 2013 — $887)


59,942



73,074

Financing receivables


103,752



107,110

Inventories


13,798



9,825

Prepaid expenses


4,641



3,602

Film assets


6,714



7,076

Property, plant and equipment


141,875



132,847

Other assets


27,173



27,034

Deferred income taxes


24,402



24,259

Other intangible assets


27,230



27,745

Goodwill


39,027



39,027

Total assets

$

478,246


$

481,145







Liabilities






Accounts payable

$

14,319


$

19,396

Accrued and other liabilities


57,745



65,232

Deferred revenue


83,409



76,932

Total liabilities


155,473



161,560







Commitments and contingencies












Shareholders' equity






Capital stock, common shares — no par value. Authorized — unlimited number.






    Issued and outstanding — 67,957,167 (December 31, 2013 — 67,841,233)


328,685



327,313

Other equity


38,216



36,452

Accumulated deficit


(42,472)



(43,051)

Accumulated other comprehensive loss


(1,656)



(1,129)

Total shareholders' equity


322,773



319,585

Total liabilities and shareholders' equity

$

478,246


$

481,145














 

IMAX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

In accordance with United States Generally Accepted Accounting Principles

(In thousands of U.S. dollars)

(Unaudited)



Three Months



Ended March 31,



2014


2013

Cash provided by (used in):





Operating Activities






Net income

$

579


$

2,861


Net (income) loss from discontinued operations


(355)



100

Adjustments to reconcile net income to cash from operations:







Depreciation and amortization


7,555



8,591


Write-downs, net of recoveries


518



-


Change in deferred income taxes


(75)



904


Stock and other non-cash compensation


3,281



3,000


Gain on curtailment of postretirement benefit plan


-



(2,185)


Unrealized foreign currency exchange loss


646



189


Loss from equity-accounted investments


346



220

Investment in film assets


(1,888)



(3,866)

Changes in other non-cash operating assets and liabilities


2,755



(10,703)

Net cash provided by (used in) operating activities from discontinued operations


572



(100)


Net cash provided by (used in) operating activities


13,934



(989)








Investing Activities






Purchase of property, plant and equipment


(7,927)



(3,315)

Investment in joint revenue sharing equipment


(5,506)



(8,717)

Acquisition of other intangible assets


(287)



(778)


Net cash used in investing activities


(13,720)



(12,810)








Financing Activities






Common shares issued - stock options exercised


742



2,485

Settlement of restricted share units


(789)



-

Increase in bank indebtedness


-



12,000

Repayment of bank indebtedness


-



(5,000)

Credit facility amendment fees paid


-



(1,881)


Net cash (used in) provided by financing activities


(47)



7,604








Effects of exchange rate changes on cash


(21)



17








Increase (decrease) in cash and cash equivalents during the period


146



(6,178)








Cash and cash equivalents, beginning of period


29,546



21,336

Cash and cash equivalents, end of period

$

29,692


$

15,158









 

IMAX CORPORATION

SELECTED FINANCIAL DATA

In accordance with United States Generally Accepted Accounting Principles

(in thousands of U.S. dollars)


The Company has seven reportable segments identified by category of product sold or service provided: IMAX systems; theater system maintenance; joint revenue sharing arrangements; film production and IMAX DMR; film distribution; film post-production; and other. The IMAX systems segment designs, manufactures, sells or leases IMAX theater projection system equipment. The theater system maintenance segment maintains IMAX theater projection system equipment in the IMAX theater network. The joint revenue sharing arrangements segment provides IMAX theater projection system equipment to an exhibitor in exchange for a share of box-office and concession revenues. The film production and IMAX DMR segment produces films and performs film re-mastering services. The film distribution segment distributes films for which the Company has distribution rights. The film post-production segment provides film post-production and film print services. The other segment includes certain IMAX theaters that the Company owns and operates, camera rentals and other miscellaneous items.


 




Three Months




Ended March 31,




2014


2013

Revenue






IMAX Theater Systems







IMAX Systems








Sales and sales-type leases

$

4,507


$

9,796



Ongoing rent, fees, and finance income


3,253



2,942



Other


1,512



1,780





9,272



14,518


Theater system maintenance


8,195



7,789


Joint revenue sharing arrangements


10,856



9,376









Film







Production and IMAX DMR


15,185



14,355


Film distribution and post-production


4,689



3,628





19,874



17,983

Total

$

48,197


$

49,666









Gross margins






IMAX Theater Systems







IMAX systems(1)








Sales and sales-type leases

$

1,659


$

5,284



Ongoing rent, fees, and finance income


3,114



2,907



Other


(438)



(198)





4,335



7,993


Theater system maintenance


3,001



3,054


Joint revenue sharing arrangements(1)


7,283



6,159









Film







Production and IMAX DMR(1)


11,074



9,213


Film distribution and post-production


715



(229)





11,789



8,984

Total

$

26,408


$

26,190

_________

(1)

  IMAX systems include marketing and commission costs of $0.2 million for the three months ended March 31, 2014 (2013 — $0.3 million). Joint revenue sharing arrangements segment margins include advertising, marketing and commission costs of $0.2 million for the three months ended March 31, 2014 (2013 — $0.2 million). Production and DMR segment margins include marketing costs of $1.1 million for the three months ended March 31, 2014 (2013 — $0.9 million). Distribution segment margins include marketing costs of $0.2 million for the three months ended March 31, 2014 (2013 — $0.1 million).

 

IMAX CORPORATION

OTHER INFORMATION

 (in thousands of U.S. dollars)


Non-GAAP Financial Measures:


In this release, the Company presents adjusted EBITDA, adjusted net income and adjusted net income per diluted share as supplemental measures of performance of the Company, which are not recognized under United States generally accepted accounting principles ("GAAP"). The Company presents adjusted EBITDA, adjusted net income and adjusted net income per diluted share because it believes that they are important supplemental measures of its comparable controllable operating performance and it wants to ensure that its investors fully understand the impact of its stock-based compensation (net of any related tax impact) on its net income. Management uses these measures to review operating performance on a comparable basis from period to period. However, these non-GAAP measures may not be comparable to similarly titled amounts reported by other companies. Adjusted EBITDA, adjusted net income and adjusted net income per diluted share should be considered in addition to, and not as a substitute for, net income and other measures of financial performance reported in accordance with GAAP.


Adjusted EBITDA is calculated on a basis consistent with the Company's Credit Facility, which refers to Adjusted EBITDA as EBITDA. The Credit Facility provides that the Company will be required to maintain a Fixed Charge Coverage Ratio (as defined in the Credit Agreement) of not less than 1.1:1. The Company will also be required to maintain minimum EBITDA (as defined in the Credit Agreement) of $90.0 million on December 31, 2014, which requirement increases to $100.0 million on December 31, 2015. The Company must also maintain a Maximum Total Leverage Ratio (as defined in the Credit Agreement) of 2.00:1 on December 31, 2014, which requirement decreases to 1.75:1 on December 31, 2015. The ratio of total debt to EBITDA was nil:1 as at March 31, 2014, where Total Debt (as defined in the Credit Agreement) is the sum of all obligations evidenced by notes, bonds, debentures or similar instruments and was $nil. EBITDA is calculated as follows:

 



3 months ended


12 months ended


March 31, 2014


March 31, 2014

(In thousands of U.S Dollars)






Net income

$

579


$

41,833

Add:







Loss from equity accounted investments


262



2,799


Provision for income taxes(1)


289



15,607


Interest expense, net of interest income


250



1,209


Depreciation and amortization, including film asset amortization


7,424



35,616


Write-downs net of recoveries including asset impairments and receivable provisions


518



1,854


Stock and other non-cash compensation


3,281



12,966



$

12,603


$

111,884

______

(1)

Includes a tax provision in discontinued operations of $0.2 million and $0.1 million for the three and twelve months ended March 31, 2014, respectively.

 

IMAX CORPORATION

OTHER INFORMATION

 (in thousands of U.S. dollars)



Adjusted Net Income and Adjusted Diluted Per Share Calculations – Quarter Ended March 31, 2014 vs. 2013:


The Company reported net income of $0.6 million or $0.01 per basic and diluted share for the first quarter of 2014, as compared to net income of $2.9 million or $0.04 per basic share and diluted share for the first quarter of 2013. Net income for the first quarter of 2014 includes a $3.2 million charge, or $0.05 per diluted share, for stock-based compensation (2013 - $2.8 million or $0.04 per diluted share). Adjusted net income, which consists of net income excluding stock-based compensation expense and the related tax impact, was $3.3 million, or $0.05 per diluted share, in the first quarter of 2014, as compared to adjusted net income of $5.6 million, or $0.08 per diluted share, for the first quarter of 2013. A reconciliation of net income, the most directly comparable U.S. GAAP measure, to adjusted net income and adjusted net income per diluted share is presented in the table below:

 



Three Months Ended


Three Months Ended



March 31, 2014


March 31, 2013



Net Income


Diluted EPS


Net Income


Diluted EPS

Reported net income

$

579


$

0.01


$

2,861


$

0.04

Adjustments:













Stock-based compensation


3,188



0.05



2,808



0.04


Tax expense on items listed above


(515)



(0.01)



(105)



-

Adjusted net income

$

3,252


$

0.05


$

5,564


$

0.08














Weighted average diluted shares outstanding





69,321






68,690














 

Free Cash Flow:


Free cash flow is defined as cash provided by operating activities minus cash used in investing activities (from the consolidated statements of cash flows). Cash provided by operating activities consist of net income, plus depreciation and amortization, plus the change in deferred income taxes, plus other non-cash items, plus changes in working capital, less investment in film assets, plus other changes in operating assets and liabilities. Cash used in investing activities includes capital expenditures, acquisitions and other cash used in investing activities. Management views free cash flow, a non-GAAP measure, as a measure of the Company's after-tax cash flow available to reduce debt, add to cash balances, and fund other financing activities. A reconciliation of cash provided by operating activities to free cash flow is presented in the table below:

 



For the



3 months ended


March 31, 2014

(In thousands of U.S. Dollars)



Net cash provided by operating activities        

$

13,934

Net cash (used in) investing activities


(13,720)

Free cash flow

$

214

 

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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 Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change t...
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The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. Big Data at Cloud Expo - to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
Amazon has gradually rolled out parts of its IoT offerings, but these are just the tip of the iceberg. In addition to optimizing their backend AWS offerings, Amazon is laying the ground work to be a major force in IoT - especially in the connected home and office. In his session at @ThingsExpo, Chris Kocher, founder and managing director of Grey Heron, explained how Amazon is extending its reach to become a major force in IoT by building on its dominant cloud IoT platform, its Dash Button strat...
industrial company for a multi-year contract initially valued at over $4.0 million. In addition to DataV software, Bsquare will also provide comprehensive systems integration, support and maintenance services. DataV leverages advanced data analytics, predictive reasoning, data-driven diagnostics, and automated orchestration of remediation actions in order to improve asset uptime while reducing service and warranty costs.
Vidyo, Inc., has joined the Alliance for Open Media. The Alliance for Open Media is a non-profit organization working to define and develop media technologies that address the need for an open standard for video compression and delivery over the web. As a member of the Alliance, Vidyo will collaborate with industry leaders in pursuit of an open and royalty-free AOMedia Video codec, AV1. Vidyo’s contributions to the organization will bring to bear its long history of expertise in codec technolo...