Business/Technology Editors
WALTHAM, Mass. and LONDON--(BUSINESS WIRE)--Sept. 25, 2000
FirePond (NASDAQ: FIRE), the leading global provider of integrated e-business solutions for multi-channel selling, today announced that Ford of Europe has successfully deployed FirePond Commerce to support the online marketing of its new Ford Transit product line. The FirePond-driven Ford Transit Web site has now gone live in the United Kingdom, Italy, Germany and France.
Ford Europe initiated its e-business project to support the launch of its new Transit vans and has delivered an innovative solution that integrates a powerful new Internet channel with its strong existing dealer relationships. Following surveys among its dealers and customers, Ford Europe determined that customers wanted an advanced, consultative online tool to research personalized vehicle information prior to making a purchase decision in a dealership. Ford evaluated a number of options, ranging from in-house development to packaged solutions, and selected FirePond, based on its international capabilities, and the ability to align a consultative Internet buying experience with existing Transit branding on the Ford Transit site.
FirePond Commerce and the FirePond Business Rule Engine, FirePond's industry leading sales configurator for Internet selling, power the `Transit Configurator' on the Ford site, enabling visitors to `virtually' build, design and specify a new Ford Transit to meet their individual requirements in a matter of minutes. Users are guided through the vehicle configuration process with a series of structured questions based on the intended usage of the vehicle and the options required, enabling the system to perform a complete customer driven needs analysis. Based on the answers to these questions the system then recommends the ideal vehicle for their needs. The user can then select a Ford Transit dealer in their local area to secure the purchase.
By integrating the FirePond solution into Ford's existing Internet strategy, the company is able to offer an online configurator for the commercial vehicle market, while reinforcing its traditional dealer-based selling channel. Ford chose the FirePond technology because of its scalability and multi-lingual functionality. Initial response from Ford's customers has been very positive and the company plans to expand the offering significantly as the rollout continues.
"By giving users the ability to design their own Transit online, Ford is clearly focused on transforming the brand experience for their customers through innovative Internet initiatives," said Graham Williams, FirePond's senior vice president and managing director of Europe and Asia operations. "Users can now quickly and efficiently determine their requirements, consider the options, and make informed buying decisions prior to executing purchase transactions in a dealership. Equally behind the scenes, we are ensuring that Ford is able to capture invaluable information about their customers' preferences and requirements which will ultimately result in an even better service."
Visit the UK site at www.fordvans.co.uk - click on Information and then Transit Configurator.
About Ford
Ford Motor Company (www.ford.com) is the world's leading truck manufacturer and the second largest manufacturer of cars and trucks combined. Worldwide revenues in 1999 exceeded $162 billion with net income at a record $7.2 billion. More than 20,000 dealers serve customers in more than 200 markets. Ford's automotive brands include Aston Martin, Ford, Jaguar, Land Rover, Lincoln, Mazda, Mercury, Th!nk, and Volvo. Other major businesses include Ford Credit and Hertz.
About FirePond
Headquartered in Waltham, Mass., FirePond (www.firepond.com) is the leading global provider of integrated e-business solutions focused on multi-channel sales success. Our award winning technology and sales process expertise enable companies to exceed revenue goals and increase margins by taking control of every selling interaction.
The FirePond Application Suite enables companies to standardize their enterprise e-business sales strategies on a single Internet-based solution, by applying consistent, consultative selling practices across all sales channels simultaneously. Capturing real-time customer information from automated selling interactions, companies can coordinate immediate, intelligent responses to every revenue opportunity.
Some of the world's most successful companies use FirePond solutions to help them sell and distribute their complex products and services, including Freightliner, ABB, Blue Cross Blue Shield of Minnesota, Renault, Empire Blue Cross and Blue Shield, Compaq, Ricoh Europe and Hitachi Construction Machinery.
FirePond and FirePond products are trademarks of FirePond, Inc. in the United States and/or other countries. All other product or company names are the properties of their respective owners.
Portions of this release contain forward-looking statements regarding future events and are subject to risks and uncertainties. We wish to caution you that there are some factors that could cause actual results to differ materially from the results indicated by such statements. These factors include, but are not limited to: difficulties implementing the software, quarterly fluctuations in operating results attributable to the timing and amount of orders for our products and services, market acceptance of our FirePond Application Suite and its components, our ability to keep pace with changing product requirements and factors affecting the demand for e-business sales and marketing solutions, and those factors contained in the section titled Risk Factors beginning on page 4 of our Registration Statement on Form S-1 (No. 333-90911) as filed with the Securities and Exchange Commission.
ATLANTA, Aug. 13 /PRNewswire/ -- Ford & Harrison, a nationally recognized labor and employment law firm, announces the launch of their new internet web site, http://www.fordharrison.com, including the well-known Employment Law SourceBook(TM).
With over 100 attorneys in six cities, Ford & Harrison counsels management in all aspects of labor and employment law. The web site includes information about the firm's history and practice areas, the profiles of the attorneys in Atlanta, Memphis, Los Angeles, Washington, D.C., Tampa and Miami, and the representative clients of the law firm. Unique to the Ford & Harrison site is easy access to the SourceBook(TM), the most comprehensive reference tool available to employers. The SourceBook, now in its 24th edition, includes information on every aspect of employment law. The 25 sections are updated regularly to reflect changing laws and trends. Sections of the SourceBook will be available free of charge for a limited period of time to guests who visit http://www.fordharrison.com.
In addition to the SourceBook(TM), the other publications of the firm, including Management Update, Railroad Management and Airline Management newsletters, are available on line and are completely searchable by the user.
The new web site is available to public and private sector employers interested in learning how they can best manage their workforce within the confines of the changing state and federal laws. New court decisions are constantly altering the relationship between employer and employee. Ford & Harrison helps clients manage these changes to prevent or limit labor and employment problems.
The Ford & Harrison web site was developed by I-MEDIA, a full service interactive company offering products ranging from development of web sites to interactive, client-server business applications. More information about I-MEDIA can be found by visiting http://www.i-medianet.com.
SOURCE Ford & Harrison -0- 8/13/98
/CONTACT: Creel McCormack, 404-888-3858, or e-mail, cmccormack@fordharrison.com, or Dolly Smith, 404-888-3849, or e-mail, dollysmith@fordharrison.com, or Mike Gallagher, 404-888-3885, or e-mail, mgallagher@fordharrison.com, all of Ford & Harrison; or Mark Sell, Mark Sell Communications, office, 305-374-8874, or home, 305-759-6685, or pager, 305-659-5908, or e-mail, msell7790@aol.com/
/Web site: http://www.fordharrison.com/ CO: Ford & Harrison ST: Georgia, Florida, Tennessee, California, District of Columbia IN: PUB CPR SU: PDT LD -- FLTHFNS1 -- 6874 08/13/98 05:20 EDT http://www.prnewswire.com
AeroVironment, Inc. (NASDAQ: AVAV) reported financial results for its fourth quarter and fiscal year ending April 30, 2011.
"With record fourth quarter revenue of $106.1 million, fiscal 2011 revenue grew 17% to $292.5 million, exceeding our guidance, and diluted earnings per share increased 24% to $1.17," said Tim Conver, AeroVironment chairman and chief executive officer. "Electric vehicle charging solutions and digital Puma unmanned aircraft systems successfully transitioned from development to production programs with attractive long-term growth prospects, while other innovative developments progressed toward customer adoption. The effective performance of our team, the successful transition of great ideas to meaningful market adoption with first mover advantage and the strong demand for our solutions continue to position us well for long-term growth." FISCAL 2011 FOURTH QUARTER RESULTS Revenue for the fourth quarter of fiscal 2011 was $106.1 million, up 7% over fourth quarter fiscal 2010 revenue of $99.4 million. The increase in revenue resulted from increased sales in our Efficient Energy Systems (EES) segment of $7.8 million offset by decreased sales in our Unmanned Aircraft Systems (UAS) segment of $1.1 million.
Income from operations for the fourth quarter of fiscal 2011 was $25.2 million, up 7% from fourth quarter fiscal 2010 income from operations of $23.5 million. The increase in income from operations resulted from higher gross margin of $6.2 million offset by higher selling, general and administrative (SG&A) expense of $1.2 million and higher research and development (R&D) expense of $3.3 million.
Net income for the fourth quarter of fiscal 2011 was $17.6 million, up 13% from fourth quarter fiscal 2010 net income of $15.6 million.
Earnings per diluted share for the fourth quarter of fiscal 2011 were $0.79, up 11% from fourth quarter fiscal 2010 earnings per diluted share of $0.71. FISCAL 2011 FULL YEAR RESULTS Revenue for fiscal year 2011 was $292.5 million, up 17% over fiscal year 2010 revenue of $249.5 million. The increase in revenue resulted from increased sales in our UAS segment of $25.6 million and EES segment of $17.4 million.
Income from operations for fiscal year 2011 was $34.0 million, up 14% from fiscal year 2010 income from operations of $29.9 million. The increase in income from operations resulted from higher gross margin of $20.3 million offset by higher SG&A expense of $5.0 million and higher R&D expense of $11.3 million.
Net income for fiscal year 2011 was $25.9 million, up 25% from fiscal year 2010 net income of $20.7 million.
Earnings per diluted share for fiscal year 2011 were $1.17, up 24% from fiscal 2010 earnings per diluted share of $0.94. BACKLOG As of April 30, 2011, funded backlog (unfilled firm orders for which funding is currently appropriated to us under a customer contract) was $82.9 million compared to $72.3 million as of April 30, 2010. FISCAL 2012 - OUTLOOK FOR THE FULL YEAR For fiscal year 2012, the Company expects to generate revenue of $321 million to $336 million, and earnings per share of $1.28 to $1.35 on a fully diluted basis.
The foregoing estimates are forward looking and reflect management's view of current and future market conditions, including certain assumptions with respect to our ability to obtain and retain government contracts, changes in the demand for our products and services, activities of competitors and changes in the regulatory environment, and general economic and business conditions in the United States and elsewhere in the world. Investors are reminded that actual results may differ materially from these estimates. CONFERENCE CALL In conjunction with this release, AeroVironment, Inc. will host a conference call today, Tuesday, June 21, 2011, at 1:30 pm Pacific Time that will be broadcast live over the Internet. Timothy E. Conver, chairman and chief executive officer, Jikun Kim, chief financial officer, and Steven A. Gitlin, vice president of investor relations, will host the call.
4:30 PM ET3:30 PM CT2:30 PM MT1:30 PM PT
Investors may dial into the call at (877) 561-2749 (U.S.) or (678) 809-1029 (international) five to ten minutes prior to the start time to allow for registration.
Investors with Internet access may listen to the live audio webcast via the "Investors" section of the AeroVironment, Inc. website, http://investor.avinc.com. Please allow 15 minutes prior to the call to download and install any necessary audio software. An audio replay of the event will be archived on the Investor Relations page of the Company's website, at http://investor.avinc.com.
Keywords: Investing, Investment, AeroVironment Inc., Industrial Goods Companies, Aerospace and Defense Companies.
This article was prepared by Defense & Aerospace Week editors from staff and other reports. Copyright 2011, Defense & Aerospace Week via VerticalNews.com.
Byline: Dancing On Ice judge JASON GARDINER
LAST week Wayne Rooney revealed he'd had a hair transplant after going bald at the age of 25. Here, JASON GARDINER, 39, the acidtongued judge from Dancing On Ice, explains why he subjected himself to the same painful and expensive procedure last year ...
LYING in bed at my parents' home over Christmas, I felt my scalp tingling, as though tiny spiders were crawling all over it. It was a sensation that would alarm most people, but I couldn't stop smiling.
Quite simply, it meant that my scalp -- once a barren wasteland -- was alive with activity and growth. In short, the nine-hour hair transplant I had paid a small fortune for six months earlier was, finally, paying off.
It's no exaggeration to say that I couldn't have been happier if someone had handed me a winning lottery ticket. As a young man I was blessed with naturally thick, dark brown locks and never imagined it would be any other way, especially as I kept my hair while friends were starting to lose theirs.
So when, aged 32, I woke up one morning to find tufts on the pillow, it was a huge shock.
Over the next few months I lost my hair at an alarming rate. Initially, I thought it was a sign that I was ill.
I went to my doctor, who ran a lot of tests before telling me, bluntly, that while I was healthy, I was no longer producing enough of the hormone that feeds the hair on top of the head. In short, what I had was humdrum male pattern baldness. It was probably genetic, but as I am adopted there is no way of knowing for sure.
I refused to accept it. So I scoured the internet for information and bought just about every lotion, potion, elixir and supplement on the market.
None of them worked -- the bottom line is that if you're going bald, there's very little a tablet can do to stop it.
AS A result, leaving the house became a bit of a three-act play. Where once I had been Mr Wash & Go, now I spent hours going through elaborate rituals to style my thinning thatch to make it look as thick as possible. Some days I would just refuse to go out.
It sounds vain, but I just felt incredibly unattractive. I became so obsessed with the fact I was losing my hair that I was defined by it. All I could see when I looked in the mirror was this guy who was going bald.
Of course, baldness works for some men -- like Bruce Willis, they look manly and virile. But it didn't look good on me and it got to the point where I would only go out with a flat cap on.
By 2006, I felt I needed to take drastic action. So after doing some more research, I visited a studio in London which specialised in laser treatment and hair replacement.
After a lengthy consultation I opted for the latter, as I wanted immediate results. It all sounded very technical -- a sample of your hair is sent to a lab in Switzerland, where its colour and texture is matched to real hair they have in stock.
Effectively, they created a very thin swimming cap of hair which I had glued to the top of my head.
Looking back, I can see that it was pretty ludicrous, but I was desperate.
When I first had the cap attached in the summer of 2006 I was thrilled, but that feeling was short-lived.
It quickly became clear that my head didn't want this strange thing glued onto it: within two days my scalp was infected and I woke every day to the sensation that the top of my head had hundreds of tiny knives stabbing into it.
Within a fortnight, I had to visit the hair studio every other day to have the cap washed and re-glued and all the while my scalp was getting more and more painful. It got to the point where I was in agony, yet still I refused to take it off.
By then, I had become a familiar face on television, both as a judge on Dancing On Ice and a fashion commentator on This Morning, and the thought of revealing what I had done seemed humiliating -- even if it meant the whole time I was on screen I felt as though my head was on fire.
I endured it for a year before finally throwing away the cap and shaving my head.
At first I felt a huge sense of relief, but within weeks I was back to hiding under a peaked cap whenever I went out. It was Fern Britton and Phillip Schofield on This Morning who persuaded me to come out as a bald man. After talking about it, we decided I should do it live on air.
At the end of May 2007, I whipped my cap off on the show to a round of applause in the studio. The switchboard was jammed with supportive messages.
Initially, it was quite liberating and I told myself that I was finally going to accept that I'd lost my hair, and get over it. I had a lot to be thankful for, after all -- a great job, and wonderful family and friends.
Ironically, it was This Morning, the show that had encouraged me to accept my baldness, that also brought the old demons back.
Two years ago I got a phone call from the producers asking me to become a full-time fashion expert for the programme.
Part of the job was working with the makeover team, transforming women who had come onto the show hoping for a new look.
I absolutely loved it -- seeing these women's faces light up as they saw the transformation we'd made was wonderful -- but at the same time, it also made me think more about my own looks.
I realised that I hadn't come to terms with losing my hair at all. This time, however, I decided I was going to tackle it properly.
Once again, I turned to the internet -- and this time I found something that seemed the answer. It was called Follicular Unit Transplantation (FUT) and it seemed like the real deal: instead of creating what was effectively an elaborate wig, this was an operation during which your own hair was harvested to create new follicles.
I made an appointment with the leading provider in this country at the start of last summer, and from the moment I met them I was impressed.
The 'before and after' photos they showed me were amazing --- you wouldn't know these people had had anything done.
Over the course of two meetings they talked me through the procedure and explained that it would take up to ten hours to transplant the individual follicles, and that it then takes months for them to bed into the blood supply on the scalp.
This means that it's around six months before the hair starts to grow, so it's a waiting game -- I'd had the quick fix and it had got me nowhere. At [pounds sterling]21,000 it wasn't cheap but, for peace of mind, it was a price worth paying.
At the end of last July I found myself in what looked like a dentist's chair, guiding Dr Craig Zierling, my surgeon, as he drew on my scalp to indicate where my new hairline would be. That's the patient's decision, and it was an easy one -- I wanted my old one back.
I was given 20mg of Valium before the anaesthetist started work, giving me 100 tiny injections around the top of my head.
That took an hour and was probably the most painful part of the entire procedure. But once that was over the inertia was the worst.
Like it or not, I was going to be stuck there for the best part of a working day while the doctor performed his magic, taking the donor strip from the back of my head and microscopically dissecting the tissue into naturally occuring follicular units, of one to four hairs, to be transplanted.
It was pretty surreal. All I could hear was a crunching noise, as though someone was skewing a polystyrene ball -- except it was my head. Overall, the process took nine hours, during which the doctor made around 3,500 individual incisions.
After that, it was simply a waiting game -- and an anxious one at times. I knew this was how it worked, but there's a part of you thinking: 'What if I'm the one where it all goes wrong?' Then, six months after the operation came that wonderful period over Christmas when I could actually feel my hair starting to grow.
I always intended to go public -- after everything I'd been through, I wanted to show other men that they didn't necessarily have to live with the misery of baldness -- but I was going to do it in my own time. Until, that is, Phillip Schofield let the cat out of the bag on This Morning in March by dropping the most almighty hint about my surgery.
HE FORCED my hand, and I'll admit I was a bit cross with him, but I'd unveiled my bald head on live television, so why not my new hair? Just as I had on This Morning three years earlier, I whipped off my cap in front of a live audience -- except this time there was a full head of hair underneath.
It felt great -- but the best part was the next day, when men came up to me in the street to thank me for going public with my hair-loss issues. People may think it's trivial, but for a lot of men losing their hair goes to the heart of their identity.
That's why, when I read that Wayne Rooney had had the same operation I thought: 'Good for him.' He lost his hair a lot younger than I did and I know how much he will have struggled with that. Even though he's a star footballer, I'd bet a lot of money that when he stared at his bald head in the mirror he felt miserable.
Of course, some people will always be unkind about the fact that we've both done this and that's fine -- they can say what they want.
I can't speak for Wayne, but I certainly haven't done it to please other people -- I've done it to make myself feel better.
And it's worked. Maybe it is ludicrous vanity, but I feel like a new person, or rather the person I was before I lost my hair.
Interview by KATHRYN KNIGHT
CAPTION(S):
Transformed: Jason before and after his hair transplant surgery last summer
NEW YORK -- LaBranche & Co Inc. ("LaBranche") (NYSE: LAB) and Cowen Group, Inc. ("Cowen") (NASDAQ: COWN) today jointly announced that Institutional Shareholder Services, Inc. ("ISS"), a leading proxy advisory firm, has recommended that LaBranche stockholders vote "FOR" the adoption of the merger agreement between Cowen and LaBranche and that Cowen stockholders vote "FOR" the issuance of shares of Cowen Class A common stock to LaBranche stockholders pursuant to the merger at their upcoming respective special meeting of stockholders scheduled to be held on June 15, 2011.
In its report to LaBranche stockholders dated May 29, 2011, ISS stated:
"A vote FOR the proposal is warranted because the proposed deal with Cowen Group appears to be the most reasonable alternative available to LaBranche shareholders, and will allow shareholders to participate in the potential upside of the combined company."
In its report to Cowen stockholders dated May 29, 2011, ISS stated:
"A vote FOR the proposal is warranted by the significant strategic opportunities and operating leverage the company would gain through the transaction, and the indications that the price being paid is reasonable, despite the acknowledged risk from taking on the potential liability of the specialist litigation the target firm has been fighting since 2004."
LaBranche will hold its special meeting of stockholders on June 15, 2011, at 9:00 a.m., Eastern Time, at the Down Town Association, 60 Pine Street, New York, New York 10005. Cowen will hold its special meeting of stockholders on June 15, 2011, at 3:00 p.m., Eastern Time, in the Park Avenue Room at The InterContinental The Barclay, 111 East 48th Street, New York, New York 10017. Stockholders of record as of the May 4, 2011 record date are eligible to vote on the proposals.
LaBranche and Cowen encourage all stockholders to vote their shares promptly by phone, Internet or by mailing their proxy card. The boards of directors of LaBranche and Cowen unanimously recommend that stockholders vote "FOR" the adoption of the merger agreement and "FOR" the issuance of Cowen Class A common stock in the merger, respectively.
LaBranche stockholders in need of assistance voting their shares can call LaBranche's proxy solicitor, Morrow & Co., toll-free at (888) 681-0976. Cowen stockholders in need of assistance voting their shares can call Cowen's proxy solicitor, MacKenzie Partners, Inc., toll-free at (800) 322-2885.
About LaBranche & Co Inc.
The LaBranche & Co Inc. is the parent of LaBranche Structured Holdings, Inc., whose subsidiaries are market-makers in exchange-traded funds on various exchanges domestically and internationally.
About Cowen Group, Inc.
Cowen Group, Inc. is a diversified financial services firm and, together with its consolidated subsidiaries, provides alternative investment management, investment banking, research, and sales and trading services through its two business segments: Ramius and its affiliates makes up the Company's alternative investment management segment, while Cowen and Company is its broker-dealer segment. Its alternative investment management products, solutions and services include hedge funds, replication products, managed futures funds, fund of funds, real estate, health care royalty funds and cash management services. Cowen and Company offers industry focused investment banking for growth-oriented companies, domain knowledge-driven research and a sales and trading platform for institutional investors. Founded in 1918, the firm is headquartered in New York and has offices located in major financial centers around the world.
Important Information For Investors And Stockholders
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the proposed transaction involving LaBranche and Cowen, Cowen has filed with the SEC a registration statement on Form S-4 that includes a joint proxy statement of Cowen and LaBranche and that also constitutes a prospectus of Cowen. LaBranche and Cowen have each mailed the final joint proxy statement/prospectus to its respective stockholders. Investors and security holders are urged to read these documents and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information about LaBranche, Cowen and the proposed transaction. Investors and security holders may obtain these documents (including the joint proxy statement/prospectus and any other documents filed by LaBranche or Cowen with the SEC) free of charge at the SEC's website at www.sec.gov. In addition, the documents filed with the SEC by LaBranche be obtained free of charge by directing such request to: Investor Relations, LaBranche & Co, 33 Whitehall Street, New York, NY 10004 or from LaBranche's Investor Relations page on its corporate website at www.labranche.com and the documents filed with the SEC by Cowen may be obtained free of charge by directing such request to: Investor Relations, Cowen Group, Inc., 599 Lexington Avenue, New York, NY 10022 or from Cowen's Investor Relations page on its corporate website at www.cowen.com.
The directors, executive officers, and certain other members of management and employees of each of LaBranche and Cowen may be deemed to be participants in the solicitation of proxies in favor of the proposed transactions from the stockholders of LaBranche and from the stockholders of Cowen, respectively. Information about the executive officers and directors of LaBranche is set forth in LaBranche's 2010 Form 10-K/A, which was filed with the SEC on April 29, 2011 and information about the executive officers and directors of Cowen is set forth in Cowen's 2010 Form 10-K/A, which was filed with the SEC on May 2, 2011.
Cautionary Notice Regarding Forward-Looking Statements
This communication may contain forward-looking statements including statements relating to the market opportunity and future business prospects of LaBranche and Cowen. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Consequently, all forward-looking statements made during this communication are qualified by those risks, uncertainties and other factors.
These factors include, but are not limited to, (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Agreement and Plan of Merger among Cowen, LaBranche and Louisiana Merger Sub, Inc. (the "Merger Agreement"); (2) the outcome of any legal proceedings that may be instituted against Cowen, LaBranche or others following announcement of the Merger Agreement and transactions contemplated therein; (3) the inability to complete the transactions contemplated by the Merger Agreement due to the failure to obtain the required stockholder approvals, (4) the inability to obtain necessary regulatory approvals required to complete the transactions contemplated by the Merger Agreement; (5) the risk that the proposed transactions disrupt current plans and operations and the potential difficulties in employee retention as a result of the announcement and consummation of such transactions; (6) the ability to recognize the anticipated benefits of the combination of Cowen and LaBranche, including potential cost savings; and (7) the possibility that Cowen or LaBranche may be adversely affected by other economic, business, and/or competitive factors.
Actual results may differ materially and reported results should not be considered an indication of future performance. Please reference the SEC filings of LaBranche and Cowen, which are available on their respective web sites, for detailed descriptions of factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements.
Additional information concerning these and other risk factors is contained in the joint proxy statement/prospectus, as well as LaBranche's and Cowen's most recently filed Annual Reports on Form 10-K and Form 10-K/A, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, as such filings may be amended from time to time.
Certain statements in this communication relate to future results that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Except for the ongoing obligations of LaBranche and Cowen to disclose material information under the federal securities laws, neither LaBranche nor Cowen undertakes any obligation to release any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless required by law.
San Diego, CA -- The following information was released by the University of San Diego:
David Hopkins graduates from the University of San Diego this month with a dual BS/BA degree in electrical engineering. Last Friday at the School of Business Administration's $5,000 Undergraduate Business Plan Competition he made it clear he's well suited for the future - literally.
Hopkins, sporting a custom-fit dark brown suit, delivered a 15-minute presentation for his business venture, Well Suited, a web-based retail business (GetWellSuited.com) specializing in competitively priced, custom-fitted dress clothes for male college students and budding professionals.
Hopkins' presentation before four expert judges and his ability to "think fast on my feet" when judges peppered him with questions, earned him $3,000 of the total prize money in the fourth annual event held at the Joan B. Kroc Institute for Peace and Justice Theatre.
The victory was motivational for Hopkins, who said Well Suited has become his full-time focus, indicating in his business plan that a yearlong, Southern California-based launch is scheduled for September.
"This is something I'm pursuing," he said. "Some see (this competition) as an exercise, to see what's it's like to create a business idea, but for me, I'm going for it. Winning the business plan competition is great. It's exciting and it's only the beginning."
Hopkins, whose idea for Well Suited came during an Intersession class trip to Hong Kong in January 2010 and a side trip to Vietnam, said his winnings are likely to offset the cost of travelling to Vietnam and China this summer. He's planning to meet with a current business supplier in Vietnam and try to establish additional tailoring contacts overseas.
But the bottom line is for Well Suited to assist college students and young professionals in building their wardrobe and have a well-made, custom-fitted suit to make a good first impression for a big job interview.
"We like to say get Well Suited for Life," Hopkins said during his presentation. "This is an investment in your career."
His research revealed that 2.3 million suits are purchased each year. He surveyed 60 local students and included his findings in his business plan. Eighty percent think wearing a suit can help them land a job and 80 percent said having a custom-fitted suit was important. Sixty percent said it was difficult to find a suit that fits well.
"This is a generation of personalization," Hopkins said. "One size does not fit all or budget. We want to provide our customers with a custom-made suit for the same price as an off-the-rack suit."
Hopkins topped two other student plans in the event. Cole Gabaldon's presentation for Otto's Live, a mid-sized music performance venue in San Diego, earned him $1,500. Andrew Daou and Josh Lubawy's College Ready Computers, an information technology support company that hires college students with technical expertise to fix other students' malfunctioning computers on campus or via remote, won $500.
Roger and Judy Benson, parents of a former USD graduate student and entrepreneurs themselves, donated the $5,000 for the event, which was co-sponsored by USD's Entrepreneurship Club. The judges were Tom Breitling '91 (BA, Communications), Andy Laats, Trestand Conrique and Michael Gallegos.
"I think the judges were most impressed with David's command and poise," said Assistant Professor of Management Helder Sebastiao, PhD, director of the competition. "He had a well organized and appropriately informative and detailed presentation, but the way he delivered it made you confident he really could be successful with this venture."
Sebastiao said he believed that the other companies gained knowledge from the competition experience and he felt both still have potential to succeed.
Hopkins' victory came during a very busy last year of college. In addition to the Well Suited business plan, he was completing his required senior engineering project, a "Smart Shower" sustainable system that promotes water conservation by letting users set a shower timer and track water usage from any location. He has also done an internship as a search engine optimization specialist for San Diego's Internet Marketing, Inc.
He praised USD Engineering's role in his development, too. "The engineering program has prepared me to be a problem solver and to really think things through. I came to USD thinking I'd major in business administration, but because I liked math and science in high school, it was recommended to me to consider a major in engineering because it's like getting a degree in problem solving."
Hopkins' said his participation in the competition as an engineering student - he's the first engineering student to win it - is a successful avenue for any student interested in creating a business.
"The business plan competition has been a fantastic experience, probably the most valuable thing I've done," he said. "I encourage everyone interested in starting a business to do it. This is the real deal. If you plan to launch a business, it's a ton of work, but for me, every time I starting planning things for my business, I got fired up about starting the business."
- Ryan T. Blystone
Byline: Seattle Times staff and news services
Seattle
Silverdale biker killed in I-90 crash
A 24-year-old motorcyclist was killed Saturday evening when he lost control while making a lane change and crashed into a concrete barrier on Interstate 90 not far from Safeco Field, according to the State Patrol.
Troopers identified the man as Philip C. Thomas, 24, of Silverdale, Kitsap County.
A passenger on the motorcycle, identified by troopers as a 12-year-old girl, was injured. She was taken to Harborview Medical Center with what Patrol spokeswoman Julie Startup described as serious but not life-threatening injuries.
The accident occurred at 5:57 p.m. on eastbound I-90, just east of the ramp for Fourth Avenue South. All but one of the eastbound lanes were closed after the accident.
Graham, Pierce County
Dog alerts family to fire, is missing
A black Labrador retriever named Lex is missing and presumed dead after alerting a Graham family to a devastating fire in their home.
The News Tribune of Tacoma reported Graham Fire and Rescue Chief Dan Hannah said the dog's barking and whining woke up the family Saturday morning, and the family got out of the house safely.
But when they did, Lex was nowhere to be found.
The fire destroyed the two-story home, which also was the site of a day care.
The fire appears to have started in the garage. The Pierce County Fire Marshal's Office is investigating.
Lakewood, Pierce County
City gadfly faces child-porn charges
A Lakewood gadfly could become a jail bird.
The News Tribune of Tacoma reported that 66-year-old Fredric Rogers Cornell has spent years keeping tabs on Lakewood's City Hall, sitting in the front row for council meetings and filing public-disclosure requests for worker emails and city documents.
But Cornell now faces four counts of possessing child pornography.
He was arraigned Thursday and ordered to keep off the Internet as a condition of his release pending trial.
Charging documents say that in the midst of a divorce, his wife had a specialist check his computer for any "hidden assets," and the specialist found several images of young girls posing nude and contacted police.
In 2009, Cornell requested nearly 78,000 pages of documents from city government, prompting Lakewood officials to ask the Legislature to change the rules for frequent users of the state's open-records law.
Olympia
Finally spring? Pull studded tires
After three extensions, the state Transportation Department says the end of the day Monday is the deadline to remove studded tires in Washington.
Mountain driving conditions extended the deadline. Officials want the studs off because they cause ruts and damage bridge decks. Violators face a $124 fine.
Times news services
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Technology to Provide Recommendations and Suggestions Based on Individual Customer Tastes
NEW YORK -- Bluefly, Inc. (NASDAQ Capital Market: BFLY), a leading online retailer of designer fashion and accessories, today announced that it has partnered with Hunch, a technology company that personalizes the internet based on people's interests, to deliver a more personalized online shopping experience for fashion-conscious consumers. The new application is scheduled to launch this fall, and will help Bluefly's customers find products that appeal to their specific fashion tastes and preferences.
"We are excited to be the first fashion retailer to partner with Hunch to provide our customers with customized recommendations that enhance their shopping experience," said Bradford Matson, Chief Marketing Officer at Bluefly. "We see customization as the next phase of online shopping, where users will one day be able to create stores that are suited to who they are and adapt to how their fashion tastes and style preferences change over time. This new application is a bold step in that direction; providing shoppers with an enhanced, unique shopping experience that puts them in control."
Hunch is a recommendation tool that gets smarter the more it is used. After asking 10 questions or less, the application will provide consumers with specific fashion recommendations and other items of interest to them. Hunch's Taste Graph technology is based on a unique set of algorithms that allow a brand to determine the preferences of consumers, and then make recommendations to them based on their tastes and preferences. The new applications will provide Bluefly shoppers with the ability to personalize their shopping experience, receive hyper-targeted real-time recommendations, integrate social relationships with purchasing decisions and discover other Bluefly users who share similar fashion tastes.
"Bluefly's fashion-conscious and highly taste-driven consumers are a perfect fit to benefit from Hunch's interest-based recommendation platform," said Shaival Shah, VP of Business Development at Hunch. "We are thrilled to be working with Bluefly to develop a new standard for how fashion-related products can be surfaced and presented to any individual, and that's just the type of challenge which Hunch's prediction technology was designed to meet."
About Bluefly
Bluefly, Inc. (NASDAQ Capital Market: BFLY) is a leading online retailer of designer brands, fashion trends and superior value. Through its e-commerce Web site, Bluefly.com, the company sells approximately 350 brands of men's and women's designer apparel, accessories, and home furnishings at discount prices in the United States. For more information, visit www.bluefly.com.
About Hunch
Hunch Inc. personalizes the internet by helping anyone find and discover the people, places, or things they might like. Powered by a growing 'Taste Graph' which combines machine learning algorithms with a passionate online community, Hunch's personalized recommendations are available on more than 50,000 topics on hunch.com and soon will be available on select partner sites.
Byline: INEZ RUSSELL
Anyone who wants to make fun of presidential candidate John McCain over his technology challenges will have to go through me.
Here's a man who wants to be leader of the free world -- the modern free world, no less. Yet, he doesn't know how to use the Internet or access e-mail. He's completely out of touch with the world as it is today.
That matters because a modern leader must understand the world's instantaneous communications, the reality that numerous video and audio tapes can catch a person in a lie, not to mention the interactive back-and-forth between citizens and officials like never before.
Me, I feel for John McCain. Like him, the modern world often passes me by. I use a computer for work, of course, but really do little more than type. I love reading blogs, news reports online and keep in touch with friends through e-mail and -- daringly, for me -- a Facebook account.
But I'm not comfortable with all this flitting around, this technology on the go. Just how uncomfortable it makes me, I found out last weekend.
Picture a busy airport. Me, my (too-heavy) laptop in hand, waiting for a plane to bring me home from a Chicago convention to my life in New Mexico. I decided it was time to learn how to use the wireless connection in the airport. Don't laugh. I know it's not that hard, but I'd never hooked up by myself. It was time to move forward.
I sat down, plugged in my computer and started clicking buttons. The concourse model showed up. I clicked, I concentrated. I had to pay -- in Chicago, free wireless is hard to find. Eventually, after much clicking and much concentration, I succeeded in entering the Boingo world of wireless for only $6.95 for 24 hours.
The world unfolded. I read my newspapers, checked my e-mail, did some work, happy that I was technologically savvy. Success was mine.
Eventually, I looked up. I realized my computer clock said noon. I wondered why my plane hadn't been called. My phone said 1 p.m. I really wondered why my plane hadn't been called, since we were leaving at 11:50 a.m.
Panicked, I packed up the now-truly heavy laptop and ran to the Southwest counter. Why hadn't they called the plane to Albuquerque? I was less than 10 feet from the gate. Surely I would have heard the boarding call.
The Southwest representative couldn't have been nicer. No, it wasn't noon. It really was 1 p.m. My plane had been gone an hour. They had paged me, even, and in my focus on going online, I missed the boarding call, the second call and my individual page.
To add insult to injury, my phone dinged. A friend who made the plane I missed was texting, asking where I was. More technology. More modernity.
None of which mattered at that moment. I had broken through my technological failings, only to zone out and miss my ride home.
Luckily, there was a seat on a later flight. I got my boarding pass, moved to the next terminal, and proceeded to wait. And wait. And wait. And wait some more.
Technology, it seems, is no match for Mother Nature. A storm in the East delayed my 5:15 p.m. flight. Twelve hours after arriving -- early -- to the airport, I was still sitting and waiting. Finally, around 9:30 p.m., a tired band of passengers and I boarded our plane to come home. By the time I drove into Santa Fe, it was Monday.
For the duration, at least, I had the Internet to keep me company. But technology was no match for the book I read all the way home.
As for John McCain, getting older is no excuse to be set in your ways. The world has changed and we -- including our leaders -- must change with it. Still, I won't be making fun of his technological shortcomings. I'll just concentrate on overcoming my own.
Inez Russell can be reached at inezrussell@msn.com.
Third Quarter Highlights:
* Sales: $687 million, up 20% - all time record
* Operating Income: $26 million, up 35% - all time record
* Net Income: $ 17.6 million, up 42% - all time record
* Diluted Earnings Per Share: $.47 vs. $.33, up 42%
PORT WASHINGTON, N.Y. -- Systemax Inc. (NYSE:SYX) today announced results for the third quarter and nine months ended September 30, 2007.
Net sales for the quarter increased 20% to $687 million compared to $575 million in the third quarter of 2006. Sales of technology products (computers, computer supplies and consumer electronics) grew by 20% and sales of industrial products grew by 18%. Gross margin for the quarter improved to 16.1% from 15.9% in the third quarter of 2006. Operating income was $25.8 million in the quarter compared to $19.2 million in the third quarter of 2006, and net income for the quarter was $17.6 million, or $.47 per diluted share, compared to $12.5 million, or $.33 per diluted share, in the third quarter of 2006.
For the nine months ended September 30, 2007, net sales increased 18% to $ 2.0 billion from $1.7 billion during the same period last year. Gross margin was 15.3% in the first nine months of both 2007 and 2006. Operating income was $67.4 million compared to $50.6 million in the third quarter of 2006. Net income increased 22% to $45.3 million or $1.20 per diluted share compared to $37.1 million or $.99 per diluted share a year ago. Included in net income for the nine months ended September 30, 2007 is an after tax gain of approximately $1.5 million or $.04 per diluted share related to a favorable lawsuit settlement. Included in net income for the nine months ended September 30, 2006 is an after tax gain of $4.3 million, or $.11 per diluted share from the sale of a warehouse facility.
Richard Leeds, Chairman and Chief Executive Officer, said "Our all time record third quarter 2007 results, highlighted by our 20% growth in sales, improved gross margin and 35% growth in operating income, is the result of continued execution of our growth plan and demonstrates the leverage in our business model. Our consolidated gross margin has now improved for each of the last three consecutive quarters, increasing from 12.9% in the fourth quarter of 2006 to 14.3% in the first quarter of 2007, 15.3% in the second quarter and 16.1% in the third quarter. We also leveraged our cost structure as selling, general and administrative expense as a percentage of sales in the third quarter was 12.3% compared to 12.6% in the third quarter 2006, including increased consulting and staffing costs associated with the requirements of Section 404 of the Sarbanes-Oxley Act."
Gilbert Fiorentino, Chief Executive Officer of TigerDirect.com and the technology products segment, noted, "strong sales growth in both the North American and European markets continued in the third quarter. North American technology product sales grew 20% in the quarter, driven by growth in all sales channels. European sales grew 27% overall, 19% after exchange rate effects, in the third quarter, driven primarily by growth in internet sales and public sector customers."
Richard Leeds, commenting on other operations, noted "in the industrial products segment, sales grew 18% in the third quarter compared to 2006, driven primarily by increased internet sales and continuing competitive advantages due to our worldwide sourcing and aggressive pricing strategies."
Larry Reinhold, Chief Financial Officer, noted that the Company's overall financial condition remains solid as evidenced by its working capital of $253 million, including cash and equivalents of $98 million. Cash flow from operations for the quarter was approximately $18.0 million and for the first nine months of 2007 was over $63 million. In the last twelve months we have generated cash from operations of $101 million while investing $8 million in capital expenditures. This strong cash generation enabled our $37 million dividend for our shareholders earlier this year and our current strong and liquid balance sheet. Days sales outstanding were 25 days at September 30, 2007, and inventory turned at an annual rate of approximately 9 times during the quarter. Our effective tax rate was 35.5% for the first nine months of 2007, down slightly from the prior year.
Systemax Inc. (www.systemax.com), a Fortune 1000 company, sells personal computers, computer supplies, consumer electronics and industrial products through a system of branded e-commerce web sites, direct mail catalogs, relationship marketers and retail stores in North America and Europe. It also manufactures and sells personal computers under the Systemax and Ultra brands and develops and markets ProfitCenter Software, a web-based, on-demand application for multichannel direct marketing companies.
[TABLE OMITTED] [TABLE OMITTED]
Forward-Looking Statements
This press release contains forward-looking statements about the Company's performance. These statements are based on management's estimates, assumptions and projections and are not guarantees of future performance. The Company assumes no obligation to update these statements. Actual results may differ materially from results expressed or implied in these statements as the result of risks, uncertainties and other factors including, but not limited to: (a) unanticipated variations in sales volume, (b) economic conditions and exchange rates, (c) actions by competitors, (d) the continuation of key vendor relationships, (e) the ability to maintain satisfactory loan agreements with lenders, (f) risks associated with the delivery of merchandise to customers utilizing common carriers, (g) the operation of the Company's management information systems, and (h) unanticipated legal and administrative proceedings. Please refer to "Risk Factors" and the Forward Looking Statements sections contained in the Company's Form 10-K for a more detailed explanation of the inherent limitations in such forward-looking statements.
WATERLOO, Ontario -- Research In Motion (RIM) (NASDAQ:RIMM)(TSX:RIM), will host the fifth annual Wireless Enterprise Symposium from May 16 - 18, 2006 in Orlando, Florida. The symposium will gather industry leaders to deliver insightful and informative sessions on the broadening scope of wireless enterprise technologies. Wireless Enterprise Symposium delivers unparalleled, high-impact content at both the strategic and hands-on levels, providing IT professionals and business executives with the information and tools needed to effectively plan, implement and advance their wireless enterprise strategy.
Wireless Enterprise Symposium 2006 co-sponsors include IBM, Intel, Symbian, TeleNav, Cingular Wireless, Sprint, T-Mobile USA, Verizon Wireless, ThinPrint, salesforce.com and Software Spectrum. In addition, insights will be shared by leading experts from Forrester, IDC, Ovum, Strategy Analytics, the 56 Group, Venture Development Corporation and Yankee Group. Approximately 100 exhibitors will also be on hand in the Solutions Showcase.
Keynote speakers at this year's Wireless Enterprise Symposium include Steve Levitt, author of Freakonomics, Jerry Linenger, former NASA astronaut and author of The Sky Is Not the Limit: My 132 Days Off the Planet and Michael Raynor, Director of Deloitte Research and coauthor of The Innovator's Solution. In addition, a broad array of general sessions, technical seminars, case studies, demonstrations, exhibits, training, labs and workshops will offer insightful and educational opportunities.
Wireless Enterprise Symposium 2006 features five tracks with a choice of more than 100 sessions to enable attendees to customize and maximize their learning opportunities.
Track 1 - Managing a Superior Wireless Architecture
This track will help IT administrators increase their knowledge about launching or extending wireless solutions using the BlackBerry(R) platform. This track is for information technology professionals that are involved in managing or administering wireless infrastructure.
Track 2 - Developing Powerful Wireless Applications
This track is for developers who are interested in BlackBerry MDS Studio(TM), how to deploy new applications, how to maintain and extend existing applications and hot to troubleshoot the integration of applications.
Track 3 - Understanding the Wireless Landscape
Ideal for business and technology professionals, this track features a series of panels with leading analysts who have a keen understanding of the forces shaping the wireless industry.
Track 4 - Leading the Wireless Revolution
This track is ideal for strategists and organizational leaders who are interested in attending a unique mix of panels, workshops and presentations that provide an in-depth look at the wireless industry's hottest products and services.
Track 5 - Leading Solutions
This track is for decision makers who are looking for perspective and guidance on taking their wireless deployment to the next level.
For more information on Wireless Enterprise Symposium 2006, or to register online, please visit: http://www.wirelessenterprisesymposium.com.
About Research In Motion (RIM)
Research In Motion is a leading designer, manufacturer and marketer of innovative wireless solutions for the worldwide mobile communications market. Through the development of integrated hardware, software and services that support multiple wireless network standards, RIM provides platforms and solutions for seamless access to time-sensitive information including email, phone, SMS messaging, Internet and intranet-based applications. RIM technology also enables a broad array of third party developers and manufacturers to enhance their products and services with wireless connectivity to data. RIM's portfolio of award-winning products, services and embedded technologies are used by thousands of organizations around the world and include the BlackBerry(R) wireless platform, the RIM Wireless Handheld(TM) product line, software development tools, radio-modems and software/hardware licensing agreements. Founded in 1984 and based in Waterloo, Ontario, RIM operates offices in North America, Europe and Asia Pacific. RIM is listed on the Nasdaq Stock Market (NASDAQ:RIMM) and the Toronto Stock Exchange (TSX:RIM). For more information, visit www.rim.com or www.blackberry.com.
Forward-looking statements in this news release are made pursuant to the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used herein, words such as "intend" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on assumptions made by and information available to Research In Motion Limited. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements include, without limitation, possible product defects and product liability, risks related to international sales and potential foreign currency exchange fluctuations, the initiation or outcome of litigation, acts or potential acts of terrorism, international conflicts, significant fluctuations of quarterly operating results, changes in Canadian and foreign laws and regulations, continued acceptance of RIM's products, increased levels of competition, technological changes and the successful development of new products, dependence on third-party networks to provide services, dependence on intellectual property rights and other risks and factors detailed from time to time in RIM's periodic reports filed with the United States Securities and Exchange Commission, and other regulatory authorities. The Company has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The BlackBerry and RIM families of related marks, images and symbols are the exclusive properties and trademarks of Research In Motion Limited. RIM, Research In Motion and BlackBerry are registered with the U.S. Patent and Trademark Office and may be pending or registered in other countries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. RIM assumes no liability and makes no representation, warranty or guarantee in relation to third party products or services.
Research In Motion (NASDAQ:RIMM) (TSX:RIM)
