Silicon Image, Inc. (NASDAQ:SIMG) , a leader in semiconductors for the secure storage, distribution and presentation of high-definition content, was ranked on Deloitte's 2007 Technology Fast 500 list for the seventh consecutive year. Silicon Image was one of only ten companies to have appeared on the Fast 500 list for seven or more years. The 2007 Deloitte Technology Fast 500 list is a ranking of the fastest growing technology, media, telecommunications and life sciences companies in North America. A testament to its exceptional business performance and leadership, Silicon Image proudly accepts this honor.
"We are honored to be included in the Deloitte Technology Fast 500 list again this year. Acknowledgement of this caliber recognizes our continued leadership in an evolving industry and our commitment to offering customers the most advanced and comprehensive solutions in high-definition content," said Steve Tirado, president and CEO of Silicon Image. "Being one of only 10 companies to return to the Fast 500 list for the seventh time is truly a mark of achievement."
"We congratulate all of our Fast 500 winners on their tremendous growth during a time when globalization is creating an extremely competitive environment," said Phil Asmundson, vice chairman, U.S., Technology, Media and Telecommunications, Deloitte & Touche USA LLP. "Numerous technology advances, the ubiquitous digitization of data, borderless enterprises, growth in connectivity and faster adoption rates are creating new opportunities for Fast 500 winners to challenge old business models with original ideas."
The Fast 500 List is compiled from Deloitte's 16 regional North American Fast 50 programs, nominations submitted directly to the Fast 500, and public company database research. Selected winners are based on a percentage of fiscal year revenue growth between 2002 and 2006. To be eligible, a company must own proprietary intellectual property or proprietary technology contributing to a significant portion of the company's operating revenue, or devotes a significant proportion of revenue to the research and development of technology. Base-year operating revenue must be at least $50,000 and current-year at least $5 million. Companies must be headquartered in North America.
Silicon Image offers one of the broadest portfolios of High-Definition Multimedia Interface (HDMI) solutions available on the market, giving integrated circuit (IC) designers and OEMs flexibility to select between HDMI semiconductors or IP cores that best suit their time-to-market, packaging, cost, or integration design needs. Silicon Image's comprehensive solutions range from standalone HDMI transmitter and receiver semiconductors, to fully integrated HDMI cores (digital and analog), to the combination of HDMI digital IP paired with the companion PHY semiconductor.
About Silicon Image, Inc.
Headquartered in Sunnyvale, California, Silicon Image, Inc. is a leader in driving the architecture and semiconductor implementation for the secure storage, distribution and presentation of high-definition content in the consumer electronics and personal computing markets. Silicon Image creates and drives industry standards for digital content delivery such as DVI, HDMI(TM) and Serial ATA, leveraging partnerships with global leaders in the consumer electronics and personal computing markets to meet the growing digital content needs of consumers worldwide. With a proven track record of improving cross-product interoperability, Silicon Image has shipped more than 100 million HDMI/HDCP and DVI/HDCP semiconductor solutions. In addition, Silicon Image offers one of the most robust and comprehensively tested technology platforms in the consumer electronics industry through the Simplay HD Testing Program of Simplay Labs. Simplay Labs, LLC, a wholly-owned subsidiary of Silicon Image, is a leading provider of testing technologies, tools and services for high-definition consumer electronics devices such as HDTVs, set-top boxes, audio/video receivers and DVD players, helping manufacturers to achieve compatibility and deliver the highest-quality HDTV experience to consumers. Silicon Image is the leading provider of semiconductor intellectual property solutions for high-definition multimedia and data storage applications. For more information, please visit http://www.siliconimage.com/.
Showing posts with label Inc.. Show all posts
Showing posts with label Inc.. Show all posts
Wednesday, November 14, 2007
ANSYS Named to Forbes 200 Best Small Companies List
ANSYS, Inc. (NASDAQ:ANSS) , a global innovator of simulation software and technologies designed to optimize product development processes, today announced that it has been included on the Forbes 200 Best Small Companies list, ranking 57th. This is the sixth time ANSYS has made the list over the past eight years.
The list comprises financially solid small-cap businesses based on return on sustained sales, net profit growth and equity over 12-month and five-year periods. ANSYS ranked 12th in market value on the 2007 Forbes list.
"It is a great privilege to be named to the Forbes 200 for the sixth year. This accomplishment reflects our company's achievement of strong and consistent growth and the validation of our Simulation Driven Product Development vision and strategy," said Jim Cashman, president and CEO at ANSYS, Inc. "Our ranking among other dynamic companies is a testament to our drive to deliver innovative technology that can be used throughout all phases of the product development process."
About Forbes
Forbes is the nation's leading business magazine, with a North American circulation of more than 900,000. Forbes, Forbes Asia, and the company's eight local-language editions, together reach a worldwide audience of over five million readers. Since 1917, Forbes' mission has been to provide access to information and insights that ensure its readers' success.
About ANSYS, Inc.
ANSYS, Inc., founded in 1970, develops and globally markets engineering simulation software and technologies widely used by engineers and designers across a broad spectrum of industries. The Company focuses on the development of open and flexible solutions that enable users to analyze designs directly on the desktop, providing a common platform for fast, efficient and cost- conscious product development, from design concept to final-stage testing and validation. The Company and its global network of channel partners provide sales, support and training for customers. Headquartered in Canonsburg, Pennsylvania, U.S.A., with more than 40 strategic sales locations throughout the world, ANSYS, Inc. and its subsidiaries employ approximately 1,400 people and distribute ANSYS products through a network of channel partners in over 40 countries. Visit http://www.ansys.com/ for more information.
ANSYS, ANSYS Workbench, AUTODYN, CFX, FLUENT and any and all ANSYS, Inc. brand, product, service and feature names, logos and slogans are registered trademarks or trademarks of ANSYS, Inc. or its subsidiaries in the United States or other countries. All other brand, product, service and feature names or trademarks are the property of their respective owners.
The list comprises financially solid small-cap businesses based on return on sustained sales, net profit growth and equity over 12-month and five-year periods. ANSYS ranked 12th in market value on the 2007 Forbes list.
"It is a great privilege to be named to the Forbes 200 for the sixth year. This accomplishment reflects our company's achievement of strong and consistent growth and the validation of our Simulation Driven Product Development vision and strategy," said Jim Cashman, president and CEO at ANSYS, Inc. "Our ranking among other dynamic companies is a testament to our drive to deliver innovative technology that can be used throughout all phases of the product development process."
About Forbes
Forbes is the nation's leading business magazine, with a North American circulation of more than 900,000. Forbes, Forbes Asia, and the company's eight local-language editions, together reach a worldwide audience of over five million readers. Since 1917, Forbes' mission has been to provide access to information and insights that ensure its readers' success.
About ANSYS, Inc.
ANSYS, Inc., founded in 1970, develops and globally markets engineering simulation software and technologies widely used by engineers and designers across a broad spectrum of industries. The Company focuses on the development of open and flexible solutions that enable users to analyze designs directly on the desktop, providing a common platform for fast, efficient and cost- conscious product development, from design concept to final-stage testing and validation. The Company and its global network of channel partners provide sales, support and training for customers. Headquartered in Canonsburg, Pennsylvania, U.S.A., with more than 40 strategic sales locations throughout the world, ANSYS, Inc. and its subsidiaries employ approximately 1,400 people and distribute ANSYS products through a network of channel partners in over 40 countries. Visit http://www.ansys.com/ for more information.
ANSYS, ANSYS Workbench, AUTODYN, CFX, FLUENT and any and all ANSYS, Inc. brand, product, service and feature names, logos and slogans are registered trademarks or trademarks of ANSYS, Inc. or its subsidiaries in the United States or other countries. All other brand, product, service and feature names or trademarks are the property of their respective owners.
Monro Muffler Brake, Inc. Authorizes an Additional $30 Million in Share Repurchases
Monro Muffler Brake, Inc. (NASDAQ:MNRO) , a leading provider of automotive undercar repair and tire services, today announced that its Board of Directors authorized the Company to repurchase an additional $30 million in common stock. The purchases may be made from time to time in the open market or through privately negotiated transactions at management's discretion, depending on market conditions and other factors, in accordance with Securities and Exchange Commission requirements. The share repurchase program has a term of 12 months and is in addition to the $30 million program authorized by the Board in January 2007, bringing the total authorized share repurchases to $60 million.
Robert G. Gross, President and Chief Executive Officer, stated, "We are pleased with the Board's ongoing support of our share repurchase program as it is an important tool in maximizing shareholder return. We remain steadfastly committed to the creation of value for our shareholders and are glad to retain the flexibility to be strategic and opportunistic with our capital."
The Company was authorized to purchase up to $30 million in shares of common stock under the program approved by the Board in January 2007. As of November 8, 2007, the Company had repurchased 1,318,556 shares at the weighted average price of $22.76. As of October 27, 2007, per its Form 10Q, the Company had 20,120,592 common shares outstanding.
About Monro Muffler Brake, Inc.
Monro Muffler Brake operates a chain of stores providing automotive undercar repair and tire services in the United States, operating under the brand names of Monro Muffler Brake and Service, Mr. Tire and Tread Quarters Discount Tires. The Company currently operates 715 stores and has 14 dealer locations in New York, Pennsylvania, Ohio, Connecticut, Massachusetts, West Virginia, Virginia, Maryland, Vermont, New Hampshire, New Jersey, North Carolina, South Carolina, Indiana, Rhode Island, Delaware, Maine and Michigan. Monro's stores provide a full range of services for exhaust systems, brake systems, steering and suspension systems, tires and many vehicle maintenance services.
Robert G. Gross, President and Chief Executive Officer, stated, "We are pleased with the Board's ongoing support of our share repurchase program as it is an important tool in maximizing shareholder return. We remain steadfastly committed to the creation of value for our shareholders and are glad to retain the flexibility to be strategic and opportunistic with our capital."
The Company was authorized to purchase up to $30 million in shares of common stock under the program approved by the Board in January 2007. As of November 8, 2007, the Company had repurchased 1,318,556 shares at the weighted average price of $22.76. As of October 27, 2007, per its Form 10Q, the Company had 20,120,592 common shares outstanding.
About Monro Muffler Brake, Inc.
Monro Muffler Brake operates a chain of stores providing automotive undercar repair and tire services in the United States, operating under the brand names of Monro Muffler Brake and Service, Mr. Tire and Tread Quarters Discount Tires. The Company currently operates 715 stores and has 14 dealer locations in New York, Pennsylvania, Ohio, Connecticut, Massachusetts, West Virginia, Virginia, Maryland, Vermont, New Hampshire, New Jersey, North Carolina, South Carolina, Indiana, Rhode Island, Delaware, Maine and Michigan. Monro's stores provide a full range of services for exhaust systems, brake systems, steering and suspension systems, tires and many vehicle maintenance services.
Tuesday, November 13, 2007
Contela Chooses Ulticom to Deploy Wireless Office Solution
At the GSMA Mobile Asia Congress in Macau, China, Ulticom(R), Inc. (Pink Sheets: ULCM), a leading provider of network signaling solutions, today announced telecommunications equipment maker Contela Inc. has chosen Ulticom's Signalware(R) software as the signaling platform for its enterprise, IP-based Wireless Office Solution (IP-WOS).
Contela's IP-WOS is an all-IP based system which allows an enterprise to easily build Local Area Wireless Networks inexpensively. With IP-WOS, corporate users can seamlessly access an enterprise's communication services using their CDMA phone, as easily as they do with their PBX extensions. Users have the added benefit of being able to use these corporate CDMA phones for both public and private access.
Signalware provides Contela with a robust application development and deployment platform to deliver new value-added services to their customers. With support for a wide variety of global SS7 standards and flexible support for country-specific protocol variants, Signalware can be used as part of a strategy to meet global network deployment requirements.
"Our partnership with Ulticom started several years ago with the development of our wireless convergence infrastructure solutions, including our recent Colour Ringback Tone service. We chose Signalware SS7 for the IP- WOS solution because of its carrier-grade reliability and proven track record in the field," said Mr. HaeKwan Jung, Team Leader, Marketing Team at Contela. "We were impressed with its performance and flexibility to enable new value added services that our customers can take to market quickly."
IP-WOS's high-density capabilities allow carriers to reduce the number of servers a typical service is deployed on, thus reducing expenses. This was a major factor for SK Telecom, the leading wireless carrier in Korea, who recently chose the system for its enterprise customer base. "SK Telecom can now provide new solutions cost effectively to their corporate clients," continued Contela's Mr. HaeKwan Jung. "The new services they can now offer with IP-WOS result in increased customer satisfaction, and they are saving on OPEX due to less system maintenance and downtime."
"Contela is one of the leading solution providers in Asia that have already experienced the advantage of deploying Signalware SS7 in their product portfolios," commented Osman Duman, senior vice president and CMO at Ulticom. "We're excited to work with Contela to deliver a truly converged network application that offers immediate value to enterprise customers."
About Ulticom, Inc.
Ulticom provides service essential signaling solutions for wireless, wireline, and Internet communications. Ulticom's products are used by leading telecommunication equipment and service providers worldwide to deploy mobility, location, payment, switching, and messaging services. Ulticom is headquartered in Mount Laurel, NJ with additional offices in the United States, Europe, and Asia.
About Contela, Inc.
Contela is the leading developer of IP-based wireless, micro infrastructure and possesses a totally integrated end-to-end solution. The company is headquartered in Boondang, Korea. The company employs leading engineers from both wireless carriers and leading CDMA manufacturers with a comprehensive knowledge of the requirements of service providers and large corporate customers.
Note: This Release contains "forward-looking statements" for purposes of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. There can be no assurances that forward-looking statements will be achieved, and actual events or results could differ materially from the results predicted or from any other forward-looking statements made by, or on behalf of, the Company, and should not be considered as an indication of future events or results. Important factors that could cause actual results to differ materially include: the results of the Audit Committee's review of matters relating to the Company's stock option practices and other accounting matters; the results of Comverse's review of its stock option awards as applicable to employees of the Company; the impact of any restatement of the financial statements of the Company or other actions that may be taken or required as a result of such reviews; the Company's inability to file required reports with the Securities and Exchange Commission; the risks of dealing with potential claims and proceedings that may be commenced concerning such matters; risks associated with the delisting of the Company's shares from The NASDAQ Stock Market and the quotation of the Company's common stock in the "Pink Sheets," including any adverse effects related to the trading of the stock due to, among other things, the absence of market makers; risks of litigation and of governmental investigations or proceedings arising out of or related to the Company's stock option grants or any restatement of the financial statements of the Company; risks associated with the development and acceptance of new products and product features; risks associated with the Company's dependence on a limited number of customers for a significant percentage of the Company's revenues; changes in the demand for the Company's products; changes in capital spending among the Company's current and prospective customers; aggressive competition may force the Company to reduce prices; risks associated with rapid technological changes in the telecommunications industry; risks associated with making significant investments in the expansion of the business and with increased expenditures; risks associated with holding a large proportion of the Company's assets in cash equivalents and short-term investments; risks associated with the Company's products being dependent upon their ability to operate on new hardware and operating systems of other companies; risks associated with dependence on sales of the Company's Signalware products; risks associated with future networks not utilizing signaling systems and protocols that the Company's products are designed to support; risks associated with the products having long sales cycles and the limited ability to forecast the timing and amount of product sales; risks associated with the integration of the Company's products with those of equipment manufacturers and application developers and the Company's ability to establish and maintain channel and marketing relationships with leading equipment manufacturers and application developers; risks associated with the Company's reliance on a limited number of independent manufacturers to manufacture boards for the Company's products and on a limited number of suppliers for board components; risks associated with becoming subjected to, defending and resolving allegations or claims of infringement of intellectual property rights; risks associated with others infringing on the Company's intellectual property rights and the inappropriate use by others of the Company's proprietary technology; risks associated with the Company's ability to retain existing personnel and recruit and retain qualified personnel; risks associated with the increased difficulty in relying on equity incentive programs to attract and retain talented employees and with any associated increased employment costs; risks associated with rapidly changing technology and the ability of the Company to introduce new products on a timely and cost-effective basis; risks associated with changes in the competitive or regulatory environment in which the Company operates; and other risks described in filings with the Securities and Exchange Commission. These risks and uncertainties, as well as others, are discussed in greater detail in the filings of Ulticom with the Securities and Exchange Commission. All such documents are available through the SEC's website at www.sec.gov or from Ulticom's web site at www.ulticom.com. Ulticom makes no commitment to revise or update any forward-looking statements except as required by law.
Ulticom, Signalware and nSignia are trademarks of Ulticom, Inc. All other products referenced are trademarks of their registered holders.
Contela's IP-WOS is an all-IP based system which allows an enterprise to easily build Local Area Wireless Networks inexpensively. With IP-WOS, corporate users can seamlessly access an enterprise's communication services using their CDMA phone, as easily as they do with their PBX extensions. Users have the added benefit of being able to use these corporate CDMA phones for both public and private access.
Signalware provides Contela with a robust application development and deployment platform to deliver new value-added services to their customers. With support for a wide variety of global SS7 standards and flexible support for country-specific protocol variants, Signalware can be used as part of a strategy to meet global network deployment requirements.
"Our partnership with Ulticom started several years ago with the development of our wireless convergence infrastructure solutions, including our recent Colour Ringback Tone service. We chose Signalware SS7 for the IP- WOS solution because of its carrier-grade reliability and proven track record in the field," said Mr. HaeKwan Jung, Team Leader, Marketing Team at Contela. "We were impressed with its performance and flexibility to enable new value added services that our customers can take to market quickly."
IP-WOS's high-density capabilities allow carriers to reduce the number of servers a typical service is deployed on, thus reducing expenses. This was a major factor for SK Telecom, the leading wireless carrier in Korea, who recently chose the system for its enterprise customer base. "SK Telecom can now provide new solutions cost effectively to their corporate clients," continued Contela's Mr. HaeKwan Jung. "The new services they can now offer with IP-WOS result in increased customer satisfaction, and they are saving on OPEX due to less system maintenance and downtime."
"Contela is one of the leading solution providers in Asia that have already experienced the advantage of deploying Signalware SS7 in their product portfolios," commented Osman Duman, senior vice president and CMO at Ulticom. "We're excited to work with Contela to deliver a truly converged network application that offers immediate value to enterprise customers."
About Ulticom, Inc.
Ulticom provides service essential signaling solutions for wireless, wireline, and Internet communications. Ulticom's products are used by leading telecommunication equipment and service providers worldwide to deploy mobility, location, payment, switching, and messaging services. Ulticom is headquartered in Mount Laurel, NJ with additional offices in the United States, Europe, and Asia.
About Contela, Inc.
Contela is the leading developer of IP-based wireless, micro infrastructure and possesses a totally integrated end-to-end solution. The company is headquartered in Boondang, Korea. The company employs leading engineers from both wireless carriers and leading CDMA manufacturers with a comprehensive knowledge of the requirements of service providers and large corporate customers.
Note: This Release contains "forward-looking statements" for purposes of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. There can be no assurances that forward-looking statements will be achieved, and actual events or results could differ materially from the results predicted or from any other forward-looking statements made by, or on behalf of, the Company, and should not be considered as an indication of future events or results. Important factors that could cause actual results to differ materially include: the results of the Audit Committee's review of matters relating to the Company's stock option practices and other accounting matters; the results of Comverse's review of its stock option awards as applicable to employees of the Company; the impact of any restatement of the financial statements of the Company or other actions that may be taken or required as a result of such reviews; the Company's inability to file required reports with the Securities and Exchange Commission; the risks of dealing with potential claims and proceedings that may be commenced concerning such matters; risks associated with the delisting of the Company's shares from The NASDAQ Stock Market and the quotation of the Company's common stock in the "Pink Sheets," including any adverse effects related to the trading of the stock due to, among other things, the absence of market makers; risks of litigation and of governmental investigations or proceedings arising out of or related to the Company's stock option grants or any restatement of the financial statements of the Company; risks associated with the development and acceptance of new products and product features; risks associated with the Company's dependence on a limited number of customers for a significant percentage of the Company's revenues; changes in the demand for the Company's products; changes in capital spending among the Company's current and prospective customers; aggressive competition may force the Company to reduce prices; risks associated with rapid technological changes in the telecommunications industry; risks associated with making significant investments in the expansion of the business and with increased expenditures; risks associated with holding a large proportion of the Company's assets in cash equivalents and short-term investments; risks associated with the Company's products being dependent upon their ability to operate on new hardware and operating systems of other companies; risks associated with dependence on sales of the Company's Signalware products; risks associated with future networks not utilizing signaling systems and protocols that the Company's products are designed to support; risks associated with the products having long sales cycles and the limited ability to forecast the timing and amount of product sales; risks associated with the integration of the Company's products with those of equipment manufacturers and application developers and the Company's ability to establish and maintain channel and marketing relationships with leading equipment manufacturers and application developers; risks associated with the Company's reliance on a limited number of independent manufacturers to manufacture boards for the Company's products and on a limited number of suppliers for board components; risks associated with becoming subjected to, defending and resolving allegations or claims of infringement of intellectual property rights; risks associated with others infringing on the Company's intellectual property rights and the inappropriate use by others of the Company's proprietary technology; risks associated with the Company's ability to retain existing personnel and recruit and retain qualified personnel; risks associated with the increased difficulty in relying on equity incentive programs to attract and retain talented employees and with any associated increased employment costs; risks associated with rapidly changing technology and the ability of the Company to introduce new products on a timely and cost-effective basis; risks associated with changes in the competitive or regulatory environment in which the Company operates; and other risks described in filings with the Securities and Exchange Commission. These risks and uncertainties, as well as others, are discussed in greater detail in the filings of Ulticom with the Securities and Exchange Commission. All such documents are available through the SEC's website at www.sec.gov or from Ulticom's web site at www.ulticom.com. Ulticom makes no commitment to revise or update any forward-looking statements except as required by law.
Ulticom, Signalware and nSignia are trademarks of Ulticom, Inc. All other products referenced are trademarks of their registered holders.
Monday, November 12, 2007
Xilinx at Inter BEE 2007
Xilinx, Inc. (NASDAQ:XLNX) today announced that its industry-leading programmable logic solutions for enabling broadcast applications, will be showcased at the International Broadcasting Equipment Exhibition 2007 (Inter BEE 2007), sponsored by JEITA (the Japan Electronics and Information Technology Industries Association), to be held at Makuhari Messe in Tokyo, November 11 -20, Hall 5, Booth #5105. Xilinx will conduct live demonstrations of its high-performance programmable solutions including connectivity, video over IP, and advanced video development platform.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020822/XLNXLOGO)
Xilinx Booth Demonstrations:
* 3G-SDI & Dual Link HD-SDI: Demonstration of daisy chain boards
highlighting the flexibility and interoperability of Xilinx
broadcast solutions for Dual Link HD-SDI and 3G-SDI SMPTE emerging
standards. Implementation on Xilinx(R) Virtex(TM)-5 LXT FPGAs
enables transfer of uncompressed 1080p50/60 video into and out of
a variety of broadcast applications and translation and bridging
between various standards.
* Video over IP with Forward Error Correction: Demonstration of
bridging between multiple DVB-ASI input streams and Gigabit
Ethernet IP packets, as well as forward error correction to
ProMPEG CoP3 based on the Xilinx(R) Virtex(TM) family of FPGAs.
This reprogrammable platform can bridge between IP networks and
traditional broadcast connectivity standards, ultimately lowering
the risks involved in rolling out triple and quad-play
capabilities.
* Advanced Video Development Platform (AVDP): Demonstration of PCI
Express(R) compliant cards based on Xilinx Virtex-5 LXT/SXT FPGAs,
developed by Image Processing Techniques, Ltd. The platform
enables a standard PC to support professional broadcast quality
video processing. The platform is capable of streaming
uncompressed video via 3G-SDI, Dual Link HD-SDI, HD-SDI, SDI and
DVB-ASI connectivity to and from the PC. Broadcast quality scaling
and deinterlacing IP (bundled with the board) will also be
demonstrated.
* JPEG2000 Encoding and Decoding Solutions: Demonstration of
JPEG2000 encoding and decoding solutions developed by Barco Silex,
using the Xilinx Virtex-5 family of FPGAs. The codec solutions
support DCI (Digital Cinema Initiative) formats including 2048 x
1080 and 4096 x 2160 resolutions with up to 48 frames per second,
and broadcast formats including 1080i and 1080p. Both the encoder
and decoder are capable of replacing multiple ASSP devices or PC
farms and offer the flexibility to tailor to exact requirements,
including integration of security and watermarking features.
Xilinx FPGA-based solutions for the broadcast industry recently received tremendous attention at IBC 2007 (International Broadcasting Conference) held in Amsterdam in September 2007. At this event, a high definition real-time MPEG4 AVC/H.264 encoder solution leveraging the high-performance features of Xilinx Virtex-5 FPGAs was unveiled. Leading broadcast providers such as Panasonic (Matsushita Electric Industrial Co., Ltd) and Japan Victor Co., Ltd have adopted Xilinx solutions for their latest high definition (HD) camera- recorder, designed for television broadcasting.
About Xilinx in Broadcast
Xilinx offers a wide array of solutions for the broadcast industry, ranging from video, audio and network connectivity, real-time HD video processing and high speed DSP for transmission and modulation. Xilinx offers reference designs and IP cores as building blocks for complete broadcast systems. For more information, visit http://www.xilinx.com/broadcast.
About Xilinx
Venoco, Inc. Reports Third Quarter 2007 Results
Venoco, Inc. (NYSE:VQ) today reported financial and operating results for the third quarter of 2007. The company reported net income of $0.5 million in the period, which was affected by unrealized mark-to-market commodity derivative losses (non-cash) of $8.6 million ($5.2 million after-tax) and unrealized mark-to-market interest rate derivative losses (non-cash) of $8.3 million ($5.0 million after-tax). Without the effects of these items, after-tax, adjusted net income was $10.7 million for the period. Venoco's Adjusted EBITDA for the quarter reached a company high of $62.1 million, up 8.6% from the second quarter and up 70% from the third quarter of 2006. Please see the end of this release for both a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income, the most comparable GAAP financial measure.
Venoco's production for the third quarter of 2007 was 20,701 barrels of oil equivalent per day (BOE/d), a 22% increase over the third quarter of 2006. Third quarter production was a company-high of 1.90 million barrels of oil equivalent (BOE), up more than 100,000 BOE over the second quarter of 2007 - a 5.5% increase.
"We are pleased to see production continuing to increase this quarter, and to see the continued growth in Adjusted EBITDA," said Tim Marquez, Chairman and Chief Executive Officer.
Operations
In Coastal California, Venoco continues to focus on development activities in the West Montalvo field. The company drilled and completed a well from an onshore pad in the field to an offshore location. The well confirmed that the field boundary extends further offshore. Venoco continues to test and evaluate various zones in the well. The company is also pursuing a number of field performance improvement projects that include reactivating injection wells, expanding fluid processing capacity, returning idle wells to production, and working over existing wells.
On platform Grace in the Santa Clara field, Venoco has drilled and completed its first well, which will return the field to production after being idle for nearly a decade. The drilling rig has been moved onto the second well, which is expected to be spud shortly. First production from the field is expected in November.
In the South Ellwood field, the permitting process continues for the company's full-field development project, which includes an extension of an existing lease from the State of California. The draft Environmental Impact Report is expected by year end with project startup anticipated in 2009.
Activity levels remain high in Texas in both the Hastings complex and in the nearby Manvel field, which Venoco acquired earlier this year. Fluid processing capacity in the Hastings complex has increased from approximately 150,000 barrels per day (bpd) at the time of acquisition to about 300,000 bpd currently with a target of 500,000 bpd by year end. This expanded capacity will allow additional idle wells to be returned to production. The company is applying experience gained from operating in Hastings to design and execute its recompletion and workover plan for the Manvel field.
In the Sacramento Basin the company continued its active drilling and workover program. For the quarter, Venoco spud 33 wells for a nine-month total of 101 and worked-over 29 wells bringing the nine-month total to 71. The company is ahead of drilling projections and expects to drill more than 120 new wells and to recomplete at least 100 wells in the basin by year end. The company has recently initiated a hydraulic fracturing program in the basin. Early results are very encouraging and the frac program is expected to continue throughout 2008.
"Wells in the Sacramento Basin have historically utilized conventional cased and perforated completions. With more than 300 active producers and more than 500 wellbores in our Sac Basin fields, the upside potential from fracturing could be significant," said Mr. Marquez.
Venoco's lease acquisition efforts in the Northern Sacramento Basin continue, with the company acquiring approximately 6,500 net acres in the third quarter for a company total of approximately 187,000 net acres (235,000 gross).
2007 Capital Budget
"For the full year 2007, we now expect our capital expenditures to be around $320 million, up from our earlier estimate of $270 million," said Mr. Marquez. "This is largely due to drilling more wells than we originally planned in the Sacramento Basin, ramped-up activity in our West Montalvo field -- including the drilling of the F-2 well offshore -- and higher than expected capital expenditures associated with increasing our total fluid processing capacity in the Hastings complex. We are continuing full speed on all of these projects and remain confident in their ultimate value creation," he added.
2007 Production Expenses and General & Administrative Costs
Production expenses averaged $14.90 per BOE in the third quarter of 2007 compared to $14.53 per BOE in the second quarter of 2007. Third quarter 2007 production expenses reflect a full quarter of West Montalvo and Manvel operations, where expenses increased as remedial efforts accelerated in both fields. These efforts, coupled with a production curtailment at West Montalvo for facility vessel inspections and repairs, resulted in an increase in production expenses per BOE. The company expects production expenses to decrease on a per BOE basis in 2008 as a result of reduced remedial activities in the Hastings complex and as it realizes production volume increases in the Sacramento Basin, the Santa Clara field (platform Grace), the Hastings complex, as well as in the West Montalvo and Manvel fields.
General and administrative expenses were $3.97 per BOE for the first nine months of 2007 excluding charges under SFAS 123R of $0.70 per BOE. Increased G&A expenses in the third quarter of 2007 were offset by production growth. Excluding SFAS 123R charges, the company expects G&A expenses in 2008 to be similar to full year 2007 on a per BOE basis.
Conference Call and Webcast
The company will host a conference call on Monday, November 12, 2007 at 10:00 a.m. Mountain (12:00 p.m. Eastern) to discuss its third quarter 2007 results. The call will be webcast and those wanting to listen may do so by using a link on the Investor Relations page of the company's website at http://www.venocoinc.com/. Those wanting to participate in the Q & A portion can call (800) 659-2037 and use conference code 31033740. International participants can call (617) 614-2713 and use the same conference code.
A replay of the conference call will be available for one week by calling (888) 286-8010 or, for international callers, (617) 801-6888, and using passcode 70987480. A replay will also be available on the Venoco website for 30 days.
Quarterly Report
The company will file a quarterly report on Form 10-Q for the period ended Sept 30, 2007. Interested parties may access the Form 10-Q and the company's other SEC filings through the company's website. Additionally, shareholders may receive a hard copy of the company's complete Form 10-Q free of charge. Requests can be made via the Company's website, via email sent to investor@venocoinc.comor by calling the corporate office at (303) 626-8300.
About the Company
Venoco is an independent energy company engaged in the acquisition, exploration, exploitation and development of oil and natural gas properties in California and Texas. It has headquarters in Denver, Colorado and regional offices in Carpinteria, California and Houston, Texas. Venoco operates three offshore platforms in the Santa Barbara Channel, has non-operated interests in three other platforms, operates three onshore properties in Southern California, has extensive operations in Northern California's Sacramento Basin and operates eighteen fields in Texas.
Forward-looking Statements
Statements made in this news release relating to Venoco's future production, reserves, capital expenditures, development projects, production and G&A expenses, and all other statements other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management's assumptions and the Company's future performance are both subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward- looking statements, including, but not limited to, the timing and extent of changes in oil and gas prices, the timing and results of drilling activity, the availability and cost of obtaining drilling equipment and technical personnel, risks associated with the availability of acceptable transportation arrangements and the possibility of unanticipated operational problems, delays in completing production, treatment and transportation facilities, higher than expected production costs and other expenses, and pipeline curtailments by third parties. Costs anticipated on a per BOE basis are a function of total anticipated production volumes, changes to which can adversely affect the anticipated costs per barrel. All forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update any such statement. Further information on risks and uncertainties that may affect the Company's operations and financial performance is available in the Company's filings with the Securities and Exchange Commission, which are incorporated by this reference as though fully set forth herein.
This release is available on our website at http://www.venocoinc.com/.
OIL AND NATURAL GAS PRODUCTION AND PRICES
Quarter Ended Quarter Ended Year to Date
6/30/07 9/30/07 9/30/07
Production Volume:
Oil (MBbls) 1,006 1,071 2,960
Natural Gas (MMcf) 4,681 5,001 13,926
MBOE 1,786 1,905 5,281
Daily Average Production Volume:
Oil (Bbls/d) 11,055 11,641 10,842
Natural Gas (Mcf/d) 51,440 54,359 51,011
BOE/d 19,628 20,701 19,344
Oil Price per Barrel Produced (in
dollars):
Realized price before hedging $56.37 $66.73 $58.00
Realized hedging gain (loss) (0.10) (2.91) (0.99)
Net realized price $56.27 $63.82 $57.01
Natural Gas Price per Mcf (in
dollars):
Realized price before hedging $6.96 $5.71 $6.56
Realized hedging gain (loss) (0.01) 0.73 0.25
Net realized price $6.95 $6.44 $6.81
Average Sale Price per BOE (1) $48.42 $50.90 $48.44
Expense per BOE:
Production expenses (2) $14.53 $14.90 $15.04
Transportation expenses 0.79 0.60 0.84
Depreciation, depletion and
amortization 13.19 13.32 13.17
General and administrative 4.05 4.00 4.67
(1) Average Sale Price is based upon oil and natural gas sales, net of inventory changes, realized commodity derivative losses and amortization of derivative premiums, divided by sales volumes.
(2) Production expenses are comprised of oil and natural gas production expenses and production taxes.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
UNAUDITED ($ in thousands)
Quarter Ended Quarter Ended Year to Date
6/30/07 9/30/07 9/30/07
REVENUES:
Oil and natural gas sales 90,507 97,274 261,420
Commodity derivative gains (losses) (8,431) (11,289) (38,434)
Other 752 1,014 2,579
Total revenues 82,828 86,999 225,565
EXPENSES:
Oil and natural gas production 25,946 28,386 79,419
Transportation expense 1,407 1,141 4,425
Depletion, depreciation and
amortization 23,556 25,379 69,534
Accretion of asset retirement
obligation 844 895 2,512
General and administrative 7,238 7,625 24,658
Total expenses 58,991 63,426 180,548
Income from operations 23,837 23,573 45,017
FINANCING COSTS:
Interest expense, net 16,379 15,496 44,653
Amortization of deferred loan costs 985 981 3,211
Change in fair value of derivative
instruments (367) 8,315 8,497
Loss on extinguishment of debt 12,063 - 12,063
Total financing costs 29,060 24,792 68,424
Income (loss) before taxes (5,223) (1,219) (23,407)
Income tax provision (benefit) (2,100) (1,700) (10,400)
Net income (loss) $(3,123) $481 $(13,007)
[DECEMBER 31, 2006 AND SEPTEMBER 30, 2007]
CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION
UNAUDITED ($ in thousands)
12/31/06 9/30/07
ASSETS
Cash and cash equivalents $8,364 $818
Accounts receivable 48,042 61,917
Inventories 3,211 3,099
Prepaid expenses and other current
assets 7,226 6,293
Income tax receivable 8,098 5,814
Deferred income taxes 879 4,220
Commodity derivatives 10,348 8,182
Total current assets 86,168 90,343
PROPERTY, PLANT AND EQUIPMENT, AT COST:
Oil and gas properties 881,570 1,248,798
Drilling equipment 13,731 14,457
Other property and equipment 12,380 16,427
Total property, plant and equipment 907,681 1,279,682
Accumulated depletion, depreciation
and amortization (133,428) (202,899)
Net property, plant and equipment 774,253 1,076,783
Total other assets 32,772 23,078
TOTAL ASSETS $893,193 $1,190,204
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities $53,406 $71,158
Undistributed revenue payable 15,596 17,685
Accrued interest 5,295 6,860
Deferred income taxes - -
Current maturities of long-term debt 3,557 2,121
Commodity derivatives 8,907 26,829
Total current liabilities 86,761 124,653
LONG-TERM DEBT 529,616 660,210
DEFERRED INCOME TAXES 40,424 28,437
COMMODITY DERIVATIVES 7,092 30,672
ASSET RETIREMENT OBLIGATIONS 38,984 44,478
OTHER LONG TERM LIABILITIES - -
Total liabilities 702,877 888,450
Total stockholders' equity 190,316 301,754
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $893,193 $1,190,204
GAAP RECONCILIATIONS
In addition to net income determined in accordance with GAAP, we have provided net income adjusted for certain items, a non-GAAP financial measure, which facilitates comparisons to earnings forecasts prepared by stock analysts and other third parties. Such forecasts generally exclude the effects of items that are difficult to predict or to measure in advance and are not directly related to our ongoing operations. A reconciliation between GAAP net income and net income adjusted for certain items is provided in the paragraph on page one of this release in which the non-GAAP measure is presented. Net income excluding the effects of certain items should not be considered a substitute for net income as reported in accordance with GAAP.
We use Adjusted EBITDA, as defined below, as a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP. We define Adjusted EBITDA as net income (loss) before (i) net interest expense, (ii) loss on extinguishment of debt, (iii) income tax provision (benefit), (iv) depreciation, depletion and amortization, (v) amortization of deferred loan costs, (vi) the cumulative effect of change in accounting principle, (vii) pre-tax unrealized gains and losses on derivative instruments, (viii) non-cash expenses relating to the amortization of derivative premiums and (ix) non-cash expenses relating to share-based payments under FAS 123R. We present Adjusted EBITDA because we consider it to be an important supplemental measure of our performance. Because the use of Adjusted EBITDA facilitates comparisons of our historical operating performance on a more consistent basis, we use this measure for business planning and analysis purposes, in assessing acquisition opportunities and in determining how potential external financing sources are likely to evaluate our business.
Adjusted EBITDA is not a measurement of our financial performance under GAAP and should not be considered as an alternative to net income (loss), operating income or any other performance measure derived in accordance with GAAP, as an alternative to cash flow from operating activities or as a measure of our liquidity. You should not assume that the Adjusted EBITDA amounts shown are comparable to Adjusted EBITDA or similarly named measures disclosed by other companies. In evaluating Adjusted EBITDA, you should be aware that it excludes expenses that we will incur in the future on a recurring basis. We compensate for these limitations by relying primarily on our GAAP results and using Adjusted EBITDA only on a supplemental basis.
UNAUDITED ($ in thousands)
Quarter Quarter Quarter Nine Months
Ended Ended Ended Ended
9/30/06 6/30/07 9/30/07 9/30/07
Adjusted EBITDA Reconciliations:
Net income $16,239 $(3,123) $481 $(13,007)
Plus: Financing costs 17,770 29,060 24,792 68,424
Income taxes 10,500 (2,100) (1,700) (10,400)
Depletion, depreciation
and amortization 18,350 23,556 25,379 69,534
Plus: Pre-tax share-based
payments 536 1,460 1,280 3,880
Amortization of derivative
premiums 1,547 2,419 3,200 7,517
Pre-tax unrealized commodity
derivative losses (28,390) 5,861 8,620 31,471
Adjusted EBITDA $36,552 $57,133 $62,052 $157,419
Venoco's production for the third quarter of 2007 was 20,701 barrels of oil equivalent per day (BOE/d), a 22% increase over the third quarter of 2006. Third quarter production was a company-high of 1.90 million barrels of oil equivalent (BOE), up more than 100,000 BOE over the second quarter of 2007 - a 5.5% increase.
"We are pleased to see production continuing to increase this quarter, and to see the continued growth in Adjusted EBITDA," said Tim Marquez, Chairman and Chief Executive Officer.
Operations
In Coastal California, Venoco continues to focus on development activities in the West Montalvo field. The company drilled and completed a well from an onshore pad in the field to an offshore location. The well confirmed that the field boundary extends further offshore. Venoco continues to test and evaluate various zones in the well. The company is also pursuing a number of field performance improvement projects that include reactivating injection wells, expanding fluid processing capacity, returning idle wells to production, and working over existing wells.
On platform Grace in the Santa Clara field, Venoco has drilled and completed its first well, which will return the field to production after being idle for nearly a decade. The drilling rig has been moved onto the second well, which is expected to be spud shortly. First production from the field is expected in November.
In the South Ellwood field, the permitting process continues for the company's full-field development project, which includes an extension of an existing lease from the State of California. The draft Environmental Impact Report is expected by year end with project startup anticipated in 2009.
Activity levels remain high in Texas in both the Hastings complex and in the nearby Manvel field, which Venoco acquired earlier this year. Fluid processing capacity in the Hastings complex has increased from approximately 150,000 barrels per day (bpd) at the time of acquisition to about 300,000 bpd currently with a target of 500,000 bpd by year end. This expanded capacity will allow additional idle wells to be returned to production. The company is applying experience gained from operating in Hastings to design and execute its recompletion and workover plan for the Manvel field.
In the Sacramento Basin the company continued its active drilling and workover program. For the quarter, Venoco spud 33 wells for a nine-month total of 101 and worked-over 29 wells bringing the nine-month total to 71. The company is ahead of drilling projections and expects to drill more than 120 new wells and to recomplete at least 100 wells in the basin by year end. The company has recently initiated a hydraulic fracturing program in the basin. Early results are very encouraging and the frac program is expected to continue throughout 2008.
"Wells in the Sacramento Basin have historically utilized conventional cased and perforated completions. With more than 300 active producers and more than 500 wellbores in our Sac Basin fields, the upside potential from fracturing could be significant," said Mr. Marquez.
Venoco's lease acquisition efforts in the Northern Sacramento Basin continue, with the company acquiring approximately 6,500 net acres in the third quarter for a company total of approximately 187,000 net acres (235,000 gross).
2007 Capital Budget
"For the full year 2007, we now expect our capital expenditures to be around $320 million, up from our earlier estimate of $270 million," said Mr. Marquez. "This is largely due to drilling more wells than we originally planned in the Sacramento Basin, ramped-up activity in our West Montalvo field -- including the drilling of the F-2 well offshore -- and higher than expected capital expenditures associated with increasing our total fluid processing capacity in the Hastings complex. We are continuing full speed on all of these projects and remain confident in their ultimate value creation," he added.
2007 Production Expenses and General & Administrative Costs
Production expenses averaged $14.90 per BOE in the third quarter of 2007 compared to $14.53 per BOE in the second quarter of 2007. Third quarter 2007 production expenses reflect a full quarter of West Montalvo and Manvel operations, where expenses increased as remedial efforts accelerated in both fields. These efforts, coupled with a production curtailment at West Montalvo for facility vessel inspections and repairs, resulted in an increase in production expenses per BOE. The company expects production expenses to decrease on a per BOE basis in 2008 as a result of reduced remedial activities in the Hastings complex and as it realizes production volume increases in the Sacramento Basin, the Santa Clara field (platform Grace), the Hastings complex, as well as in the West Montalvo and Manvel fields.
General and administrative expenses were $3.97 per BOE for the first nine months of 2007 excluding charges under SFAS 123R of $0.70 per BOE. Increased G&A expenses in the third quarter of 2007 were offset by production growth. Excluding SFAS 123R charges, the company expects G&A expenses in 2008 to be similar to full year 2007 on a per BOE basis.
Conference Call and Webcast
The company will host a conference call on Monday, November 12, 2007 at 10:00 a.m. Mountain (12:00 p.m. Eastern) to discuss its third quarter 2007 results. The call will be webcast and those wanting to listen may do so by using a link on the Investor Relations page of the company's website at http://www.venocoinc.com/. Those wanting to participate in the Q & A portion can call (800) 659-2037 and use conference code 31033740. International participants can call (617) 614-2713 and use the same conference code.
A replay of the conference call will be available for one week by calling (888) 286-8010 or, for international callers, (617) 801-6888, and using passcode 70987480. A replay will also be available on the Venoco website for 30 days.
Quarterly Report
The company will file a quarterly report on Form 10-Q for the period ended Sept 30, 2007. Interested parties may access the Form 10-Q and the company's other SEC filings through the company's website. Additionally, shareholders may receive a hard copy of the company's complete Form 10-Q free of charge. Requests can be made via the Company's website, via email sent to investor@venocoinc.comor by calling the corporate office at (303) 626-8300.
About the Company
Venoco is an independent energy company engaged in the acquisition, exploration, exploitation and development of oil and natural gas properties in California and Texas. It has headquarters in Denver, Colorado and regional offices in Carpinteria, California and Houston, Texas. Venoco operates three offshore platforms in the Santa Barbara Channel, has non-operated interests in three other platforms, operates three onshore properties in Southern California, has extensive operations in Northern California's Sacramento Basin and operates eighteen fields in Texas.
Forward-looking Statements
Statements made in this news release relating to Venoco's future production, reserves, capital expenditures, development projects, production and G&A expenses, and all other statements other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management's assumptions and the Company's future performance are both subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward- looking statements, including, but not limited to, the timing and extent of changes in oil and gas prices, the timing and results of drilling activity, the availability and cost of obtaining drilling equipment and technical personnel, risks associated with the availability of acceptable transportation arrangements and the possibility of unanticipated operational problems, delays in completing production, treatment and transportation facilities, higher than expected production costs and other expenses, and pipeline curtailments by third parties. Costs anticipated on a per BOE basis are a function of total anticipated production volumes, changes to which can adversely affect the anticipated costs per barrel. All forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update any such statement. Further information on risks and uncertainties that may affect the Company's operations and financial performance is available in the Company's filings with the Securities and Exchange Commission, which are incorporated by this reference as though fully set forth herein.
This release is available on our website at http://www.venocoinc.com/.
OIL AND NATURAL GAS PRODUCTION AND PRICES
Quarter Ended Quarter Ended Year to Date
6/30/07 9/30/07 9/30/07
Production Volume:
Oil (MBbls) 1,006 1,071 2,960
Natural Gas (MMcf) 4,681 5,001 13,926
MBOE 1,786 1,905 5,281
Daily Average Production Volume:
Oil (Bbls/d) 11,055 11,641 10,842
Natural Gas (Mcf/d) 51,440 54,359 51,011
BOE/d 19,628 20,701 19,344
Oil Price per Barrel Produced (in
dollars):
Realized price before hedging $56.37 $66.73 $58.00
Realized hedging gain (loss) (0.10) (2.91) (0.99)
Net realized price $56.27 $63.82 $57.01
Natural Gas Price per Mcf (in
dollars):
Realized price before hedging $6.96 $5.71 $6.56
Realized hedging gain (loss) (0.01) 0.73 0.25
Net realized price $6.95 $6.44 $6.81
Average Sale Price per BOE (1) $48.42 $50.90 $48.44
Expense per BOE:
Production expenses (2) $14.53 $14.90 $15.04
Transportation expenses 0.79 0.60 0.84
Depreciation, depletion and
amortization 13.19 13.32 13.17
General and administrative 4.05 4.00 4.67
(1) Average Sale Price is based upon oil and natural gas sales, net of inventory changes, realized commodity derivative losses and amortization of derivative premiums, divided by sales volumes.
(2) Production expenses are comprised of oil and natural gas production expenses and production taxes.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
UNAUDITED ($ in thousands)
Quarter Ended Quarter Ended Year to Date
6/30/07 9/30/07 9/30/07
REVENUES:
Oil and natural gas sales 90,507 97,274 261,420
Commodity derivative gains (losses) (8,431) (11,289) (38,434)
Other 752 1,014 2,579
Total revenues 82,828 86,999 225,565
EXPENSES:
Oil and natural gas production 25,946 28,386 79,419
Transportation expense 1,407 1,141 4,425
Depletion, depreciation and
amortization 23,556 25,379 69,534
Accretion of asset retirement
obligation 844 895 2,512
General and administrative 7,238 7,625 24,658
Total expenses 58,991 63,426 180,548
Income from operations 23,837 23,573 45,017
FINANCING COSTS:
Interest expense, net 16,379 15,496 44,653
Amortization of deferred loan costs 985 981 3,211
Change in fair value of derivative
instruments (367) 8,315 8,497
Loss on extinguishment of debt 12,063 - 12,063
Total financing costs 29,060 24,792 68,424
Income (loss) before taxes (5,223) (1,219) (23,407)
Income tax provision (benefit) (2,100) (1,700) (10,400)
Net income (loss) $(3,123) $481 $(13,007)
[DECEMBER 31, 2006 AND SEPTEMBER 30, 2007]
CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION
UNAUDITED ($ in thousands)
12/31/06 9/30/07
ASSETS
Cash and cash equivalents $8,364 $818
Accounts receivable 48,042 61,917
Inventories 3,211 3,099
Prepaid expenses and other current
assets 7,226 6,293
Income tax receivable 8,098 5,814
Deferred income taxes 879 4,220
Commodity derivatives 10,348 8,182
Total current assets 86,168 90,343
PROPERTY, PLANT AND EQUIPMENT, AT COST:
Oil and gas properties 881,570 1,248,798
Drilling equipment 13,731 14,457
Other property and equipment 12,380 16,427
Total property, plant and equipment 907,681 1,279,682
Accumulated depletion, depreciation
and amortization (133,428) (202,899)
Net property, plant and equipment 774,253 1,076,783
Total other assets 32,772 23,078
TOTAL ASSETS $893,193 $1,190,204
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities $53,406 $71,158
Undistributed revenue payable 15,596 17,685
Accrued interest 5,295 6,860
Deferred income taxes - -
Current maturities of long-term debt 3,557 2,121
Commodity derivatives 8,907 26,829
Total current liabilities 86,761 124,653
LONG-TERM DEBT 529,616 660,210
DEFERRED INCOME TAXES 40,424 28,437
COMMODITY DERIVATIVES 7,092 30,672
ASSET RETIREMENT OBLIGATIONS 38,984 44,478
OTHER LONG TERM LIABILITIES - -
Total liabilities 702,877 888,450
Total stockholders' equity 190,316 301,754
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $893,193 $1,190,204
GAAP RECONCILIATIONS
In addition to net income determined in accordance with GAAP, we have provided net income adjusted for certain items, a non-GAAP financial measure, which facilitates comparisons to earnings forecasts prepared by stock analysts and other third parties. Such forecasts generally exclude the effects of items that are difficult to predict or to measure in advance and are not directly related to our ongoing operations. A reconciliation between GAAP net income and net income adjusted for certain items is provided in the paragraph on page one of this release in which the non-GAAP measure is presented. Net income excluding the effects of certain items should not be considered a substitute for net income as reported in accordance with GAAP.
We use Adjusted EBITDA, as defined below, as a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP. We define Adjusted EBITDA as net income (loss) before (i) net interest expense, (ii) loss on extinguishment of debt, (iii) income tax provision (benefit), (iv) depreciation, depletion and amortization, (v) amortization of deferred loan costs, (vi) the cumulative effect of change in accounting principle, (vii) pre-tax unrealized gains and losses on derivative instruments, (viii) non-cash expenses relating to the amortization of derivative premiums and (ix) non-cash expenses relating to share-based payments under FAS 123R. We present Adjusted EBITDA because we consider it to be an important supplemental measure of our performance. Because the use of Adjusted EBITDA facilitates comparisons of our historical operating performance on a more consistent basis, we use this measure for business planning and analysis purposes, in assessing acquisition opportunities and in determining how potential external financing sources are likely to evaluate our business.
Adjusted EBITDA is not a measurement of our financial performance under GAAP and should not be considered as an alternative to net income (loss), operating income or any other performance measure derived in accordance with GAAP, as an alternative to cash flow from operating activities or as a measure of our liquidity. You should not assume that the Adjusted EBITDA amounts shown are comparable to Adjusted EBITDA or similarly named measures disclosed by other companies. In evaluating Adjusted EBITDA, you should be aware that it excludes expenses that we will incur in the future on a recurring basis. We compensate for these limitations by relying primarily on our GAAP results and using Adjusted EBITDA only on a supplemental basis.
UNAUDITED ($ in thousands)
Quarter Quarter Quarter Nine Months
Ended Ended Ended Ended
9/30/06 6/30/07 9/30/07 9/30/07
Adjusted EBITDA Reconciliations:
Net income $16,239 $(3,123) $481 $(13,007)
Plus: Financing costs 17,770 29,060 24,792 68,424
Income taxes 10,500 (2,100) (1,700) (10,400)
Depletion, depreciation
and amortization 18,350 23,556 25,379 69,534
Plus: Pre-tax share-based
payments 536 1,460 1,280 3,880
Amortization of derivative
premiums 1,547 2,419 3,200 7,517
Pre-tax unrealized commodity
derivative losses (28,390) 5,861 8,620 31,471
Adjusted EBITDA $36,552 $57,133 $62,052 $157,419
Wednesday, November 7, 2007
Regenetech Signs an Exclusive License to Commercialize its cellXpansion(TM) Technology in Mexico
Regenetech, Inc., the tissue regeneration technology company which has built upon NASA licensed technology, today announces that it has signed a Mexican, country-exclusive license for its cellXpansion(TM) technology with Regenevita, a new Mexican company.
The exclusive agreement with the newly formed Regenevita will allow Regenetech's cellXpansion(TM) technology to be made available for clinical applications in Mexico. Under the terms of the exclusive agreement, Regenevita will use Regenetech's technology to expand (multiply) human progenitor cells from blood for use in research and development activities with the ultimate objective of commercializing the stem cell expansion process for the benefit of patients in Mexico. Financial terms of the agreement were not disclosed at this time.
Carlos Morett, CEO of Regenevita, commented: "Regenevita's goal is to become a leader in Mexico in the tissue regeneration area. We are delighted to begin working with Regenetech and their strong cellXpansion(TM) technology position in this area. We believe we can enable the widespread use in Mexico of tissue regeneration therapy, revolutionary medical treatment that benefits all people, with cellXpansion technology."
David Bonner, CEO of Regenetech, added: "We are optimistic that this agreement will lead to increased, rapid innovations in the regenerative therapy field, expedite human clinical studies, and ultimately, lead to clinical use. We look forward to working closely with Regenevita to progress the technology, in addition to increasing our activities in Mexico."
The exclusive agreement with the newly formed Regenevita will allow Regenetech's cellXpansion(TM) technology to be made available for clinical applications in Mexico. Under the terms of the exclusive agreement, Regenevita will use Regenetech's technology to expand (multiply) human progenitor cells from blood for use in research and development activities with the ultimate objective of commercializing the stem cell expansion process for the benefit of patients in Mexico. Financial terms of the agreement were not disclosed at this time.
Carlos Morett, CEO of Regenevita, commented: "Regenevita's goal is to become a leader in Mexico in the tissue regeneration area. We are delighted to begin working with Regenetech and their strong cellXpansion(TM) technology position in this area. We believe we can enable the widespread use in Mexico of tissue regeneration therapy, revolutionary medical treatment that benefits all people, with cellXpansion technology."
David Bonner, CEO of Regenetech, added: "We are optimistic that this agreement will lead to increased, rapid innovations in the regenerative therapy field, expedite human clinical studies, and ultimately, lead to clinical use. We look forward to working closely with Regenevita to progress the technology, in addition to increasing our activities in Mexico."
Dresser Masoneilan Enters Safety System Arena with Partial Stroke Test Device
Masoneilan, a leading control valve supplier to the process industries and a division of Dresser Inc., has introduced a new digital instrument that offers enhanced functionality for Safety Instrumented Systems (SIS). This new product, the SVI II ESD (Emergency Shutdown Device), provides for in-service partial stroke testing of emergency shutdown valves. The partial stroke test, by invoking only a limited movement of valve internal components, provides required valve operating verification without any adverse impact to the process.
The SVI II ESD, an extension of Masoneilan's successful SVI II AP line of digital controllers, is TUV certified to a SIL 3 rating per IEC61508 standard and its associated stringent reliability criteria. The SVI II ESD device is unique in its single wire pair enabling of the designated safety and partial stroke testing functions. This innovative dual but separate functionality gives the unit the unique and patented capability to remain live during and after a shutdown, enabling key benefits such as capturing the shutdown event signature. In normal plant operations, the SVI II ESD energizes the pneumatic actuator and partially strokes the valve assembly to validate fail safe operation.
In addition to triggering on-line partial stroke testing, the SVI II ESD delivers sophisticated valve diagnostics allowing users to proactively manage their safety valve assets. The SVI II ESD also provides for integration with leading safety system architecture with full functionality available through a database driven companion software - ValVue ESD.
About Dresser, Inc.
Dresser, Inc. is a leader in providing highly engineered infrastructure products for the global energy industry. The company has leading positions in a broad portfolio of products including valves, actuators, meters, switches, regulators, piping products, natural gas-fueled engines, retail fuel dispensers and associated retail point of sale systems and air and gas handling equipment. Leading brand names within the Dresser portfolio include Dresser Wayne(R) retail fueling systems, Waukesha(R) natural gas-fired engines, Masoneilan(R) control valves, Mooney(R) regulators, Consolidated(R) pressure relief valves, and Roots(R) blowers and rotary gas meters. It has manufacturing and customer service facilities located strategically worldwide and a sales presence in more than 100 countries. The company's website can be accessed at www.dresser.com.
About Masoneilan
Masoneilan is a global leader in providing innovative best fit control valve solutions for the process industries. Masoneilan supplies a wide range of general and severe service control valves, actuators, instrumentation, valve accessories, software and field service support. Its eight manufacturing units worldwide are supported by an integrated network of service and sales offices to provide a wide range of valve solutions for virtually every process control application. The company's website is www.masoneilan.com
The SVI II ESD, an extension of Masoneilan's successful SVI II AP line of digital controllers, is TUV certified to a SIL 3 rating per IEC61508 standard and its associated stringent reliability criteria. The SVI II ESD device is unique in its single wire pair enabling of the designated safety and partial stroke testing functions. This innovative dual but separate functionality gives the unit the unique and patented capability to remain live during and after a shutdown, enabling key benefits such as capturing the shutdown event signature. In normal plant operations, the SVI II ESD energizes the pneumatic actuator and partially strokes the valve assembly to validate fail safe operation.
In addition to triggering on-line partial stroke testing, the SVI II ESD delivers sophisticated valve diagnostics allowing users to proactively manage their safety valve assets. The SVI II ESD also provides for integration with leading safety system architecture with full functionality available through a database driven companion software - ValVue ESD.
About Dresser, Inc.
Dresser, Inc. is a leader in providing highly engineered infrastructure products for the global energy industry. The company has leading positions in a broad portfolio of products including valves, actuators, meters, switches, regulators, piping products, natural gas-fueled engines, retail fuel dispensers and associated retail point of sale systems and air and gas handling equipment. Leading brand names within the Dresser portfolio include Dresser Wayne(R) retail fueling systems, Waukesha(R) natural gas-fired engines, Masoneilan(R) control valves, Mooney(R) regulators, Consolidated(R) pressure relief valves, and Roots(R) blowers and rotary gas meters. It has manufacturing and customer service facilities located strategically worldwide and a sales presence in more than 100 countries. The company's website can be accessed at www.dresser.com.
About Masoneilan
Masoneilan is a global leader in providing innovative best fit control valve solutions for the process industries. Masoneilan supplies a wide range of general and severe service control valves, actuators, instrumentation, valve accessories, software and field service support. Its eight manufacturing units worldwide are supported by an integrated network of service and sales offices to provide a wide range of valve solutions for virtually every process control application. The company's website is www.masoneilan.com
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