zikkir

Mac's own Blackberry Desktop Software is now available

Sophia Rhodini — Wed, 31 Dec 1969 19:00:00 +0000

Only the preview version of Blackberry was available for Mac until late December. But there are many new enhancements that have been implemented now with the latest releases. The Desktop manager will handle anything that has been exclusive to PC till now. After years of struggle with third party softwares, Mac is now blessed with its own BlackBerry Desktop software. Here are some features that have been included in the initial releases. * Now you can add or remove applications from your blackberry using Mac. * You can easily sync up your iTunes playlists, notes, tasks, calendars and contacts. Users are given the flexibility to sync music and send the tracks to the integrated memory or a micro SD card which leaves the memory free for other applications. All your contact and calendar information can be easily synched with address book, mail or any other supporting application. * You will be able to manage multiple devices. * Support for Mac 10.5.5 and Mac 10.6 the snow leopard which are the latest Mac version is also available. It allows the users to sync their smart phone by distributing the contents to multiple systems. * Automatic update of devices when new softwares are available. * If you have sensitive data, then the users are given the flexibility to protect their data using the backup encryption option. The device can be configured to automatically sync when connected. * It also provides the media sync feature which most of the people were just waiting for it.

Pixelmator Team Releases Pixelmator 1.5 Spider

Sophia Rhodini — Wed, 31 Dec 1969 19:00:00 +0000

London, UK - The Pixelmator Team released Pixelmator 1.5 today, an update to the revolutionary GPU-powered image editing tool that provides everything needed to create, edit, and enhance still images. Available as a free software update, Pixelmator 1.5, codenamed Spider, features Save for Web, a Slice tool, a Trim tool, Info Labels, and more. "Pixelmator is a perfect fit for anyone who is passionate about image editing," said Saulius Dailide of the Pixelmator Team. "And now with the breakthrough version 1.5 Spider features, Pixelmator becomes one of the world's best tools for exporting images for the Web." The new Web tools in Pixelmator allow users to prepare and export images for the Web with minimal effort, whether it is an individual image or a complex page layout. Images can be optimized and saved in Web-standard JPEG, PNG, or GIF file formats with different quality settings. The new powerful Slice tool in Pixelmator can be used to slice an image into pieces, allowing each piece of an image to be optimized and saved using its own optimization settings. Saving an optimized part of an image is as easy as dragging and dropping it onto the desktop. The file size and preview of optimized slices or images are available in nearly real-time in the Pixelmator window. Pixelmator also comes with a useful Web Color plug-in for the Apple Color Palette, allowing Web designers to select and copy hexadecimal colors quickly to the HTML or CSS application. The new Info Labels feature unobtrusively shows useful information depending on the tool in use such as selection, crop and slice sizes, tolerance levels for Magic Wand, Paint Bucket, and Magic Eraser, gradient angle and radius, transform dimensions, and more. The new Trim feature allows quick and easy cropping of an image by trimming surrounding transparent pixels or background pixels in a specified color. Other new features in Pixelmator 1.5 Spider include support for Mac OS X 10.6 Snow Leopard, Italian language, the Reveal All feature, and the Send To feature that allows the user to send images quickly to the Mail and iPhoto applications; improved Export, Image Size, Canvas Size, and File Info features; minor user interface changes; compatibility and performance improvements; and several bug fixes. Pricing and Availability: Pixelmator 1.5 is available for $59 (USD). Pixelmator 1.5 is a free update for current Pixelmator users. System requirements, as well as a 30-day Pixelmator trial and more information on Pixelmator, visit them online.

WebMD Launches New Consumer Health Portal in the U.K.

Sophia Rhodini — Wed, 31 Dec 1969 19:00:00 +0000

Boeing Reports Third-Quarter Financial Results

Sophia Rhodini — Wed, 31 Dec 1969 19:00:00 +0000

Air Canada welcomes Continental Airlines to Star Alliance

Sophia Rhodini — Wed, 31 Dec 1969 19:00:00 +0000

Traveling Vietnam Wall Comes to North Lauderdale

Sophia Rhodini — Wed, 31 Dec 1969 19:00:00 +0000

The Allstate Foundation Teams Up With Scientific Social Solutions to Launch CRASH! The Science of Collisions Program in New York State

Sophia Rhodini — Wed, 31 Dec 1969 19:00:00 +0000

Lion Energy calls off proposed acquisition

Sophia Rhodini — Wed, 31 Dec 1969 19:00:00 +0000

Q2 Revenues up by 4% and Profits by 11% Sequentially

Sophia Rhodini — Wed, 21 Oct 2009 11:10:38 +0000

GURGAON, India, -- Polaris Software Lab Limited (POLS.BO), a leading Financial Technology company, today announced the second quarter results for FY 2009-10. For the quarter ended 30 September 2009, Profit after tax grew (PAT) by 11% to Rs. 35.20 crore from Rs. 31.84 crore in the previous quarter. Income grew by 4% to Rs. 338.31 crore from Rs. 325.53 crore. In dollar terms, Profit grew by 12% to 7.27 million from 6.52 million and income grew by 5% to 69.93 million from 66.61 million sequentially. Financial Highlights 1. Polaris acquired Laser Soft Infosystems, a banking software product company in an all-cash deal for about Rs. 52 crore. The acquisition will be EPS accretive for Polaris. With this acquisition Polaris acquired 40 accounts in India and emerging countries 2. Cash and cash equivalents grew by Rs. 44.80 crore to Rs. 446.34 crore (USD 92.8 million), post dividend payout of Rs 14.33 crore 3. EBITDA margins stood at 17% before onetime visa costs of Rs. 3.7 crore 4. Utilization was 81%, 100 bps improvement over previous quarter 5. Americas contributed to 43%, EMEA (Europe, Middle East and Africa) contributed to 28% and Asia Pacific contributed to 29% of the quarter revenues 6. The Days Sales Outstanding (DSO) maintained at record 47 days, reflecting impeccable delivery standards Business Highlights 1. During the quarter, the company recorded 16 wins, of which 12 were Intellect-led (product deals) 2. The company won a multimillion dollar deal of Intellect GUB for a large Vietnamese bank 3. The company won a large outsourcing deal from a global bank in Europe. 4. Intellect GUB Credit Decisioning system was implemented at HDFC Bank 5. A leading bank in Thailand went live on Intellect GUB Collect and Lending platform 6. Continuing with its focused Go-to-market plan, Polaris showcased Intellect GUB 10.0(*) and Customer Business eXchange (CBX)(**) to the leading corporate bankers from around the world participating in Sibos 2009, the world's premier financial services event hosted in Hong Kong 7. The company signed a Memorandum of Understanding with PCCW Solutions, to jointly market and deliver Intellect Global Universal Banking (GUB) 10.0(*) in China 8. During the quarter Intellect GUB received extensive recognition from leading analysts. - Polaris featured amongst the top vendors in the Payment Services Hub by Gartner - Polaris featured amongst the top vendors building industry-specific knowledge and solutions by harnessing business process and domain capability by Forrester - Polaris featured amongst the top vendors having extensive breadth of Securities and Investment coverage by AITE Group Arun Jain, Chairman & CEO, Polaris Software Lab Ltd., said, "5 years ago, we embarked on a journey to become a full spectrum Financial Technology player in the global arena with our integrated products and services portfolio. 200 customers and over 100 Intellect installations stand as testimony to the success of our integrated services and products play". R Srikanth, Executive Vice President & CFO, Polaris Software Lab Ltd., said, "The Laser Soft acquisition has brought in a treasure trove of 40 accounts in India and emerging markets supplementing our country and account expansion strategy. We are well in track to achieve our EPS guidance of Rs. 15 for FY10." (*)Intellect Global Universal Banking (GUB) 10.0 is a unique banking platform that can co-exist with legacy systems as well as support the road-map for future modernization. Intellect GUB spans business processes across Retail, Private and Corporate Banking, Capital Markets and Asset Management. For the first time, such a comprehensive solution has been built using SOA technology. The solution harnesses the power of SOA to modernize bank's technology platform and enables bank to rapidly launch new products for its emerging lines of business. (**)Intellect GUB 10.0 offers functionality and technology architecture to create Customer Business eXchange (CBX) that can significantly enhance banking experience of corporate customers. Customer Business eXchange enables transaction services and information exchange for all or a 'mix and match' combination of Intellect GUB 10.0 functionality that is uniquely required by corporate banks. Corporate banks can utilize CBX for corporate customers and provide them with a single entry into the complete suite or mix of corporate products and services such as Liquidity management, Treasury, Trade, Custody and Payments. Financial Results for the Second Quarter ended September 30, 2009 POLARIS SOFTWARE LAB - GROUP UNAUDITED CONSOLIDATED FINANCIAL RESULT FOR THE QUARTER ENDED SEPTEMBER 30, 2009 PREPARED AS PER INDIAN GAAP (Rs. Lakhs) QUARTER ENDED Particulars Sept 30,2009 Sept 30,2008 Income from software services, products and Business Process Management 33,830.55 35,114.14 Software development expenses 22,065.44 22,916.99 Gross Profit 11,765.11 12,197.15 Selling and marketing expenses 3,551.65 3,435.30 General and Administrative expenses 2,826.01 3,011.40 Operating Profit before interest, depreciation & amortization 5,387.45 5,750.45 Depreciation / Amortization 873.67 1,079.45 Finance Charges 17.27 16.50 Operating Profit after interest, depreciation & amortization 4,496.51 4,654.50 Exchange Gain/ ( Loss ) (858.16) (770.02) Other Income 404.94 97.31 Share of profit/(loss) of Associate Companies (41.61) (68.44) Profit/(loss ) on sale of Investments - 1,301.37 Intangible Assets - Amortized fully - (1,173.27) Profit before tax 4,001.68 4,041.45 Provision for taxation 482.06 598.72 Profit after tax 3,519.62 3,442.73 Earnings per share of Rs.5 each (Rs.) Basic 3.57 3.49 Diluted 3.55 3.48 HALF YEAR ENDED Particulars Sept 30,2009 Sept 30,2008 Income from software services, products and Business Process Management 66,383.38 66,812.13 Software development expenses 42,851.12 44,384.16 Gross Profit 23,532.26 22,427.97 Selling and marketing expenses 7,026.04 6,615.62 General and Administrative expenses 5,595.73 6,179.73 Operating Profit before interest, depreciation & amortization 10,910.49 9,632.62 Depreciation / Amortization 1,717.80 2,142.90 Finance Charges 34.50 37.22 Operating Profit after interest, depreciation & amortization 9,158.19 7,452.50 Exchange Gain/ ( Loss ) (2,188.60) (825.43) Other Income 834.00 280.09 Share of profit/(loss) of Associate Companies (41.61) 77.48 Profit/(loss ) on sale of Investments - 1,301.37 Intangible Assets - Amortized fully - (1,173.27) Profit before tax 7,761.98 7,112.74 Provision for taxation 1,058.84 968.86 Profit after tax 6,703.14 6,143.88 Earnings per share of Rs.5 each (Rs.) Basic 6.79 6.22 Diluted 6.76 6.21 Investor Conference Call Polaris Software Lab Ltd. will host an Investors Conference Call, where the Senior Management of Polaris will comment on the company's performance during the second quarter ended September 30, 2009 and respond to questions from participants. The conference call will take place at 16:00 Hrs IST on Tuesday, October 20, 2009 To participate in the conference call, please dial the numbers given below five minutes ahead of schedule. The transcript of this conference call will be available within 72 working hours at website, http://www.polaris.co.in in the investor section. The dial numbers to join the conference call Conference Name : Q2 FY 09-10 Polaris Investor Earnings call Date : Tuesday, 20th October 2009 Time : 16:00 HRS IST Conference ID : 35471670 Access Numbers for the call MUMBAI : Primary Access Toll Number : 02230360400 BANGALORE : Primary Access Toll Number : 08030360400 DELHI : Primary Access Toll Number : 01130360400 CHENNAI : Primary Access Toll Number : 04430360400 HONK KONG : Primary Access Toll free Number : 800901420 SINGAPORE : Primary Access Toll free Number : 8001011906 REPLAY : [20th October 2009 to 22nd October 2009] Replay ID/Conference # : 35471670 Primary Access Number : 02230360400 For further information, please contact: Shailesh Dhawla Polaris Software +91-9962023124 shailesh.d@polaris.co.in - Polaris Software Lab Limited

Industry's Highest Capacity PCI Express 3.0 Controller IP Core From Denali Software Adopted by Cray

Sophia Rhodini — Wed, 21 Oct 2009 11:11:05 +0000

Best-in-Class Solutions Speed Design-to-Silicon Success of PCI Express Technology SUNNYVALE, Calif.-- Denali Software, Inc., a world-leading provider of electronic design automation (EDA) software and intellectual property (IP), today announced that Cray has adopted Denali Databahn(TM) PCI Express (PCIe) controller core and PureSpec(TM) verification IP (VIP), which support the latest PCIe 3.0 specifications from the PCI-SIG. The 16-lane PCIe 3.0 controller from Denali can deliver 128 GT/s of raw bandwidth, surpassing a 100G Ethernet interface. This is equivalent to transferring a full 3-hour high-definition movie file in under one second. "Our systems are deployed in mission critical applications and require superior performance, scalability, and reliability. After examining the available solutions in the industry, it was clear that Denali was more than capable of delivering a PCI Express 3.0 controller with the critical features that we needed," states Peg Williams, senior vice president of research and development at Cray. "Not only has Denali met our functional and performance requirements, but their reputable technology, verification expertise and strong customer reputation made them a valued supplier." As a global leader in supercomputing, Cray provides supercomputing, storage and data management technologies to government, industry and academia. Cray technology enables scientists and engineers to achieve remarkable breakthroughs by accelerating performance, improving efficiency and extending the capabilities of their most demanding applications. Last year, the Cray XT5 system, nicknamed "Jaguar" and located at the Oak Ridge National Laboratory, was number two on the list of the World's Top 500 Supercomputers. "Denali continues to provide the industry's highest-quality IP solutions for PCIe technology, which enables our customers, such as Cray, to reduce their design risk and enable them to develop complex projects on schedule," remarks Ashwin Matta, Director of PCIe Core Technology for Denali Software. "We value Cray's trust in Denali and are confident that our design and verification IP products will accelerate their design time, meet their performance goals and help them achieve a competitive advantage." - Denali Software, Inc.

Linktone Announces Results of 2009 Annual General Meeting of Shareholders

Sophia Rhodini — Wed, 21 Oct 2009 11:11:34 +0000

BEIJING, -- Linktone Ltd. (Nasdaq: LTON) (the "Company"), one of the leading providers of wireless interactive entertainment products and services to consumers in China, today announced the results of its 2009 Annual General Meeting of Shareholders held on October 19, 2009, at 10:00 a.m., Beijing time, at its offices located at 27/F, Building 1, Landmark Towers, 8 North East Third Ring Road, Chao Yang District, Beijing 100004, People's Republic of China. The Company's shareholders approved all proposals set forth in the proxy statement dated September 23, 2009. The approved proposals were: -- Elect Oerianto Guyandi as a Class II director to serve until the 2012 annual general meeting of shareholders or until his successor is elected and duly qualified. -- Ratify the appointment of Ernst & Young Hua Ming as independent registered public accountants of Linktone Ltd. for the fiscal year ending December 31, 2009. -- Approve AS A SPECIAL RESOLUTION an amendment to the Company's Amended and Restated Memorandum and Articles of Association to (i) remove the existing requirement that material transactions between the Company and any holder of 5% or more of the Company's share capital or any affiliate of the Company be approved (x) by a majority of the disinterested directors of the Company's board, in the case of transactions valued at or above US$1 million, and (y) by holders of a majority of the shares held by the Company's disinterested shareholders, in the case of transactions valued at or above US$10 million, and (ii) replace with the requirement that transactions between the Company and any holder of 5% or more of the Company's share capital or any affiliate of the Company be approved by a majority of the disinterested directors of the Company's board, in the case of transactions valued at or above US$5 million. - Linktone Ltd.

Strata Celebrates 20 Years of Pioneering 3D with 20/20 Program

Sophia Rhodini — Wed, 21 Oct 2009 12:04:38 +0000

In 1989 Strata was started by two students - now Strata looks to help other students get started ST. GEORGE, Utah, -- Strata, the company adding the power of 3D to the designer's toolset, marks twenty years of pioneering 3D tools with its new 20/20 program. Strata and founders Ken and Gary Bringhurst are marking this milestone by giving away over $20,000 in software to twenty design students. In a challenging job market, Strata is looking to help a select group of students who are about to graduate or who have recently graduated. "We remember how difficult it was to get started right out of college," said Gary Bringhurst. "Helping others get off the ground seems like a fitting way to celebrate 20 years of success." Prospective 20/20 award recipients can apply at http://www.strata.com/2020. Applicants will be asked to explain what challenges they are facing, the design discipline they expect to find a job in, where they went to school and when they graduated. Successful candidates will also need to include links to samples of their work. Awards will range from individual Strata applications to the full Strata 3D CX Suite. The Strata applications include Strata Foto 3D CX, Strata Enfold 3D CX, Strata Design 3D CX and Strata Live 3D CX. Together the Strata 3D CX Suite lets designers capture, create, design and deliver their ideas faster, with more control - and all in 3D. All four products include plug-ins for Adobe applications, taking Photoshop, Illustrator and more to a higher level. "An Adobe connected strategy has been important to us from the beginning," said Ken Bringhurst, Strata president. "We started out in 1989 reading Illustrator 88 files. Now our tools have gone beyond just reading Adobe files to offering native file export, application plug-ins and content live-linking." "It's amazing to think back to those early days. In 1989, designers often had to take a picture of the screen with a 35mm camera for output. Since then we've seen desktop printing go color, desktop video come about, CD ROM become a popular format with games like MYST, and then the revolution of the internet with its ever changing content forms. It's been a fun ride - and the upcoming twists and turns look to be just as fun!" - Strata

MEDNET Launches MedSafe to Prevent Teenage Prescription Drug Abuse

Sophia Rhodini — Wed, 21 Oct 2009 12:04:42 +0000

Online medical supply leader now offers healthcare's most secure medical safe to consumers RIDGE, N.Y. -- What's the cost of saving a teenage life? When it comes to preventing accidental death resulting from prescription medication abuse, there's no price tag. Parents with good intentions, however, may be unaware that the lock-boxes they've installed are not protecting their teens from the ticking timebomb of prescription drugs. That's why MEDNET(TM), a national leader in premium-quality medical supplies, has formed an exclusive partnership with Axius Healthcare Group to distribute MedSafe(TM), the most secure medical safe on the market today. "MedSafe is a real safe, setting it apart from medicine cabinets and other inferior lock-box products," says Lorraine Yarde, principal of the Axius MedSafe division of Axius Healthcare Group, which manufactures products that prevent loss in the healthcare industry and address patient safety concerns. "We've been developing this safe for five years in response to specific consumer demand. MedSafe is much more than a deterrent - it's peace of mind for parents, grandparents and caretakers, and provides real protection against prescription drug abuse." Made of high-grade steel, MedSafe (http://www.MedSafeStore.com) features a biometric fingerprint reader, so its contents are accessible only to the parent or person who programs the safe. MedSafe technology is proven: it has been used in the healthcare industry for years, securing medications in doctors' offices nationwide. Moreover, it is the number-one choice for gun enthusiasts and law enforcement officers to store handguns in the home, winning endorsements from the National Rifle Association and The Handgun Club of America. Other lock-box products available on the market today, made from plastic and using confusing combination locks or mechanical keys, do not stand up to the durable steel and high-tech security features of the original MedSafe. "MedSafe is secure enough to store a loaded weapon, and that's exactly what a prescription drug is when it winds up in the hands of teens and is abused," says Rob Perissi, MEDNET's president. "The parallel is uncanny but pertinent, considering that one in five teens has abused a prescription pain medication, and one in 10 has abused cough medicine. Preventing access to such medications is our goal through this partnership with Axius. MedSafe is the best solution available with a proven record of over five years." MEDNET is the exclusive distributor of MedSafe, available in two sizes. MedSafe is ideal not only for homes but anywhere prescription and over-the-counter medications are stored in proximity of children and teens, including daycares, schools, camps and more. - MEDNET Direct Corp.

SchoolCenter Launches SC Pro - A Comprehensive K-12 Web Solution That Enables Schools and Districts to Build Effective Web Environments

Sophia Rhodini — Wed, 21 Oct 2009 12:06:41 +0000

- Takes schools and districts from goal definition to goal realization - Meets core K-12 website objectives including strengthening the community, creating a positive image and enhancing collaboration inside and outside the classroom CARBONDALE, Ill., -- SchoolCenter, the leader in strategic K-12 web solutions, today announced the availability of SC Pro, the only K-12 web solution designed to build effective web environments for schools and districts across the U.S. According to a recent independent, nationwide survey of K-12 superintendents, IT directors and communications directors, the website plays a crucial role in creating a positive image and improving communication between all constituency groups within the district, including parents, teachers, and students. SC Pro marks the first web solution able to meet these goals by taking schools and districts from goal definition to goal realization. For educators who oversee the vision and maintenance of a K-12 website, SC Pro offers a best-practices approach, streamlined implementation, goal-oriented progress, and measurable results that deliver a core website that engages everyone - inside and outside the classroom. The SC Pro process begins with a strategic planning and analysis phase, which is combined with custom design services, scalable technology, implementation, and ongoing training and support to meet the stated goals for school and district websites. "SC Pro has transformed our district website into an effective tool for communication, instruction, and community engagement," said Jill Filer, Director of Communications & Community Relations for Harrisonville School District in MO. "Through our work with SchoolCenter, we've achieved an interactive web environment that truly captures the essence of our district while enabling us to better connect the entire Harrisonville community. We look forward to working closely with them as we continue to build a best in class website that reflects our ongoing success and achievements." "The road to a truly effective web presence is filled with gaps and challenges, and that reality is what propelled the development of SC Pro. Superintendents, IT directors, and communications officers have clear objectives for their websites and SC Pro is the only proven and seamless solution with a methodology for achieving those goals," said Mary E. McCaffrey, CEO, SchoolCenter. SchoolCenter based the vision for SC Pro upon its extensive work with school districts to determine the top strategic concepts for today's K-12 web environments. After researching the interactive needs of hundreds of U.S. schools and districts, conducting surveys with district leadership, and synthesizing thousands of hours of internal research, SchoolCenter developed SC Pro based on a unique best practices model that bridges the divide between website goals and realization. To learn more about SchoolCenter and its work with thousands of K-12 schools to develop and implement strategic web solutions, visit www.schoolcenter.com. - SchoolCenter

SEMCO ENERGY Selects ZixCorp for Email Encryption

Sophia Rhodini — Wed, 21 Oct 2009 12:07:04 +0000

SEMCO ENERGY's customers and business affiliates protected with ZixCorp email encryption DALLAS, -- Zix Corporation (ZixCorp®), (Nasdaq: ZIXI), the leader in email encryption services, today announced the Company has signed a three-year email encryption service contract with SEMCO ENERGY. ZixCorp will encrypt email communications to all of SEMCO ENERGY's customers and business affiliates. SEMCO ENERGY's management team determined the most efficient and cost-effective way to protect the communications with their valued customers and business partners was to implement ZixCorp's policy-based email encryption. "The ZixCorp service came highly recommended and is the only seamless email encryption service currently available," said Scott Graham, Project Lead for SEMCO ENERGY. "We were certain this was the answer for our email encryption needs. The ZixDirectory(TM) allows our business partners and customers to send secure emails to anyone, anywhere, in a manner that's simple and easy to use." ZixCorp Diamond Partner, Discovery Business Systems, Inc., recommended ZixCorp email security services to SEMCO ENERGY. "We know firsthand of ZixCorp's success with email encryption and we felt that SEMCO ENERGY could benefit greatly from their services," said Mark Duchene, principal for Discovery Business Systems. "Securing personal data is a key priority for any organization dealing with confidential information. ZixCorp's email encryption services provide an easy and cost-effective way to ensure customer privacy and regulatory compliance," said Rick Spurr, Chief Executive Officer for ZixCorp. "Our Software as a Service (SaaS) solution allows customers to rapidly achieve compliance with minimal impact to their IT operations." - Zix Corporation

InfoComm International Partners With Sonic Foundry Event Services to Webcast Free Seminar During AV Week

Sophia Rhodini — Wed, 21 Oct 2009 12:07:26 +0000

The Power of AV: Successful Meetings and Events with Audiovisual Technologies, goes virtual via Mediasite MADISON, Wis., -- InfoComm International's celebration of AV Week will be shared worldwide thanks to Sonic Foundry, Inc. (Nasdaq: SOFO), the recognized market leader for rich media webcasting and knowledge management. For the first time, Sonic Foundry's Event Services group will webcast the multimedia presentations from The Power of AV: Successful Meetings and Events with Audiovisual Technologies, taking place October 21 at the Marriott at Metro Center in Washington, D.C. The Power of AV was originally planned to engage trade associations and meeting planners from the Washington D.C. area. By partnering with Event Services, a leading provider of webcasting for blended conferences and events, InfoComm International will extend the reach of the event to an unlimited online audience. The on-demand presentation, powered by Mediasite, will be available at www.sonicfoundry.com/avpower. The on-site and on-demand audiences will hear from all sides of the meeting and AV industries to learn how to use technology to maximize the impact of their events. A panel consisting of a technology expert, a meeting planner and a live-events producer will discuss best practices for choosing an AV provider, asking the right questions and determining a realistic budget. "Using Mediasite extends our reach beyond the four walls of the event site," said Duffy Wilbert, CTS, CAE, senior vice president of membership, InfoComm International. "We're excited to demonstrate one way that AV technology can enhance your events, and we'll have many more tips for meeting planners." Sonic Foundry's Event Services group and its strategic partners supply technical webcasting services and expertise to organizations who seek to complement their conference or event with viewing over the web. Using the patented Mediasite webcasting and content management platform to automate the capture, management and delivery of multimedia presentations, the Event Services group has provided live and on-demand webcasting for clients ranging from Fortune 500 corporations and university associations to sporting events and charitable organizations. "The meeting and events industry is undergoing a sea-change in how groups meet and share information, and technology is at the heart of the movement. InfoComm is a long-time leader in educating the meeting industry on how to stay ahead of the game, and with the explosion of virtual and hybrid events, they are also putting their key message into practice," said Rimas Buinevicius, chairman and CEO of Sonic Foundry. "As a long-time member of InfoComm, it is a pleasure to be their partner in creating this blended event, an experience that will soon be the standards for today's modern meeting." - Sonic Foundry, Inc.

China Cablecom Announces Appointment of Emmanuel J. Olympitis to Its Board of Directors and Audit Committee

Sophia Rhodini — Wed, 21 Oct 2009 12:07:56 +0000

SHANGHAI, -- China Cablecom Holdings, Ltd. ("China Cablecom" or the "Company") (Nasdaq: CABL) (Nasdaq: CABLW) (Nasdaq: CABLU), a joint-venture provider of cable television services in the People's Republic of China (PRC), today announced the appointment of Emmanuel J. Olympitis to its Board of Directors and Audit Committee. Mr. Olympitis currently serves as Executive Chairman of Petrocapital Resources Plc., a UK-listed company with investments in the oil sector. He is also a non-executive Director of Canoel International Energy Ltd., a Toronto-listed exploration oil and gas company. "I am excited to welcome Manoli to our Company," says Clive Ng, Founder & Executive Chairman of China Cablecom. "I have known him for almost two decades and we have enjoyed tremendous success together as he was my former Chairman at Pacific Media. He brings with him an extensive background as Executive Chairman and Chief Executive of mainly listed companies. With over twenty years of experience, he has delivered a consistent track record of generating profitability through a broad range of banking and financial service groups. We are enthusiastic about our future outlook under his guidance." From 1999 to 2004, Mr. Olympitis was formerly Executive Chairman of Pacific Media Plc., a London Stock Exchange listed retail, media, and e-commerce company focused on Asia. Previously, he held numerous executive positions including Group Chief Executive of Aitken Hume International Plc., a London Stock Exchange listed banking, insurance and fund management group. Subsequently, Mr. Olympitis was Executive Chairman and Managing Director of Johnson & Higgins Ltd., during which time the company won the Queens Award for Exports in 1994. Mr. Olympitis' background includes investment banking where he was appointed head of all Eurodollar syndicated loan activities for Bankers Trust International Limited in London. There he served as Executive Director where he managed international initiatives of several billion dollars into South America, Greece and Eastern Europe. More recently, he has held positions as a non-executive Director and member of Audit Committees on several UK-listed companies including Matica Plc., Secure Fortress Plc., Bulgarian Land Development Plc., Norman 95 Plc., and served as Chairman for Bella Media Plc. Mr. Olympitis will be replacing Pierre Suhandinata who previously resigned as a director of the Company. "On behalf of the Board we would like to thank Pierre for his support and contributions which have served to be invaluable to the Company. We appreciate his dedication and strategic oversight as Board member and wish him success in his path ahead," says Clive Ng, Founder & Executive Chairman. - China Cablecom Holdings, Ltd.

Bold Gets Even Better for AT&T Customers With the New BlackBerry Bold 9700

Sophia Rhodini — Wed, 21 Oct 2009 12:08:23 +0000

AT&T To Introduce BlackBerry(R) Bold(TM) 9700 Smartphone, Features New Trackpad For Easy Navigation DALLAS, -- AT&T*, the choice for twice as many smartphone customers than any other carrier and the first U.S. carrier to offer BlackBerry® service, announced today that the BlackBerry® Bold(TM) 9700 smartphone from Research In Motion (RIM) (Nasdaq: RIMM; TSX: RIM) will be available for AT&T consumer and business customers in the coming weeks. The new BlackBerry Bold 9700 builds on the success of the original Bold model, introduced nearly one year ago, also on AT&T's nation's fastest 3G network. AT&T is the only U.S. carrier to offer the original BlackBerry Bold and will be among the first to offer the new BlackBerry Bold 9700. Customers can learn more about the new BlackBerry Bold 9700 by visiting www.att.com/BlackBerryBold9700. The device is a beautiful combination of black and chrome accents that house a brilliant high-resolution display in a compact and lightweight package. The BlackBerry Bold 9700 features a 624 MHz processor with 256 MB of Flash memory, 3.2 megapixel camera and A-GPS to provide a faster location fix in support of AT&T Navigator with real-time traffic data. The new BlackBerry Bold 9700 smartphone also features an innovative touch-sensitive trackpad instead of the previous trackball for quick and easy access to email, messages, apps and more. It will also come preloaded with AT&T Visual Voicemail at no extra cost. AT&T users of the new BlackBerry Bold 9700 can enjoy other benefits only available to them including the best coverage worldwide and access to the nation's largest Wi-Fi network with more than 20,000 U.S. hotspots -- including approximately 7,000 Starbucks locations. As with all other Wi-Fi enabled BlackBerry smartphones from AT&T, BlackBerry Bold 9700 users with a qualifying data plan, which includes all consumer BlackBerry unlimited data plans, get seamless and unlimited access to these domestic hotspots at no additional cost. When traveling outside the U.S., BlackBerry Bold 9700 users can enjoy wireless voice coverage in more than 215 countries and wireless data coverage in more than 185 countries. Of those, BlackBerry Bold 9700 users can access ultra-fast 3G mobile broadband services in more than 100 countries. "AT&T was the first choice for BlackBerry in the U.S. and we remain the best," said Jeff Bradley, senior vice president, Devices, AT&T Mobility and Consumer Markets. "When you combine the BlackBerry Bold 9700 with the nation's fastest 3G network, access to the nation's largest Wi-Fi network and best coverage worldwide, it adds up to an unparalleled customer experience. We are proud AT&T is ranked number one in customer satisfaction among smartphone owners." Mobile users will enjoy outstanding battery life, simultaneous voice and data capabilities and the ability to run multiple email accounts whether they are corporate or personal accounts. The device also affords power users the ability to edit Microsoft® Word, Excel® and PowerPoint® files and runs BlackBerry OS v5.0, which supports BlackBerry Enterprise Server 5.0, making it possible for users to add follow-up flags to emails, manage Microsoft® Exchange mail folders, forward appointments and view calendar attachments. The BlackBerry Bold 9700 can also be used as a 3G modem for a laptop computer with an additional data plan. "The new BlackBerry Bold 9700 delivers state-of-the-art features and performance in a compact and beautifully designed handset," said Don Morrison, Chief Operating Officer at Research In Motion. "This sleek and powerful 3G smartphone offers an incredibly refined mobile experience that is ideal for both personal and professional use." The BlackBerry Bold 9700 smartphone will be available in the coming weeks for $199.99 (pay $299.99 and receive $100 mail-in-rebate.) AT&T smartphones require the purchase of a monthly data plan. Other monthly charges apply. ** For more information, visit www.att.com/BlackBerryBold9700. For the complete array of AT&T offerings, visit www.att.com For more information and detailed disclaimer information, please review this announcement in the AT&T newsroom at http://www.att.com/newsroom. *AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc. **AT&T Wireless imposes: a Regulatory Cost Recovery Charge of up to $1.25 to help defray costs incurred in complying with obligations and charges imposed by State and Federal telecom regulations; State and Federal Universal Service charges; and surcharges for government assessments on AT&T. These fees are not taxes or government-required charges. - AT&T Inc.

Tadiran Telecom Deploys First Softswitch Communications Solution in India's South Central Railway

Sophia Rhodini — Wed, 21 Oct 2009 12:08:42 +0000

PETACH TIKVA, Israel, -- Tadiran Telecom, a leading global IP business telephony and communications supplier, has been selected to provide the first Softswitch communications solution in the history of the Indian Railways, the largest and busiest rail network in the world. A part of an overall communications system modernization plan, South Central Railway (SCR) selected the new Sea Softswitch, which meets all of SCR's first-time requirements for redundancy, fault tolerance, central administration and billing. This large project includes the important Hubli and Vijayawada divisions, and spans 85 stations over 200 kilometers. For BPL Telecom, a leading electronics and telecommunications group and one of Tadiran's business partners in India, it was clear that the only solution was the Sea Softswitch. A cluster of three IP-based Sea Softswitch servers are at the core of the project, managing the entire communications system. Located in three geographically dispersed sites, each Sea Softswitch server provides redundancy and fault tolerance for the other servers. "Tadiran is involved in many railway projects around the world and we understand the specific communication needs of this market segment," said Zeev Aviv, Acting president and CEO of Tadiran Telecom. "As a leading player in Indian Railways we are especially happy to be the first to introduce a VoIP and Softswitch-based solution to this market. We will continue to bring cutting edge and innovative technologies to this industry and are confident that our focus on railways will lead to many more projects of this kind in the future." The final phase of installation has been completed and this project is now in the process of being deployed. The project incorporates other Tadiran systems, including a FlexiCom 5000 system which functions as the main hub for trunks and connects to the other IP systems, ten IPx 500 units deployed at larger stations, and FXS/SIP boxes located in the smaller stations. All these systems are maintained by a cluster of geographically dispersed, yet fully redundant, Sea Softswitch servers allowing for highly dependable, cost-effective communications. Tadiran Telecom's network solutions have been successfully deployed in scores of national rail projects worldwide. In Ireland, the company has provided solutions for over 200 systems and sites at Irish Rail, making it one of the largest private QSIG telephony networks in Europe. In the Minsk Metro in Russia, which transports about a million passengers a day, Tadiran Telecom's communication platform delivers reliable communications under extreme weather conditions. Tadiran Telecom's advanced communications solutions also played a large part in the Beijing Subway expansion plan for the 2008 Olympic Games, as part of an overall, unprecedented investment in transportation to prepare for the influx of visitors. - adiran Telecom

Dow Jones Introduces Premium News Site: The Wall Street Journal Professional Edition

Sophia Rhodini — Wed, 21 Oct 2009 12:09:52 +0000

Combines Dow Jones Factiva with The Wall Street Journal Online to Deliver Unmatched Comprehensive Business News and Information NEW YORK, -- Dow Jones & Company today announced plans to launch The Wall Street Journal Professional Edition, a premium business news service that delivers customized news feeds and alerts directly to subscribers' desktops and mobile devices. The service offers news scoops, the latest in industry-specific breaking news and immediate analysis of customers' industry sectors from Dow Jones Newswires, The Wall Street Journal and the rich collection of 17,000 global business and news sources of Dow Jones Factiva. Available in a simple, personalized user interface, The Wall Street Professional Edition combines award-winning news and analysis from Dow Jones and The Wall Street Journal with Dow Jones Factiva's powerful search, alerting and monitoring features and content archive, providing an unmatched resource for business subscribers to stay on top of the day's news while also monitoring focused and personalized in-depth news and information about the industries affecting their business. Dow Jones is making The Wall Street Journal Professional Edition available exclusively to enterprise customers in November with broader availability scheduled for January 2010. "This really is a new model for the delivery of high-quality business news for a sophisticated audience. We are not imprisoned by a terminal and are thus able to produce a more contemporary Web-based news feed tailored to a sector, a company or an asset class. Readers will be able to create a virtual newswire and alert system that suits their specific business needs," said Robert Thomson, editor-in-chief of Dow Jones & Company and managing editor of The Wall Street Journal. "It gives users a digital news library along with the world's premier newspaper and newswire. No other business news organization in the world has the same range of products or depth of reader-ready knowledge." Key features of The Wall Street Journal Professional Edition include: Aggregated news and information from more than 17,000 global sources -- a significant portion of which are not available on the public Web -- along with The Wall Street Journal, supported by more than 2,000 Dow Jones journalists in 84 bureaus worldwide Factiva SmartSearch(TM), which provides a one-year archive of Factiva's global business sources and a two-year archive of wsj.com content, filtered and sorted to reveal the best, highest-value results Search results that are instantly analyzed to uncover issues, industries, companies, people and ideas buried beneath the headlines and displayed in know-at-a-glance graphical format More than 30 industry-specific pages, managed by a team of Dow Jones editors to deliver the most current insight and identify emerging trends Six key industry sections that are continuously managed by Wall Street Journal editors who select news and information from across Factiva's vast archive: Pharmaceuticals, Healthcare, Energy, Media & Marketing, Telecommunications and Technology Custom News that allows users to personalize their own home page to quickly surface the news they want on issues, companies, industries or editor-chosen "deep dives" User-defined alerts to deliver the latest news and information when and how it is needed "We've designed The Wall Street Journal Professional Edition to deliver information without the overload," said Clare Hart, executive vice president, Dow Jones & Company, and president, Dow Jones Enterprise Media Group. "By harnessing the power of Dow Jones Factiva and combining it with the unmatched news and analysis from wsj.com, business professionals get the focused news and content they need and want in a way that allows them to quickly identify what is meaningful or important to them. If they want more detail or a broader view, they can dig deeper to gain additional insight; all of this adds up to tremendous competitive advantage to the business professional who needs quick, easy access to information about industries, companies, people and issues." More information is available at http://www.dowjones.com/product-wsj-prof-edition.asp . - Dow Jones & Company

3Q09 Earnings Release

Sophia Rhodini — Wed, 21 Oct 2009 12:10:20 +0000

SAO PAULO, -- Net Servicos de Comunicacao S.A. (BM&FBovespa: NETC3 and NETC4; Nasdaq: NETC; and Latibex: XNET), the largest cable company in Brazil and one of the largest in Latin America with integrated services that include Pay TV ("NET"), Digital Video ("NET Digital"), High Definition Digital Video ("NET Digital HD"), bidirectional broadband internet access ("NET Virtua") and voice ("NET Fone via Embratel"), today announces its results for the third quarter of 2009 (3Q09). NET has been following a conservative cash policy to ensure the execution of its sustained growth strategy, so that its organic growth does not depend on the capital market conditions but is driven by strong operational cash flows. In line with this policy, NET has also been extending its debt profile, which minimizes refinancing risks. Driven by the belief there is still room to continue its accelerated growth strategy, the Company negotiated with investors and creditors to postpone the maturity for payment of the principal amount of the 6th Debenture Issue and CCB. This negotiation enabled it to maintain its current debt and improve the debt profile, whose amortization schedule now involves no payment of principal till 2012. With this, the Company extended the period during which its operational cash flow will be invested to sustain the Company's growth. Moreover, in recognition of this initiative and the consistency with which it has executed its plan, NET's credit risk ratings were raised by Standard & Poor's Ratings Services (BB+) and Moody's Investors Service (Ba1). The Company maintained its growth pace across all its products. The Pay TV client base totaled 3,645,000 in the quarter, 25% higher than the 2,923,000 in 3Q08. The Broadband base totaled 2,790,000 clients in 3Q09, 35% up on the 2,059,000 in 3Q08. The number of Fixed Telephone Lines in Service increased by 63%, from 1,532,000 lines in 3Q08 to 2,489,000 in 3Q09. The financial performance remained consistent and in line with operational growth. Net Revenue increased by 26% in the quarter, from R$ 948.0 million in 3Q08 to R$ 1,195.3 million in 3Q09, thanks to the growth in the subscriber base. In 3Q09, Operating Costs stood at R$ 591.1 million, 28% higher than the R$ 460.3 million in 3Q08. As a percentage of net revenue, these costs climbed up from 48.6 % to 49.4%. The key factors behind the increase were the contracting of link for internet access, call center, payroll and benefits. Selling, General and Administrative Expenses totaled R$ 278.9 million in 3Q09, 20% up on the R$ 230.6 million recorded in 3Q08, but as a percentage of net revenue, fell from 24.4% to 23.3%. General and Administrative Expenses rose by 25%, mainly due to the increase in maintenance expenses for number portability systems and the higher payroll expenses. As a percentage of net revenue, General and Administrative expenses remained practically stable at 11.2%. Selling expenses increased 1% as a result of increased payroll expenses, taxes and benefits, and as a percentage of net revenue, declined from 13.1% in 3Q08 to 10.5% in 3Q09. EBITDA before Selling Expenses was R$ 447.3 million in 3Q09, 20% higher than the R$ 371.4 million in 3Q08. EBITDA totaled R$ 322.2 million in the quarter, up by 30% on the R$ 247.5 million in 3Q08. Capex totaled R$ 238.5 million, an 8% reduction year-on-year, due to the appreciation of the Real against the U.S. Dollar, which reduced the cost of equipment. Note that Capex remains consistent with the Company's additions, underlining the business model whereby the major portion of investments is related to growth. Of the total investments, the variable portion represented 81% and was allocated to purchase equipment and residential installations, both related to subscriber acquisition and infrastructural adjustments, such as node breakings. The fixed portion represented 19% and was allocated mainly to improve network quality. Upcoming Events 1. Conference Call - 3rd Quarter 2009 Earnings Release Date: October 21, 2009 BR GAAP (in Portuguese): 08:00 a.m. (NY Time) Phone: +55 (11) 4688-6361 Code: Net Servicos Replay till October 27, 2009: +55 (11) 4688-6312 Replay Code:275 BR GAAP (In English): 10:00 a.m. (NY Time) Phone: +1 (412) 858-4600 Code: Net Servicos Replay till October 29, 2009: +1 (412) 317-0088 Replay Code: 434261# Live webcast at: http://ir.netservicos.com.br 2. Expected Dates for Upcoming Results 4th quarter 2009 > February 10, 2010 - Net Servicos de Comunicacao S.A.

U.S. Department of the Interior Signs on With Secure64 DNSSEC Appliance

Sophia Rhodini — Wed, 21 Oct 2009 12:10:49 +0000

Federal Agency Selects Market Leader to Meet OMB Mandate DENVER, -- Secure64 Software Corporation announced today that the U.S. Department of the Interior has purchased the company's Secure64 DNS Signer product to meet the December 2009 OMB mandate requiring all federal agencies to add DNS Security Extensions (DNSSEC) to the DNS. The Domain Name System (DNS) is responsible for translating host names to IP addresses (and vice versa) and is critical for the normal operation of Internet-connected systems. The Department of Interior is the latest in a growing list of government agencies to select the Secure64 DNS Signer. According to William Corrington, CTO for the Department of Interior, "DOI required a solution able to sign for the entire department, including all component bureaus and offices, so scalability was a factor in our decision. Even more importantly, we needed an automated product with the highest level of security to prevent signature forging. We selected Secure64 DNS Signer because it met all of our requirements and successfully completed a pilot deployment in three days." "The Department of the Interior has a lead role in preparedness for natural disasters, such as floods, wildfires, and earthquakes, in addition to managing the natural resources of the United States. The resiliency of their Internet communications is critical to meet these missions and the department has taken a leadership role in deploying an efficient and reliable IT architecture," said Steve Goodbarn, CEO and Director of Secure64. "We are proud to be part of these efforts and to enable reliable, timely, and cost-effective deployment of DNSSEC." As part of its cyber security strategy, the United States Office of Management and Budget issued an OMB mandate that all federal agencies must implement DNSSEC by December 2009. For more information about DNSSEC, Secure64 DNS Signer and Secure64 DNS Authority, visit www.secure64.com. - Secure64 Software Corporation

Nearly One-in-Five Employers Plan to Hire Seasonal Workers This Year, Finds CareerBuilder Survey

Sophia Rhodini — Wed, 21 Oct 2009 12:11:23 +0000

CHICAGO, -- The outlook for seasonal hiring in the fourth quarter of 2009 is projected to be similar to 2008, according to a new CareerBuilder survey. Eighteen percent of hiring managers plan to hire seasonal workers to meet business needs associated with the holidays and end-of-the-year wrap-ups, on par with 17 percent in 2008. At the same time, competition for holiday work is heating up. In addition to unemployed workers pursuing seasonal employment, 12 percent of employed workers plan to take on a seasonal job to help make ends meet. The survey, "Seasonal Hiring 2009," was conducted from August 20 to September 9, 2009 and included over 2,900 hiring managers across all industries nationwide. Popular Seasonal Positions Seasonal positions may prove to be the break job seekers are looking for as three-in-ten (31 percent) hiring managers indicate they are likely to hire a seasonal worker for a full time position. The most popular positions identified for seasonal recruitment include customer service, retail sales, administrative/clerical, hospitality, shipping/delivery, inventory, technology and accounting/finance. Of those hiring seasonal employees in Q4 2009, 41 percent will hire 1 to 10 employees, 17 percent will hire 11 to 20, 17 percent will hire 21 to 50 and 25 percent will hire more than 50. Seasonal Pay While some hiring managers (12 percent) say they plan to increase pay for seasonal workers, 15 percent are planning a decrease. Forty-four percent of hiring managers expect to pay $10 or more per hour and 12 percent expect to pay $16 or more per hour. Thirty-four percent of hiring managers plan to pay between $8 and $10 per hour and 20 percent expect to pay between $6 and $8. "Competition for seasonal positions will be intense as the job market is flooded with qualified candidates vying for a smaller number of open positions," said Brent Rasmussen, President of CareerBuilder North America. "Employers tell us they are accepting the majority of their seasonal applications during October and November, meaning job seekers need to identify and apply for those opportunities now." Rasmussen recommends the following tips for those seeking seasonal employment: Start applying early - Seventy-seven percent of hiring managers do not plan to accept applications for seasonal workers beyond November. Especially in a competitive job market, getting your resume in early will help your chances of securing a position. Do your homework - Nearly a quarter (24 percent) of hiring managers say that having no knowledge of the company or products deterred them from hiring a seasonal candidate in the past. Check out the company's Web site before the interview and familiarize yourself with products, services, press announcements, etc so the hiring manager knows you're serious about the opportunity. Show enthusiasm -- Nearly half (48 percent) of employers say they were turned off by a candidate who lacked enthusiasm during their interview. Convey that you're excited about the opportunity to contribute to the success of the organization and stay away from saying the primary reason you want the position is for the employee discount. Dress the part -- If you are interviewing for a job in a retail clothing store, it's a good idea to show up dressed in an outfit from that store. One-in-ten (11 percent) hiring managers said candidates who interviewed for a job in a competitor's ensemble were ultimately not considered for the open position. Be flexible regarding your schedule - Forty-seven percent of hiring managers said they were turned off by a candidate who refused to work certain hours. Seasonal hours tend to fluctuate; you need to be open and flexible to alternative schedules. Survey Methodology This survey was conducted online within the U.S. by Harris Interactive(©) on behalf of CareerBuilder among 2,924 hiring managers and human resource professionals (employed full-time; not self-employed; non-government; with at least significant involvement in hiring decisions); and among 4,285 U.S. workers (employed full-time; not self-employed; non-government); ages 18 and over between August 20 and September 9, 2009 (percentages for some questions are based on a subset, based on their responses to certain questions). With a pure probability sample of 2,924 and 4,285, one could say with a 95 percent probability that the overall results have a sampling error of +/- 1.81 percentage points and +/-1.5 percentage points, respectively. Sampling error for data from sub-samples is higher and varies. - CareerBuilder

Redline Releases CME Globex Price Book Geared for High Frequency Trading

Sophia Rhodini — Wed, 21 Oct 2009 12:12:58 +0000

WOBURN, Mass., -- Redline Trading Solutions, Inc. (www.redlinetrading.com), a leading provider of low-latency market data solutions, today announced support for the Chicago Mercantile Exchange (CME) Globex futures and options feeds on Redline's InRush(TM) accelerated ticker plant. The complete set of CME Globex FIX/FAST product feeds is integrated into InRush, a platform designed from the ground up to provide performance leadership to high frequency trading applications. "Support for CME Globex fulfills strong demand from our high frequency trading customers," said Mark Skalabrin, CEO of Redline Trading Solutions, Inc. "This release provides the same industry leading performance that our customers use to both discover and exploit the best trading opportunities in the equity and option markets." The Redline InRush ticker plant is a high-performance, highly optimized market data platform that leverages an acceleration co-processor to deliver single-digit microsecond latency from wire to trading application. For more information on Redline's high-performance products and services, visit www.redlinetrading.com. - Redline Trading Solutions, Inc.

CEVA, Inc. to Present at the TechAmerica AeA Classic Financial Conference, November 3

Sophia Rhodini — Wed, 21 Oct 2009 12:14:11 +0000

SAN JOSE, Calif.,　 -- CEVA, Inc. [(Nasdaq: CEVA); (LSE: CVA)], a leading licensor of silicon intellectual property (SIP) platform solutions and DSP cores for the handset, consumer electronics and portable device markets, today announced that CEVA's management will present at TechAmerica's 39th Annual AeA Classic Financial Conference on November 3rd, 2009 at the Marriott San Diego Hotel & Marina in San Diego, California.　 The conference will offer institutional investors the opportunity to learn about CEVA's corporate strategy, the key growth drivers that influence its business and the Company's unique value proposition. CEVA's presentation at the conference will be webcast live and will be accessible through the Company's website at www.ceva-dsp.com. An archived webcast of the presentation will also be available on CEVA's website following the conference. For more information, please contact irceva@ceva-dsp.com　　　－　 CEVA, Inc.

Deer Consumer Products, Inc. Announces Listing Approval Upgrade to the NASDAQ Global Market

Sophia Rhodini — Wed, 21 Oct 2009 12:15:20 +0000

NEW YORK, -- Deer Consumer Products, Inc. (Nasdaq: DEER) (Website: www.deerinc.com), one of the world's largest manufacturers of home and kitchen electronics marketing to both global and Chinese domestic consumers, announced today that the Company has been approved for listing its common stock on the NASDAQ Global Market, an upgrade from its previous listing on the NASDAQ Capital Market, effective on October 22, 2009. The Company's stock symbol remains "DEER." DEER believes the higher and more stringent listing requirements on the NASDAQ Global Market could significantly broaden its institutional shareholder base and allow broad institutional participation and ownership in DEER. DEER recently raised its 2009 earnings guidance to approximately $81 million in revenues and $10.5 million in net income. In 2008, DEER reported US GAAP audited revenues of $43.8 million and net income of $3.4 million. DEER anticipates reporting 3rd quarter financial results before November 15, 2009. - Deer Consumer Products, Inc.

Logistics Giant Maersk Locates Global Service Center in Chengdu

Sophia Rhodini — Wed, 21 Oct 2009 12:15:54 +0000

CHENGDU, -- A.P. Moller-Maersk Group, the world's top logistics company, has decided to locate its global service center in Tianfu Software Park in Chengdu, capital of southwestern China's Sichuan province, showing the giant's commitment to expand operations in China. The company will also set up a logistics processing branch as well as a documents processing center in the software park; the company's new facility will have total office area of around 15,000 square meters, and will integrate service operations from Maersk's other branches, covering orders and documents processing as well as personnel training. "After careful and thorough evaluations in China and other countries, we finally chose Chengdu," said Shi Kesheng, vice president of Maersk Group. Four attractions of Chengdu brought about Maersk's final decision: competitiveness in business, high efficiency in government approvals, big talent pool as well as huge market potential, said Shi. In recent years, lowering operating costs has become many global companies' new priority. Increasing numbers of foreign firms aim to make their footprints in the untapped west

Gun Owners Take Aim at OC Sheriff

Sophia Rhodini — Wed, 21 Oct 2009 12:16:47 +0000

Full Disclosure Network(R) Covers Armed Citizen Revolt Video News Blog (15 min) WASHINGTON, -- The Full Disclosure Network(R) presents Orange County Sheriff Sandra Hutchens, the National Rifle Association's Ed Worley and, former OC Sheriff Lt. Bill Hunt in a fifteen minute online video news report covering the new policy implemented by Sheriff Hutchens regarding issuing CCW's in Orange County. The video report is hosted by Leslie Dutton, an Emmy Award winning producer of the public affairs cable TV and Internet program. The Video is available here at the URL: http://www.fulldisclosure.net/Blogs/79.php Citizen gun owners who attended a hearing before the Orange County Board of Supervisors testified, stating their dissatisfaction with the Sheriff's policy and the fact that she was not elected to office. Many suggested that Sheriff Hutchens has her own agenda, is intending to impose the Los Angeles County policies on the citizens of Orange County and the Board of Supervisors should distance themselves from her policy. During the testimony, Sheriff Hutchens stood her ground refuting the citizen's interpretation of her new policy saying, "I do not see this as a Second Amendment Issue. The policy does not impact the right to have a gun at home or in a place of business." Bill Hunt, a former OC Sheriff's Lieutenant, who is expected to challenge Sheriff Hutchens in the 2010 election was critical of Sheriffs and other Police Chiefs who do not share the fundamental beliefs in values held in the communities which they serve. The following points were made during the citizen testimony: Why should permits be given only to those who transport large sums of money? Personal protection and family protection should be considered as primary issue. Restricting use of Concealed Carry Weapon permits does not make the county safer. Viewers are asked to participate in an online opinion survey at the end of the video and to leave comments on the video blog for discussion. WATCH THESE RELATED VIDEOS: Concealed Weapons Win Support From Top Cops: (8:26 min) Sheriff's Debate Badges & Guns For Donors: (7:48 min) Los Angeles vs Orange County Sheriffs Debate Concealed Weapons (4:05 min) - Full Disclosure Network

IBM Announces New Software for Managing Data Centers

Sophia Rhodini — Wed, 21 Oct 2009 12:17:54 +0000

ARMONK, N.Y., -- IBM (NYSE: IBM) today introduced ground-breaking new software for managing data centers. The new technology has the potential to dramatically cut the cost of operations while speeding the deployment of new applications from weeks to minutes. The introduction of IBM's new VMControl product for enterprises, combined with IBM Tivoli software, gives businesses for the first time a single point of control across multiple types of IT systems and virtualization technologies. It spans UNIX/Linux, mainframe, x86 and storage systems and networks. VMControl helps companies that have turned to virtualization - the creation of multiple virtual servers or storage on a single physical system - to reduce infrastructure costs, but have encountered new struggles as they try to manage enterprises made up of disparate platforms, each with their own virtualization technology. VMControl allows combinations of physical and virtual IBM servers to be managed as a single entity. This approach - known as system pooling - expands the benefits of virtualization by helping corporate data centers simplify complex management functions and better share and prioritize use of critical resources such as processing power, memory and storage. Centralizing control of virtualized environments brings new intelligence to data center operations. Companies can manage their vast pools of information and processing resources and parcel them out to applications when and where they're needed. This breakthrough capability not only increases the overall capacity utilization of the IT infrastructure to lower capital, operational and energy costs, and improves application availability, but gives IT managers the flexibility to adapt to new demands being prompted by the surge of data from internet-connected devices. VMControl will also accelerate the deployment of new IT delivery models, like cloud computing, which allows information and processing resources to be tapped from afar. "IBM has provided Winn-Dixie with many innovative solutions to help us increase productivity, maximize our resources and save money for more than 15 years," said Charlie Weston, Group Vice President, Information Technology for the Jacksonville, Fla.-based grocer. "We are extremely confident that the launch of the VMControl product will be equally as successful for IBM's customers." The new product, together with IBM Tivoli software, helps companies address and improve service and reduce cost and risk. IBM today announced a new version of Tivoli Provisioning Manager that provides enhanced automation of the manual tasks of provisioning and configuring servers, operating systems, middleware, software applications, storage and network devices. Whether businesses are moving to the cloud or looking to deliver IT within the data center as cloud services, the sheer scale and velocity of data growth as well as the now-permanent reality of having to do more with less make VMControl essential for data centers. The combination of VMControl and Tivoli offers several benefits, such as: Faster response to business needs: A reduction in the skills, tools and tasks required to deploy new workloads. With VMControl, companies can offer rapid deployments of new workloads (from weeks to minutes) while maintaining control over IT resources. Businesses can adapt to changing business needs and support new and diverse types of workloads in accordance with service-level agreements. More efficient use of resources: To configure, operate and monitor physical and virtualized resources across multiple IBM hardware platforms would otherwise require as many as dozens of different management techniques. Buying, building and maintaining disparate management tools take up significant portions of IT budgets. VMControl reduces the management tools to one, cutting costs of operations. Awareness, consistency and predictability of operations: Business can monitor, maintain and adjust the service levels required by each computing workload handled by the pool of IT resources. It also can help predict and react to system problems. By moving workloads away from failing systems, VMControl can ensure workloads maintain application availability and avoid unplanned down time. Enabling Smarter Systems: VMControl's ability to dynamically move workloads and make adjustments allow IBM systems to be more effectively utilized, use less power and cooling and provide a much more resilient infrastructure. The new product -- IBM® Systems Director VMControl(TM) Enterprise Edition -- supports IBM's PowerVM and z/VM as well as x86 virtualization technologies such as VMWare, Hyper-V and open x86 virtualization solutions. VMControl Enterprise Edition will be available on IBM Power Systems running AIX in December, 2009. Additional support for other platforms is planned for next year as part of a dynamic infrastructure. - IBM

Jive Software Secures $12 Million in Series B Funding From Sequoia Capital to Accelerate Growth

Sophia Rhodini — Wed, 21 Oct 2009 12:18:34 +0000

Funding To Drive Global Expansion and Rapid Innovation PORTLAND, Ore., -- Company News Jive, the Social Business Software leader, today announced that it has received $12 million from Sequoia Capital in its Series B round of funding. Sequoia also funded Jive's Series A round of funding in August 2007. Jive will use the proceeds to increase its product footprint through new innovation and product development, expand its partner ecosystem, grow its sales and customer support teams, and to further capitalize on its market momentum. In Q3 2009, Jive further expanded its market momentum with more than 100% revenue growth as compared to Q3 2008 -- Jive's fourth straight quarter of record revenue growth -- and the company maintained its financial profitability. The funding comes in the wake of the company's most significant period of innovation and growth since its inception in 2001. During the first nine months of 2009, Jive added a number of large enterprise customers, including Cricket Wireless, Experian, InterContinental Hotels Group (IHG), Lufthansa, McAfee, the National Journal Group's 3121, Premier Farnell, Swiss Re, and Toshiba American Business Solutions. Jive delivered several new products in 2009. In just the past 30 days, Jive has announced Jive Market Engagement, a new solution that combines the power of social media monitoring with Social Business Software, and Jive Connects, a series of modules that will enable organizations to surface content and activities from almost any content management system (CMS) inside Jive Social Business Software (SBS). Commentary "Enterprises want to accelerate collaboration efforts by embracing Social Business Software. The vast majority of employees have already been exposed to social software through the consumer experience, dramatically improving the rate of adoption," said Jim Goetz, Partner, Sequoia Capital. "With Jive's experienced management team, visionary product strategy and customer success, it is poised to lead the corporate opportunity and to transform how work gets done in the global enterprise." "Jive Software has been keenly focused on changing the way enterprises look at collaboration, networking and community building to drive better business results - and we're ready to take it to the next level," said Dave Hersh, CEO of Jive Software. "Sequoia has been an ideal partner to guide us on a solid course to execute on our market opportunities and to provide us the resources to build for future growth." Additional Resources Jive CEO Blog on Series B Round - Jive Software

Jelli Beta Gives Traditional Radio Listeners Total Power over Playlists

Sophia Rhodini — Wed, 21 Oct 2009 12:19:15 +0000

SAN MATEO, Calif., -- Jelli, the company that puts radio into the hands of its listeners, went live today with a beta release of its namesake service. Jelli is a multiplayer web-based game that lets people who listen to traditional radio stations completely control the songs that go on the air. You can sign-in and play now at www.jelli.net. In June, Jelli launched a pilot with CBS Radio Bay Area affiliate LIVE 105 KITS. The Sunday night Jelli show on LIVE 105 has been a ratings success, and two freshly inked deals have put Jelli in the pipeline for thousands more stations worldwide. A syndication deal with Triton, which is driving terrestrial radio's growth online to more fully engage and activate listeners, will make Jelli available to Triton's more than 4,500 radio affiliations in the United States beginning in early 2010. Triton Radio Networks, through Dial-Global, will syndicate two daily Jelli programs - Top 40 Jelli and Rock Jelli - while Triton Digital will offer affiliates customized, 24/7 online Jelli experiences. "With new media tools and services, Triton is elevating the direct relationships radio enjoys with its listeners, and Jelli is a fun way to infuse even greater excitement, and a dose of unpredictability, to live FM, HD and streaming radio formats,'' said Jim Kerr, vice president of strategy for Triton Digital Media. "Jelli combines the engagement, challenge and teamwork of a video game; the personalization and sharing of music we see in social networks; and a traditional broadcast that brings the experience to the masses.'' Jelli also struck a distribution deal with Australian broadcaster, Austereo, which next month will launch a hits-oriented Hot 30 Jelli show on stations in Sydney, Melbourne, Brisbane, Adelaide and Perth. Hot 30 Jelli will be broadcast daily on FM and digital radio (DAB+), and available online 24-hours a day. "This is the future of radio - listeners in direct, active control of their radio station!" says Jaime Chaux, Austereo Digital Radio Content Director. "Austereo is proud to be leading the worldwide charge with Jelli." Jelli gives a community of listeners real-time control over what gets played on their streaming or terrestrial radio stations. Players search a deep catalog of song titles and pick tracks to add to the on-air playlist. Other players vote songs up or down one position at a time. Rockets and Bombs, Jelli currency earned by participating, shoot a song up to the top of the playlist or knock it off altogether. Jelli even lets communities band together to pull a song off the air instantly. A Jelli chat room gives all listeners a place to socialize, lobby for their favorite songs, and organize community-controlled playlists. An iPhone application will make Jelli mobile starting in early 2010. The Jelli beta is up and running now with many new features that have been added since the alpha went live with LIVE 105. Here's a summary of what's new: For Jelli Listeners Select from multiple stations airing live Jelli shows and join the crowd to control what gets played A Jelli tuner gives listeners at-a-glance details about what's playing, what was just played and how "radio active" listeners are on each station New profile pages show what any given listener is tuned into, so players can find friends and organize on a station to control its playlist Visual attribution for listeners that Rocket songs onto the air. In addition to an on-air announcement, a listener's handle and profile picture will be displayed next to the artist and song title for the duration of that song Immediate reward Rockets to listeners if the community loves the song they put on the air A Jelli store where fans can pick up all sorts of cool Jelli merchandise For Radio Stations Co-branded radio station pages and interface, with a unique stream for each broadcast partner Premium positions for partner stations in the Jelli Tuner for easy discovery by potential listeners A Jelli Station Server to integrate with a station's existing broadcast infrastructure and website to deliver a DMCA and FCC-compliant playlist directly to the station for broadcast A configurable rules engine with per-station settings for playlist rules, including country-specific regulations A configurable catalog management system so that broadcast catalogs, the "sand box" where users play the game, can be tailored to the station's format while giving users deep choices An automated platform that handles the Jelli gaming system, content and catalog management, the audio playstream system, real-time audio mixing, dynamic audio content and announcement of game activity via text-to-speech technology - Jelli

Philips Launches DirectLife, a New Personal Fitness Program to Help People Lead Healthier Lives

Sophia Rhodini — Wed, 21 Oct 2009 12:19:37 +0000

Program uses smart technology and personal coaching to make busy, sedentary lives more active and enhance personal well-being. NEW YORK, -- Philips is delivering on their commitment to be the leader in health and well-being with the launch of Philips DirectLife, a new customized, interactive fitness program that offers a fun and simple solution to people eager to adopt a more active lifestyle. The DirectLife program was born out of a desire to directly appeal to the more than 60 percent of the global population who fail to reach the minimum levels of moderate daily physical activity to deliver health benefits, as recommended by the World Health Organization(1). DirectLife records a person's daily movements via a discreet, wearable state-of-the-art Activity Monitor which tracks both the duration and intensity of a user's daily activity. Information is then easily transferred in one simple step via USB to a personal web page that keeps track of progress against both daily targets and longer term goals. The program offers a number of unique features, including a personal coach to help people set balanced and achievable goals, provide individual feedback and deliver advice on how to make easy healthy lifestyle changes, some in as little as a few minutes a day. It is the use of all three mechanisms of support together - monitoring, measuring and motivating through a personal coach - which Philips DirectLife believes will lead to healthier everyday decisions and longer lasting, more active lifestyle change. Features include: A small, lightweight and waterproof Activity Monitor that records daily movements using 3D digital accelerometer technology Online personal coaches to give that extra push when needed, with expertise in sport science, personal training and behavioral psychology A personal web page that provides stats, tips, activity ideas and allows participants to track themselves amongst family and friends and anonymously against other users A personalized activity plan, with realistic goals Weekly feedback summaries by e-mail "The DirectLife approach is based on a shift in focus towards a more active everyday life, becoming fit through more consistent activity versus exercise alone," said Jennifer Dowdeswell, one of the full time Philips DirectLife Coaches with extensive health and fitness experience. "With DirectLife people learn that being active doesn't just have to mean a daily gym routine. For most people even adding more activity and movement into their daily lives can make a big difference - such as going for a walk, taking the stairs, or dancing with the kids." Philips is also working closely with corporations to highlight how employee health and well-being with DirectLife also makes good business sense. Increasing employee activity levels offers a number of benefits including: A healthier workforce. The Surgeon General's report states that Americans can substantially improve their health and quality of life by including moderate amounts of physical activity in their daily lives, which leads to a lower risk for coronary heart diseases, diabetes, high blood pressure and obesity. Cost savings. A Philips-funded trial in Gilbert, Arizona in 2008 showed a cost saving effect from the DirectLife physical activity program. A healthier workforce is associated with lower levels of absenteeism and health care costs. 27 percent of national healthcare charges for individuals aged 40 or older are associated with physical inactivity, being overweight and obese. Increased employee performance. Physical activity programs in the workplace improve job satisfaction which leads to improved energy levels, employee morale, productivity and job attitude. Regular physical activity also allows daily tasks to be accomplished with greater ease and comfort due to less fatigue. "Leadership in corporations and institutions are recognizing that they need to change the way wellness is addressed," said Erik de Heus, CEO, Wellness Solutions, Philips Electronics. "Physical activity is increasingly being seen as the core component of a balanced corporate wellness plan, and DirectLife addresses this significant opportunity with an innovative solution combining the best of smart technology and personalized coaching." DirectLife is now available for consumers at www.philips.com/directlife for an initial fee of $99 plus shipping (includes Activity Monitor and first four months of membership). Standard membership fees are $12.50 per month, which include personalized communication with an expert coach. For more information, visit www.philips.com/directlife. (1) World Health Organization. http://www.who.int/dietphysicalactivity/factsheet_inactivity/en/index.html - Royal Philips Electronics

New IBM Sustainable Supplier Information Management Consulting Offering

Sophia Rhodini — Wed, 21 Oct 2009 12:20:06 +0000

ARMONK, N.Y., -- A new IBM (NYSE: IBM) consulting service can help clients develop methods to collect, manage and analyze supplier information for energy use, environmental impact, quality, safety, cost, efficiency, and labor practices. This offering draws on IBM's own experience running one of the largest, most complex supply chains in the world, including development of an expansive database covering 30,000 supplier locations in 60 countries to help collect and analyze data on a wide range of sustainability issues. This will allow clients to improve supply chain efficiency, lower costs, and reduce waste and environmental impact, and reporting sustainability information to business partners, regulators and other key stakeholders. "A global supply chain with thousands of partners exposes a company to increased risk, waste, inefficiency, environmental impact and cost," said Eric Riddleberger, IBM's business strategy consulting global leader, who heads up the company's corporate social responsibility consulting efforts. "Being able to set sustainability standards and truly measure performance against them across such a large network is an enormous task, particularly in industries such as consumer products, retail and healthcare." Companies are under tremendous pressure to continuously improve business performance and sustainability, and that extends to their entire supply chains. Inefficiencies and inconsistent practices can cause excessive use of energy, water and materials, increased environmental impact, variances in quality, product safety concerns and poor labor practices throughout the supply chain. These can lead to increased cost, compliance issues, and disenfranchising key stakeholders, such as customers, shareholders, partners, and current and prospective employees, who care about these issues. To improve efficiency and consistency and reduce environmental impact, companies must use new "smart" technologies and processes that allow them collect and analyze large amounts of information from across their supplier networks. This allows them to apply uniform standards, measure compliance and performance, and take corrective action where necessary. IBM estimates that doing this effectively could improve supply chain efficiency by a minimum of 8 to 12 percent or more, with corresponding reductions in cost, environmental impact and risk. But most companies are not equipped to do that kind of data collection and analysis, either within their own operations or across their supply chains. In IBM's 2009 global survey of c-level executives on green and sustainability, 29 percent of the respondents said they aren't collecting any of this data at all from their supply chains. Eight in 10 aren't collecting supplier data for CO2 emissions and water usage, and six in 10 aren't checking supplier data for labor standards. Half the respondents said supply chain partners are requiring that they adopt new standards for carbon management, but only 19 percent are collecting CO2 emissions data often enough to effectively manage it. And three-quarters said supply chain partners also require they adopt new standards for energy management, waste and ethical labor standards. IBM's Sustainable Supplier Information Management offering is designed to help them develop processes and systems for: Part number management, to ease part and product traceability; Process change management, to improve response and reduce costs associated with changing requirements; Supplier audit management, to ensure compliance on issues ranging from cost and quality to business ethics and environmental practices; Qualification management, to vet new suppliers for performance and sustainability standards; Supplier problem management, to ensure quick response when problems arise; Real-time quality management, to reduce cost, improve quality and ensure continuity of supply; Predictive quality management, using automated systems and virtual supplier auditing to head off problems before they occur. The Sustainable Supplier Information Management offering can be used with IBM's Sustainable Procurement offering, which helps companies define cost, efficiency and sustainability measurements and goals for their procurement activities. This covers all supplies, materials, ingredients, components, finished goods and services they purchase to run their operations and to develop, manufacture and deliver their own products or services. To learn more about IBM's green and sustainability consulting offerings visit: www.ibm.com/gbs/sustainability For more information on IBM's full portfolio of energy and environment offerings and products, go to: www.ibm.com/green - IBM

Vimeo(R) Demonstrates New Desktop Uploader Software at PhotoPlus Expo Exhibit

Sophia Rhodini — Wed, 21 Oct 2009 12:20:31 +0000

Users can upload Batch Files or Individual Videos to Vimeo(R) Straight from Their Desktop NEW YORK, -- Anyone who has uploaded a video onto the web knows that it can often be a time-consuming process. Vimeo.com, one of the most respected and inspiring video hosting sites, today helps solve that problem as it brings its new Desktop Uploader software into public beta. Vimeo will be on-hand to demonstrate its new Desktop Uploader software at the 2009 PhotoPlus Expo at the Jacob K. Javits Convention Center Oct. 22 - 24, booth #674. Vimeo Desktop Uploader streamlines the way content creators upload their videos to the site. Based on an Adobe Air desktop tool, the Vimeo Desktop Uploader allows users to upload multiple videos at the same time - up to ten at once! Creators can edit titles, tags and descriptions from within the software. Not only will Vimeo users avoid browser time-outs, but they can pause and resume their video uploads without having to start over from the beginning. "We constantly strive to improve the user-experience on the site," said Dae Mellencamp, General Manager of Vimeo.com. "Our community asked for this feature and we are happy to provide it." In the coming weeks, the site also plans to launch an advanced statistics function to its Vimeo Plus members. The stats feature provides extensive data on user-videos, both in aggregate and individually, including: Daily breakdowns of likes, plays, comments HD vs SD plays, loads and finishes; Awesome referrer data; Share and download stats; Geo stats (see where people are watching from); and more! Please visit the Vimeo staff blog, http://vimeo.com/blog:237, for more information and site updates. - Vimeo, LLC

Seattle Executives Association Members Recognized

Sophia Rhodini — Wed, 21 Oct 2009 12:21:34 +0000

SEATTLE, -- Seattle Executives Association is pleased to announce that three of its member businesses have been recognized by The Puget Sound Business Journal as some of the 100 Fastest Growing Private Businesses in the state. Madrona Solutions Group, Brian Paulen, CEO, Pacific Software Publishing, Inc., Mayumi Nakamura, President and CEO and LaborWorks, Scott Sabo, CEO were all recognized for their three-year revenue growth at a reception at the Washington Convention Center on Thursday, October 15, 2009. Seattle Executives Association provides a venue for the area's finest firms to collaborate, connect, and work collectively to build their businesses. Established in 1917, the association is the one of the largest and most successful networking organizations in North America. Members meet each Wednesday at the Washington Athletic Club to discuss and learn of new business opportunities. For more information about Seattle Executives Association and other member companies, please contact Executive Director, Glenna Thomas at 206-352-3955 or glenna@seattleexecs.org, or visit our website www.seattleexecs.org. - Pacific Software Publishing, Inc.

OnStar Stolen Vehicle Slowdown Helps Recover Carjacked Vehicle, Prevents High-Speed Chase

Sophia Rhodini — Wed, 21 Oct 2009 12:22:38 +0000

DETROIT, -- GM and OnStar announce the use of OnStar's Stolen Vehicle Slowdown (SVS) service to help safely recover a 2009 Chevrolet Tahoe that was carjacked at gunpoint from a subscriber in Visalia, California. This is the first time that SVS has been activated to help a subscriber in a carjacking situation. At approximately 3:18 a.m. PDT on Sunday, Oct. 18, Lindsay, California resident Jose Ruiz and his cousin were carjacked by a lone assailant wielding a shotgun. The perpetrator ordered the two men out of the vehicle, robbed them of personal belongings and sped off in the Tahoe. Ruiz was able to flag down a police officer to report the incident. He notified them that his vehicle was equipped with OnStar, and requested that the Visalia officers leverage the service to help recover his vehicle. Once OnStar advisors verified that the Tahoe had been stolen and that the subscriber had requested assistance, they were able to quickly locate the Tahoe and alert the Visalia officers of its location. They were also then able to initiate OnStar's newest stolen vehicle recovery service, Remote Ignition Block, to ensure that if the suspect stopped the vehicle before the officers were able to locate it visually, he wouldn't be able to restart it. Once officers had the vehicle in sight, they requested that Stolen Vehicle Slowdown be initiated. Once the vehicle had been safely slowed to a stop, the suspect then attempted to escape on foot, but was quickly apprehended by officers without incident. Less than 16 minutes after OnStar was first contacted, Ruiz' Tahoe was safely recovered. "While this was the first time that we've used the Stolen Vehicle Slowdown service, we have used OnStar in several other cases to help locate and recover stolen vehicles. It's a valuable tool for our agency," shared Visalia Police Department Sergeant Steven Phillips. "In this case, it helped us not only safely recover a vehicle for a local citizen, but also prevented a dangerous high-speed chase and allowed us to quickly apprehend a suspect. It's a win for everyone." While obviously thrilled to have his vehicle back, Ruiz was even more pleased that no lives were lost and no one was injured in the incident. "As soon as he took my car, the first thing I thought of was to call OnStar because I knew they could get it back," Ruiz recalled. "It was a frightening situation, but I know it could have been a lot worse. I'm very grateful that OnStar was there for me." Since launch in October of 2008, OnStar's Stolen Vehicle Slowdown service has been deployed 38 times in a wide variety of situations, including rental vehicles, thefts from dealers and on stationary vehicles in order to prevent a high-speed chase from potentially starting. In 2008, 334 people were killed in the U.S. in crashes that resulted from police pursuits, according to the National Highway Traffic and Safety Administration. Stolen Vehicle Slowdown helps take high speed pursuits out of the equation, and reduces the chance that a subscriber's stolen vehicle will be crashed during a chase. "This situation allowed us to leverage our full suite of Stolen Vehicle Assistance services - Vehicle Location, RIB and SVS," said OnStar President Walt Dorfstatter. "This is the perfect illustration of how our services come together for the benefit of our subscribers and the community." How Stolen Vehicle Slowdown Works Once an OnStar subscriber has reported a stolen vehicle to law enforcement, he or she can call OnStar and request Stolen Vehicle Assistance. An OnStar Advisor will use advanced Global Positioning Satellite technology to pinpoint the exact location of the stolen vehicle which will be provided only to law enforcement. Once law enforcement officials have the stolen vehicle in a clear line of sight to know conditions are safe, they can request that the OnStar Advisor remotely slow it down. OnStar will then send a signal to the vehicle's engine, reducing engine power and gradually slowing the vehicle to idle speed while all other vehicle systems, including power steering and brakes, remain fully operational. OnStar has offered Stolen Vehicle Assistance services with GPS location since 1996. It now receives approximately 500 Stolen Vehicle Assistance requests from subscribers each month, and has helped in nearly 40,000 requests over the past twelve years. OnStar's suite of services also includes Automatic Crash Response, Emergency Services, Remote Door Unlock, Roadside Assistance, Crisis Assist, OnStar Turn-by-Turn Navigation, Hands Free Calling and OnStar Vehicle Diagnostics. OnStar's Stolen Vehicle Slowdown was put into production in October of 2008 and is exclusively on GM vehicles in the U.S. and Canada. The service is included in the OnStar subscription that comes standard for one year on eligible Model Year 2009 and newer OnStar-equipped vehicles. Subscribers who prefer not to have the Stolen Vehicle Slowdown capability on their vehicle may contact OnStar to opt out of the service at any time. The rest of their OnStar services will remain active and unaffected. For more information regarding OnStar's services, please visit www.onstar.com - General Motors

Global Service and Support Associations Honor TouchStar as a Recognized Innovator

Sophia Rhodini — Wed, 21 Oct 2009 12:23:06 +0000

World Leader in Advance Enterprise Mobile Technology Acknowledged for Innovation in Service Economics TULSA, Okla. and LAS VEGAS, -- TouchStar announced today it has been named a Fall 2009 Recognized Innovator by the Association for Services Management International (AFSMI), the Service & Support Professionals Association (SSPA) and the Technology Professional Services Association (TPSA). TouchStar, honored as a finalist for Innovation in Service Economics, was featured at the Technology Services World conference today in Las Vegas. "TouchStar has clearly raised the bar for the entire service and support industry by successfully leveraging innovative technologies that deliver documented business impacts," said John Ragsdale, vice president of technology research for AFSMI, SSPA and TPSA. The associations' Services 50 Study documents the rise of services revenue for large high-tech companies, which now represents over 70 percent of revenue from software firms and a third of the revenues for hardware firms. While this trend means that service and support enjoys more visibility and influence with company executives and Wall Street analysts, it also means that service executives are eager to identify new sources of revenue. As a finalist in the Innovation in Service Economics category, TouchStar was honored for successfully leveraging their technology and services to generate incremental services revenue and lower operational costs. "We are constantly enhancing our mobility and enterprise solutions to provide greater value to our customers through increased revenues, reduced operational costs, and optimized field workforce performance. We feel that our success as a company hinges on empowering our customers and creating applications which meet their unique needs. It's an honor to be named a Recognized Innovator," said Peter Gibbs, Chief Executive Officer, TouchStar. More information on the conference and the Fall 2009 Recognized Innovators can be found at www.technologyservicesworld.com. - TouchStar

The Beatles(TM): Rock Band(TM) Debuts as the #1 Selling Music Video Game in the U.S. for September(1)

Sophia Rhodini — Wed, 21 Oct 2009 12:24:08 +0000

Over 100K Exclusive Xbox LIVE Song Downloads of "All You Need Is Love" Sold in September with Charity Proceeds Benefiting Doctors Without Borders NEW YORK, -- Apple Corps, Ltd., MTV Games and Harmonix, the world's leading developer of music-based games and a part of Viacom's MTV Networks (NYSE: VIA, VIA.B), today announced The Beatles(TM): Rock Band(TM) debuted as the top selling music video game in the U.S. for September. Released simultaneously with the digitally re-mastered Beatles CD catalogue on September 9, 2009, the critically acclaimed game was also the #2 selling title across all genres by revenue in the U.S. for the month of September. In addition, over 100K downloads of "All You Need Is Love" were sold in September. The charity single was released exclusively through Xbox LIVE® online entertainment network for a limited time with All Apple Corps Ltd, MTV Games, Harmonix and Microsoft proceeds benefiting Doctors Without Borders/Medecins Sans Frontieres (MSF). "We've heard countless stories about how The Beatles: Rock Band has inspired and brought friends, families and even complete strangers together," stated Scott Guthrie, EVP and President, MTV Games. "The overwhelmingly positive reaction by music fans, hardcore gamers, critics, retailers, young and old alike, has been extremely gratifying. The game was a labor of love for the teams at Apple Corps, MTV Games and Harmonix and seeing it resonate across generations the world over is truly priceless." Critics Praise The Beatles: Rock Band: "The Beatles: Rock Band is nothing less than a cultural watershed ... It may be the most important video game yet made" - NY Times 4 stars (out of 4) - "A superb, vibrant presentation" - USA Today Grade: A "I had a blast losing myself in the game's glorious saga of sound" - Entertainment Weekly 9 out of 10 - "Stunning and imaginative This is a labor of love." - IGN The Beatles: Rock Band Limited Edition Bundle is available for a limited time. MTV Games and Harmonix have now completed production of these bundles and no more will be manufactured. Available now for Xbox 360® video game and entertainment system from Microsoft, PLAYSTATION®3 computer entertainment system and Wii(TM) console from Nintendo in North America, Europe, Australia, New Zealand and other territories, The Beatles: Rock Band allows fans to pick up the guitar, bass, mic or drums and experience The Beatles' extraordinary catalogue of music through gameplay that takes players on a journey through the legacy and evolution of the band's legendary career. Additionally, for the first time in a music videogame, The Beatles: Rock Band introduces three-part vocal harmonies to gameplay, allowing gamers to revel in the unparalleled vocal stylings of The Beatles. The Beatles: Rock Band features 45 songs on-disc representing a cross-section of hits and favorites that span The Beatles' storied career. Additional music from The Beatles' epic catalogue will be made available for purchase and download through The Beatles: Rock Band Music Store. Abbey Road will be released on October 20, 2009, followed by the release of Sgt. Pepper's Lonely Hearts Club Band in November and Rubber Soul in December. The game is compatible with all Rock Band(TM) instrument controllers, as well as most Guitar Hero® and other authorized third party music video game peripherals and microphones. The Beatles: Rock Band marks the first time that Apple Corps, along with EMI Music, Sony/ATV Music Publishing, Harrisongs Ltd and Startling Music Ltd has presented The Beatles music in an interactive video game format. The Beatles: Rock Band is published by MTV Games and developed by Harmonix, the world's premier music video game company and creators of the best-selling Rock Band. Electronic Arts Inc. is serving as distribution partner for the game. In addition, Giles Martin, co-producer of The Beatles innovative LOVE album project, provided his expertise and served as Music Producer for this groundbreaking Beatles project. The Beatles: Rock Band is rated "T" for Teen with the descriptors "Mild Lyrics" and "Tobacco Reference" by the ESRB. For more information on The Beatles: Rock Band, as well as art and video assets, please visit http://www.thebeatlesrockband.com/press. - MTV Games

Rave Computer Announces New Small Form Factor System and Vehicle PC at MILCOM 2009

Sophia Rhodini — Wed, 21 Oct 2009 12:25:16 +0000

BOSTON -- Rave Computer today unveiled two new aluminum fanless small form factor computer systems, one "green" PC, designed specifically for low power commercial applications and one MIL-SPEC-810F for rugged environments. These products were revealed during the MILCOM 2009 exhibition. RCT 1610 Aluminum Fanless Computer System Versatile and radically thin, the RCT1610 Small Form Factor computer is a fanless, low-profile system designed around the new Intel D945GSEJT motherboard. Sturdy and compact, the RCT1610 offers a variety of mounting and display options. It is excellent for nettop, industrial control, and light digital signage applications as well as point of sale, kiosk and thin client applications. The Rave RCT1610 features a lightweight , fanless, ultra-slim case. It allows enough space for a 2.5" notebook HDD and offers optional wi-fi capability. The case can either stand upright or lie flat, or it can be VESA-mounted to the back of an LCD screen. Both mounting options are included as standard equipment. "Rave is committed to offering innovative system designs that keep the diverse requirements of our customers in mind," said Karl Rosenberger, Product Development Manager, Rave Computer. "That's just what you see with our versatile small form factor computers. The RCT1610 is designed for users demanding affordable yet stylish internet-centric or low power computing solutions." Product Features include: Intel Atom N270 processor Supports up to 2GB of DDR2 memory Ideal for Internet, POS, kiosk and thin client applications Multiple display interface connections (VGA, DVI-D, USB) Wireless b/g option available utilizing PCI Express mini Card slot Solid State and SATA II Disk Options VESA-compatible holster included for wall- or monitor-mounting 12V DC power input (120VAC external power supply included) 7"W x 1.5"H x 7"D RCV 6100 Aluminum Fanless Vehicle Computer System The RCV 6100 system is a rugged MIL-SPEC-810F in-vehicle computer for use in any car, truck, boat or any other 6 to 36VDC application. Compact, durable, and flexible by design, this system allows users to easily meet varying requirements and features an extremely wide operating temperature range, due to the extremely low power consumption of the Intel Atom processor. The RCV 6100 design is in compliance with the eMark vehicle industrial standard. The RCV 6100 boasts an incredibly wide range of features such as power ignition delay control, low-power protection and SMBus connection, meeting in-vehicle operation requirements. The GPS function enables driver navigation applications which can be used to optimize fleet management. Optional 802.11b/g/n, 3.5G, and Bluetooth availability make the RCV 6100 ready for wider wireless network coverage and ready to accommodate future trends. Multiple display connections make the RCV 6100 an ideal choice for in-vehicle signage applications as well. Additional peripherals are available, such as anti-shock/vibration mounting kits, a smart battery backup option, an IP60 kit for dust and splash resistance, and a radio frequency kit. Product Features include: Built-in Intel Atom N270 processor Availability of GSM/GPRS/WCDMA/HSDPA/GPS e13 Mark Certification External smart battery back up support One 2.5" SATA II HDD & One CF 6~36V DC power input One PCI-104 Expansion Slot Multiple display interface connections (VGA, DVI-D and LVDS) 10.24"W x 1.97"H x 7"D For a complete list of product specifications, download Rave's RCT1610 and RCV6100 at: http://www.rave.com/docs/rugged/RCV6100.pdf http://www.rave.com/docs/general/RCT1610.pdf - Rave Computer

THE SHRIVER REPORT eBook Exclusive

Sophia Rhodini — Wed, 21 Oct 2009 12:26:03 +0000

Free Press to Publish Tomorrow as an eBook Exclusive THE SHRIVER REPORT: A Woman's Nation Changes Everything NEW YORK, - Free Press, an imprint of Simon & Schuster, Incorporated, announced today that it would publish tomorrow as an eBook exclusive THE SHRIVER REPORT: A Woman's Nation Changes Everything edited by Heather Boushey and Ann O'Leary, with Karen Skelton, Ed Paisley, Leslie Miller, and Laura Nichols. The eBook will include an introductory chapter by Maria Shriver. The report by Maria Shriver and the Center for American Progress, THE SHRIVER REPORT: A Woman's Nation Changes Everything, is a comprehensive portrait of today's American woman, based on a ground breaking national poll conducted by the Rockefeller Foundation/TIME, interviews with men and women around the country, and academic studies by leaders in their fields. The study reveals findings from all different areas of life -- business, education, religion, marriage, health care, etc. -- offering an unparalleled analysis of today's American worker and family now that women are half of the nation's workers and 40% of all mothers are primary breadwinners. Shriver's experience from the California Women's Conference, which sold out in a matter of hours, inspired this landmark study which combines journalism and academics. "It hit me that something profound was going on with women," said Shriver. "We couldn't book enough sessions on empowerment, activism, entrepreneurship -- all of them were filled, and people were asking for more. That phenomenon inspired this book," she concluded. Free Press Vice President and Editor-in-Chief Dominick V. Anfuso acquired the eBook from literary agent Jan Miller of Dupree Miller & Associates. Anfuso says, "Free Press is very proud to publish with Maria Shriver and the Center for American Progress this important look at today's family and worker now that women are a critical part of America's economic engine." John Podesta, President, Center for American Progress, said, "We've created a provocative study that we expect will spur a national conversation about what women's emerging economic power means for our way of life. At one level, everything has changed. And yet so much more change is needed. This report contemplates what a new America should look like after we finally embrace this important new dynamic in our lives and address the changes it has meant for American families, their home and the workplace." **THE SHRIVER REPORT: A Woman's Nation Changes Everything is an eBook original and will be available wherever Simon & Schuster eBooks are sold or go to www.awomansnation.com today. Free Press eBook; Publication date: October 20, 2009; ISBN: 1-4391-8763-0; 416 pages; $16.00 Free Press is an imprint of Simon & Schuster, Inc. part of CBS Corporation. Simon & Schuster is a global leader in the field of general interest publishing, dedicated to providing the best in fiction and nonfiction for consumers of all ages, across all printed, electronic and audio formats. Its divisions include Simon & Schuster Adult Publishing, Simon & Schuster Children's Publishing, Simon & Schuster Audio, Simon & Schuster Digital, and international companies in Australia, Canada, and the United Kingdom. For more information, visits our website at www.SimonandSchuster.com. - Free Press

Mercury Computer Systems to Hold its Tenth Annual Investor Conference on November 10, 2009

Sophia Rhodini — Wed, 21 Oct 2009 12:26:56 +0000

CHELMSFORD, Mass., -- Mercury Computer Systems, Inc. (NASDAQ: MRCY), a leading provider of embedded, high-performance computing systems and software for image, sensor, and signal processing applications, announced today that it will host its tenth annual investor conference on Tuesday, November 10, 2009, at 9:00 am EST, at the Intercontinental The Barclay New York Hotel, New York City. Members of Mercury's management team will present an overview of the Company's business, including presentations on the Company's Advanced Computing Solutions division and Mercury Federal Systems subsidiary. In addition, John J. Young, former Under Secretary of Defense for Acquisition, Technology and Logistics will share insights and experiences he gained while overseeing the Defense Department's multi-billion-dollar acquisition programs, including reforms in the government procurement process. The event will be webcast live via the Company's website beginning at 9:00 am EST. To listen to a real-time broadcast of the meeting, visit www.mc.com/investor under "Financial Events." A replay of the webcast will be archived for one month on the Company's website under "Financial Events." Mercury Computer Systems, Inc. - Where Challenges Drive Innovation((TM)) Mercury Computer Systems (www.mc.com, NASDAQ: MRCY) provides embedded computing systems and software that combine image, signal, and sensor processing with information management for data-intensive applications. With deep expertise in optimizing algorithms and software and in leveraging industry-standard technologies, we work closely with customers to architect comprehensive, purpose-built solutions that capture, process, and present data for defense electronics, semiconductor equipment manufacturing, commercial computing, homeland security, and other computationally challenging markets. Our dedication to performance excellence and collaborative innovation continues a 25-year history in enabling customers to gain the competitive advantage they need to stay at the forefront of the markets they serve. Mercury is based in Chelmsford, Massachusetts, and serves customers worldwide through a broad network of direct sales offices, subsidiaries, and distributors. - Mercury Computer Systems, Inc.

SAIC Awarded $95 Million Contract to Support the National Guard Bureau

Sophia Rhodini — Wed, 21 Oct 2009 12:27:51 +0000

Company to Provide Architectural Design and Engineering Services in Support of Army and Air National Guard Structures, Roadways and Airfields MCLEAN, Va. and SAN DIEGO, -- Science Applications International Corporation (NYSE: SAI) today announced it has been awarded a prime contract by the National Guard Bureau (NGB) to provide architectural design and engineering services in support of military structures, roadways and airfields. The multiple award indefinite delivery/indefinite quantity contract has a two year base period of performance, three one-year options and a total contract ceiling of $95 million per awardee. Work will be performed at NGB installations (throughout the United States and it's territories) as required, by SAIC's wholly owned design-build subsidiary, The Benham Companies, LLC. The NGB assigns federal missions and allocates resources to the Army National Guard, maintaining 63 major installations and 3,360 armories, and the Air National Guard, maintaining 87 bases, air stations and airfields. Under the contract SAIC will provide design and engineering services for military structures including aircraft hangars; maintenance, munitions and supply shops; fire stations, security police and medical facilities; dining halls and communications and electronic training facilities. SAIC will also support roadway and military airfield pavements, and infrastructure improvements to water, sewer, power and aircraft fuel distribution and storage systems. "SAIC's Benham subsidiary has supported the NGB with quality architectural design and engineering services for the past five years. We look forward to continuing our support of their vital mission," said J.T. Grumski, SAIC senior vice president and business unit general manager. - SAIC

Jinpan International Announces Opening of New U.S. Facility

Sophia Rhodini — Wed, 21 Oct 2009 12:29:54 +0000

ENGLEWOOD CLIFFS, N.J. -- Jinpan International Ltd. (Nasdaq: JST), a leading designer, manufacturer, and distributor of cast resin transformers for voltage distribution equipment in China, today announced the opening of a new, Carlstadt, New Jersey-based office and warehouse facility. The state-of-the-art 20,000 sq-ft building will provide enough office space for Jinpan's U.S. sales and administrative functions with room to expand as well as moderate production capability associated with assembly, testing and warehousing. Mr. Zhiyuan Li, Chief Executive Officer of Jinpan commented, "As Jinpan continues its growth in the U.S. and other international markets, we are excited to have this new facility at our disposal with its simple assembly and testing capabilities which we believe will allow Jinpan to better serve its U.S.-based customers. Also, with a limited product showroom, customers can now see, first hand, Jinpan's high quality cast resin transformers. We look forward to using this new office and warehouse facility as a step in increasing our international visibility and delivering continued growth in our business." - Jinpan International Ltd.

New Oriental Filed its Annual Report on Form 20-F

Sophia Rhodini — Wed, 21 Oct 2009 12:30:37 +0000

BEIJING, -- New Oriental Education and Technology Group Inc. (NYSE: EDU), the largest provider of private educational services in China, today announced that it filed its annual report on Form 20-F for the fiscal year ended May 31, 2009 with the Securities and Exchange Commission on October 19, 2009. The annual report can be accessed on New Oriental's investor relations website at http://investor.neworiental.org . New Oriental will provide a hard copy of the annual report containing its audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. - New Oriental Education and Technology Group Inc.

IBM Lotus Gains in Global Collaboration Against Microsoft

Sophia Rhodini — Wed, 21 Oct 2009 12:31:10 +0000

ARMONK, N.Y., -- In the first half of 2009, IBM (NYSE: IBM) logged thousands of new customers, bringing the total to 15,421 companies that have chosen IBM over Microsoft since 2008 in the $3.1 billion dollar Worldwide Integrated Collaborative Environment market.* In addition, many customers have expanded their investments in IBM Lotus software. Among the new or expanding customer base are BASF, Chrysler, The Coca-Cola Company, Colgate-Palmolive, Continental AG, Finishline, General Motors, GlaxoSmithKline, Gruppo Amadori, KBC Bank, Nationwide, Novartis and PNC Bank. IBM momentum in collaboration software is being driven by the success of Lotus Notes and Domino against Microsoft Exchange; Lotus Connections and Quickr against Microsoft Sharepoint; and the millions of businesses and individuals that are using Lotus Symphony. "Lotus Notes 8.5 is not just a standard email client. It is truly an amazing piece of software," said Tim Lorge of the New Jersey Department of Health & Senior Services. "It helps facilitate a much more integrated work environment and allows our teams to share information wherever they are. During our recent response to Novel H1N1 Influenza, we found having all of our collaboration tools integrated into one application enables our teams to work more effectively and cohesively. Lotus Notes 8.5 helps us work together in real time, enabling our employees to connect quicker and solve problems more effectively." Chief information officers (CIOs) from across the private and public sectors cite a variety of reasons for either choosing IBM Lotus software over Microsoft or purchasing additional Lotus software licenses. These include lower cost, more innovative design, Web 2.0 roadmap, growing preference for open standards, and the ability to easily plug-in additional applications. The option to enrich Lotus software with third-party applications or widgets helps explain why the number of IBM Business Partners packaging Lotus Notes and Domino software with their own products has more than doubled since the beginning of 2009. "Lotus Notes and Domino 8.5 has allowed Elguji Software to increase the speed and quality of the software that we create for our customers," said Bruce Elgort of IBM Business Partner Elguji Software LLC. "With incredible ease of deployment that only Lotus Domino applications can offer, a company can be up and running within 15 minutes." "IBM collaboration software is winning against Microsoft worldwide. We've expanded our customer and partner base significantly, and our footprint within companies with both environments," said Bob Picciano, general manager, IBM Lotus Software. "Companies are looking at the aggregated value of IBM's Web 2.0, collaboration, and social software for their own roadmap to the future." Several leading companies such as U.S. Bank, PNC Bank and Continental Tire that traditionally used both IBM and Microsoft, are migrating away from such Microsoft staples as Microsoft Exchange and Microsoft Sharepoint to Lotus collaboration, unified communications and social software. Key Microsoft reference accounts GlaxoSmithKline and Novartis increasingly rely on the enterprise strengths of Lotus Notes to run their businesses. "Our industry has undergone unprecedented changes in recent months," said Mark Dickelman, senior vice president, innovation, research and development for U.S. Bank. "Keeping up with economic developments and policy changes and the need to quickly communicate while innovating for growth would be nearly impossible with traditional methods, and that's why Lotus collaboration software will continue to be incredibly useful to us, especially in today's ever-changing banking environment." "Lotus Notes 8.5 is a great e-mail client, which is its primary use at our company. Also, it has integrated application tools that enable our application development team to work more effectively as those needs arise," said Andy Reed, Business Development Services, Cheshire Police, UK. Industry observers are documenting the shift to IBM Lotus. Recently Forrester Research selected IBM Lotus as an overall leader in its Wave(TM) report on collaboration platforms. IBM's LotusLive cloud services won the Enterprise 2.0 Cloud Computing Technology Buyers' Choice Award, beating other leading cloud computing providers in side-by-side comparisons at the Enterprise 2.0 Conference in Boston. More than half of the global 100 corporations use IBM's flagship collaboration offerings, Lotus Notes and Domino, including the top nine aerospace and defense organizations, the top nine automotive firms, the top eight banks, the top four makers of consumer products, the top seven electronics firms, the top eight insurance companies, the top seven pharmaceutical organizations, and the top nine telecommunications carriers. For more information, visit www.ibm.com/software/lotus. *IDC Worldwide Collaborative Applications 2008 Vendor Shares (Excerpt from IDC #218330), August, 2009 - IBM

Akibia Unveils 24x7 Support for Citrix XenApp

Sophia Rhodini — Wed, 21 Oct 2009 12:31:37 +0000

Akibia's Support Solution Includes Proactive Health Check, Remediation and 24x7 Technical Support for Companies Looking to Improve Application Availability WESTBOROUGH, Mass., -- Akibia, a leading provider of consulting, integration and support for data center, network and security solutions, today announced a total support solution for Citrix® XenApp(TM). The program helps clients improve XenApp utilization and can maximize the significant benefits it provides. Enterprise organizations today understand the value XenApp brings to their business - improved application availability and performance, as well as cost containment in the delivery of applications. However, due to budget cuts within IT departments as well as the sophisticated nature of the XenApp solution, companies can sometimes struggle to gain maximum performance from their deployment. Akibia's XenApp support solution provides our clients with certified and highly-skilled engineers to help with proactive remediation, planning and development, as well as 24x7 phone support. Citrix XenApp Health Check - Performed as often as 12 times a year by an experienced consultant, these health checks ensure the Citrix environment is running efficiently and effectively and is fully optimized. Remediation, Planning and Deployment - Akibia offers customers on-site engineering time to address issues discovered in the health check, or to plan for future deployments. 24x7 Phone support - Customers have fast access to a senior level Citrix Certified Engineer, who is familiar with the client's environment and will help them diagnose and resolve issues efficiently over the phone. "Because Akibia is also a Citrix Gold Solution Advisor, providing design and implementation services, we are able to act as the client's single point of contact from implementation through support," said Tom Tucker, president of Akibia. "This direct access to high level engineers from implementation onward ensures that our clients are able to realize the intended benefits of Citrix XenApp - better application performance and availability across the network." Clients gain further advantages as Akibia acts as their single point of contact for all their network, security and data center support needs. Akibia also provides 24x7 support for Check Point, Blue Coat, Extreme Networks, Sun, HP, IBM, Dell, and EMC systems, among others. Akibia's support team is familiar with the many different systems in the client's environment, resulting in faster resolution of issues. "Akibia is an experienced, long standing and customer-focused partner," said Craig Stilwell, vice president Americas channels and field operations for Citrix. "As a result of their ability to provide full life-cycle services including implementation to on-going support, Citrix users will truly maximize their investments in our technology by partnering with Akibia." - Akibia, Inc.

Blackboard Sees Strong Momentum in Corporate Learning

Sophia Rhodini — Wed, 21 Oct 2009 12:32:10 +0000

Blackboard Recognized in Leading Analyst Firm's Magic Quadrant WASHINGTON, -- Blackboard Inc. (Nasdaq: BBBB), a global leader in education technology, today announced that it has been positioned in Gartner's Magic Quadrant for Corporate Learning Systems, an influential report evaluating the completeness of vision and ability to execute of vendors in the market. Blackboard has seen significant growth in the corporate learning space where an increasing number of corporations of all sizes have adopted the company's teaching and learning platform to deploy training programs efficiently and cost effectively. In the Magic Quadrant report, Gartner "evaluates vendors based on their ability to articulate current and future market direction, innovation, customer needs and competitive forces." The report notes that, "In 2009, we evaluated Corporate Learning System vendors for comprehensiveness of their offering. Those that presented more effective components and capabilities generally improved in the areas of analytics, learner ease-of-use and support for structured social and informal learning. The social learning platform has emerged as a key component."(1) "With deep roots in education, Blackboard knows how to support the expectations instructors and learners have for acquiring and sharing knowledge," said Tim Hill, President of Blackboard Learn, Professional Education. "The corporate and government markets have embraced our solution set because they increasingly need an easy way to allow instructors, subject matter experts and learners to interact in engaging social learning environments. We routinely hear that this kind of collaboration helps directly impact business outcomes and objectives, often in ways beyond initial expectations." Blackboard's intuitive solutions enable companies, government and professional organizations to upload, update and distribute custom learning content in a wide variety of formats and connect their learning programs to an active user community, regional support groups and training opportunities. "The Blackboard platform fits within our transformational way of thinking and aligns with our company's values of accountability, commitment, collaboration, innovation and leadership," said Bill Reggio, director of sales training and development at Watson Pharmaceuticals Inc. "The Blackboard learning environment lets our sales representatives engage with content and with the management team before, during and after the learning event and enables collaborative learning opportunities that increase their belief in the product and passion for success," added Jason Zeman, associate director of sales training and development at Watson Pharmaceuticals Inc. Blackboard has seen growth for its learning platform in corporate, government, military and professional organizations in the United States and globally. Blackboard's flagship learning platform, Blackboard Learn((TM)), includes a range of powerful capabilities, social learning tools and Web 2.0 innovations to more effectively engage learners. The platform can support secure instant messaging, blogs, journals and enhanced group tools as well as notification dashboards and alerts that help keep learners engaged and on top of their work. More information about the report, Magic Quadrant for Corporate Learning Systems, is available at http://www.blackboard.com/gartner. For more information about Blackboard's solutions for corporate learning, please visit: http://blackboard.com/corp. - Blackboard Inc.

West Monroe Partners Expands Managed Services Practice

Sophia Rhodini — Wed, 21 Oct 2009 12:32:33 +0000

Business and Technology Consultancy Adds Resources and Capabilities for Delivering Scheduled and On-call IT Services and Systems Monitoring. CHICAGO, -- West Monroe Partners, a full-service business and technology consultancy, today announced that it is expanding its Managed Services practice, which provides scheduled and on-call IT services and systems monitoring for mid-sized enterprises. Mark Nelson, a member of the company's management team, will serve as the practice's leader on a full-time basis. In addition, Justin Stefano, an experienced IT services management consultant, has joined West Monroe Partners as a senior manager supporting the expanded practice. Since its inception in 2002, West Monroe Partners has provided managed services for organizations across a variety of industries, including private equity, capital markets, wealth management, professional services, and healthcare--providing both routine and proactive support for a variety of infrastructure needs. These services include help desk and user support, infrastructure support (networks, servers, printers, desktops, etc.), vendor support, and hosted solutions. West Monroe Partners' Managed Services practice also provides seasoned IT consultants to assist with IT strategy and budgeting or to serve as interim or part-time technology leaders for organizations that lack senior IT resources. "Today's mid-market organizations have fast-evolving technology needs, but their budgets often don't permit a full complement of technology skills required to run their businesses effectively and/or they need to ensure their resources are focused on high-value activities," said Nelson, who also has led the infrastructure services aspects of West Monroe Partners' Technology Solutions practice. "Our approach, which emphasizes both proactive maintenance and prudent planning for the future, has resonated very well and helped an array of clients achieve their business goals. We welcome the addition of Justin Stefano and the experience and added capabilities he brings to our practice and clients." West Monroe Partners is adding new monitoring and maintenance tools, as well as IT service management capabilities to its dedicated Managed Services team. The addition of Stefano, formerly vice president and ITIL (Information Technology Infrastructure Library) practice leader for Five9 Technologies, LLC, adds substantial experience in process and systems assessment, IT asset and service management strategy, IT governance and compliance strategy, global support structures, and program management. - West Monroe Partners

Cincom Sponsors Aberdeen Study on Customer Experience Management

Sophia Rhodini — Wed, 21 Oct 2009 12:33:04 +0000

CINCINNATI, -- Software and services provider Cincom Systems (http://www.cincom.com) announced today it is a co-sponsor of Aberdeen Group's benchmark report, "Customer Experience Management: Engaging Loyal Customers to Evangelize Your Brand". This study explores the customer-centric shift that is forcing all organizations to rethink customer engagement; detailed throughout is how Best-in-Class companies outperform others when it comes to the adoption of customer experience management (CEM) for customer retention and satisfaction. Best-in-Class demonstrate the value of formalizing a CEM strategy that addresses both technology investments and process changes in the organization. "While technology provides fundamental enablers for CEM initiatives, successful CEM requires a shift in the way the entire organization interacts with customers; whether that's in a call center, a sales call, or a marketing message," said Ian Michiels, practice director, Aberdeen Customer Management Technology Group, and author of the study. "Every customer experience is an opportunity to influence customer acquisition, customer retention, loyalty, and advocacy. That's why it's critical for organizations to start thinking about CEM from a structured methodical standpoint." The study finds: Best-in-Class companies achieved 91% customer retention on an annual basis, versus 59% for All Other organizations Best-in-Class companies achieved 88% current customer satisfaction rates, versus 69% for All Other organizations Seventy-five percent (75%) of Best-in-Class companies increased customer loyalty as a result of CEM initiatives, versus 53% of Average Industry organizations While the majority (95%) of survey respondents saw value in formalizing a CEM strategy, only 48% currently have a formal program in place to identify and encourage customer advocacy. The report outlines Best-in-Class strategies and examines process, organization, technology and other enablers that superior performing businesses use to maintain a competitive advantage. A complimentary copy of the report is available at: www.aberdeen.com/link/sponsor.asp?spid=30410558&cid=6196. - Cincom

Stanley Announces $23 Million Task Order Award to Provide Web Content Filtering for DISA

Sophia Rhodini — Wed, 21 Oct 2009 12:33:34 +0000

ARLINGTON, Va., -- Stanley, Inc. (NYSE: SXE), a leading provider of systems integration and professional services to the U.S. federal government, today announced that it was awarded a five-year, firm-fixed-price task order valued at $23 million, if all options are exercised, by the Defense Information Systems Agency (DISA) under the company's Encore II indefinite-delivery/indefinite-quantity prime contract. "We look forward to providing our enterprise solution for operation across the Department of Defense, including the U.S. Army, Air Force, Marine Corps, Coast Guard, National Guard, Armed Forces Reserves and Combatant Commands," said Randy Brooks, Stanley vice president. "Securing the web content for DISA is of utmost importance to enhancing the safety and security of the information sharing that is necessary for the warfighter in today's environment." The Stanley team will provide services to support DISA's enterprise IT policy and planning, product integration, security engineering certification and accreditation, operations support, hardware support, software support and managed services. Specifically, Stanley will provide DISA with an enterprise web content filtering solution that maintains positive control of all content that traverses between the Internet and DISA's non-secure Internet protocol router network (NIPRNet). It will also establish a defensive perimeter to protect web traffic and content that traverses the NIPRNet/Internet boundary, block malicious inbound content and outbound requests to malicious sites, centralize remote management and provide DISA with a robust set of management and reporting tools. - Stanley, Inc.

ENER1 Third Quarter 2009 Earnings Call Scheduled for November 9

Sophia Rhodini — Wed, 21 Oct 2009 12:34:01 +0000

NEW YORK, -- ENER1, Inc. (Nasdaq: HEV) will release its third quarter results for 2009 on Monday, November 9, 2009 after the market close. Management will conduct a conference call on the same day at 5:00 p.m. Eastern Standard Time to discuss the company's results and strategic outlook for the remainder of 2009. The call is being webcast by Thomson Financial and can be accessed on the home page of Ener1's website at http://www.ener1.com. To participate in the conference call, please dial +888.679.8040 from within the United States, or +617.213.4851 from outside the United States. The participant pass code is 39688322. Participants are urged to dial into the call at least ten minutes prior to the call to register, or may preregister for the call at: http://tinyurl.com/ykann38 Pre-registrants will be issued a pin number to use when dialing into the live call which will provide quick access to the conference and will bypass the operator upon connection. A recording of the call will be available until November 16, 2009. To access the recording, please dial +888-286-8010 from within the United States, or +617-801-6888 from outside the United States. The participant pass code is 27692190. - Ener1, Inc.

Eco Global Solutions, Inc. Announces New Distribution Partner in North America

Sophia Rhodini — Wed, 21 Oct 2009 12:34:25 +0000

SANTA ANA, Calif., -- Eco Global Solutions, Inc.'s (EGS) distribution partner, WSB Industries has entered into an agreement with VIPAR Heavy Duty. This distribution partnership is a joint cooperative with North America's leading network in the heavy trucking industry. VIPAR Heavy Duty will impart a substantial degree of expertise and connections throughout North America, as well as provide a high degree of visibility for the EGS and WSB Industries brands nationally. "We are excited to work with the VIPAR team on the roll-out of our product line through their distribution network," said Dr. Joe Chuang, Chairman of EGS. "They not only have strong market knowledge but also a strong presence in North America. I believe that with a good start of our fuel products they will also be introducing other products in the marketplace soon as we see a huge demand and very good responses from customers." Rising fuel costs are affecting the heavy trucking industry as operational costs increase for fleets and operators in every market. EGS products offer an affordable means of significantly alleviating these increasing expenses. - Eco Global Solutions, Inc.

Chicago Tops List of America's Most Stressed out Cities; Miami is Most Laid Back

Sophia Rhodini — Wed, 21 Oct 2009 12:35:24 +0000

Princess Cruises National Survey Reveals Overwhelming Majority of Americans Do Not Have Balance in Their Lives, But Are Hopeful to Achieve Balance in Next Five Years Americans Want More Vacation Time, but Not for President Obama SANTA CLARITA, Calif. -- Residents of Chicago say they have the least amount of balance in their lives, while people in Miami claim to have the most, according to a new survey, the Princess Cruises Life Balance Barometer. Rounding out the top-five list of most stressed out cities are Houston, Boston, Los Angeles and San Diego. Minneapolis, Cincinnati, Las Vegas and Dallas/Fort Worth ranked last on the list, purporting to have the most amount of life balance. The national survey, which was conducted by Harris Interactive, reveals that even though Americans continue to strive for the ultimate life balance, which includes juggling work and personal priorities, only approximately one-quarter of people in the U.S. actually have achieved this goal. However, the survey shows that there is a prevailing sense of hope, even in today's tough economic times, with more than 53 percent of respondents saying they believe they will achieve life balance in the next five years. "Princess Cruises launched this barometer because we believe we offer Americans the perfect escape from their busy, frenetic lives; a way for people to break away from their everyday routine to refresh and relax," said Jan Swartz, Princess Cruises executive vice president. "Through the survey, we hoped to determine if people were feeling out of balance, and if so, what they need to get back on track. While it's clear from the results that many people do not have life balance, we were pleased to see that one of the key enablers to living a balanced life was taking a vacation. In fact, we discovered there is a direct correlation between taking vacations and having a balanced life, as 64 percent of people who say they have attained life balance have taken a vacation in the last year." According to the Barometer, the top-five things Americans feel will help them achieve better life balance include realizing financial success, improving physical fitness, getting organized and taking more breaks and vacations. However, when it comes to doing what it takes to create more life balance, Americans aren't taking their own advice, with one in four Americans not planning to take all their vacation days this year. Of those not planning to take all of their vacation days, 40 percent of those respondents cite work-related reasons. And, it's clear they don't want to be alone - one out of every 10 Americans, and particularly those living in Washington, D.C., don't think the President of the United States should be given any vacation days. Renowned stress expert and founder of The Stress Institute, Dr. Kathleen Hall, believes learning how to deal with stress is one of the most important things Americans can do to lead more balanced lives. "Life balance is all about having time for work, relationships, relaxation and fun, but when people are stressed out, it can be hard for them to focus on the priorities that will help get them back in balance," said Dr. Hall. "Stress can manifest itself in many different forms, both mentally and physically, so it's important to know how to identify our key stressors and learn to make positive choices that help manage stress every day. A crucial element to maintaining life balance is taking breaks and vacations. Research shows it's so important to allow yourself time to get away and disconnect from it all so that you can return to your everyday life rejuvenated and ready to deal with challenges head on." The Princess Cruises Life Balance Barometer uncovered issues and trends regarding life balance both nationally and in 25 cities. Key findings include: Chicago ranks first as the most stressed out city on the Life Balance Barometer, followed by Houston, Boston, Los Angeles and San Diego (in order) The least stressed out cities on the Life Balance Barometer include Miami, Dallas/Fort Worth, Las Vegas, Cincinnati and Minneapolis (in order) An overwhelming majority of Americans (72 percent) say they do not have balance in their lives, but there is hope; 53 percent say they believe they will achieve life balance in the next five years Fifteen percent of Americans feel that they will not have life balance until they are retired Financial stress and the poor economy are among the leading causes for life imbalance among Americans, followed closely by their need to lose weight/get fit More than half of Americans say that improving their physical fitness would create more life balance; however, when asked what they do to de-stress when they get home from work, only 17 percent of Americans cited exercise The top-five things Americans do to de-stress at the end of the day are changing their clothes, laying down, kissing their spouse/partner, playing with their pet and reading a book or a magazine (in order) If being provided a free service for a month, Americans are most likely to choose a fitness trainer over a home organizer, masseuse or personal chef One in five Americans (19 percent) rarely spend any time doing something for themselves, and of those that do, nearly a third feel guilty about it One out of every five Americans say their spouse/partner contributes most to their stress level, with women more likely than men to say this. More men than women say that their boss is the biggest contributor to their stress Given the opportunity, a strong majority of Americans would not trade places with many of today's top celebrities to escape their daily stresses. But for those who would, most men would like to trade places with Bill Gates, Tiger Woods or Jay Leno, and most women would like to swap spots with Ellen DeGeneres, Oprah Winfrey or Michelle Obama Americans are divided about the value of smart phones for business purposes. Just over half of users say the devices make them more stressed, while just under half say they actually help them have balance Twenty-nine percent of users say that being active on Facebook is a good stress reliever, but many feel like it is another task they have to take care of (16 percent) and feel pressured to provide new updates and content (13 percent) One in four Americans are not planning on taking all of their vacation days this year, with 40 percent of those respondents citing work-related reasons. Of those who think the President should be given vacation days, the average number of days they think he should be given is 24 One in 10 Americans do not think the President should receive any vacation days Sixty-four percent of people who say they have attained life balance have taken a vacation in the last year More than half of Americans say they either work or think about work while on vacation Two-thirds of Americans say that, given more leisure time, they would use it to travel. After travel came spending time with family and friends, volunteering and going to back to school/furthering their education (in order) Following is a complete list of the 25 cities surveyed in the Princess Cruises Life Balance Barometer, ranked in order from lowest to highest levels of life balance: America's Most Stressed Out Cities 1. Chicago 9. Tampa (tie) 15. New York 2. Houston 9. Portland, Ore. (tie) 16. Phoenix 3. Boston 10. Seattle 17. Atlanta 4. Los Angeles 11. Washington, D.C. (tie) 18. St. Louis 5. San Diego 11. Baltimore (tie) 19. Minneapolis 6. Denver 12. Sacramento 20. Cincinnati 7. San Francisco 13. Pittsburgh 21. Las Vegas 8. Detroit 14. Philadelphia 22. Dallas/Fort Worth 23. Miami - Princess Cruises

Department of the Navy to Honor 2009 Leaders in Energy and Water Efficiency

Sophia Rhodini — Wed, 21 Oct 2009 12:36:04 +0000

Innovations Increase Energy Security, Reduce Navy's Carbon Footprint WASHINGTON, -- The following was issued today by the Department of the Navy: Who: The Department of the Navy will hold its annual Secretary of the Navy (SECNAV) Energy and Water Management Awards Ceremony featuring a keynote address by Robert O. Work, Undersecretary of the Navy and guest speaker. This ceremony is hosted by the Naval Facilities Engineering Command. What: The SECNAV Awards honor men and women of the Navy and Marine Corps for exemplary achievement in energy and water efficiency, and use of renewable energy sources. These accomplishments directly contribute to increased energy security, conserving precious and vulnerable natural resources, curbing greenhouse gas emissions, and reducing America's dependence on fossil fuels. The Secretary of the Navy will recognize these top honorees: Naval Base Kitsap, Bremerton, Wash. Naval Submarine Base Kings Bay, Ga. Naval Undersea Warfare Center, Division Keyport, Wash. Marine Corps Air Station Miramar, San Diego, Calif. Marine Corps Recruit Depot Parris Island, S.C. USS Bonhomme Richard (LHD 6) USS Halsey (DDG 97) When: Tuesday, Oct. 27, 2009. The ceremony's schedule is as follows: 10:00 a.m. -- Welcome Reception & Coffee 11:00 a.m. -- Introductions, Special Keynote Address & Awards Presentation 12:15 p.m. -- Adjourn for Luncheon Where: The U.S. Navy Memorial & Naval Heritage Center, 701 Pennsylvania Ave., NW, Washington, D.C., 20004. Why: Energy dependence is a strategic vulnerability. The Department of the Navy Energy Program, founded in 1985, promotes energy and water efficiency, increased use of alternatives, and reducing energy vulnerabilities, while maintaining reliable energy services for the fleet. The program has avoided more than $3.3 billion in cumulative utility costs since 1985 (inflation adjusted). The awards are presented during Energy Awareness Month to recognize excellence in sustainable energy and water management on ships, squadrons and installations around the globe. In just one year, the efforts of the 2009 honorees saved 968 billion British thermal units of shore energy, 95,000 barrels of ship fuel, two billion gallons of water and avoided $31 million in utility costs. To attend the ceremony or schedule an interview, please contact Seleana Bines at 202-337-0566, ext 120. For more information visit the Department of the Navy Energy Program at https://energy.navy.mil/. - Department of the Navy

Mrs. Laura W. Bush and Katie Couric Headline People to People Ambassador Programs' World Leadership Forums

Sophia Rhodini — Wed, 21 Oct 2009 12:36:37 +0000

Dynamic speakers to share lifelong experiences, help inspire future leaders SPOKANE, Wash. -- People to People Ambassador Programs, the leader in global educational travel experiences, today announced that Mrs. Laura W. Bush and Katie Couric, anchor and managing editor of CBS Evening News, will keynote the 2010 World Leadership Forums in Washington, D.C. Couric is scheduled to speak to students on September 17, and the former first lady is scheduled to speak on September 24. The World Leadership Forum is part of People to People's premier Leadership Programs that teach students from around the world important leadership and teamwork skills through workshops, community service projects and up-close discussions with top government leaders and well-respected authorities on service and leadership. Students in grades five through eight attending the program next fall will also have an opportunity to hear from Australia Prime Minister John Howard and popular youth speaker Sean Covey, author of the international bestseller, The Seven Habits of Highly Effective Teens. "With our Leadership Programs, we bring together high caliber speakers and students from across the globe," said Peg Thomas, president of People to People Ambassador Programs. "The World Leadership Forum is a unique educational travel opportunity for our students to have access to extraordinary people who will share their own personal stories and experiences to help students better prepare for their own futures." Students who recently attended the 2009 World Leadership Forum in Washington, D.C., heard from General Colin Powell, who discussed what it takes to be a leader and how to take charge of their own lives in times of frequent change. General Powell also engaged in a spirited conversation with the students who had many probing questions about his life as a military leader. They also heard from astronaut Roger Crouch, who took two space shuttle flights into space as a payload specialist after working for years as a NASA scientist, never giving up his dream of flying into space. This past summer, students traveled to Chicago with People to People Ambassador Programs to walk in the political footsteps of Presidents Obama and Lincoln, and heard up-close insight from NBC News correspondent Luke Russert, who reports on youth issues for NBC Nightly News, The Today Show and MSNBC. Russert talked to students about his experiences covering the 2008 historic presidential election and the impact the Millennial Generation can make on the world as the largest and most diverse generation in American history. He also had an intimate small group discussion about the political process and his career with college students also in attendance. Students attending this program heard from political strategist David Plouffe as well, best known as the chief campaign manager for Barack Obama's 2008 unprecedented presidential campaign. Plouffe discussed how he and his innovative team used technology to engage younger voters. He also challenged students to make their voices heard on the issues they are passionate about, and to take an active role in local government. Students interested in learning more about the 2010 World Leadership Forum can visit www.peopletopeople.com/TravelExperience/Pages/TravelExperience.aspx. - Ambassadors Group, Inc.

Dril-Quip Awards Contract for New Singapore Facility

Sophia Rhodini — Wed, 21 Oct 2009 12:37:01 +0000

HOUSTON, -- Dril-Quip, Inc. (NYSE: DRQ) today announced that its wholly owned subsidiary Dril-Quip Asia Pacific Pte Ltd. has entered into a contract for the construction of its new manufacturing facility on an 11.2 acre green field site in Singapore. Construction is expected to be completed within approximately sixteen (16) months. When completed, the new facility will support a large range of activities including administration, finance, sales, service, engineering, manufacturing, assembly, and warehousing. The contract, valued at approximately SGD46.5 million (US$33.5 million), was awarded to Lum Chang Building Contractors Pte Ltd (LCBC) of Singapore based on a competitive bid process conducted by Dril-Quip Asia Pacific Pte Ltd. LCBC, a wholly owned subsidiary of Lum Chang Holdings Limited (Singapore Stock Exchange: L19), was founded in Singapore in the 1940s and today is one of Singapore's leading building construction firms. Dril-Quip is a leading manufacturer of highly engineered offshore drilling and production equipment, which is well suited for use in deepwater, harsh environment and severe service applications. - Dril-Quip, Inc.

Boeing Reports Third-Quarter Financial Results

Sophia Rhodini — Wed, 21 Oct 2009 12:38:03 +0000

CHICAGO, -- Third-quarter revenue was $16.7 billion, 9 percent higher than last year's strike-affected quarter Loss of $2.23 per share reflects $3.59 per share of expenses related to previously announced 787 cost reclassification and 747 charge, partially offset by solid performance in other commercial programs and the defense business Operating cash flow increased to $1.2 billion Backlog at $320 billion - nearly five times current annual revenues 2009 guidance updated for 787 cost reclassification and 747 charge Table 1. Summary Financial Results Third Quarter Nine Months ------------- ----------- (Dollars in Millions, except per share data) 2009 2008 Change 2009 2008 Change ----------------- ---- ---- ---- ---- Revenues $16,688 $15,293 9% $50,344 $48,245 4% Earnings/(Loss) From Operations ($2,151) $1,147 NA $403 $4,193 NA Operating Margin (12.9%) 7.5% NA 0.8% 8.7% NA Net Income/(Loss) ($1,564) $695 NA $44 $2,758 NA Earnings/(Loss) per Share ($2.23) $0.96 NA $0.06 $3.76 NA Operating Cash Flow $1,197 ($442) NA $2,391 $1,240 93% The Boeing Company (NYSE: BA) reported a third-quarter net loss of $1.6 billion, or $2.23 per share, as revenues rose 9 percent to $16.7 billion. Current period results reflect the previously announced reclassification to research and development (R&D) of costs incurred through July for the first three 787 flight-test airplanes ($2.46 per share), spending on those planes for August and September ($0.14 per share), and the 747 charge ($0.99 per share), partially offset by solid performance in other commercial airplane programs and the company's defense business (Table 1). Last year's strike and supplier production problems reduced year-ago revenue by an estimated $2.1 billion and earnings by an estimated $0.60 per share. Revenues for the first nine months of 2009 rose 4 percent to $50.3 billion due to higher commercial deliveries and growth in the defense segment. Earnings for the first nine months declined to $0.06 per share, including the third-quarter impacts described above and a first-quarter $0.38 per share impact from reductions to future twin-aisle production rates and lower delivery price escalation forecasts in Commercial Airplanes. Earnings guidance for 2009 has been adjusted to between $1.35 and $1.55 per share, from $4.70 to $5.00, to reflect the 787 and 747 impacts. "The 787 cost reclassification and the 747 charge for increased costs and difficult market conditions clearly overshadowed what continues to be otherwise solid performance across our commercial production programs and defense business," said Boeing Chairman, President and Chief Executive Officer Jim McNerney. "We look forward to getting the 787 and 747-8 in the air soon and moving forward with flight test and certification for these two important programs." Boeing's quarterly operating cash flow was $1.2 billion, which includes higher cash receipts than the year-ago period partially offset by continued investment in development programs (Table 2). For the first nine months of 2009, operating cash flow was $2.4 billion. Free cash flow* was $1.0 billion in the quarter and $1.4 billion year-to-date. Table 2. Cash Flow Third Quarter Nine Months ------------- ----------- (Millions) 2009 2008 2009 2008 ---------- ---- ---- ---- ---- Operating Cash Flow(1) $1,197 ($442) $2,391 $1,240 Less Additions to Property, Plant & Equipment ($229) ($422) ($965) ($1,229) ----- ----- ----- ------- Free Cash Flow* $968 ($864) $1,426 $11 ---------------- ---- ----- ------ --- (1) Operating cash flow for third quarter of 2009 includes a $60 million contribution to pension plans. Operating cash flow for the first nine months includes a $60 million contribution to pension plans in 2009 and $531 million in 2008. * Non-GAAP measure. A complete definition and reconciliation of Boeing's use of non-GAAP measures, identified by an asterisk (*), is found on page 8, "Non-GAAP Measure Disclosure." Cash and investments in marketable securities totaled $6.6 billion at September 30, up 31 percent from the end of the second quarter. The cash position was improved by the issuance of $1.95 billion in debt partially offset by investing cash flows of $1.0 billion for the purchase of 787 facilities in South Carolina and payment of Sea Launch guarantees (Table 3). The company did not acquire any of its shares in the quarter. Table 3. Cash, Marketable Securities and Debt Balances Quarter- End -------- (Billions) 3Q09 2Q09 ---------- ---- ---- Cash $6.1 $4.6 Marketable Securities(1) $0.5 $0.4 ---- ---- Total $6.6 $5.0 Debt Balances: The Boeing Company $7.6 $5.7 Boeing Capital Corporation $3.4 $3.4 ---- ---- Total Consolidated Debt $11.0 $9.1 -------------------------- ----- ---- (1) Marketable securities consists primarily of investment-grade instruments classified as "short-term investments" and "investments." Total company backlog at quarter-end was $320 billion, down 2 percent in the quarter, as backlog for both Commercial Airplanes and Integrated Defense Systems declined during the period. Segment Results Commercial Airplanes Boeing Commercial Airplanes (BCA) third-quarter revenues increased 13 percent to $7.9 billion on higher deliveries partially offset by lower services volume, while last year's revenues were affected by a labor strike and supplier production problems. The current period operating loss of $2.8 billion reflects the previous 787 and 747 announcements mentioned above. R&D expense includes the $2.5 billion reclassification of costs incurred through July on the first three 787 flight test airplanes and $138 million of spending on those airplanes in August and September. The 747 forward-loss of $1.0 billion is due to increased production costs and difficult market conditions (Table 4). For the first nine months of 2009, revenues rose to $24.9 billion on increased airplane deliveries, partially offset by lower volume in services. Operating earnings fell to a loss of $1.6 billion driven by the 787 and 747 impacts. Table 4. Commercial Airplanes Operating Results Third Quarter Nine Months ------------- ----------- (Dollars in Millions) 2009 2008 Change 2009 2008 Change --------------------- ---- ---- ------ ---- ---- ------ Commercial Airplanes Deliveries 113 84 35% 359 325 10% Revenues $7,883 $6,946 13% $24,868 $23,674 5% Earnings/(Loss) from Operations ($2,837) $394 NA ($1,603) $2,154 NA Operating Margins (36.0%) 5.7% NA (6.4%) 9.1% NA ----------------- ----- --- -- ---- --- -- BCA booked 96 gross orders during the quarter while 17 others were removed from its order book. Contractual backlog was $254 billion, more than seven times BCA's expected 2009 revenues. The 787 program has begun the previously announced reinforcement to an area within the side-of-body joint. First flight of the airplane remains on track to occur by the end of 2009, with first delivery scheduled for the fourth quarter of 2010. The company also recently completed its acquisition of the 787 production facility in South Carolina from Vought. Total firm orders are now 840 airplanes from 55 customers, including the previously disclosed ten-unit cancellation that occurred after quarter-end. Integrated Defense Systems Boeing Integrated Defense Systems (IDS) third-quarter revenues rose 3 percent to $8.7 billion on increased military aircraft deliveries and higher volume in services. Operating margins were 10.1 percent reflecting strong performance in Boeing Military Aircraft and Network & Space Systems (Table 5). For the first nine months of 2009, IDS revenues increased by 5 percent to $25.1 billion on growth in Military Aircraft and Global Services segments as operating margins were 9.8 percent, increasing earnings 5 percent to $2.5 billion. Table 5. Integrated Defense Systems Operating Results Third Quarter Nine Months ------------- ----------- (Dollars in Millions) 2009 2008 Change 2009 2008 Change --------------------- ---- ---- ------ ---- ---- ------ Revenues Boeing Military Aircraft $3,951 $3,702 7% $10,324 $10,169 2% Network & Space Systems $2,711 $2,987 (9%) $8,492 $8,485 0% Global Services & Support $2,082 $1,808 15% $6,298 $5,352 18% ------ ------ ------ ------ Total IDS Revenues $8,744 $8,497 3% $25,114 $24,006 5% Earnings from Operations Boeing Military Aircraft $486 $388 25% $1,160 $929 25% Network & Space Systems $252 $302 (17%) $698 $806 (13%) Global Services & Support $147 $164 (10%) $612 $616 (1%) ---- ---- ---- ---- Total IDS Earnings from Operations $885 $854 4% $2,470 $2,351 5% Operating Margins 10.1% 10.1% -Pts 9.8% 9.8% -Pts Boeing Military Aircraft (BMA) third-quarter revenue rose 7 percent to $4.0 billion and operating margin expanded to 12.3 percent, reflecting improved delivery mix and strong execution across its programs. During the quarter, BMA delivered 34 aircraft, the third P-8A achieved its first flight, the P-8 India contract was finalized, and the Chinook program received a 15-aircraft contract from Canada. Network & Space Systems third-quarter revenues were $2.7 billion primarily driven by lower volume on intelligence and security systems, missile defense, and combat systems. Operating margin was 9.3 percent reflecting strong performance across the segment's array of programs partially offset by a less favorable contract mix. During the quarter, key flight milestones were achieved on Directed Energy programs, and the company was awarded contracts to provide four of its new 702B satellite to Intelsat. Global Services & Support (GS&S) revenues increased 15 percent on higher volume across its broad portfolio of services and logistics products. During the quarter, GS&S operating margins were 7.1 percent driven by a contract adjustment and less favorable contract mix. In this segment, the company was awarded contracts for A-10 modernization as part of a $1.6 billion lifecycle program support contract and a UK Chinook modernization contract. IDS' backlog is $65.8 billion, nearly two times expected 2009 revenues. The reduction in backlog was primarily due to termination of the manned ground vehicle portion of the Future Combat Systems contract due to changing US defense priorities. Boeing Capital Corporation Boeing Capital Corporation (BCC) reported third-quarter pre-tax earnings of $39 million compared to $37 million in the same period last year (Table 6). During the quarter, BCC's portfolio balance declined slightly to $6.1 billion, down from $6.3 billion at the end of the second quarter, on normal portfolio run-off through customer payments and depreciation, partially offset by $153 million in new aircraft financings and other volume. BCC contributed $48 million in cash dividends to the company during the quarter. BCC's debt-to-equity ratio was unchanged at 5.0-to-1. Table 6. Boeing Capital Corporation Operating Results Third Nine Quarter Months -------- ------- (Dollars in Millions) 2009 2008 Change 2009 2008 Change --------------------- ---- ---- ------ ---- ---- ------ Revenues $166 $171 (3%) $496 $535 (7%) Earnings from Operations $39 $37 5% $112 $143 (22%) Additional Information The "Other" segment consists primarily of Boeing Engineering, Operations and Technology, as well as certain results related to the financial consolidation of all business units. Other segment expense was $36 million in the third quarter. Total pension expense for the quarter was $230 million, as compared to $176 million in the same period last year. A total of $254 million was recognized in the operating segments in the quarter (up from $125 million in the same period last year), partially offset by a $24 million contribution to earnings in unallocated items. Unallocated expense was $202 million driven by higher deferred compensation expense partially offset by lower unallocated pension expense, up from $90 million in the same quarter last year which included a more favorable insurance adjustment. Interest expense for the quarter was $92 million, up from $49 million in the same period last year due to additional debt issued in 2009. Other income (expense) decreased $59 million driven by lower interest earned on cash balances. Outlook The 2009 financial guidance is updated to include the previously disclosed 787 cost reclassification and 747 charge (Table 7). Boeing's 2009 revenue guidance is reaffirmed at $68 billion to $69 billion. Earnings-per-share guidance for 2009 has been reduced to between $1.35 and $1.55 per share from $4.70 to $5.00 per share for the 787 cost reclassification and 747 charge. Operating cash flow guidance is reaffirmed at greater than $2.5 billion, including discretionary pension contributions of approximately $0.5 billion and an assumption of $0.8 billion for new commercial airplane financings. The company will issue financial guidance for 2010 with its fourth-quarter 2009 results. Commercial Airplanes' 2009 delivery guidance remains at between 480 and 485 airplanes and is sold out. BCA's 2009 revenue is unchanged at between $34 billion and $35 billion, and operating margin is expected to be between (3) percent and (2.5) percent due to the previously discussed 787 and 747 impacts. IDS guidance for 2009 remains unchanged with revenue between $33 billion and $34 billion and operating margins of approximately 10 percent. Boeing Capital Corporation now expects that the aircraft finance portfolio will be stable as the amount of new aircraft financing in 2009 will approximate normal portfolio runoff due to customer payments and depreciation. Boeing's 2009 R&D forecast is between $6.6 billion and $6.8 billion, up from $3.6 billion to $3.8 billion, driven by the 787 cost reclassification, an operating model adjustment to better balance BCA R&D efforts going forward, and higher IDS R&D. Capital expenditures for 2009 are expected to be approximately $1.3 billion, down from approximately $1.4 billion. The company's non-cash pension expense is expected to be approximately $0.9 billion in 2009. The third-quarter tax benefit related to the 787 cost reclassification and 747 charge was 30.6 percent, and the full-year tax benefit for both impacts is expected to be approximately 37 percent. Table 7. Financial Outlook (Dollars in Billions, except per-share data) 2009 --------------------------------------- ---- The Boeing Company Revenues $68 - $69 Earnings Per Share (GAAP) $1.35 - $1.55 Operating Cash Flow(1) > $2.5 Boeing Commercial Airplanes Deliveries 480 - 485 Revenues $34 - $35 Operating Margin (3)% - (2.5)% Integrated Defense Systems Revenues Boeing Military Aircraft ~ $14.0 Network & Space Systems ~ $11 Global Services & Support ~ $8.5 ------ Total IDS Revenues $33 - $34 Operating Margin Boeing Military Aircraft ~10.5% Network & Space Systems ~8.5% Global Services & Support ~11% --- Total IDS Operating Margin ~10% Boeing Capital Corporation Portfolio Size Stable Revenue ~ $0.6 Return on Assets >1.0% Research & Development $6.6 - $6.8 Capital Expenditures ~ $1.3 -------------------- ------ (1) After pension contributions of $0.5 billion and assumed $0.8 billion for new aircraft financings in 2009. Non-GAAP Measure Disclosure Management believes that the non-GAAP (Generally Accepted Accounting Principles) measures (indicated by an asterisk *) used in this report provide investors with important perspectives into the company's ongoing business performance. The company does not intend for the information to be considered in isolation or as a substitute for the related GAAP measures. Other companies may define the measures differently. The following definitions are provided: Free Cash Flow Free cash flow is defined as GAAP operating cash flow less capital expenditures for property, plant and equipment additions. Management believes free cash flow provides investors with an important perspective on the cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long term value creation. Free cash flow does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow internally to assess both business performance and overall liquidity. Table 2 provides a reconciliation between GAAP operating cash flow and free cash flow. Forward-Looking Information Is Subject to Risk and Uncertainty Certain statements in this report may be "forward-looking" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "intends," "plans," "projects," "believes," "estimates," "targets," "anticipates," and similar expressions are used to identify these forward-looking statements. Forward-looking statements are based upon assumptions about future events that may not prove to be accurate. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements. As a result, these statements speak to events only as of the date they are made and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by federal securities laws. Specific factors that could cause actual results to differ materially from forward-looking statements include, but are not limited to, those set forth below and other important factors disclosed previously and from time to time in our other filings with the Securities and Exchange Commission: the effect of economic conditions in the United States and globally; the impact on our accounts receivable, customer financing portfolios and allowance for losses of customer defaults and changes in customer credit ratings, credit default rates and collateral values; the impact on our revenues and operating results of changes to indices included in indexed price escalation clauses included in our contracts with commercial airplane and defense customers; the successful execution of our Commercial Airplanes and Integrated Defense Systems backlog; the effects of customers canceling, modifying and/or rescheduling contractual orders and advance payments; the timing and effects of any decisions to increase or decrease the rate of commercial airplane production; the timing and effects of decisions to complete or launch a Commercial Airplanes program; the ability to successfully develop and timely produce the 787 and 747-8 aircraft; the ability of our suppliers and, as applicable, subcontractors to successfully and timely perform their obligations; the effect on our revenues of political and legal processes, changing defense priorities, and associated budget reductions by U.S. and international government customers affecting Boeing defense programs; our relationship with our union-represented workforce and the negotiation of collective bargaining agreements; the impact of volatile fuel prices and the airline industry's response; the effect of trade and globalization on long-term growth in passenger and cargo traffic; the effect of world trade and credit availability on air cargo traffic; the effect of declines in aircraft valuations; the impact of airline traffic volumes and revenue yields on near-term global airline profitability; the impact on our revenues or operating results of airline bankruptcies; the availability of commercial and government financing and the extent to which we are called upon to fund outstanding financing commitments or satisfy other financing requests, and our ability to satisfy those requirements; the continuation of historical costs for fleet support services; the receipt of estimated award and incentive fees on U.S. government contracts; the future demand for commercial satellites and projections of future order flow; the potential for technical or quality issues on development programs, including the Airborne Early Warning and Control program, International KC-767 Tanker, other fixed-price development programs, or commercial satellite programs, to affect schedule and cost estimates, or cause us to incur a material charge or experience a termination for default; the outcome of any litigation and/or government investigation in which we are a party, and other contingencies; returns on pension fund assets, impacts of future interest rate changes on pension obligations and rising healthcare costs; our ability to access external capital resources to fund our operations; the amounts and effects of underinsured operations, including satellite launches; our ability to recover the proportionate amounts owed to us from the other Sea Launch partners; and the scope, nature or impact of acquisition or disposition activity and investment in any joint ventures/strategic alliances, including Sea Launch and United Launch Alliance, and indemnifications and guarantees related thereto. Contact: Investor Relations: Diana Sands or Rob Young (312) 544-2140 Communications: (312) 544-2002 The Boeing Company and Subsidiaries Consolidated Statements of Operations (Unaudited) Nine months Three months ended ended September 30 September 30 (Dollars in millions, except per share data) 2009 2008 2009 2008 ---------------------------- ---- ---- ---- ---- Sales of products $42,098 $40,393 $13,967 $12,407 Sales of services 8,246 7,852 2,721 2,886 ----------------- ----- ----- ----- ----- Total revenues 50,344 48,245 16,688 15,293 Cost of products (35,432) (32,736) (12,273) (10,311) Cost of services (6,468) (6,179) (2,165) (2,176) Boeing Capital Corporation interest expense (132) (173) (42) (54) -------------------------- ---- ---- --- --- Total costs and expenses (42,032) (39,088) (14,480) (12,541) ------------------------ ------- ------- ------- ------- 8,312 9,157 2,208 2,752 Income from operating investments, net 186 195 84 72 General and administrative expense (2,584) (2,350) (868) (740) Research and development expense, net (5,504) (2,811) (3,574) (937) (Loss)/gain on dispositions, net (7) 2 (1) -------------------------------- -- -- -- ----- Earnings/(loss) from operations 403 4,193 (2,151) 1,147 Other income/(loss), net 7 257 (4) 55 Interest and debt expense (229) (145) (92) (49) ------------------------- ---- ---- --- --- Earnings/(loss) before income taxes 181 4,305 (2,247) 1,153 Income tax (expense)/benefit (129) (1,565) 687 (470) ---------------------------- ---- ------ --- ---- Net earnings/(loss) from continuing operations 52 2,740 (1,560) 683 Net (loss)/gain on disposal of discontinued operations, net of taxes of $5, ($10), $2 and ($6) (8) 18 (4) 12 --------------------------- -- -- -- -- Net earnings/(loss) $44 $2,758 $(1,564) $695 =================== === ====== ======= ==== Basic earnings/(loss) per share from continuing operations $0.08 $3.78 $(2.22) $0.95 Net (loss)/gain on disposal of discontinued operations, net of taxes (0.01) 0.02 (0.01) 0.02 --------------------------- ----- ---- ----- ---- Basic earnings/(loss) per share $0.07 $3.80 $(2.23) $0.97 =============================== ===== ===== ====== ===== Diluted earnings/(loss) per share from continuing operations $0.07 $3.74 ($2.22) $0.94 Net (loss)/gain on disposal of discontinued operations, net of taxes (0.01) 0.02 (0.01) 0.02 --------------------------- ----- ---- ----- ---- Diluted earnings/(loss) per share $0.06 $3.76 $(2.23) $0.96 ================================= ===== ===== ====== ===== Cash dividends paid per share $1.26 $1.20 $0.42 $0.40 ============================= ===== ===== ===== ===== Weighted average diluted shares (millions) 708.1 734.2 701.3 721.9 ======================== ===== ===== ===== ===== The Boeing Company and Subsidiaries Consolidated Statements of Financial Position (Unaudited) September 30 December 31 (Dollars in millions except per share data) 2009 2008 ------------------------------------------- ---- ---- Assets Cash and cash equivalents 6,095 $3,268 Short-term investments 351 11 Accounts receivable, net 6,718 5,602 Current portion of customer financing, net 341 425 Deferred income taxes 741 1,046 Inventories, net of advances and progress billings 15,981 15,612 -------------------------------- ------ ------ Total current assets 30,227 25,964 Customer financing, net 5,923 5,857 Property, plant and equipment, net of accumulated depreciation of $12,742 and $12,280 8,912 8,762 Goodwill 4,293 3,647 Other acquired intangibles, net 2,920 2,685 Deferred income taxes 3,835 4,114 Investments 1,120 1,328 Pension plan assets, net 20 16 Other assets, net of accumulated amortization of $511 and $400 1,417 1,406 -------------------------------- ----- ----- Total assets $58,667 $53,779 ============ ======= ======= Liabilities and shareholders' equity Accounts payable 7,053 $5,871 Other accrued liabilities 12,217 11,564 Advances and billings in excess of related costs 11,792 12,737 Income taxes payable 14 41 Short-term debt and current portion of long-term debt 973 560 --------------------------- --- --- Total current liabilities 32,049 30,773 Accrued retiree health care 7,344 7,322 Accrued pension plan liability, net 8,553 8,383 Non-current income taxes payable 998 1,154 Other long-term liabilities 535 337 Long-term debt 10,065 6,952 Shareholders' equity: Common shares, par value $5.00 - 1,200,000,000 shares authorized; 1,012,261,159 and 1,012,261,159 shares issued 5,061 5,061 Additional paid-in capital 3,956 3,456 Treasury shares, at cost - 285,761,457 and 285,661,944 (17,733) (17,758) Retained earnings 22,104 22,675 Accumulated other comprehensive loss (12,821) (13,525) ShareValue Trust shares - 29,338,820 and 28,460,769 (1,595) (1,203) -------------------------- ------ ------ Total Boeing shareholders' equity (1,028) (1,294) Noncontrolling interest 151 152 ------------------------------ --- --- Total shareholders' equity (877) (1,142) --------------------------------- ---- ------ Total liabilities and shareholders' equity $58,667 $53,779 ============================ ======= ======= The Boeing Company and Subsidiaries Consolidated Statements of Cash Flows (Unaudited) Nine months ended September 30 (Dollars in millions) 2009 2008 --------------------- ---- ---- Cash flows - operating activities: Net earnings $44 $2,758 Adjustments to reconcile net earnings to net cash provided by operating activities: Non-cash items - Share-based plans expense 180 159 Depreciation 1,047 952 Amortization of other acquired intangibles 152 122 Amortization of debt discount/ premium and issuance costs 7 8 Investment/asset impairment charges, net 66 21 Customer financing valuation provision 31 73 Loss/(gain) on disposal of discontinued operations 13 (28) Loss/(gain) on dispositions, net 7 (2) Other charges and credits, net 170 83 Excess tax benefits from share-based payment arrangements (5) (100) Changes in assets and liabilities - Accounts receivable (818) (145) Inventories, net of advances and progress billings (582) (1,670) Accounts payable 1,169 742 Other accrued liabilities 1,091 (570) Advances and billings in excess of related costs (961) (2,061) Income taxes receivable, payable and deferred 133 733 Other long-term liabilities (3) (157) Pension and other postretirement plans 819 (159) Customer financing, net (204) 628 Other 35 (147) ---------------- -- ---- Net cash provided by operating activities 2,391 1,240 ------------------------------------- ----- ----- Cash flows - investing activities: Property, plant and equipment additions (965) (1,229) Property, plant and equipment reductions 25 16 Acquisitions, net of cash acquired (639) (490) Contributions to investments (728) (6,372) Proceeds from investments 606 8,399 Payments on Sea Launch guarantees (448) Purchase of distribution rights (151) ----------------------------------- ------ ---- Net cash (used)/provided by investing activities (2,149) 173 ------------------------------------------- ------ --- Cash flows - financing activities: New borrowings 3,772 5 Debt repayments (256) (616) Repayments of distribution rights financing (210) Stock options exercised, other 8 43 Excess tax benefits from share-based payment arrangements 5 100 Employee taxes on certain share-based payment arrangements (19) (81) Common shares repurchased (50) (2,583) Dividends paid (915) (901) ------------------ ---- ---- Net cash provided/(used) by financing activities 2,545 (4,243) ------------------------------------------- ----- ------ Effect of exchange rate changes on cash and cash equivalents 40 (26) --------------------------------------- -- --- Net increase/(decrease) in cash and cash equivalents 2,827 (2,856) Cash and cash equivalents at beginning of year 3,268 7,042 ---------------------------- ----- ----- Cash and cash equivalents at end of period $6,095 $4,186 ========================================== ====== ====== Non-cash investing and financing activities: Purchase of distribution rights $316 $180 ================================== ==== ==== The Boeing Company and Subsidiaries Summary of Business Segment Data (Unaudited) Nine months Three months ended ended September 30 September 30 (Dollars in millions) 2009 2008 2009 2008 --------------------- ---- ---- ---- ---- Revenues: Commercial Airplanes $24,868 $23,674 $7,883 $6,946 Integrated Defense Systems: Boeing Military Aircraft 10,324 10,169 3,951 3,702 Network and Space Systems 8,492 8,485 2,711 2,987 Global Services and Support 6,298 5,352 2,082 1,808 --------------------------------- ----- ----- ----- ----- Total Integrated Defense Systems 25,114 24,006 8,744 8,497 Boeing Capital Corporation 496 535 166 171 Other segment 125 527 51 300 Unallocated items and eliminations (259) (497) (156) (621) ------------------------------------- ---- ---- ---- ---- Total revenues $50,344 $48,245 $16,688 $15,293 ================= ======= ======= ======= ======= Earnings/(loss) from operations: Commercial Airplanes $(1,603) $2,154 $(2,837) $394 Integrated Defense Systems: Boeing Military Aircraft 1,160 929 486 388 Network and Space Systems 698 806 252 302 Global Services and Support 612 616 147 164 --------------------------------- --- --- --- --- Total Integrated Defense Systems 2,470 2,351 885 854 Boeing Capital Corporation 112 143 39 37 Other segment (105) (233) (36) (48) Unallocated items and eliminations (471) (222) (202) (90) ------------------------------------- ---- ---- ---- --- Earnings/(loss) from operations 403 4,193 (2,151) 1,147 Other income/(loss), net 7 257 (4) 55 Interest and debt expense (229) (145) (92) (49) ---------------------------- ---- ---- --- --- Earnings/(loss) before income taxes 181 4,305 (2,247) 1,153 Income tax (expense)/benefit (129) (1,565) 687 (470) ------------------------------- ---- ------ --- ---- Net earnings/(loss) from continuing operations 52 2,740 (1,560) 683 Net (loss)/gain on disposal of discontinued operations, net of taxes of $5, ($10), $2 and ($6) (8) 18 (4) 12 ------------------------------ -- -- -- -- Net earnings/(loss) $44 $2,758 $(1,564) $695 ====================== === ====== ======= ==== Research and development expense, net: Commercial Airplanes $4,642 $2,108 $3,272 $705 Integrated Defense Systems: Boeing Military Aircraft 430 361 143 121 Network and Space Systems 293 227 108 73 Global Services and Support 126 113 42 38 --------------------------------- --- --- -- -- Total Integrated Defense Systems 849 701 293 232 Other segment 13 2 9 ---------------- -- -- -- ---- Total research and development expense, net $5,504 $2,811 $3,574 $937 ================================= ====== ====== ====== ==== Unallocated items and eliminations: Share-based plans expense $(140) $(115) $(24) $(70) Deferred compensation expense (134) 136 (88) 55 Pension 69 (194) 24 (51) Post-retirement (61) (60) (17) (20) Capitalized interest (42) (38) (15) (11) Other (163) 49 (82) 7 -------- ---- -- --- -- Total $(471) $(222) $(202) $(90) ======== ===== ===== ===== ==== The Boeing Company and Subsidiaries Operating and Financial Data (Unaudited) Nine Three months months ended ended September September Deliveries 30 30 ---------- --------- --------- Commercial Airplanes 2009 2008 2009 2008 -------------------- ---- ---- ---- ---- 737 Next-Generation 280 254 90 67 747 6 13 4 767 10 8 4 2 777 63 50 19 11 --------- -- -- -- -- Total 359 325 113 84 ========= === === === == -------------------------- Integrated Defense Systems -------------------------- Boeing Military Aircraft F/A-18 Models 36 33 13 12 F-15E Eagle 10 11 4 7 C-17 Globemaster 12 12 5 4 KC-767 Tanker 1 2 CH-47 Chinook 4 8 3 4 T-45TS Goshawk 6 5 2 2 AH-64 Apache 20 2 7 1 Network and Space Systems Delta II 1 1 Delta IV 1 Commercial and Civil Satellites 2 1 Military Satellites 3 2 September June March December Contractual backlog 30 30 31 31 (Dollars in billions) 2009 2009 2009 2008 ---------------------- ---- ---- ---- ---- Commercial Airplanes $253.9 $257.4 $266.0 $278.6 Integrated Defense Systems: Boeing Military Aircraft 26.1 28.2 28.2 25.7 Network and Space Systems 7.8 8.0 8.9 8.9 Global Services and Support 11.1 11.7 11.6 10.7 --------------------- ---- ---- ---- ---- Total Integrated Defense Systems 45.0 47.9 48.7 45.3 ------------------- ---- ---- ---- ---- Total contractual backlog $298.9 $305.3 $314.7 $323.9 ========================= ====== ====== ====== ====== Unobligated backlog $21.1 $22.5 $24.7 $28.2 =================== ===== ===== ===== ===== Total backlog $320.0 $327.8 $339.4 $352.1 ============= ====== ====== ====== ====== Workforce 158,300 158,700 160,900 162,200 ========= ======= ======= ======= ======= - Boeing

AirTran Holdings, Inc., Reports Net Income of $10.4 Million in Third Quarter

Sophia Rhodini — Wed, 21 Oct 2009 12:38:53 +0000

- Record Year-to-Date Net Income of $117.6 Million - - Strong Third Quarter Operating Income of $37.0 Million - ORLANDO, Fla., -- AirTran Holdings, Inc., (NYSE: AAI), the parent company of AirTran Airways, Inc., today reported net income of $10.4 million or $0.08 per diluted share for the third quarter of 2009. These results represent a $105.0 million improvement over the third quarter of 2008. The operating income for the third quarter of 2009 was $37.0 million and is the second highest third quarter operating income in Company history. The Company has been profitable in each quarter of 2009, and has posted year-to-date records in operating income of $150.9 million, net income of $117.6 million, and load factor of 80.4 percent. Included in net income for the third quarter were $6.3 million of unrealized losses on the Company's future fuel hedge portfolio and a $6.4 million gain primarily related to the Company's retention of deposits from a terminated aircraft sales contract. Excluding these items, the economic net income for the third quarter of 2009 was $10.6 million or $0.08 per diluted share. "Our 8,500 dedicated Crew Members are committed to running the finest airline in the U.S., and their outstanding efforts have resulted in AirTran being profitable every quarter this year," said Bob Fornaro, AirTran Airways' chairman, president and chief executive officer. "Through their hard work and dedication and the loyalty of our customers, we have been very successful despite these difficult economic times." During the third quarter, AirTran Airways continued to expand its network by adding point-to-point service from Atlanta, Baltimore, Milwaukee, and Orlando. The industry's low-cost leader introduced a significantly expanded Caribbean schedule with new service to Montego Bay, Jamaica, Nassau, Bahamas, and Aruba, as well as new service to Key West, Fla. "The year-over-year improvement in our financial performance is directly related to maintaining our industry-leading low cost structure while providing 'best-in-class' service and outstanding value to our business and leisure passengers," said Arne Haak, senior vice president of finance, treasurer and chief financial officer for AirTran Airways. "AirTran Airways was among the first airlines to react to the changing economic environment in 2008, and our operating performance this year reflects those actions." Other highlights of AirTran Airways' accomplishments in the third quarter and to date include: AirTran Airways is the first and only major airline to equip every flight on all aircraft with high-speed Gogo Inflight Internet Expanded Caribbean and Florida service and announced the following new destinations: Montego Bay, Jamaica; Nassau, Bahamas; Aruba and Key West, Fla. Bolstered liquidity by extending and enhancing a $175 million credit facility and completing over $165 million in equity and debt financing Announced multi-year marketing partnerships with the Atlanta Falcons (and launched special livery aircraft, Falcons One) and the Orlando Magic AirTran Holdings, Inc. will conduct a conference call to discuss the quarter's results today at 9:30 a.m. EDT. A live broadcast of the conference call will be available via the Internet in the investor relations section at http://www.airtran.com. AirTran Airways, a subsidiary of AirTran Holdings, Inc. (NYSE: AAI) and a Fortune 1000 company, has been ranked the number one low cost carrier in the Airline Quality Rating study for the past two years. AirTran is the only major airline with Gogo Inflight Internet on every flight and offers coast-to-coast service on North America's newest all-Boeing fleet. Its low-cost, high-quality product also includes assigned seating, Business Class and complimentary XM Satellite Radio on every flight. To book a flight, visit http://www.airtran.com. Editor's note: Statements regarding the Company's operational and financial success, business model, expectation about future success, improved operational performance and our ability to maintain or improve our low costs are forward-looking statements and are not historical facts. Instead, they are estimates or projections involving numerous risks or uncertainties, including but not limited to, consumer demand and acceptance of services offered by the Company, the Company's ability to maintain current cost levels, fare levels and actions by competitors, regulatory matters and general economic conditions. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company's SEC filings, including but not limited to the Company's annual report on Form 10-K for the year ended December 31, 2008. The Company disclaims any obligation or duty to update or correct any of its forward-looking statements. Media Contacts: AirTran Airways: Christopher White (Media) 678-254-7442 Jason Bewley (Investor Relations) 407-318-5188 AirTran Holdings, Inc. Consolidated Statements of Operations (In thousands, except per share data and statistical summary) (Unaudited) Three Months Ended September 30, ----------------------- Percent 2009 2008 Change ---- ---- ------- Operating Revenues: Passenger $529,435 $635,316 (16.7) Other 67,967 37,976 79.0 ------ ------ Total operating revenues 597,402 673,292 (11.3) Operating Expenses: Aircraft fuel 190,235 363,882 (47.7) Salaries, wages and benefits 122,895 120,170 2.3 Aircraft rent 60,632 60,542 0.1 Maintenance, materials and repairs 49,973 40,022 24.9 Distribution 25,306 26,857 (5.8) Landing fees and other rents 37,573 36,196 3.8 Aircraft insurance and security services 5,440 5,470 (0.5) Marketing and advertising 9,349 9,948 (6.0) Depreciation 13,899 15,445 (10.0) Gain on asset dispositions (6,379) (9,254) (31.1) Other operating 51,446 51,427 0.0 ------ ------ Total operating expenses 560,369 720,705 (22.2) ------- ------- Operating Income (Loss) 37,033 (47,413) - Other (Income) Expense: Interest income (3,835) (908) - Interest expense 20,089 22,592 (11.1) Capitalized interest (179) (1,202) (85.1) Other 18 - - Net losses on derivative financial instruments 10,281 41,520 (75.2) ------ ------ Other (income) expense, net 26,374 62,002 (57.5) ------ ------ Income (Loss) Before Income Taxes 10,659 (109,415) - Income tax expense (benefit) 233 (14,862) - --- ------- Net Income (Loss) $10,426 $(94,553) - ======= ======== Income (Loss) per Common Share Basic $0.09 $(0.81) - Diluted $0.08 $(0.81) - Weighted-average Shares Outstanding Basic 120,482 117,177 2.8 Diluted 140,625 117,177 20.0 Operating margin 6.2 percent (7.0) percent 13.2 pts. Net margin 1.7 percent (14.0) percent 15.7 pts. Net margin, adjusted* 1.8 percent (7.2) percent 9.0 pts. Third Quarter Statistical Summary: Revenue passengers 6,533,184 6,612,928 (1.2) Revenue passenger miles (000s) 5,172,347 5,260,949 (1.7) Available seat miles (000s) 6,170,977 6,221,858 (0.8) Passenger load factor 83.8 percent 84.6 percent (0.8) pts. Departures 65,559 66,337 (1.2) Average stage length (miles) 749 745 0.5 Average fare $81.04 $96.07 (15.6) Average yield per RPM 10.24 cents 12.08 cents (15.2) Passenger revenue per ASM 8.58 cents 10.21 cents (16.0) Total revenue per ASM 9.68 cents 10.82 cents (10.5) Operating cost per ASM 9.08 cents 11.58 cents (21.6) Operating cost per ASM, adjusted* 9.18 cents 11.73 cents (21.7) Non-fuel operating cost per ASM 6.00 cents 5.73 cents 4.7 Non-fuel operating cost per ASM, adjusted* 6.10 cents 5.88 cents 3.7 Average cost of aircraft fuel per gallon $1.98 $3.82 (48.2) Average economic cost of aircraft fuel per gallon $2.02 $3.67 (45.0) Gallons of fuel burned (000s) 96,098 95,303 0.8 Operating aircraft in fleet at end of period 136 139 (2.2) Average daily aircraft utilization (hours) 11.4 11.2 1.8 Full-time equivalent employees at end of period 7,717 7,372 4.7 * Statistical calculations for 2009 and 2008, on an adjusted basis, exclude gains and losses as detailed in the attached Reconciliation of GAAP Financial Information to Non-GAAP Financial Information. Our third quarter 2008 financial data has been restated to reflect the required retrospective application of our adoption of Accounting Standards Codification (ASC) 470-20, "Debt with Conversion and Other Options - Cash Conversion." The restatement resulted in a $1.3 million increase and $12.5 million decrease to operating loss and net loss, respectively, for the three months ended September 30, 2008. AirTran Holdings, Inc. Consolidated Statements of Operations (In thousands, except per share data and statistical summary) (Unaudited) Nine Months Ended September 30, ------------------------ Percent 2009 2008 Change ---- ---- ------ Operating Revenues: Passenger $1,552,507 $1,860,379 (16.5) Other 190,503 102,684 85.5 ------- ------- Total operating revenues 1,743,010 1,963,063 (11.2) Operating Expenses: Aircraft fuel 483,008 1,000,451 (51.7) Salaries, wages and benefits 363,627 362,469 0.3 Aircraft rent 181,621 182,234 (0.3) Maintenance, materials and repairs 145,884 124,795 16.9 Distribution 70,540 77,081 (8.5) Landing fees and other rents 108,722 104,990 3.6 Aircraft insurance and security services 15,756 16,310 (3.4) Marketing and advertising 30,947 31,114 (0.5) Depreciation 42,120 43,558 (3.3) Gain on asset dispositions (3,073) (15,797) (80.5) Impairment of goodwill - 8,350 - Other operating 152,952 156,748 (2.4) ------- ------- Total operating expenses 1,592,104 2,092,303 (23.9) --------- --------- Operating Income (Loss) 150,906 (129,240) - Other (Income) Expense: Interest income (5,212) (5,372) (3.0) Interest expense 61,068 63,335 (3.6) Capitalized interest (1,244) (7,028) (82.3) Other (4,278) - - Net (gains) losses on derivative financial instruments (17,944) 3,150 - ------- ----- Other (income) expense, net 32,390 54,085 (40.1) ------ ------ Income (Loss) Before Income Taxes 118,516 (183,325) - Income tax expense (benefit) 945 (38,585) - --- ------- Net Income (Loss) $117,571 $(144,740) - ======== ========= Income (Loss) per Common Share Basic $0.98 $(1.36) - Diluted $0.86 $(1.36) - Weighted-average Shares Outstanding Basic 120,158 106,170 13.2 Diluted 139,617 106,170 31.5 Operating margin 8.7 percent (6.6) percent 15.3 pts. Net margin 6.7 percent (7.4) percent 14.1 pts. Net margin, adjusted* 4.8 percent (6.4) percent 11.2 pts. Nine Month Statistical Summary: Revenue passengers 18,086,257 18,864,674 (4.1) Revenue passenger miles (000s) 14,076,956 14,737,024 (4.5) Available seat miles (000s) 17,498,261 18,450,013 (5.2) Passenger load factor 80.4 percent 79.9 percent 0.5 pts. Departures 188,576 198,978 (5.2) Average stage length (miles) 740 737 0.4 Average fare $85.84 $98.62 (13.0) Average yield per RPM 11.03 cents 12.62 cents (12.6) Passenger revenue per ASM 8.87 cents 10.08 cents (12.0) Total revenue per ASM 9.96 cents 10.64 cents (6.4) Operating cost per ASM 9.10 cents 11.34 cents (19.8) Operating cost per ASM, adjusted* 9.12 cents 11.38 cents (19.9) Non-fuel operating cost per ASM 6.34 cents 5.92 cents 7.1 Non-fuel operating cost per ASM, adjusted* 6.36 cents 5.96 cents 6.7 Average cost of aircraft fuel per gallon $1.77 $3.53 (49.9) Average economic cost of aircraft fuel per gallon $1.81 $3.45 (47.5) Gallons of fuel burned (000s) 272,264 283,169 (3.9) Operating aircraft in fleet at end of period 136 139 (2.2) Average daily aircraft utilization (hours) 11.0 11.3 (2.7) Full-time equivalent employees at end of period 7,717 7,372 4.7 * Statistical calculations for 2009 and 2008, on an adjusted basis, exclude gains and losses as detailed in the attached Reconciliation of GAAP Financial Information to Non-GAAP Financial Information. Our 2008 financial data has been restated to reflect the required retrospective application of our adoption of Accounting Standards Codification (ASC) 470-20, "Debt with Conversion and Other Options - Cash Conversion." The restatement resulted in a $2.4 million increase and $10.7 million decrease to operating loss and net loss, respectively, for the nine months ended September 30, 2008. Reconciliation of GAAP Financial Information to Non-GAAP Financial Information Three and Nine Months Ended September 30, 2009 and 2008 We prepare our financial statements in accordance with generally accepted accounting principles (GAAP). Within our press release, we make reference to certain non-GAAP financial measures including net margin. Our disclosures may also exclude special or non-recurring items that we believe should be taken into consideration to more accurately measure and monitor our operating performance. Our disclosure of non-fuel operating cost per available seat mile (non-fuel CASM) is consistent with financial measures reported by other airlines and analysts. We believe that non-fuel CASM and non-fuel CASM adjusted provide a useful understanding of our operations. Both the cost and availability of fuel are subject to many economic and political factors and are therefore beyond our control. Our press release also contains information regarding the components of GAAP fuel expense and net gains and losses on derivative financial instruments. These amounts have been included as supplemental information. We disclose both the average fuel cost per gallon and the average economic fuel cost per gallon. Average fuel cost per gallon is based on fuel expense as measured by GAAP and includes realized gains and losses on fuel related derivatives instruments which are accounted for as hedges. Average economic fuel cost per gallon includes realized gains and losses on all fuel related derivative instruments, including those which were not accounted for as hedges, but does not include unrealized gains and losses recognized under GAAP. We consider our fuel derivative contracts an important tool in managing costs related to jet fuel purchases. We believe it is important to assess our financial performances by including the effect of the net cash settlements and excluding the mark-to-market adjustments for our unrealized gains and losses recorded in the income statement for contracts settling in future periods. We believe that these measures represent important internal measures of performance. Accordingly, where these non-GAAP measures are provided, it is done so that investors have the same financial data that management uses in evaluating performance with the belief that it will assist the investment community in assessing our underlying performance on a year-over-year and a quarter-over-quarter basis. However, because these measures are not determined in accordance with accounting principles generally accepted in the United States, such measures are susceptible to varying calculations and not all companies calculate the measures in the same manner. As a result the aforementioned measures as presented may not be directly comparable to similarly titled measures presented by other companies. The non-GAAP measures are presented as supplemental information and not as alternatives to any GAAP measurements. Dollars in thousands, unless otherwise noted Three months ended Nine months ended September 30, September 30, ----------------- ------------------ 2009 2008 2009 2008 ---- ---- ---- ---- The following table calculates net margin, adjusted: Net income (loss) $10,426 $(94,553) $117,571 $(144,740) (Gain) loss on debt extinguishment, net of taxes 251 - (3,333) - Unrealized (gains) losses on derivative financial Instruments, net of taxes 6,260 55,547 (27,663) 26,541 Gain on asset dispositions, net of taxes (6,379) (9,254) (3,073) (15,797) Impairment of goodwill - - - 8,350 --- --- --- ----- Net income (loss), adjusted $10,558 $(48,260) $83,502 $(125,646) ======= ======== ======= ========= Total operating revenues $597,402 $673,292 $1,743,010 $1,963,063 -------- -------- --------- ---------- Net margin, adjusted 1.8% (7.2)% 4.8% (6.4)% === ==== === ==== The following table calculates operating cost per ASM, adjusted: Total operating expenses $560,369 $720,705 $1,592,104 $2,092,303 Gain on asset dispositions 6,379 9,254 3,073 15,797 Impairment of goodwill - - - (8,350) --- --- --- ------ Operating expenses, adjusted $566,748 $729,959 $1,595,177 $2,099,750 ======== ======== ========== ========== ASMs (000) 6,170,977 6,221,858 17,498,261 18,450,013 --------- --------- ---------- ---------- Operating cost per ASM (cents), adjusted 9.18 11.73 9.12 11.38 ==== ===== ==== ===== The following table calculates non-fuel operating cost per ASM and non-fuel operating cost per ASM, adjusted: Total operating expenses $560,369 $720,705 $1,592,104 $2,092,303 Aircraft fuel (190,235) (363,882) (483,008) (1,000,451) -------- -------- -------- ---------- Operating expenses, adjusted $370,134 $356,823 $1,109,096 $1,091,852 ======== ======== ========== ========== ASMs (000) 6,170,977 6,221,858 17,498,261 18,450,013 --------- --------- ---------- ---------- Non-fuel operating cost per ASM (cents) 6.00 5.73 6.34 5.92 ==== ==== ==== ==== Total operating expenses $560,369 $720,705 $1,592,104 $2,092,303 Aircraft fuel (190,235) (363,882) (483,008) (1,000,451) Gain on asset dispositions 6,379 9,254 3,073 15,797 Impairment of goodwill - - - (8,350) --- --- --- ------ Non-fuel operating cost, adjusted $376,513 $366,077 $1,112,169 $1,099,299 ======== ======== ========== ========== ASMs (000) 6,170,977 6,221,858 17,498,261 18,450,013 --------- --------- ---------- ---------- Non-fuel operating cost per ASM (cents), adjusted 6.10 5.88 6.36 5.96 ==== ==== ==== ==== The following table calculates average economic cost of aircraft fuel per gallon: Aircraft fuel expense per GAAP $190,235 $363,882 $483,008 $1,000,451 Realized (gains) losses on derivatives that do not qualify for hedge accounting, recorded in net (gains) losses on derivative financial instruments 4,021 (14,027) 9,719 (23,391) ----- ------- ----- ------ Economic fuel expense $194,256 $349,855 $492,727 $977,060 ======== ======== ======== ======== Gallons of fuel burned (000s) 96,098 95,303 272,264 283,169 ------ ------ ------- ------- Economic cost of aircraft fuel per gallon $2.02 $3.67 $1.81 $3.45 ===== ===== ===== ===== The following table calculates diluted earnings per share, adjusted for the three months ended September 30, 2009 and 2008: Net income $10,426 (94,553) Gain on debt extinguishment, net of taxes 251 -- Unrealized losses on derivative financial instruments, net of taxes 6,260 55,547 Gain on asset dispositions, net of taxes (6,379) (9,254) ------ ------ Net income, adjusted $10,558 (48,260) Plus income effect of assumed conversion-interest on convertible debt 956 -- --- --- Income after assumed conversion, diluted $11,514 (48,260) Adjusted weighted- average shares outstanding, diluted 140,625 117,177 Diluted earnings per share (dollars), adjusted $0.08 $(0.41) ===== ====== COMPANY ESTIMATES/FORWARD LOOKING STATEMENTS The following table contains our year-over-year capacity projection for the remainder of 2009: Period Forecasted ASMs ------- --------------- Q4 2009 Up approximately 7% The following table contains our year-over-year projections for Q4 2009 total unit revenues, non-fuel operating unit costs, and average cost per gallon of fuel, all in: Q4 Projection --------------------- Total unit revenue per ASM Down 7% to 8% Non-fuel unit operating cost per ASM in Q4 Up 1% to 2% Average cost per gallon of fuel, all-in $2.08 to $2.12 As of September 30, 2009, we had aggregate unrestricted cash, cash equivalents, and short-term investments of $408.2 million, and we also had $55.2 million of restricted cash. During October 2009, we completed a public offering of $115.0 million in 5.25% convertible senior notes due in 2016 and a public offering of 11.3 million shares of our common stock at a price of $5.08 per share. The net proceeds from the two offerings aggregated approximately $166.3 million. - AirTran Airways

Ball Aerospace-built WorldView-2 Satellite Reveals First Images

Sophia Rhodini — Wed, 21 Oct 2009 12:42:21 +0000

BOULDER, Colo. -- The first images taken by the WorldView-2 remote-sensing satellite designed and built by Ball Aerospace & Technologies Corp. for DigitalGlobe were released on October 20 - just 11 days after the satellite's successful launch from Vandenberg Air Force Base, Calif. DigitalGlobe released images of Love Field Airport near Dallas and the AT&T Center in San Antonio, Texas. More refinements to early-stage images are anticipated as the satellite's ongoing check-out and calibration continues. "The first images from WorldView-2 are an early confirmation of the outstanding imagery and geospatial information that we expected using the proven Ball commercial platform," said David L. Taylor, president and CEO of Ball Aerospace. "Following final calibration in the coming weeks, we expect to see even more superior imagery." To view the images, visit www.digitalglobe.com. WorldView-2 joins its sister satellites built by Ball Aerospace: WorldView-1 launched in 2007, and QuickBird launched in 2001. The satellite trio is expected to bring unsurpassed agility, capacity, accuracy and spectral diversity to commercial earth imaging. WorldView-2 and WorldView-1 are the only commercial satellites integrated with control moment gyroscopes (CMGs). These high-performance CMGs provide acceleration up to 10X that of other attitude control actuators and their agility improve both maneuvering and targeting capability. The CMGs afford both satellites the flexibility to capture more imagery than previously possible. The Ball Commercial Platform 5000 spacecraft, utilized for both the WorldView-1 and Worldview-2, is designed to handle both next-generation optical and synthetic aperture radar remote sensing payloads. The high-performance BCP 5000 has a design life of more than seven years, and provides a platform with increased power, agility, flexibility, transmission capability and data storage. In addition to manufacture of the satellite bus, Ball Aerospace integrated the WorldView-2 remote sensing instrument provided by ITT and performed all system testing. DigitalGlobe is a leading provider of commercial high-resolution, world imagery products and services. The launch of WorldView-2 will vastly improve DigitalGlobe's ability to collect and maintain up-to-date imagery in the areas of greatest interest to its clients. Ball Aerospace & Technologies Corp. supports critical missions of important national agencies such as the Department of Defense, NASA, NOAA and other U.S. government and commercial entities. The company develops and manufactures spacecraft, advanced instruments and sensors, components, data exploitation systems and RF solutions for strategic, tactical and scientific applications. Since 1956, Ball Aerospace has been responsible for numerous technological and scientific 'firsts' and is a technology innovator in aerospace. Ball Corporation (NYSE: BLL) is a supplier of high-quality metal and plastic packaging products for beverage, food and household products customers, and of aerospace and other technologies and services, primarily for the U.S. government. Ball Corporation and its subsidiaries employ more than 14,000 people worldwide and reported 2008 sales of approximately $7.6 billion. - Ball Aerospace & Technologies Corp.

Ctrip.com International, Ltd. to Report Third Quarter 2009 Financial Results on November 11, 2009 US Time

Sophia Rhodini — Wed, 21 Oct 2009 12:42:50 +0000

SHANGHAI, China, -- Ctrip.com International, Ltd. (Nasdaq: CTRP), a leading travel service provider of hotel accommodations, airline tickets and packaged tours in China, will announce its third quarter 2009 results on Wednesday, November 11, 2009, US Time, after the market closes. Ctrip's management team will host a conference call at 8:00PM US Eastern Time on November 11, 2009 (or 9:00AM on November 12, 2009 in the Shanghai/HK time zone) following the announcement. The conference call will be available on Webcast live and replay at: http://ir.ctrip.com . The call will be archived for one month at this website. The dial-in details for the live conference call: U.S. Toll Free Number +1.888.679.8034, International dial-in number +1.617.213.4847, Passcode 99296235. For pre-registration, please click https://www.theconferencingservice.com/prereg/key.process?key=PNYGYFRGX A telephone replay of the call will be available after the conclusion of the conference call through November 19, 2009. The dial-in details for the replay: U.S. Toll Free Number +1.888.286.8010, International dial-in number +1.617.801.6888, Passcode 41222577. - Ctrip.com International, Ltd.

Arkansas Best Corporation CEO Robert A. Davidson to Retire; Judy R. McReynolds Named His Successor

Sophia Rhodini — Wed, 21 Oct 2009 12:44:39 +0000

FORT SMITH, Ark., -- Robert A. Davidson, current President and Chief Executive Officer of Arkansas Best Corporation (Nasdaq: ABFS) has announced his retirement from the company effective on December 31, 2009. Mr. Davidson is also resigning from the Arkansas Best Corporation Board of Directors, effective on December 31, 2009. Judy R. McReynolds, current Senior Vice President, Chief Financial Officer and Treasurer will become Arkansas Best's President and Chief Executive Officer on January 1, 2010. In addition, Ms. McReynolds was named to the Arkansas Best Corporation Board of Directors, effective January 1, 2010. Mr. Davidson, who will turn 62 years old later this year, has served as the President and Chief Executive Officer of Arkansas Best Corporation since February 2006. He was named to the Arkansas Best Corporation Board of Directors in December 2004. During his career, Mr. Davidson served the company in various areas including as ABF's Vice President of Pricing from 1982 until early 2003 and as ABF's Vice President of Marketing from 1997 until early 2003, when he was named President of ABF Freight System, Inc. "Throughout Bob Davidson's nearly 38 years with our company, he has been instrumental in helping to successfully guide Arkansas Best and ABF through dramatic changes in our company and in the trucking industry," said Robert A. Young III, Arkansas Best Chairman. "Following the 1980 deregulation of the trucking industry, Bob was the perfect person to establish ABF's new Pricing Department and to develop and implement ABF's account pricing philosophies that have been major contributors to the success and survival of ABF. During his time leading ABF's Marketing initiative, Bob was instrumental in establishing ABF's award-winning position as the most innovative, customer-centric carrier in the LTL industry. ABF's reputation for providing a high level of service and significant value in the marketplace is built on the foundation that Bob Davidson has helped establish over the years. We will miss his leadership and guidance and regret his decision to take an early retirement. His service to our company is greatly appreciated," said Mr. Young. Judy R. McReynolds, who is 47 years old, has served in her current position since February 1, 2006. Prior to that she was Arkansas Best's Vice President, Controller, beginning in January 2000. Ms. McReynolds joined Arkansas Best in 1997 after several years in public accounting and two years at another publicly-held transportation company. "As a result of her nearly twenty years of service to the transportation industry, Judy McReynolds is highly qualified to guide Arkansas Best Corporation. I am pleased to know that our employees, customers and shareholders will be benefitting from her vision and judgment," said Robert A. Davidson, Arkansas Best President and Chief Executive Officer. "During her time at our company, Judy has displayed a combination of intelligence, integrity and energy. She exhibits the steady leadership that was established by our founder, Robert A. Young Jr. and that continues today through our Chairman, Robert A. Young III. In her role as Chief Financial Officer, Judy has worked closely with me in developing the strategic initiatives that will allow Arkansas Best to grow and prosper for many years to come. We all can look forward to a bright future for our company under her leadership." Arkansas Best Corporation, headquartered in Fort Smith, Arkansas, is a transportation holding company. ABF Freight System, Inc., Arkansas Best's largest subsidiary, has been in continuous service since 1923. ABF provides transportation of less-than-truckload ("LTL") general commodities throughout North America. More information is available at arkbest.com and abf.com. - Arkansas Best Corporation

Arkansas Best Corporation Announces Third Quarter 2009 Results

Sophia Rhodini — Wed, 21 Oct 2009 12:45:15 +0000

FORT SMITH, Ark., -- Arkansas Best Corporation (Nasdaq: ABFS) today announced a third quarter 2009 net loss of $5.6 million, or $0.23 per diluted share, compared to net income of $15.4 million, or $0.60 per diluted share, in the third quarter of 2008. "Our third quarter results reflect the on-going impact of lower freight levels and competitive industry pricing that deteriorated further compared to the first half of the year," said Robert A. Davidson, Arkansas Best President and Chief Executive Officer. "We are now entering the fourth year of a severe freight decline that is unprecedented in our company's history. It is unclear when business levels will benefit from a significant improvement in our nation's economy. In the meantime, our company's emphasis will remain on providing a high level of value-added service to our customers while managing our business, for the long-term, through diligent cost control and disciplined pricing." Arkansas Best Corporation Third Quarter 2009 Revenue of $399.0 million, a per day decrease of 19.5% from prior year quarter of $495.8 million Net loss of $0.23 per diluted share compared to net income of $0.60 per diluted share in the prior year period ABF Freight System, Inc.® Third Quarter 2009 Revenue of $369.8 million compared to $476.3 million in third quarter of 2008, a per-day decrease of 22.4% Tonnage per day decrease of 10.1% versus third quarter of 2008 Total billed revenue per hundredweight of $23.98 compared to $27.75, a decrease of 13.6%, that is mainly attributable to the steep decline in fuel surcharge compared to the third quarter of 2008 Operating loss of $14.0 million compared to operating income of $25.2 million in third quarter of 2008 Operating ratio of 103.8% compared to 94.7% in third quarter of 2008 "The smaller decline in ABF's third quarter tonnage implies an improving freight environment compared to the first half of the year. However, this year-over-year trend is primarily related to comparisons back to last year's third quarter when business levels fell sharply. Nevertheless, this quarter's tonnage also benefitted from modest market share gains from our LTL competitors," said Mr. Davidson. "On a sequential basis, ABF's third quarter tonnage trends were slightly better than normal, seasonal expectations. Though that trend has weakened somewhat since the last full week of September, we continue to add freight previously handled by other carriers. Regardless of business levels, we continue to manage the costs of the ABF network each day in line with the amount of available freight, while striving to maintain the high level of customized service that is important to ABF's customers." "Industry LTL pricing further weakened during the third quarter. Declining yields, worsened by the recessionary economy, have made it more difficult to cover normal cost increases," said Mr. Davidson. "Despite a more price-sensitive environment, ABF has maintained its traditional emphasis on offering each customer a fair, competitive rate. ABF's history of pricing discipline has contributed to our current financial strength, and Arkansas Best's financial stability allows us to maintain high service levels and manage the company for the long-term benefit of our shareholders, employees and customers." Conference Call Arkansas Best Corporation will host a conference call with company executives to discuss the 2009 third quarter results. The call will be today, Wednesday, October 21, at 11:00 a.m. ET (10:00 a.m. CT). Interested parties are invited to listen by calling (877) 275-1257 or (706) 634-6529 (for international callers). Following the call, a recorded playback will be available through the end of the day on Saturday, November 14, 2009. To listen to the playback, dial (800) 642-1687 or (706) 645-9291 (for international callers). The conference call ID for the playback is 33767405. The conference call and playback can also be accessed, through Saturday, November 14, on Arkansas Best's website at arkbest.com. Company Description Arkansas Best Corporation, headquartered in Fort Smith, Arkansas, is a transportation holding company. ABF Freight System, Inc., Arkansas Best's largest subsidiary, has been in continuous service since 1923. ABF provides transportation of less-than-truckload ("LTL") general commodities throughout North America. More information is available at arkbest.com and abf.com. Forward-Looking Statements The following is a "safe harbor" statement under the Private Securities Litigation Reform Act of 1995: Statements contained in this press release that are not based on historical facts are "forward-looking statements." Terms such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "plan," "predict," "prospects," "scheduled," "should," "would," and similar expressions and the negatives of such terms are intended to identify forward-looking statements. Such statements are by their nature subject to uncertainties and risk, including, but not limited to, current adverse economic conditions; the impact of any limitations on our customers' access to adequate financial resources; availability and cost of capital; shifts in market demand; weather conditions; the performance and needs of industries served by Arkansas Best Corporation's subsidiaries; future costs of operating expenses such as fuel and related taxes; self-insurance claims and insurance premium costs; relationships with employees, including unions; union and non-union employee wages and benefits, including changes in required contributions to multiemployer pension plans; governmental regulations and policies; costs of continuing investments in technology; the timing and amount of capital expenditures; the cost, integration and performance of any future acquisitions; competitive initiatives, pricing pressures and the effect of volatility in fuel prices and the associated changes in fuel surcharges on securing increases in base freight rates; and other financial, operational and legal risks and uncertainties detailed from time to time in Arkansas Best Corporation's Securities and Exchange Commission ("SEC") public filings. The following tables show financial data and operating statistics on Arkansas Best Corporation and its subsidiary companies. ARKANSAS BEST CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS ------------------------------------- Three Months Ended Nine Months Ended September 30 September 30 ------------------ ----------------- 2009 2008 2009 2008 ---- ---- ---- ---- (Unaudited) ($ thousands, except share and per share data) OPERATING REVENUES $398,957 $495,815 $1,101,269 $1,441,840 OPERATING EXPENSES AND COSTS 411,194 470,323 1,169,405 1,377,514 --------- -------- --------- --------- OPERATING INCOME (LOSS) (12,237) 25,492 (68,136) 64,326 OTHER INCOME (EXPENSE) Interest and dividend income 666 1,492 2,399 4,759 Interest expense and other related financing costs (357) (206) (1,041) (881) Other, net 2,035 (681) 2,345 (1,174) --------- -------- --------- --------- 2,344 605 3,703 2,704 --------- -------- --------- --------- INCOME (LOSS) BEFORE INCOME TAXES (9,893) 26,097 (64,433) 67,030 FEDERAL AND STATE INCOME TAXES Current (benefit) provision (3,302) 8,469 (25,515) 28,709 Deferred (benefit) provision (1,263) 2,186 (69) (1,821) --------- -------- --------- --------- (4,565) 10,655 (25,584) 26,888 --------- -------- --------- --------- NET INCOME (LOSS) (5,328) 15,442 (38,849) 40,142 LESS: NONCONTROLLING INTEREST IN NET INCOME OF SUBSIDIARY 245 - 324 - --------- -------- --------- --------- NET INCOME (LOSS) ATTRIBUTABLE TO ARKANSAS BEST CORPORATION $(5,573) $15,442 $(39,173) $40,142 ========= ======== ========= ========= EARNINGS (LOSS) PER SHARE(1) Basic $(0.23) $0.60 $(1.58) $1.57 Diluted (0.23) 0.60 (1.58) 1.56 ========= ======== ========= ========= AVERAGE COMMON SHARES OUTSTANDING Basic 25,047,975 25,013,314 25,047,270 24,956,205 Diluted 25,047,975 25,174,345 25,047,270 25,109,963 ========== ========== ========== ========== CASH DIVIDENDS DECLARED AND PAID PER COMMON SHARE $0.15 $0.15 $0.45 $0.45 ========= ======== ========= ========= (1) Effective January 1, 2009, the Company adopted new accounting guidance that requires an allocation of dividends paid and a portion of undistributed net income to unvested restricted stock. As a result, earnings per share for periods prior to 2009 have been retrospectively adjusted to be consistent with the 2009 presentation. ARKANSAS BEST CORPORATION CONSOLIDATED BALANCE SHEETS --------------------------- September 30 December 31 2009 2008 ---- ---- (Unaudited) Note ($ thousands) ASSETS CURRENT ASSETS Cash and cash equivalents $58,887 $100,880 Short-term investment securities 131,365 117,855 Accounts receivable, less allowances (2009 - $3,910; 2008 - $3,513) 124,773 111,452 Other accounts receivable, less allowances (2009 - $1,033; 2008 - $1,001) 7,426 6,611 Prepaid expenses 8,512 10,670 Deferred income taxes 35,799 36,079 Prepaid and refundable income taxes 16,408 17,661 Other 6,688 6,982 ------- ------- TOTAL CURRENT ASSETS 389,858 408,190 PROPERTY, PLANT AND EQUIPMENT Land and structures 239,799 235,861 Revenue equipment 512,114 514,503 Service, office and other equipment 155,934 150,524 Leasehold improvements 21,647 21,697 ------- ------- 929,494 922,585 Less allowances for depreciation and amortization 497,434 473,010 ------- ------- 432,060 449,575 OTHER ASSETS 53,185 50,636 GOODWILL 66,655 63,897 ------- ------- $941,758 $972,298 ======== ======== Note: The balance sheet at December 31, 2008 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. ARKANSAS BEST CORPORATION CONSOLIDATED BALANCE SHEETS - continued --------------------------------------- September 30 December 31 2009 2008 ---- ---- (Unaudited) Note ($ thousands) LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Bank overdraft and drafts payable $13,969 $15,189 Accounts payable 60,666 51,646 Income taxes payable 340 758 Accrued expenses 152,619 147,540 Current portion of long-term debt 138 159 ------- ------- TOTAL CURRENT LIABILITIES 227,732 215,292 LONG-TERM DEBT, less current portion 1,618 1,457 PENSION AND POSTRETIREMENT LIABILITIES 81,432 89,472 OTHER LIABILITIES 19,822 17,314 DEFERRED INCOME TAXES 26,847 24,017 STOCKHOLDERS' EQUITY Common stock, $.01 par value, authorized 70,000,000 shares; issued 2009: 26,726,216 shares; 2008: 26,702,222 shares 267 267 Additional paid-in capital 273,097 268,396 Retained earnings 420,555 471,360 Treasury stock, at cost, 1,677,932 shares (57,770) (57,770) Accumulated other comprehensive loss (51,842) (57,507) ------- ------- TOTAL STOCKHOLDERS' EQUITY 584,307 624,746 ------- ------- $941,758 $972,298 ======== ======== Note: The balance sheet at December 31, 2008 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. ARKANSAS BEST CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS ------------------------------------- Nine Months Ended September 30 2009 2008 ---- ---- (Unaudited) ($ thousands) OPERATING ACTIVITIES Net income (loss) $(38,849) $40,142 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 56,348 57,469 Other amortization 220 220 Pension settlement expense 158 1,540 Share-based compensation expense 4,777 4,523 Provision for losses on accounts receivable 2,432 1,210 Deferred income tax benefit (69) (1,821) Gain on sales of assets (1,214) (2,994) Excess tax benefits from share-based compensation - (657) Changes in operating assets and liabilities: Receivables (13,587) (6,842) Prepaid expenses 2,321 2,287 Other assets 316 5,914 Accounts payable, taxes payable, accrued expenses and other liabilities (1) 11,011 2,764 ------- ------- NET CASH PROVIDED BY OPERATING ACTIVITIES 23,864 103,755 ------- ------- INVESTING ACTIVITIES Purchases of property, plant and equipment, net of capital leases (1) (32,914) (45,425) Proceeds from asset sales 3,714 14,984 Purchases of short-term investment securities (110,198) (80,386) Proceeds from sales of short-term investment securities 96,689 85,004 Business acquisition, net of cash acquired (4,873) - Capitalization of internally developed software and other (3,962) (4,040) ------- ------- NET CASH USED BY INVESTING ACTIVITIES (51,544) (29,863) ------- ------- FINANCING ACTIVITIES Payments on long-term debt (1,401) (175) Net change in bank overdraft (1,220) (2,135) Deferred financing costs (300) - Payment of common stock dividends (11,632) (11,497) Excess tax benefits from share-based compensation - 657 Proceeds from the exercise of stock options and other 240 2,906 ------- ------- NET CASH USED BY FINANCING ACTIVITIES (14,313) (10,244) ------- ------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (41,993) 63,648 Cash and cash equivalents at beginning of period 100,880 93,805 ------- ------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $58,887 $157,453 ======= ======== (1) Does not include $1.0 million and $3.1 million of equipment which was received but not yet paid for at September 30, 2009 and 2008, respectively. ARKANSAS BEST CORPORATION FINANCIAL STATEMENT OPERATING SEGMENT DATA, OPERATING RATIOS AND FINANCIAL STATISTICS ------------------------------------------- Three Months Ended Nine Months Ended September 30 September 30 2009 2008 2009 2008 ---- ---- ---- ---- (Unaudited) ($ thousands) OPERATING REVENUES ABF Freight System, Inc.(1) $369,763 $476,323 $1,036,681 $1,383,592 Other revenues and elimina- tions 29,194 19,492 64,588 58,248 -------- ------- ---------- ---------- Total consol- idated operating reve- nues $398,957 $495,815 $1,101,269 $1,441,840 ======== ======== ========== ========== OPERATING EXPENSES AND COSTS ABF Freight System, Inc.(1) Salaries, Wages and bene- fits $248,093 67.1% $271,138 56.9% $726,817 70.1% $802,652 58.0% Fuel, supplies and expen- ses 58,758 15.9 94,023 19.7 162,019 15.6 272,911 19.7 Operating Taxes and licen- ses 10,590 2.9 11,880 2.5 31,657 3.1 35,779 2.6 Insurance 6,129 1.7 5,652 1.2 16,049 1.5 15,899 1.1 Communi- cations and utili- ties 3,455 0.9 3,689 0.8 10,989 1.1 11,381 0.8 Deprec- iation and amort- ization 17,638 4.8 18,302 3.8 54,109 5.2 55,319 4.0 Rents and purchased trans- porta- tion 37,576 10.2 45,759 9.6 97,819 9.4 124,227 9.0 Gain on sale of property and equip- ment (254) (0.1) (671) (0.1) (1,215) (0.1) (2,997) (0.2) Other 1,768 0.4 1,375 0.3 6,092 0.6 4,835 0.4 ------- ----- ------- ---- --------- ----- --------- ---- 383,753 103.8% 451,147 94.7% 1,104,336 106.5% 1,320,006 95.4% Other Expenses and elimina- tions 27,441 19,176 65,069 57,508 ------ ------ ------ ------ Total Consol- idated oper- ating expenses and costs $411,194 $470,323 $1,169,405 $1,377,514 ======== ======== ========== ========== OPERATING INCOME (LOSS) ABF Freight System, Inc.(1) $(13,990) $25,176 $(67,655) $63,586 Other income (loss) and elimina- tions 1,753 316 (481) 740 ----- ------- -------- ------- Total consol- idated opera- ting income (loss) $(12,237) $25,492 $(68,136) $64,326 ======== ======= ======== ======= (1) Includes U.S., Canadian, and Puerto Rican operations of ABF affiliates. ABF FREIGHT SYSTEM, INC. OPERATING STATISTICS ------------------------ Three Months Ended Nine Months Ended September 30 September 30 2009 2008 % Change 2009 2008 % Change ---- ---- -------- ---- ---- -------- Workdays 64.0 64.0 190.0 191.5 Billed Revenue(1) / CWT $23.98 $27.75 (13.6)% $23.88 $27.17 (12.1)% Billed Revenue(1) / Shipment $322.00 $368.49 (12.6)% $312.32 $356.99 (12.5)% Shipments 1,144,026 1,286,414 (11.1)% 3,322,499 3,886,612 (14.5)% Tonnage (tons) 768,022 854,037 (10.1)% 2,172,555 2,553,033 (14.9)% Tons/Day 12,000 13,344 (10.1)% 11,434 13,332 (14.2)% (1) Billed Revenue does not include revenue deferral required for financial statement purposes under the company's revenue recognition policy. Includes U.S., Canadian and Puerto Rican operations of ABF affiliates. - Arkansas Best Corporation

Honda CR-Z Concept 2009 Makes World Debut at the Tokyo Motor Show

Sophia Rhodini — Wed, 21 Oct 2009 12:45:35 +0000

TOKYO, -- Honda today debuted the much-anticipated CR-Z Concept 2009, the second concept version of the stylish, sporty hybrid coupe, at the 41st Tokyo Motor Show. While the vehicle displayed at the show is a global concept with a rear seat, the production version that will be introduced to North America in the second half of 2010 will be packaged as a sporty, 2-seat hybrid that provides a personal driving experience for North American customers. "The Honda CR-Z will expand our lineup of hybrid vehicles and reinforce the fun-to-drive values associated with the Honda brand," said Erik Berkman, vice president of Automobile Corporate Planning and Logistics for American Honda Motor Co., Inc. "Beyond great styling and features, CR-Z will bring new levels of engagement and fun to customers interested a small car or a hybrid vehicle." CR-Z will join the Insight and Civic Hybrid in the Honda hybrid lineup, each offering distinct benefits. Civic Hybrid, launched in 2003, was Honda's first mainstream model to feature hybrid power. The 2010 Insight, introduced in March 2009, ushered in a new era of affordability for a hybrid family sedan. The CR-Z will break new ground as a sporty, hybrid coupe with unique value. The production version of the Honda CR-Z will make its world debut at the January 2010 North American International Auto Show in Detroit. For more information and downloadable high-resolution images of the CR-Z Concept 2009 and other Honda vehicles, please visit www.hondanews.com. Consumer information is available at www.honda.com. - American Honda Motor Co., Inc.

Infiniti Confirms Plan for a Zero Emissions Vehicle

Sophia Rhodini — Wed, 21 Oct 2009 12:46:13 +0000

FRANKLIN, Tenn -- Mr. Carlos Ghosn, President and CEO, Nissan Motor Co. Ltd., announced at the 41st Tokyo Motor Show that Infiniti plans to introduce an electric vehicle - one that will be true to the Infiniti brand's promise of "Inspired Performance." Mr. Ghosn stated that a concept is being developed for a stylish, compact, high performance four-seat luxury Infiniti with zero emissions. With the addition of a high-performance V6 diesel to Infiniti's Western Europe line in 2010, and the Infiniti M Hybrid, which will available in the U.S. in the spring of 2011, Infiniti will soon offer an almost unrivalled choice of powertrains compared with other luxury brands. - Infiniti

CampCaribe Opens Its Doors to Girls in the Entire U.S.

Sophia Rhodini — Wed, 21 Oct 2009 12:47:13 +0000

New Change Brought about by The Kemet Foundation OAKLAND, Calif., -- Brown kids continue to be in the minority at camps with water-based activities and The Kemet Foundation's new project - CampCaribe - aims to change that. In April of 2010, eight (8) tween girls from diverse backgrounds will be swept away from their day-to-day routines and exposed to an environment rich with culture, water activities and camaraderie on a 10 day learning adventure like no other to the United States Virgin Islands. And while this fantastic opportunity has been in the works for many moons, it is only now that CampCaribe can open its doors to girls in the entire U.S. and not just California residents. "Because CampCaribe has partnered with The Kemet Foundation (TKF), a Bay Area non-profit that fosters African and African-American history, heritage and culture, CampCaribe (through TKF) is not only in a position to raise funds via tax deductible donations and our new "200x20" campaign, but we can also open up this fabulous opportunity to diverse girls across the U.S.," says Tracey Friley, the brainchild behind CampCaribe and the program's Camp Director. "Having a fiscal sponsor - an organization that is committed to empowering diverse girls - is a Godsend." CampCaribe will offer water activities such as snorkeling, sailing excursions, ocean kayaking, a day trip to Coral World, and beach volleyball, as well as Haitian and African dance and a plethora of other activities for this once-in-a-lifetime tropical camp excursion. Adventurers will not only learn to respect and value the environment, from Camp Counselors Alley and Coco, but they will learn about local culture as well. "OBG Adventure Camps will be a diverse camp experience, I promise that," says Friley, a member of the American Camp Association. "CampCaribe has been 10 years in the making and is a dream come true...another way to give back." Read about the idea behind CampCaribe on the Oprah's Angel Network (http://oprahsangelnetwork.org/stories/696) website. (Search for CampCaribe.) - CampCaribe

Webcast Alert: Vale Announces 3rd Quarter 2009 Results Webcast

Sophia Rhodini — Wed, 21 Oct 2009 12:47:35 +0000

RIO DE JANEIRO, - Vale (NYSE: VALE, VALE.P; BOVESPA: VALE3, VALE5; EURONEXT PARIS: VALE3, VALE5) announces the following webcast: What: Vale 3rd Quarter 2009 Results When: Thursday, October 29 2009 @ 10:00 ET @ 12:00 p.m. Rio de Janeiro time Where: http://prnewswire.mediatown.com.br/player/?id=117 How: Live over the Internet -- Simply log on to the web at the address above. Contact: Valeria Gomes Vale, +55-21-3814-4540, rio@vale.com If you are unable to participate during the live webcast, the call will be archived at http://www.vale.com . To access the replay, click on the Investor Relations Section. Vale is the largest diversified mining company in the Americas and the second-largest company in the global metals & mining industry, with an average market capitalization of approximately US$ 118.575 billion in 3Q09. Vale shares are traded on the NYSE (VALE and VALE.P), on the Euronext Paris (Vale3 and Vale5), on the BOVESPA (Vale3 and Vale5) and on Latibex (XVALP and XVALO). The ADR depositary agent is JP Morgan Chase. Vale is the world's largest producer and exporter of iron ore and pellets, the world's second-largest producer of nickel and one of the leading producers of manganese and ferro-alloys. It also produces coal, copper, bauxite, kaolin, potash, alumina and aluminum. Vale is the largest logistics service provider in Brazil, where it owns and operates a series of railroads and ports. - Vale

Arkansas Best Corporation Declares a $0.15/Share Quarterly Dividend

Sophia Rhodini — Wed, 21 Oct 2009 12:47:57 +0000

FORT SMITH, Ark., -- The Board of Directors of Arkansas Best Corporation (Nasdaq: ABFS) has declared a quarterly cash dividend of fifteen cents ($0.15) per share to holders of record of its Common Stock, $0.01 par value, on November 3, 2009, payable on November 17, 2009. Arkansas Best Corporation, headquartered in Fort Smith, Arkansas, is a transportation holding company. ABF Freight System, Inc., Arkansas Best's largest subsidiary, has been in continuous service since 1923. ABF provides transportation of less-than-truckload ("LTL") general commodities throughout North America. More information is available at arkbest.com and abf.com. - Arkansas Best Corporation

Bolstered by Growing Global Alliances, Delta Strengthens International Schedules for Summer 2010The British Virgin Islands Tourist Board Proudly Announces the Inaugural BVI Kite Jam, March 1-5, 2010

Sophia Rhodini — Wed, 21 Oct 2009 12:49:55 +0000

The Event Highlights the World of Kite Boarding Including Sir Richard Branson's Renowned Necker Island TORTOLA, British Virgin Islands, -- The inaugural BVI Kite Jam taking place March 1-5, 2010, will be a unique kite boarding experience and internationally renowned affair presented by the BVI Tourist Board and will include Sir Richard Branson's Necker Island. Richard Branson, an avid kite boarder himself, conceived of the event after staging an impromptu race between Necker Island and Anegada with friends. BVI Kite Jam will be a five-day event aimed at building awareness of the destination to the international kite boarding community and will highlight BVI as a Mecca for this growing sport. BVI, an archipelago of some 60 idyllic islands, islets and cays in the North Eastern Caribbean, provides the perfect weather conditions and winds necessary for kite boarding. The event will bring together amateurs and professionals alike such as Susi Mai, with visual competitions, demonstrations, and technique clinics, taking place in key locations including Necker Island, the North Sound, Virgin Gorda and Anegada. "BVI Kite Jam will be a unique annual sporting and lifestyle event showcasing BVI's beauty, charm and sophistication. We're thrilled to have the tremendous support of Necker Island, a huge believer of BVI Kite Jam and advocate for the growing kite boarding community, in our inaugural year," says Myron Walwyn, Chairman of the BVI Tourist Board. "We can't wait to bring together kite boarding athletes, first-timers, sports enthusiasts and VIPs for this exciting event and shed light on this burgeoning water sport." BVI Kite Jam will kick off the festivities on February 27th with a VIP Party at the Fat Virgin Cafe on Virgin Gorda. Additional events, competitions, parties and meals will be hosted at Necker Island, Bitter End Yacht Club, Anegada and Moskito Island for Kite Jam participants throughout the five days. In addition, the event will support green and eco-friendly operations by obtaining a "Sailors for the Sea," Clean Regatta Certification in conjunction with BVI Kite Jam accommodation partner Sunsail Yachts. Clean Regattas is a third party certification program that helps regattas, yacht clubs and sailing programs voluntarily achieve higher environmental standards. Other high-profile sponsors include, Bitter End Yacht Club, Cape Air, Green Technology BVI, Sunsail, Delta Petroleum, Coors Light and others. From seasoned pros, intermediates and beginners, all athletic levels are welcome to participate! Potential "KITE JAMMERS" just need to register online at the official BVI Kite Jam website, www.bvikitejam.com. Participation fees include accommodations on Sunsail Catamarans, lunches, dinners, festivities and more. Fee costs, additional amenities and restriction details can be found on the event's website. Below is an outline of daily event activities for participants including a little relaxation time built in for fun in the sun! March 1 - Early morning free-kiting session for first timers, late morning competition "Round Necker Island Race" for amateurs and pros; Lunch and relaxation on Necker Beach. Afternoon competition in the Eustacia Sound consisting of either heat-run freestyle, sliders or big air depending on weather. March 2 - Morning race to Anegada with 12 miles of thigh burning endurance rewarded with a sumptuous lunch at Pomato Point on Anegada. Alternatively, spend the afternoon onboard a catamaran for a sail following the kiters. Afternoon/evening events at Pomato Point or Cow Wreck beach take riders through mangroves and waist deep water stretching almost a mile out to sea or riders can head over to the North-western corner for wave or freestyle action; followed by a BBQ dinner and party at Anegada Reef Hotel. March 3 - In the morning follow the wind west-ward to Cow Wreck beach for the opportunity to kite through the most spectacular bay in the BVI's known as Windlass Bight. This bay provides a flat-water playground and offers experienced riders good quality waves outside the reef. Lunch at the beautiful Cow Wreck beach. Afternoon/evening event consists of a trip to West End for world-class wave riding and/or freestyle competition at Cow Wreck; dinner and party at The Whistling Pines. March 4 - Early morning yacht race back to the North Sound area. Free kiting on arrival followed by lunch at Bitter End Yacht Club. Afternoon/Evening includes a full afternoon of competition including fancy dress kite boarding and technique clinics with the pro's between heats; dinner and party at the Bitter End Yacht Club. March 5 - Morning includes more competition and technique clinics on Necker Island followed by lunch on Necker's Sand Spit. Afternoon/evening finals includes pro rider showdown followed by Grand Prize awards; dinner and closing party on Sir Richard Branson's Moskito Island. March 6 - All competitors sail back to Tortola and disembark yachts. For more information and to register for the event, please visit www.bvikitejam.com. - BVI Tourist Board

Caltech Launches Zipcar Car Sharing Program on Campus

Sophia Rhodini — Wed, 21 Oct 2009 12:50:27 +0000

New program gets students and faculty rolling with convenient, cost effective and environmentally friendly alternative to owning a car PASADENA, Calif., -- Zipcar, the world's largest car sharing service, and the California Institute of Technology (Caltech) announce the launch of Zipcar's car-sharing program on the Caltech campus today. The program will help Caltech reduce demand for parking and associated congestion and extend Caltech's commitment to sustainability while offering students and faculty a convenient, economical and environmentally friendly alternative to owning a car. Beginning today, two self-service Zipcars - one Toyota Prius, and one Toyota Matrix - will be available for use 24 hours a day, seven days a week. The cars are located in reserved spaces on San Pasqual Street in front of Braun building and they are available to all staff and students aged 18 and over. Gas, insurance, 180 free miles, roadside assistance and reserved parking are included in low hourly and daily rates. Faculty, staff, and students can to join Zipcar for $35 and can drive for as little as $8 per hour or $66 per day weekdays and $9 per hour or $72 per day on weekends. Students also get $35 in free driving credit as part of a launch promotion. Local residents ages 21 and older can join for $75 ($25 one-time application fee and $50 annual fee). All members 21 and over will have access to Zipcar's network of more than 6,500 vehicles throughout the UK and North America. "Caltech's sustainability program is focused on enhancing Caltech's core mission of research and education by reducing Caltech's environmental impact and promoting stewardship within the Caltech community," said John Onderdonk, Manager for Sustainability Programs at Caltech. "Investing in alternative transportation is one facet of our overall approach to sustainability, and we're proud to partner with Zipcar to provide our community with a versatile alternative to personally-owned vehicles." Caltech's announcement also comes soon after Zipcar and the City of Los Angeles recently began a program bringing 12 Zipcars to neighborhoods surrounding other local universities. Pasadena's Mayor Bill Bogaard, a supporter of car sharing and other alternative transportation options, praised Caltech's partnership with Zipcar. "Caltech's dedication to improving the sustainability of their campus is raising the bar for our entire community," said Bogaard. "The City fully supports the Zipcar partnership and we look forward to working with Caltech and Zipcar to continue to improve our city." For students, Zipcar offers the freedom of car ownership without the associated cost and hassle of owning a car. Like buying music by the song, today's students immediately see the benefit of paying for a car by the hour. They also love saving hundreds of dollars per month on car payments. They see Zipcar, which is consistently ranked alongside other leading brands like Google, Apple and Twitter, as a brand that understands them. Best of all, Zipcar provides comprehensive insurance to students as young as 18, with coverage that exceeds state minimums. For universities, Zipcar offers a practical and proven solution to managing demand for parking, reducing congestion and emissions and adding a lifestyle-oriented service to campus. Studies have shown the cost of a single parking spot ranges from $4,000 to $40,000 per spot, depending on whether it's an outdoor surface lot or underground garage. Since each Zipcar replaces 14 personally-owned vehicles, a university could reduce the need for up to 28 spots costing up to $1.1 million by just putting two Zipcars on campus. Zipcar was selected as Caltech's car-sharing partner based on its superior technology and operations, membership experience and track record of providing peer universities with a proven, cost effective and environmentally friendly transportation solution. Zipcar, which has been offering campus car sharing since 2002, now has programs at more than 140 colleges and universities across the country. Among the dozens of colleges that have partnered with Zipcar to reduce traffic, noise and parking demands are MIT, Columbia, Georgetown, Arizona State University, University of Michigan, Harvard, USC, University of Minnesota, University of Toronto, University of North Carolina, The University of Chicago, and UCLA. More information about Zipcar at Caltech including the online membership application is available at www.zipcar.com/caltech. - Zipcar

WDCC is Proud to Highlight Navistar International Corporation's Hybrid Diesel Technology on 'Green Magazine TV,' a New Television Series Highlighting Some of the Most Energy Efficient Organizations in the World

Sophia Rhodini — Wed, 21 Oct 2009 12:51:01 +0000

Navistar highlighted on "Green Magazine TV" on the Discovery Channel as the first company to begin production of hybrid diesel commercial trucks. DEERFIELD BEACH, Fla., -- "Green Magazine TV" produced by Worldwide Digital Communications Corporation, is a new television series featuring ecology and energy conscious companies and organizations. This series will showcase some of the newest and "greenest" technologies being utilized, and is scheduled to be aired as paid programming on the Discovery Channel. Navistar International Corporation (NYSE: NAV) is the first company to begin production of hybrid diesel commercial trucks. The International DuraStar Hybrid has the proven capability to provide dramatic savings - from 30 to 40 percent on standard in-city pickup and delivery applications. That fuel efficiency can increase to more than 60 percent in utility-type applications when the engine is shut off but electric power still operates the vehicle. One major advantage for International's hybrid product is the company's Diamond Logic Electrical system, which integrates the body equipment and hybrid power train so they can work as a single piece of equipment. Additionally, the International DuraStar Hybrid can be equipped with International's AWARE vehicle intelligence system to allow for real-time data collection, reporting and analysis. With its diesel hybrid technology Navistar helps companies reduce fuel consumption and reduce carbon output, producing a significant positive environmental impact. Navistar is currently working under a $39 million U.S. Department of Energy grant to develop and build all-electric vehicles for the North American market. For more information on "Green Magazine TV," visit www.greenmagazinetv.com - WDCC

Buehler Motor Positions Itself for North American Growth With Three Senior-level Executive Appointments

Sophia Rhodini — Wed, 21 Oct 2009 12:51:42 +0000

MORRISVILLE, N.C., -- Buehler Motor, Inc. (BMI), a leading international provider of mechatronic drive solutions with specialties in the automotive, aerospace, medical products, office and building automation industries, continues to prepare for North American growth with two new senior-level appointments, and a new manager of its Mexico plant operations. Charles A. Leslie, Jr., has rejoined BMI as North American controller and commercial director, while long-time Buehler Motor veteran Ray Welterlin has assumed the title of vice president of R&D, sales and marketing. Welterlin was formerly vice president of operations and plant manager of the company's Chihuahua, Mexico, plant. Both will be based at BMI in Morrisville, N.C. Cristina Sanchez, Industrial and Lean Manufacturing Leader, has been promoted to plant manager of Buehler Motor Mexico. The announcements were made by Bob Riedford, Buehler Motor, Inc., president and general manager, at the grand opening of Buehler Motor's new U.S. headquarters and North American Technical Center in Morrisville, N.C., near the Research Triangle Park. "In addition to our new U.S. headquarters and Tech Center, BMI's long-term growth strategy in North America includes strengthening the management team with experienced fiscal and marketing leaders," explained Riedford. "Charles and Ray both have a long history with Buehler Motor and a distinguished professional track record. We are also excited to offer expanded responsibilities to Cristina and know she will provide the leadership necessary to meet growing customer demands." Prior to rejoining BMI, Leslie was operations director for the North American Automotive Products Group of Johnson Electric. Previously, he was with BMI from 1996 to 2004. He is a certified public account and certified management accountant, and holds MBA and BS degrees from Wake Forest University. Leslie lives in Raleigh, N.C., with his wife and three children. Welterlin started with BMI in July 1982 as a design engineer. His previous BMI assignments include vice president of operations and plant manager in Chihuahua, Mexico, engineering manager and business unit manager. He received a master degree in electrical engineering from the University of Nancy in France. Welterlin is married, has three children and one grandchild. Sanchez began her career with BMI in March 2004 as an industrial engineer. Prior to BMI, she was the lean manufacturing engineer at Honeywell. Sanchez is a graduate of Instituto Tecnologico de Chihuahua with a degree in Industrial Engineering. She resides in Chihuahua, Mexico, with one child. - Buehler Motor, Inc.

Public Hearings Convene on First U.S. Greenhouse Gas Pollution Standards

Sophia Rhodini — Wed, 21 Oct 2009 12:52:05 +0000

New Car Standards Will Strengthen Nation's Security While Reducing Pollution WASHINGTON, -- Public hearings commence this week on the nation's first greenhouse gas pollution standards. Environmental Protection Agency (EPA) and Department of Transportation (DOT) officials will hear public testimony on proposed new historic fuel economy benchmarks and national greenhouse gas emissions limits for passenger vehicles: October 21st in Detroit, October 23rd in New York City, and October 27th in Los Angeles. For more information on the public hearings, see www.epa.gov/otaq/climate/regulations.htm. "This bold initiative begins to break our nation's addiction to foreign oil while reducing dangerous global warming pollution," said Vickie Patton, Deputy General Counsel, Environmental Defense Fund. "The President forged this landmark agreement with car companies, labor, states, and environmentalists to provide a safe, secure and prosperous future for our kids." The national proposal responds to a 2007 U.S. Supreme Court mandate and will carry out President Obama's landmark May 19th accord with major automakers, the Governor of California, the United Auto Workers Union, and environmentalists. Passenger cars and light-trucks emit nearly 20 percent of the nation's greenhouse gases in the form of carbon dioxide, methane, nitrous oxide, and hydrofluorocarbons. In April, EPA provisionally found that these four contaminants and two other greenhouse gases endanger human health and welfare. The proposed standards from the Environmental Protection Agency and the Department of Transportation would apply to new model year 2012 to 2016 vehicles. Benefits include: Breaking Our Oil Addiction, Strengthening National Security. The vehicles subject to these proposed standards are responsible for about 40 percent of all U.S. oil consumption. The standards would reduce our consumption of oil by 1.8 billion barrels while achieving a 5 percent annual improvement in fuel efficiency for the nation's passenger vehicle fleet. Reducing Global Warming Pollution. The vehicles covered by the proposed standards account for 60 percent of heat-trapping emissions from the transportation sector and about 20 percent of all U.S. heat-trapping gases. These emissions have increased by more than one percent annually. The proposal would cut carbon dioxide pollution from passenger vehicles approximately 21 percent by 2030, reducing emissions by 950 million tons. Saving Families Money at the Pump. The proposed standards will provide dividends in fuel savings at the pump for America's families. Families who finance a new vehicle purchase will save an estimated $12 to $14 per month over the duration of the loan. The estimated overall cost savings over the life of the vehicle are more than $3,000. The proposed standards can be met with today's technology. In a 2008 Bush-era report, EPA staff experts analyzed technologies to reduce greenhouse gases from passenger cars and light trucks (See EPA Staff Technical Report: Cost and Effectiveness Estimates of Technologies Used to Reduce Light-duty Vehicle Carbon Dioxide Emissions, EPA 420-R-08-008, March 2008.) Produced for the National Research Council, the report identified more than two dozen technologies in production or impending that can be deployed to cut greenhouse gases and improve fuel economy. The bottom line: "EPA technical staff concludes there are a large number of technologies which can be applied to cars and trucks that are capable of achieving significant reductions in greenhouse gas emissions, and improve vehicle fuel economy, at reasonable costs." Environmental Defense Fund, a leading national nonprofit organization, represents more than 700,000 members. Since 1967, Environmental Defense Fund has linked science, economics, law and innovative private-sector partnerships to create breakthrough solutions to the most serious environmental problems. For more information, visit www.edf.org. - Environmental Defense Fund

Aluminum Use in Electric Vehicles will Reduce High Cost of Battery Power for Plug-Ins and Hybrids, New Study Confirms

Sophia Rhodini — Wed, 21 Oct 2009 12:52:57 +0000

DETROIT, -- Opting for high-strength, low-weight aluminum over heavier steel structures for plug-in electric and hybrid vehicles can cut vehicle price overall by reducing the battery energy requirements and the associated costs, according to a new study released today at the Center for Automotive Research's (CAR) Business of Plugging In conference. The study was jointly conducted by The Aluminum Association, Inc. with Ricardo, a leading technical research and strategic consultancy to the world's automotive, transport and energy industries. Michael Bull, Director of Automotive Technology for Novelis, Inc., represented the Aluminum Association at the conference and participated in a panel discussion on future automotive changes associated with all electric vehicles. "As automakers gear up for a new generation of plug-in electric vehicles, the high cost of battery power remains a barrier," said Bull. "What this new report shows is that by upgrading from traditional steel to an advanced aluminum body structure, the vehicle's stored energy requirements can be cut by about 10 percent, which could save up to $3,000 per vehicle since less power and energy is required to move the lighter vehicle." "Plug-in and hybrid electric cars contain precious little, and quite expensive, 'fuel' in the form of batteries," added Bull. "Therefore, every effort must be made to utilize this stored energy to the highest possible efficiency. The solution lies in lowering the vehicle's weight with aluminum as part of a holistic approach to also include advanced powertrains and batteries, enhanced thermal management, improved aerodynamics, and reduced rolling resistance." Highlights from the Ricardo electric vehicle study, for the federal test procedure (FTP75) drive cycle, include: The driving range of the vehicles could be improved approximately equal to the mass saved. Reduce the mass of the vehicle 20 percent, go 20 percent father. One example vehicle had the range extended from 80 to 97 miles. The heaviest vehicle in the study, at 1,822 kg, consumed about 300 Wh/mi, while the lightest at 627 kg consumed about 146 Wh/mi. Regenerative braking could recover about 65 percent of the energy associated with the vehicle's momentum irrespective of the vehicle weight. But this is only about 15-20 percent of the total energy expended. For the lightest vehicle, about 44 percent of the energy is lost to powertrain inefficiencies, with 33 percent of the energy used to overcome air resistance, and only 24 percent is used to move the vehicle. As with conventional vehicles, the lighter vehicles have faster accelerations. The purpose of the Ricardo study was to evaluate the impact of vehicle weight reductions on electric vehicle performance, range and battery size. The majority of the vehicle simulations were done using the FTP75 drive cycle with a few highway drive cycles. In general, the relationships between vehicle mass, battery weight and energy, and range are linear up to the maximum range studied of 80 miles. At this range, the battery weight doesn't grow enough to start a significant "weight spiral." The study also examined the role of vehicle mass on regenerative braking; specifically the question of whether strong regenerative braking might lessen the impact of weight reduction. This turns out not to be the case. All vehicles studied could recoup about 65 percent of energy associated with moving the vehicle. But the energy balance for each vehicle changes. As the vehicle gets lighter, less energy is required to move it, while the aerodynamic losses remain constant. For the lightest vehicle the aerodynamic losses are higher than the energy to accelerate the vehicle. Real world designs support the fact that lightweight structures are a significant enabler for these vehicle types. Examples include Tesla Motors's Roadster, or upcoming midsized platform, Fisker Automotive's luxury vehicle and Bright Automotive's van. All are all using lightweight aluminum platforms for their vehicles. "Many of the current hybrid vehicles are progressively adding lower weight components to improve the overall vehicle performance. When it comes to making electric vehicles more affordable and efficient, aluminum is proven to get you there with no compromises," said Bull. For a summary of the Ricardo study, or general information on the advantages of aluminum for transportation applications, visit www.autoaluminum.org. For a copy of the full study, or to arrange media interviews on the subject, please contact Kristin Tyll at 248-824-8200 or ktyll@stratacomm.net. - The Aluminum Association

Record-Breaking Relaxation at Marine Corps Marathon

Sophia Rhodini — Wed, 21 Oct 2009 12:53:01 +0000

Massage Envy(R) To Sponsor Event to Earn the World Record for the Most Massages Given at the Same Time ROSSLYN, Va., -- On Sunday, October 25, Massage Envy will sponsor an event to earn the Guinness World Record for the most people being massaged simultaneously in one location. The goal is to have 200 people simultaneously massaged, just as they finish participating in the 34th annual Marine Corps Marathon. There will be a sea of tables set up on Wilson Boulevard between Fort Myer Drive and Nash Street to accommodate the record-setting massages. If it is raining, the massage tables will be set up under the overpass on Fort Myer Drive. The current record for the most people being massaged at the same time is 154, set in London, England in 2007. Runners and walkers, as well as wheelchair and hand cycle participants can line up for the record-setting massages after they cross the finish line. The massages will begin at 11:45 a.m. and continue for 15 minutes. Organizers will certify the setting of the record on site, and an announcement will be made at an awards ceremony at the finish line at 12:30 p.m. Massage Envy has teamed up with the Marine Corps Marathon for the last 2 years, providing massages for runners as they complete the race. "We wanted to take it a step further this year by making it a record-setting event," says Charles Fisher, a Virginia Massage Envy owner. "We know that massage has great health benefits like lower blood pressure and a stronger immune system. We want to share that boost with marathon participants who will really need it after a 26.2 mile run," added Fisher. Massage Envy is a national chain of membership-based massage clinics across the country. With 590 clinics, they are the largest provider of therapeutic massage in the country, employing about 14,000 therapists. In the DC / Baltimore Metro area, there are 18 Massage Envy clinics, with 21,000 members. "We're thrilled that our participants this year will not only get a relaxing massage, but the opportunity to participate in a world record as well," said Rick Nealis, Director of the Marine Corp Marathon. All massage therapists participating in the event are licensed and have been instructed to follow a basic protocol for each 15-minute therapeutic massage. Nicknamed "The People's Marathon", The Marine Corps Marathon is the world's largest marathon not to offer prize money. Thirty-five thousand participants are expected this year including runners, walkers, and many handicapped participants including some wounded U.S. soldiers. The marathon is presented by USAA, Brooks Sports, Inc., and Arlington County. No federal or Marine Corps endorsement is implied. - Massage Envy

Benchmark Monterey Bay Aquarium Report Finds Future of Global Seafood Supply at a Turning Point

Sophia Rhodini — Wed, 21 Oct 2009 12:53:42 +0000

MONTEREY, Calif., -- Global prospects for securing a sustainable seafood supply and protecting ocean ecosystems are improving, thanks to a growing consensus on how best to manage fisheries and fish-farming operations, and new commitments by consumers, major buyers and the fishing community. That's the conclusion of a benchmark research report -- "Turning the Tide: The State of Seafood" -- released today (October 20, 2009) by the Monterey Bay Aquarium, on the 25th anniversary of the aquarium and the 10th anniversary of its Seafood Watch program. "The State of Seafood" details significant and continuing threats to healthy oceans from mismanagement of wild-caught fisheries and a booming fish-farming sector, and highlights trends that offer hope for the future. In conjunction with release of the report, the aquarium has launched a national campaign asking top national chefs and culinary leaders to take a "Save Our Seafood" pledge not to serve items from the aquarium's Seafood Watch red "Avoid" list as a way to restore ocean health. More than two dozen prominent figures have signed on already, including Alton Brown (Be Square Productions, Atlanta), Rick Bayless (Frontera Grill/Topolobampo, Chicago), Susan Spicer (Bayona, New Orleans), Rick Moonen (rm seafood, Las Vegas), Fedele Bauccio (Bon Appetit Management Co., Palo Alto), Michelle Bernstein (Michy's, Miami), Suzanne Goin (Lucques, Los Angeles), Mary Sue Milliken and Susan Feniger (Border Grill/Ciudad, Los Angeles), and Michel Nischan (The Dressing Room, Westport, Conn.). The report also identifies a "Super Green" list of wild and farmed seafood items that are both good for human health and are produced in ways that protect ocean ecosystems. The list was developed in collaboration with scientists from Environmental Defense Fund and the Harvard School of Public Health. Copies of the seafood report, the open letter from chefs and the Super Green list, are available at www.montereybayaquarium.org/seafoodwatch. The aquarium will update the report every two years. "Ocean life is still in decline and we clearly need to take urgent action to turn things around," said aquarium Executive Director Julie Packard. "The good news is that we know what it will take, and that key players are working more closely than ever to solve the problems. I'm confident that we can and will create a future with healthy oceans." While many other human activities strain the marine environment -- including growing impacts from global climate change -- the primary factors in the oceans' decline today are related to commercial fishing: failure to consider the entire ecosystem when managing fisheries and aquaculture operations, and the rapid industrialization of fishing effort worldwide to keep up with growing human demand for seafood, the report concludes. A century of industrial-scale fishing and ineffective management has left major commercial fisheries around the world in need of rebuilding. Many have collapsed. In addition, populations of large, long-lived animals, including whales, sharks, turtles, tunas, manatees, rockfish and billfishes, have plummeted. Ocean wildlife caught commercially are not the only species affected. Bycatch -- the unwanted or unintentional catch of animals in fishing gear -- is the single greatest threat for nearly 250 species of threatened or endangered ocean animals, according to the report. While wild fisheries have reached a plateau, demand for seafood continues to grow worldwide. In 2009, farmed seafood will for the first time eclipse wild-caught fish in the human diet. Yet management of aquaculture has not kept up with skyrocketing global expansion. Yet for all the discouraging trends, there is an equally long list of positive new developments, the report finds. These include: The release earlier in 2009 of a consensus scientific study that unified marine ecologists and fisheries management scientists on a set of principles for restoring ocean ecosystems and commercial fish populations. Significant new commitments from major seafood buyers, including retailers like Walmart and North America's largest food service companies, to shift their purchases to seafood from sustainable sources. Growth in the supply of sustainable seafood that has been certified by reputable international organizations, notably the Marine Stewardship Council. Adoption by governments around the world of policies to better manage fisheries and fish-farming, reduce the rate at which wildlife is caught and killed accidentally in fishing gear, and to protect critical ocean habitat vital to maintaining healthy ocean ecosystems. The Monterey Bay Aquarium recognized the warning signs more than a decade ago, first when it opened a special exhibition on the topic and later when -- in response to public demand -- it created its acclaimed Seafood Watch program. Since 1999, Seafood Watch has become a recognizable standard and reference point for millions of conservation-minded consumers, and for restaurateurs and major seafood buyers in the United States. It has distributed nearly 32 million consumer pocket guides with seafood recommendations covering all regions of the United States, and partnered with Compass Group and ARAMARK -- the two largest food service companies in North America -- to help shift millions of pounds of seafood purchases to more sustainable sources. "Our Seafood Watch initiatives address the most critical issues raised in 'The State of Seafood' report," Packard said. "They give everyone -- from consumers to chefs to major seafood buyers -- an opportunity to be part of the solution." The report was released at the California Science Center in Los Angeles, which announced a new partnership with the aquarium to advance public and business awareness about the connection between seafood choices and the health of the world's oceans. The Center will collaborate with the aquarium on many programs in the months and years to come, and will open new Ecosystems exhibits in the spring of 2010. "The California Science Center is extremely proud to partner with the Monterey Bay Aquarium in jointly presenting their report on 'Turning the Tide: the State of Seafood,'" said Jeffrey Rudolph, president and CEO of the center. "The educational promotion of sustainable seafood is at the heart of both our missions and we look forward to partnering on many events, programs and exhibits in the future." The aquarium also announced a partnership between Seafood Watch and Santa Monica Seafood -- the largest seafood distributor in the southwest and an emerging national leader in sustainability. Monterey Bay Aquarium is working with 14 other nonprofit organizations across the United States and Canada as part of the Conservation Alliance for Seafood Solutions (www.solutionsforseafood.org). Participating organizations have crafted a Common Vision for Environmentally Sustainable Seafood to help seafood buyers and suppliers develop comprehensive, corporate policies on sustainable seafood. Since the debut of the Common Vision in 2008, more than 20 major companies across North America have pledged their support. In 2009 the Monterey Bay Aquarium celebrates 25 years of inspiring ocean conservation. - Monterey Bay Aquarium

JetBlue Names Andres Sandoval Vice President of Flight Operations; Marc Gross Vice President of System Operations, Planning & Control

Sophia Rhodini — Wed, 21 Oct 2009 12:54:34 +0000

NEW YORK, -- JetBlue Airways Corporation (Nasdaq: JBLU) today names Andres "Sandy" Sandoval Vice President, Flight Operations and Marc Gross Vice President, System Operations, Planning & Control. Mr. Sandoval, previously a JFK Chief Pilot, is also an Airbus A320 Captain and has been with JetBlue since 2002. Mr. Gross joins JetBlue from Northwest Airlines where he held the position of Director System Operations Control and Central Load Control. "Both Sandy and Marc bring expertise and leadership experience to the JetBlue team," said Rob Maruster, JetBlue's Chief Operating Officer. "Their leadership will help us maintain our cultural strengths and unique brand as we transition into our second decade, which will include continued focus on operational reliability and providing our customers with an award-winning experience they can count on across our expanding network." "I am excited to take the helm of the Flight Operations department as our company enters its second decade of operations," said Mr. Sandoval. "JetBlue's pilot group is nearly two thousand strong and will continue to contribute enormously to the success of our airline. It is an honor to have the opportunity to lead this group." Currently a JFK based Captain on the Airbus A320, Mr. Sandoval has been a fixture in JetBlue Flight Operations as a past Assistant Chief Pilot and Base Chief Pilot at John F. Kennedy International Airport. He has also been an integral part of several corporate initiatives, including development of an expanded company-wide irregular operations recovery plan and NextGen development. "It is an amazing time to join the System Operations team as JetBlue approaches its second decade of operations," said Mr. Gross. "I am honored and look forward to leading a team that has made incredible operational improvements in the past two years and is continuing to build on those successes." Mr. Gross joins JetBlue after more than 20 years of operations leadership at Northwest Airlines. He has extensive experience in irregular operations planning and recovery, airport customer service and crew scheduling. - JetBlue Airways

PIERS Trade Horizons Reports: Decline in U.S. Containerized Trade Decelerates

Sophia Rhodini — Wed, 21 Oct 2009 12:55:07 +0000

Latest waterborne import-export statistics show stronger demand for industrial inputs from manufacturers in Asia NEWARK, N.J., -- U.S. containerized imports were down -19.3% in second quarter 2009 compared with the same period last year, a slight deceleration from the previous quarter's decline of -20.8%, according to PIERS Trade Horizons. U.S. containerized exports declined -14.1% in the second quarter compared with second-quarter 2008. While still a decline, the downward momentum is slowing: the previous quarter's drop was -21.9%. Indeed, second-quarter export volumes exceeded earlier forecasts by more than 300,000 TEUs (twenty-foot equivalent units, the standard measure in containers). According to PIERS Trade Horizons, most of the increase is due to improving economic conditions in Asia, where trade volumes from the U.S. were down just -5.5% -- a nearly 15 percentage point improvement over the first quarter's dismal -20.2% drop. Strengthening exports to Asia are a sure sign that U.S. trading partners are building inventories of industrial inputs to ramp up manufacturing in the second half of the year, says PIERS Trade Horizons. This interpretation is supported by gains in key export commodities. Ranked third by volume among U.S. exports, cotton and fabrics exports inched up by 0.5% as global apparel producers took advantage of the cheap dollar to rebuild inventories. In addition, industrial resins posted a 10.9% increase. Miscellaneous plastic products, often used in packaging materials, were up 16.3%. As for U.S. imports, top-ranked furniture continued to tumble in the second quarter, down -19.8% from a year ago. Toys were down -18.6%, reflecting retailers' pessimism about the holiday season. Of the top 25 import commodities, only four showed positive growth: bananas rose 3.1%; miscellaneous fruits, 4.5%; medical equipment and supplies, 0.8%; and wines, 7.5% -- this last a reflection of consumers' shifting to lower cost producers such as Chile and Australia (while shipments from Italy, southern France and Spain fell). PIERS Trade Horizons statistics on U.S. containerized trade with the rest of the world are the latest available. The quarterly also forecasts container trade two years out. Based on the trade data and current economic trends, PIERS Trade Horizons projects a -17.1% drop in containerized imports for the year as a whole. Positive growth is expected to resume in 2010, reaching 12.7%, and a further 8.7% expansion in 2011 is anticipated. U.S. exports will have dropped -11.8% when the numbers are tallied at year's end, PIERS Trade Horizons forecasts, while exports will grow 6.0% in 2010, and 5.2% in 2011. - PIERS Global Intelligence Solutions; UBM Global Trade

Southwest Airlines Hosts Travel Guide VIP Photo Contest

Sophia Rhodini — Wed, 21 Oct 2009 12:55:45 +0000

Submit your 'Vacation Inspiring Photos' for a chance to win Download image Download image Download image DALLAS, -- Can a picture inspire a vacation? Southwest Airlines thinks it can! Southwest Airlines is looking for your "Vacation Inspiring Photos," or VIPs - original, jaw dropping, grab-your-bags-right-now-because-It's-On! photos to feature on the Southwest Airlines Travel Guide. "There are times when you see a picture of a beautiful landscape, a charming cafe, or the bright lights of a big city, and it makes you just want to pack your bags and go," said Athena Halton, Southwest Airlines Online Marketing Specialist. "We're looking for those VIPs, or Vacation Inspiring Photos, and we've got great prizes for the best of the best." From October 20, 2009, through November 13, 2009, Customers can submit travel photos via the Southwest Airlines Travel Guide. Each week, the airline will select one winning photo and the winner will receive a new digital Kodak camera. One Grand Prize winner will receive two roundtrip tickets on Southwest Airlines and have his or her photo featured in the airline's onboard magazine, Spirit. To Enter: Visit http://www.southwest.com/vipcontest/ and create a Travel Guide profile. Add a Trip titled "(insert city name) has VIPs!" For Example: "DENVER has VIPs!" Enter the appropriate destination city name Upload your photo Title the photo "VIP Contest - (insert title of photo)." For Example: "VIP Contest--Rocky Mountains" CONTEST RULES Southwest Airlines Travel Guide's "Vacation Inspiring Photo(s)" Contest NO PURCHASE NECESSARY TO ENTER OR WIN. A PURCHASE WILL NOT INCREASE YOUR CHANCE OF WINNING. VOID WHERE PROHIBITED. How to Enter the Contest 1. Submission Format: Southwest Airlines "My Vacation Inspiring Photo(s)" ("Contest") will begin on or around 12 a.m. CT on Monday, October 20, 2009, and will end on or around 4 p.m. CT on Wednesday, November 13th, 2009. Visit southwest.com/travelguide and create a Travel Guide profile. Add a new Trip to your Travel Guide profile: Title your Trip: (Insert City Name) has VIPs! (Ex. Dallas has VIPs!) Enter the appropriate destination Upload a photo: Submit a Vacation Inspiring Photo(s) (Required format: photo must be submitted as a 528x193 jpg) Title your photo: "VIP Contest -(insert title of photo)". (Ex. "VIP Contest--Rocky Mountains") All entries submitted become the sole property of Southwest Airlines and will not be acknowledged or returned. Proof of submission of an entry shall not be deemed proof of receipt by Southwest. Southwest Airlines computer is the official time keeping device for the contest. Southwest is not responsible for entries not received due to difficulty accessing the Internet, service outage or delays, computer difficulties, or other technological glitches. 2. Eligibility Restrictions a. The contest is open to legal residents of the 48 contiguous state who are 18 years of age or older as of October 19, 2009. Employees of Southwest Airlines have to be in good standing and on the payroll as of October 19, 2009. b. Only one winner per household is permitted. c. Entrants are required to provide truthful information and Southwest will reject and delete any entry that it discovers to be false or fraudulent. Southwest Airlines will disqualify any entry from individuals who do not meet the eligibility requirements 3. Vacation Inspiring Photos--"Helpful Hints" Ask yourself, "Does this photo remind me that it's been too long since I had a vacation?" Focus on showing photos with scenery in the background. (e.g., beautiful photos of city landmarks) Avoid images taken inside a building and with large groups of people. Inappropriate photos will not be posted or entered for judging 4. Prizes: a. One (1) Grand Prize winner will receive the following: 1) A full page placement of his/her winning photo in our Southwest Airlines Spirit magazine (2010 issue; month TBD), 2) Winning photo showcased within southwest.com Travel Guide (on the appropriate destination page), and 3) Two green passes for travel to any of our Southwest Airlines destinations. (Approximate Retail Value ("ARV"): $1,000) Certain travel restrictions may apply. Travel arrangements must be made through Southwest Airlines. No prize substitutions, cash equivalent, or transfer of prizes permitted except at the sole discretion of Southwest Airlines. All other costs not specifically stated herein, including, but not limited to, taxes, meals, tips, and ground transportation, are the responsibility of the winner. Taxes are solely the responsibility of the winner. Winner and travel companion must travel on the same itinerary and are responsible for obtaining all required travel documents. In addition, travel companion of Winner must be 18 years of age or older. Winner and travel companion are responsible for obtaining travel insurance (and all other forms of insurance) where applicable, at their option, and hereby acknowledge that Southwest Airlines has not and will not obtain or provide travel insurance or any other form of insurance. Tickets are subject to terms and conditions as specified by Southwest Airlines. (Should the Grand Prize Winner be an Employee of Southwest Airlines, then he/she will be awarded two blue passes in exchange for the two green passes.) Southwest Airlines reserve the right to remove or to deny entry to winner and/or guest if he/she engages in a disruptive manner, or with intent to annoy, abuse, threaten, or harass any other person. b. Four (4) First Prize Weekly Winners will receive a Kodak digital camera. (Approximate Retail Value: $200) c. In the event that a prize or prize certificate is mailed to the Winner, it will be with the prior written consent of the Winner and therefore, Winner assumes the risk of its loss. Southwest Airlines is not responsible for the safe arrival of a prize or prize certificate. 5. Selection of Winners Decisions of Southwest Airlines management with respect to the Contest are final. a. The top five Vacation Inspiring Photo(s) Winners will be selected by a Southwest Airlines panel of judges from the Marketing/Communications Department to determine the most inspiring vacation photo. All submissions will be judged on the following: Created Travel Guide Profile (33%), Quality of photo submitted with required formatting sizes met (33%) and Photo submitted is deemed a Vacation Inspiring Photo (33%). b. Winners must execute and return any required affidavit of eligibility and/or liability/publicity release within ten (10) days of notification attempt or prize will be forfeited and an alternate Winner may be chosen. If a potential Winner cannot be contacted, fails to sign and return the required affidavit of eligibility and liability/publicity release within the required time period, or if a prize or prize notification is returned as undeliverable, potential Winner forfeits prize. 6. Conditions a. By participating in the contest, the Winner or Winners agree to have their name, voice, or likeness used in any advertising or broadcasting material relating to this contest without additional financial or other compensation, unless prohibited by law and, where legal, to sign a publicity release confirming such consent prior to acceptance of the prize. b. Prior to awarding any prize or prize certificate, Southwest Airlines in its sole discretion may require contest Winners (and their travel companions, if any) to sign a liability release, agreeing to hold Southwest Airlines and its Officers, Shareholders, Directors, Employees, Agents and Representatives harmless against any and all claims or liability arising directly or indirectly from the prize or participation in the Contest. c. Southwest Airlines, in is sole discretion, reserves the right to disqualify any person tampering with the entry process or the operation of Southwest Airlines web site or who is otherwise in violation of the rules. It further reserves the right to cancel, terminate, or modify the contest if it is not capable of completion as planned, including infection by computer virus, bugs, tampering, unauthorized intervention, or technical failures of any sort. d. Southwest Airlines reserve the right to make changes in the rules of the Contest, including the substitution of a prize or equivalent value, which will become effective upon announcement. If due to circumstances beyond the control of Southwest Airlines, any competition or prize-related event is delayed, rescheduled, postponed or cancelled. Southwest Airlines reserves the right, but not the obligation, to cancel or modify the contest and shall not be required to award a substitute prize. e. Southwest Airlines is not responsible for typographical or other errors in the printing, the offering or the administration of the Contest, or in the announcement of a prize. f. Copies of the written Contest rules and a list of Winners (when complete) are available during regular business hours at Southwest Airlines Online Marketing 2702 Love Field Dr. Dallas, TX 75235 - Southwest Airlines

Valley Of Fear and the Original Haunted Hayride Celebrates 20th Year of Fun and Fear

Sophia Rhodini — Wed, 21 Oct 2009 12:56:59 +0000

FEASTERVILLE, Pa., -- Before the Halloween season developed into the mammoth retail and entertainment spending season that it has become, Haunted Hayrides of Delaware Valley, Inc. took the Delaware Valley area by storm in October, 1990, as the area's first large production, regionally marketed, outdoor, Halloween Season event. "To get started, we actually purchased a franchise license from Haunted Hayrides, Inc. in Syracuse, New York," reports local founder, Tom Yaegel. He adds, " We made a land use arrangement with Stepping Stone Farm in Wycombe, Bucks County, hired 40 people, bought 8 wagons, rented 8 tractors, purchased about $7500 in props, rubber masks and costumes, invested $20,000 in advertising and we were on our way." The nightly event drew over 20,000 people in its first operating season in 1990. The seasonal event, for which the late famed actor, Vincent Price, once served as spokesman, has evolved tremendously over the years. Mr. Price died just before Halloween, in October, 1993. The following year, the franchise system, which at one time had over 20 locations nationwide, went defunct and the local franchise was then on its own. "We relocated to the Phoenix Sports Club in Feasterville in 1996. The Club, which is situated on over 35 acres of wooded, rolling land was in need of an annual fundraiser. They had previously tried operating their own haunted event and realized it was more complicated than they had envisioned. They invited us in and we have partnered with them ever since", reports Yaegel. "A number of now prominent local operators, including Horror Fest at Bucks County's Shadybrook Farm and Bates Motel in Gradyville, Pa. saw our appeal and emulated our haunted hayride plus they added additional attractions such as haunted houses and haunted corn mazes. We needed room to enhance our operation and the current Phoenix Club location filled the bill for that", states Yaegel's son, Tom G. Yaegel, who helps with business planning and running the operation on weekends. In 2003, the name was changed to the Valley Of Fear and Original Haunted Hayride when the unique Valley Of Fear Haunted Forest Maze (it's like a huge haunted house but you are walking through a dark woods) was added. "Today, we offer more Halloween entertainment than ever before," states Yaegel's daughter, Terri McKendry, who serves as administrative and staff manager. Both Tom, now 31, and Terri, 36, started with the family business, as haunters, with some of their high school friends during the first years of the event in the 1990's. "We now have not only the area's best Haunted Hayride, and, not one, but two, haunted houses, plus the Valley Of Fear haunted forest maze. Before and after the haunted attractions, guests can enjoy live bands, radio personality appearances and other entertainment plus great food in Pumpkinhead's Picnic Grove. With all that, a family or group can enjoy an entire night out during the October Halloween season," adds McKendry. According to the event's creative director, Robert Dovan, the show has evolved to add the latest in Halloween haunting and scare equipment and tactics. "When I started with Haunted Hayrides in 1992, my first creative assignment was to improve the graveyard scene. The next year, I was given a small budget to enhance half of the trail. At that time, we added a couple of basic sound systems, strobe lights and fog and the improvements were well received as our guests had never experienced these types of entertainment basics on a night time hayride," states Dovan. "While a few pre-made masks are still in use, today, we employ four make up artists who apply professional quality make up, nightly, to over 70 actors, plus we utilize sophisticated animatronic scares, fog, sight, sound and lighting systems. On the acting side, we now have haunted fire breathers and stilt walkers," adds Dovan. On the business side, the event requires a significantly larger investment each season, than ever before. "While we got the whole thing going each year in the early 1990's for about $10,000 to $20,000 each year, today, we have over $200,000 invested, or committed, before the gates open each season, " states Yaegel. In addition to his creative duties with the event, Dovan, a multi-talented individual, also designs and maintains the event's web site, http://www.valleyoffear.com and the on-line reservation and ticketing system as well as the company's new sophisticated POS (point of sale) ticketing system. "The information technology revolution has indeed come to the haunted attractions business," states Tom G. Yaegel. "Whereas we had 4-5 people answering hundreds of daily phone calls and taking reservations all day and night in the 1990's, today we have just 1 person communicating with customers on the phone while 1000-2000 prospective guests obtain event information and purchase tickets through our web site each day during the season. That's the type of service people expect today and we strive to meet those expectations." The event takes pride supporting a number of charities in a meaningful way. In addition to the Phoenix Sports Club youth sports teams, these include Bucks County Special Olympics and the Bucks County Hero Scholarship Fund. This year's Bucks County Hero Scholarship nights are dedicated to Middletown Township Police Officer Chris Jones who was killed in the line of duty earlier this year. Yaegel further states, "We are proud of our history starting with our roots as the Delaware Valley's first large scale Halloween entertainment event and evolving it into what it has become today. Since we started in 1990, nearly every major theme and amusement park nationwide has developed a Halloween season night time entertainment program and there have been thousands of individual Halloween entertainment enterprises opened across the US since that time including over a dozen in the tri-state area. Now, we are even part of a regional haunted attractions marketing group, 13Haunts.com. The evolution and consumer appeal of the industry is just fascinating." In conclusion, Yaegel adds, "Seasonal Halloween events are a tremendous Fall stimulus for the local economy. Thousands are employed by the local haunts and all neighboring and supporting convenience stores, restaurants and other businesses benefit from the traffic created to their locations. It's a win-win situation for the consumer, who gets to enjoy the events, as well as surrounding businesses." The Valley Of Fear, now in its 20(th) spooktacular season, is located in the expansive woods of the Phoenix Sports Club, 301 W. Bristol Road, Feasterville, PA 19053 (If using GPS, list town as Lower Southampton). Nights of operation for the balance of the season are from Wednesday, October 21 through Sunday, October 25 and, then, every night from Tuesday, October 26 through Sunday, November 1. The box office is open for ticket purchases from 7-10pm each night. Or, tickets can be purchased on-line at http://www.valleyoffear.com For complete information, driving directions and discount coupons, visit http://www.valleyoffear.com or call 215-942-9787 from 12 noon-8pm daily. - Haunted Hayrides of Delaware Valley, Inc.

H.E.A.T. Honors Contributions To Auto Theft Prevention

Sophia Rhodini — Wed, 21 Oct 2009 12:58:12 +0000

24th Anniversary Breakfast Brings Together Law Enforcement, Auto Insurers and Community Leaders to Recognize Achievement in Prevention of Auto Theft LIVONIA, Mich., -- Today's breakfast and awards ceremony marked the 24th anniversary of H.E.A.T. (Help Eliminate Auto Thefts). Oakland County Executive L. Brooks Patterson keynoted the anniversary event at The Westin Book Cadillac in Detroit before an audience of law enforcement personnel, insurance industry representatives and government officials. Since its inception in 1985, H.E.A.T., with its partners in law enforcement and the insurance industry, has helped lead to the recovery of more than $50 million in stolen property and the arrests of more than 3,200 suspects involved in auto theft rings, chop shops, carjackings and fraudulent car thefts, among other auto theft-related crimes. H.E.A.T. has paid more than $3.3 million in tipster rewards over the last 24 years. "H.E.A.T. continues to boost economic prosperity and quality of life among Michigan's residents by reducing auto theft-related crimes, distributing cash rewards and helping lower insurance rates," said Terri Miller, director of H.E.A.T. "I congratulate everyone who plays such an important role in improving the safety of Michigan neighborhoods. H.E.A.T.'s success would not be possible without the hard work and commitment of those dedicated to reducing auto theft and insurance fraud in Michigan." Oakland County Executive L. Brooks Patterson said that the H.E.A.T. program is crucial to reducing a broader spectrum of auto-theft related crimes, such as identity theft, as traditional auto theft is quickly becoming a thing of the past. "As increased security features in vehicles reduce traditional auto theft, other crimes like insurance fraud and identity theft are becoming more prevalent. That's why programs like H.E.A.T. are essential to law enforcement," said Patterson. "Because of H.E.A.T.'s confidential and convenient tip line, Michigan neighborhoods and drivers are safer. I commend all of the program's partners for making H.E.A.T. so successful," he continued. H.E.A.T. presented several awards at the event, including the prestigious William V. Liddane Award and the H.E.A.T. Investigator of the Year Awards. The Liddane Award recognizes an individual who has demonstrated an outstanding commitment to the fight against auto theft in Michigan,. The H.E.A.T. Investigator of the Year and Director's Awards honor law enforcement and others for their tenacity and hard work in auto theft investigation, arrest, recovery and prevention. This year's award recipients are: WILLIAM V. LIDDANE AWARD Bob Vogt -AAA Insurance, retired H.E.A.T. INVESTIGATOR OF THE YEAR AWARDS Det. Dave Andrews - Macomb Auto Theft Squad Det. Sam Milanovich - Wayne County Sheriff's Department Oakland County Sheriff's Office Auto Theft Unit Sgt. Kevin Banycky- Oakland County Sheriff's Office Sgt. Charles Bernard - Oakland County Sheriff's Office Det. Nicole Quisenberry - Oakland County Sheriff's Office Det. Steve Law- Oakland County Sheriff's Office Det. Frank Lenz - Oakland County Sheriff's Office Det. Herman Bishop - Oakland County Sheriff's Office Det. Marcus Kang - West Bloomfield Twp. Police Department Det. Rich Blendea - Farmington Hills Police Department Det. Chet Bartle - Waterford Twp. Police Department Det. William Hamel - Hazel Park Police Department Det. Sidney Godley - Wayne County Sheriff's Department Det. Lamar Nelson - Wayne County Sheriff's Department H.E.A.T. DIRECTOR'S AWARD Kim Davies - Macomb County Sheriff's Office - H.E.A.T. (Help Eliminate Auto Thefts)

Kauai Music, Hula, Trip Giveaways at Vancouver Events

Sophia Rhodini — Wed, 21 Oct 2009 12:59:14 +0000

LIHUE, Hawaii, -- Beautiful Kauai will be showcased at two fun and exciting events this week for the enjoyment of Vancouver-area residents, with the people of Hawaii's "Garden Island" sharing their music, hula, and aloha spirit, while giving away prizes. Below are the days/times, locations, and a description of the special Kauai events taking place: FRIDAY, OCTOBER 23, 11:00 A.M. - 2:00 P.M. Park Place (Lobby), 666 Burrard Street, Vancouver SATURDAY, OCTOBER 24, 11:00 A.M. - 2:00 P.M. Oakridge Center (West Galleria), 650 West 41st Avenue, Vancouver KAUAI KANIKAPILA IN VANCOUVER Enjoy a Kauai-style lunchtime kanikapila (play music) featuring the falsetto singing and slack key guitar artistry of Kauai's Nick Castillo and lovely hula of Miss Garden Isle, Noelani Kaui. Under the theme, Kauai - 50 Years of Movies in Paradise, come test your trivia knowledge about Hollywood's longstanding love affair with Kauai's beautiful scenery. Enter to win prize giveaways - including a free trip for two to Kauai. And if nothing else, come enjoy the island-made products on display, including samples of Kauai Coffee and Kauai Kookies. Also taking part in these events will be Kauai Mayor Bernard Carvalho, Jr. and Kauai Visitors Bureau Executive Director Sue Kanoho, who will share why Hawaii's "Garden Island" is such an enticing destination for nature lovers. For more information about Kauai - Hawaii's Island of Discovery - please visit www.kauaidiscovery.com or call the Kauai Visitors Bureau toll-free at (800) 262-1400. - Kauai Visitors Bureau

See the Road Ahead More Clearly With Well-Maintained Lights and Wipers

Sophia Rhodini — Wed, 21 Oct 2009 12:59:40 +0000

BETHESDA, Md., -- Fall Car Care Month in October is the perfect time for a safety inspection of your vehicle's lights and wipers, according to the Car Care Council. "As the days get shorter, it's important to make sure your vehicle can be seen by others and your visibility is not compromised," said Rich White, executive director, Car Care Council. "During normal driving, you may not notice a light that isn't working, so be sure to inspect your car's lights at every oil change. At the same time, inspect and replace wiper blades so you can see clearly when wet weather hits." Lights and wipers play a major role in safe driving, as the chance of an accident increases if you can't see or be seen. The wiper system keeps excessive water, snow and dirt from building up on the windshield, maintaining clear visibility. The lighting system provides nighttime visibility, signals and alerts other drivers, and supplies light for viewing instruments and the vehicle's interior. Lights are normal wear items that require periodic inspection and replacement. In addition to replacing dimming, rapidly blinking and non-functioning lights, the following tips can help keep you safe: Keep headlights, tail lights and signal lights clean. External dirt and debris can dim operational lights from being seen by others. Make sure that your headlights are properly aimed. Miss-aimed headlights blind other drivers and reduce your ability to see the road. Don't overdrive your headlights; you should be able to stop inside the illuminated area, otherwise you are creating a blind crash area in front of your vehicle. If there is any doubt on whether or not your headlights should be on, turn them on. Lights not only help you see better in early twilight, they also make it easier for other drivers to see you. Many factors can accelerate the replacement interval of wipers, including operating conditions (winter conditions are tough on wiper blades), frequency of use, material and type of wipers and sunny weather. In fact, wiper blades can deteriorate faster and need more frequent replacement in desert states. Some states have laws that require the headlights to be on with the wipers. If you detect any problem with your car's lights or wipers, have them checked out at once. Keep your vehicle's lights properly cared for to help ensure a safer ride and keep the road ahead well lit. - Car Care Council

John L. Atkins, III Named Chairman of Board of Directors of the North Carolina Railroad Company

Sophia Rhodini — Wed, 21 Oct 2009 13:00:14 +0000

RALEIGH, N.C., -- The North Carolina Railroad Company (NCRR) Board of Directors has elected John L. Atkins III, of Durham, as Chairman of its Board of Directors, and Christie S. Cameron, of Raleigh, as Vice Chair, effective October 1, 2009. Mr. Atkins has served on the Board since 2004. Ms. Cameron has served on the Board since 1999. Mr. Atkins will succeed William H. Kincheloe, of Rocky Mount, who has served as Chairman since 2006. Mr. Kincheloe will step down as Chairman and continue to serve as a member of the Board. John Atkins is Chairman and Chief Executive Officer of O'Brien/Atkins, an architectural and engineering firm located in Research Triangle Park, NC. He is active in industry groups, civic and professional organizations and economic development initiatives. Christie Cameron is Clerk of the North Carolina Supreme Court. "John will continue the emphasis on increasing the use of the NCRR rail corridor as both a key transportation artery and an economic development engine that our Board has made a priority," Kincheloe says. "We gratefully acknowledge the time and industry knowledg

Crane Learning and Employment Center Hits Home for Disabled Veterans

Sophia Rhodini — Wed, 21 Oct 2009 13:00:49 +0000

CRANE, Ind., -- Imagine signing up to serve your country, fulfilling a desire to preserve freedom and protect those things you hold most dear. Now imagine that your mission ends with terrible consequences -- the loss of your right arm. Your service to your country has ended, but what will you do now? This is the exact question Steven Clark, a native of Indiana, faced after shrapnel from an IED hit his right arm while he patrolled the streets in Iraq as a gunner on a HMMWV during Operation Iraqi Freedom. But for Clark, his mission did not end with his debilitating injury. In fact, as he was transported to Walter Reed Army Medical Center to begin his rehabilitation, he began to imagine a new mission -- to continue serving his country, help other disabled veterans and somehow do this all back home in southern Indiana. Today, with a lot of perseverance, a little luck and the help of a disabled veterans program called CLEC, Clark has found a new path, and is a Hoosier once again. The Crane Learning and Employment Center for Veterans with Disabilities (CLEC) provides education and on-the-job training for disabled veterans. And, while many other programs offer career assistance and other support for veterans, the complete range of services offered through CLEC is not replicated in Indiana or through any other program in the nation. CLEC coordinates medical care, housing, transportation and workforce education, as well as provides employment placement for each participant. For two years after his discharge, Clark navigated through various positions related to veterans affairs, including serving as the director of the Army Materiel Command's program, "Always a Soldier," serving as an advisor to the Pentagon to create awareness about disabled veterans and working in Louisville, Ky., as a virtual employee of the U.S. Department of Veterans Affairs. "Then, one day, the missing piece of the puzzle fell into place," Clark said. "My father heard about this new disabled veterans program called CLEC at the naval installation near my hometown, NSWC Crane, and after just one call, I knew that my mission to get back home was going to be possible." Now, through the opportunities and resources provided by CLEC, Clark is working toward his master's degree in security management from the American Military University and has a job as an industrial security specialist at NSWC Crane. Director of veterans programs at NSWC Crane, Larry McRoberts, came up with concept for the program that grew to become CLEC and calls it a central pipeline of resources for disabled veterans. "CLEC is designed to cut out the proverbial red tape, and take away the need to go to several different organizations to get help. We recognized that offering a job to a disabled veteran wasn't enough -- the veterans and their families needed a program that assists them every step of the way -- from figuring out where to live if they have to move, to how to sign-up for classes at a college. It even helps their spouses find employment," said McRoberts. McRoberts, a Naval veteran who worked for more than 20 years in Radar Systems at NSWC Crane, saw the profound need to develop a program that would really make a difference for our disabled veterans. Created as a pilot program in 2007 through the combined efforts of Naval Surface Warfare Center, Crane Division (NSWC Crane), Crane Technology Inc., U.S. Department of Veterans Affairs, Indiana Department of Workforce Development and the Lilly Endowment, CLEC is moving into phase two in fall 2009. During phase two, with major follow on support from the Lilly Endowment, CLEC will demonstrate it is a permanent, independent program. CLEC is gaining national recognition and has grown into a national model as a veterans program that brings together all available resources and does not send veterans down several paths to seek assistance. It has been endorsed by Naval Sea Systems Command (NAVSEA) and is even garnering attention outside the Navy. "What I see in CLEC is a real model of cooperation that shows how both public and private organizations can respond to injured veterans," said Mike Brinck, senior staff member of the House of Representatives Committee on Veterans' Affairs. "To my knowledge, there is nothing else like CLEC in any other branch of the military or for the Department of Defense. It transcends military lines and has proven successful in transitioning veterans from military to civilian life." Key to its success is CLEC's commitment to assess each disabled veteran's unique situation, and develop a road map specific to their needs. CLEC director Jim Schonberger, a retired naval commander and disabled veteran, describes the process as veteran-centric. "Each person that comes into our program has a unique set of circumstances that brought them to this point in their lives," Schonberger said. "We take into consideration everything that will affect the disabled veteran's success - from continuing their education to ensuring that they have transportation to work or care for their children. One impassable hurdle could be the deciding factor in making it or not -- so we don't let hurdles get in the way." Another CLEC participant, Melissa Russell, served in the Indiana National Guard for eight years and was in-theater in Iraq for one year. She now suffers from post-traumatic stress disorder (PTSD). After coming home from Iraq, Russell found herself working as many as five jobs at any given time just to support her family. "That lifestyle just wasn't working for my family," Russell said. "I heard about CLEC through my local veterans affairs office and now I have a job, I'm going to school and most importantly, I can slow down a little and have more time with my family. CLEC gives me a sense of relief, and I feel like I'm still supporting those people in combat." Russell, who works as a logistics management specialist at NSWC Crane, shares the sentiment of other CLEC participants who want to support those men and women still in active duty. "We find that all of those entering CLEC have a strong desire to keep supporting the military," Schonberger said. "They want to work in jobs that will still make an impact for the Warfighter, so using NSWC Crane as a home base for their employment makes matching the right job with the right disabled veteran possible." As the primary employer for CLEC participants, NSWC Crane is a major catalyst for the program. A Navy leader in developing technical solutions for the Warfighter, the Command has a wide range of jobs available for a variety of skills sets -- from engineering and scientific positions to technicians and administrative roles. Veterans have a viable career path at NSWC Crane. To date, more than 30 disabled veterans have been placed in jobs through the CLEC program, and participation is expected to reach 50 veterans by the end of 2009. CLEC is looking at other sites throughout Indiana to expand the program, as well as additional private and government partners to provide even more job opportunities. "We don't let anyone fall through the cracks, and we make sure that not one of our veterans feels like they are alone in trying to figure out the bureaucracies of re-entering the workforce," McRoberts said. Jobless and facing financial ruin after returning from his tour in Iraq, Cody Walton, who is now a team leader in the small arms division at NSWC Crane, put it best: "CLEC saved me." - Crane Learning and Employment Center for Veterans with Disabilities

Finz Beachside Grille debuts season's new menu and specials

Sophia Rhodini — Wed, 21 Oct 2009 13:01:40 +0000

DESTIN, FL, - Sandestin Golf and Beach Resort today announced the season debut of Finz Beachside Grille's new menu. This season's menu for Finz Beachside Grille includes new and delicious items such as Lobster Cake, Creole Shrimp and Grits, Cotija Beef Medallions and a featured market fish. Other menu items include West Indies Braised Short Rib, Coriander-Crusted Grouper, Rue Tupelo Parpadelle, Poza Rica Chicken and Spiced Duck. End the meal on a sweet note with a new Finz Beachside Grille dessert like Brioche French Toast, Chocolate Tart, Salted Caramel Peanut Butter Tart or Cinnamon Churros and Warm Milk Chocolate Bread Pudding. In related news, Finz Beachside Grille is now offering nightly specials. Dine at Finz for Signature Steak Saturdays and try the featured steak each week for the best cut of Sirloin, Prime Rib, Ribeye steaks and more. Endless Pasta Sundays features delicious pastas, Grilled Caesar and Finz house salads, among other extras for only $12.95 a person. Sunset Selections, a menu designed specially for snowbirds, is offered Wednesday through Sunday from 5-6:30 p.m. with prices starting at $9.95. Finz Beachside Grille is also a warm place to gather with family for Thanksgiving. Finz will be offering a delicious Thanksgiving dinner with a traditional turkey dinner and all the accompanying favorites. Finz is taking reservations on Thanksgiving between 5-9 p.m. Reservations can be made by calling 850-267-4800. Finz Beachside Grille is located on the Beachside of Sandestin Golf and Beach Resort and overlooks the Gulf of Mexico. Finz is open Wednesday through Sunday with tapas and cocktails served at 4 p.m. and dinner available from 5-9 p.m. Reservations can be made by called 850-267-4800. The Finz Loft, located on the top floor of Finz, is the perfect place to book for your next special event or occasion. Sandestin(R) Golf and Beach Resort (www.sandestin.com) offers the most complete resort experience in North America. Located on Northwest Florida's Gulf Coast, Sandestin is a 2,400-acre destination resort for all seasons and for all ages. As a member of Beaches of South Walton, a 26-mile stretch of world-famous sugar-white sands, Sandestin invites guests to enter a world of 30 charming neighborhoods featuring 1,500 condominiums, villas, town homes and a wide variety of hotel accommodations. The resort boasts more than seven miles of beaches and pristine bay front, four championship golf courses, 15 world-class tennis courts, 19 swimming pools, a 98-slip marina, a fitness center and spa, 65,000 square feet of meeting space and a pedestrian village featuring a host of boutique shops, casual and fine dining restaurants and nightlife venues. Sandestin is part of Intrawest Hospitality Management (www.intrawest.com), a world leader in operating and managing destination resorts. - Sandestin Golf and Beach Resort

Frankfurt Airport Winter Timetable 2009/10: Intercontinental and Domestic Flight Offerings Increase

Sophia Rhodini — Wed, 21 Oct 2009 13:02:38 +0000

Oman Air and Safi Airways Continue FRANKFURT, -- New FRA Services for the Winter Schedule FRA/rap> Featuring 4,275 flight departures per week, the Frankfurt Airport Winter Timetable 2009/10 will go into effect on Sunday, October 25 in tandem with the time change throughout Europe. Although there will be 2.0 percent fewer flights offered compared to last year's winter timetable, the number of available seats will remain almost unchanged at 655,000 per week - down only 0.3 percent year-on-year. The number of intercontinental and domestic flight offerings is particularly positive this winter season. There will be a 2.5 percent jump in intercontinental departures from Frankfurt (FRA) as well as a 4.9 percent rise in domestic connections compared to last year's winter schedule. In early November 2009 Continental Airlines will inaugurate a new daily nonstop service between Houston (IAH) and Frankfurt - giving FRA two flights per day to the Texas metropolis. Since September 2009 Oman Airlines has been flying four times per week nonstop to Muscat (MCT), the capital of the Sultanate of Oman on the Persian Gulf. The Frankfurt-Kabul (KBL) service inaugurated this past June by the new FRA entrant Safi Airways of Afghanistan will be continued for the winter season, too. On the African continent, services to Nigeria will expand significantly. Lufthansa will be providing two connections from FRA to Nigeria every day, one to the capital city of Abuja (ABV) and one to the metropolis of Lagos (LOS). New African destinations this winter include the coastal city of Port Harcourt, also in Nigeria, and Libreville (LBV) in Gabon, which was already added to Lufthansa's FRA route network in mid-July. Destinations no longer being served from FRA include Delta's Cincinnati (CVG), Ohio, connection (dropped in September 2009) and Lufthansa's service to Portland (PDX), Oregon. In European traffic, Air Baltic has been flying from FRA to the Lithuanian capital of Riga (RIX) on the Baltic Sea since September 2009. Introduced in the summer, Luthansa's new service to Poznan (POZ) in west central Poland will also continue to be offered daily in the winter timetable. Likewise, the southeastern Polish city of Rzeszow (RZE) will be served with five connections per week. The Turkish airline Pegasus will be adding the Frankfurt-Istanbul Sabiha GÃ¶kcen Airport (SAW) route to its winter schedule. With the deletion of its Frankfurt-Barcelona (BCN) route, Spain's Clickair will stop serving FRA. Because Olympic Airways is no longer active in the German market, its daily service to Athens (ATH) will be dropped. Two "race routes" in the domestic market will see expanded service from Frankfurt this winter: Air Berlin will be serving a brand new connection to Hamburg, 31 times weekly; Lufthansa will increase its flights to Hamburg to 100 per week and to Berlin to 105 per week. Since July of this year, Lufthansa has not been flying the Frankfurt to Paderborn route. Print-quality photos of Frankfurt Airport and Fraport AG are available free for downloading via the Internet at http://www.fraport.com (Menu: select Press Center > then Photo Service). For TV news and information broadcasting purposes only, we also offer free footage material for downloading via http://fraport.cms-gomex.com. - Fraport AG

NASA's Ares I-X Rocket Arrives at Launch Pad in Florida

Sophia Rhodini — Wed, 21 Oct 2009 13:03:41 +0000

CAPE CANAVERAL, Fla., -- For the first time in more than a quarter century, a new vehicle is sitting at Launch Pad 39B at NASA's Kennedy Space Center in Florida. The Ares I-X flight test vehicle arrived at the pad atop of a giant crawler-transporter at approximately 7:45 a.m. EDT Tuesday. The crawler-transporter left Kennedy's Vehicle Assembly Building at 1:39 a.m., traveling less than 1 mph during the 4.2-mile journey. The rocket was secured on the launch pad at 9:17 a.m. The vehicle is scheduled to launch at 8 a.m. on Oct. 27. This test flight of the Ares I-X rocket will provide NASA an early opportunity to test and prove hardware, models, facilities and ground operations associated with the Ares I launch vehicle. The Ares I rocket is being designed to carry astronauts to space in the Orion crew exploration vehicle. The Ares I-X test flight also will allow NASA to gather critical data during ascent of the vehicle's integrated stack, which includes the Ares I with a simulated upper stage, Orion and launch abort system. Data collected from more than 700 sensors throughout the rocket will begin to confirm the vehicle as a whole is safe and stable in flight before astronauts begin traveling into orbit. "With the arrival of Ares I-X at the pad, this milestone demonstrates NASA's world-class ability to conceptually design, build and process a new launch vehicle in just under four years," said Bob Ess, mission manager for Ares I-X at Kennedy. "Nearly 2,000 NASA and contractor employees located throughout the United States worked together in an unprecedented fashion, resulting in the new vehicle ready for flight." During the week before launch, technicians at the pad will perform a variety of electrical and mechanical checks to ready the vehicle for flight, including hydraulic power unit hot fire, steering tests and internal power verifications using flight batteries. United Space Alliance of Houston is NASA's prime contractor for the ground processing of the Ares I-X rocket. "Processing for the Ares I-X test flight in parallel with space shuttle operations has been a true challenge involving people and hardware from across the country, and we're very proud of what the team has accomplished," said Mark Nappi, vice president of Launch and Recovery Systems for United Space Alliance. ATK Space Systems of Magna, Utah, is NASA's prime contractor for the first stage of the rocket. "The NASA and contractor teamwork displayed over the last four years has been the catalyst that brought us to this important milestone today," said Bob Herman, ATK's vice president of Exploration Systems for Kennedy Space Center Operations. "As the Ares I first stage provider, we are looking forward to receiving invaluable data during the flight test." At the Flight Test Readiness Review on Oct. 23, mission managers will finalize the launch date and provide the team with a final "go" or "no go" for launch. Ares I-X is an un-crewed, sub-orbital development test in a modified Ares I configuration. Ares I-X is the first developmental flight test of the Constellation Program, which includes the Ares I and V rockets, Orion and the Altair lunar lander. To follow Ares I-X on Twitter, visit: http://www.twitter.com/NASA_Ares_I_X For information about Ares I-X, visit: http://www.nasa.gov/aresIX - NASA

RDA Group Appoints Ziomek to Director of Market Intelligence Service

Sophia Rhodini — Wed, 21 Oct 2009 13:04:23 +0000

BLOOMFIELD HILLS, Mich., -- RDA Group - a global market research and consulting firm - announced today that it has appointed Kimberly A. Ziomek to director of market intelligence service. The announcement was made by Donald A. Pietrowski, president of RDA Group. According to Pietrowski, Ziomek is based in Bloomfield Hills and is responsible for global strategic growth and brand enhancement of RDA Group. "Kim's extensive experience as an industry leader in sales and marketing with a number of global companies makes her a valuable asset to our company," Pietrowski said. "We are confident that her proven track record and broad knowledge in business and market intelligence will further add to our success." Ziomek has more than 20 years of experience with a diverse group of automotive companies and Tier 1 suppliers worldwide, including Robert Bosch Corp., BorgWarner Inc., Siemens Automotive, Alps Automotive Inc., Takata Gateway and TRW Vehicle Safety Systems Inc. While at these companies, Ziomek held a number of positions of increasing responsibility. She helped lead process improvements to streamline operations and managed sales, budgets, engineering issues and product launch and delivery. Specifically of note, she conducted an automotive benchmark study that resulted in significant cost savings and helped increase new product technology sales by more than 100 percent. Ziomek also has market and business intelligence experience with PolkROADTODATA AG and JATO Dynamics, Inc. Most recently, she served as a career advisor for Lee Hecht Harrison, a career transition and leadership consulting agency. Ziomek founded and serves as interim president of Automotive Women's Alliance Foundation, serves as vice president of Alliances and is active in the Marketing & Sales Executives of Detroit. She was named one of Automotive News' Top 100 Most Influential Women in 2000. She earned a Master of Science degree in business from Lawrence Technological University in Southfield, Mich. and a Bachelor of Science degree in business from Oakland University in Rochester, Mich. Established in 1969 and headquartered in Bloomfield Hills, Mich., RDA Group is a global market research and consulting firm that conducts advanced product research, customer satisfaction and quality tracking studies for the automotive, financial services, health care, utilities and temporary staffing industries. For more information about the RDA Group, visit www.rdagroup.com. - RDA Group

TRW Produces Ten Millionth Unit of Electric Park Brake Technology

Sophia Rhodini — Wed, 21 Oct 2009 13:04:58 +0000

LIVONIA, Mich., -- TRW Automotive Holdings Corp. (NYSE: TRW) is celebrating the production of its ten millionth Electric Parking Brake (EPB) motor-on-caliper unit at its plant in Koblenz, Germany. The plant is TRW's global technical center for braking systems where the breakthrough EPB technology was developed. Josef Pickenhahn, vice president, braking engineering commented: "The production of our ten millionth EPB unit marks an important milestone for TRW and highlights the success of our electric parking brake product portfolio. TRW was first to market with its EPB system in 2002 which has since been launched on the Audi A4, A5, VW's Passat and Touran, the latest BMW Z4 and more." EPB is part of TRW's ongoing commitment to enhance overall brake system performance and driver convenience as it enhances vehicle safety. In addition to providing parking brake functionality, EPB is a fully integral part of the brake system with features such as dynamic actuation and brake pad wear sensing and reduces the degradation associated with mechanical systems. The EPB also significantly enhances safety in emergency stops with full four-wheel anti-lock functionality versus standard park brake emergency braking only on the rear axle. The EPB functions as a conventional hydraulic brake for standard service brake applications, and as an electric brake for parking and emergency braking. The EPB system, with its electronic cable and control switches, simplifies routing and allows for greater freedom of design for vehicle interiors. Its smaller package becomes even more attractive as vehicle manufacturers continue to requisition vehicle space for new standard features and options. TRW today remains the global leader for electric park brake systems and continues to invest in innovations such as EPB and its new integrated EPBi system in an effort to deliver advanced and affordable technology and safety. Forward-Looking Statements This release contains statements that are not statements of historical fact, but instead are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We caution readers not to place undue reliance on these statements, which speak only as of the date hereof. All forward-looking statements are subject to numerous assumptions, risks and uncertainties which can cause our actual results to differ materially from those suggested by the forward-looking statements, including those set forth in our Report on Form 10-K for the fiscal year ended December 31, 2008 (our "Form 10-K") and in our Reports on Form 10-Q for the quarters ended April 3, 2009 and July 3, 2009, such as: any prolonged contraction in automotive sales and production adversely affecting our results, liquidity or the viability of our supply base; the financial condition of OEMs, particularly the Detroit Three, adversely affecting us or the viability of our supply base; disruptions in the financial markets adversely impacting the availability and cost of credit negatively affecting our business; our substantial debt and resulting vulnerability to economic or industry downturns and to rising interest rates; escalating pricing pressures from our customers; commodity inflationary pressures adversely affecting our profitability or supply base; our dependence on our largest customers; costs of product liability, warranty and recall claims and efforts by customers to adversely alter terms and conditions concerning warranty and recall participation; strengthening of the U.S. dollar and other foreign currency exchange rate fluctuations impacting our results; any increase in the expense and funding requirements of our pension and other postretirement benefits; risks associated with non-U.S. operations, including economic uncertainty in some regions; work stoppages or other labor issues at our facilities or at the facilities of our customers or suppliers; assertions by or against us relating to intellectual property rights; the possibility that our largest stockholder's interests will conflict with ours or our other stockholders' interests; and other risks and uncertainties set forth in our Form 10-K and in our other filings with the Securities and Exchange Commission. We do not undertake any obligation to release publicly any revision to any of these forward-looking statements. - TRW Automotive Holdings Corp.

CN to report and review third-quarter 2009 financial results on Oct. 20, 2009

Sophia Rhodini — Wed, 21 Oct 2009 13:05:24 +0000

MONTREAL - CN (TSX: CNR) (NYSE: CNI) will issue its third-quarter 2009 financial and operating results today, Oct. 20, shortly after 4 p.m. Eastern time (ET). CN's senior officers will review the results and the railway's outlook this afternoon in a 4.30 p.m. ET conference call/webcast. Parties interested in participating in, or listening to, the presentation and following question-and-answer period by telephone should dial 1-800-355-4959 or 416-695-6622 by 4.20 p.m. ET Oct. 20. E. Hunter Harrison, president and chief executive officer of CN, will lead the conference call. CN will webcast the presentation live and furnish slides supporting the officers' remarks via the Investors section of its website, www.cn.ca/investors. The slides will be posted shortly just after 4 p.m. ET Oct. 20. A webcast replay will be available shortly after the call ends. CN - Canadian National Railway Company and its operating railway subsidiaries - spans Canada and mid-America, from the Atlantic and Pacific oceans to the Gulf of Mexico, serving the ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the key metropolitan areas of Toronto, Buffalo, Chicago, Detroit, Duluth, Minn./Superior, Wis., Green Bay, Wis., Minneapolis/St. Paul, Memphis, St. Louis, and Jackson, Miss., with connections to all points in North America. For more information on CN, visit the company's website at www.cn.ca. - CN

Honda Aircraft Company Announces Major Milestones for Its HondaJet Advanced Light Jet Program at 2009 NBAA Convention

Sophia Rhodini — Wed, 21 Oct 2009 13:06:37 +0000

- Major structural assemblies for first conforming aircraft completed - Production avionics suite debuts - First flight of Advanced Systems Integration Test Facility accomplished - In-flight Entertainment System availability confirmed - Flight Ready(TM) Maintenance Service Program announced - Construction of HondaJet production facility has commenced - FedEx(R) logistics partnership formalized ORLANDO, Fla., -- Honda Aircraft Company, Inc., today announced at the annual National Business Aviation Association (NBAA) convention significant milestone achievements for its HondaJet advanced light jet program, including the completion of major structural assemblies for the first conforming aircraft. Also announced were the selection of a significantly upgraded avionics suite for the production aircraft featuring Garmin's new, cutting-edge G3000 avionics system, the successful first flight of Honda's industry-leading Advanced Systems Integration Test Facility, Honda's comprehensive Flight Ready(TM) Maintenance Service Program, and the company's FedEx® logistics partnership. Program Update In preparation for first flight of conforming aircraft in early 2010, Honda has completed major structural assemblies including the fuselage, wing, empennage, landing gear, and other components for the first conforming aircraft. These components were completed or delivered in September 2009. Fabrication of conforming aircraft has commenced under the strict supervision of Honda and FAA quality control representatives, while Honda's manufacturing engineering team focuses on the optimization of assembly processes. Honda also has completed successfully a number of important qualification tests, such as rejected take-off (RTO) brake tests and crew- and cabin-seat crash tests, as well as critical structural parts tests. Honda continues to work very closely with the Federal Aviation Administration (FAA) regarding certification of the HondaJet and completed an Interim Type Certification Board Meeting (ITCBM) in August 2009. A formal agreement has been reached and implemented with the FAA regarding the manufacturing conformity process for the type-certification test aircraft. This process currently is being used for the build of the first conforming aircraft. In addition, Honda and the FAA are engaged in detailed discussions to finalize the requirements for the first Type Inspection Authorization (TIA), which allows the start of FAA flight testing. To expedite the build of conforming aircraft and establish precise, high quality fabrication processes, Honda has chosen to manufacture conforming aircraft wing assemblies at its R&D complex on its world headquarters campus in Greensboro, North Carolina. In addition, in-house cutting-edge 5-axis milling capabilities provide Honda with maximum efficiency and the highest quality in the creation of detail parts for conforming aircraft fabrication. Honda also has completed preparations for on-site static and fatigue structural testing. Honda's advanced MTS FlexTest® structural test system incorporates 61 hydraulic actuators and a 2,600-channel data acquisition system within a structural test fixture designed exclusively for HondaJet testing. The system is capable of testing the entire aircraft to prove static and fatigue strength under various flight and ground load conditions. Honda's test facility includes an environmental chamber to simulate hot-wet conditions, which is required testing for the validation of composite structures. "We are pleased to have achieved such positive results in the completion of major structural assemblies for conforming aircraft, and we are now fully focused on final assembly of the first conforming aircraft. We are now ready for FAA structural testing. Although we face many challenges ahead, every Honda associate is diligently working towards first flight early next year," said Michimasa Fujino, Honda Aircraft Company President & CEO. New, Advanced HondaJet Avionics Suite The production HondaJet flight deck will feature a Honda-customized Garmin® G3000 next-generation all-glass avionics system incorporating a class-leading layout with three 14-inch landscape-format displays and dual touch-screen controllers for overall avionics control and flight plan entries. The HondaJet Avionics Suite provides a significantly enhanced pilot interface compared to flight decks incorporating the previous generation Garmin G1000 Suite. The HondaJet Avionics Suite is the most advanced glass flight deck available in any light business jet and provides state-of-the-art integrated avionics functionality featuring split screen MFD capability, satellite weather, graphical synoptics, digital audio, and optional Synthetic Vision. "The HondaJet Avionics Suite, integrated into our human-centric cockpit design, represents a significant enhancement in both capability and user experience. The large-format displays, advanced features, and intuitive touch-screen multi-function controllers provide a low-workload user interface that is ideally suited to our high-performance light jet aircraft," said Fujino. Advanced Systems Integration Test Facility (ASITF) On October 7, 2009, Honda Aircraft Company accomplished the successful first flight of the HondaJet Advanced Systems Integration Test Facility (ASITF) located within the company's R&D complex on its Greensboro, North Carolina, campus. This event represents a critical milestone for the HondaJet program and is another significant step toward the first flight of conforming aircraft. The HondaJet ASITF was developed internally by Honda Aircraft Company engineers. The HondaJet ASITF is an aircraft systems integration test facility, primarily consisting of two major elements: the aircraft test facility, and the Real-time Test and Simulation System (RTSS). The HondaJet ASITF incorporates actual aircraft systems hardware and software, installed in a spatially-representative manner, and interconnected with actual aircraft electrical harnesses. The RTSS provides the systems, environmental and aerodynamic simulation, supported by dSPACE® real-time hardware and I/O hosting Honda-developed high fidelity 6-DOF aerodynamic and real-time engine models. Additional simulation capabilities have been integrated to provide real-time simulation of navigation RF data, including GPS. The HondaJet ASITF also includes a fully representative primary flight control system with a high-fidelity control-loading system. The avionics configuration during the HondaJet ASITF first flight included the new HondaJet Avionics Suite. "The HondaJet ASITF has successfully integrated the best attributes of a systems test lab, engineering simulator, and 'Iron Bird' in one facility," said Fujino. "This facility allows thorough evaluation of all systems integration for enhanced aircraft safety and will significantly support accelerated development of both systems and conforming aircraft." HondaJet Cabin Management and In-flight Entertainment System Honda Aircraft Company has confirmed that the production HondaJet will optionally offer EMTEQ's SkyPro® integrated cabin management and in-flight entertainment system featuring all-digital high-definition touch-screen interface technology. The HondaJet cabin management and in-flight entertainment system will include audio/video on demand (AVOD), interactive 3-D high-definition moving map, and extensive cabin control capabilities such as cabin/cockpit communications, climate control and interior lighting, among others. AVOD is available through the system's removable media storage unit, which is capable of storing virtually an entire media collection. Passengers can interface through the onboard system's multiple media inputs with audio, video, or gaming systems brought onto the aircraft and play content on cabin speakers and HD monitors. HondaJet also will offer an XM® Satellite Radio option, where the system will interface with XM and allow passengers to select their desired station presets at their seats. "The concept HondaJet cabin management and in-flight entertainment system was exceptionally well-received by customers. In order to meet strong customer demand, we will offer on the HondaJet a class-leading system with a unique Honda-designed interface providing maximum functionality and ease of use," commented Fujino. Flight Ready(TM) Maintenance Service Program Honda has unveiled its HondaJet Flight Ready(TM) maintenance service program, which is designed to maximize flying time and minimize variations in maintenance costs. Flight Ready(TM) makes HondaJet authorized materials and maintenance services available when and where customers need them. Program participation allows aircraft owners to plan on one hourly maintenance rate based on selected coverage and tailored to expected aircraft utilization. The program offers three levels of coverage to meet the diverse needs of HondaJet customers. Flight Ready(TM) Protection - P1(TM) ("P-One") is included in the purchase price of all new HondaJet aircraft. In addition to other OEM support services, it provides a comprehensive warranty program including airframe, avionics and engine warranties. Flight Ready(TM) Performance - P2(TM) ("P-Two") is designed for customers who have access to facilities with qualified and trained technicians. It provides various services, including airframe and avionics exchange component coverage that extends to both scheduled and unscheduled maintenance events. Flight Ready(TM) Precision - P3(TM) ("P-Three") was created for customers who want the convenience of one-stop servicing. In addition to coverage in the P2(TM) plan, it also includes labor expenses for scheduled and unscheduled maintenance performed at authorized HondaJet maintenance facilities. This plan is Honda's "Nose-to-Tail" service option. All HondaJet Flight Ready(TM) plans are fully transferrable. Extended engine coverage - provided through GE Honda Aero Engines - is available up to full engine overhaul, including all major components and systems. HondaJet Production Facility Construction of the HondaJet production facility on Honda Aircraft Company's world headquarters campus in Greensboro, North Carolina, has begun with the completion of ground preparations and the commencement of piling installations. The 250,000 square ft facility is scheduled to be completed in February 2011 and will house all HondaJet production activities, as well as test flight operations and pilot training facilities. Honda has partnered with Flight Safety International® to provide pilot training utilizing industry-leading full-motion Level-D flight simulators that will be installed in the HondaJet production facility. While construction of the production facility continues, Honda's world headquarters building and R&D complex on campus are in full operation. Assembly of conforming aircraft currently is taking place in Honda's 187,000 square ft R&D complex that also incorporates ongoing research and development activities. The R&D complex has full production capabilities, including all necessary quality control and testing resources, paint booths, and maintenance support facilities. The HondaJet world delivery center also is located within Honda's R&D complex. FedEx® Partnership At the 2009 NBAA convention, Honda Aircraft Company and Federal Express formalized a business partnership to provide worldwide logistics support for HondaJet production activities and customer support of the HondaJet aircraft. This partnership results from the successful, long-standing relationship between FedEx and Honda globally and from FedEx's ability to provide a multi-faceted logistics support network that will enable the most efficient and expedient delivery of support materials for customers, thereby further enhancing the overall HondaJet ownership experience. By choosing FedEx, Honda has the ability to move all HondaJet support parts through an array of services, depending on customer needs. These services encompass all aspects of the logistics supply chain and include Express, Ground, Less-than-Truck-Load (LTL), Custom-Critical, Trucking, Ocean, and FedEx Trade Networks' Customs Brokerage and Clearance services. The new FedEx Worldwide Service Center, located near Honda Aircraft Company's campus at the Piedmont-Triad International Airport in Greensboro, North Carolina, provides Honda with enhanced flexibility to fulfill critical shipment deadlines and offers direct East Coast shipping to regional U.S. HondaJet sales and service facilities. In addition, the ability to communicate between each spoke of the FedEx worldwide network enables Honda to ensure uninterrupted service to its global customers. - Honda Aircraft Company, Inc.

General David Petraeus and the Men and Women of Central Command to Receive 2009 American Patriot Award

Sophia Rhodini — Wed, 21 Oct 2009 13:07:19 +0000

WASHINGTON, -- The National Defense University Foundation (NDUF) announced today the recipient of this year's American Patriot Award: General David Petraeus, Commander of U.S. Central Command (CENTCOM) and the Men and Women of CENTCOM. The recipients will receive this prestigious award at a black-tie event, American Patriot Award Gala, on Friday, November 13, 2009 held in the Ronald Reagan Building and International Trade Center. In honor of the recipients, General Ann Dunwoody, USA, and General John Rogers Galvin, USA (Ret), will make remarks, and Grammy nominated jazz saxophonist Ski Johnson will perform live. Additionally, His Excellency Samir Sumaida'ie, Ambassador of The Republic of Iraq and His Excellency Said Jawad, Ambassador of Afghanistan will attend. Both Ambassadors have CENTCOM locations in their respective countries. NDUF's American Patriot Award Gala is one of Washington, D.C.'s most prestigious events, attended by nearly 600 guests, including senior Administration officials, Members of Congress, senior military officials, Ambassadors, and corporate and community leaders. Beyond honoring the recipients, the Gala supports National Defense University (NDU) and its crucial mission of educating national security leaders. Students of NDU are the next generation of ambassadors, national and international military commanders and civilian defense industry leaders -- patriots who have committed their lives to furthering the security of our nation and the world. "National Defense University Foundation's American Patriot Award recognizes exceptional Americans who have demonstrated a profound and abiding love of country and whose inspirational leadership and selfless dedication symbolizes our nation's ideals, values and democratic principles," said Walter Stadtler, Ambassador (Ret), President and CEO, National Defense University Foundation. "General Petraeus and the Men and Women of Central Command, have played a vital role in safeguarding national security -- especially during these times of heightened security, and for their efforts, they are well deserving of this award." Previous recipients of the American Patriot Award include The Honorable Henry A. Kissinger, General Colin Powell, The Honorable Caspar Weinberger, former President George H.W. Bush, The Men and Women of our Nation's Defense Team, The Honorable Bob Dole, The Honorable Daniel K Inouye and The Honorable Ted Stevens, The Honorable John Glenn, The Honorable John Warner, and The Honorable Ike Skelton. The National Defense University Foundation, Inc. was established in 1982 to support and enhance the mission and goals of the National Defense University through promoting excellence and innovation in education by nurturing high standards of scholarship, leadership and professionalism. The National Defense University is the country's preeminent institution for military, diplomatic and civilian national security education, research and outreach. It is the only university providing a common educational experience for all the various professional communities engaged in national security. The main campus is located at Fort McNair in Washington, D.C. For more information on the American Patriot Award and the Gala, please visit our website at www.americanpatriotaward.org or contact Nancy Miller at 202/685-2527, email: millern@nduf.org. - National Defense University Foundation

ATA and Port of Long Beach Reach Settlement

Sophia Rhodini — Wed, 21 Oct 2009 13:07:48 +0000

ARLINGTON, Va., -- The American Trucking Associations (ATA) Executive Committee and the Port of Long Beach Harbor Commissioners have each approved a Settlement negotiated between Port officials and ATA and trucking industry representatives. The Settlement is based upon motor carrier registration process, referred to as a Registration and Agreement, which will replace the Port's Concession Agreement. The settlement is also expected to end litigation with the Port of Long Beach, however litigation with the Port of Los Angeles will continue. Both the Port and ATA emphasized that the new registration apparatus, which includes an agreement by carriers to provide the Port necessary operating information, will allow the Port to strictly oversee and enforce motor carrier's compliance with federal, state, and port safety, security, and environmental regulations. In particular, motor carriers registering to operate at the Port must agree to enter all truck and driver information into the Port's Drayage Truck Registry and to equip each truck with Radio Frequency Identification tag or other technological device to allow the Port to monitor and control truck entry to Port facilities. Motor carriers must also certify, among other things, that any truck dispatched to the Port will comply with all federal, state, and Port safety, security and environmental -- including the Port's Clean Trucks Program -- regulations. Similarly, motor carriers will acknowledge responsibility for ensuring that all drivers dispatched to the Port possess a valid commercial drivers' license and a Transportation Worker Identification Card. The Registration further acknowledges the right of the Port to deny entry to any truck or driver that does not meet these regulatory requirements. The Registration and Agreement also contains a carrier's acknowledgement that its trucks are subject to inspections while on Port property to further ensure safety, security, and environmental compliance. The authority of the Port to conduct truck safety, security, and emissions inspections of any truck on Port property is spelled out in the document. The Registration also authorizes the Port to gain access to the Intermodal Association of North America's virtually real time data base to ensure that motor carriers have appropriate insurance coverage. Port officials believe that the new Registration and Agreement provides the Port the information and authority it needs to ensure compliance with its Clean Trucks Program. Harbor Commission President Nick Sramek said that "under the new registration system, the Port of Long Beach will have the tools to strictly monitor and enforce its Clean Trucks Program and the Program's truck emission reductions. It will also be positioned to enforce fully all of its security and safety related regulations." ATA President and CEO Bill Graves expressed satisfaction that ATA and the Ports could reach an agreement. "ATA has always strongly supported the environmental objectives of the Port and supports strict compliance with and adherence to all safety and security laws and regulations," said Graves. "We never disagreed with their objectives, only with certain provisions of the Concession Agreements which we believed were unnecessary for the accomplishment of those objectives." Graves also noted that ATA has long supported the concept of truck inspections on Port property as the most effective method of monitoring and ensuring regulatory compliance. The American Trucking Associations is the largest national trade association for the trucking industry. Through a federation of other trucking groups, industry-related conferences, and its 50 affiliated state trucking associations, ATA represents more than 37,000 members covering every type of motor carrier in the United States. - American Trucking Associations

Prestige Yacht Charters Announces New Seasonal Wedding Packages

Sophia Rhodini — Wed, 21 Oct 2009 13:08:50 +0000

NEW YORK, -- Prestige Yacht Charters, a premier luxury-yacht charter company serving New York, New Jersey and Connecticut, today announced new seasonal packages for its on-board wedding celebrations and offered free features for couples reserving by December 31, including a champagne reception, 30-minute on-board ceremony and a three-level wedding cake. The packages, Autumn Colors, Winter Purity, Spring Awakenings and Seductive Summers, will also include seasonal cuisine and decorations, dancing, and entertainment by a live band or DJ. Each package will showcase a romantic yacht to foster an atmosphere suitable for the time of year. David Hackert, President of Prestige Yacht Charters, said, "Our new seasonal packages make the concept of a yacht wedding even more enticing. Everyone has their favorite time of year, and new couples even more so, as they celebrate a romantic milestone such as when they first met. Combine this with panoramic views or an imposing skyline as you glide serenely along the Hudson, and the wedding will create blissful memories to last a lifetime." Each package features a vessel, carefully culled from the Prestige fleet, to provide a special seasonal experience. Autumn Colors: The Lexington seats 80 for formal sit-down dinners and is great for larger galas, but it also provides an upscale atmosphere for more intimate gatherings. Winter Purity: The Romantica, a brand-new world class yacht, is elegantly designed with large panoramic windows and features a dedicated lounge and bar area. Spring Awakenings: Cloud Nine IV is ideal for larger galas with an upper-deck dance floor and comfortable seating for up to 150 guests. Seductive Summers: The aptly named Destiny can host a summer extravaganza with four separate levels, each with its own distinctive atmosphere. For those who wish to shop around, Prestige provides ship profiles and views of interior spaces for its entire fleet at www.prestigeyachtcharters.com. All vessels are equipped for inclement weather with climate control and enclosed decks, and the routes are carefully selected to traverse calm waters. For more information, contact info@privateyachtcharters.com; 212-717-0300; or Prestige Yacht Charters, NY Skyports Marina, East 23rd Street at FDR Drive, New York, NY 10010. - Prestige Yacht Charters

Producers of THE THIRD JIHAD Support Calls from Congress to Investigate Activities of CAIR

Sophia Rhodini — Wed, 21 Oct 2009 13:09:22 +0000

Congresswoman Sue Myrick, who is leading calls against CAIR says The Third Jihad 'presents clear picture of the threat of radical Islam' in our borders The Third Jihad presents exclusive clip on CAIR NEW YORK, -- The producers of the hard-hitting documentary The Third Jihad: Radical Islam's Vision for America, applaud the demand of Congressmen Sue Myrick (NC), Trent Franks (AZ), John Shadegg (AZ), and Paul Broun (GA) to open an investigation into the activities of the Council on American-Islamic Relations (CAIR) on Capitol Hill. This past week, the new book 'Muslim Mafia' charges CAIR with planting interns in the House Homeland Security Committee, Intelligence Committee and Judiciary Committee to affect legislative policy by acting as "spies" for CAIR. In a letter sent to the U.S. Congress earlier this year, Congresswoman Myrick warned her fellow colleagues to cut all ties with CAIR, noting, "The FBI has cut ties with them." CAIR claims to be America's largest Islamic civil liberties group, but its founders have allegedly been linked to radical organizations. CAIR was publicly named as one of 306 unindicted co-conspirators in the Holy Land Foundation trial, the largest terror funding trial in the United States. An exclusive clip from The Third Jihad about the founders of CAIR, and the Holy Land Foundation trial can be viewed at: www.thethirdjihad.com/exclusive_clips_test.php. Upon watching The Third Jihad, Congresswoman Myrick stated that, "All Americans should see this DVD. It presents a clear picture of the threat of Radical Islam--even within our own borders." "Many Americans remain unaware of the threat that radicals present to our civil liberties and the American way of life," stated Raphael Shore, Executive Producer of The Third Jihad. Executive Producer Raphael Shore and Director Wayne Kopping are available for interviews. The Third Jihad, the newest offering from the producers of the award-winning documentary film, Obsession: Radical Islam's War Against the West, explores the growth of radical Islam in America. The film, narrated by devout Muslim American Dr. Zuhdi Jasser, opens with the following statement: "This is not a film about Islam. It is about the threat of radical Islam. Only a small percentage of the world's 1.3 billion Muslims are radical. This film is about them." - The Clarion Fund

Cancun Airport Doubles Operating Capacity With Second Runway

Sophia Rhodini — Wed, 21 Oct 2009 13:10:01 +0000

MEXICO D.F., -- Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR), (ASUR) the first privatized airport group in Mexico and operator of Cancun Airport and eight other airports in southeast Mexico, today announced the inauguration of the second runway of Cancun Airport, which doubles the airport's capacity to approximately 28 million passengers per annum. The increased capacity level is expected to meet forecasted demand for the next several decades. The second runway, parallel to the existing one, allows for simultaneous takeoffs and landings, thereby increasing operating capacity to more than 80 takeoffs or landings per hour. Cancun Airport is the first airport in Mexico with two runways that can be used at the same time. The project, which represented a total investment of approximately US$67 million, also included a new control tower, the tallest in Latin America, and one of the top 20 tallest control towers worldwide. With this project, ASUR expects to contribute to economic development in the region and to maintain Cancun's position at the forefront of airport services in Mexico and Latin America. - Grupo Aeroportuario del Sureste, S.A.B. de C.V.

Pure Michigan Soars to 20,000 Facebook Fans

Sophia Rhodini — Wed, 21 Oct 2009 13:10:27 +0000

LANSING, Mich., -- Fans are flocking to the Pure Michigan Facebook page looking to stay up-to-date with Michigan travel, get a sneak peek at behind the scenes, and share their Michigan favorites. Pure Michigan recently passed the 20,000 mark for Facebook fans, putting Michigan among the top states for fans on the social media outlet. "We are delighted with the number of people who want to be involved with Pure Michigan on Facebook," said George Zimmermann, Vice President of Travel Michigan, a business unit of the Michigan Economic Development Corporation. "However, it's not just the volume of fans but the level of fan participation. Our posts serve as conversation starters about things to do and places to see in Michigan." In addition, Travel Michigan has retained the top-ranking amongst the 50 official U.S. tourism office Web sites in the use of social media. In a recent study, How Social is Your State DMO, conducted by Gammet Interactive, Michigan stays in the top spot for the use of popular social media outlets including Facebook, Twitter, Flickr, YouTube and others. The Pure Michigan social media program is based on strategic recommendations and is executed in partnership with Fluency Media Group. Ann Arbor, Michigan-based Fluency Media Group develops integrated marketing solutions which include search engine optimization, pay-per-click advertising, Web site sales flow optimization, online publishing and social media strategy, and e-mail marketing programs. Stay up-to-date by joining the Pure Michigan Fan Page on Facebook or follow @PureMichigan on Twitter for the latest events and Michigan tourism news, search hashtags #puremichigan, #MIevents, #MIdine, #MIgolf, #MIfish, and #MIwine, for all the latest. Connect and get the inside scoop on where the fish are biting, what greens are running fast and how you can make your visit Pure Michigan at the newly launched blog, Pure Michigan Connect. Take a minute to comment on the blog posts, or submit one of your own. In addition, visitors can now enjoy all the photos from the Pure Michigan Photo Contest on Flickr, or watch all of the Pure Michigan commercials on YouTube or michigan.org. The official state travel and tourism Web site, michigan.org, continues to be a source for Michigan travel information, featuring more than 12,000 attractions, events, hotels, resorts, restaurants and other tourism-related businesses. Travel Michigan, a division of the Michigan Economic Development Corporation, is the State of Michigan's official agency for the promotion of tourism. Travel Michigan markets the state's tourism industry and provides valuable visitor information services. For Michigan travel information and updates go to michigan.org. Fluency Media develops award-winning, turnkey internet marketing campaign programs. As the originator of both the technologies and the marketing strategies that drive successful digital programs, the company assumes a unique level of responsibility for producing results and delivering ROI for its clients. Fluency specialists manage internet marketing channel execution and analysis daily, resulting in continuous and actionable market intelligence. Their proprietary tracking and analytics solution is capable of comparing all online marketing touch points, costs and conversion events side by side for true ROI analysis and custom integration. Fluency's clients benefit from integrated marketing solutions which include search engine optimization, pay-per-click advertising, web site sales flow optimization, online publishing and social media strategy, and email marketing programs. For more information, please visit www.fluencymedia.com or call 1.734.302.3300. - Travel Michigan

Underwater Logging: Hollund Industrial Marine, Inc. Launches Public Relations and Investor Relations Initiative

Sophia Rhodini — Wed, 21 Oct 2009 13:11:32 +0000

BRANSON, MO, - Hollund Industrial Marine, Inc. (Pink Sheets: HIMR) (www.HollundIndustrial.com) today announced that the company recently began a series of information meetings with members of the financial community in Chicago. At the presentation, Michael Lacy, CEO of Hollund Industrial Marine described the company's business focus and market opportunities to a group of financial managers and investors. "Today there are an estimated 300 million trees that are flooded in dam reservoirs around the world. Below the water the trees are no longer living, yet they remain preserved and viable for a variety of uses. It makes economic and environmental sense to use those trees instead of cutting down living trees"; Mr. Lacy told the group of investors. He added, "Cutting trees under water on a commercial scale has challenged forest companies for years. Diver-based logging methods have proven to be inefficient and dangerous. TigerLynk was specifically designed for this unique application and the technology is proven on a smaller scale. The next-generation of TigerLynk underwater logging equipment will evolve the product from prototype to commercial model for our exciting entry into this lucrative 'green' market." The company announced that Mr. Lacy plans to make further presentations in other financial centers in the US. "I look forward to sharing our unique story and our innovative solution to underwater logging with investors across the country", said Mr. Lacy. Hollund Industrial Marine, Inc. (Pink Sheets: HIMR) (www.HollundIndustrial.com) is focused on commercializing patented TigerLynk technology (www.TigerLynk.com) for the underwater logging industry. TigerLynk is a heavy machine system that utilizes a vessel-mounted robotic arm with vision enhancement systems to remotely locate, cut, and retrieve timber from a variety of underwater sources. The TigerLynk concept has been proven safe and efficient in commercial application. This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "ACT"). In particular, when used in the preceding discussion, the words "estimated," "believe," "optimistic," "expect," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the ACT and are subject to risks and uncertainties, and actual results could differ materially from those expressed in forward-looking statements. Such risks and uncertainties include, but are not limited to, unfavorable market conditions, increased competition, limited working capital, and failure to implement business strategies, actions by regulatory agencies, and other risks. - Hollund Industrial Marine, Inc.

Tsakos Energy Navigation Announces Two-Year Time Charter for Suezmax Euronike

Sophia Rhodini — Wed, 21 Oct 2009 13:11:53 +0000

ATHENS, Greece, -- Tsakos Energy Navigation Limited ("TEN" or the "Company") (NYSE: TNP) today announced a two year time-charter with profit sharing for the 2005-built suezmax tanker Euronike to an international oil major, an existing client of the Company. The minimum revenue expected from this fixture is estimated at $15.3 million with an extra $8.1 million due if charterers extend employment for an additional year. Should the charterer exercise this option, the total minimum gross revenues to TEN from this charter will rise to $23.4 million. Prior to this fixture, the Euronike was operating in the spot market. Following this charter, TEN's fixed employment including pool vessels for 2009 and 2010 is 78% and 54%, respectively. "The Euronike is the fifth vessel that we have chartered over the last month and another fixture that signifies TEN's ability to implement its stated employment strategy of profit sharing with first class clients," said Mr. Nikolas P. Tsakos, President and CEO of TEN. "The recent appetite of major end users to fix quality tonnage long term is encouraging and solidifies the Company's cash generating capability and ability to maintain its stated dividend policy going forward." Mr. Tsakos concluded. ABOUT TSAKOS ENERGY NAVIGATION TEN's pro forma fleet consists of 52 double-hull vessels of 5.6 million dwt and includes two DNA-aframax crude carriers and two suezmax tankers currently under construction totalling 526,000 dwt. TEN's balanced fleet profile is reflected in 28 crude tankers ranging from VLCCs to aframaxes and 23 product carriers ranging from aframaxes to handysize and one LNG. TEN's employment profile: Type of Employment Vessels Period Employment - Fixed, fixed w/profit share & min max 27 CoA - market related 5 Pool - market related 6 Spot - market related 10 TEN's current newbuilding program: Aframax DWT Hull Type / Design Delivery 1. Sapporo Princess 105,000 DH / DNA Q1 2010 2. Uraga Princess 105,000 DH / DNA Q3 2010 3. S2034 158,000 DH Q3 2011 4. S2035 158,000 DH Q3 2011 DH: Double Hull DNA: Design New Aframax FORWARD-LOOKING STATEMENTS Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. - Tsakos Energy Navigation Limited

Preparing Vehicles for Winter - It's More Than Checking the Antifreeze

Sophia Rhodini — Wed, 21 Oct 2009 13:12:35 +0000

As part of AAA Car Care Month, the motor club reminds motorists to attend to frequently overlooked maintenance items when preparing their vehicles for winter weather ORLANDO, Fla., -- When there is a chill in the air, it's time for motorists to prepare their vehicles for the upcoming cold-weather season, AAA says. There are key components that frequently come to mind when thinking of winter car care such as antifreeze and the vehicle's battery. But there are other components that are susceptible to wear or failure when the temperature drops that are too frequently overlooked. "Properly preparing your vehicle for upcoming winter weather is essential for safe driving and will greatly decrease the chances of your vehicle leaving you stranded in the cold," said John Nielsen, director of AAA Approved Auto Repair and Auto Buying Services. As motorists prepare their vehicles for winter weather, AAA offers the following list of frequently forgotten maintenance items that should be addressed: Antifreeze Protection Antifreeze protection is the first item that comes to mind when most people think of winter vehicle maintenance. A 50/50 solution of engine coolant and water will provide the necessary antifreeze capability. Don't Forget -- Check hoses: The coolant solution will only work if it stays in the system, which means the hoses and clamps that carry the mixture have to be in good working order. Visually inspect the cooling system hoses for leaks, cracks or loose clamps. Also, feel the hoses to check for any that are brittle or excessively soft and spongy feeling. If you find any problems, have them addressed immediately. Don't Forget -- Flush cooling system: While engine coolant never loses its antifreeze capability, the additives that lubricate the water pump and protect internal engine components from rust and corrosion become depleted over time. Motorists should have the cooling system flushed and new coolant installed when recommended by the vehicle manufacturer. Depending on the type of coolant used, this is typically necessary every two to five years. Electrical System Most drivers know the efficiency of a vehicle battery decreases in colder temperatures. If the battery is already weak, it will likely become ineffective when the mercury drops, leaving them stranded. Heading into cold weather, have the vehicle battery's condition tested -- especially if the battery is older than three years. AAA Mobile Battery Service will test members' auto batteries at no charge. If the battery has removable caps, make sure the cells are filled to the proper level with distilled water. Also, check that all cable connections are tight and make sure there is no corrosion on the terminals or clamps. Don't Forget -- Alternator belt: While the battery provides a reserve source of electrical energy, the alternator provides electrical power once the engine is running and charges the battery. Make sure the alternator belt is properly adjusted. A loose belt is a common cause of a dead battery. While older vehicles require manual belt tightening, late models typically have automatic tensioners -- but those can wear out or fail. When checking the belt tension, also inspect it for signs of wear such as cracks or missing segments on ribbed belts on the underside that signal the need for replacement. Windshield Anyone who has made the mistake of using their windshield cleaner on a cold morning and found it was filled with water -- that is frozen in the reservoir or freezes when contacting the windshield -- knows the importance of checking the windshield fluid reservoir before the first freeze of the year and using a windshield cleaning solution with antifreeze components. When filling the washer reservoir, also check the operation of the pump and aim of the sprayers. Don't Forget -- Winter wiper blades: Wiper blades should completely clear the glass with each swipe. If there are streaks or missed spots, it's time to replace them. During the snow season, consider installing winter wiper blades. These special units wrap the blade in a rubber boot that prevents ice and snow buildup that can inhibit good contact between the rubber blade and glass. Tires Traction is key to safe winter driving and having the right type of tires on a vehicle is essential. In areas with heavy winter weather, using snow tires on all four wheels will provide the best winter traction. All-season tires will work well in light to moderate snow conditions, providing they have adequate tread depth. If any tire has less than 3/32-inches of tread, it should be replaced. Don't Forget -- Tire pressure: While motorists should check the pressure in their tires at least once a month, they should increase the frequency during winter months. As the temperature starts to drop, so will the pressures in the tires -- typically 1 PSI for every 10 degrees Fahrenheit. The proper tire pressure levels can be found on a sticker located on the driver's side door jamb. And, do not forget to check the spare. Brakes Any brake system problems that were noticeable in the summer will become worse in the winter when traction is reduced. Brakes that tend to grab or pull on a dry road are likely to lock on ice or snow-covered pavement, resulting in a loss of stopping power and/or steering control. Make sure brakes are in properly working order before winter weather arrives. Don't Forget -- Brake fluid flush: Brake fluid absorbs water that collects at low points in the hydraulic system and causes rust, fluid leaks and, if not prevented, brake failure. On vehicles with antilock brakes, moisture in the brake fluid also can damage expensive electro-hydraulic control units. For this reason, most manufacturers recommend that the brake system be flushed and new fluid installed every two to three years. Check the owner's manual for the recommended service interval. While some do-it-yourselfers might check these items themselves, others can find guaranteed professional maintenance and repair service at a AAA Approved Auto Repair facility. AAA inspects and certifies more than 8,000 auto repair shops across North America as a free public service to all motorists. Shops can be identified by the AAA Approved Auto Repair sign or by searching online at AAA.com/Repair. As North America's largest motoring and leisure travel organization, AAA provides more than 51 million members with travel, insurance, financial and automotive-related services. Since its founding in 1902, the not-for-profit, fully tax-paying AAA has been a leader and advocate for the safety and security of all travelers. AAA clubs can be visited on the Internet at AAA.com. AAA news releases, high-resolution images, broadcast-quality video, fact sheets and podcasts are available on the AAA NewsRoom at AAA.com/news. Stay connected with AAA on the web via: Twitter.com/AAAnews Twitter.com/AAAauto YouTube.com/AAA MySpace.com/AAAeveryday AAA fan page on Facebook.com Available Topic Expert(s): For information on the listed expert(s), click appropriate link. Christie Hyde https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=64864 - AAA

America's Turn to Vote for National Winners of Shell V-Power(R) 'Fuel My Passion' Contest

Sophia Rhodini — Wed, 21 Oct 2009 13:14:22 +0000

All voters receive the chance to Win a Shell gift card online HOUSTON, -- Car, motorcycle and other vehicle enthusiasts nationwide raced to enter the Shell V-Power(®) "Fuel My Passion" Contest and Sweepstakes, and now that the finalists have been selected, it is America's chance to join the fun and help decide who will drive away with a year's worth of Shell V-Power(®) premium gasoline. Additionally, from now until November 3, 2009, four lucky voters will be chosen at random each day to receive a $50 Shell Gift Card after voting online for their favorite contest finalists. Consumers can visit www.shell.us/fuelmypassion and vote for the winners today! For the Shell V-Power(®) "Fuel My Passion" Contest and Sweepstakes, enthusiasts were asked to submit a creative photo and a description detailing "How Shell V-Power(®) fuels their passion for their ride" in one of five categories. Following the entry period, a panel of judges narrowed the submissions down to an exclusive group of fifteen potential winners. The finalists hail from cities all across the country, including: MODIFIED CAR CATEGORY Meghan Coffey, Jewett City, CT Phil Roberts, Lexington, KY James Varelis, Waukesha, WI MOTORCYCLE CATEGORY Marshall Camp, Marietta, GA Donald Henkes, Humble, TX Bobby Thompson, Nampa, ID SPORTS/LUXURY CATEGORY William Hansen, Valley Center, CA Mike Newman, Kettering, OH Stephen Triano, Merrick, NY TRUCK/SUV CATEGORY Jeremy Hovan, Studio City, CA Debra Nicholson, French Lick, IN Kris Parker, Alvin, TX OTHER PREMIUM RIDES CATEGORY Gizelle D'Mello, Magnolia, TX Rob Krider, Fresno, CA Jill Storch, Redwood City, CA "Passion is a word we use at Shell on a daily basis, and all of our contestants really translated their enthusiasm for Shell V-Power into wonderful entries," said Meg Kreutzer, category manager, Fuels & Forecourt Marketing at Shell Oil Products US. "These finalists definitely stood out, and we now ask America to cast their final votes to help them secure the grand prize ... while getting the chance to win a $50 Shell Gift Card each time they vote!" Shell invites Americans nationwide to vote online starting October 20 at www.shell.us/fuelmypassion. For each contest category, the top three entrants' photo and story submissions will be on display, giving consumers the opportunity to vote for their neighbors, their friends, their fellow enthusiasts or whomever they think deserves the grand prize for each category. All runners up will receive a $250 Shell Gift Card. Consumers can vote online once per category, per day. All contest winners, as well as one lucky sweepstakes winner of the all-new 2010 Harley-Davidson(®) Fat Boy(®) Lo motorcycle (valued at $16,299), will be revealed on November 11. For more details about voting or to vote, visit: www.shell.us/fuelmypassion. Keeping the "Passion" Alive Shell V-Power premium gasoline is designed for automotive enthusiasts who simply expect the most from their vehicle's performance. As the best-selling premium gasoline brand in America, Shell V-Power(®) boasts the highest concentration of the Shell Nitrogen Enriched cleaning system that actively seeks and destroys engine gunk even faster than regular Shell gasoline. It also provides maximum protection against performance-robbing gunk left behind by lower-quality premium gasolines. With five times the cleaning agents found in fuels that only meet the EPA requirements, Shell V-Power(®) is for those looking for optimum engine performance, especially for those with vehicles that recommend or require a premium gasoline For more information on Shell V-Power(®), visit: http://www.shell.us/www.shellvpower.com Shell Oil Products US, a subsidiary of Shell Oil Company, is a leader in the refining, transportation and marketing of fuels, and has a network of approximately 6,100 branded gasoline stations in the Western United States. Shell Oil Company is an affiliate of the Shell Group (NYSE: RDS.A) and (NYSE: RDS.B). For more information, please visit www.shell.com. Motiva Enterprises LLC refines and markets branded products through approximately 8,300 Shell-branded stations in the Eastern and Southern United States. Shell Oil Company is a 50 percent owner of Motiva Enterprises LLC, along with Saudi Refining, Inc. No Purchase Necessary. Entry ends 11:59:59 PM PT on 11/3/09. Must be a US legal resident, 18 and older. Void in Puerto Rico, Delaware, Maryland, New Jersey, Virginia and where prohibited. For Official Rules, go to www.shell.us/fuelmypassion. Sponsor: Shell Oil Products U.S., 910 Louisiana, Houston, Texas 77002. Disclaimer statement This announcement contains forward-looking statements concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Royal Dutch Shell to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as ''anticipate'', ''believe'', ''could'', ''estimate'', ''expect'', ''intend'', ''may'', ''plan'', ''objectives'', ''outlook'', ''probably'', ''project'', ''will'', ''seek'', ''target'', ''risks'', ''goals'', ''should'' and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for the Group's products; (c) currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including potential litigation and regulatory effects arising from recategorisation of reserves; (k) economic and financial market conditions in various countries and regions; (l) political risks, project delay or advancement, approvals and cost estimates; and (m) changes in trading conditions. All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of this presentation, May 4, 2006. Neither Royal Dutch Shell nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this document. The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as "oil in place" that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575 and disclosure in our Forms 6-K file No, 1-32575, available on the SEC website www.sec.gov. You can also obtain these forms from the SEC by calling 1-800-SEC-0330. - Shell

SkyWest, Inc. Announces Funding Arrangement With United Airlines, Extension of United Express Flying and United Express Flying for Atlantic Southeast Airlines

Sophia Rhodini — Wed, 21 Oct 2009 13:14:47 +0000

ST. GEORGE, Utah, -- SkyWest, Inc. ("SkyWest") (Nasdaq: SKYW) announced today that it has reached an agreement with United Air Lines, Inc. ("United") that provides operational funding to United, extends the current code-sharing relationship between SkyWest Airlines, Inc., ("SkyWest Airlines") a wholly-owned subsidiary of SkyWest and creates the opportunity to develop a new relationship with Atlantic Southeast Airlines, Inc. ("ASA"), another wholly-owned subsidiary of SkyWest. Under the terms of the various agreements executed between SkyWest Airlines and United, SkyWest Airlines extended to United a secured term loan in the original principal amount of $80 million. The term loan bears interest at a rate of 11%, with a ten-year amortization period. The term loan is secured by certain ground equipment and airport slot rights held by United. SkyWest Airlines also agreed to defer certain amounts otherwise payable to SkyWest Airlines under the existing United Express Agreement. The maximum deferral amount is $49 million and any amounts so deferred accrue a deferral fee of 8%, payable weekly. United's right to defer such payments is scheduled to terminate in ten years. The agreements executed between SkyWest Airlines and United extend SkyWest Airlines' existing rights to operate 40 regional jet aircraft under the United Express Agreement until the end of their current lease terms, which is an average of 8.4 years. ASA will begin operating as a United Express carrier starting in the first quarter of 2010. All of the 13 regional jets are intended to be in operations by May of 2010. SkyWest anticipates that ASA will operate these aircraft under a capacity purchase agreement, for five years, and it is anticipated that they will be compensated in similar fashion to the SkyWest Airlines current agreement. "This transaction is indicative of a productive and cooperative relationship and partnership between United and SkyWest," said Bradford R. Rich, SkyWest's Executive Vice President and CFO. He continued, "This is an opportunity to utilize the strengths of both companies to create value for both of us." SkyWest will answer questions and provide more detail regarding these arrangements during its third quarter conference call, which is scheduled for November 5, 2009. SkyWest Airlines, based in St. George, Utah, and ASA, based in Atlanta, Georgia, are wholly owned subsidiaries of SkyWest, Inc. SkyWest Airlines operates as United Express, Delta Connection and Midwest Connect carriers under contractual agreements with United Airlines, Delta Air Lines and Midwest Airlines. ASA operates as a Delta Connection carrier under a contractual agreement with Delta Air Lines. System-wide, SkyWest, Inc. serves a total of approximately 207 cities in the United States, Canada, Mexico and the Caribbean, with approximately 2,355 daily departures. This press release and additional information regarding SkyWest, Inc. can be accessed at www.skywest.com. In addition to historical information, this release contains forward-looking statements. SkyWest may, from time-to-time, make written or oral forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements encompass SkyWest's beliefs, expectations, hopes or intentions regarding future events. Words such as "expects," "intends," "believes," "anticipates," "should," "likely" and similar expressions identify forward-looking statements. All forward-looking statements included in this release are made as of the date hereof and are based on information available to SkyWest as of such date. SkyWest assumes no obligation to update any forward-looking statement. Actual results will vary, and may vary materially, from those anticipated, estimated, projected or expected for a number of reasons, including, among others: the challenges of competing successfully in a highly competitive and rapidly changing industry; developments associated with fluctuations in the economy and the demand for air travel; ongoing negotiations between SkyWest and its major partners regarding their contractual relationships, including the anticipated negotiations regarding the development of a new United Express capacity purchase agreement with ASA; the financial stability of its major partners regarding any impact on the contracts that SkyWest operates under in their behalf; variations in market and economic conditions; the impact of global instability; rapidly fluctuating fuel costs; the degree and nature of competition; potential fuel shortages; the impact of weather-related or other natural disasters on air travel and airline costs; aircraft deliveries; and other unanticipated factors. Risk factors, cautionary statements and other conditions which could cause actual results to differ from management's current expectations are contained in SkyWest's filings with the Securities and Exchange Commission, including the section of SkyWest's Annual Report on Form 10-K, entitled "Risk Factors." - SkyWest, Inc.

Raytheon Insider Threat Solution Receives Federal Validation

Sophia Rhodini — Wed, 21 Oct 2009 13:15:09 +0000

SALT LAKE CITY, -- Raytheon Company's (NYSE: RTN) Linux cryptographic module embedded in its government insider threat solution has been awarded federal validation. With the approval of the new module, the entire Raytheon SureView(TM) product is now Federal Information Processing Standard (FIPS) 140-2 level 1 compliant. Such compliance is required by the U.S. federal government to ensure that information systems using cryptography are secure. http://zikkir.com/tech/wp-admin/post-new.php "The accreditation of the FIPS Linux cryptographic module certifies that Raytheon's industry-leading enterprise monitoring and investigation tools are fully compliant with the highest security standards," said Steve Hawkins, vice president of Information Security Solutions at Raytheon. "This certification meets Department of Defense regulations for cryptographic modules for certain information assurance applications. Achieving this certification aligns with Raytheon's ongoing commitment to provide our customers with the best security, assurance and dependability." The Cryptographic Module Validation Program, operated by the National Institute of Standards and Technology, provides module and algorithm testing for FIPS 140-2. It applies to federal agencies using validated cryptographic modules to protect sensitive government data in computer and telecommunication systems. To expedite the FIPS 140-2 validation process, Raytheon partnered with Corsec Security, Inc., a consulting company with more than 11 years of validation experience. "Corsec is proud to have worked with Raytheon on this intensive effort," said Matthew Appler, CEO and co-founder of Corsec Security. "Achieving this government security validation exemplifies Raytheon's dedication and commitment to providing its customers with proven third-party assurance." Raytheon Intelligence and Information Systems is a leading provider of intelligence and information solutions, specializing in ground processing, unmanned ground systems, cybersecurity operations, homeland security and other markets to resolve the most complex problems for its customers worldwide. IIS had 2008 revenues of $3.1 billion and employs more than 9,000 engineering and technical professionals worldwide. Raytheon Company, with 2008 sales of $23.2 billion, is a technology and innovation leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 87 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide. - Raytheon Company

Unfriendly Skies -- Bus Travel a Better Alternative for Holiday Travelers

Sophia Rhodini — Wed, 21 Oct 2009 13:16:29 +0000

DALLAS, -- Holiday travelers this year will be greeted at the airport with record-high fares, new fees and surcharges, and the usual frustrations of cancelled flights. As families look to save money while keeping their cherished holiday traditions, Greyhound is committed to making travel simple and cost effective this season. "Major airline carriers are increasing their prices and implementing higher fees this year," said Dave Leach, president and CEO, Greyhound Lines, Inc. "Greyhound is focused on convenience and value to help bring families together for the holidays." Some of the charges awaiting travelers this holiday season include fees for blankets and pillows, extra charges to book your flight over the phone, and higher fares for picking your seat or enjoying extra legroom. Greyhound offers the flexibility to travel with extra luggage and the first bag is always free. Passengers also can board with wrapped holiday gifts and don't have to worry about being stuck in a middle seat, while enjoying extra room to stretch out. The following special promotions are now available on Greyhound.com and in terminals: Friends and Family Companion Fare: Save 50 percent on up-to-three companions when you purchase one adult ticket at the regular walk-up price at least three days in advance of travel. Offer good for both one-way and round-trip tickets. Advance Purchase Fares: Save as much as 50 percent off tickets purchased 21 days in advance; as much as 25 percent off the regular ticket price if purchased at least 14 days in advance; and 10 percent or more when purchasing 7 days in advance. Expanded Online Discounts: Fares are priced at a 20 percent discount off the adult standard walk-up fare. Priority Boarding: For the cost of a cup of gourmet coffee, riders can guarantee they will board the bus first. - Greyhound

JBT FoodTech Named One of 'The Best Companies to Work For in Brazil'

Sophia Rhodini — Wed, 21 Oct 2009 13:17:28 +0000

CHICAGO, -- JBT Corporation (NYSE: JBT) announced today that for the 10th year in a row, its Brazil based JBT FoodTech business was named as one of "The 130 Best Companies to Work For in Brazil" by Epoca magazine in partnership with the Great Place to Work® Institute. JBT FoodTech was among 530 companies that registered this year with the Great Place to Work® Institute Brazil, an affiliate of the San Francisco, California based Great Place to Work® Institute, Inc. (GPTW). Companies are selected for the "Best Companies" lists primarily based upon their employees' responses to a survey that measures the levels of trust, pride, and camaraderie within the workplace. The GPTW is a research and management consulting firm with international affiliate offices in 41 countries and is dedicated to building a better society by helping companies transform their workplaces. This study was published in Epoca Magazine, a Brazilian weekly news and analysis magazine. GPTW also works with other leading regional publications, such as Fortune magazine, HR magazine and the Financial Times, in 30 countries to publish and recognize the Best Companies. "We are honored with continued recognition as one of the Best Companies to Work For in Brazil," said Juan Podesta, Vice President and Division Manager of JBT FoodTech's Food Processing Systems Division. "This remarkable achievement is directly attributable to our exceptional team of employees and proves that together we continue to create an excellent work environment." JBT Corporation (NYSE: JBT) is a leading global technology solutions provider to the food processing and air transportation industries. JBT Corporation designs, manufactures, tests and services technologically sophisticated systems and products for regional and multi-national industrial food processing customers through its JBT FoodTech segment and for domestic and international air transportation customers through its JBT AeroTech segment. JBT Corporation employs approximately 3,300 people worldwide and operates sales, service, manufacturing and sourcing operations located in over 25 countries. For more information please visit www.jbtcorporation.com. - JBT Corporation

Lodgian to Hold Third-Quarter 2009 Earnings Call on November 5

Sophia Rhodini — Wed, 21 Oct 2009 13:17:59 +0000

ATLANTA, -- Lodgian, Inc. (NYSE Alternext US: LGN), one of the nation's largest independent hotel owners and operators, today announced that the company will release third-quarter 2009 financial results on Thursday, November 5, 2009, before the market opens. At 10 a.m. Eastern time, management will hold a conference call to discuss the results. The conference call will be hosted by Dan Ellis, president and chief executive officer; James MacLennan, executive vice president and chief financial officer; and Joe Kelly, vice president of hotel operations. Stockholders and other interested parties may listen to a simultaneous webcast of the conference call on the Internet by logging onto Lodgian's Web site, www.lodgian.com, or www.streetevents.com, or may call 1-888-561-1721, reference number 4173127. A recording of the call will be available by telephone until midnight on Thursday, November 12, 2009, by dialing 1-800-406-7325. International investors may call 1-303-590-3030, reference number 4173127. A replay of the conference call will be posted on Lodgian's Web site. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical facts, including, among others, statements regarding Lodgian's negotiations with special servicers and lenders, optional maturity extensions, property dispositions, future financial position, business strategy, projected performance and financing needs, are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of Lodgian and members of its management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as "may," "will," "seeks," "anticipates," "believes," "estimates," "expects," "plans," "intends," "should" or similar expressions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that actual results may differ materially from those contemplated by such forward-looking statements. Many of these factors are beyond the company's ability to control or predict. Such factors include, but are not limited to, the effects of regional, national and international economic conditions, our ability to refinance or extend maturing mortgage indebtedness, competitive conditions in the lodging industry and increases in room supply, requirements of franchise agreements (including the right of franchisors to immediately terminate their respective agreements if we breach certain provisions), our ability to complete planned hotel dispositions, the effects of unpredictable weather events such as hurricanes, the financial condition of the airline industry and its impact on air travel, the effect of self-insured claims in excess of our reserves and our ability to obtain adequate insurance at reasonable rates, and other factors discussed under Item IA (Risk Factors) in Lodgian's Form 10-K for the year ended December 31, 2008, and as updated in our Forms 10-Q for the quarters ended March 31 and June 30, 2009. We assume no duty to update these statements. Management believes these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. All written and oral forward-looking statements attributable to Lodgian or persons acting on its behalf are qualified in their entirety by these cautionary statements. Further, forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time unless otherwise required by law. - Lodgian, Inc.

Calumet Specialty Products Partners, L.P. Declares Quarterly Cash Distribution and Schedules Third Quarter 2009 Earnings Release

Sophia Rhodini — Wed, 21 Oct 2009 13:18:37 +0000

INDIANAPOLIS, -- Calumet Specialty Products Partners, L.P. (Nasdaq: CLMT) ("Partnership") will report earnings for the quarter ended September 30, 2009 on Wednesday, November 4, 2009 before the market opens. In addition, the Partnership announced today that the Board of Directors of the Partnership's general partner has approved a quarterly cash distribution of $0.45 per unit ($1.80 per unit on an annualized basis) for the quarter ended September 30, 2009 on all of its outstanding units. The distribution will be payable on November 13, 2009 to holders of record of such units at the close of business on November 3, 2009. A conference call is scheduled for 1:00 p.m. ET (12:00 p.m. CT) Wednesday, November 4, 2009, to discuss the financial and operational results for the third quarter of 2009. Anyone interested in listening to the presentation may call 866-272-9941 and enter passcode 65132315. For international callers, the dial-in number is 617-213-8895 and the passcode is 65132315. The telephonic replay is available in the United States by calling 888-286-8010 and entering passcode 58473570. International callers can access the replay by calling 617-801-6888 and entering passcode 58473570. The replay will be available beginning Wednesday, November 4, 2009, at approximately 4:00 p.m. until Wednesday, November 18, 2009. A webcast of the earnings call will be available on the Partnership's website at http://www.calumetspecialty.com. Calumet Specialty Products Partners, L.P. (Nasdaq: CLMT) ("Calumet") is a leading independent producer of high-quality, specialty hydrocarbon products in North America. Calumet processes crude oil into customized lubricating oils, solvents, and waxes used in consumer, industrial, and automotive products. Calumet also produces fuel products including gasoline, diesel fuel and jet fuel. Calumet is based in Indianapolis, Indiana and has five plants located in northwest Louisiana, western Pennsylvania, and southern Texas, and a blending facility located in Burnham, Illinois. Forward Looking Statements Some of the information in this release may contain forward-looking statements. These statements can be identified by the use of forward-looking terminology including "may," "believe," "expect," "anticipate," "estimate," "continue," or other similar words. These statements discuss future expectations, contain projections of results of operations or of financial condition, or state other "forward-looking" information. These forward-looking statements involve risks and uncertainties that are difficult to predict and may be beyond our control. These risks and uncertainties include the overall demand for specialty hydrocarbon products, fuels and other refined products; our ability to produce specialty products and fuels that meet our customers' unique and precise specifications; the impact of fluctuations and rapid increases and decreases in crude oil and crack spread prices, including the impact on our liquidity; the results of the Partnership's hedging and risk management activities; the availability of, and the Partnership's ability to consummate, acquisition or combination opportunities; labor relations; the ability of the Partnership to comply with the financial covenants contained in its credit facilities; the Partnership's access to capital to fund acquisitions and its ability to obtain debt or equity financing on satisfactory terms; successful integration and future performance of acquired assets or businesses; environmental liabilities or events that are not covered by an indemnity; insurance or existing reserves; maintenance of the Partnership's credit ratings and ability to receive open credit from its suppliers; demand for various grades of crude oil and resulting changes in pricing conditions; fluctuations in refinery capacity; the effects of competition; continued creditworthiness of, and performance by, counterparties; the impact of current and future laws, rulings and governmental regulations; shortages or cost increases of power supplies, natural gas, materials or labor; hurricane or other weather interference with business operations; fluctuations in the debt and equity markets; and general economic, market or business conditions. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in this release as well as the Partnership's most recent Form 10-K and subsequent Form 10-Qs filed with the Securities and Exchange Commission, which could cause the Partnership's actual results to differ materially from those contained in any forward-looking statement. - Calumet Specialty Products Partners, L.P.

A Great New Option for Single Travelers

Sophia Rhodini — Wed, 21 Oct 2009 13:19:02 +0000

Grand European Tours celebrates over 30 years of escorted touring by introducing a new roommate-matching program for single travelers LAKE OSWEGO, Ore., -- Grand European Tours today introduced their new Room Share Program as an option for single travelers on their 2010 tours. For anyone that is considering traveling alone or for the third person of a party, travelers now have the option to participate in Grand European Tours Room Share Program. Offered on many of their escorted motorcoach tours, Grand European Tours will match the single traveler with someone of the same gender so that they do not have to pay the additional single supplement. If Grand European Tours fails to provide a match, they will still provide the single room at no extra cost, which adds up to great savings! "We are excited to introduce this service for our single travelers," explains Hans Sohlstrom, the President of Grand European Tours. "After listening to customer feedback we know that singles like to travel and we want to make it easier and more affordable, especially in the current economic climate." With a 30-year track record of escorting travelers across the globe, Grand European Tours has developed a solid reputation for offering first-class escorted traveling experiences at a great value as they sell direct to the consumer. As a benefit to their clients, past and future, Grand European Tours developed this program as a way of making traveling one step easier for their clients. To learn more about all the included comforts and available discounts on a Grand European Tours vacation, request the free 2010 Annual Tour Book by calling 1-800-552-5545 or visit http://www.getours.com. Grand European Tours For 30 years, Grand European Tours has provided travelers with an easy and enriching way to experience the world. With over 40 itineraries to Europe and beyond, every trip includes a team of travel experts to guide your journey and help you discover the gems of each destination. Grand European Tours even offers an unconditional price guarantee that keeps tour prices low, even if exchange rates and fuel costs change. For more information, visit http://www.getours.com or call 1-800-522-5545. - Grand European Tours

China TransInfo Announces Real-Time Traffic Mobile Phone Application Now Available at China Telecom AppMarket

Sophia Rhodini — Wed, 21 Oct 2009 13:20:23 +0000

BEIJING, -- China TransInfo Technology Corp., (Nasdaq: CTFO), ("China TransInfo" or "the Company"), a leading provider of public transportation information systems technology and comprehensive solutions in the People's Republic of China ("PRC"), today announced that the Company's real-time traffic information mobile phone application, Palmcity Live-Traffic, is now available at China Telecom's Surfing Space AppMarket ("AppMarket"). Launched in September 2009, the AppMarket is the online marketplace for more than 400 mobile phone and PC software applications, including for entertainment, media, business, travel, and education. China Telecom had 43.8 million mobile subscribers, at the end of August 2009. For more information about the AppMarket, please visit: http://www.ctmarket.cn/appstore/index.php . Palmcity Live-Traffic is the first real-time traffic information mobile phone application to be added to the AppMarket. Currently, all software available at the AppMarket is free, since the site is in its beta testing phase. After its official commercial launch, the AppMarket will charge consumers for each application download and distribute a percentage of the revenue to China TransInfo. "We are very excited that Palmcity Live-Traffic was added to China Telecom's AppMarket," commented Mr. Shudong Xia, Chief Executive Officer of China TransInfo. "Our relationship with China Telecom not only demonstrates that our software technology leads the industry but also that we are close to monetizing our real-time traffic application. In addition, we are actively discussing similar arrangements with other wireless carriers to extend the reach of Palmcity Live-Traffic." Safe Harbor Statement This press release contains certain statements that may include "forward looking statements". All statements other than statements of historical fact included herein are "forward-looking statements". These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website ( http://www.sec.gov ). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements. - China TransInfo Technology Corp.

Bank of America Announces Strategic Alliance with Avjet Aviation Services

Sophia Rhodini — Wed, 21 Oct 2009 13:21:03 +0000

ORLANDO, Fla., -- Bank of America today announced a strategic alliance with Avjet Corporation, a leading aviation services provider based in Southern California, providing preferred financing terms for clients who finance their aircraft through Bank of America and take advantage of the business aircraft management services of Avjet. Bank of America, a leader in the corporate aircraft market with a portfolio of over 800 clients and $7 billion in aircraft loans and leases, made the announcement at the 62nd annual National Business Aviation Association convention here. "At Bank of America, we are always looking for ways to make it easier for our clients to acquire aircraft with beneficial financing terms," said Michael Amalfitano, Bank of America Global Corporate Aircraft Finance executive. "Avjet is a premier provider of aircraft management and maintenance services. We are pleased to add Avjet to our lineup of preferred service providers, greatly strengthening aircraft management and financing opportunities for our clients in Southern California." Through its Global Corporate Aircraft Finance organization, Bank of America is a full spectrum lessor and lender for mid- to large-cabin corporate jets, turboprops, and helicopters and provides client-specific, tailored aircraft solutions through a combination of unique financial products and aircraft services. Bank of America's strong ties with the industry's top aircraft manufacturers, premier aircraft vendors, dealers and leading service providers within the aviation community have led to alliances that bring cost-effective, market-focused programs to a vast client base. "Avjet has enjoyed consistent growth for nearly 30 years and has emerged from the current global crisis as a clear industry leader," said Marc Foulkrod, Avjet chairman and chief executive officer. "When considering a financial trading partner, we wanted our clients to have the same comfort and security that is only available from one of the world's largest and most respected financial institutions. Bank of America is the clear choice." - Bank of America

Kia Forte Koup Named One of the 'Best of The 2009 Orange County Auto Show' By NADAguides.com

Sophia Rhodini — Wed, 21 Oct 2009 13:21:33 +0000

All-New 2010 Kia Two-Door Praised by Respected Online Automotive Resource -- Forte Koup recognized for bold styling, remarkable technology features and power -- Kia Motors' latest addition to lineup stands out among competition IRVINE, Calif.,-- The 2010 Forte Koup, Kia Motors America's (KMA) first-ever two-door coupe, has been named one of the "Best of the 2009 Orange County Auto Show" by NADAguides.com. One of only five vehicles at the show to be honored, this credit comes on the heels of its sibling, the 2010 Forte sedan, being named "Car of the Month" for August by the same online automotive resource. The most recent addition to the Kia Motors lineup under the brand's aggressive design-led product rollout, Forte Koup was acclaimed for its bold styling, class-leading power and exceptional standard technology features. "This honor by NADAguides.com is just another example of how Kia is moving in the right direction by offering consumers a number of appealing qualities in all Kia vehicles, including comfort, styling, technology and safety," said Michael Sprague, vice president, marketing of KMA. "Forte Koup is yet another huge statement for the brand both in style and in value, and presents us with the exciting ability to reach an entirely new market of automotive enthusiasts." NADAguides.com selected the top five vehicles of the Orange County Auto Show based on a concept or production vehicle's style and features as well as its ability to make an immediate impact on the automotive industry and predict the needs of consumers. "The Kia Forte Koup follows in the footsteps of the slightly larger four-door sedan with an unprecedented 2.4-liter engine that produces 173 horsepower. Kia is becoming the next big global automotive giant," said Michael Caudill, automotive expert for NADAguides.com. Available in two trims, EX and SX, Forte Koup offers consumers an aggressively styled performance-inspired two-door coupe with an abundance of amenities as well as impressive power. All Forte Koup models feature Bluetooth® connectivity with steering wheel-mounted controls that enable voice-activated hands-free operation for compatible cell phones and a six-speaker AM/FM/CD/MP3 audio system outfitted with SIRIUS Satellite Radio and three months of complimentary service(1). For added listening convenience, steering wheel-mounted audio controls also come standard on all models, as well as USB and auxiliary input jacks in the center console with full iPod® and MP3 controllability via the audio head unit or steering wheel-mounted controls. For those looking for extra punch under the hood, Forte Koup is truly a driver's car with options of either a 2.0-liter inline four-cylinder engine (EX models), producing 156 horsepower and 144 pound-feet of torque(2) that features Continuously Variable Valve Timing (CVVT) and multi-port electronic fuel injection, or an upgraded 2.4-liter inline four-cylinder engine (SX models), also with CVVT, which delivers 173 horsepower and 168 pound-feet of torque(3), more than the Scion tC. - Kia Motors America, Inc.

DiamondRock Hospitality Company Reports Third Quarter 2009 Results

Sophia Rhodini — Wed, 21 Oct 2009 13:23:26 +0000

BETHESDA, Md., -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH) today announced results of operations for its third quarter ended September 11, 2009. The Company is a lodging-focused real estate investment trust that owns twenty premium hotels in North America. Third Quarter 2009 Highlights RevPAR: The Company's RevPAR was $107.50, a decrease of 16.9 percent compared to the same period in 2008. Hotel Adjusted EBITDA Margins: The Company's Hotel Adjusted EBITDA margins were 22.60%, a decrease of 421 basis points compared to the same period in 2008. Adjusted EBITDA: The Company's Adjusted EBITDA was $27.5 million, a decline of 32.0% compared to the same period in 2008. Adjusted FFO: The Company's Adjusted FFO was $21.0 million and Adjusted FFO per diluted share was $0.19. Courtyard Manhattan/Midtown East Refinancing: The Company refinanced the debt that was secured by a mortgage on its Courtyard Manhattan/Midtown East hotel with new $43.0 million secured debt issued by Massachusetts Mutual Life Insurance Company. Debt Repayment: On October 1, 2009, the Company repaid the $27.9 million loan secured by a mortgage on its Griffin Gate Marriott with corporate cash. On October 15, 2009, the Company repaid the $5 million mortgage loan on its Bethesda Marriott Suites with corporate cash. Controlled Equity Offering Program: The Company completed its $75 million controlled equity offering program on October 8, 2009. Under the program, the Company sold 10.2 million shares at an average sales price of $7.34. "While we are still confronting the continuing challenges in the U.S. travel industry, our operating results in the third quarter were ahead of our internal expectations, particularly our profit margins, as we realized solid benefits from our cost containment efforts. The quarter also marked the continuation of our efforts to fortify the balance sheet and position DiamondRock for the future so that we can take advantage of acquisition opportunities that may arise from the current distressed environment," stated Mark W. Brugger, Chief Executive Officer of DiamondRock Hospitality Company. Operating Results Please see "Certain Definitions" and "Non-GAAP Financial Measures" attached to this press release for an explanation of the terms "EBITDA," "Adjusted EBITDA," "Hotel Adjusted EBITDA Margins," "FFO," and "Adjusted FFO." For the third quarter, beginning June 20, 2009 and ended September 11, 2009, the Company reported the following: Revenues of $137.8 million compared to $161.4 million for the comparable period in 2008. Adjusted EBITDA of $27.5 million compared to $40.5 million for the comparable period in 2008. Adjusted FFO and Adjusted FFO per diluted share of $21.0 million and $0.19, respectively, compared to $31.8 million and $0.34, respectively, for the comparable period in 2008. Net income of $0.8 million (or $0.01 per diluted share) compared to net income of $12.2 million (or $0.13 per diluted share) for the comparable period in 2008. RevPAR for the third quarter decreased 16.9 percent (from $129.33 to $107.50) from the comparable period in 2008, driven by a 3.2 percentage point decrease in occupancy (from 76.5 percent to 73.3 percent) and a 13.2 percent decrease in the average daily rate (from $169.05 to $146.73). Hotel Adjusted EBITDA margins decreased 421 basis points (from 26.81% to 22.60%) from the comparable period in 2008. For the period from January 1, 2009 to September 11, 2009, the Company reported the following: Revenues of $400.0 million compared to $475.3 million for the comparable period in 2008. Adjusted EBITDA of $80.5 million compared to $124.2 million for the comparable period in 2008. Adjusted FFO and Adjusted FFO per diluted share of $60.6 million and $0.60, respectively, compared to $96.3 million and $1.02, respectively, for the comparable period in 2008. Net loss of $2.1 million (or $0.02 per diluted share) compared to net income of $39.1 million (or $0.41 per diluted share) for the comparable period in 2008. Year-to-date RevPAR decreased 18.9 percent (from $130.12 to $105.55) from the comparable period in 2008, driven by a 13.0 percent decrease in the average daily rate (from $176.35 to $153.49) and a 5.0 percentage point decrease in occupancy (from 73.8 percent to 68.8 percent). Year-to-date Hotel Adjusted EBITDA margins decreased 505 basis points (from 27.88% to 22.83%) from the comparable period in 2008. Hotel Fundamentals The impact of the severe economic recession on U.S. travel fundamentals and the Company's operating results is likely to persist for some period of time. Lodging demand has historically correlated with several key economic indicators such as GDP growth, employment trends, corporate profits, consumer confidence and business investment. The Company expects lodging demand to follow its historical course and lag the general economic recovery by several quarters and thus, the Company anticipates a challenging operating environment for the balance of 2009 and into 2010. There have been recent signs that demand has begun to stabilize. The Company's third quarter results were positively impacted by better than expected leisure demand, which is typically the strongest during the summer months. The Company's fourth quarter results will be more dependent on business transient demand. The Company's RevPAR declined in the third quarter by 16.9%. Most of the decline in RevPAR can be attributed to a significant decline in the average daily rate and reflects a number of negative trends within the Company's primary customer segments, as well as a change in the mix between those segments. The Company's room revenue by primary customer segment in the third quarter was as follows: Third Quarter 2009 Third Quarter 2008 % ------------------ ------------------ $in millions % of Total $in millions % of Total Decrease ------------ ---------- ------------ ---------- -------- Business Transient $20.4 23.1% $29.6 27.9% (31.1%) Group 33.0 37.4% 39.3 37.0% (16.0%) Leisure and Other 34.9 39.5% 37.3 35.1% (6.4%) ---- ---- ---- ---- ----- Total $88.3 100.0% $106.2 100.0% (16.9%) ===== ====== Business Transient: Revenue from the business transient segment, traditionally the most profitable segment for hotels, has declined more than any other customer segment. Business transient revenue was partially replaced with lower-rated leisure and other business. The Company expects business transient demand to remain depressed until there is an improvement in the overall economic climate in the United States. Group: A number of groups have postponed, cancelled or reduced their meetings in response to the current economic recession. The deterioration in revenue is primarily due to a decline in group room nights and, to a much lesser extent, rate. As of the end of the third quarter, the Company's 2009 group booking pace was 20% lower than at the same time last year, which represents the continued deterioration of group booking trends during the year. Leisure and Other: The decline in revenue from leisure and discount business was driven by lower average daily rates. In the third quarter, the Company continued to identify and implement its aggressive cost containment program. As a result, despite the 16.9% decline in RevPAR, the Company's third quarter Hotel Adjusted EBITDA margins declined only 421 basis points compared to the same period in 2008. Evidence of the success of some of these initiatives is as follows: The Company reduced support costs at its hotels by almost 11%. The Company reduced the single largest hotel expense category, labor (wages & benefits) by almost 9%. Productivity at the Company's hotels in the third quarter increased by 7%, as measured by man hours per occupied room. The Company is monitoring the continued implementation of the cost containment plans and is identifying additional, innovative opportunities to reduce operating costs. The Company expects the margin comparisons to become more difficult in the fourth quarter as the prior year's results include the benefit of its 2008 cost containment successes. New hotel supply remains a short-term negative and a long-term positive. Although the industry benefited from supply growth that was below historical averages from 2004 through 2007, new hotel supply began to increase at the end of the last economic expansion. While some of those projects have been delayed or eliminated, the rate of new supply is expected to peak in 2009 and remain above historical averages in 2010 for the markets in the Company's portfolio. The Company has been, or will be, impacted by new supply in a few of its markets, most notably major new hotels opening in Fort Worth in 2009 and in Chicago and Austin in 2010. Due to a number of factors, the Company expects below average supply growth for an extended period of time beginning in 2011, when it expects minimal new supply to be a significant positive for operating fundamentals. Balance Sheet and Liquidity As of October 20, 2009, the Company has $787.7 million of debt outstanding, which consists solely of property-specific mortgage debt with no near-term maturities. Ten of the Company's 20 hotels are unencumbered by mortgage debt and the Company's $200 million senior unsecured credit facility is unused. In addition, the Company has over $100 million of unrestricted cash on hand as of October 20, 2009. DiamondRock has always strived to operate its business with conservative leverage. During this economic downturn, the Company continues to focus on preserving and enhancing its liquidity. The Company has taken, or intends to take, a number of steps to achieve these goals, as follows: The Company completed a follow-on public offering of its common stock during the second quarter selling 17,825,000 shares of common stock, including the underwriters' overallotment of 2,325,000 shares, at an offering price of $4.85 per share. The net proceeds, after deduction of offering costs, were approximately $82.1 million. The Company completed a $75.0 million controlled equity offering program, raising net proceeds of $74.0 million through the sale of 10.2 million shares of common stock at an average price of $7.34 per share. The Company's Board of Directors recently authorized the Company to sell up to $75 million of additional common stock under a new controlled equity offering program. The Company repaid the entire $52 million outstanding on its senior unsecured credit facility during the second quarter with a portion of the proceeds from its follow-on offering. On September 11, 2009, the Company refinanced the debt that was secured by a mortgage on its Courtyard Manhattan/Midtown East hotel with $43.0 million of secured debt issued by Massachusetts Mutual Life Insurance Company, which will mature on October 1, 2014. On October 1, 2009, the Company repaid the $27.9 million loan secured by a mortgage on its Griffin Gate Marriott with cash on hand. The loan was scheduled to mature on January 1, 2010. On October 15, 2009, the Company repaid the $5 million mortgage loan on its Bethesda Marriott Suites with cash on hand. The mortgage debt was scheduled to mature in July 2010. The Company intends to pay its next dividend to stockholders of record as of December 31, 2009. The Company expects the 2009 dividend will be in an amount equal to 100% of its 2009 taxable income, which is expected to be in the range of $35 million to $45 million. The Company intends to pay up to 90% of its 2009 dividend in shares of its common stock, as permitted by the Internal Revenue Service's Revenue Procedure 2009-15. The Company has focused on minimizing capital spending during 2009 and expects to fund approximately $6 million of 2009 capital expenditures from corporate cash. The Company continues to maintain its straightforward capital structure. As of the end of the third quarter, the Company continued to own 100% of its properties directly and has never issued operating partnership units or preferred stock. Capital Expenditures In 2009, the Company has focused its capital expenditures primarily on life safety, capital preservation, and return-on-investment projects. The 2009 forecast for capital improvements is $35 million, only $6 million of which is expected to be funded from corporate cash and the balance to be funded from hotel escrow reserves. The Company spent approximately $17.7 million on capital improvements during the period from January 1, 2009 through September 11, 2009, of which approximately $4.1 million was funded from corporate cash. Outlook The macroeconomic environment lacks sufficient clarity at this time to provide accurate 2009 or 2010 guidance. However, the Company is providing the following relevant information to assist investors and analysts in deriving their own estimates for the remainder of 2009. The Company projects approximately $51 million of debt service based on its current capital structure. The 2009 debt service includes approximately $4.2 million of regularly scheduled principal payments. The Company expects to incur $16.0 million of corporate G&A in 2009, which includes approximately $10.5 million of cash expenses. The Company's 2009 weighted average fully diluted shares will be approximately 106.6 million shares, which is based on its current total shares outstanding of 118.3 million. The Company expects its 2009 distributable taxable income to be in the range of $35 million to $45 million. Earnings Call The Company will host a conference call to discuss its third quarter 2009 results on Tuesday, October 20, 2009 at 11:00 am Eastern Time (ET). To participate in the live call, investors are invited to dial 1-888-713-4214 (for domestic callers) or 617-213-4866 (for international callers). The participant passcode is 24987408. A live webcast of the call will be available via the investor relations section of DiamondRock Hospitality Company's website at www.drhc.com. A replay of the webcast will also be archived on the website for one year. About the Company DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner of premium hotel properties. DiamondRock owns 20 hotels with approximately 9,600 guestrooms. For further information, please visit DiamondRock Hospitality Company's website at www.drhc.com. This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will," "continue" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: national and local economic and business conditions that will affect occupancy rates at the Company's hotels and the demand for hotel products and services; operating risks associated with the hotel business; risks associated with the level of the Company's indebtedness and its ability to meet covenants in its debt agreements; relationships with property managers; the Company's ability to maintain its properties in a first-class manner, including meeting capital expenditure requirements; the Company's ability to complete planned renovations on budget; the Company's ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in travel patterns, taxes and government regulations which influence or determine wages, prices, construction procedures and costs; the Company's ability to complete acquisitions; the Company's ability to raise equity capital; the performance of acquired properties after they are acquired; necessary capital expenditures on the acquired properties; and the Company's ability to continue to satisfy complex rules in order for it to qualify as a REIT for federal income tax purposes; and other risks and uncertainties associated with the Company's business described from time to time in its filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of the date of this release, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in its expectations. Reporting Periods for Statement of Operations The results reported in the Company's consolidated statements of operations are based on results of its hotels reported by hotel managers. The Company's hotel managers use different reporting periods. Marriott International, the manager of most of the Company's properties, uses a fiscal year ending on the Friday closest to December 31 and reports twelve weeks of operations for the first three quarters and sixteen or seventeen weeks for the fourth quarter of the year for its domestic managed hotels. In contrast, Marriott International for its non-domestic hotels (including Frenchman's Reef), Davidson Hotel Company, manager of the Westin Atlanta North, Vail Resorts, manager of the Vail Marriott, Hilton Hotels Corporation, manager of the Conrad Chicago, and Westin Hotel Management, L.P., manager of the Westin Boston Waterfront report results on a monthly basis. Additionally, the Company, as a REIT, is required by U.S. federal tax laws to report results on a calendar year basis. As a result, the Company has adopted the reporting periods used by Marriott International for its domestic hotels, except that the fiscal year always ends on December 31 to comply with REIT rules. The first three fiscal quarters end on the same day as Marriott International's fiscal quarters but the fourth quarter ends on December 31 and full year results, as reported in the statement of operations, always include the same number of days as the calendar year. Two consequences of the reporting cycle the Company has adopted are: (1) quarterly start dates will usually differ between years, except for the first quarter which always commences on January 1, and (2) the first and fourth quarters of operations and year-to-date operations may not include the same number of days as reflected in prior years. While the reporting calendar the Company adopted is more closely aligned with the reporting calendar used by the manager of most of its properties, one final consequence of the calendar is the Company is unable to report any results for Frenchman's Reef, Westin Atlanta North, Vail Marriott, Conrad Chicago, or the Westin Boston Waterfront for the month of operations that ends after its fiscal quarter-end because none of Vail Resorts, Davidson Hotel Company, Hilton Hotels Corporation, Westin Hotel Management, L.P., and Marriott International make mid-month results available. As a result, the quarterly results of operations include results from Frenchman's Reef, Westin Atlanta North, Vail Marriott, Conrad Chicago, and the Westin Boston Waterfront as follows: first quarter (January and February), second quarter (March to May), third quarter (June to August) and fourth quarter (September to December). While this does not affect full-year results, it does affect the reporting of quarterly results. Ground Leases Four of the Company's hotels are subject to ground leases: Bethesda Marriott Suites, Courtyard Manhattan Fifth Avenue, Salt Lake City Downtown Marriott, and the Westin Boston Waterfront. In addition, part of a parking structure at a fifth hotel and two golf courses at two additional hotels are also subject to ground leases. In accordance with GAAP, the Company records rent expense on a straight-line basis for ground leases that provide minimal rental payments that increase in pre-established amounts over the remaining term of the ground lease. For the third quarter 2009, contractual cash rent payable on the ground leases totaled $0.5 million and the Company recorded approximately $2.3 million in ground rent expense. The non-cash portion of ground rent expense recorded for the third quarter 2009 was $1.8 million. DIAMONDROCK HOSPITALITY COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS As of September 11, 2009 and December 31, 2008 (in thousands, except share amounts) ASSETS September 11, 2009 December 31, 2008 ------------------ ----------------- (Unaudited) Property and equipment, at cost $2,162,868 $2,146,616 Less: accumulated depreciation (283,797) (226,400) -------- -------- 1,879,071 1,920,216 Deferred financing costs, net 3,788 3,335 Restricted cash 33,732 30,060 Due from hotel managers 51,563 61,062 Favorable lease assets, net 38,809 40,619 Prepaid and other assets 35,396 33,414 Cash and cash equivalents 119,256 13,830 ------- ------ Total assets $2,161,615 $2,102,536 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Mortgage debt $820,853 $821,353 Senior unsecured credit facility - 57,000 -- ------ Total debt 820,853 878,353 Deferred income related to key money, net 19,937 20,328 Unfavorable contract liabilities, net 83,213 84,403 Due to hotel managers 30,656 35,196 Accounts payable and accrued expenses 53,018 66,624 ------ ------ Total other liabilities 186,824 206,551 ------- ------- Stockholders' Equity: Preferred stock, $.01 par value; 10,000,000 shares authorized; no shares issued and outstanding - - Common stock, $.01 par value; 200,000,000 shares authorized; 115,643,122 and 90,050,264 shares issued and outstanding at September 11, 2009 and December 31, 2008, respectively 1,156 901 Additional paid-in capital 1,238,747 1,100,541 Accumulated deficit (85,965) (83,810) ------- ------- Total stockholders' equity 1,153,938 1,017,632 --------- --------- Total liabilities and stockholders' equity $2,161,615 $2,102,536 ========== ========== DIAMONDROCK HOSPITALITY COMPANY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS For the Fiscal Quarters Ended September 11, 2009 and September 5, 2008 and the Periods from January 1, 2009 to September 11, 2009 and January 1, 2008 to September 5, 2008 (in thousands, except per share amounts) Fiscal Fiscal Period from Period from Quarter Quarter January 1, January 1, Ended Ended 2009 to 2008 to September September September September 11, 2009 5, 2008 11, 2009 5, 2008 -------- ------- -------- ------- (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenues: Rooms $88,318 $106,203 $253,661 $308,141 Food and beverage 40,836 45,746 122,423 141,525 Other 8,646 9,446 23,866 25,609 ----- ----- ------ ------ Total revenues 137,800 161,395 399,950 475,275 ------- ------- ------- ------- Operating Expenses: Rooms 23,912 25,422 66,868 72,830 Food and beverage 29,068 32,961 85,969 98,266 Management fees 4,907 6,844 13,243 19,857 Other hotel expenses 50,161 54,116 146,701 155,758 Impairment of favorable lease asset - - 1,286 - Depreciation and amortization 18,866 18,257 57,312 53,013 Corporate expenses 3,675 3,241 11,094 9,546 ----- ----- ------ ----- Total operating expenses 130,589 140,841 382,473 409,270 ------- ------- ------- ------- Operating profit 7,211 20,554 17,477 66,005 ----- ------ ------ ------ Other Expenses (Income): Interest income (82) (296) (265) (1,066) Interest expense 11,090 11,632 33,673 33,757 ------ ------ ------ ------ Total other expenses 11,008 11,336 33,408 32,691 ------ ------ ------ ------ (Loss) income before income taxes (3,797) 9,218 (15,931) 33,314 Income tax benefit 4,558 2,994 13,856 5,830 ----- ----- ------ ----- Net income (loss) $761 $12,212 $(2,075) $39,144 ==== ======= ======= ======= Earnings (loss) per share: Basic and diluted earnings (loss) per share $0.01 $0.13 $(0.02) $0.41 ===== ===== ====== ===== DIAMONDROCK HOSPITALITY COMPANY CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the Periods from January 1, 2009 to September 11, 2009 and January 1, 2008 to September 5, 2008 (in thousands, except per share amounts) Period from Period from January 1, January 1, 2009 to 2008 to September 11, September 5, 2009 2008 ----------- ------------- Cash flows from operating activities: (Unaudited) (Unaudited) Net (loss) income $(2,075) $39,144 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Real estate depreciation 57,312 53,013 Corporate asset depreciation as corporate expenses 101 115 Non-cash ground rent 5,350 5,321 Non-cash financing costs as interest 556 557 Impairment of favorable lease asset 1,286 - Amortization of unfavorable contract liabilities (1,190) (1,190) Amortization of deferred income (391) (383) Stock-based compensation 3,892 2,620 Yield support received - 797 Changes in assets and liabilities: Prepaid expenses and other assets (1,982) (2,741) Restricted cash (1,700) (1,935) Due to/from hotel managers 4,958 (1,782) Accounts payable and accrued expenses (16,235) (7,799) ------- ------ Net cash provided by operating activities 49,882 85,737 ------ ------ Cash flows from investing activities: Hotel capital expenditures (17,735) (49,703) Receipt of deferred key money - 5,000 Change in restricted cash (2,702) (1,372) ------ ------ Net cash used in investing activities (20,437) (46,075) ------- ------- Cash flows from financing activities: Repayments of credit facility (57,000) (23,000) Draws on credit facility - 99,000 Proceeds from mortgage debt 43,000 - Repayment of mortgage debt (40,528) - Scheduled mortgage debt principal payments (2,972) (1,963) Repurchase of common stock (309) (49,434) Proceeds from sale of common stock 135,348 - Payment of costs related to sale of common stock (470) - Payment of financing costs (1,008) (13) Payment of dividends (80) (70,383) --- ------- Net cash provided by (used in) financing activities 75,981 (45,793) ------ ------- Net increase (decrease) in cash and cash equivalents 105,426 (6,131) Cash and cash equivalents, beginning of period 13,830 29,773 ------ ------ Cash and cash equivalents, end of period $119,256 $23,642 ======== ======= Supplemental Disclosure of Cash Flow Information: Cash paid for interest $35,905 $33,089 ======= ======= Cash paid for income taxes $901 $861 ==== ==== Capitalized interest $19 $183 === ==== Non-Cash Financing Activities: Unpaid dividends - $22,778 == ======= Non-GAAP Financial Measures We use the following four non-GAAP financial measures that we believe are useful to investors as key measures of our operating performance: (1) EBITDA, (2) Adjusted EBITDA, (3) FFO and (4) Adjusted FFO. EBITDA represents net (loss) income excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; and (3) depreciation and amortization. We believe EBITDA is useful to an investor in evaluating our operating performance because it helps investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization) from our operating results. We also use EBITDA as one measure in determining the value of hotel acquisitions and dispositions. Historical (in 000s) ------------------- Fiscal Fiscal Period from Period from Quarter Quarter January 1, January 1, Ended Ended 2009 to 2008 to September September September September 11, 2009 5, 2008 11, 2009 5, 2008 --------- --------- --------- ---------- Net income (loss) $761 $12,212 $(2,075) $39,144 Interest expense 11,090 11,632 33,673 33,757 Income tax benefit (4,558) (2,994) (13,856) (5,830) Real estate related depreciation and amortization 18,866 18,257 57,312 53,013 ------ ------ ------ ------ EBITDA $26,159 $39,107 $75,054 $120,084 ======= ======= ======= ======== We also evaluate our performance by reviewing Adjusted EBITDA because we believe that the exclusion of certain additional recurring and non-recurring items described below provides useful supplemental information regarding our ongoing operating performance and that the presentation of Adjusted EBITDA, when combined with the primary GAAP presentation of net income (loss), is beneficial to a complete understanding of our operating performance. We adjust EBITDA for the following items, which may occur in any period, and refer to this measure as Adjusted EBITDA: Non-Cash Ground Rent: We exclude the non-cash expense incurred from straight lining the rent from our ground lease obligations and the non-cash amortization of our favorable lease assets. The impact of the non-cash amortization of the unfavorable contract liabilities recorded in conjunction with our acquisitions of the Bethesda Marriott Suites and the Chicago Marriott Downtown. The amortization of the unfavorable contract liabilities does not reflect the underlying performance of the Company. Cumulative effect of a change in accounting principle: Infrequently, the Financial Accounting Standards Board (FASB) promulgates new accounting standards that require the consolidated statement of operations to reflect the cumulative effect of a change in accounting principle. We exclude these one-time adjustments because they do not reflect our actual performance for that period. Gains from Early Extinguishment of Debt: We exclude the effect of gains recorded on the early extinguishment of debt because we believe that including them in EBITDA is not consistent with reflecting the ongoing performance of our remaining assets. Impairment Losses and Gains or Losses on Dispositions: We exclude the effect of impairment losses and gains or losses on dispositions recorded because we believe that including them in EBITDA is not consistent with reflecting the ongoing performance of our remaining assets. In addition, we believe that impairment charges are similar to depreciation expense, which is also excluded from EBITDA. Acquisition Costs: We exclude acquisition transaction costs expensed during the period from EBITDA because we believe that including these costs in EBITDA is not consistent with the underlying performance of the Company. The GAAP accounting treatment of acquisition costs was modified effective January 1, 2009 to require companies to expense acquisition costs as incurred. The previous GAAP accounting treatment was to capitalize acquisition costs. Other Non-Cash and / or Non-Recurring Items: We exclude the effect of certain non-cash and / or non-recurring items from EBITDA because we believe that including these costs in EBITDA is not consistent with the underlying performance of the Company. Historical (in 000s) ------------------- Fiscal Fiscal Period from Period from Quarter Quarter January 1, January 1, Ended Ended 2009 to 2008 to September September September September 11, 2009 5, 2008 11, 2009 5, 2008 --------- --------- --------- --------- EBITDA $26,159 $39,107 $75,054 $120,084 Non-cash ground rent 1,781 1,768 5,350 5,321 Non-cash amortization of unfavorable contract liabilities (397) (396) (1,190) (1,190) Impairment of favorable lease asset - - 1,286 - -- -- ----- -- Adjusted EBITDA $27,543 $40,479 $80,500 $124,215 ======= ======= ======= ======== We compute FFO in accordance with standards established by NAREIT (which defines FFO as net (loss) income determined in accordance with GAAP), excluding gains (losses) from sales of property, plus depreciation and amortization. We believe that the presentation of FFO provides useful information to investors regarding our operating performance because it is a measure of our operations without regard to specified non-cash items, such as real estate depreciation and amortization and gain or loss on sale of assets. We also use FFO as one measure in assessing our results. Historical (in 000s) ------------------- Fiscal Fiscal Period from Period from Quarter Quarter January 1, January 1, Ended Ended 2009 to 2008 to September September September September 11, 2009 5, 2008 11, 2009 5, 2008 --------- --------- --------- --------- Net income (loss) $761 $12,212 $(2,075) $39,144 Real estate related depreciation and amortization 18,866 18,257 57,312 53,013 ------ ------ ------ ------ FFO $19,627 $30,469 $55,237 $92,157 ======= ======= ======= ======= FFO per share (basic and diluted) 0.18 0.33 0.54 0.98 ==== ==== ==== ==== We also evaluate our performance by reviewing Adjusted FFO because we believe that the exclusion of certain additional recurring and non-recurring items described below provides useful supplemental information regarding our ongoing operating performance and that the presentation of Adjusted FFO, when combined with the primary GAAP presentation of net income (loss), is beneficial to a complete understanding of our operating performance. We adjust FFO for the following items, which may occur in any period, and refer to this measure as Adjusted FFO: Non-Cash Ground Rent: We exclude the non-cash expense incurred from straight lining the rent from our ground lease obligations and the non-cash amortization of our favorable lease assets. The impact of the non-cash amortization of the unfavorable contract liabilities recorded in conjunction with our acquisitions of the Bethesda Marriott Suites and the Chicago Marriott Downtown. The amortization of the unfavorable contract liabilities does not reflect the underlying performance of the Company. Cumulative effect of a change in accounting principle: Infrequently, the Financial Accounting Standards Board (FASB) promulgates new accounting standards that require the consolidated statement of operations to reflect the cumulative effect of a change in accounting principle. We exclude these one-time adjustments because they do not reflect our actual performance for that period. Gains from Early Extinguishment of Debt: We exclude the effect of gains recorded on the early extinguishment of debt because we believe that including them in FFO is not consistent with reflecting the ongoing performance of our remaining assets. Impairment Losses: We exclude the effect of impairment losses recorded because we believe that including them in FFO is not consistent with reflecting the ongoing performance of our remaining assets. In addition, we believe that impairment charges are similar to gains or losses on dispositions and depreciation expense, both of which are also excluded from FFO. Acquisition Costs: We exclude acquisition transaction costs expensed during the period from FFO because we believe that including these costs in FFO is not consistent with the underlying performance of the Company. The GAAP accounting treatment of acquisition costs was modified effective January 1, 2009 to require companies to expense acquisition costs as incurred. The previous GAAP accounting treatment was to capitalize acquisition costs. Other Non-Cash and / or Non-Recurring Items: We exclude the effect of certain non-cash and / or non-recurring items from FFO because we believe that including these costs in FFO is not consistent with the underlying performance of the Company. Historical (in 000s) ------------------- Fiscal Fiscal Period from Period from Quarter Quarter January 1, January 1, Ended Ended 2009 to 2008 to September September September September 11, 2009 5, 2008 11, 2009 5, 2008 --------- --------- --------- --------- FFO $19,627 $30,469 $55,237 $92,157 Non-cash ground rent 1,781 1,768 5,350 5,321 Non-cash amortization of unfavorable contract liabilities (397) (396) (1,190) (1,190) Impairment of favorable lease asset - - 1,286 - -- -- ----- -- Adjusted FFO $21,011 $31,841 $60,683 $96,288 ======= ======= ======= ======= Adjusted FFO per share (basic and diluted) 0.19 0.34 0.60 1.02 ==== ==== ==== ==== Certain Definitions In this release, when we discuss "Hotel Adjusted EBITDA," we exclude from Hotel EBITDA the non-cash expense incurred by the hotels due to the straight lining of the rent from our ground lease obligations, the non-cash amortization of our favorable lease assets, and the non-cash amortization of the unfavorable contract liabilities recorded in conjunction with the acquisitions of the Bethesda Marriott Suites and the Chicago Marriott Downtown. Hotel EBITDA represents hotel net income excluding: (1) interest expense; (2) income taxes; and (3) depreciation and amortization. Hotel Adjusted EBITDA margins are calculated as Hotel Adjusted EBITDA divided by total hotel revenues. DIAMONDROCK HOSPITALITY COMPANY HOTEL OPERATIONAL DATA Schedule of Property Level Results (in thousands) (unaudited) Fiscal Fiscal Period from Period from Quarter Quarter January 1, January 1, Ended Ended 2009 to 2008 to September September September September 11, 2009 5, 2008 11, 2009 5, 2008 --------- --------- --------- --------- Revenues: Rooms $88,318 $106,203 $253,661 $308,141 Food and beverage 40,836 45,746 122,423 141,525 Other 8,646 9,446 23,866 25,609 ----- ----- ------ ------ Total revenues 137,800 161,395 399,950 475,275 ------- ------- ------- ------- Operating Expenses: Rooms departmental expenses $23,912 $25,422 $66,868 $72,830 Food and beverage departmental expenses 29,068 32,961 85,969 98,266 Other direct departmental 4,802 5,255 13,520 14,899 General and administrative 12,165 13,126 35,697 39,472 Utilities 6,139 7,746 16,946 19,193 Repairs and maintenance 6,688 7,183 19,714 20,572 Sales and marketing 9,908 11,321 28,758 32,706 Base management fees 3,628 4,392 10,554 12,954 Incentive management fees 1,279 2,452 2,689 6,903 Property taxes 5,867 5,320 18,248 15,779 Ground rent 2,232 2,239 6,682 6,794 Other fixed expenses 2,360 1,926 7,136 6,343 ----- ----- ----- ----- Total hotel operating expenses $108,048 $119,343 $312,781 $346,711 -------- -------- -------- -------- Hotel EBITDA 29,752 42,052 87,169 128,564 ------ ------ ------ ------- Non-cash ground rent 1,781 1,768 5,350 5,321 Non-cash amortization of unfavorable contract liabilities (397) (396) (1,190) (1,190) ---- ---- ------ ------ Hotel Adjusted EBITDA $31,136 $43,424 $91,329 $132,695 ======= ======= ======= ======== Market Capitalization as of September 11, 2009 (in thousands, except per share data) Enterprise Value ---------------- Common equity capitalization (at September 11, 2009 closing price of $7.26/share) $856,878 Consolidated debt 820,853 Cash and cash equivalents (119,256) -------- Total enterprise value $1,558,475 ========== Share Reconciliation -------------------- Common shares outstanding 115,643 Unvested restricted stock held by management and employees 1,917 Share grants under deferred compensation plan held by corporate officers 467 --- Combined shares outstanding 118,027 ======= Debt Summary as of September 11, 2009 (dollars in thousands) Property Interest Rate Term Outstanding Principal Maturity -------------------- ------------- ---- --------------------- -------- Courtyard Manhattan / Midtown East 8.81% Fixed $43,000 October 2014 Marriott Salt Lake City Downtown 5.50% Fixed 33,449 January 2015 Courtyard Manhattan / Fifth Avenue 6.48% Fixed 51,000 June 2016 Marriott Griffin Gate Resort (1) 5.11% Fixed 27,882 January 2010 Renaissance Worthington 5.40% Fixed 57,289 July 2015 Frenchman's Reef & Morning Star Marriott Beach Resort 5.44% Fixed 61,633 August 2015 Marriott Los Angeles Airport 5.30% Fixed 82,600 July 2015 Orlando Airport Marriott 5.68% Fixed 59,000 January 2016 Chicago Marriott Downtown Magnificent Mile 5.975% Fixed 220,000 April 2016 Renaissance Austin 5.507% Fixed 83,000 December 2016 Renaissance Waverly 5.503% Fixed 97,000 December 2016 Bethesda Marriott Suites (2) LIBOR + 0.95 Variable 5,000 July 2010 (1.235%) Senior unsecured credit facility LIBOR + 0.95 Variable - February 2011 -- Total debt $820,853 ======== Weighted-Average Interest Rate 5.80% ==== (1) The mortgage debt was repaid on October 1, 2009. (2) The mortgage debt was repaid on October 15, 2009. Operating Statistics - Third Fiscal Quarter 2009 ADR Occupancy --- --------- 3Q 2009 3Q 2008 B/(W) 3Q 2009 3Q 2008 B/(W) ------- ------- ---- ------- ------- ----- Atlanta Alpharetta $116.95 $139.99 (16.5%) 62.2% 60.0% 2.2% Westin Atlanta North (1) $99.34 $134.62 (26.2%) 71.8% 58.0% 13.8% Atlanta Waverly $124.54 $134.60 (7.5%) 66.2% 68.3% (2.1%) Renaissance Austin $130.90 $152.48 (14.2%) 60.1% 64.4% (4.3%) Bethesda Marriott Suites $148.26 $177.59 (16.5%) 64.2% 72.4% (8.2%) Boston Westin (1) $194.03 $199.11 (2.6%) 83.0% 81.5% 1.5% Chicago Marriott $168.19 $195.66 (14.0%) 85.9% 86.6% (0.7%) Chicago Conrad (1) $183.85 $230.65 (20.3%) 84.2% 87.5% (3.3%) Courtyard Fifth Avenue $209.56 $288.41 (27.3%) 91.5% 92.8% (1.3%) Courtyard Midtown East $197.48 $292.94 (32.6%) 90.4% 93.3% (2.9%) Frenchman's Reef (1) $174.86 $209.43 (16.5%) 90.1% 86.8% 3.3% Griffin Gate Marriott $122.72 $139.42 (12.0%) 73.6% 71.6% 2.0% Los Angeles Airport $101.34 $111.51 (9.1%) 73.1% 87.8% (14.7%) Oak Brook Hills $113.70 $135.56 (16.1%) 58.4% 59.5% (1.1%) Orlando Airport Marriott $92.47 $103.78 (10.9%) 68.1% 63.1% 5.0% Salt Lake City Marriott $135.67 $134.17 1.1% 51.9% 70.6% (18.7%) The Lodge at Sonoma $207.44 $250.22 (17.1%) 82.1% 80.9% 1.2% Torrance Marriott South Bay $106.15 $122.96 (13.7%) 79.0% 87.8% (8.8%) Vail Marriott (1) $151.36 $158.93 (4.8%) 57.6% 66.4% (8.8%) Renaissance Worthington $150.65 $160.77 (6.3%) 58.3% 65.7% (7.4%) Hotel Adjusted EBITDA RevPAR Margins ------ ---------------------- 3Q 2009 3Q 2008 B/(W) 3Q 2009 3Q 2008 B/(W) ------- ------- ---- ------- ------- ----- Atlanta Alpharetta $72.70 $83.93 (13.4%) 24.9% 28.0% (3.1%) Westin Atlanta North (1) $71.32 $78.08 (8.7%) 11.7% 22.0% (10.3%) Atlanta Waverly $82.40 $91.87 (10.3%) 23.2% 20.9% 2.3% Renaissance Austin $78.67 $98.24 (19.9%) 25.7% 24.3% 1.4% Bethesda Marriott Suites $95.22 $128.62 (26.0%) 15.0% 23.8% (8.8%) Boston Westin (1) $161.01 $162.27 (0.8%) 31.9% 33.1% (1.2%) Chicago Marriott $144.53 $169.49 (14.7%) 24.7% 30.8% (6.1%) Chicago Conrad (1) $154.72 $201.77 (23.3%) 31.1% 37.1% (6.0%) Courtyard Fifth Avenue $191.84 $267.74 (28.3%) 21.5% 36.8% (15.3%) Courtyard Midtown East $178.47 $273.30 (34.7%) 24.5% 41.0% (16.5%) Frenchman's Reef (1) $157.63 $181.85 (13.3%) 16.1% 15.6% 0.5% Griffin Gate Marriott $90.31 $99.79 (9.5%) 27.3% 27.2% 0.1% Los Angeles Airport $74.12 $97.93 (24.3%) 11.3% 21.5% (10.2%) Oak Brook Hills $66.41 $80.67 (17.7%) 25.2% 28.2% (3.0%) Orlando Airport Marriott $63.01 $65.47 (3.8%) 15.0% 10.9% 4.1% Salt Lake City Marriott $70.35 $94.66 (25.7%) 20.7% 29.6% (8.9%) The Lodge at Sonoma $170.32 $202.38 (15.8%) 25.9% 30.1% (4.2%) Torrance Marriott South Bay $83.82 $107.91 (22.3%) 21.7% 33.7% (12.0%) Vail Marriott (1) $87.15 $105.49 (17.4%) 12.3% 12.0% 0.3% Renaissance Worthington $87.78 $105.60 (16.9%) 18.2% 15.0% 3.2% (1) The hotel reports results on a monthly basis. The data presented is based upon the Company's reporting calendar for the third quarter and includes the months of June, July, and August. Operating Statistics - Year to Date 2009 ADR Occupancy --- --------- YTD 2009 YTD 2008 B/(W) YTD 2009 YTD 2008 B/(W) -------- -------- ----- -------- -------- ----- Atlanta Alpharetta $124.47 $148.83 (16.4%) 60.1% 61.8% (1.7%) Westin Atlanta North (1) $102.07 $142.77 (28.5%) 68.5% 61.8% 6.7% Atlanta Waverly $133.06 $142.63 (6.7%) 63.8% 70.2% (6.4%) Renaissance Austin $146.44 $158.71 (7.7%) 62.2% 69.8% (7.6%) Bethesda Marriott Suites $168.94 $191.47 (11.8%) 63.2% 72.2% (9.0%) Boston Westin (1) $191.91 $197.74 (2.9%) 68.7% 69.9% (1.2%) Chicago Marriott $169.30 $205.07 (17.4%) 73.9% 73.2% 0.7% Chicago Conrad (1) $180.41 $229.61 (21.4%) 73.6% 75.7% (2.1%) Courtyard Fifth Avenue $208.92 $288.70 (27.6%) 89.4% 89.3% 0.1% Courtyard Midtown East $201.73 $289.03 (30.2%) 85.6% 90.5% (4.9%) Frenchman's Reef (1) $222.47 $254.33 (12.5%) 87.9% 85.3% 2.6% Griffin Gate Marriott $122.79 $139.56 (12.0%) 62.8% 65.1% (2.3%) Los Angeles Airport $108.71 $114.98 (5.5%) 74.4% 86.7% (12.3%) Oak Brook Hills $117.40 $133.19 (11.9%) 42.9% 52.7% (9.8%) Orlando Airport Marriott $105.46 $121.79 (13.4%) 75.0% 74.2% 0.8% Salt Lake City Marriott $134.94 $135.56 (0.5%) 53.5% 70.6% (17.1%) The Lodge at Sonoma $189.98 $225.20 (15.6%) 61.6% 70.3% (8.7%) Torrance Marriott South Bay $112.02 $125.81 (11.0%) 71.2% 82.3% (11.1%) Vail Marriott (1) $211.05 $253.58 (16.8%) 64.0% 69.7% (5.7%) Renaissance Worthington $161.74 $176.59 (8.4%) 64.9% 73.8% (8.9%) Hotel Adjusted EBITDA RevPAR Margin ------ --------------------- YTD 2009 YTD 2008 B/(W) YTD 2009 YTD 2008 B/(W) -------- -------- ----- -------- -------- ----- Atlanta Alpharetta $74.79 $92.00 (18.7%) 25.7% 31.5% (5.8%) Westin Atlanta North (1) $69.93 $88.20 (20.7%) 12.5% 27.2% (14.7%) Atlanta Waverly $84.88 $100.08 (15.2%) 23.3% 24.9% (1.6%) Renaissance Austin $91.02 $110.84 (17.9%) 29.6% 28.3% 1.3% Bethesda Marriott Suites $106.75 $138.28 (22.8%) 23.9% 28.3% (4.4%) Boston Westin (1) $131.80 $138.28 (4.7%) 27.0% 28.5% (1.5%) Chicago Marriott $125.07 $150.03 (16.6%) 19.7% 25.7% (6.0%) Chicago Conrad (1) $132.85 $173.75 (23.5%) 22.6% 29.6% (7.0%) Courtyard Fifth Avenue $186.80 $257.78 (27.5%) 21.2% 35.9% (14.7%) Courtyard Midtown East $172.60 $261.43 (34.0%) 25.3% 40.6% (15.3%) Frenchman's Reef (1) $195.52 $216.90 (9.9%) 26.5% 26.5% 0.0% Griffin Gate Marriott $77.06 $90.84 (15.2%) 23.3% 25.2% (1.9%) Los Angeles Airport $80.92 $99.68 (18.8%) 16.3% 24.0% (7.7%) Oak Brook Hills $50.42 $70.18 (28.2%) 14.5% 20.7% (6.2%) Orlando Airport Marriott $79.12 $90.42 (12.5%) 26.9% 30.5% (3.6%) Salt Lake City Marriott $72.22 $95.68 (24.5%) 22.8% 29.9% (7.1%) The Lodge at Sonoma $116.96 $158.36 (26.1%) 11.2% 20.2% (9.0%) Torrance Marriott South Bay $79.77 $103.52 (22.9%) 22.4% 30.0% (7.6%) Vail Marriott (1) $135.05 $176.69 (23.6%) 24.9% 33.3% (8.4%) Renaissance Worthington $104.90 $130.38 (19.5%) 28.6% 27.7% 0.9% (1) The hotel reports results on a monthly basis. The data presented is based upon the Company's reporting calendar and includes the months of January through August. Hotel Adjusted EBITDA Reconciliation (in thousands) 3rd Quarter 2009 ---------------- Plus: Plus: Plus: Equals: Net Hotel Total Income / Interest Non-Cash Adjusted Revenues (Loss) Depreciation Expense Adjustments(1) EBITDA ----------------------------------------------------------- Atlanta Alpharetta $2,734 $406 $275 $- $- $681 Westin Atlanta North (2) $3,748 $34 $404 $- $- $438 Atlanta Waverly $6,948 $(623) $986 $1,251 $- $1,614 Renaissance Austin $6,053 $(458) $942 $1,073 $- $1,557 Bethesda Marriott Suites $2,947 $(1,565) $504 $43 $1,459 $441 Boston Westin (2) $18,470 $2,904 $2,867 $- $117 $5,888 Chicago Marriott $21,702 $(378) $3,005 $3,093 $(365) $5,355 Chicago Conrad (2) $6,479 $909 $1,109 $- $- $2,018 Courtyard Fifth Avenue $3,025 $(632) $435 $799 $48 $650 Courtyard Midtown East $4,896 $160 $517 $523 $- $1,200 Frenchman's Reef (2) $11,447 $315 $745 $781 $- $1,841 Griffin Gate Marriott $6,031 $525 $788 $337 $(1) $1,649 Los Angeles Airport $10,178 $(1,163) $1,284 $1,034 $- $1,155 Oak Brook Hills $6,119 $670 $745 $- $125 $1,540 Orlando $3,853 $(938) $731 $785 $- $578 Salt Lake City Marriott $4,351 $(263) $729 $436 $- $902 The Lodge at Sonoma $4,085 $529 $527 $- $- $1,056 Torrance Marriott South Bay $4,761 $268 $763 $- $- $1,031 Vail Marriott (2) $4,493 $(186) $737 $- $- $551 Renaissance Worthington $5,482 $(507) $773 $731 $3 $1,000 (1) The non-cash adjustments include expenses incurred by the hotels due to the straight lining of the rent from our ground lease obligations, the non-cash amortization of our favorable lease assets and the non-cash amortization of our unfavorable contract liabilities. (2) The hotel reports results on a monthly basis. The data presented is based upon the Company's reporting calendar for the third quarter and includes the months of June, July and August. Hotel Adjusted EBITDA Reconciliation (in thousands) 3rd Quarter 2008 ---------------- Plus: Plus: Plus: Equals: Net Hotel Total Income / Interest Non-Cash Adjusted Revenues (Loss) Depreciation Expense Adjustments(1) EBITDA ----------------------------------------------------------- Atlanta Alpharetta $2,979 $590 $245 $- $- $835 Westin Atlanta North (2) $4,161 $257 $660 $- $- $917 Atlanta Waverly $7,075 $(745) $957 $1,266 $- $1,478 Renaissance Austin $7,488 $(74) $823 $1,073 $- $1,822 Bethesda Marriott Suites $3,847 $(1,099) $485 $66 $1,463 $915 Boston Westin (2) $18,453 $3,151 $2,837 $- $114 $6,102 Chicago Marriott $24,564 $2,065 $2,783 $3,078 $(365) $7,561 Chicago Conrad (2) $7,908 $1,871 $1,062 $- $- $2,933 Courtyard Fifth Avenue $4,201 $279 $438 $799 $30 $1,546 Courtyard Midtown East $7,405 $2,001 $525 $513 $- $3,039 Frenchman's Reef (2) $13,466 $611 $692 $802 $- $2,105 Griffin Gate Marriott $6,743 $676 $810 $347 $1 $1,834 Los Angeles Airport $13,196 $520 $1,275 $1,042 $- $2,837 Oak Brook Hills $6,851 $1,012 $796 $- $125 $1,933 Orlando $4,068 $(1,067) $726 $785 $- $444 Salt Lake City Marriott $5,862 $823 $456 $454 $- $1,733 The Lodge at Sonoma $4,937 $971 $514 $- $- $1,485 Torrance Marriott South Bay $6,283 $1,383 $736 $- $- $2,119 Vail Marriott (2) $5,240 $(68) $698 $- $- $630 Renaissance Worthington $6,668 $(473) $741 $732 $3 $1,003 (1) The non-cash adjustments include expenses incurred by the hotels due to the straight lining of the rent from our ground lease obligations, the non-cash amortization of our favorable lease assets and the non-cash amortization of our unfavorable contract liabilities. (2) The hotel reports results on a monthly basis. The data presented is based upon the Company's reporting calendar for the third quarter and includes the months of June, July and August. Hotel Adjusted EBITDA Reconciliation (in thousands) Year to Date 2009 ----------------- Plus: Plus: Plus: Equals: Net Hotel Total Income / Interest Non-Cash Adjusted Revenues (Loss) Depreciation Expense Adjustments(1) EBITDA ----------------------------------------------------------- Atlanta Alpharetta $8,740 $1,443 $805 $- $- $2,248 Westin Atlanta North (2) $9,970 $(308) $1,559 $- $- $1,251 Atlanta Waverly $21,272 $(1,783) $2,947 $3,784 $- $4,948 Renaissance Austin $20,882 $169 $2,764 $3,243 $- $6,176 Bethesda Marriott Suites $9,816 $(3,641) $1,496 $114 $4,376 $2,345 Boston Westin (2) $43,632 $2,890 $8,554 $- $351 $11,795 Chicago Marriott $58,130 $(6,545) $9,756 $9,350 $(1,095) $11,466 Chicago Conrad (2) $14,102 $(104) $3,288 $- $- $3,184 Courtyard Fifth Avenue $8,902 $(1,980) $1,305 $2,415 $143 $1,883 Courtyard Midtown East $14,330 $530 $1,545 $1,544 $- $3,619 Frenchman's Reef (2) $36,080 $4,965 $2,194 $2,389 $- $9,548 Griffin Gate Marriott $15,906 $307 $2,369 $1,026 $(3) $3,699 Los Angeles Airport $33,757 $(1,471) $3,841 $3,124 $- $5,494 Oak Brook Hills $14,023 $(620) $2,277 $- $375 $2,032 Orlando $15,031 $(546) $2,221 $2,374 $- $4,049 Salt Lake City Marriott $14,143 $(122) $2,041 $1,312 $- $3,231 The Lodge at Sonoma $9,403 $(505) $1,556 $- $- $1,051 Torrance Marriott South Bay $14,270 $902 $2,291 $- $- $3,193 Vail Marriott (2)$16,128 $1,835 $2,176 $- $- $4,011 Renaissance Worthington $21,432 $1,578 $2,326 $2,212 $8 $6,124 (1) The non-cash adjustments include expenses incurred by the hotels due to the straight lining of the rent from our ground lease obligations, the non-cash amortization of our favorable lease assets and the non-cash amortization of our unfavorable contract liabilities. (2) The hotel reports results on a monthly basis. The data presented is based upon the Company's reporting calendar and includes the months of January through August. Hotel Adjusted EBITDA Reconciliation (in thousands) Year to Date 2008 ----------------- Plus: Plus: Plus: Equals: Net Hotel Total Income / Interest Non-Cash Adjusted Revenues (Loss) Depreciation Expense Adjustments(1) EBITDA ----------------------------------------------------------- Atlanta Alpharetta $10,306 $2,575 $673 $- $- $3,248 Westin Atlanta North (2) $12,425 $1,414 $1,962 $- $- $3,376 Atlanta Waverly $24,347 $(506) $2,818 $3,741 $- $6,053 Renaissance Austin $24,139 $1,273 $2,387 $3,181 $- $6,841 Bethesda Marriott Suites $12,194 $(2,621) $1,460 $218 $4,397 $3,454 Boston Westin (2) $46,317 $4,627 $8,201 $- $350 $13,178 Chicago Marriott $63,795 $479 $8,007 $9,021 $(1,095) $16,412 Chicago Conrad (2) $17,722 $2,260 $2,982 $- $- $5,242 Courtyard Fifth Avenue $12,005 $531 $1,314 $2,369 $91 $4,305 Courtyard Midtown East $21,180 $5,547 $1,530 $1,530 $- $8,607 Frenchman's Reef (2) $41,185 $6,524 $2,016 $2,372 $- $10,912 Griffin Gate Marriott $18,356 $1,396 $2,202 $1,025 $3 $4,626 Los Angeles Airport $41,057 $3,067 $3,715 $3,086 $- $9,868 Oak Brook Hills $16,994 $817 $2,322 $- $375 $3,514 Orlando $17,456 $901 $2,099 $2,331 $- $5,331 Salt Lake City Marriott $18,121 $2,699 $1,373 $1,354 $- $5,426 The Lodge at Sonoma $12,648 $1,040 $1,510 $- $- $2,550 Torrance Marriott South Bay $18,012 $3,193 $2,203 $- $- $5,396 Vail Marriott (2)$20,879 $4,886 $2,062 $- $- $6,948 Renaissance Worthington $26,137 $2,897 $2,180 $2,169 $3 $7,249 (1) The non-cash adjustments include expenses incurred by the hotels due to the straight lining of the rent from our ground lease obligations, the non-cash amortization of our favorable lease assets and the non-cash amortization of our unfavorable contract liabilities. (2) The hotel reports results on a monthly basis. The data presented is based upon the Company's reporting calendar and includes the months of January through August. - DiamondRock Hospitality Company

ITW Reports Diluted Income Per Share from Continuing Operations of $0.60 in the 2009 Third Quarter; Operating Margins of 13.5 Percent Improve 360 Basis Points Versus the 2009 Second Quarter; Company's Free Operating Cash Flow Totals $516 Million in the Quarter

Sophia Rhodini — Wed, 21 Oct 2009 13:23:42 +0000

GLENVIEW, Ill. -- Illinois Tool Works Inc. (NYSE: ITW) today reported diluted income per share from continuing operations of $0.60 in the 2009 third quarter as ongoing restructuring activities and modest revenue improvement in discrete end markets helped drive income and operating margins to significantly higher levels compared to the 2009 second quarter. In the 2009 third quarter, operating income of $483.6 million equated to operating margins of 13.5 percent versus operating margins of 9.9 percent in the 2009 second quarter. Third quarter 2009 operating revenues of $3.580 billion were 19.8 percent lower than the year ago period but better than the 2009 second quarter as worldwide end markets continued to stabilize, or in some cases, modestly improved. The Company's base revenues declined 17.9 percent in the 2009 third quarter versus a year ago, with North American base revenues decreasing 21.6 percent and international base revenues declining 13.8 percent. Acquisitions added 3.6 percent to revenues while translation negatively impacted revenues 5.6 percent in the third quarter. By comparison, total company base revenues decreased 22.2 percent in the 2009 second quarter versus the year-ago period. While third quarter operating margins of 13.5 percent were 150 basis points lower than the year-ago quarter, base margins actually improved 20 basis points in the 2009 third quarter. Diluted income per share from continuing operations of $0.60 was 33 percent lower than the year-ago period. Starting with this quarter, the Company has moved its annual goodwill impairment testing from the first quarter to the third quarter of each year. As part of the third quarter impairment review, the Company recorded $12 million of impairment, or a reduction of 2.5 cents of earnings. This impairment was related to a 2008 acquisition of a truck remanufacturing and parts/service business. In addition, the Company's effective tax rate of 32.5 percent in the third quarter was higher than the previously forecasted third quarter tax rate of 28.0 percent, resulting in 3.5 cents of reduced earnings. The higher tax rate in the third quarter was due to the non-deductibility of the goodwill associated with impairment and several discrete tax adjustments. The Company's strong third quarter free operating cash flow of $516 million was largely driven by the strong improvement in margins and further reductions in working capital. In the quarter, the free operating cash flow to net income conversion rate was 171 percent. Year-to-date free operating cash flow totaled $1.466 billion, representing a conversion rate of 333 percent. "We continue to be very pleased with the Company's overall operating performance amid an environment of generally weak end markets," said David B. Speer, ITW's chairman and chief executive officer. "Our strong operating margins of 13.5 percent in the third quarter were largely achieved thanks to the focused response by our operating managers and right-sizing of our decentralized business units around the world. We incurred $31 million of restructuring expense in the quarter, bringing our year-to-date restructuring total to $128 million. Additionally, we expect to incur between $25 million and $40 million of restructuring in the 2009 fourth quarter. The cumulative benefits of these restructuring programs will continue to help us in the 2009 fourth quarter and in 2010." Segment highlights for the 2009 third quarter include: *Worldwide revenues for the Power Systems and Electronics segment declined 34.6 percent in the quarter, with base revenues decreasing 34.2 percent. Base revenues performance in the quarter was modestly better than the decrease of 36.5 percent in the 2009 second quarter. Total worldwide welding base revenues declined 36.2 percent as demand for capital equipment and consumables continued to mirror weak capital expenditure spending. In PC board fabrication, base revenues decreased 42.3 percent in the third quarter versus a base revenue decline of 59.2 percent in the second quarter. Even with the weak top line, operating margins of 17.2 percent in the quarter were 190 basis points higher than the 2009 second quarter. *Worldwide revenues for the Transportation segment declined 7.0 percent in the quarter. Base revenues decreased 7.9 percent compared to a base revenue decline of 23.7 percent in the 2009 second quarter. The sequential improvement in base revenues was largely attributable to increased auto builds in North America. Thanks in large part to incentive programs, North American auto builds of 2.4 million in the third quarter were 600,000 units higher than the second quarter. Automotive aftermarket base revenues declined 4.5 percent in the quarter versus a decrease of 12.7 percent in the second quarter. Notably, third quarter operating margins of 10.5 percent were 570 basis points higher than the 2009 second quarter. *Worldwide revenues for the Food Equipment segment declined 10.2 percent in the quarter, with base revenues decreasing 6.3 percent. North American food equipment base revenues decreased 8.0 percent while international food equipment base revenues fell 4.9 percent. All revenue metrics in the quarter represented improvement versus the 2009 second quarter. Operating margins of 17.2 percent in the quarter were 90 basis points higher than the prior year period and 430 basis points higher than the preceding quarter. Looking ahead, the Company is forecasting fourth quarter 2009 diluted income per share from continuing operations to be in a range of $0.54 to $0.66. The 2009 fourth quarter forecast assumes a total revenue range of -1 percent to +5 percent versus the 2009 third quarter. This Earnings Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding operating performance, revenue growth, diluted income per share from continuing operations, restructuring expenses and related benefits and the Company's related forecast. These statements are subject to certain risks, uncertainties and other factors which could cause actual results to differ materially from those anticipated. Important factors that could cause actual results to differ materially from the Company's expectations are contained in ITW's Form 10-K for 2009, as updated by our current report on Form 8-K filed in August 2009. With $17.1 billion in 2008 revenues, ITW is a multinational manufacturer of a diversified range of value-adding and short lead-time industrial products and equipment. The Company consists of 895 business units in 54 countries and employs some 59,000 people. ILLINOIS TOOL WORKS INC. (In thousands except per share data) THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ------------- ------------- STATEMENT OF INCOME 2009 2008 2009 2008 ------------------- ---- ---- ---- ---- Operating Revenues $3,580,354 $4,464,621 $10,119,639 $13,146,312 Cost of revenues 2,315,175 2,936,599 6,716,255 8,570,541 Selling, administrative, and R&D expenses 720,042 806,533 2,239,604 2,394,612 Amortization of intangible assets 49,542 50,491 152,059 132,933 Impairment of goodwill and other intangible assets 12,000 - 101,997 1,438 ------ - ------- ----- Operating Income 483,595 670,998 909,724 2,046,788 Interest expense (45,670) (38,240) (120,992) (112,295) Other income/(expense) 11,139 16,763 (13,041) 19,924 ------ ------ ------- ------ Income from Continuing Operations Before Taxes 449,064 649,521 775,691 1,954,417 Income taxes 146,100 184,935 301,800 565,789 ------- ------- ------- ------- Income from Continuing Operations $302,964 $464,586 $473,891 $1,388,628 Loss from Discontinued Operations (546) (11,068) (34,282) (103,399) ---- ------- ------- -------- Net Income $302,418 $453,518 $439,609 $1,285,229 ======== ======== ======== ========== Income Per Share from Continuing Operations: Basic $0.61 $0.90 $0.95 $2.66 Diluted $0.60 $0.89 $0.95 $2.64 Loss Per Share from Discontinued Operations: Basic $(0.00) $(0.02) $(0.07) $(0.20) Diluted $(0.00) $(0.02) $(0.07) $(0.20) Net Income Per Share: Basic $0.60 $0.88 $0.88 $2.46 Diluted $0.60 $0.87 $0.88 $2.45 Shares outstanding during the period: Average 500,313 517,914 499,635 521,886 Average assuming dilution 502,187 521,086 501,184 525,326 ESTIMATED FREE OPERATING CASH FLOW ---------------------------------- THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ------------- ------------- 2009 2008 2009 2008 ---- ---- ---- ---- Net cash provided by operating activities $569,196 $688,759 $1,640,279 $1,632,787 Less: Additions to PP&E (53,015) (89,308) (174,353) (274,295) ------- ------- -------- -------- Free operating cash flow $516,181 $599,451 $1,465,926 $1,358,492 ======== ======== ========== ========== ILLINOIS TOOL WORKS INC. (In thousands) SEPT 30, JUNE 30, DEC 31, STATEMENT OF FINANCIAL POSITION 2009 2009 2008 ------------------- ---- ---- ---- ASSETS ------ Cash & equivalents $942,856 $616,403 $742,950 Trade receivables 2,410,667 2,393,176 2,571,987 Inventories 1,361,201 1,438,637 1,774,697 Deferred income taxes 243,284 218,125 206,496 Prepaids and other current assets 327,083 453,424 375,778 Assets held for sale - 12,229 82,071 - ------ ------ Total current assets 5,285,091 5,131,994 5,753,979 --------- --------- --------- Net plant & equipment 2,107,103 2,137,982 2,109,432 Investments 456,450 450,889 465,894 Goodwill 4,721,777 4,677,193 4,517,550 Intangible assets 1,652,292 1,696,585 1,779,669 Deferred income taxes 81,870 82,448 75,999 Other assets 579,633 564,584 501,028 ------- ------- ------- $14,884,216 $14,741,675 $15,203,551 =========== =========== =========== LIABILITIES and STOCKHOLDERS' EQUITY ------------------------------------ Short-term debt $67,460 $180,511 $2,433,973 Accounts payable 626,314 575,001 683,991 Accrued expenses 1,391,824 1,326,115 1,315,106 Cash dividends payable 155,282 154,892 154,726 Income taxes payable 225,751 206,219 216,751 Liabilities held for sale - 5,454 20,546 - ----- ------ Total current liabilities 2,466,631 2,448,192 4,825,093 --------- --------- --------- Long-term debt 2,869,377 2,855,812 1,247,883 Deferred income taxes 71,468 139,167 125,089 Other liabilities 1,234,447 1,372,380 1,330,395 --------- --------- --------- Total noncurrent liabilities 4,175,292 4,367,359 2,703,367 --------- --------- --------- Common stock 5,336 5,323 5,318 Additional paid-in capital 199,259 146,116 105,497 Income reinvested in the business 9,170,064 9,022,927 9,196,465 Common stock held in treasury (1,390,594) (1,390,594) (1,390,594) Accumulated other comprehensive income 249,471 130,361 (253,211) Noncontrolling interest 8,757 11,991 11,616 ----- ------ ------ Total stockholders' equity 8,242,293 7,926,124 7,675,091 --------- --------- --------- $14,884,216 $14,741,675 $15,203,551 =========== =========== =========== - Illinois Tool Works Inc.

MGM MIRAGE Announces Non-Cash Charges Relating to its Investment in CityCenter

Sophia Rhodini — Wed, 21 Oct 2009 13:24:53 +0000

LAS VEGAS, -- MGM MIRAGE (NYSE: MGM) announced today that it expects to record a pre-tax non-cash impairment charge of approximately $955 million related to its investment in CityCenter; such charge will be reflected in the Company's statement of operations for the third quarter. In addition, CityCenter, the Company's 50/50 joint venture with Infinity World Development Corp, is expected to recognize a $348 million non-cash impairment charge related to its residential real estate under development. MGM MIRAGE will recognize 50% of such impairment charge, adjusted by certain basis differences, as a part of its income (loss) from unconsolidated affiliates for the third quarter of 2009. The net pre-tax impact of the CityCenter residential charge to the Company's third quarter operating results is expected to be approximately $200 million. MGM MIRAGE evaluates its joint venture investments for impairment whenever events or changes in circumstances indicate that the carrying value of its investment may have experienced an other-than-temporary decline in value. Based on revised operating forecasts developed by CityCenter late in the third quarter, MGM MIRAGE has now determined that the carrying value of the Company's 50% investment is greater than its fair value and an impairment is indicated. The Company, based in part on consultations with third party valuation specialists, estimates the fair value of its 50% investment to be approximately $2.44 billion as of September 30, 2009. CityCenter was required to review its residential inventory under development for impairment as of September 30, 2009, mainly due to CityCenter's September 2009 decision to discount the prices of its residential inventory by 30%. This decision and related market conditions led to the conclusion that the carrying value of the residential inventory is not recoverable. The Company also announced today that it will release the Company's financial results for the third quarter ended September 30, 2009 prior to the market open on Thursday, November 5, 2009, followed by a conference call at 11:00 a.m. Eastern Standard Time. The conference call will include a brief discussion of third quarter results followed by a question and answer period. The call will be accessible via the Internet through www.mgmmirage.com and www.companyboardroom.com or by calling 1-800-526-8531 for Domestic callers and 1-706-758-3659 for International callers. The conference call access code is 35345375. A replay of the call will be available through Wednesday, November 11, 2009. The replay may be accessed by dialing 1-800-642-1687 or 1-706-645-9291. The replay access code is 35345375. The call will also be archived at www.mgmmirage.com and at www.companyboardroom.com. MGM MIRAGE (NYSE: MGM), one of the world's leading and most respected companies with significant holdings in gaming, hospitality and entertainment, owns and operates 16 properties located in Nevada, Mississippi and Michigan, and has 50% investments in four other properties in Nevada, New Jersey, Illinois and Macau. CityCenter, an unprecedented urban metropolis on the Las Vegas Strip scheduled to open in late 2009, is a joint venture between MGM MIRAGE and Infinity World Development Corp, a subsidiary of Dubai World. MGM MIRAGE Hospitality has entered into management agreements for future casino and non-casino resorts throughout the world. MGM MIRAGE supports responsible gaming and has implemented the American Gaming Association's Code of Conduct for Responsible Gaming at its properties. MGM MIRAGE has received numerous awards and recognitions for its industry-leading Diversity Initiative and its community philanthropy programs. For more information about MGM MIRAGE, please visit the Company's Web site at http://www.mgmmirage.com. Statements in this release which are not historical facts are "forward looking" statements and "safe harbor statements" under the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including risks and/or uncertainties as described in the company's public filings with the Securities and Exchange Commission. - MGM MIRAGE

Harris Corporation Introduces New Airborne Encoding Solution for Unmanned Applications

Sophia Rhodini — Wed, 21 Oct 2009 13:30:51 +0000

SAN ANTONIO, -- GEOINT, Booth #601 -- Harris Corporation (NYSE: HRS), an international communications and information technology company, today introduced a new airborne-hardened encoder. This advanced technology more efficiently packages and transmits data and full-motion video gathered by unmanned aerial vehicles (UAV) during military missions. The Harris AcuityH264 is a compact, versatile high-definition/standard-definition (HD/SD) encoding solution, which meets Motion Imagery Standards Board requirements for airborne applications. It efficiently compresses full-motion video and attaches mission data - such as telemetry and time of acquisition - that significantly increases the intelligence value of the imagery. State-of-the-art H.264 compression, combined with data standards, ensures interoperability with current and future exploitation systems. The AcuityH264 offers several features currently not available with most other encoders. These include: Features for image scaling and cropping of HD video to meet the needs of constrained, low-bandwidth channels. A slice design that enables additional channels of encoding to be easily added. Expansion capabilities for on-board storage of 'mezzanine-quality' video - a much higher-fidelity version of the captured video compared to that sent over the channel. Initially designed for use in military missions, the encoder's broadcast-quality, video-encoding capabilities enable potential application to commercial broadcast markets - where video and data must be transmitted from remote locations and mobile broadcast vehicles. "The AcuityH264 delivers enriched content that adds value to, and greatly simplifies, the task of analysts on the ground as they gather information that is critical to decision-making," said Wes Covell, president, Defense Programs, Harris Government Communications Systems. "This new product from Harris is another example of our commitment to providing the most advanced tools for information gathering, processing and exploitation." Harris Defense Programs develops, supplies, and integrates communications and information processing products, systems and networks for a diverse base of aerospace, terrestrial and maritime applications supporting U.S. Department of Defense missions. Harris is committed to delivering leading-edge technologies that support the military's ongoing transformation to network-centric communications. - Harris Corporation

Operation Homefront Maine Steps Up to Help Solider Hurt in Afghanistan

Sophia Rhodini — Wed, 21 Oct 2009 13:31:18 +0000

WINDHAM, Maine, -- Operation Homefront Maine has stepped up to the plate to help a Maine family with much-needed home improvements after the husband, an Army paratrooper, returned from Afghanistan with severe injuries resulting from an improvised explosive device planted by insurgents. The blast left the husband using a wheelchair and in need of bathroom renovations that would enhance accessibility and reduce the possibility of a slip-and-fall accident. "Operation Homefront Maine is honored to be able to assist a military family in need," said chapter president Donna Chapman. "We also are delighted to have the support of the New England Council of Carpenters, which helped us make optimal use of our limited resources by donating much of the carpentry work required for this major renovation project. Had it not been for the carpenters in our area, we would have had great difficulty in meeting the needs of this family, which so very much deserves any comfort and support we can offer," she concluded. Renovations to the soldier's bathroom include a widened doorway that provides wheelchair access, an accessible sink and vanity and a specially designed tub. The existing bathroom appliances were not only difficult for the solider to access, but also were beginning to crack and fail, since they were not designed for the stresses that occur when used by a severely injured person. The injured solider and his wife are available to speak to the media. Interviews can be arranged by calling Donna Chapman at 207-321-1321. Those interested in making donations to help cover the cost of this project can visit the chapter Web site at www.operationhomefront.net/maine. - Operation Homefront

Lockheed Martin Announces Third Quarter 2009 Results

Sophia Rhodini — Wed, 21 Oct 2009 13:32:12 +0000

BETHESDA, Md., -- Third quarter net sales of $11.1 billion; Year-to-date net sales of $32.7 billion Third quarter earnings per share of $2.07; Year-to-date earnings per share of $5.61 Third quarter net earnings of $797 million; Year-to-date net earnings of $2.2 billion Generated $1.4 billion in cash from operations for the quarter; $3.8 billion year-to-date Increases outlook for 2009 earnings per share and return on invested capital Reaffirms outlook for 2009 net sales Updates 2009 cash from operations for anticipated discretionary pension plan pre-funding of at least $1 billion Provides initial outlook for 2010 Lockheed Martin Corporation (NYSE: LMT) today reported third quarter 2009 net earnings of $797 million ($2.07 per diluted share), compared to $782 million ($1.92 per diluted share) in 2008. Net earnings in 2009 included higher pension expense as disclosed in our Jan. 22, 2009 earnings release and in our 2008 Form 10-K. The third quarter of 2009 included a FAS/CAS pension adjustment of ($113) million and an unusual tax benefit of $58 million from the resolution of an IRS examination. These items together decreased third quarter 2009 net earnings by $15 million ($0.04 per share). The third quarter of 2008 included a FAS/CAS pension adjustment of $32 million and an unusual gain of $44 million, which together increased net earnings by $49 million ($0.12 per share). Net sales for the third quarter of 2009 were $11.1 billion, compared to $10.6 billion in 2008. Cash from operations for the third quarter of 2009 was $1.4 billion, compared to $1.1 billion in 2008. "Our third quarter results keep the Corporation on track to achieve full year 2009 operational and financial commitments," said Bob Stevens, Chairman, President and CEO. "Our diverse portfolio of programs is well positioned to provide critical, global security solutions to our customers as we support their changing program priorities and generate shareholder value." Summary Reported Results and Outlook The following table presents the Corporation's results for the periods referenced in accordance with generally accepted accounting principles (GAAP): REPORTED RESULTS 3rd Quarter Year-to-Date ----------- ------------ (In millions, except 2009 2008 2009 2008 per share data) ---- ---- ---- ---- Net sales $11,056 $10,577 $32,665 $31,599 ======= ======= ======= ======= Operating profit ---------------- Segment operating profit $1,266 $1,250 $3,742 $3,715 Unallocated corporate, net: FAS/CAS pension adjustment (113) 32 (342) 96 Stock compensation expense (40) (40) (112) (115) Unusual items -- 44 -- 145 Other, net (28) (44) (63) (58) ---- ---- ---- ---- 1,085 1,242 3,225 3,783 Interest expense 67 85 219 264 Other non-operating income/ (expense), net(1) 54 (13) 98 14 -- ---- -- -- Earnings before income taxes 1,072 1,144 3,104 3,533 Income taxes(2) 275 362 907 1,139 --- --- --- ----- Net earnings $797 $782 $2,197 $2,394 ==== ==== ====== ====== Diluted earnings per share $2.07 $1.92 $5.61 $5.82 ===== ===== ===== ===== Cash from operations(3) $1,424 $1,056 $3,778 $3,424 ====== ====== ====== ====== (1) Includes interest income and unrealized gains (losses), net on marketable securities held in a Rabbi Trust to fund certain employee benefit obligations. (2) Includes an unusual benefit from the resolution of an IRS examination that decreased income tax expense by $58 million during the quarter and nine month periods of 2009. (3) In the fourth quarter of 2008, the Corporation reclassified the effect of exchange rate changes on cash from "Cash from operations" to a separate caption in the Statement of Cash Flows. Accordingly, the prior period amount now reflects this presentation. The following table and other sections of this press release contain forward-looking statements, which are based on the Corporation's current expectations. Actual results may differ materially from those projected. See the "Forward-Looking Statements" discussion contained in this press release. 2009 FINANCIAL OUTLOOK (1) 2009 Projections ---------------- (In millions, except per share July 2009 Current Update data and percentages) --------- -------------- Net sales $44,700 - $45,700 $44,700 - $45,700 ================= ================= Operating profit: ----------------- Segment operating profit $5,075 - $5,175 $5,075 - $5,175 Unallocated corporate expense, net: FAS/CAS pension adjustment (460) (460) Unusual items, net - - - - Stock compensation expense (160) (160) Other, net (100) (100) ----- ----- 4,355 - 4,455 4,355 - 4,455 Interest expense (305) (305) Other non-operating income, net 45 100 Earnings before income taxes $4,095 - $4,195 $4,150 - $4,250 Diluted earnings per share $7.15 - $7.35 $7.40 - $7.60 Cash from operations >/= $4,100 >/= $3,100 ROIC(2) >/= 18.5% >/= 19.5% (1) All amounts approximate. (2) See discussion of non-GAAP performance measures at the end of this document. The Corporation's updated outlook for 2009 diluted earnings per share primarily reflects the following revisions: An unusual benefit of $0.15 related to resolution of an IRS examination; and an increase in Other non-operating income, net as a result of improved market performance during the third quarter on Rabbi Trust assets. The updated outlook for 2009 cash from operations anticipates that the Corporation will make at least a $1 billion discretionary contribution to the defined benefit pension plans' trust during the fourth quarter. 2010 FINANCIAL OUTLOOK (1) (In millions, except per share 2010 Projection data and percentages) --------------- Net sales $46,250 - $47,250 ================= Segment operating profit: ------------------------- Segment operating profit $5,025 - $5,125 Unallocated corporate expense, net: FAS/CAS pension adjustment (495) Stock compensation expense (180) Unusual items - - Other, net (100) ----- 4,250 - 4,350 Interest Expense (275) Other non-operating income, net - - Earnings before income taxes $3,975 - $4,075 Diluted earnings per share $7.05 - $7.25 Cash from operations >/= $3,200 ROIC (2) >/= 16.5% (1) All amounts approximate. (2) See discussion of non-GAAP performance measures at the end of this document. The outlook for 2010 earnings before income taxes and earnings per share assumes that the Corporation's 2010 non-cash FAS/CAS pension adjustment would be calculated using a discount rate of 6.125%, that the return on plan assets in 2009 would be approximately 8.5%, and that the Corporation will make a $1 billion discretionary contribution to the defined benefit pension plans' trust in 2009. The outlook for 2010 cash from operations anticipates that the Corporation will make additional contributions of approximately $1.4 billion to the defined benefit pension plans' trust during 2010. The Corporation anticipates recovering approximately $1 billion during 2010 as CAS cost, with the remainder being recoverable in future years. The 2010 non-cash FAS/CAS pension adjustment and related assumptions will not be finalized until year-end 2009, consistent with the Corporation's pension plan measurement date. These assumptions may change and could differ materially at the year-end measurement date. For example, a 25 basis point change in the discount rate would result in a $95 million change in the FAS/CAS pension adjustment. Similarly, a 100 basis point change in the actual return on plan assets would result in a $10 million change in the FAS/CAS pension adjustment. The Corporation will update its FAS/CAS pension adjustment and projections for cash from operations taking into account any changes in required defined benefit plan funding obligations, as necessary, when it announces 2009 year-end financial results. The research and development (R&D) tax credit expires on Dec. 31, 2009, and has not been incorporated into our outlook for 2010. The benefit of the R&D tax credit (approximately $0.11 per share for 2009) will not be incorporated into our 2010 outlook or results unless it is extended by Congress. It is the Corporation's practice not to incorporate adjustments to its outlook for proposed acquisitions, divestitures, joint ventures, or unusual items until such transactions have been consummated. Balanced Cash Deployment Strategy The Corporation continued to execute its balanced cash deployment strategy during the quarter and nine months ended Sept. 27, 2009 by: repurchasing 4.6 million shares at a cost of $354 million during the quarter and 18.3 million shares at a cost of $1.4 billion during the nine month period of the year; paying cash dividends totaling $219 million during the quarter and $668 million during the nine month period of the year; investing $233 million during the quarter and $420 million during the nine month period of the year for acquisitions of businesses and investments in affiliates; and making capital expenditures of $182 million during the quarter and $481 million during the nine month period of the year. Additionally, the Corporation increased its quarterly dividend 10.5 percent or $0.06 per share. The new quarterly dividend will be $0.63 per share payable Dec. 31, 2009 to its holders of record as of the close of business Dec. 1, 2009. Segment Results The Corporation operates in four principal business segments: Electronic Systems; Information Systems & Global Services (IS&GS); Aeronautics; and Space Systems. The following table presents the operating results of the four business segments and reconciles these amounts to the Corporation's consolidated financial results. (In millions) 3rd Quarter Year-to-Date ----------- ------------ 2009 2008 2009 2008 ---- ---- ---- ---- Net sales --------- Electronic Systems $2,922 $2,802 $8,911 $8,686 Information Systems & Global Services 2,977 2,950 8,756 8,312 Aeronautics 3,084 2,917 8,951 8,608 Space Systems 2,073 1,908 6,047 5,993 ----- ----- ----- ----- Total net sales $11,056 $10,577 $32,665 $31,599 ======= ======= ======= ======= Operating profit ---------------- Electronic Systems $389 $364 $1,185 $1,139 Information Systems & Global Services 244 267 734 769 Aeronautics 397 375 1,151 1,064 Space Systems 236 244 672 743 --- --- --- --- Segment operating profit 1,266 1,250 3,742 3,715 Unallocated corporate income (expense), net (181) (8) (517) 68 ----- --- ----- -- Total operating profit $1,085 $1,242 $3,225 $3,783 ====== ====== ====== ====== In our discussion of comparative results, changes in net sales and operating profit generally are expressed in terms of volume and/or performance. Volume refers to increases (or decreases) in sales resulting from varying production activity levels, deliveries, or service levels on individual contracts. Volume changes typically include a corresponding change in operating profit based on the estimated profit rate at completion for a particular contract for design, development, and production activities. Performance generally refers to changes in contract profit booking rates. These changes to our contracts for products usually relate to profit recognition associated with revisions to total estimated costs at completion of the contracts that reflect improved (or deteriorated) operating or award fee performance on a particular contract. Changes in contract profit booking rates on contracts for products are recognized by recording adjustments in the current period for the inception-to-date effect of the changes on current and prior periods. Recognition of the inception-to-date adjustment in the current or prior periods may affect the comparison of segment operating results. Electronic Systems (In millions, except percentages) 3rd Quarter Year-to-Date ----------- ------------ 2009 2008 2009 2008 ---- ---- ---- ---- Net sales $2,922 $2,802 $8,911 $8,686 Operating profit $389 $364 $1,185 $1,139 Operating margin 13.3% 13.0% 13.3% 13.1% ---------------- ---- ---- ---- ---- Net sales for Electronic Systems increased by 4% for the quarter and 3% for the nine months of 2009 from the comparable 2008 periods. During the quarter, sales increases at Maritime Systems & Sensors (MS2) and Missiles & Fire Control (M&FC) more than offset a decline at Platforms & Training (P&T). The increase at MS2 mainly was due to higher volume on surface naval warfare, tactical systems and radar systems programs. The increase at M&FC primarily was due to growth on tactical missile and air defense programs. At P&T, lower volume on platform integration activities and distribution technology programs partially was offset by growth on simulation and training activities. During the nine month period, sales increased in all three lines of business. The increase at M&FC primarily was attributable to higher volume on tactical missile programs. The increase at MS2 mainly was due to higher volume on surface naval warfare, tactical systems and radar systems programs, which partially were offset by declines in integrated defense technology programs. At P&T, higher volume on simulation and training activities partially was offset by lower volume on platform integration and distribution technology programs. The increase in simulation and training also included sales from the first quarter 2009 acquisition of Universal Systems and Technology, Inc. Operating profit for Electronic Systems increased by 7% for the quarter and 4% for the nine months of 2009 from the comparable 2008 periods. During the quarter, an increase in operating profit at M&FC more than offset declines at MS2 and P&T. The increase at M&FC mainly was due to higher volume and improved performance on tactical missile and air defense programs as well as improved performance on fire control systems. The decrease at MS2 primarily was attributable to a reduction in the level of favorable performance adjustments in 2009 compared to 2008 on tactical systems and surface naval warfare programs. The decline at P&T resulted from lower volume on platform integration activities and a reduction in the level of favorable performance adjustments in 2009 compared to 2008 on distribution technology programs. During the nine month period, increases in operating profit at M&FC and P&T more than offset a decline at MS2. The increase at M&FC mainly was due to higher volume on tactical missile programs and improved performance on fire control systems. The increase in P&T's operating profit primarily was attributable to improved performance on platform integration activities and the benefit recognized in the first quarter of 2009 from favorably resolving a simulation and training contract matter. These increases partially were offset by declines in volume and a reduction in the level of favorable performance adjustments in 2009 compared to 2008 on distribution technology programs. The decrease at MS2 primarily was attributable to a reduction in the level of favorable performance adjustments in 2009 compared to 2008 on integrated defense technology and tactical systems programs. Information Systems & Global Services (In millions, except percentages) 3rd Quarter Year-to-Date ----------- ------------ 2009 2008 2009 2008 ---- ---- ---- ---- Net sales $2,977 $2,950 $8,756 $8,312 Operating profit $244 $267 $734 $769 Operating margin 8.2% 9.1% 8.4% 9.3% ---------------- --- --- --- --- Net sales for IS&GS increased by 1% for the quarter and 5% for the nine months of 2009 from the comparable 2008 periods. During the quarter, the sales increase primarily was attributable to higher volume on enterprise civilian services in Civil. Sales for Defense and Intelligence were relatively unchanged between the quarters. During the nine month period, increases in Defense and Civil partially were offset by declines in Intelligence. Defense sales primarily increased due to higher volume on mission and combat systems activities and readiness and stability operations. Civil increased principally due to higher volume on enterprise civilian services. Intelligence sales declined slightly between periods mainly due to lower volume on enterprise integration activities. Operating profit for IS&GS decreased by 9% for the quarter and 5% for the nine months of 2009 from the comparable 2008 periods. During the quarter, operating profit declined in Intelligence and Defense and remained unchanged in Civil. The decrease in Intelligence mainly was due to a reduction in the level of favorable performance adjustments in 2009 compared to 2008 on security solutions activities. The decrease in Defense primarily was attributable to performance on global programs. During the nine month period, operating profit declines in Civil and Intelligence more than offset growth in Defense. The decrease in Civil primarily was attributable to the absence in 2009 of a benefit recognized in the first quarter of 2008 for a contract restructuring and the absence of a favorable performance adjustment recognized in the second quarter of 2008, both of which occurred on an enterprise civilian services program. The decrease in Intelligence mainly was due to lower volume on enterprise integration activities and a reduction in the level of favorable performance adjustments in 2009 compared to 2008 on security solution activities. The increase in Defense mainly was due to volume and improved performance in mission and combat systems and readiness and stability operations. The prior period amounts for IS&GS have been reclassified to conform to its current lines of business (Civil, Defense and Intelligence). The realignment had no impact on the segment's operating results. Aeronautics (In millions, except percentages) 3rd Quarter Year-to-Date ----------- ------------ 2009 2008 2009 2008 ---- ---- ---- ---- Net sales $3,084 $2,917 $8,951 $8,608 Operating profit $397 $375 $1,151 $1,064 Operating margin 12.9% 12.9% 12.9% 12.4% ---------------- ---- ---- ---- ---- Net sales for Aeronautics increased by 6% for the quarter and 4% for the nine months of 2009 from the comparable 2008 periods. In both periods, sales increased in all three lines of business. The increase in Combat Aircraft principally was due to higher volume on the F-35 program, which more than offset lower volume on F-22 and F-16 programs. The increase in Air Mobility primarily was attributable to higher volume on the C-130J program, including deliveries and support activities. There were four C-130J deliveries in the third quarter of 2009 and three in the comparable 2008 period. There were ten C-130J deliveries in the nine month period of 2009 and nine in the comparable 2008 period. The increase in Other Aeronautics Programs mainly was due to higher volume on advanced development programs and P-3 programs, which partially were offset by declines in other sustainment activities. Operating profit for Aeronautics increased by 6% for the quarter and 8% for the nine months of 2009 from the comparable 2008 periods. In both periods, the growth in operating profit primarily was due to increases in Air Mobility and Other Aeronautics Programs, which partially were offset by declines in Combat Aircraft. The increase in Air Mobility operating profit primarily was due to higher volume on C-130J programs and improved performance on C-130 support programs. During the nine month period, Air Mobility's operating profit also increased due to improved performance on C-5 programs. The increase in Other Aeronautics Programs mainly was attributable to improved performance in sustainment activities and a favorable contract restructuring of a P-3 modification contract. The decrease in Combat Aircraft operating profit primarily was due to lower volume on the F-22 program and a reduction in the level of favorable performance adjustments in 2009 compared to 2008 on F-16 programs. These decreases more than offset increased operating profit resulting from higher volume and improved performance on the F-35 program. Space Systems (In millions, except percentages) 3rd Quarter Year-to-Date ----------- ------------ 2009 2008 2009 2008 ---- ---- ---- ---- Net sales $2,073 $1,908 $6,047 $5,993 Operating profit $236 $244 $672 $743 Operating margin 11.4% 12.8% 11.1% 12.4% ---------------- ---- ---- ---- ---- Net sales for Space Systems increased by 9% for the quarter and 1% for the nine months of 2009 from the comparable 2008 periods. During the quarter, sales growth at Satellites and Space Transportation more than offset a decline in Strategic & Defensive Missile Systems (S&DMS). The sales growth in Satellites was due to higher volume in commercial satellite and government satellite activities. There was one commercial satellite delivery in the third quarter of 2009. There were no commercial satellite deliveries during the third quarter of 2008. The increase in Space Transportation principally was due to higher volume on the Orion program in 2009. S&DMS' sales decreased mainly due to lower volume on defensive missile programs. During the nine month period, growth in Satellites more than offset declines in sales at Space Transportation and S&DMS. The sales growth in Satellites was due to higher volume in government satellite activities, which partially was offset by lower volume in commercial satellite activities. There was one commercial satellite delivery during the nine month period in 2009 and two deliveries in the comparable 2008 period. The decrease in Space Transportation primarily was due to lower volume in commercial launch vehicle activities in 2009. There were no commercial launches during the nine month period of 2009 and one during the nine month period of 2008. S&DMS' sales decreased mainly due to lower volume on defensive missile programs, which more than offset growth in strategic missile programs. Operating profit for Space Systems decreased by 3% for the quarter and 10% for the nine months of 2009 from the comparable 2008 periods. During the quarter, declines in operating profit in Satellites and S&DMS partially were offset by growth in Space Transportation. Satellites' operating profit decreased primarily due to the absence of favorable 2008 performance adjustments on government satellite programs in 2009, which more than offset an increase associated with the 2009 commercial satellite delivery. S&DMS' operating profit declined slightly between periods. In Space Transportation, the increase mainly was attributable to higher equity earnings on the United Launch Alliance joint venture and volume on the Orion program. During the nine month period, operating profit declined in all three lines of business. Space Transportation's operating profit decrease mainly was attributable to the absence in 2009 of a benefit recognized in 2008 from the successful negotiations of a terminated commercial launch vehicle contract and lower equity earnings in 2009 on the United Launch Alliance joint venture. The decrease in S&DMS' operating profit primarily was attributable to a reduction in the level of favorable performance adjustments in 2009 compared to 2008 on strategic missile programs. In Satellites, the operating profit decrease mainly was due to lower volume in commercial satellite activities, which partially was offset by higher volume on government satellite activities. Unallocated Corporate Income (Expense), Net (In millions) 3rd Quarter Year-to-Date ----------- ------------ 2009 2008 2009 2008 ---- ---- ---- ---- FAS/CAS pension adjustment $(113) $32 $(342) $96 Stock compensation expense (40) (40) (112) (115) Unusual items -- 44 -- 145 Other, net (28) (44) (63) (58) ---- ---- ---- ---- Unallocated corporate income (expense), net $(181) $(8) $(517) $68 ---------------------- ===== === ===== === Consistent with the manner in which the Corporation's business segment operating performance is evaluated by senior management, certain items are excluded from the business segment results and included in "Unallocated corporate income (expense), net." See the Corporation's 2008 Form 10-K for a description of "Unallocated corporate income (expense), net," including the FAS/CAS pension adjustment. The FAS/CAS pension adjustment (calculated as the difference between FAS pension expense and the CAS cost amounts) resulted in an expense in 2009 compared to income in 2008 due to the negative actual return on plan assets in 2008 and a lower discount rate at Dec. 31, 2008. This trend is consistent with the Corporation's previously disclosed assumptions used to compute these amounts. For purposes of segment reporting, unusual items are included in "Unallocated corporate income (expense), net": 2009 - There were no unusual items affecting operating profit during the nine months of the year. In the third quarter, we resolved an IRS examination of our U.S. Federal Income Tax Returns for the years 2005-2007. As a result, we recognized an unusual tax benefit that reduced our income tax expense and increased our net earnings by $58 million ($0.15 per share) during the quarter and nine month periods of 2009. 2008 - A third quarter gain, net of state income taxes, of $44 million representing the recognition of a portion of the deferred net gain from the 2006 sale of the Corporation's ownership interest in Lockheed Khrunichev Energia International, Inc. (LKEI) and International Launch Services, Inc. (ILS). At the time of the sale, the Corporation deferred recognition of any gains pending the expiration of its responsibility to refund advances for future launch services. Second quarter earnings, net of state income taxes, of $85 million associated with reserves related to various land sales that are no longer required. Reserves were recorded at the time of each land sale based on the U.S. Government's assertion of its right to share in the sale proceeds. This matter was favorably settled with the U.S. Government in the second quarter. This item increased net earnings by $56 million ($0.14 per share) during the second quarter of 2008; and A first quarter gain, net of state income taxes, of $16 million representing the recognition of a portion of the deferred net gain from the 2006 sale of the Corporation's ownership interest in LKEI and ILS. This item increased net earnings by $10 million ($0.02 per share) during the first quarter of 2008. Recognition of the deferred net gain increased net earnings by $28 million ($0.07 per share) during the third quarter of 2008. This item, along with the second quarter reserve reversal and the first quarter gain increased net earnings by $94 million ($0.23 per share) during the nine months ended Sept. 28, 2008. Income Taxes Our effective income tax rates were 25.7% and 29.2% for the quarter and nine months ended Sept. 27, 2009, and 31.6% and 32.2% for the quarter and nine months ended Sept. 28, 2008. These rates were lower than the statutory rate of 35% for all periods due to tax benefits for U.S. manufacturing activities and dividends related to our employee stock ownership plans. The effective tax rates for the third quarter and first nine months of 2009 were lower than the comparable periods in 2008, primarily due to the resolution of an IRS examination in the third quarter of 2009 that reduced income tax expense by $58 million and the extension of the research and development (R&D) credit as a result of the enactment, on Oct. 3, 2008, of the Emergency Economic Stabilization Act (EESA) of 2008. Although EESA retroactively extended the R&D credit for two years from Jan. 1, 2008 to Dec. 31, 2009, we did not recognize the benefit until EESA became law in the fourth quarter of 2008. In addition to these items, the effective tax rate for the nine month period of 2009 was affected by the partial elimination of a valuation allowance previously provided against certain foreign company deferred tax assets arising from carryforwards of unused tax benefits. Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 140,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation reported 2008 sales of $42.7 billion. Web site: www.lockheedmartin.com Conference call: Lockheed Martin will webcast the earnings conference call (listen-only mode) at 11:00 a.m. E.D.T. on Oct. 20, 2009. A live audio broadcast, including relevant charts, will be available on the Investor Relations page of the company's web site at: http://www.lockheedmartin.com/investor. FORWARD-LOOKING STATEMENTS Statements in this release that are "forward-looking statements" are based on Lockheed Martin's current expectations and assumptions. Forward-looking statements in this release include estimates of future sales, earnings and cash flow. These statements are not guarantees of future performance and are subject to risks and uncertainties. Actual results could differ materially due to factors such as: the availability of government funding for our products and services both domestically and internationally; changes in government and customer priorities and requirements (including changes to respond to the priorities of Congress and the Administration, budgetary constraints, and cost-cutting initiatives); the impact of economic recovery and stimulus plans and continued military operations in Iraq and Afghanistan on funding for existing defense programs; the award or termination of contracts; actual returns (or losses) on pension plan assets, interest and discount rates and other changes that may affect pension plan assumptions; the effect of capitalization changes (such as share repurchase activity, advance pension funding, option exercises, or debt levels) on earnings per share; difficulties in developing and producing operationally advanced technology systems; the timing and customer acceptance of product deliveries; materials availability and performance by key suppliers, subcontractors and customers; charges from any future impairment reviews that may result in the recognition of losses and a reduction in the book value of goodwill or other long-term assets; the future impact of legislation, rulemaking, and changes in accounting, tax, defense procurement, or export policies; the future impact of acquisitions or divestitures, joint ventures or teaming arrangements; the outcome of legal proceedings and other contingencies (including lawsuits, government investigations or audits, and environmental remediation efforts); the competitive environment for the Corporation's products and services; and economic, business and political conditions domestically and internationally. These are only some of the factors that may affect the forward-looking statements contained in this press release. For further information regarding risks and uncertainties associated with Lockheed Martin's business, please refer to the Corporation's SEC filings, including the "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Risk Factors," and "Legal Proceedings" sections of the Corporation's 2008 annual report on Form 10-K, which may be obtained at the Corporation's website: http://www.lockheedmartin.com It is the Corporation's policy to only update or reconfirm its financial projections by issuing a press release. The Corporation generally plans to provide a forward-looking outlook as part of its quarterly earnings release but reserves the right to provide an outlook at different intervals or to revise its practice in future periods. All information in this release is as of Oct. 19, 2009. Lockheed Martin undertakes no duty to update any forward-looking statement to reflect subsequent events, actual results or changes in the Corporation's expectations. We also disclaim any duty to comment upon or correct information that may be contained in reports published by investment analysts or others. NON-GAAP PERFORMANCE MEASURES The Corporation believes that reporting ROIC provides investors with greater visibility into how effectively Lockheed Martin uses the capital invested in its operations. The Corporation uses ROIC to evaluate multi-year investment decisions and as a long-term performance measure, and also uses ROIC as a factor in evaluating management performance for incentive compensation purposes. ROIC is not a measure of financial performance under generally accepted accounting principles, and may not be defined and calculated by other companies in the same manner. ROIC should not be considered in isolation or as an alternative to net earnings as an indicator of performance. The Corporation calculates ROIC as follows: Net earnings plus after-tax interest expense divided by average invested capital (stockholders' equity plus debt), after adjusting stockholders' equity by adding back adjustments related to postretirement benefit plans. (In millions, except 2010 Outlook 2009 Outlook 2009 Prior percentages) ------------ ------------ ---------- Net Earnings Combined Combined Combined Interest Expense (multiplied by 65%) (1) Return >/= $2,900 >/= $3,100 >/= $3,000 Average debt (2, 5) Combined Combined Combined Average equity (3, 5) Average Benefit Plan Adjustments (4, 5) Average Invested Capital /= 19.5% >/= 18.5% -------------------------- -------- -------- -------- (1) Represents after-tax interest expense utilizing the federal statutory rate of 35%. (2) Debt consists of long-term debt, including current maturities, and short-term borrowings (if any). (3) Equity includes non-cash adjustments, primarily to recognize the funded / unfunded status of our benefit plans. (4) Average Benefit Plan Adjustments reflect the cumulative value of entries identified in our Statement of Stockholders' Equity discussed in Note 3. (5) Yearly averages are calculated using balances at the start of the year and at the end of each quarter. LOCKHEED MARTIN CORPORATION Condensed Consolidated Statement of Earnings Unaudited (In millions, except per share data and percentages) THREE MONTHS ENDED NINE MONTHS ENDED ------------------- ------------------- September September September September 27, 28, 27, 28, 2009 (a) 2008 (a) 2009 (a) 2008 (a) -------- -------- -------- -------- Net sales $11,056 $10,577 $32,665 $31,599 Cost of sales 10,060 9,455 29,652 28,217 ------ ----- ------ ------ 996 1,122 3,013 3,382 Other income (expense), net 89 120 212 401 -- --- --- --- Operating profit 1,085 1,242 3,225 3,783 Interest expense 67 85 219 264 Other non-operating income (expense), net 54 (13) 98 14 -- --- -- -- Earnings before income taxes 1,072 1,144 3,104 3,533 Income tax expense 275 362 907 1,139 --- --- --- ----- Net earnings $797 $782 $2,197 $2,394 ==== ==== ====== ====== Effective tax rate 25.7% 31.6% 29.2% 32.2% ==== ==== ==== ==== Earnings per common share: Basic $2.09 $1.97 $5.67 $5.97 Diluted $2.07 $1.92 $5.61 $5.82 Average number of shares outstanding Basic 381.4 397.4 387.2 401.1 Diluted 385.5 407.1 391.3 411.1 Common shares reported in stockholders' equity at quarter end: 378.2 398.2 (a) It is our practice to close our books and records on the Sunday prior to the end of the calendar quarter. The interim financial statements and tables of financial information included herein are labeled based on that convention. A LOCKHEED MARTIN CORPORATION Net Sales, Segment Operating Profit and Margins Unaudited (In millions, except percentages) THREE MONTHS ENDED NINE MONTHS ENDED ------------------------ ----------------------- September September September September 27, 28, % 27, 28, % 2009 2008 Change 2009 2008 Change Net sales --------- Electronic Systems $2,922 $2,802 4% $8,911 $8,686 3% Information Systems & Global Services 2,977 2,950 1 8,756 8,312 5 Aeronautics 3,084 2,917 6 8,951 8,608 4 Space Systems 2,073 1,908 9 6,047 5,993 1 ----- ----- ----- ----- Total net sales $11,056 $10,577 5% $32,665 $31,599 3% ======= ======= ======= ======= Operating profit ---------------- Electronic Systems $389 $364 7% $1,185 $1,139 4% Information Systems & Global Services 244 267 (9) 734 769 (5) Aeronautics 397 375 6 1,151 1,064 8 Space Systems 236 244 (3) 672 743 (10) --- --- --- --- Segment operating profit 1,266 1,250 1 3,742 3,715 1 Unallocated corporate (expense) income, net (181) (8) (517) 68 ---- -- ---- -- $1,085 $1,242 (13)% $3,225 $3,783 (15)% ====== ====== ====== ====== Margins: -------- Electronic Systems 13.3% 13.0% 13.3% 13.1% Information Systems & Global Services 8.2 9.1 8.4 9.3 Aeronautics 12.9 12.9 12.9 12.4 Space Systems 11.4 12.8 11.1 12.4 Total operating segments 11.5 11.8 11.5 11.8 Total consolidated 9.8% 11.7% 9.9% 12.0% B LOCKHEED MARTIN CORPORATION Selected Financial Data Unaudited (In millions, except per share data) THREE MONTHS ENDED NINE MONTHS ENDED ------------------- ------------------- September September September September 27, 2009 28, 2008 27, 2009 28, 2008 -------- -------- -------- -------- Unallocated corporate (expense) income, net ----------- FAS/CAS pension adjustment $(113) $32 $(342) $96 Stock compensation expense (40) (40) (112) (115) Unusual items - 44 - 145 Other, net (28) (44) (63) (58) --- --- --- --- Unallocated corporate (expense) income, net $(181) $(8) $(517) $68 ===== === ===== === THREE MONTHS ENDED NINE MONTHS ENDED ------------------- ------------------- September September September September 27, 2009 28, 2008 27, 2009 28, 2008 -------- -------- -------- -------- FAS/CAS pension adjustment -------------------------- FAS pension expense $(259) $(116) $(777) $(347) Less: CAS costs (146) (148) (435) (443) ---- ---- ---- ---- FAS/CAS pension adjustment - (expense) income $(113) $32 $(342) $96 ===== === ===== === THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 27, 2009 SEPTEMBER 27, 2009 ---------------------- ---------------------- Earnings Earnings Operating Net per Operating Net per profit earnings share profit earnings share ------ -------- ----- ------ -------- ----- Unusual Item - 2009 ------------------- Resolution of 2005 - 2007 IRS examination $- $58 $0.15 $- $58 $0.15 -- --- ----- -- --- ----- $- $58 $0.15 $- $58 $0.15 == === ===== == === ===== THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 28, 2008 SEPTEMBER 28, 2008 ---------------------- ---------------------- Earnings Earnings Operating Net per Operating Net per profit earnings share profit earnings share ------ -------- ----- ------ -------- ----- Unusual Items - 2008 -------------------- ILS/LKEI deferred gain $44 $28 $0.07 $60 $38 $0.09 Earnings associated with prior years' land sales - - - 85 56 0.14 -- -- -- -- -- ---- $44 $28 $0.07 $145 $94 $0.23 === === ===== ==== === ===== C LOCKHEED MARTIN CORPORATION Selected Financial Data Unaudited (In millions) THREE MONTHS ENDED NINE MONTHS ENDED ------------------- ------------------- September September September September 27, 2009 28, 2008 27, 2009 28, 2008 -------- -------- -------- -------- Depreciation and amortization of plant and equipment ---------------------- Electronic Systems $60 $69 $177 $189 Information Systems & Global Services 18 16 50 49 Aeronautics 49 52 143 137 Space Systems 46 36 131 109 -- -- --- --- Segments 173 173 501 484 Unallocated corporate expense, net 15 14 43 38 -- -- -- -- Total depreciation and amortization of plant and equipment $188 $187 $544 $522 ==== ==== ==== ==== THREE MONTHS ENDED NINE MONTHS ENDED ------------------- ------------------- September September September September 27, 2009 28, 2008 27, 2009 28, 2008 -------- -------- -------- -------- Amortization of purchased intangibles ------------------------------------- Electronic Systems $2 $2 $7 $8 Information Systems & Global Services 10 10 32 33 Aeronautics 13 12 37 38 Space Systems 2 1 5 3 -- -- -- -- Segments 27 25 81 82 Unallocated corporate expense, net - 2 - 8 -- -- -- -- Total amortization of purchased intangibles $27 $27 $81 $90 === === === === D LOCKHEED MARTIN CORPORATION Condensed Consolidated Balance Sheet Unaudited (In millions) SEPTEMBER 27, DECEMBER 31, 2009 2008 ---- ---- Assets ------ Cash and cash equivalents $2,709 $2,168 Receivables 6,067 5,296 Inventories 2,079 1,902 Deferred income taxes 747 755 Other current assets 841 562 --- --- Total current assets 12,443 10,683 Property, plant and equipment, net 4,430 4,488 Goodwill 9,944 9,526 Purchased intangibles, net 338 355 Prepaid pension asset 135 122 Deferred income taxes 4,596 4,651 Other assets 3,856 3,614 ----- ----- Total assets $35,742 $33,439 ======= ======= Liabilities and Stockholders' Equity ------------------------------------ Accounts payable $2,245 $2,030 Customer advances and amounts in excess of costs incurred 4,934 4,535 Other current liabilities 4,162 3,735 Current maturities of long-term debt 242 242 --- --- Total current liabilities 11,583 10,542 Long-term debt, net 3,563 3,563 Accrued pension liabilities 12,793 12,004 Other postretirement benefit and other noncurrent liabilities 4,663 4,465 Stockholders' equity 3,140 2,865 ----- ----- Total liabilities and stockholders' equity $35,742 $33,439 ======= ======= Total debt-to-capitalization ratio: 55% 57% == == E LOCKHEED MARTIN CORPORATION Condensed Consolidated Statement of Cash Flows Unaudited (In millions) NINE MONTHS ENDED ------------------ September September 27, 2009 28, 2008 -------- -------- Operating Activities -------------------- Net earnings $2,197 $2,394 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization of plant and equipment 544 522 Amortization of purchased intangibles 81 90 Stock-based compensation 112 115 Excess tax benefits on stock compensation (16) (90) Changes in operating assets and liabilities: Receivables (720) (426) Inventories (107) (18) Accounts payable 189 (141) Customer advances and amounts in excess of costs incurred 350 91 Other 1,148 887 ----- --- Net cash provided by operating activities (a) 3,778 3,424 ----- ----- Investing Activities -------------------- Expenditures for property, plant and equipment (481) (503) Net proceeds from (payments for) short-term investment transactions (389) 262 Acquisitions of businesses / investments in affiliates (420) (195) Other 11 (27) -- --- Net cash used for investing activities (1,279) (463) ------ ---- Financing Activities -------------------- Repurchases of common stock (1,362) (2,338) Issuances of common stock and related amounts 32 242 Excess tax benefits on stock compensation 16 90 Common stock dividends (668) (510) Issuance of long-term debt and related costs - 491 Repayments of long-term debt - (1,103) ------ ------ Net cash used for financing activities (1,982) (3,128) ------ ------ Effect of exchange rate changes on cash and cash equivalents (a) 24 (18) Net increase (decrease) in cash and cash equivalents 541 (185) Cash and cash equivalents at beginning of period 2,168 2,648 ----- ----- Cash and cash equivalents at end of period $2,709 $2,463 ====== ====== (a) In the fourth quarter of 2008, the Corporation reclassified the effect of exchange rate changes on cash from "Cash from operations" to a separate caption in the Statement of Cash Flows. Accordingly, the prior period amount now reflects this presentation. F LOCKHEED MARTIN CORPORATION Condensed Consolidated Statement of Stockholders' Equity Unaudited (In millions, except per share data) Accumulated Other Total Additional Compre- Stock- Common Paid-In Retained hensive holders' Stock Capital Earnings Loss Equity -------------------------------------- Balance at December 31, 2008 $393 $- $11,621 $(9,149) $2,865 Net earnings 2,197 2,197 Common stock dividends declared (a) (908) (908) Stock-based awards and ESOP activity 3 315 318 Common stock repurchases (b) (18) (315) (1,029) (1,362) Other comprehensive income 30 30 ---- -- ------- -------- ------ Balance at September 27, 2009 $378 $- $11,881 $(9,119) $3,140 ==== == ======= ======== ====== (a) Includes dividends ($0.57 per share) declared and paid in the first, second and third quarters. This amount also includes a dividend ($0.63 per share) that was declared on September 24, 2009 and is payable on December 31, 2009 to shareholders of record on December 1, 2009. (b) The Corporation repurchased 4.6 million shares for $354 million during the third quarter. Year-to-date, the Corporation has repurchased 18.3 million common shares for $1.4 billion. The Corporation has 35.4 million shares remaining under its share repurchase program, including the 20.0 million of additional shares that were authorized for repurchase under the program in September 2009. G LOCKHEED MARTIN CORPORATION Operating Data Unaudited September 27, December 31, 2009 2008 ---- ---- Backlog ------- (In millions) Electronic Systems $20,500 (1) $22,500 Information Systems & Global Services 12,000 (2) 13,300 Aeronautics 25,900 27,200 Space Systems 18,000 17,900 ------ ------ Total $76,400 $80,900 ======= ======= (1) Reflects the termination for convenience of the VH-71 program, a $985 million reduction of backlog. (2) Reflects the termination for convenience of the TSAT Mission Operations System (TMOS) program, a $1,600 million reduction of backlog. THREE MONTHS ENDED NINE MONTHS ENDED ------------------- ------------------- September September September September Aircraft Deliveries 27, 2009 28, 2008 27, 2009 28, 2008 ------------------- -------- -------- -------- -------- F-16 8 7 24 23 F-22 4 7 14 17 C-130J 4 3 10 9 - Lockheed Martin Corporation

Parker Reports Fiscal 2010 First Quarter Sales, Net Income and Earnings Per Share

Sophia Rhodini — Wed, 21 Oct 2009 13:32:23 +0000

- Cash Flows Remain Strong, Company Increases Full-Year Outlook Download image CLEVELAND, -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today reported results for the fiscal 2010 first quarter ending September 30, 2009. Fiscal 2010 first quarter sales were $2.2 billion, a decline of 27 percent from $3.1 billion in the first quarter a year ago. Fiscal 2010 first quarter net income declined 71 percent to $73.5 million, from a record $250.2 million in the first quarter of fiscal 2009. Earnings per diluted share declined 70 percent to $0.45, compared with $1.50 in the previous period. Cash flow from operations for the first quarter of fiscal 2010 was $260.1 million, or 11.6 percent of sales, compared with $307.3 million, or 10.0 percent of sales in the prior year period. "Our results this quarter continue to reflect the impact of the global recession on our business, coupled with the fact that we are comparing current results with the record performance we achieved in the first quarter a year ago," said Chairman, CEO and President Don Washkewicz. "Our sales declined 28 percent organically in the quarter, while foreign currency translation negatively impacted sales by 1 percent and acquisitions contributed 2 percent to sales. We were pleased to note that orders, although down year-over-year, have steadily improved sequentially from the levels we witnessed in the June quarter, and our actions to reduce costs have begun to have a positive effect on margins." "The implementation of the Win Strategy throughout our operations has allowed us to perform much better in this down cycle than in previous recessions. We continue to take additional actions to reduce costs and generate strong cash flows. These actions have helped us attain an impressive decremental marginal return on sales of 30 percent during the quarter. Importantly, our operating cash flows as a percentage of sales remained strong at 11.6 percent, well above our targeted level of 10 percent. This strong cash performance has enabled us to pay down our outstanding debt by an additional $162 million in the quarter, and positions us well for growth when the recovery ultimately takes hold." Segment Results In the Industrial North America segment, first quarter sales declined 29.3 percent to $783.1 million, and operating income declined 52.5 percent to $76.2 million, compared with the same period a year ago. In the Industrial International segment, first quarter sales declined 30.5 percent to $850.3 million, and operating income declined 69.5 percent to $61.8 million compared with the same period a year ago. In the Aerospace segment, first quarter sales decreased 12.9 percent to $416.9 million, and operating income declined 22.0 percent to $53.1 million, compared with the same period a year ago. In the Climate & Industrial Controls segment, first quarter sales declined 27.0 percent to $187.0 million, and segment operating income declined 32.3 percent to $10.5 million, compared with the same period a year ago. Orders In addition to financial results, Parker also reported a decline of 25 percent in total orders for the quarter ending September 30, 2009, compared with the same quarter a year ago. Parker reported the following orders by operating segment: Orders declined 27 percent in the Industrial North America segment, compared with the same quarter a year ago. Orders declined 25 percent in the Industrial International segment, compared with the same quarter a year ago. Orders declined 23 percent in the Aerospace segment on a rolling 12 month average basis. Orders declined 17 percent in the Climate and Industrial Controls segment, compared with the same quarter a year ago. Outlook For fiscal 2010, the company has increased its guidance for earnings from continuing operations to the range of $1.55 to $2.05 per diluted share. Washkewicz added, "The major markets we serve present a mixed picture in terms of customer demand with some markets flattening out while others are beginning to show modest sequential improvement. While we do not believe we will see material changes in trends for the remainder of the calendar year 2009, we are cautiously optimistic that we are at the bottom of the cycle. Parker employees throughout the world continue to step up to the challenges and manage our company effectively through the downturn. Our priorities will remain unchanged as we progress through this fiscal year focused on managing for cash while simultaneously targeting strong operating margin performance." NOTICE OF CONFERENCE CALL: Parker Hannifin's conference call and slide presentation to discuss its fiscal 2010 first quarter results are available to all interested parties via live webcast today at 10:00 a.m. ET, on the company's investor information web site, http://www.phstock.com. To access the call, click on the "Live Webcast" link. From this link, users also may complete a pre-call system test and register for e-mail notification of future events and information available from Parker. With annual sales exceeding $10 billion in fiscal year 2009, Parker Hannifin is the world's leading diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of mobile, industrial and aerospace markets. The company employs approximately 52,000 people in 48 countries around the world. Parker has increased its annual dividends paid to shareholders for 53 consecutive years, among the top five longest-running dividend-increase records in the S&P 500 index. For more information, visit the company's web site at http://www.parker.com, or its investor information site at http://www.phstock.com. Notes on Orders Orders provide near-term perspective on the company's outlook, particularly when viewed in the context of prior and future quarterly order rates. However, orders are not in themselves an indication of future performance. All comparisons are at constant currency exchange rates, with the prior year restated to the current-year rates. All exclude acquisitions until they can be reflected in both the numerator and denominator. Aerospace comparisons are rolling 12-month average computations. The total Parker orders number is derived from a weighted average of the year-over-year quarterly percent change in orders for the Industrial North America, Industrial International, and Climate and Industrial Controls segments, and the year-over-year 12-month rolling average of orders in the Aerospace segment. Forward-Looking Statements Forward-looking statements contained in this and other written and oral reports are made based on known events and circumstances at the time of release, and as such, are subject in the future to unforeseen uncertainties and risks. All statements regarding future performance, earnings projections, events or developments are forward-looking statements. It is possible that the future performance and earnings projections of the company and individual segments may differ materially from current expectations, depending on economic conditions within its mobile, industrial and aerospace markets, and the company's ability to maintain and achieve anticipated benefits associated with announced realignment activities, strategic initiatives to improve operating margins, actions taken to combat the effects of the current recession, and growth, innovation and global diversification initiatives. A change in economic conditions in individual markets may have a particularly volatile effect on segment results. Among the other factors which may affect future performance are: changes in business relationships with and purchases by or from major customers, suppliers or distributors, including delays or cancellations in shipments, disputes regarding contract terms or significant changes in financial condition; uncertainties surrounding timing, successful completion or integration of acquisitions; threats associated with and efforts to combat terrorism; uncertainties surrounding the ultimate resolution of outstanding legal proceedings, including the outcome of any appeals; competitive market conditions and resulting effects on sales and pricing; increases in raw material costs that cannot be recovered in product pricing; the company's ability to manage costs related to employee retirement and health care benefits and insurance; and global economic factors, including manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and general economic conditions such as inflation, deflation, interest rates and credit availability. The company makes these statements as of the date of this disclosure, and undertakes no obligation to update them. PARKER HANNIFIN CORPORATION - SEPTEMBER 30, 2009 CONSOLIDATED STATEMENT OF INCOME (Unaudited) (Dollars in thousands except Three Months Ended September 30, per share amounts) 2009 2008 -------------- ---- ---- Net sales $2,237,165 $3,064,688 Cost of sales 1,800,945 2,337,222 ------------- --------- --------- Gross profit 436,220 727,466 Selling, general and administrative expenses 301,843 332,683 Interest expense 25,723 28,096 Other (income) expense, net (5,375) 8,299 -------------- ------ ----- Income before income taxes 114,029 358,388 Income taxes 40,059 106,553 ------------ ------ ------- Net income 73,970 251,835 Less: Noncontrolling interests 477 1,659 --------------- --- ----- Net income attributable to common shareholders $73,493 $250,176 ---------------- ------- -------- Earnings per share attributable to common shareholders: --------------------- Basic earnings per share $.46 $1.52 -------------- ---- ----- Diluted earnings per share $.45 $1.50 ---------------- ---- ----- Average shares outstanding during period - Basic 160,629,291 164,415,418 Average shares outstanding during period - Diluted 162,040,785 166,913,216 ---------------- ---- ---- Cash dividends per common share $.25 $.25 -------------- ---- ---- BUSINESS SEGMENT INFORMATION BY INDUSTRY (Unaudited) Three Months Ended September 30, (Dollars in thousands) 2009 2008 ----------- ---- ---- Net sales Industrial: North America $783,085 $1,107,077 International 850,250 1,223,192 Aerospace 416,856 478,473 Climate & Industrial Controls 186,974 255,946 --------------- ------- ------- Total $2,237,165 $3,064,688 ----- ---------- ---------- Segment operating income Industrial: North America $76,171 $160,486 International 61,823 202,952 Aerospace 53,146 68,148 Climate & Industrial Controls 10,497 15,499 -------------- ------ ------ Total segment operating income 201,637 447,085 Corporate general and administrative expenses 26,302 40,374 ------------------- ------ ------ Income from operations before interest expense and other 175,335 406,711 Interest expense 25,723 28,096 Other expense 35,583 20,227 -------------- ------ ------ Income before income taxes $114,029 $358,388 ------------- -------- -------- CONSOLIDATED BALANCE SHEET (Unaudited) (Dollars in thousands) September 30, 2009 2008 ---------------------- ------------- ---- ---- Assets ------ Current assets: Cash and cash equivalents $189,849 $608,327 Accounts receivable, net 1,452,494 1,821,681 Inventories 1,266,319 1,506,793 Prepaid expenses 100,189 72,870 Deferred income taxes 124,640 147,447 --------------------- ------- ------- Total current assets 3,133,491 4,157,118 Plant and equipment, net 1,891,438 1,855,830 Goodwill 2,964,321 2,625,761 Intangible assets, net 1,276,049 986,759 Other assets 671,874 507,088 ------------ ------- ------- Total assets $9,937,173 $10,132,556 ------------ ---------- ----------- Liabilities and shareholders' equity ------------------------------------ Current liabilities: Notes payable $304,083 $677,890 Accounts payable 659,764 836,873 Accrued liabilities 719,228 808,566 Accrued domestic and foreign taxes 152,262 219,298 ---------------------------------- ------- ------- Total current liabilities 1,835,337 2,542,627 Long-term debt 1,855,531 1,878,933 Pensions and other postretirement benefits 1,255,515 482,895 Deferred income taxes 187,907 165,136 Other liabilities 233,270 247,092 Shareholders' equity 4,481,984 4,736,618 Noncontrolling interests 87,629 79,255 ------------------------ ------ ------ Total liabilities and equity $9,937,173 $10,132,556 ---------------------------- ---------- ----------- CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) Three Months Ended September 30, (Dollars in thousands) 2009 2008 ----------- ---- ---- Cash flows from operating activities: Net income $73,970 $251,835 Depreciation and amortization 92,963 86,166 Share incentive plan compensation 26,436 20,655 Net change in receivables, inventories, and trade payables 15,291 (54,100) Net change in other assets and liabilities 73,694 (6,755) Other, net (22,301) 9,546 ---------- ------- ----- Net cash provided by operating activities 260,053 307,347 ------------ ------- ------- Cash flows from investing activities: Acquisitions (net of cash of $119 in 2008) - (12,088) Capital expenditures (30,099) (98,273) Proceeds from sale of plant and equipment 4,422 7,437 Other, net (1,334) (8,004) ---------- ------ ------ Net cash (used in) investing activities (27,011) (110,928) ----------- ------- -------- Cash flows from financing activities: Net (payments for) common share activity (1,246) (410,590) Net (payments for) proceeds from debt (197,279) 561,558 Dividends (40,171) (41,109) --------- ------- ------- Net cash (used in) provided by financing activities (238,696) 109,859 ------------ -------- ------- Effect of exchange rate changes on cash 7,892 (23,999) ------------- ----- ------- Net increase in cash and cash equivalents 2,238 282,279 Cash and cash equivalents at beginning of period 187,611 326,048 ------------- ------- ------- Cash and cash equivalents at end of period $189,849 $608,327 - Parker Hannifin Corporation

GOL and Iberia Sign Code-Share Agreement

Sophia Rhodini — Wed, 21 Oct 2009 13:32:50 +0000

SAO PAULO, -- GOL Linhas Aereas Inteligentes S.A. (Bovespa: GOLL4 and NYSE: GOL), the largest low-cost and low-fare airline in Latin America, and Iberia, Spain's largest air transport group, announced today that the companies have signed a code-share agreement. The companies are also evaluating the possibility of linking their frequent flyer programs, GOL's SMILES and Iberia's Plus. Under the code-share agreement, Iberia can add its IATA code to GOL flights from Rio de Janeiro and Sao Paulo to 13 Brazilian destinations: Belo Horizonte, Brasilia, Curitiba, Florianopolis, Fortaleza, Foz do Iguacu, Goiania, Manaus, Natal, Porto Alegre, Recife, Salvador and Vitoria. Iberia passengers will benefit from more flight connection options throughout Brazil, while the agreement provides an additional sales channel for GOL, increasing passenger traffic and load factor for the Brazilian carrier. Headquartered in Madrid, Iberia offers two direct daily flights between Spain's capital and Sao Paulo (Guarulhos Airport) as well as one direct daily flight to Rio de Janeiro (Galeao Airport), operating Airbus A340-600 and A340-300 aircraft. Iberia is Spain's largest air carrier group and the fourth-largest in Europe. It is also the leading airline of Europe and Latin America routes, with the most flight options and destinations. In compliance with standard regulation requirements, GOL will submit the contract to the National Civil Aviation Agency (Anac), the Brazilian aviation authority, and to the Brazilian Antitrust Agency (Cade), the antitrust counsel, for their evaluation before implementing the agreement. - GOL Linhas Aereas Inteligentes S.A.

UTC Reports Third Quarter EPS of $1.14, Expects 2009 EPS of $4.10, 2009 Restructuring Increased to $800 Million

Sophia Rhodini — Wed, 21 Oct 2009 13:33:25 +0000

HARTFORD, Conn. -- United Technologies Corp. (NYSE: UTX) today reported third quarter 2009 earnings per share of $1.14 and net income attributable to common shareowners of $1.1 billion, down 14 percent and 17 percent, respectively, over the year ago quarter. Results for the current quarter include $0.13 per share in restructuring costs net of one time gains, as compared with $0.03 in the year ago quarter. Before these items, earnings per share declined 7 percent. Adverse foreign currency translation and currency hedges at Pratt & Whitney Canada totaled $0.07 per share in the third quarter of 2009. Revenues for the quarter at $13.4 billion were 11 percent below prior year including organic decline (7 points) and adverse foreign currency translation (3 points). Segment operating margin at 14.5 percent was 20 basis points higher than prior year. Adjusted for restructuring costs and one time gains, segment operating margin was 70 basis points higher than prior year. Cash flow from operations was $1.9 billion, including $150 million of domestic pension contributions. Capital expenditures were $161 million in the quarter. "Strong execution and our relentless focus on cost contributed to record segment operating margin even in the face of tough end markets," said Louis Chenevert, UTC President and Chief Executive Officer. "Cash flow from operations less capital expenditures was 160 percent of net income attributable to common shareowners on significant inventory reductions across both commercial and aerospace businesses. "Year over year order rates have substantially stabilized although at lower levels and we've started to see improvement in some Asian economies, notably China," Chenevert continued. "Based on overall order trends as well as significant cost traction, we now expect 2009 earnings per share at $4.10, the midpoint of the prior range of $4.00 to $4.20. This guidance also reflects higher restructuring of $800 million this year with one-time gains of around $175 million, compared with $750 million of restructuring and $200 million of gains assumed earlier. "Cash flow from operations less capital expenditures year to date is 123 percent of net income attributable to common shareowners, notwithstanding $551 million of domestic pension contributions," Chenevert said. "Working capital and inventory reductions are enabling this, and we are confident this cash flow metric will again exceed UTC's usual standard of 100 percent for the year." Chenevert added, "Order rates for most of our businesses have largely stabilized, although the shape of recovery is still uncertain. What is certain is the cost traction across UTC. In addition, the portfolio transformation at Carrier, a strong military backlog, and significant aftermarket content in all our businesses position us to resume earnings growth in 2010." The accompanying tables include information integral to assessing the company's financial position, operating performance, and cash flow. United Technologies Corp., based in Hartford, Connecticut, is a diversified company providing high technology products and services to the building and aerospace industries. Additional information, including a webcast, is available on the Internet at http://www.utc.com . This release includes "forward looking statements" concerning expected revenue, earnings, cash flow, share repurchases, restructuring; anticipated benefits of UTC's diversification, cost reduction efforts and business model; and other matters that are subject to risks and uncertainties. These statements often contain words such as "expect", "anticipate", "plan", "estimate", "believe", "will", "should", "see", "guidance" and similar terms. Important factors that could cause actual results to differ materially from those anticipated or implied in forward looking statements include extended weakness in global economic conditions; extended contraction in credit conditions; the impact of volatility and deterioration in financial markets on overall levels of economic activity; declines in end market demand in construction and in both the commercial and defense segments of the aerospace industry; fluctuation in commodity prices, interest rates, foreign currency exchange rates, and the impact of weather conditions; and company specific items including the impact of further deterioration and extended weakness in global economic conditions on the financial strength of customers and suppliers and on levels of air travel; financial difficulties, including bankruptcy, of commercial airlines; the availability and impact of acquisitions; the rate and ability to effectively integrate these acquired businesses; the ability to achieve cost reductions at planned levels; challenges in the design, development, production and support of advanced technologies and new products and services; delays and disruption in delivery of materials and services from suppliers; labor disputes; and the outcome of legal proceedings. The level of share repurchases may vary depending on the level of other investing activities. For information identifying other important economic, political, regulatory, legal, technological, competitive and other uncertainties, see UTC's SEC filings as submitted from time to time, including but not limited to, the information included in UTC's 10-K and 10-Q Reports under the headings "Business", "Risk Factors", "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Cautionary Note Concerning Factors that May Affect Future Results", as well as the information included in UTC's Current Reports on Form 8-K. UTC-IR Contact: John Moran (860) 728-7062 www.utc.com United Technologies Corporation Condensed Consolidated Statement of Operations Quarter Ended Nine Months Ended September 30, September 30, (Unaudited) (Unaudited) (Millions, except per share amounts) 2009 2008 2009 2008 ---- ---- ---- ---- Revenues $13,375 $15,085 $38,820 $44,987 Costs and Expenses Cost of goods and services sold 9,836 10,935 28,544 32,809 Research and development 344 436 1,137 1,281 Selling, general and administrative 1,424 1,665 4,481 5,075 ----- ----- ----- ----- Operating Profit 1,771 2,049 4,658 5,822 Interest expense 170 177 522 518 --- --- --- --- Income before income taxes 1,601 1,872 4,136 5,304 Income taxes 456 502 1,126 1,480 --- --- ----- ----- Net income 1,145 1,370 3,010 3,824 Less: Noncontrolling interest in subsidiaries' earnings 87 101 254 280 -- --- --- --- Net income attributable to common shareowners $1,058 $1,269 $2,756 $3,544 ====== ====== ====== ====== Net Earnings Per Share of Common Stock Basic $1.15 $1.36 $3.00 $3.76 Diluted $1.14 $1.33 $2.97 $3.68 Average Shares Basic 917 933 918 943 Diluted 929 951 928 964 As described on the following pages, consolidated results for the quarters and nine months ended September 30, 2009 and 2008 include non-recurring items, restructuring and related charges. See accompanying Notes to Condensed Consolidated Financial Statements. United Technologies Corporation Segment Revenues and Operating Profit Quarter Ended Nine Months Ended September 30, September 30, (Unaudited) (Unaudited) (Millions) 2009 2008 2009 2008 ---- ---- ---- ---- Revenues Otis $2,962 $3,245 $8,579 $9,706 Carrier 3,007 3,917 8,594 11,682 UTC Fire & Security 1,383 1,624 3,999 4,960 Pratt & Whitney 3,031 3,421 9,322 10,454 Hamilton Sundstrand 1,400 1,532 4,183 4,643 Sikorsky 1,648 1,438 4,371 3,768 ----- ----- ----- ----- Segment Revenues 13,431 15,177 39,048 45,213 Eliminations and other (56) (92) (228) (226) --- --- ---- ---- Consolidated Revenues $13,375 $15,085 $38,820 $44,987 ======= ======= ======= ======= Operating Profit Otis $633 $648 $1,770 $1,899 Carrier 312 421 594 1,156 UTC Fire & Security 149 154 297 395 Pratt & Whitney 444 530 1,347 1,602 Hamilton Sundstrand 247 286 626 795 Sikorsky 157 133 406 326 --- --- --- --- Segment Operating Profit 1,942 2,172 5,040 6,173 General corporate expenses (73) (90) (240) (296) Eliminations and other (98) (33) (142) (55) --- --- ---- --- Consolidated Operating Profit $1,771 $2,049 $4,658 $5,822 ====== ====== ====== ====== Segment Operating Profit Margin Otis 21.4% 20.0% 20.6% 19.6% Carrier 10.4% 10.7% 6.9% 9.9% UTC Fire & Security 10.8% 9.5% 7.4% 8.0% Pratt & Whitney 14.6% 15.5% 14.4% 15.3% Hamilton Sundstrand 17.6% 18.7% 15.0% 17.1% Sikorsky 9.5% 9.2% 9.3% 8.7% --- --- --- --- Segment Operating Profit Margin 14.5% 14.3% 12.9% 13.7% As described on the following pages, consolidated results for the quarters and nine months ended September 30, 2009 and 2008 include non-recurring items, restructuring and related charges. United Technologies Corporation Consolidated Operating Profit Consolidated operating profit for the quarters and nine months ended September 30, 2009 and 2008 includes restructuring and related charges as follows: Quarter Ended Nine Months Ended September 30, September 30, (Unaudited) (Unaudited) (Millions) 2009 2008 2009 2008 ---- ---- ---- ---- Otis $52 $5 $131 $11 Carrier(1) 43 34 139 91 UTC Fire & Security 7 - 107 33 Pratt & Whitney(2) 57 52 177 83 Hamilton Sundstrand 13 2 69 3 Sikorsky - - 7 - General Corporate Expenses - - 3 - Eliminations and Other(3) 59 - 62 - -- --- -- --- Total Restructuring and Related Charges(1) $231 $93 $695 $221 ==== === ==== ==== (1) Approximately $4 million and $12 million of the total amount of restructuring and related charges incurred in the quarter ended September 30, 2009 and June 30, 2009, respectively, resides in other income, net which is reflected within revenues. (2) Restructuring and related charges recorded in the quarter ended September 30, 2009 at Pratt & Whitney primarily reflect reserves established in connection with Pratt's announced plans to close its Connecticut Airfoil Repair Operations facility in East Hartford, Connecticut and its engine overhaul facility in Cheshire, Connecticut. (3) Amount incurred in the quarter ended September 30, 2009 reflects the impact of a curtailment of our domestic pension plans. Consolidated results for the quarter and nine months ended September 30, 2009 include the following non-recurring items. Q3-2009 Carrier: Approximately $57 million gain recognized from the contribution of the majority of Carrier's US residential sales and distribution business into a new venture formed with Watsco, Inc. Eliminations and Other: Approximately $17 million of favorable pretax interest adjustments related to global tax examination activity in the quarter, primarily reflecting the completion of our review of the 2004 to 2005 Internal Revenue Service (IRS) audit report. Income Taxes: Favorable income tax adjustments of approximately $38 million based on global examination activity in the quarter, including completion of our review of the 2004 to 2005 IRS audit report. Income Taxes: Approximately $32 million adverse tax impact associated with a foreign reorganization. Q2-2009 Otis: An approximately $52 million non-cash, non-taxable gain recognized on the remeasurement to fair value of a previously held equity interest in a joint venture as a result of the purchase of a controlling interest. Q1-2009 Income Taxes: Favorable tax impact of approximately $25 million related to the formation of a commercial venture. Q3-2008 Pratt & Whitney: Approximately $37 million non-cash gain on a partial sale of an investment. The following page provides segment revenues, operating profit and operating profit margins as adjusted for restructuring and the aforementioned non-recurring items. Management believes these adjusted results more accurately portray the ongoing operational performance and fundamentals of the underlying businesses. The amounts and timing of restructuring and non-recurring activity can vary substantially from period to period with no assurances of comparable activity or amounts being incurred in future periods. The level of expected restructuring announced in 2009 of $800 million (of which $695 million has been recorded to date), is significantly in excess of that incurred in prior years and reflects the severity of the current global recession. These amounts have therefore been adjusted out in the following schedule in order to provide a more representative comparison of current year operating performance to prior year performance. United Technologies Corporation Segment Revenues and Operating Profit Adjusted for Restructuring and Non-recurring items (as reflected on the previous page) Quarter Ended Nine Months Ended September 30, September 30, (Unaudited) (Unaudited) (Millions) 2009 2008 2009 2008 ---- ---- ---- ---- Adjusted Revenues Otis $2,962 $3,245 $8,527 $9,706 Carrier 2,954 3,917 8,553 11,682 UTC Fire & Security 1,383 1,624 3,999 4,960 Pratt & Whitney 3,031 3,384 9,322 10,417 Hamilton Sundstrand 1,400 1,532 4,183 4,643 Sikorsky 1,648 1,438 4,371 3,768 ----- ----- ----- ----- Adjusted Segment Revenues 13,378 15,140 38,955 45,176 Eliminations and other (73) (92) (245) (226) --- --- ---- ---- Adjusted Consolidated Revenues $13,305 $15,048 $38,710 $44,950 ======= ======= ======= ======= Adjusted Operating Profit Otis $685 $653 $1,849 $1,910 Carrier 298 455 676 1,247 UTC Fire & Security 156 154 404 428 Pratt & Whitney 501 545 1,524 1,648 Hamilton Sundstrand 260 288 695 798 Sikorsky 157 133 413 326 --- --- --- --- Adjusted Segment Operating Profit 2,057 2,228 5,561 6,357 General corporate expenses (73) (90) (237) (296) Eliminations and other (56) (33) (97) (55) --- --- --- --- Adjusted Consolidated Operating Profit $1,928 $2,105 $5,227 $6,006 ====== ====== ====== ====== Adjusted Segment Operating Profit Margin Otis 23.1% 20.1% 21.7% 19.7% Carrier 10.1% 11.6% 7.9% 10.7% UTC Fire & Security 11.3% 9.5% 10.1% 8.6% Pratt & Whitney 16.5% 16.1% 16.3% 15.8% Hamilton Sundstrand 18.6% 18.8% 16.6% 17.2% Sikorsky 9.5% 9.2% 9.4% 8.7% --- --- --- --- Adjusted Segment Operating Profit Margin 15.4% 14.7% 14.3% 14.1% United Technologies Corporation Condensed Consolidated Balance Sheet September 30, December 31, (Millions) 2009 2008 ---- ---- (Unaudited) (Unaudited) Assets ------ Cash and cash equivalents $4,632 $4,327 Accounts receivable, net 8,460 9,480 Inventories and contracts in progress, net 8,086 8,340 Other current assets 2,551 2,320 ----- ----- Total Current Assets 23,729 24,467 Fixed assets, net 6,278 6,348 Goodwill, net 16,204 15,363 Intangible assets, net 3,546 3,443 Other assets 7,820 7,216 ----- ----- Total Assets $57,577 $56,837 ======= ======= Liabilities and Equity ---------------------- Short-term debt $1,703 $2,139 Accounts payable 4,430 5,594 Accrued liabilities 12,067 12,069 ------ ------ Total Current Liabilities 18,200 19,802 Long-term debt 8,729 9,337 Other liabilities 11,002 10,772 ------ ------ Total Liabilities 37,931 39,911 ------ ------ Shareowners' Equity: Common Stock 11,332 10,979 Treasury Stock (15,090) (14,316) Retained Earnings 26,827 25,159 Accumulated other comprehensive loss (4,580) (5,905) ------ ------ Total Shareowners' Equity 18,489 15,917 Noncontrolling interest 1,157 1,009 ----- ----- Total Equity 19,646 16,926 ------ ------ Total Liabilities and Equity $57,577 $56,837 ======= ======= Debt Ratios: Debt to total capitalization 35% 40% Net debt to net capitalization 23% 30% United Technologies Corporation Condensed Consolidated Statement of Cash Flows Quarter Nine Months Ended Ended September 30, September 30, (Unaudited) (Unaudited) (Millions) 2009 2008 2009 2008 ---- ---- ---- ---- Operating Activities Net income attributable to common shareowners $1,058 $1,269 $2,756 $3,544 Noncontrolling interest in subsidiaries' earnings 87 101 254 280 -- --- --- --- Net income 1,145 1,370 3,010 3,824 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation and amortization 316 326 925 971 Deferred income tax provision (benefit) 13 (10) 36 (143) Stock compensation cost 32 51 110 161 Changes in working capital 480 49 284 (690) Domestic pension contributions (150) - (551) - Other, net 17 49 64 18 -- -- -- -- Net Cash Provided by Operating Activities 1,853 1,835 3,878 4,141 ----- ----- ----- ----- Investing Activities Capital expenditures (161) (268) (501) (810) Acquisitions and disposal of businesses, net (297) 23 (450) (438) Other, net 254 286 220 58 --- --- --- -- Net Cash Used in Investing Activities (204) 41 (731) (1,190) ---- -- ---- ------ Financing Activities (Decrease) increase in borrowings, net (409) (328) (1,037) 1,252 Dividends paid on Common Stock (339) (286) (1,018) (869) Repurchase of Common Stock (430) (950) (780) (2,470) Other, net 55 (60) (73) (149) -- --- --- ---- Net Cash Used in Financing Activities (1,123) (1,624) (2,908) (2,236) ------ ------ ------ ------ Effect of foreign exchange rates 90 (79) 66 (4) -- --- -- -- Net increase in cash and cash equivalents 616 173 305 711 Cash and cash equivalents - beginning of period 4,016 3,442 4,327 2,904 ----- ----- ----- ----- Cash and cash equivalents - end of period $4,632 $3,615 $4,632 $3,615 ====== ====== ====== ====== United Technologies Corporation Free Cash Flow Reconciliation Quarter Ended September 30, (Millions) (Unaudited) 2009 2008 ---- ---- Net income attributable to common shareowners $1,058 $1,269 Noncontrolling interest in subsidiaries' earnings 87 101 -- --- Net income 1,145 1,370 Depreciation and amortization 316 326 Changes in working capital 480 49 Other (88) 90 --- -- Cash flow from operating activities 1,853 1,835 Cash flow from operating activities as a percentage of net income attributable to common shareowners 175% 144% Capital expenditures (161) (268) ---- ---- Capital expenditures as a percentage of net income (15)% (21)% attributable to common shareowners --- --- Free cash flow $1,692 $1,567 ====== ====== Free cash flow as a percentage of net income attributable to common shareowners 160% 123% === === Free cash flow, which represents cash flow from operations less capital expenditures, is the principal cash performance measure used by the Company. Management believes free cash flow provides a relevant measure of liquidity and a useful basis for assessing the Corporation's ability to fund its activities, including the financing of acquisitions, debt service, repurchases of the Corporation's Common Stock and distribution of earnings to shareholders. Others that use the term free cash flow may calculate it differently. The reconciliation of net cash flow provided by operating activities, prepared in accordance with Generally Accepted Accounting Principles, to free cash flow is above. United Technologies Corporation Notes to Condensed Consolidated Financial Statements Certain reclassifications have been made to the prior year amounts to conform to the current year presentation of noncontrolling interests and collaborative arrangements as required by the Consolidation Topic and Collaborative Arrangements Topic, respectively, of the FASB Accounting Standards Codification ("FASB ASC"). Effective January 1, 2009, we adopted the provisions under the Consolidation Topic of the FASB ASC as it relates to the accounting for noncontrolling interests in Consolidated Financial Statements. Such provisions include a requirement that the carrying value of noncontrolling interest (previously referred to as minority interest) be removed from the mezzanine section of the balance sheet and reclassified as equity; and consolidated net income to be recast to include net income attributable to the noncontrolling interest. The Collaborative Arrangements Topic of the FASB ASC, which we adopted as of January 1, 2009, shall be applied retrospectively to all prior periods presented for all collaborative arrangements existing as of the effective date. The Collaborative Arrangements Topic requires that participants in a collaborative arrangement report costs incurred and revenues generated from these transactions on a gross basis and in the appropriate line item in each company's financial statement. Under this Topic, revenues were increased approximately $174 million and $271 million for the quarters ended September 30, 2009 and 2008 and $588 million and $805 million for the nine months ended September 30, 2009 and 2008, respectively, with an offsetting increase to cost of sales to reflect the collaborators' share of revenues on a gross basis. Additionally, both accounts receivable and accounts payable were increased by $368 million as of December 31, 2008 in order to reflect the amounts owed to our collaborative partners for their share of revenues on a gross basis. Debt to total capitalization equals total debt divided by total debt plus equity. Net debt to net capitalization equals total debt less cash and cash equivalents divided by total debt plus equity less cash and cash equivalents. Organic growth represents the total reported increase within the Corporation's ongoing businesses less the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and significant non-recurring items. Non-recurring items that are not included in organic growth in 2009 include an approximately $57 million gain recognized from the contribution of the majority of Carrier's U.S. residential sales and distribution business into a new venture formed with Watsco, Inc., approximately $52 million related to a non-cash, non-taxable gain recognized on the remeasurement to fair value of a previously held equity interest in a joint venture as a result of the purchase of a controlling interest and approximately $17 million of favorable pretax interest adjustments related to global tax examination activity in the quarter, primarily reflecting the completion of our review of the 2004 to 2005 Internal Revenue Service (IRS) audit report. Not included within organic growth for 2008 is a non-recurring item of approximately $37 million related to a non-cash gain on a partial sale of an investment at Pratt & Whitney. - United Technologies Corp.

Expedia Insights Reveal Consumer Response to Declines in Airfare Hotel Room Rates

Sophia Rhodini — Wed, 21 Oct 2009 13:33:50 +0000

HONG KONG, -- Expedia, Inc., the global leader in online travel and the largest provider of hotel bookings worldwide, presenting at the Hotel Investment Conference Asia Pacific (HICAP) in Hong Kong today, released insights on consumer travel demand that indicate consumer response to value-driven offers from Asia hotels is spurring an increasing interest in regional travel. To spur demand, airlines and hotels in the past year significantly reduced rates into and across the region. Air ticket prices have come down significantly, with ticket prices from the Americas and EMEA into APAC down 24 percent from last year, while fares for travel within APAC are down 25 percent. Hotels also adjusted their rates to the downturn for the first half of the year, with major destinations showing double-digit percentage reductions from 2Q08 to 2Q09. Beijing led with the biggest average room rate reduction of 36 percent, while Hong Kong dropped 23 percent, Singapore 28 percent, Tokyo 26 percent, and Mumbai 25 percent. Consumers are responding, with a 16 percent year-on-year increase in APAC travelers who are booking promotional rates. In the first three quarters of 2008, 41 percent of hotel bookings on Expedia and Hotels.com sites in APAC were promotion-based. This increased to 57 percent of all hotel bookings for the same time period this year. These great deals enabled travelers to trade up in quality for the same budget in several markets, as illustrated in Beijing where 4-star hotels gained a 6% share of bookings while 3-star properties lost 8 percent over last year. In Sydney, 5-star properties gained 10 points, through the double effect of aggressive promotions and a very favorable currency situation. In addition, air capacity into APAC is coming back after its low in 1Q09, and is ahead of US and Europe in the recovery curve. Much of this comeback is being driven from within the region itself. Expedia data shows a higher growth of intra-APAC travel versus long haul travel into the region. For hotel bookings into the APAC region, Expedia's Asia Pacific points-of-sale (POS) have gained share versus the EMEA and Americas POS, contributing as much as 30 percent of the region's room nights. "60 million consumers worldwide visit our sites every month, booking more than 57 million room nights at our hotel partners' properties last year," said Cyril Ranque, VP Asia Pacific, Expedia Partner Services Group. "This gives Expedia unique insights into travel demand that enable us to help our hotel partners manage demand and occupancy in this environment. Right now, we are seeing that value is still very important to travelers, and our airline and hotel partners are taking full advantage of the dynamic and targeted capabilities of our sales and marketing channels to implement more sophisticated revenue management strategies," continued Ranque. Top Regional Destinations Where are people headed to in APAC? Top destinations vary by region of origin, but Australia, Hong Kong, Japan and Thailand round out the most popular vacation destinations. Rank of APAC Hotel Destinations by Country of Origin (3Q09) Region of Origin #1 Destination #2 Destination #3 Destination North America Japan Australia Thailand EU Thailand Japan Australia Japan Hong Kong Thailand South Korea Australia Thailand Japan Hong Kong Thailand, Hong Kong and Australia are enjoying the most growth among APAC's most popular destinations, while China, South Korea, Singapore and India are trailing. - Expedia, Inc.

The Gulf States to Spend More Than $100bn on Rail Projects

Sophia Rhodini — Wed, 21 Oct 2009 13:34:22 +0000

DUBAI, U.A.E. -- Over the past few years the world has looked on in amazement as the unprecedented amount of investment in rail projects continues to grow at astonishing rates in the Middle East. Owing to the boom in population and increased traffic on the roads, governments are recognizing the need for quality rail infrastructure as a means to stimulate and sustain the economy. It is approximated that the Gulf States will spend more than US$100bn on rail projects in the coming years. These projects include the Dubai Metro system, Abu Dhabi's Surface Transport Master Plan, Saudi's Haramain high-speed rail link (HHR), the Saudi Landbridge, Bahrain's six lane rail line and Egypt's rail upgrade programme. With almost every country in the Middle East announcing plans for infrastructure investment, rail experts from across the world are fleeing to the region to ensure they are involved in these ground-breaking projects. In an exclusive forum industry experts from across the globe will gather to hear updates and share strategies on some of the worlds most talked about rail projects. Rail Infrastructure Middle East 2010, taking place on 17-20 January at the Shangri La Hotel in Dubai, will provide an essential stage for municipalities, contractors and consultants. Leading speakers include Eng. Jaber Ali R. Al-Mohannadi, General Manger of the Qatar-Bahrain Causeway Foundation. He will be joined by experts Mahmoud Al-Khazaleh, Director General, Jordan Hejaz Railway, Eng. Bassam Mansour, Expert Trains and Railway Systems, National Transport Authority and many other governmental decision makers. Rail Infrastructure Middle East 2010 will act as a forum for some of the most topical issues facing the industry right now, by providing practical case studies and exclusive presentations from industry experts. Further details can be obtained at http://www.railinfrastructureme.com About IQPC Middle East: For over thirty years, IQPC has helped the world's leading corporations solve their business challenges through the sharing of practical industry solutions and global best practice. In the process, the company has built a formidable reputation for quality and value. During this time, the Middle East's most progressive companies have benefited from IQPC's unrivalled global reach, which has connected international expertise with regional and local leaders. For more information, visit http://www.iqpc.ae For more information, please contact Eileen Espelita, Marketing Executive, IQPC Middle East, enquiry@iqpc.ae, +971-4-364-2975, eileen.espelita@iqpc.ae - IQPC Middle East

Ship Operator Pleads Guilty for Concealing Pollution from Oil Tanker

Sophia Rhodini — Thu, 22 Oct 2009 02:34:58 +0000

WASHINGTON, -- A Panamanian company that operated a 40,000-ton oil tanker ship that regularly made calls in multiple ports in Texas pleaded guilty today in federal court in Houston for deliberately concealing pollution discharges from the ship directly into the sea, the Justice Department announced. Styga Compania Naviera S.A., the operator of the M/T Georgios M, pleaded guilty to three felony violations of the Act to Prevent Pollution from Ships for failing to properly maintain an oil record book as required by federal and international law. According to a plea agreement filed with U.S. District Court for the Southern District of Texas, the company has agreed to pay a $1 million criminal fine along with a $250,000 community service payment to the congressionally-established National Marine Sanctuary Foundation. The money will be designated for use in the Flower Garden and Stetson Banks National Marine Sanctuary, headquartered in Galveston, Texas, to support the protection and preservation of natural and cultural resources located in and adjacent to the sanctuary. "Stopping the illegal pollution from ships continues to be a priority for the Department," said John C. Cruden, Acting Assistant Attorney General for the Justice Department's Environment and Natural Resources Division. "As long as companies continue to bypass this nation's environmental laws, the department will continue to bring cases and seek justice for those involved." "This case clearly demonstrates the Coast Guard's commitment to work with our interagency partners to aggressively enforce all maritime anti-pollution and safety of life at sea laws. The breadth and magnitude of the investigation that underpinned the charges brought forth is a testament to the dedication of all persons who were involved in resolving this matter including the Coast Guard Investigative Service, the Environmental Protection Agency, and the U.S. Department of Justice," said Rear Admiral Mary Landry, Eighth District Coast Guard commander. "The seas must be protected and commercial vessels must operate safely and lawfully," said Paula D. Brown, Acting Special Agent in Charge for Environmental Protection Agency's Criminal Investigation Division in Houston. "Those who use the oceans or our waters as dumping grounds for waste oil and sludge will be vigorously prosecuted." According to the joint factual statement, from December 2006 until February 2009, senior engineering officers and crewmembers acting on behalf of Styga installed a bypass pipe known as a "magic pipe" in order to avoid the pollution control equipment on-board the ship. The senior engineers then directed junior engineers to connect the so-called "magic pipe" and deliberately discharge sludge and oily waste directly into the ocean. Federal and international law requires that all ships comply with pollution regulations that include the proper disposal of oily water and sludge by passing the oily water through a separator aboard the vessel or burning the sludge in the ship's incinerator. Federal law also requires ships to accurately record each disposal of oily water or sludge in an oil record book, and to have the record book available for the U.S. Coast Guard when the vessel is within the waters of the United States. The Georgios M often called on ports in Corpus Christi, Texas City, Freeport, and Houston, Texas while engaging in the international oil trade. According to court documents, the engineers knowingly failed to make the required entries into the oil record book including the fact that sludge and oily waste had been discharged directly into the ocean using the "magic pipe" and circumventing the internationally required pollution control equipment. The senior engineers also made false entries in the oil record book to conceal the fact that the pollution control equipment had not been used. The crewmembers then attempted to conceal the discharges on Feb. 19, 2009, during a Coast Guard boarding at the port in Texas City, by providing the falsified oil record book to the boarding crew. The investigation was conducted by the Coast Guard Marine Safety Unit Texas City, Texas; Coast Guard Investigative Service in Houston, and the Environmental Protection Agency Criminal Investigation Division in Houston. The case is being prosecuted by the Justice Department's Environmental Crimes Section. - U.S. Department of Justice

THAAD Needed By NATO and the United States to Protect Europe

Sophia Rhodini — Thu, 22 Oct 2009 02:35:28 +0000

WASHINGTON, -- Riki Ellison, Chairman and President of the Missile Defense Advocacy Alliance (MDAA) -- www.missiledefenseadvocacy.org -- explains the importance of the nation's Terminal High Altitude Area Defense (THAAD) system and what it means to Europe and the United States in a message to the members of MDAA. He also praised the recent activation of the Army for its second THAAD system that will become a part of our nation's missile defense layered system. He further explains that it is an important part of the new missile defense architecture, and that a THAAD unit will participate in a joint exercise with Israel. His remarks are as follows: "Last week in El Paso, Texas at Fort Bliss, the second THAAD battery and its 99 United States Army Soldiers were activated. The THAAD (Terminal High Altitude Area Defense) is a integral part of a layered missile defense system that our President, the Secretary of Defense and U.S. Congress fully endorse and is part of the 'new missile defense architecture' for the protection of our deployed troops overseas and allies." "This unique system intercepts in a transitional area between earth's atmosphere and space to include a range of 20 miles below and above the 62 mile or 100 kilometer line. None of the current or future deployed missile defense systems intercept in this vertical space. Because of this vertical engagement area capability, the THAAD system can take multiple shots and use the atmosphere to strip off debris and countermeasures to better target the incoming warhead. The larger land-based missile defense system, the GBIs as well as the sea-based missile defense system, the Aegis and SM-3, intercept above the 100k line at a higher altitudes in space, while the Patriot System ground-based system intercepts missiles in air below the atmosphere." "Applying all of these defensive systems creates a 'layered defense' which makes it very challenging to the calculus of an attacker to have confidence in an offensive ballistic missile being successful. A 'layered defense' provides multiple defensive shots with the ability to look each time before shooting again, thus through multiple-shot doctrines and redundancy creates very high successful probabilities in the capability to defend an area from ballistic missiles. This deployed military concept and tactic further de-incentivizes the attacker from investing in ballistic missiles as well as creates extreme technical challenges to build countermeasures to defeat a 'layered defense.'" "The THAAD battery consists of about 24 interceptors housed in three mobile launchers, supported by a THAAD mobile x-band radar (AN-TPY-2), four 5-ton trucks for fire control and communications that will be operated and maintained by these 99 US army soldiers from Fort Bliss, Texas. The system is land-mobile and can be transported quickly by C-17s or C-5s anywhere on the globe. This THAAD activation is the second of seven that are currently planned over the next few years. The US Army could require up to 13 THAAD batteries, as forthcoming JTAMDO Joint Theater Air and Missile Defense Office studies may request in the future. The United States Congress has approved the sale of 3 THAAD Batteries for foreign sales to United Arab Emirates. Countries in the Middle East and in East Asia like Japan are interested in acquiring this system to complement their existing missile defense systems to add another layer of defense." "It is to be noted, that the President Obama's 'new missile defense architecture' requires multiple sea and land based Aegis SM3 missile defense systems deployed in and around Europe for a space engagement intercept layer of defense against the proliferation of short to medium range missiles. Multiple THAAD deployed batteries would need to supplement all of those Aegis Systems in Europe to give our allies and troops based there the most effective and practical protection. The United States, NATO and our allies must pursue and deploy this capability to provide the necessary protection against the ballistic missile threat they are most concerned about." "In sum, there has been an increase of over 1,200 additional ballistic missiles over the past 5 years, bringing the total of ballistic missiles outside the U.S., NATO, Russia and China to over 5,900 (with SRBMs making up 93% of this total and MRBMs making up 6%), with hundreds of launchers and missiles within the range of our deployed forces today (with SRBM launchers making up 91% of this total and MRBM launchers making up 9%)." Lt Gen Pat O'Riely Director MDA "Next month, a U.S. THAAD unit with its soldiers will be used in joint exercises in Israel and will be an essential part of a defensive system to defend Israel from ballistic missiles. The following month in December this year THAAD will test its 11th flight test against a complex target in Kauai, Hawaii at the Pacific Missile Range Facility PMRF. THAAD is currently six out of six in intercept tests." Ellison closed his remarks to the members of MDAA with the following comment: "We congratulate and greatly appreciate the service of the 99 soldiers in the 11th Air Defense Brigade of the 32nd Army Air and Missile Defense Command for making our forward deployed troops overseas and our allies safer." Riki Ellison is available for on the record interviews on all aspects of missile defense. Call 602 885-1955 to arrange an interview. - MDAA

Goodyear Engineered Products Carbon-Fiber Belt Available for Your Snowmobile

Sophia Rhodini — Thu, 22 Oct 2009 02:35:52 +0000

LINCOLN, Neb., -- Reactive belt is snow bound - Goodyear® Gatorback® Sport carbon-fiber CVT belt helps prevent "hour-glass" wear in snowmobiles and is built in specific sizes to match individual sleds. As outdoor enthusiasts gear-up for winter, one equipment upgrade will help them get out into the cold - and back. New Goodyear Engineered Products Gatorback Sport snowmobile belts use reactive carbon-fiber technology and top-side cogs for a tough, flexible belt providing increased resistance to flex fatigue and "hour-glass" or sidewall wear - two issues that could potentially strand a rider miles from home in the cold. Designed after the Gatorback Sport ATV belt, the continuous variable transmission (CVT) belt uses carbon-fiber reinforcement to add stiffness across the width of the belt. The carbon-fiber reinforcement gives the sidewall superior wear resistance and ensures that the belt stays in contact with the pulleys. "Threadlike strands of carbon fiber are strong, flexible, and light-weight," said Loren Danhauer, chief belt engineer for Veyance Technologies, the exclusive manufacturer of Goodyear Engineered Products. "The design for the snow belt was derived from the automotive Gatorback belt used in all NASCAR race cars." Apart from increased stiffness across the belt, Danhauer said that the rubber-carbon-fiber compound allows for natural slip and abrasion resistance. During strenuous use, the fibers rise to the surface of the compound allowing slip without sacrificing belt wear. After the strenuous activity ceases, the surface fibers are wiped away, allowing the belt to provide quick and clear throttle response for more power precisely when it's needed. The snow belt's top-side cogs differentiate it from the Gatorback Sport ATV belt, acting to relieve tension and increase the belt's flexibility. Meanwhile, patented Goodyear Flexten cord inside the belt provides stability to transmit horsepower while reducing stretch over the belt's life. Pushed to the extremes during independent testing, the Gatorback Sport snow belt underwent rigorous uphill climb, rapid acceleration and tandem riding tests. Veyance Technologies, Inc. is the exclusive manufacturer of Goodyear Engineered Products worldwide. In addition to aftermarket power sport products, Veyance markets Goodyear-branded air springs, automotive belts and hoses, conveyor belts and services, industrial and hydraulic hose, power transmission products, rubber track and molded products. GOODYEAR® and GATORBACK® trademarks are used by Veyance Technologies under license from The Goodyear Tire & Rubber Company. For more information go to http://www.goodyearep.com/. - Veyance Technologies, Inc.

Pratt & Whitney Rocketdyne Receives Top Regional Honor for Sponsoring Talented Minority Youth Interns

Sophia Rhodini — Thu, 22 Oct 2009 02:36:16 +0000

CANOGA PARK, Calif. -- Pratt & Whitney Rocketdyne has been recognized by INROADS -- an international organization that helps corporations develop and place talented minority youth in business and industry and prepare them for corporate and community leadership. In addition, two Pratt & Whitney Rocketdyne employees who are former INROADS interns were recognized by the organization for their achievements. Pratt & Whitney Rocketdyne is a United Technologies Corp. (NYSE: UTX) company. Pratt & Whitney Rocketdyne received the 2009 INROADS Sponsoring Company of the Year Award at the Southwest Region's Annual Awards Banquet in Anaheim, Calif. The company was honored for exceeding all INROADS expectations by its commitment to the education and professional training of ethnically diverse college students by embracing them in the corporate culture through INROADS internships. Pratt & Whitney Rocketdyne sponsored 15 INROADS interns in the Southwest region in 2009. "Pratt & Whitney Rocketdyne is extremely proud of this recognition," said Darold Sawyer, manager, Diversity and Equal Employment Opportunity Programs, Pratt & Whitney Rocketdyne. "It demonstrates our ongoing commitment to INROADS as a source for quality, diverse talent in the Southwest region." Two Pratt & Whitney Rocketdyne employees also were honored. Zanea Taylor, a former INROADS intern who works as a Pratt & Whitney Rocketdyne Human Resources client manager supporting Supply Management, was nominated for Business Coordinator of the Year and Alumnus of the Year. Former INROADS Intern Tamuto Takakura was nominated for the Frank C. Carr Community Service Award, named in honor of the founder of INROADS. Pratt & Whitney Rocketdyne, Inc., a part of Pratt & Whitney, is a preferred provider of high-value propulsion, power, energy and innovative system solutions used in a wide variety of government and commercial applications, including the main engines for the space shuttle, Atlas and Delta launch vehicles, missile defense systems and advanced hypersonic engines. Pratt & Whitney is a world leader in the design, manufacture and service of aircraft engines, space propulsion systems and industrial gas turbines. United Technologies, based in Hartford, Conn., is a diversified company providing high technology products and services to the global aerospace and commercial building industries. - Pratt & Whitney Rocketdyne

StarWorld Gives Away Cash Prizes in Celebration of 3rd Anniversary

Sophia Rhodini — Thu, 22 Oct 2009 02:36:49 +0000

HONG KONG, -- To celebrate its 3rd anniversary StarWorld Hotel and Casino ("StarWorld"), the five-star flagship hotel of Galaxy Entertainment Group ("Galaxy"), is offering a series of special promotions in October. Guests will have opportunities to win cash prizes of HK$3,333 in our special anniversary lucky draw. Whisky Bar will be celebrating with aviation themed decor, providing a unique 'flying adventure' for guests and their friends. To tantalize those taste buds guests can also enjoy a selection of mouth-watering hairy crab dishes at Jade Garden. StarWorld is delighted to be offering guests this wide range of entertainment options and culinary delights. StarWorld Celebrates 3rd Anniversary with a Cash Lucky Draw Giving Are you keen to join the frivolity of StarWorld's 3rd anniversary celebrations? Would you like to win cash prize while you're at the party? You can! From 10 October to 1 November, StarWorld will be holding a 3rd Anniversary Lucky Draw. Every Saturday and Sunday, players will have a chance to win cash prizes simply by playing at one of StarWorld's tables or slots. 3 winners will be drawn at each lucky draw and they must approach the stage for registration within 3 minutes after the results are announced. Enjoy a Girls' Night Out with a Difference at the Whisky Bar What could be better than relaxing over a few drinks with your friends? The welcoming and casual ambience of Whisky Bar is the perfect place to do just that, presenting different themes for a fun "Girls' Night Out". October's aviation theme provides a fun "flying adventure" for you and your friends, allowing guests to enjoy fine wines on offer in an entertaining environment. To add to the enjoyment, StarWorld has scheduled various special dance performances and will also be giving ladies a chance to win round-trip air tickets to a range of exciting destinations. Not forgetting that Halloween falls in October, StarWorld will be providing a free makeup service to "wow" your friends during the festival! Come and enjoy the fun and fabulous themes with your friends! Enjoy Gourmet Hairy Crab at the Jade Garden It is hairy crab season and StarWorld guests can enjoy the finest crab dishes at the hotel's acclaimed Chinese restaurant, Jade Garden. The culinary talents of the Jade Garden chefs provide guests with a selection of perfectly combined dishes such as Coral Crab with Scallops and Coral Crab with Pork Tendon. These mouth-watering dishes are guaranteed to leave you wanting more. From now until 30 November, Jade Garden will present various special dishes bringing out the freshness and rich flavour of the crab. In addition, from 26 to 31 October customers who spend $2000 per meal at Jade Garden will be offered a $1000 F&B coupon. Enjoy Further Fine Cuisine and Entertainment Throughout October StarWorld offers a variety of fabulous cuisines and entertainment options that are guaranteed to create unforgettable memories for each and every guest. From 15 to 25 October, guests can enjoy a host of Malaysian delicacies in the "Truly Malaysia" buffet, specially prepared by renowned Malaysian chefs. In addition to an exquisite dining experience, you will be entertained with traditional Malaysian performances. The prestigious Inagiku Japanese Restaurant is also introducing tempting new fusion cuisine dishes along with many more dining promotions. Last but not least, StarWorld Casino enhances the gaming experience of Privilege Card members by introducing the Fat Choy Stamps, $5000 slot winning coupons and Winning Star Chip Reward Programme. - StarWorld Hotel and Casino

kheed Martin Launches 'Intelligence On Demand'

Sophia Rhodini — Thu, 22 Oct 2009 02:37:16 +0000

HERNDON, Va. -- In response to a growing demand for immediate, online access to geospatial imagery and analytical tools, Lockheed Martin (NYSE: LMT), working with Pictometry International Corporation, has launched the first version of "Intelligence on Demand," a new web portal that offers users a world of imagery and analysis for a flat monthly fee. This initial version offers a library of more than 100 million geospatial images from Pictometry and high-powered analytical tools from Lockheed Martin, all available online. "More and more U.S. federal government agencies are relying on geospatial intelligence to plan and conduct their operations," said Roger Mann, Director of Advanced Programs for Lockheed Martin Information Systems and Global Services - Intelligence. "But for many organizations within these agencies, it's not practical to purchase, install and manage a multi-million dollar server infrastructure to store and archive terabytes of high-resolution imagery. With Intelligence on Demand, we're offering users all the convenience and security of their own geospatial database, with none of the traditional costs and effort. A flat subscription fee gets you instant access to all the imagery in our database, downloaded straight to your laptop on demand." Intelligence on Demand is built on a cloud computing model, where a large number of users connect to data on a shared "cloud" of servers on the Internet. Web-based e-mail and document sharing applications are examples of commercial clouds. The cloud approach significantly improves convenience and affordability for users, who can access their data from any computer anywhere in the world, so long as they have a network connection. Intelligence on Demand offers users three key advantages over traditional, commercial clouds: Enhanced Security: The service is carefully controlled and managed by Lockheed Martin and offered only to U.S. federal government users, giving agencies a "trusted cloud" capable of storing secure or sensitive information. Unique Data Sets: Intelligence on Demand is the only trusted service to offer ultra high-resolution images from Pictometry International Corp. Pictometry's imagery is taken from airplanes at an oblique angle, rather than straight down like traditional imagery. The result is imagery with up to four-inch resolution that can be used to create photo-realistic virtual models of landscapes that are rich, pinpoint-precise, and capable of powerful geospatial analysis. Lockheed Martin will add more data sets from other providers in the future. Sophisticated Analysis Tools: Built-in online tools let users perform advanced geospatial analysis, such as measuring precise heights and distances in three dimensions, determining lines of sight, and mapping out operations in three dimensions. More than just data, Intelligence on Demand offers web-based tools to support mission planning, disaster response, and command and control. Imagery and data from Intelligence on Demand can be viewed and analyzed through a web browser, or loaded into commercial geographic information systems for specialized applications. For more information on Intelligence on Demand, visit www.lockheedmartin.com/products/IntelligenceOnDemand. Customers who already have a subscription can log in directly at www.myidemand.com/iod. Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 140,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation reported 2008 sales of $42.7 billion. Pictometry International Corp. is a leading provider of geo-referenced, aerial image libraries and related software. Pictometry has captured over 100 million digital aerial images in over 700 counties in the United States covering over 80 percent of the United States population. Pictometry has its headquarters in Rochester, NY and an office in Europe. For more information, visit www.pictometry.com. - Lockheed Martin

Parker to Webcast Annual Meeting of Shareholders on October 28 at 9:00 a.m. Eastern

Sophia Rhodini — Thu, 22 Oct 2009 02:37:40 +0000

CLEVELAND, -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that it will webcast its Annual Meeting of Shareholders, which is scheduled for October 28, 2009 beginning at 9:00 a.m. Eastern time. Don Washkewicz, Chairman, CEO and President, is scheduled to make a presentation during the meeting to review the company's performance, strategy and outlook for the future. A live webcast of the presentation will be accessible on Parker's investor information website at http://www.phstock.com and also will be archived on the site. With annual sales exceeding $10 billion in fiscal year 2009, Parker Hannifin is the world's leading diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of mobile, industrial and aerospace markets. The company employs approximately 52,000 people in 48 countries around the world. Parker has increased its annual dividends paid to shareholders for 53 consecutive years, among the top five longest-running dividend-increase records in the S&P 500 index. For more information, visit the company's web site at http://www.parker.com, or its investor information site at http://www.phstock.com. - Parker Hannifin Corporation

COM DEV USA awarded contract on US Government program

Sophia Rhodini — Thu, 22 Oct 2009 02:38:05 +0000

EL SEGUNDO, CA, - COM DEV USA, LLC, a subsidiary of COM DEV International Ltd. (TSX: CDV), today announced that it has been awarded a contract valued in excess of US$7 million to supply passive microwave equipment for a US Government space program. The current contract covers work on the third spacecraft in a multiple-satellite constellation. It follows previous contracts on the first two satellites awarded to COM DEV USA through the Passive Microwave Devices product line it acquired in 2008. Design and production work will be performed at COM DEV USA's manufacturing facility in El Segundo, California with delivery scheduled for midway through calendar 2010. "We are excited to continue working on this program, which is one of several major, ongoing US Government programs that constitute part of the deep heritage of our company," said Dan White, President of COM DEV USA. "We believe each of these programs represents a very solid opportunity for us to win follow-on work at such time as additional satellites are ordered." In addition to the work being undertaken at its California subsidiary, COM DEV's Cambridge, Ontario facility is supplying other passive microwave equipment for a separate payload on the same satellite. - Com Dev International Ltd.

Wine Country Gift Baskets Awards UPS Exclusive Package Delivery Carrier Account

Sophia Rhodini — Thu, 22 Oct 2009 02:38:27 +0000

FULLERTON, Calif., -- Wine Country Gift Baskets, a premier source for consumer and corporate gift-giving for more than 25 years, is proud to announce the selection of UPS as their exclusive package delivery carrier. Both companies share the same dedication to exemplary customer service and reliability, making UPS the perfect partner to deliver Wine Country Gift Baskets' wide selection of gourmet food, wine, cookie, flower, fruit and spa-themed gift baskets. The shift to UPS, which became effective July 2009, evolved from an extensive distribution review during the spring. "UPS is a great partner. They are capable of handling all of our shipping needs," stated Bill Shea, General Manager of WCGB. "Our business depends on shipments arriving on time and UPS has our complete confidence and support that our customers will always be satisfied." Founded in 1907 as a messenger company in the U.S., UPS has grown into a $49.7 billion global corporation and is one of the most recognized and admired brands in the world. During Wine Country Gift Baskets' holiday gift season, it is projected that UPS will handle the logistics and transportation of more than 2 million gift baskets. "We're excited about the opportunities and high-quality service levels we anticipate using UPS," Shea continued, " and we know UPS understands that our customers depend on our unmatched 100% Satisfaction, 100% Quality and Unconditional Value Guarantee." Wine Country Gift Baskets is a leading manufacturer and retailer of value-priced, high-quality gift baskets. With 100% Satisfaction and 100% Best Value Guarantees, there's no better source for year-round gift giving. From gourmet food and wine, creative cookies, beautiful flowers, spa-themed gifts and much more, Wine Country Gift Baskets highly values its corporate culture of providing the very best value, selection and service to its customers. Click or call for more information: www.winecountrygiftbaskets.com, 800.394.0394. - Wine Country Gift Baskets

Ford E-News - Oct. 21, 2009

Sophia Rhodini — Thu, 22 Oct 2009 02:38:54 +0000

DEARBORN, Mich., -- Ford, U of M join forces to fast-track hybrid development By combining the brains of Ford Motor Company and the University of Michigan, future hybrid vehicles will be to market even faster, thanks to new research to speed development of advanced hybrid vehicle technology. By working with U of M, Ford - with four hybrid vehicles on sale - is testing half a million design simulations of hybrid vehicle control systems a week, a development speed that would not otherwise be possible. Along with fast-tracking development, the partnership will lead to improved vehicle fuel efficiency and performance. more... Alan Hall | ahall32@ford.com | 313.594.3744 Ford truck dominance in Texas still strong Truck owners in Texas demand the best, and Ford delivers say auto writers in Texas. The 2010 Ford F-150, powered by the all-new SVT Raptor, was named "2009 Truck of Texas" by the Texas Auto Writers Association (TAWA), the seventh consecutive time a Ford F-Series truck has won the award. F-150 SVT Raptor also was named best "Full-size Pickup Truck" and Ford trucks took the overall "Line of Texas" award. more... Anne Marie Gattari | agattari@ford.com | 313.323.7809 Goggle-eyed researchers help drivers keep eyes on road Ford researchers are using high-tech goggles that measure the amount of time drivers take their eyes off the road to help validate in-vehicle technologies such as GPS navigation systems. The special "occlusion" goggles are used in testing at Ford's Human Machine Interface Verification Laboratory - or "Distraction Lab." Ford engineers and technologists use the data to accelerate the safer design of telematics systems that keep drivers connected and informed. more... Wes Sherwood | wsherwoo@ford.com | 313.390.5660 Passion to drive new Fusion auto relay race Are you passionate about your 2010 Ford Fusion or Fusion Hybrid? Do you have a compelling desire and ability to spread the word through social media? If so, you may be eligible to participate in "Fusion 41," an automotive relay race for Fusion owners designed to build excitement around the all-new Ford Fusion. This unique consumer engagement program is an extension of Ford's Drive One advertising campaign, and Fusion owners can apply at www.fusion41.com. more... Angie Kozleski | akozlesk@ford.com | 313.323.1984 SYNC front and center with Best Buy Mobile partnership, new ad campaign Ford and Best Buy have teamed up to show consumers why SYNC® is the industry-leading in-car communications system - and how easy it is to use. Through Best Buy Mobile, the retailer will offer thousands of specially trained associates to help explain what Ford SYNC is capable of, how to use it, and which phones are compatible. To boost SYNC awareness further, Ford also launched a new SYNC campaign called "SYNC: Say the Word," targeting young, tech-savvy drivers and featuring robotic "voice agents" that act as personal assistants as voice commands are activated. more... Sunok Pak | spak1@ford.com | 415.216.5528 Pro football fans rally around 2010 Taurus during House Party events On Sunday, nearly 20,000 pro football fans in 45 states spent game day with family and friends - and the 2010 Ford Taurus. It was all part of Taurus Game Day House Party(TM), an event sponsored by Ford and Houseparty.com, a leading social media marketing company, as part of a multifaceted advertising campaign. The events were publicized on a special Taurus "party page" sponsored by Houseparty.com. more... Marisa Bradley | mbradl31@ford.com | 313.845.3971 Wayne State University, Ford unit offer entrepreneurial "opportunity of a lifetime" With a yearlong fellowship created by the teaming of academia and business, Wayne State University announces a partnership with Ford Global Technologies LLC (FGTL), a Ford subsidiary. The recipient will work with an experienced FGTL entrepreneur to commercialize and license select innovative technologies and intellectual property developed by Ford. The fellow will also be able to "rub shoulders" and build relationships with key managers of Fortune 500 companies, various government agencies and capital venture fund managers. The opportunity to explore creation of a spinoff company to produce, market and sell a product exists. more... Kenneth Hsu | khsu1@ford.com | 313.322.1251 Giving the gift of green Smith College and Ford recently celebrated the dedication of Ford Hall, a $73 million, 140,000-square-foot "green"-certified facility that serves as home for the college's Picker Engineering Program and computer science, chemistry, biochemistry and molecular biology curricula. Ford Hall incorporates green roofs, porous pavement, vegetated swales, environmentally responsible mechanical systems and the use of a combined heat and power cogeneration system. more... Jennifer Moore | jmoor186@ford.com | 313.248.2335 - Ford Motor Company

Mercedes-Benz GL BlueTEC Wins Best SUV of Texas

Sophia Rhodini — Thu, 22 Oct 2009 02:39:19 +0000

MONTVALE, N.J., -- The 2010 seven-passenger Mercedes-Benz GL350 BlueTEC clean diesel wins awards for best Full-Size Luxury Sport Utility Vehicle, and best SUV of Texas at this year's annual Texas Truck Rodeo(TM), held by the Texas Auto Writers Association (TAWA), during a two-day event October 17-18, 2009 at the legendary Knibbe Ranch in the Texas Hill Country, outside of San Antonio. Forty-one journalists put 16 SUVs to the test and the 2010 GL350 BlueTEC clean-diesel is now officially Best SUV of Texas. It is the first time a European luxury automaker claims this award, and it recognizes leading attributes of the redesigned 2010 GL350 BlueTEC from its off-road handling capabilities to its exceptional value, class-leading safety features, and great fuel economy. During the two day event, the Texas auto writers judge vehicles participating in the truck rodeo on many criteria with a keen focus on off-road capabilities over terrain that covers river crossings, rock climbs, and steep down-hill grades. The off-road systems of the GL350 BlueTEC manage this challenging terrain with a combination of features including, 4MATIC permanent all-wheel drive, Downhill Speed Regulation (DSR), Hill Start Assist, and AIRMATIC suspension that provides ground clearance of up to 12 inches. Unibody construction provides an integral body shell that provides ride comfort on-road and greater torsional stiffness for off-road stability. Produced in the Mercedes-Benz Tuscaloosa, Alabama plant, the GL350 BlueTEC, is one of the world's cleanest luxury SUVs with a V6 diesel engine that delivers 210 hp and 400 lb-ft. of torque, making it ideal for towing up to 7,500-lb with optional class IV trailer hitch. It provides a cruising range of up to 600 miles on one tank of fuel and qualifies for a $1,800 Alternative Motor Vehicle Tax Credit (30B). Newly restyled for model year 2010, the GL350 BlueTEC features a sporty front grille and bumpers with chrome-ringed fog lights, redesigned stainless steel skid plates with trapezoidal exhaust pipes, and 20-inch five-twin-spoke alloy wheels with all-season run-flat tires. The GL's second and third-row seats can be easily stowed to provide a flat cargo space that totals 83 cubic feet of cargo room. Safety features include standard ESP® stability control with Trailer Stability Assist, LED taillights; ABS anti-lock internally ventilated brakes; two-stage adaptive air bag for the driver and passenger, driver's knee air bag, seat-mounted side air bags in front and rear, and curtain side air bags protecting all three rows; NECK-PRO active front head restraints; and adaptive belt tensioners and force limiters. The GL is also equipped with PRE-SAFE®, a safety system that senses impending collisions and automatically positions passengers for better protection. The PRE-SAFE system will close windows and the sunroof if an impending crash is sensed while the POST-SAFE® system avoids consequential damage after an accident by turning-on hazard lights, unlocking doors, and cutting-off engine and fuel supply. The 2010 Mercedes-Benz GL350 BlueTEC is available in U.S. dealerships with an MSRP of $59,950.00. Additional information can be found at www.mbusa.com. - Mercedes-Benz USA

The Boeing Company's John Hinshaw is Honored as the 2009 CIO of the Year

Sophia Rhodini — Thu, 22 Oct 2009 02:40:09 +0000

The Executives' Club of Chicago, in Cooperation with the Association of Information Technology Professionals, Announces Mr. Hinshaw as Winner of the Sixth Annual Award CHICAGO -- John Hinshaw, Chief Information Officer of The Boeing Company, was honored yesterday with the 2009 CIO of the Year Award during The Executives' Club of Chicago's Technology Conference, entitled "Improving IT's Relevance by Creating New Business Models." Mr. Hinshaw was presented the award by the 2009 Selection Committee Co-Chairs, Ellen K. Barry, CIO of Metropolitan Pier & Exposition Authority, and 2008 winner Timothy Zoph, Senior Vice President, Administration & CIO of Northwestern Memorial Hospital. Hinshaw was honored in front of an Executives' Club audience of more than 300 technology and business executives. Mr. Hinshaw was chosen for the prestigious award from a list of top technology candidates in the greater Chicagoland area. Nominated by The Association of Information Technology Professionals (AITP) Chicago Chapter, Mr. Hinshaw was selected after an extensive evaluation process by senior leaders of the Executives' Club Technology Committee and personal interviews with The Club's board members John Edwardson, Chairman & Chief Executive Officer of CDW Corporation, and Adam J. Gutstein, President & Chief Executive Officer of Diamond Management & Technology Consultants. As Boeing's CIO since June 2007, Mr. Hinshaw is responsible for the IT strategy, operations, processes and people of the world's leading aerospace company. This includes direct accountability for over 9,000 Boeing IT employees worldwide. He also has responsibility for supporting the growth of Boeing's business by partnering with the business units on IT related programs. In addition, Mr. Hinshaw oversees all aspects of Information Security across the global reach of the company. The CIO of the Year Award, sponsored by The Executives' Club of Chicago in cooperation with the AITP Chicago Chapter, was established by The Club's Board of Directors in 2003 to recognize the increasingly important role of the CIO in realizing value and delivering exceptional ROI, as well as the importance that technology plays in Chicago land companies and our economy. - The Executives' Club of Chicago

Optical Systems, Inc. Issues Shareholder Update to Outline Key Milestones and Growth Initiatives

Sophia Rhodini — Thu, 22 Oct 2009 02:40:41 +0000

HOUSTON, -- Optical Systems, Inc., (Pink Sheets: OPSY) a leading provider of software and services for the automotive retail industry today released the following letter to shareholders from B.J. Grisaffi, Chairman and Chief Executive Officer: Dear Shareholders, I am proud to be able to report that our company is strong and stable despite a challenging economic environment. We were able to recognize early warning signs, adapt our strategy, and gain new customers during one of the worst times in the history of the U.S. automobile industry. The number of dealerships that are using our software and services has nearly doubled since the beginning 2009, and we are seeing more interest from potential customers than ever before. There are more than 20,000 automotive dealerships and 7,000 recreational vehicle dealerships in the United States. Our company has a tremendous opportunity to help these dealerships not only stay afloat, but prosper in today's economy. Our focus has always been on developing solutions that help automotive dealerships save deals, cut costs, and generate showroom and service traffic. We have armed our well-trained customer service and sales staff with the information we gained from our research and experience, so they can approach a customer or prospect with what amounts to a clear image of how our products meet their needs. In mid-2008, we began developing several new programs aimed at become a leading, low-cost provider of customer relationship management (CRM) solutions. This initiative was part of our overall effort to help cash-starved dealerships stay in business. Less than a year later, we launched our remoteService, remoteSupport, remoteSales, remoteMeetings and remoteTraining programs, and are pleased to report that our customers were able improve their quality of service, and in some cases, reduce costs as much as 20 percent because of these programs. A Technology Package of our remote programs is expected to launch in the next several weeks. In Q3, we launched several new products including Save-a-Car, a cutting-edge, robust GPS tracking system that has nationwide coverage and is available with no monthly fee. Save-a-Car is a complimentary and standalone product that can easily be integrated into our existing programs. We also partnered with Triple Protection Auto Care, Inc. to market IdentiTheft®, a breakthrough identity theft solution for consumers that is sold on behalf of automotive dealers. Both Save-a-Car and IdentiTheft can be easily integrated into our BDC services, and we expect both of these products to generate additional revenue for the Company in the next 30-60 days. The recently launched private-label version of our flagship software, Save-a-Deal is another example of our commitment to our customers. The improvements we made to security, performance, scalability and flexibility were exactly what our customers were seeking. Since the launch of this new version of Save-a-Deal, we have seen a steady increase in the number of inquiries we receive from auto dealerships across the country. There were also several improvements we made to our own CRM resources, which now allow us to add new dealerships to our network in less than in half the time it previously took. Each of the improvements was made with our remote management capabilities and aggressive sales strategy in mind. Finally, I am pleased to report that our Business Development Center services have been very successful in dealerships across the Southwest, and we are adding new dealerships much faster than we expected. Our service-oriented focus on remote technology, and 30+ years of experience in the automotive industry has enabled us to develop performance-based, low-cost BDC services with a solid return on investment and proven results. Looking ahead, I am optimistic that we will continue to gain traction in the market despite the current economy. We are getting closer to finalizing several deals with automotive groups across the United States, and continue to get positive feedback from our customers about our products and services. We are a robust organization with the resourcefulness and know-how to succeed in difficult times and lay the groundwork for further success and growth. Thank you for your continued support. Sincerely, B.J. Grisaffi Chairman and Chief Executive Officer - Optical Systems, Inc.

Paragon Shipping Inc. Announces New Three Year Charter Agreement for Diamond Seas With Bunge S.A.

Sophia Rhodini — Thu, 22 Oct 2009 02:41:04 +0000

ATHENS, Greece, -- Paragon Shipping Inc. (Nasdaq: PRGN), a global shipping transportation company specializing in drybulk cargoes, announced today that it has entered into a new three year time charter contract for the Diamond Seas. The vessel has been forward fixed on period time charter for 23 to 25 months at a gross daily rate of $16,250 with Bunge S.A., who also has the option to charter the vessel for a further 11 to 13 months at a gross daily rate of $18,500 during the option period. Commenting on these developments Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, stated, "We are pleased to announce this new chartering agreement with Bunge. Not only have we secured a lucrative time charter during these challenging times, but we have done so with one of the world's leading chartering companies. This contract is scheduled to commence between April and July 2010 immediately after the expiration of the present charter, thus allowing us to forward fix our revenue stream." Mr. Bodouroglou concluded, "This new charter arrangement will increase our fixed revenue days in 2010 and 2011 from 92% and 72% to 96% and 81%, respectively. This is fully in line with our strategic objective of providing our shareholders with solid and visible earnings. We only have one vessel scheduled to come off charter during 2010, the supramax bulkcarrier Sapphire Seas, which we are actively marketing for charter now." About Paragon Shipping Inc. Paragon Shipping Inc. is an Athens, Greece-based international shipping company specializing in the transportation of drybulk cargoes. The Company's current fleet consists of twelve vessels with a total carrying capacity of 765,137 dwt. Cautionary Statement Regarding Forward-Looking Statement Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for drybulk shipping capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, charter counterparty performance, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. - Paragon Shipping Inc

Platinum Underwriters Holdings, Ltd. Reports Record Financial Results for the Third Quarter Ended September 30, 2009

Sophia Rhodini — Thu, 22 Oct 2009 02:41:39 +0000

HAMILTON, Bermuda, -- Platinum Underwriters Holdings, Ltd. (NYSE: PTP) today reported net income of $109.5 million, which is a record $2.10 per diluted common share, for the quarter ended September 30, 2009. The results for the quarter include net premiums earned of $229.5 million, a decrease of 18.2% from the same quarter last year and net favorable development of $20.3 million, as compared with net favorable development of $32.0 million for the same quarter last year. Michael D. Price, Platinum's Chief Executive Officer, commented, "Our record net income per diluted common share reflects disciplined underwriting, lower than expected catastrophe activity, strong investment results on a total return basis and net favorable reserve development. Our book value per share was $43.55 as of September 30, 2009, an increase of 11.0% from June 30, 2009 and 25.9% from December 31, 2008." Mr. Price added, "We found relatively more attractive underwriting conditions for property and marine reinsurance this year and have accordingly shifted our mix of business toward this segment. While we did not repurchase any shares or debt this particular quarter, we intend to continue our practice of returning excess capital in a cost effective manner for the benefit of our shareholders." Results for the quarter ended September 30, 2009 are summarized as follows: Net income was $109.5 million, or $2.10 per diluted common share. Net premiums written were $243.6 million and net premiums earned were $229.5 million. GAAP combined ratio was 72.3%. Net investment income was $44.7 million. Net realized gains on investments were $22.6 million. Results for the quarter ended September 30, 2009 as compared with the quarter ended September 30, 2008 are summarized as follows: Net income increased $154.8 million. Net premiums written decreased $35.6 million (or 12.7%) and net premiums earned decreased $51.2 million (or 18.2%). GAAP combined ratio decreased 50.3 percentage points. Net investment income decreased $3.3 million (or 6.9%). Net realized gains on investments were $22.6 million for the quarter ended September 30, 2009 compared with net realized losses on investments of $0.07 million for the quarter ended September 30, 2008. Net premiums written for Platinum's Property and Marine, Casualty and Finite Risk segments for the quarter ended September 30, 2009 were $147.4 million, $88.5 million and $7.7 million, respectively, representing 60.5%, 36.3% and 3.2%, respectively, of the total net premiums written. Combined ratios for these segments were 54.9%, 94.3% and 122.7%, respectively, for the quarter ended September 30, 2009. Compared with the quarter ended September 30, 2008, net premiums written decreased by $19.7 million (or 11.8%) and $18.4 million (or 17.2%) in the Property and Marine and Casualty segments, respectively, and increased $2.5 million (or 48.2%) in the Finite Risk segment. Results for the nine months ended September 30, 2009 are summarized as follows: Net income was $292.5 million, or $5.57 per diluted common share. Net premiums written were $697.0 million and net premiums earned were $709.8 million. GAAP combined ratio was 76.6%. Net investment income was $123.1 million. Net realized gains on investments were $53.9 million. Results for the nine months ended September 30, 2009 as compared with the nine months ended September 30, 2008 are summarized as follows: Net income increased $130.3 million (or 80.4%). Net premiums written decreased $103.3 million (or 12.9%) and net premiums earned decreased $130.8 million (or 15.6%). GAAP combined ratio decreased 13.5 percentage points. Net investment income decreased $21.0 million (or 14.6%). Net realized gains on investments were $53.9 million for the nine months ended September 30, 2009 compared with net realized losses on investments of $3.3 million for the nine months ended September 30, 2008. Net premiums written for Platinum's Property and Marine, Casualty and Finite Risk segments for the nine months ended September 30, 2009 were $402.6 million, $273.9 million, and $20.5 million, respectively, representing 57.8%, 39.3% and 2.9%, respectively, of the total net premiums written. Combined ratios for these segments were 66.2%, 88.1% and 117.3%, respectively, for the nine months ended September 30, 2009. Compared with the nine months ended September 30, 2008, net premiums written decreased $52.0 million (or 11.4%) and $61.4 million (or 18.3%) in the Property and Marine and Casualty segments, respectively, and increased $10.0 million (or 96.0%) in Finite Risk segment. Total assets were $5.18 billion as of September 30, 2009, an increase of $255.1 million (or 5.2%) from $4.93 billion as of December 31, 2008. Cash, cash equivalents and fixed maturity investments were $4.41 billion as of September 30, 2009, an increase of $153.9 million (or 3.6%) from $4.26 billion as of December 31, 2008. Shareholders' equity was $2.17 billion as of September 30, 2009, an increase of $360.7 million (or 19.9%) from $1.81 billion as of December 31, 2008. Book value per common share was $43.55 as of September 30, 2009 based on 49.8 million common shares outstanding, an increase of $8.97 (or 25.9%) from $34.58 as of December 31, 2008 based on 47.5 million common shares outstanding. Financial Supplement Platinum has posted a financial supplement on the Financial Reports page of the Investor Relations section of its website (Financial Supplement). The financial supplement provides additional detail regarding the financial performance of Platinum and its business segments. Teleconference Platinum will host a teleconference to discuss its financial results on Thursday, October 22, 2009 at 8:00 a.m. Eastern time. The call may be accessed by dialing 877-879-6217 (US callers) or 913-312-0652 (international callers), or in a listen-only mode via the Investor Relations section of Platinum's website at www.platinumre.com. Those who intend to participate in the teleconference should register at least ten minutes in advance to ensure access to the call. The teleconference will be recorded and a replay will be available from 11:00 a.m. Eastern time on Thursday, October 22, 2009 until midnight Eastern time on Thursday, October 29, 2009. To access the replay by telephone, dial 888-203-1112 (US callers) or 719-457-0820 (international callers) and specify passcode 2604514. The teleconference will also be archived on the Investor Relations section of Platinum's website at www.platinumre.com for the same period of time. Non-GAAP Financial Measures In presenting the Company's results, management has included and discussed certain schedules containing financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). Such measures, including segment underwriting income (or loss) related underwriting ratios and fully converted book value per common share, are referred to as non-GAAP. These non-GAAP measures may be defined or calculated differently by other companies. Management believes these measures, which are used to monitor the results of operations, assist in understanding the Company. These measures should not be viewed as a substitute for those determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures such as income or loss before income tax expense or benefit and total shareholders' equity is presented in the attached financial information in accordance with Regulation G. About Platinum Platinum Underwriters Holdings, Ltd. (NYSE: PTP) is a leading provider of property, casualty and finite risk reinsurance coverages, through reinsurance intermediaries, to a diverse clientele on a worldwide basis. Platinum operates through its principal subsidiaries in Bermuda and the United States. The Company has a financial strength rating of A (Excellent) from A.M. Best Company, Inc. For further information, please visit Platinum's website at www.platinumre.com. Safe Harbor Statement Regarding Forward-Looking Statements: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). Forward-looking statements are based on our current plans or expectations that are inherently subject to significant business, economic and competitive uncertainties and contingencies. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, us. In particular, statements using words such as "may," "should," "estimate," "expect," "anticipate," "intend," "believe," "predict," "potential," or words of similar import generally involve forward-looking statements. The inclusion of forward-looking statements in this press release should not be considered as a representation by us or any other person that our current plans or expectations will be achieved. Numerous factors could cause our actual results to differ materially from those in forward-looking statements, including, but not limited to, severe catastrophic events over which we have no control, the effectiveness of our loss limitation methods and pricing models, the adequacy of our liability for unpaid losses and loss adjustment expenses, our ability to maintain our A.M. Best Company, Inc. rating, the cyclicality of the property and casualty reinsurance business, conducting operations in a competitive environment, our ability to maintain our business relationships with reinsurance brokers, the availability of retrocessional reinsurance on acceptable terms, market volatility and interest rate and currency exchange rate fluctuation, tax, regulatory or legal restrictions or limitations applicable to us or the property and casualty reinsurance business generally, general political and economic conditions, including the effects of civil unrest, acts of terrorism, war or a prolonged United States or global economic downturn or recession; and changes in our plans, strategies, objectives, expectations or intentions, which may happen at any time at our discretion. As a consequence, our future financial condition and results may differ from those expressed in any forward-looking statements made by or on behalf of us. The foregoing factors should not be construed as exhaustive. Additionally, forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update forward-looking statements to reflect new information or circumstances after the date hereof or to reflect the occurrence of future events. Platinum Underwriters Holdings, Ltd. Condensed Consolidated Balance Sheets As of September 30, 2009 and December 31, 2008 (amounts in thousands, except per share amounts) September 30, 2009 December 31, 2008 ------------------ ----------------- (Unaudited) Assets Investments $3,953,620 $3,371,886 Cash, cash equivalents and short-term investments 460,171 888,053 Reinsurance premiums receivable 297,089 307,539 Accrued investment income 32,646 29,041 Reinsurance balances (prepaid and recoverable) 31,171 23,310 Deferred acquisition costs 45,581 50,719 Funds held by ceding companies 85,211 136,278 Other assets 276,733 120,337 ---------- ---------- Total assets $5,182,222 $4,927,163 ========== ========== Liabilities Unpaid losses and loss adjustment expenses $2,373,151 $2,463,506 Unearned premiums 209,951 218,890 Debt obligations 250,000 250,000 Commissions payable 117,613 125,551 Other liabilities 61,442 59,819 ---------- --------- Total liabilities 3,012,157 3,117,766 Total shareholders' equity 2,170,065 1,809,397 ---------- ---------- Total liabilities and shareholders' equity $5,182,222 $4,927,163 ========== ========== ---------- ---------- Book value per common share(a) $43.55 $34.58 ========== ========== (a) Book value per common share is determined by dividing shareholders' equity, excluding capital attributable to preferred shares, by actual common shares outstanding. Platinum Underwriters Holdings, Ltd. Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) For the Three and Nine Months Ended September 30, 2009 and 2008 (amounts in thousands, except per share amounts) Three Months Ended Nine Months Ended ------------------ ----------------- September September September September 30, 2009 30, 2008 30, 2009 30, 2008 --------- --------- --------- --------- Revenue Net premiums earned $229,538 280,725 709,752 $840,558 Net investment income 44,747 48,043 123,070 144,037 Net realized gains (losses) on investments 22,553 (71) 53,917 (3,267) Net impairment losses (5,075) (13,096) (11,739) (13,096) Other (expense) income (1,222) (88) 4,222 533 ------- ------- ------- ------- Total revenue 290,541 315,513 879,222 968,765 ------- ------- ------- ------- Expenses Net losses and LAE 99,240 270,863 368,349 524,458 Net acquisition expenses 50,009 56,320 128,503 182,999 Net change in fair value of derivatives 4,305 6,645 6,828 8,415 Operating expenses 25,210 21,153 68,984 67,943 Net foreign currency exchange (gains) losses (616) 6,134 (157) 3,263 Interest expense 4,757 4,752 14,268 14,253 ------- ------- ------- ------- Total expenses 182,905 365,867 586,775 801,331 ------- ------- ------- ------- Income (loss) before income tax expense (benefit) 107,636 (50,354) 292,447 167,434 Income tax (benefit) expense (1,832) (5,014) (73) 5,246 ------- ------- ------- ------- Net income (loss) 109,468 (45,340) 292,520 162,188 Preferred dividends - 2,602 1,301 7,806 -------- ------- ------- -------- Net income (loss) attributable to common shareholders $109,468 (47,942) 291,219 $154,382 ======== ======= ======= ======== Basic Weighted average common shares outstanding 49,660 48,260 49,955 49,963 Basic earnings (loss) per common share $2.20 (0.99) 5.83 $3.09 Diluted Adjusted weighted average common shares outstanding 52,039 48,260 52,547 57,633 Diluted earnings (loss) per common share $2.10 (0.99) 5.57 $2.81 Comprehensive income (loss) Net income (loss) $109,468 (45,340) 292,520 $162,188 Other comprehensive income (loss), net of deferred taxes 106,570 (102,921) 169,952 (145,918) -------- -------- ------- -------- Comprehensive income (loss) $216,038 (148,261) 462,472 $16,270 ======== ======== ======= ======= Platinum Underwriters Holdings, Ltd. Segment Reporting For the Three Months Ended September 30, 2009 and 2008 ($ in thousands) Three Months Ended September 30, 2009 (Unaudited) ------------------------------------------------- Property and Segment underwriting results Marine Casualty Finite Risk Total -------- -------- ----------- ------- Net premiums written $147,448 88,467 7,675 $243,590 Net premiums earned 132,567 90,591 6,380 229,538 ------- ------- ------ ------- Net losses and LAE 46,307 59,243 (6,310) 99,240 Net acquisition expenses 16,821 19,393 13,795 50,009 Other underwriting expenses 9,643 6,751 342 16,736 ------- ------- ------ ------- Total underwriting expenses 72,771 85,387 7,827 165,985 ------- ------- ------ ------- Segment underwriting income (loss) $59,796 5,204 (1,447) 63,553 ------- ------- ------ Net investment income 44,747 Net realized gains on investments 22,553 Net impairment losses (5,075) Net change in fair value of derivatives (4,305) Net foreign currency exchange gains 616 Other expense (1,222) Corporate expenses not allocated to segments (8,474) Interest expense (4,757) -------- Income before income tax expense $107,636 ======== GAAP underwriting ratios: Loss and LAE 34.9% 65.4% (98.9%) 43.2% Acquisition expense 12.7% 21.4% 216.2% 21.8% Other underwriting expense 7.3% 7.5% 5.4% 7.3% ------- ------- ------ ------ Combined 54.9% 94.3% 122.7% 72.3% ------- ------- ------ ------ Three Months Ended September 30, 2008 ------------------------------------- Segment underwriting results Net premiums written $167,136 106,826 5,180 $279,142 Net premiums earned 151,763 124,319 4,643 280,725 ------- ------- ------ ------ Net losses and LAE 183,759 86,057 1,047 270,863 Net acquisition expenses 23,691 29,191 3,438 56,320 Other underwriting expenses 11,543 4,948 286 16,777 ------- ------- ------ ------ Total underwriting expenses 218,993 120,196 4,771 343,960 ------- ------- ------ ------ Segment underwriting income (loss) $(67,230) 4,123 (128) (63,235) ------- ------- ------ ------ Net investment income 48,043 Net realized losses on investments (71) Net impairment losses (13,096) Net change in fair value of derivatives (6,645) Net foreign currency exchange losses (6,134) Other expense (88) Corporate expenses not allocated to segments (4,376) Interest expense (4,752) -------- Loss before income tax benefit $(50,354) ======== GAAP underwriting ratios: Loss and LAE 121.1% 69.2% 22.6% 96.5% Acquisition expense 15.6% 23.5% 74.0% 20.1% Other underwriting expense 7.6% 4.0% 6.2% 6.0% ------- ------- ------ ------ Combined 144.3% 96.7% 102.8% 122.6% ------- ------- ------ ------ The GAAP underwriting ratios are calculated by dividing each item above by net premiums earned. Platinum Underwriters Holdings, Ltd. Segment Reporting For the Nine Months Ended September 30, 2009 and 2008 ($ in thousands) Nine Months Ended September 30, 2009 (Unaudited) ------------------------------------------------ Property and Segment underwriting results Marine Casualty Finite Risk Total -------- -------- ----------- ------- Net premiums written $402,588 273,940 20,451 $696,979 Net premiums earned 394,554 299,712 15,486 709,752 -------- ------- ------- ------- Net losses and LAE 186,565 179,426 2,358 368,349 Net acquisition expenses 47,711 66,020 14,772 128,503 Other underwriting expenses 26,925 18,550 1,042 46,517 -------- ------- ------- ------- Total underwriting expenses 261,201 263,996 18,172 543,369 -------- ------- ------- ------- Segment underwriting income (loss) $133,353 35,716 (2,686) 166,383 -------- ------- ------- ------- Net investment income 123,070 Net realized gains on investments 53,917 Net impairment losses (11,739) Net change in fair value of derivatives (6,828) Net foreign currency exchange gains 157 Other income 4,222 Corporate expenses not allocated to segments (22,467) Interest expense (14,268) -------- Income before income tax expense $292,447 ======== GAAP underwriting ratios: Loss and LAE 47.3% 59.9% 15.2% 51.9% Acquisition expense 12.1% 22.0% 95.4% 18.1% Other underwriting expense 6.8% 6.2% 6.7% 6.6% -------- ------- ------- ------- Combined 66.2% 88.1% 117.3% 76.6% -------- ------- ------- ------- Nine Months Ended September 30, 2008 ------------------------------------ Segment underwriting results Net premiums written $454,541 335,295 10,437 $800,273 Net premiums earned 446,869 385,059 8,630 840,558 -------- ------- ------- ------- Net losses and LAE 279,165 252,233 (6,940) 524,458 Net acquisition expenses 69,119 98,893 14,987 182,999 Other underwriting expenses 29,774 18,734 961 49,469 -------- ------- ------- ------- Total underwriting expenses 378,058 369,860 9,008 756,926 -------- ------- ------- ------- Segment underwriting income (loss) $68,811 15,199 (378) 83,632 -------- ------- ------- ------- Net investment income 144,037 Net realized losses on investments (3,267) Net impairment losses (13,096) Net change in fair value of derivatives (8,415) Net foreign currency exchange losses (3,263) Other income 533 Corporate expenses not allocated to segments (18,474) Interest expense (14,253) -------- Income before income tax expense $167,434 ======== GAAP underwriting ratios: Loss and LAE 62.5% 65.5% (80.4%) 62.4% Acquisition expense 15.5% 25.7% 173.7% 21.8% Other underwriting expense 6.7% 4.9% 11.1% 5.9% -------- ------- ------- ------- Combined 84.7% 96.1% 104.4% 90.1% -------- ------- ------- ------- The GAAP underwriting ratios are calculated by dividing each item above by net premiums earned. - Platinum Underwriters Holdings, Ltd.

Hub Group, Inc. Reports Third Quarter 2009 Earnings

Sophia Rhodini — Thu, 22 Oct 2009 02:42:08 +0000

DOWNERS GROVE, Ill. -- Hub Group, Inc. (Nasdaq: HUBG) today reported income for the quarter ended September 30, 2009 of $9.8 million. Hub Group's diluted earnings per share was $0.26 for the third quarter of 2009. Hub Group's revenue of $389 million was down 24% compared to $514 million in the third quarter of 2008. Third quarter intermodal revenue decreased 27% to $270 million. The decrease was attributable to 9% lower volume, 12% lower fuel and a 6% decrease for price and mix. Truck brokerage revenue decreased 27% to $74 million this quarter. Third quarter logistics revenue increased 2% to $45 million. Hub Group ended the quarter with $123 million in cash. "We think that the third quarter results were reasonable considering the economic environment. During this downturn, we have focused on reducing our costs and believe that the efficiencies we have realized will continue to improve our competitive position as the economy recovers," said David P. Yeager, Chairman and Chief Executive Officer. CONFERENCE CALL Hub will hold a conference call at 5:00 p.m. Eastern Time on Wednesday, October 21, 2009 to discuss its third quarter results and provide an update on 2009 earnings guidance. Hosting the conference call will be David P. Yeager, Chairman and Chief Executive Officer and Terri A. Pizzuto, Executive Vice-President, Chief Financial Officer and Treasurer. This call is being webcast and can be accessed through the Investors link on Hub Group's Web site at www.hubgroup.com . Those interested in participating in the question and answer session should follow the telephone dial-in instructions below. To participate in the conference call by telephone, please call ten minutes early by dialing (888) 679-8040. The conference call participant code is 99408542. Participants may pre-register for the call at https://www.theconferencingservice.com/prereg/key.process?key=PDR38R4AP. Pre-registrants will be issued a pin number to use when dialing into the live call which will provide quick access to the conference, bypassing the operator. The call will be limited to 60 minutes, including questions and answers. An audio replay will be available through the Investors link on the Company's Web site at http://www.hubgroup.com. This replay will be available for 30 days. ABOUT HUB GROUP: Hub Group, Inc. is a leading asset light freight transportation management company providing comprehensive intermodal, truck brokerage and logistics services. The Company operates through a network of over 30 offices throughout the United States, Canada and Mexico. CERTAIN FORWARD-LOOKING STATEMENTS: Statements in this press release that are not historical, including statements about Hub Group's or management's earnings guidance, intentions, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently uncertain and subject to risks. Such statements should be viewed with caution. Actual results or experience could differ materially from the forward-looking statements as a result of many factors. Factors that could cause actual results to differ materially include the factors listed from time to time in Hub Group's SEC reports including, but not limited to, the annual report on Form 10-K for the year ended December 31, 2008 and the reports on Form 10-Q for the periods ended March 31, 2009 and June 30, 2009. Hub Group assumes no liability to update any such forward-looking statements. HUB GROUP, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts) Three Months Nine Months Ended September 30, Ended September 30, ------------------- ------------------- 2009 2008 2009 2008 ---- ---- ---- ---- Revenue $388,781 $514,212 $1,103,089 $1,430,136 Transportation costs 340,581 451,052 963,958 1,249,635 ------- ------- ------- --------- Gross margin 48,200 63,160 139,131 180,501 Costs and expenses: Salaries and benefits 22,237 24,116 67,514 73,780 General and administrative 9,122 10,766 28,374 31,393 Depreciation and amortization 949 995 3,229 2,987 --- --- ----- ----- Total costs and expenses 32,308 35,877 99,117 108,160 ------ ------ ------ ------- Operating income 15,892 27,283 40,014 72,341 Other income (expense): Interest expense (26) (31) (76) (83) Interest and dividend income 29 362 120 1,040 Other, net 116 (58) 188 28 --- --- --- -- Total other income 119 273 232 985 Income before provision for income taxes 16,011 27,556 40,246 73,326 Provision for income taxes 6,180 10,626 15,932 28,291 ----- ------ ------ ------ Net income $9,831 $16,930 $24,314 $45,035 ====== ======= ======= ======= Basic earnings per common share $0.26 $0.45 $0.65 $1.21 ===== ===== ===== ===== Diluted earnings per common share $0.26 $0.45 $0.65 $1.20 ===== ===== ===== ===== Basic weighted average number of shares outstanding 37,373 37,209 37,346 37,167 ====== ====== ====== ====== Diluted weighted average number of shares outstanding 37,550 37,541 37,481 37,478 ====== ====== ====== ====== HUB GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts) September 30, December 31, ------------- ------------ 2009 2008 ---- ---- (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $122,808 $ 85,799 Accounts receivable Trade, net 158,629 145,362 Other 9,606 10,318 Prepaid taxes 132 123 Deferred taxes 6,064 5,430 Prepaid expenses and other current assets 6,155 4,346 ----- ----- TOTAL CURRENT ASSETS 303,394 251,378 Restricted investments 8,951 6,118 Property and equipment, net 28,686 32,713 Other intangibles, net 6,276 6,610 Goodwill, net 232,946 233,110 Other assets 1,648 1,747 ----- ----- TOTAL ASSETS $581,901 $531,676 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable Trade $124,044 $105,064 Other 7,669 6,107 Accrued expenses Payroll 9,691 9,988 Other 22,579 26,388 ------ ------ TOTAL CURRENT LIABILITIES 163,983 147,547 Non-current liabilities 11,073 9,535 Deferred taxes 64,408 59,410 STOCKHOLDERS' EQUITY: Preferred stock, $.01 par value; 2,000,000 shares authorized; no shares issued or outstanding in 2009 and 2008 - - Common stock Class A: $.01 par value; 97,337,700 shares authorized and 41,224,792 shares issued in 2009 and 2008; 37,225,313 shares outstanding in 2009 and 36,970,347 outstanding in 2008 412 412 Class B: $.01 par value; 662,300 shares authorized; 662,296 shares issued and outstanding in 2009 and 2008 7 7 Additional paid-in capital 170,725 174,355 Purchase price in excess of predecessor basis, net of tax benefit of $10,306 (15,458) (15,458) Retained earnings 289,601 265,287 Accumulated other comprehensive income 2 - Treasury stock; at cost, 3,999,479 shares in 2009 and 4,254,445 shares in 2008 (102,852) (109,419) -------- -------- TOTAL STOCKHOLDERS' EQUITY 342,437 315,184 ------- ------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $581,901 $531,676 ======== ======== HUB GROUP, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Nine Months Ended September 30, ---------------------- 2009 2008 ---- ---- Cash flows from operating activities: Net income $24,314 $45,035 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 6,282 5,326 Deferred taxes 4,465 7,459 Compensation expense related to share-based compensation plans 3,218 3,332 (Gain) loss on sale of assets (21) 77 Changes in operating assets and liabilities: Restricted investments (2,833) (1,883) Accounts receivable, net (12,555) (44,723) Prepaid taxes (9) - Prepaid expenses and other current assets (1,809) (1,416) Other assets 99 208 Accounts payable 20,542 29,920 Accrued expenses (3,544) (7,250) Non-current liabilities 1,601 (242) ----- ---- Net cash provided by operating activities 39,750 35,843 ------ ------ Cash flows from investing activities: Proceeds from sale of equipment 72 857 Purchases of property and equipment (2,534) (7,219) Cash used in acquisition of Comtrak, Inc. - (5,000) --- ------ Net cash used in investing activities (2,462) (11,362) ------ ------- Cash flows from financing activities: Proceeds from stock options exercised 155 401 Purchase of treasury stock (1,096) (2,215) Excess tax benefits from share-based compensation 660 2,709 --- ----- Net cash (used in) provided by financing activities (281) 895 ---- --- Effect of exchange rate changes on cash and cash equivalents 2 - Net increase in cash and cash equivalents 37,009 25,376 Cash and cash equivalents beginning of period 85,799 38,002 -------- ------- Cash and cash equivalents end of period $122,808 $63,378 - Hub Group, Inc.

Rep. Campbell's Amendment to Consumer Legislation a Blatant Conflict of Interest

Sophia Rhodini — Thu, 22 Oct 2009 02:42:28 +0000

WASHINGTON, -- Rep. John Campbell (R-Calif.), whose official congressional website touts his work in the auto industry for over 25 years, introduced an amendment to the Consumer Financial Protection Agency Act of 2009 that would exclude car dealerships from oversight as outlined in the bill - including six tenants that paid Campbell between $600,000 and $6 million last year in rent, according to the congressman's own personal financial disclosure forms. The relationship with the auto dealing industry goes even deeper. Rep. Campbell has taken more than $170,000 in campaign contributions from auto dealers during his congressional career, according to the Center for Responsive Politics. "Rep. Campbell ought to pull this amendment which would serve to reward his donors and potentially line his own pockets," said David Donnelly, National Campaigns Director for Public Campaign. "There is no question that Campbell's role as landlord to six auto dealerships presents a direct conflict of interest in an amendment that aids auto dealers." "For too long political contributors have been paid back with policy favors," said Bob Edgar, president of Common Cause. "It's time to end pay-to-play politics and make our elections a debate of what policies are best for all of us - not just big donors. The time has come for the Fair Elections Now Act and we urge Rep. Campbell to add his name to the bill." The Consumer Financial Protection Act, which is being heard before the House Financial Services Committee, would create a Consumer Financial Protection Agency to oversee, monitor, and enforce all consumer financial protection laws. A wide array of financial transactions would be covered under the new Agency's purview. Amendments to the legislation have been offered in a day-long markup session Wednesday. The Fair Elections Now Act (H.R. 1826 and S. 752), introduced by Democratic Caucus Chair John Larson in the House and Assistant Majority Leader Dick Durbin in the Senate, would reduce the fundraising pressures on members of Congress. If enacted, congressional candidates would be able to run for office with a mixture of small donations and public funding. In addition to Rep. Larson, the House bill has 107 cosponsors. Common Cause is a nonpartisan, grassroots organization dedicated to restoring the core values of American democracy, reinventing an open, honest, and accountable government that works for the public interest, and empowering ordinary people to make their voices heard. Based in Washington, D.C., Public Campaign is a national nonprofit organization dedicated to advancing comprehensive reform of America's election laws and works to hold politicians accountable for the favors they do for special interests. - Common Cause and Public Campaign

Naval Senior Chief Punished for Anti-Gay Abuse Forced Retirement and Censure

Sophia Rhodini — Thu, 22 Oct 2009 02:42:51 +0000

SANTA BARBARA, Calif., -- The Navy is reprimanding and forcing the retirement of a chief petty officer who oversaw and perpetrated a string of abuses against a gay sailor and others in a military working dog unit in Bahrain, the Associated Press is reporting today. After an investigation begun by Youth Radio, as well as Congressional and media attention resulting from Palm Center's efforts to publicize the story, the Navy conducted a review of complaints that Chief Petty Officer Michael Toussaint had harassed and abused Petty Officer 3rd Class Joseph Rocha and others, in part because of their sexual orientation. The incidents included forced simulation of homosexual acts, being fed dog food, and being hog-tied to a chair and rolled into a dog kennel full of feces. As a result of the investigation, the Secretary of the Navy is issuing a letter of censure faulting Toussaint's actions. "The Navy's actions in reviewing Joseph Rocha's case show how important accountability is in the chain of command," said Dr. Aaron Belkin, director of the Palm Center at University of California, Santa Barbara. "The suffering of Rocha and others was exacerbated by the 'don't ask, don't tell' policy since it hampers the ability of abuse victims to hold leaders and perpetrators accountable. The results undermine discipline and order in the entire unit, not just for gays and lesbians." The Palm Center is a think tank at the University of California, Santa Barbara. Since 1998, the Center has been a leader in commissioning and disseminating research in the areas of gender, sexuality, and the military. For more information visit www.palmcenter.ucsb.edu. Available Topic Expert(s): For information on the listed expert(s), click appropriate link. - The Palm Center

Lexus of Richmond Introduces the Hybrid Experience

Sophia Rhodini — Thu, 22 Oct 2009 02:43:12 +0000

RICHMOND, Va. -- While the Lexus HS 250h debuted in September, Lexus of Richmond introduced it in typical Lexus style so clients could see firsthand the amazing technology of the new Lexus HS 250h. Lexus of Richmond hosted the "Lexus of Richmond Hybrid Experience" at the Foundry Golf Club in Fine Creek, Virginia. Tim Dale, Head Golf Pro said, "The Foundry golf course has just reopened after extensive renovations. Our club was able to take advantage of environmentally friendly technologies as it relates to maintaining grasses, water conservation and a smarter golf course design. Our goal of being an ecologically friendly golf club made us the perfect location to host the Lexus of Richmond Hybrid Experience." Continuing the environmental theme, Sally Schmidt, Executive Chef at the Foundry said, "We are in an era of a new luxury. Ten years ago it was about Kobe beef from Japan or French wines. Today we have local and organic foods from the farm down the street. It's a smarter, more sensitive world." General Sales Manager at Lexus of Richmond, Tom Flood shared, "The Lexus of Richmond Hybrid Experience has been in the works for over a year. The Lexus HS 250h is the first and only built from the ground up luxury hybrid in the world so we knew it was imperative to hold a debut that was befitting a vehicle of this caliber." "The Experience" evening was one of education, organic foods, organic wines and the debut of the new HS 250h (the fourth Lexus Hybrid). The most exciting part of the fun-filled evening was capturing the moment on film. Guests and Lexus owners shared their comments about the HS 250h and there was overwhelming support for hybrid luxury solutions. They also liked hearing that 30% of the plastic components in the vehicle are ecological plastics, in that they are derived from plants and not petroleum based. This is just another way to have less of an impact on the environment. These videos have been posted on our Hybrid dedicated Facebook page (www.facebook.com/lexusofrichmondhybrids). Lexus of Richmond introduced the new hybrid with a sixty second commercial in Central Virginia on the NBC Sunday Night Football game with the Cowboys and the Giants. - Lexus of Richmond

Inn-Credible Getaways: Select Registry Gift Certificates Promise Romantic Escapes

Sophia Rhodini — Thu, 22 Oct 2009 02:43:33 +0000

MARSHALL, Mich -- For the holidays, anniversaries and special occasions, give the gift of celebrated living with a romantic getaway from Select Registry: Distinguished Inns of North America(TM). Featured on Good Morning America as a "most unique gift," Select Registry gift certificates offer romantic, drive-to escapes. That appeals to travelers in a challenging economy, innkeepers say. With conviviality and creative cuisine as their signatures, inns and B&Bs offer the perfect romantic retreats, featuring amenities like four-poster beds, fireplaces and mesmerizing views of the Great Outdoors. Many Select Registry inns and B&Bs were once the turn-of-the-century mansions of millionaires during America's Gilded Age. Today, they woo travelers with modern touches, such as free Wi-Fi and Jacuzzis, along with five-course feasts; onsite wineries and microbreweries; and award-winning spas. Select Registry properties beckon with fun, unique experiences, like moonlight wine-and-cheese snowshoe tours, ski trips to North America's celebrated slopes, icewine festivals, classes with renowned chocolatiers on how to make hand-dipped chocolates and meanderings through boutique shops in historic villages transformed into winter wonderlands of twinkling lights. Holding the promise of a romantic road trip, B&Bs are going against current travel trends. According to a recent study by the New Jersey-based Professional Association of Innkeepers International, occupancy at bed-and-breakfasts held steady last year despite the downturn in travel. But with an estimated 30,000 inns and B&Bs across North America, choosing an idyllic escape can be daunting. Select Registry gift certificates make the search easy. Founded 35 years ago, the organization has a long history of conducting rigorous, ongoing quality assurance inspections by anonymous inspectors to assure each of its 400 members represents the very best the industry has to offer. These premier retreats include AAA-Four Diamond properties and recipients of top honors, from Leading Inns of North America and Most Romantic Hideaways to Best Places to Kiss, Best Porches in America, Best Places to Watch the Sunset and more. Select Registry gift certificates are valid at all 400 member properties throughout the USA and Canada. They come with a personalized message and the Select Registry Guidebook. With more than 400,000 copies available, this guide is the largest publication of its kind in the travel industry. For information, call 800-344-5244, or visit http://www.selectregistry.com. - Select Registry

XOJET Announces US$470 Million in Financing to be Led by Global Investment Firms TPG and Aabar

Sophia Rhodini — Thu, 22 Oct 2009 02:43:55 +0000

Confidence in XOJET's unique operating model continues to grow as customers seek value-driven alternatives to full or fractional ownership. ORLANDO, Fla., -- Today, at the National Business Aviation Association's Annual Conference, business aviation leader XOJET announced financing totaling US$470 Million. This consists of US$100 million in equity and a more flexible debt facility of $370 Million that allows for the purchase of either new or used aircraft on a global basis. Financing is being led by TPG, a Fort Worth based private equity firm, and Aabar, an Abu Dhabi based investment firm. XOJET will use the additional capital to expand its operations to meet the growing demand for quality business aviation services and low risk, high quality, cost efficient alternatives to fractional ownership. "This latest round of financing is evidence of the growing confidence in XOJET's operating model," said David Siegel, CEO of XOJET. "We uniquely offer what customers now demand and other operators simply cannot provide - a low risk, high quality, cost efficient alternative to fractional ownership without ever compromising on service quality or safety." XOJET's recently announced Membership with "Best Price" uniquely offers clients all the benefits of being in a guaranteed-availability program with no upfront share purchase while, at the same time, providing pricing advantages that can come with market-rate charter. "XOJET has a unique market advantage. Since we own and operate our own fleet of aircraft we can give you an apples to apples charter quote - on demand," said Siegel. "There's no need to comparison shop, no need to deal with multiple brokers or operators and no need to risk quality, consistency or reliability. We've taken all of the guesswork out of the process." XOJET is the only private aviation company that can credibly offer this type of service and provide customers with total assurance that they are receiving the best pricing possible on our fleet. XOJET serves corporate flight departments, private businesses and high net worth individuals. XOJET has earned the distinguished Platinum rating from Aviation Research Group/US (ARG/US) for the company's rigorous operational standards. The rating is widely recognized as the ultimate acknowledgement of excellence in operational practices and flight safety standards, and is the highest-level safety audit rating in private aviation. - XOJET

Teamsters at First Student in Hinds County to Strike On Thursday

Sophia Rhodini — Thu, 22 Oct 2009 02:44:19 +0000

JACKSON, Miss., -- First Student bus drivers in Hinds County will go on strike at 4 a.m. Thursday, said W.C. "Willie" Smith, President of Teamsters Local 891. "A strike is not what we want, but we are being forced to do this by First Student and the Hinds County School Board," Smith said. "The Hinds County school superintendent is already trying to take applications for replacement drivers and will pay higher wages, offered them health insurance and pension benefits. They are trying to demoralize the drivers instead of solving the problems for the drivers and students. "Our current First Student drivers have provided the county with superior service as they have safely transported our children to and from school every day. They should be fairly compensated for the extraordinary work they do," Smith said. "Bus drivers are more than CDL professional drivers. They serve as mentors, counselors and guardians for the students, and they make sure the students are picked up and delivered safely every school day." The Teamsters will not strike in Clay, Madison and Yazoo counties at this time, Smith said. These counties have indicated they are going to be able to assist in reaching an agreement between First Student and Local 891. All indications are the school superintendents in these counties will be able to pay the reasonable wages requested from the drivers through First Student. Officials from Local 891 have worked tirelessly to negotiate a fair wage increase for the 130 First Student workers in Hinds County, but on Monday, the company rejected the local's final offer of a 50 cents an hour increase retroactive to Aug. 1, 2009, with a 30 cents an hour increase beginning Feb. 1, 2010, and 50-cent increases starting in August of the next three years. The starting wage in Hinds County for CDL professional bus drivers is only $10.20 per hour. The local also asked for two paid holidays, Martin Luther King Jr.'s birthday and Labor Day. The company has offered 30 cents an hour increase at a four-hour work day guarantee. Currently the workers have no health insurance, no paid holidays and have not had raises since August 2008. The workers are seeking their first contract as Teamsters. It would cost First Student about an additional $100 a day total, plus the two paid holidays, for all 130 drivers to settle this contract between the company and Teamsters, Smith said. "Local 891 has reached out to the Hinds County school superintendent four times over the past two weeks to see if he could assist the drivers in resolving the negotiations with First Student. Unlike the other three school districts, he has refused to contact us," Smith said. First Student workers in Gulfport, about 160 miles away, earn $11 an hour starting salary, and are presently negotiating a contract that guarantees them the same higher wages and benefits that have been offered in Clay, Hinds, Madison, and Yazoo counties in central Mississippi. "These workers all perform the same duties," Smith said. "We are asking that First Student workers in Hinds County be given comparable wages to workers in the same state performing the same job for the same company providing professional driver safety for the kids and their families." Local 891 represents about 350 bus drivers in the four counties. - Teamsters Local 891

Southwest Airlines Continues Commitment to St. Louis With More Flights to More Nonstop Destinations

Sophia Rhodini — Thu, 22 Oct 2009 02:45:12 +0000

DALLAS, -- Southwest Airlines announced today that the airline will continue the carrier's nearly 25 years of growth and commitment to St. Louis by adding nine new daily flights to six new destinations from Lambert International Airport. The new flights are expected to begin by May 2010 and will be open for sale this December at www.southwest.com. To view a blog post, visit: http://blogsouthwest.com/blog/news-flash-new-service-coming-next-may. "Our Employees saw opportunity and worked vigorously to incorporate additional capacity in the St. Louis market," said Gary Kelly, Southwest's Chairman of the Board, President, and CEO. "We are optimizing our network strategically and strengthening the relationship between Southwest Airlines and the communities we serve." BEGINNING MAY 2010: Two new daily nonstop roundtrips between St. Louis and Nashville. One new daily nonstop roundtrip between St. Louis and Raleigh/Durham. One new daily nonstop roundtrip between St. Louis and New Orleans. Two new daily nonstop roundtrips between St. Louis and Los Angeles. One new daily nonstop roundtrip between St. Louis and Seattle. One new daily nonstop roundtrip between St. Louis and San Diego. One additional daily nonstop roundtrip between St. Louis and Minneapolis/St. Paul (nonstop service between those cities launches with two daily roundtrips in January). Southwest Airlines began service to St. Louis on March 17, 1985, with 17 daily nonstop departures to four destinations. The airline currently operates 72 daily nonstop flights from Lambert-St. Louis with additional or connecting service to 42 destinations. With previously announced nonstop service additions to Minneapolis/St Paul and Boston Logan (beginning January 10, 2010) and the future service above, Southwest becomes the dominant airline serving St. Louis, in terms of daily departures. After 38 years of service, Southwest Airlines continues to differentiate itself from other low fare carriers--offering a reliable product with exemplary Customer Service. Southwest Airlines is the most productive airline in the sky and offers Customers a comfortable traveling experience. Southwest recently updated its gate areas and improved its boarding procedure to make flying Southwest convenient and simple. Southwest Airlines (NYSE: LUV), the nation's largest carrier in terms of domestic passengers enplaned, currently serves 67 cities in 34 states (Southwest will add a 68th city, Milwaukee, Nov. 1, 2009). Based in Dallas, Southwest currently operates more than 3,200 flights a day and has nearly 35,000 Employees systemwide. - Southwest Airlines

Opposed-Piston Engines Explored in SAE International Book

Sophia Rhodini — Thu, 22 Oct 2009 02:45:36 +0000

WARRENDALE, Pa. -- The opposed-piston engine, a model of power and simplicity, is explored in its entirety for the first time in SAE International's latest book. Authored by Jean-Pierre Pirault and Martin L.S. Flint, "Opposed Piston Engines: Evolution, Use, and Future Applications," provides a comprehensive description of all documented opposed-piston engines from 1887 to 2006. The major types of engines in aeronautical, automotive, marine and military applications are covered. Using materials from historical and unpublished internal research reports, the authors present the rationale for opposed-piston engines and discuss their diverse architecture, design and performance. Comparisons to four-stroke engines are made to support the case for reconsidering opposed-piston engines for certain applications. In addition to covering the history of the engine, the authors also discuss its future applications in unmanned aerial vehicles and heavy-duty trucks. The book is intended for engine enthusiasts and engine designers who will benefit from an in-depth understanding of the opposed-piston engine, which has set standards in power and package density, manufacturing simplicity and overall reliability. "The book is a good read with more than 500 illustrations and performance graphs, and will be a reference almanac for those interested in unusual engines who want to know about remarkable performance and fuel economy achievements from relatively simple, robust and cost-effective power units," Thomas W. Ryan III, 2008 SAE International President, said in the book's foreword. Pirault works with Powertrain Technology Ltd., an engine consultant firm in the south of England. Previously, he worked in the research and development laboratories of Vandervell Products, a plain bearing manufacturer, before moving to companies like Ricardo, Ford Motor Company, Jaguar and AVL. Flint is a chartered mechanical engineer and a Fellow of the Institution of Mechanical Engineers. During his career, he has worked for Deutz AG in Germany and Canada, BICERI, Perkins, Rolls Royce and Ricardo, experiencing most aspects of manufacture, design, research-and-development and engine testing. He trained as an indentured apprentice with the Associated Equipment Company in the U.K., specializing in the design and manufacture of commercial vehicles and diesel engines. The list price of this hardbound, 576-page book is $89.95; SAE International members can purchase it for $71.96. The book and its chapters also are available in e-book format. More information on the book can be found in SAE International's online bookstore at http://books.sae.org/book-r-378. To request a media review copy, or to set up an interview with the authors, please contact pr@sae.org. SAE International is a global association of more than 121,000 engineers and related technical experts in the automotive, aerospace and commercial-vehicle industries. SAE International's core competencies are life-long learning and standards development. SAE International's charitable arm is the SAE Foundation, which supports many programs, including A World In Motion(R) and the Collegiate Design Series. - SAE International

Blue Grass Airport Welcomes AirTran Airways To Lexington, Kentucky

Sophia Rhodini — Thu, 22 Oct 2009 02:46:43 +0000

LEXINGTON, Ky., -- Blue Grass Airport is pleased to welcome AirTran Airways, a subsidiary of AirTran Holdings Inc, who is bringing nonstop service between Lexington, Kentucky and the popular vacation destinations of Ft. Lauderdale and Orlando, beginning February 11, 2010. "With winter just around the corner, there couldn't be a better time to offer Lexington travelers low fares on nonstop flights to Florida," said Kevin Healy, senior vice president of marketing and planning for AirTran Airways. "We continue to search for new opportunities to enhance our route network, and this new service in Lexington will benefit both our airline and residents of the Bluegrass state." "Low-cost carriers have a significant impact on the level of air service in a community," said Brian Ellestad, deputy director of air service and community relations at Blue Grass Airport. "AirTran Airways will definitely stimulate travel in Lexington and all of central and eastern Kentucky with its low fares and high quality service. We could not be more pleased that AirTran chose our community, and we look forward to providing our passengers with nonstop access for two of our top destinations." The following nonstop flights between Lexington, KY and Ft. Lauderdale will be available beginning February 11, 2010: Nonstop Service Between Lexington, KY and Ft. Lauderdale From To Flight Departs Arrives Frequency --------------- -- ------ ------- ------- --------- Lexington, KY Ft. Lauderdale 1261 3:15 p.m. 5:30 p.m. Tu,Th,Sat Ft. Lauderdale Lexington, KY 1260 12:25 p.m. 2:40 p.m. Tu,Th,Sat The following nonstop flights between Lexington, Ky., and Orlando will be available beginning February 12, 2010: Nonstop Service Between Lexington, KY and Orlando From To Flight Departs Arrives Frequency --------------- -- ------ ------- ------- --------- Lexington, KY Orlando 1251 3:45 p.m. 5:40 p.m. M,W,F,Sun Orlando Lexington, KY 1250 1:15 p.m. 3:10 p.m. M,W,F,Sun "The convenience of Blue Grass Airport and access to other destinations are key economic drivers for our community," said Robert Quick, President and CEO of Commerce Lexington, Inc. "Exceptional air service helps us attract and retain businesses, makes traveling easier for visitors and newcomers to our region and enables business people to quickly get to other cities for meetings and events. We are very excited to welcome AirTran to our community, especially with so many people expected to come to Lexington during the 2010 Alltech FEI World Equestrian Games." - Blue Grass Airport

Record Booking, Revenue - and Award - Week for Crystal Cruises

Sophia Rhodini — Thu, 22 Oct 2009 02:47:03 +0000

LOS ANGELES -- For the week ending Tuesday, October 20, Crystal Cruises announces a surge of new bookings for 2010 since the luxury line announced reduced and value-added pricing. The ultra-luxury line enjoyed a 70% increase in new bookings since four weeks ago. Additionally, Crystal reports more than a 100% increase in booking revenue for 2010 versus the same time last year for 2009. On September 21, Crystal announced new 2010 pricing with Two-for-One fares, All Inclusive - As You Wish spending credits and a price guarantee for all cruises plus Free Air for most cruises and even Free Business Class air for Penthouse accommodations on European cruises. The new pricing resulted in an average of 8.3% lowered cruise-only pricing - and nearly a 20% reduction on some Mediterranean cruises. Crystal Cruises enjoyed more good news this week when it was voted the "Best Large-Ship Cruise Line" by the readers of Conde Nast Traveler magazine for a record 16th year. In addition to an overall winning score of 92.7, Crystal outscored all other large-ship lines for its service/crew, itineraries/schedules, food/dining and design/layout. "Experienced travel agents and discerning travelers have been telling us our new offers are very compelling and I'm delighted to report they've kept our Reservations and Sales staff very busy," said Gregg Michel, Crystal's president. "For years, reputation and destination have been leading drivers for guests making their vacation decisions. In this economy, strong value is also a key ingredient." Crystal Cruises just published its 2010 Cruise Guide and expects to have 2010 Cruise Atlases in the marketplace within a week. The new materials detail Crystal Symphony's and Crystal Serenity's global itineraries and the new pricing. For more information and Crystal reservations, contact a travel agent or call 888-799-4625, or visit crystalcruises.com. - Crystal Cruises

AirTran Airways Introduces New Flights From Lexington, Ky., to Florida

Sophia Rhodini — Thu, 22 Oct 2009 02:47:26 +0000

- Airline Brings Beach Vacations to Bluegrass State Residents - ORLANDO, Fla., -- AirTran Airways, a subsidiary of AirTran Holdings, Inc. (NYSE: AAI), today announced that the airline will begin nonstop service between Lexington, Ky., and popular vacation destinations Ft. Lauderdale and Orlando, beginning February 11, 2010. "With winter just around the corner, there couldn't be a better time to offer Lexington travelers low fares on nonstop flights to Florida," said Kevin Healy, senior vice president of marketing and planning for AirTran Airways. "We continue to search for new opportunities to enhance our route network, and this new service in Lexington will benefit both our airline and residents of the Bluegrass state." "Low-cost carriers have a significant impact on the level of air service in a community," said Brian Ellestad, Deputy Director of Air Service and Community Relations at Blue Grass Airport. "AirTran Airways will definitely stimulate travel in Lexington and all of central and eastern Kentucky with its low fares and high quality service. We could not be more pleased that AirTran chose our community, and we look forward to providing our passengers with non-stop access for two of our top destinations." The following nonstop flights between Lexington, Ky., and Ft. Lauderdale will be available beginning February 11, 2010: Nonstop Service Between Lexington, Ky., and Ft. Lauderdale From To Flight Departs Arrives Frequency ---- -- ------ ------- ------- --------- Lexington, Ky. Ft. Lauderdale 1261 3:15 p.m. 5:30 p.m. Tu,Th,Sat Ft. Lauderdale Lexington, Ky. 1260 12:25 p.m. 2:40 p.m. Tu,Th,Sat The following nonstop flights between Lexington, Ky., and Orlando will be available beginning February 12, 2010: Nonstop Service Between Lexington, Ky., and Orlando From To Flight Departs Arrives Frequency ---- -- ------ ------- ------- --------- Lexington, Ky. Orlando 1251 3:45 p.m. 5:40 p.m. M,W,F,Sun Orlando Lexington, Ky. 1250 1:15 p.m. 3:10 p.m. M,W,F,Sun Following is a sample of fares AirTran Airways will offer for its new flights to/from Ft. Lauderdale and Orlando. Fares listed are one way and are valid in either direction: Lowest Lowest Lowest Leisure Walk-up Business Destination Fare Fare Class Fare ----------- ------- ------- ---------- Lexington, Ky., - Ft. Lauderdale $109 $189 $259 Lexington, Ky., - Orlando $99 $189 $259 AirTran Airways, a subsidiary of AirTran Holdings, Inc. (NYSE: AAI) and a Fortune 1000 company, has been ranked the number one low cost carrier in the Airline Quality Rating study for the past two years. AirTran is the only major airline with Wi-Fi on every flight and offers coast-to-coast service on North America's newest all-Boeing fleet. Its low-cost, high-quality product also includes assigned seating, Business Class and complimentary XM Satellite Radio on every flight. To book a flight, visit www.airtran.com. *All fares are one-way. Lowest leisure and lowest walk-up fares are non-refundable, and a $75 fee per person applies to any change made after purchase plus any applicable increase in airfare. A first bag may be checked for a fee of up to $15 per person and a second bag may be checked for a fee of up to $25 per person. Reservations may be obtained or changed through an AirTran Airways Telephone Reservations Center for an additional $15.00 per person. Fares, routes, and schedules are subject to change without notice. Fares do not include per-segment tax of $3.60. A segment is defined as one takeoff and one landing. The September 11th security fee of up to $10 is not included. Airport Passenger Facility Charges of up to $18 are not included. - AirTran Airways

Blue Grass Airport Selects Eric Frankl as Executive Director

Sophia Rhodini — Thu, 22 Oct 2009 02:48:44 +0000

LEXINGTON, Ky., -- Today, Eric J. Frankl, AAE, was selected by the Lexington-Fayette Urban County Airport Board as Executive Director for Blue Grass Airport. In this role, Frankl is responsible for the overall business operations, air service development, safety and security, and planning and development of the airport. He has served as Interim Executive Director at Blue Grass Airport since February 16, 2009. "The Airport Board has conducted a thorough search to find the best candidate to lead Blue Grass Airport," said Bobby Owens, Chairman of the Lexington-Fayette Urban County Airport Board. "Eric has clearly demonstrated a commitment to our airport and community. Throughout this transition period, he has focused on rebuilding the trust and confidence of our community, strengthening our policies and internal controls and overseeing more than $60 million of airport improvement projects. The Board unanimously agrees that Eric has done an exceptional job and will continue to provide our community with a safe and efficient airport with high quality air service." The Lexington-Fayette Urban County Airport Board conducted a nationwide, six-month search for its new executive director. Guy Huguelet, president of the executive search firm G. Alexander and Associates and former board chairman of Commerce Lexington, partnered with the Airport Board to recruit top candidates and seek feedback from the community. Huguelet held extensive interviews with more than 20 community leaders representing a wide variety of industries to determine characteristics they would like present in the airport's new executive director. "The community feedback we received was very positive. Everyone said we are lucky to have one of the best airports in the country," said Guy Huguelet, President of G. Alexander and Associates. "The community is seeking a leader with honesty and integrity, a strong track record in airport management and the ability to build collaborative partnerships that will enable our airport to be the best that it can be. Eric Frankl certainly represents these leadership qualities." "I am grateful for this opportunity and look forward to working with the Board as we continue implementing change in preparing for the 2010 World Equestrian Games," said Eric Frankl. "I also want to recognize the staff who deserve a great deal of credit for all of their hard work. Finally, I would like to thank my colleagues from around the country for the incredible support they provided our organization. While the last eight months have been challenging, they have also been very rewarding." Prior to his appointment at Blue Grass Airport, Frankl served as Director of Airports for the Toledo-Lucas County Port Authority. Frankl had overall responsibility for the financial performance, operation and administration of both Toledo Express and Metcalf Field Airports in Ohio. During his tenure, Frankl completed a master plan for Metcalf Field and a conceptual plan for industrial and air cargo development at Toledo Express Airport. He also oversaw the completion of terminal improvements at Toledo Express along with a number of taxiway and ramp improvements at both airports. - Blue Grass Airport

General Dynamics' Littoral Combat Ship Independence Completes Builder's Trials

Sophia Rhodini — Thu, 22 Oct 2009 02:49:38 +0000

MOBILE, Ala., -- Independence (LCS 2), the innovative high-speed trimaran combatant ship being constructed by shipbuilder Austal USA in Mobile, Ala., as part of the General Dynamics Littoral Combat Ship Team, successfully completed a series of tests known as builder's trials on October 18 in the Gulf of Mexico. The trials included more than 50 demonstration events that rigorously test the ship and all of its systems in preparation for final inspection by the Navy before delivery. Notable achievements during the trials included reaching a sustained speed of 44 knots during the required four-hour full-power run, with a top speed in excess of 45 knots. Photos of the Independence are available at http://www.gdlcs.com/media-center/lcs-images. Many of the test events were conducted in high sea-state and wind conditions (8-foot waves and winds in excess of 25 knots). Despite the weather, the ship repeatedly reached speeds of over 45 knots with propulsion and ride-control systems operating in full automatic mode, proving the effectiveness of the control systems and the highly efficient and stable characteristics of the trimaran hull form. A series of high speed ahead and astern maneuvers in these sea state conditions proved the effectiveness of the ship's four steerable water jets. During the repeated high-speed turns the ship demonstrated excellent agility and stability characteristics. The ship's flight deck remained stable despite sea state conditions and maneuvers. The ship's open architecture computing infrastructure (called OPEN CI), a highly flexible information-technology backbone that integrates the ship's combat, damage control, engineering control, mission package and other onboard computing functions, also proved its effectiveness during the trials. The OPEN CI 'any display, anywhere' capability was extremely valuable in enabling the LCS 2 crew to electronically reconfigure the bridge area and, at long range, the Core Mission System successfully detected, engaged and eliminated a simulated cruise missile attack by a small, fast-moving jet aircraft. In addition, the LCS 2 crew was able to access detailed performance and operation data from the bridge while the ship was operating, thereby providing them with real-time insight as to how the ship systems were performing. Jeff Geiger, president of team-leader Bath Iron Works, was on-board for the ship's high-speed trials on October 15. He said, "Independence exceeded our expectations in terms of maneuverability, stability, handling and speed. We are very pleased to be one step closer to delivering this highly capable, versatile and lethal platform to the United States Navy." In addition, Geiger praised the builder's trials team for a job well done: "I'm proud of this entire team of professionals, including Navy representatives from SUPSHIP, Bath and Washington, D.C., who were beside us every step of the way, for their hard work and perseverance." Upon returning from the full-power trial, Joe Rella, president and chief operating officer of Austal USA, remarked: "The LCS did extremely well. Mobile and Alabama can be justifiably proud of their shipbuilders." The Littoral Combat Ship is a major part of the Navy's plan to address asymmetric threats in the 21st century. Intended to operate in coastal areas, the ships will be fast, highly maneuverable and equipped to support mine detection/elimination, anti-submarine warfare and anti-surface warfare mission. The ship's highly flexible OPEN CI design, developed and integrated by a General Dynamics Advanced Information Systems team, allows "plug and play" integration of both the core systems and the LCS mission modules. It meets Navy open architecture requirements, strictly adheres to published industry standards and facilitates the integration of commercially available products. General Dynamics Bath Iron Works is the prime contractor for the General Dynamics Littoral Combat Ship Team. Partners include shipbuilder Austal USA (Mobile, AL); General Dynamics Advanced Information Systems (Fairfax, VA); BAE Systems (Rockville, MD); L3 Communications Marine Systems (Leesburg, VA); Maritime Applied Physics Corporation (Baltimore, MD); and Northrop Grumman Electronic Systems (Baltimore, MD). Bath Iron Works employs approximately 5,700 people. Since 1991, BIW has manufactured and delivered 31 Arleigh Burke-class destroyers; the shipyard is also building the lead ship of the Navy's Zumwalt (DDG 1000) class of guided missile destroyers. Austal USA's Mobile facility currently employs almost 1,000 workers and is the largest aluminum shipyard in the world. In addition to the LCS, recent projects have included construction of the largest-ever aluminum ferry in the United States. Austal is also in the pre-construction design phase on the first Joint High Speed Vessels (JHSV) for the U.S. Department of Defense. General Dynamics Advanced Information Systems is a provider of end-to-end mission solutions in systems integration, development and operations support to customers in the defense, intelligence, space and homeland security communities. The company integrates land, air, sea, space and cyber assets to facilitate the collection, exploitation, analysis and dissemination of mission-critical intelligence information. General Dynamics, headquartered in Falls Church, Va., employs approximately 92,000 people worldwide. The company is a market leader in business aviation; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and information systems and technologies. More information about General Dynamics is available online at www.generaldynamics.com. - General Dynamics Bath Iron Works

Marriott Completes Securitization of Timeshare Loans

Sophia Rhodini — Thu, 22 Oct 2009 02:50:19 +0000

BETHESDA, Md., -- Marriott International, Inc. (NYSE: MAR) today announced the completion of a private placement of Timeshare Loan Backed Notes by Marriott Vacation Club Owner Trust 2009-2. The notes were sold without recourse to Marriott or its affiliates. The notes have not been and will not be registered under the Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release is being issued pursuant to Rule 135c under the Securities Act of 1933, as amended, and is not an offer to sell or the solicitation of an offer to buy any of the notes. - Marriott International, Inc.

AISI to EPA and NHTSA: Advanced Steel Technologies and Collaborative Efforts Can Help Meet Stringent Emissions and Fuel Economy Standards

Sophia Rhodini — Thu, 22 Oct 2009 02:51:16 +0000

Life Cycle Assessment approach comprehensively evaluates material selection decisions and their effect on greenhouse gas emissions DETROIT, -- Through the collaborative efforts of the North American steel industry and automotive manufacturers, significant advancements are being made in fuel economy and vehicle emissions performance, according to Ron Krupitzer, vice president of automotive applications for AISI's Steel Market Development Institute (SMDI). Krupitzer and Jody Shaw, manager of technical marketing and product research for U. S. Steel, addressed the Environmental Protection Agency and the National Highway Traffic Safety Administration (NHTSA) at a hearing today on a proposed rulemaking held in Romulus, Mich. "The steel industry continues to develop innovative automotive steel products to provide safe, practical and affordable solutions to reduce vehicle weight, which is an effective strategy for meeting proposed emissions and fuel economy standards," Krupitzer said. "Advanced high-strength steels (AHSS) have already proven to reduce the mass of body structural components by 25 percent or more, compared to mild steel. Plus, mass reduction with AHSS can be achieved more affordably than with other materials." The proposed rulemaking addresses light-duty vehicle greenhouse gas emission standards and the Corporate Average Fuel Economy (CAFE) standard, which are consistent with the National Fuel Efficiency Policy announced by President Obama in May 2009 to address global climate change and fuel consumption. According to Shaw, steel plays an important role in reducing the energy consumption and CO(2) emissions across all phases of the vehicle's life, including manufacturing, driving and end of life. When all of these phases are considered, the result can be lower life cycle emissions for AHSS compared to other materials such as aluminum or magnesium. "In order to comply with the tailpipe-only regulations, automakers may inadvertently select materials that increase the life cycle carbon footprint of the vehicle," Shaw said. "While other materials may provide mass advantages in vehicles, the resulting improvement in fuel economy may not offset the energy use and CO(2) emissions that result from manufacturing and recycling of a vehicle containing the replacement materials. To address these unintended consequences, a Life Cycle Assessment (LCA) approach is needed." The LCA approach assists automakers in evaluating and reducing the total energy consumed and the lifetime greenhouse gas emissions of their products. Krupitzer also discussed the significant accomplishments being made through collaborative efforts with automakers and the North American steel industry to improve vehicle safety and reduce mass. Through the work of car company and steel company engineers, AHSS grades have become the fastest growing material in new vehicles, rising to nearly 15 percent of all steel in new vehicles today. Both Krupitzer and Shaw praised the work of the North American steel industry in reducing its carbon footprint by improvements in steelmaking. "Since 1990, the North American steel industry has reduced the energy and carbon intensity of steel by 33 percent," Krupitzer said. AISI serves as the voice of the North American steel industry in the public policy arena and through its business unit, SMDI, conducts research with its member companies in partnership with its customers to advance the use of steel in the marketplace. To download a copy of Krupitzer and Shaw's testimonies, visit www.autosteel.org. The Automotive Applications Council is a part of AISI's Steel Market Development Institute. The council focuses on advancing the use of steel in the highly competitive automotive market. For more news or information, visit www.autosteel.org. - American Iron and Steel Institute

Ford Launches 'Drive One For Your HBCU' Initiative

Sophia Rhodini — Thu, 22 Oct 2009 02:51:23 +0000

- Ford, in partnership with the Tom Joyner Foundation, will challenge students, alumni, faculty and friends to conduct test drives at local dealerships to support their alma mater. - Each validated test drive will result in a $25 donation to the Tom Joyner Foundation up to $250,000 - The "Drive One For Your HBCU's" initiative kicks off just in time for the launch of the annual Ford Black College Road Trip Program and the HBCU football season - The Ford Black College Road Trip will begin on October 23 at Florida A&M University and will culminate at the 2009 Bayou Classic in New Orleans Thanksgiving Weekend DEARBORN, Mich., -- This fall, Historically Black College & University (HBCU) football fans will have more than on-field rivalry to focus on. Ford, in partnership with the Tom Joyner Foundation, is challenging HBCU students, alumni, faculty and friends to conduct test drives at local Ford dealerships to support their alma mater. Each validated test drive will result in a donation to the Tom Joyner Foundation up to $250,000. The entire program is geared toward raising funds for HBCU's and falls in line with Ford's efforts in improving educational attainment for all. "The Drive One For Your HBCU's" program is an initiative that is designed to encourage those within and outside of the HBCU community to get on board in our efforts to raise funds for HBCU's and ultimately education," said Crystal Worthem, multicultural marketing manager, Ford Motor Company. "We want HBCU fans to get out and take a drive in one of our newest products, knowing that their drive is benefitting their favorite HBCU. It's about giving people a chance to take a spin in some of our products like the new 2010 Ford Taurus and 2010 Ford Fusion while also giving back. Partnering with Tom Joyner and the Tom Joyner Foundation on this initiative was the ideal fit for us as Tom also has such a rich history in supporting HBCU's." "Ford has always been a big supporter of the HBCU's, and a supporter of the Tom Joyner Foundation," said Tom Joyner. "I am pleased that we are going to be working together with Ford to raise awareness and raise funds for the students attending these schools We are going to encourage all the HBCU alumni and supporters to get out and drive a Ford to help keep a kid in school." The test-drive program kicks off on October 21 and runs until January 4, 2010. The program allows for various entry points including online at www.drive4hbcu.com, during the various stops of the Ford Black College Road Trip and during the 2009 Bayou Classic in New Orleans. The goal of the program is to secure a total of 10,000 test drives before the program wraps up in January with $25 being donated for each test drive taken. The Tom Joyner Morning Show and www.blackamericaweb.com will serve as additional outlets for information and reminders on the program throughout the campaign. 2009 Ford Black College Road Trip The 2009 Ford Black College Road Trip is back for its ninth year and this time Author and Chairman & CEO of FraserNet, George Fraser is onboard. The tour, which kicks off at Florida A&M University on October 23, will include On-Campus Takeovers featuring some of Ford's latest products like the 2010 Ford Taurus that comes equipped with 10 class-exclusive features as well as networking sessions hosted by George Fraser. Fraser will be onsite during the road trip program presenting: The Goal of Networking: Why Do Some Relationships Never Work and Others Seem to Click." at select business schools. In addition, Ford will be onsite during game day weekend at the select stops of the 2009 tour with opportunities to check out its latest products and to register for the "Drive One For Your HBCU'" program. 2009 Tour Schedule FAMU October 23-24 Clark Atlanta University October 29-31 Tuskegee University November 5-7 Howard University November 12-14 Bayou Classic Thanksgiving Weekend For more information on the "Drive One For Your HBCU" Program, please visit www.drive4hbcu.com - Ford Motor Company

ATA Warns Cap-and-Trade Will Increase Costs But Won't Reduce Truck Emissions

Sophia Rhodini — Thu, 22 Oct 2009 02:51:47 +0000

ARLINGTON, Va. -- Proposed cap-and-trade legislation will impose significant costs on the trucking industry and all consumers while doing little to reduce carbon emissions from trucking, American Trucking Associations (ATA) First Vice-Chairman Barbara Windsor said today at a press conference on Capitol Hill. "ATA strongly supports efforts to reduce greenhouse gas emissions and make this country more energy independent," said Windsor. "However, the proposed cap-and-trade system simply will increase the cost of diesel fuel, while failing to reduce carbon emissions from the trucking industry." Windsor, who is President of Hahn Transportation in New Market, Md., explained that the legislation cannot reduce carbon emissions in trucks because the trucking industry is not a discretionary user of fuel. Proponents of cap-and-trade believe that increasing the price of fuel will encourage the use of more fuel efficient vehicles or alternative-fueled vehicles, but the trucking industry has no such options. Windsor's remarks followed the release of a report by U.S. Sens. Kay Bailey Hutchison (R-Texas) and Kit Bond (R-Mo.) that said a cap-and-trade policy like the one in the Waxman-Markey bill would assess $3.6 trillion in gas taxes on American families and businesses. This includes $1.3 trillion in diesel fuel taxes. Trucks depend on diesel fuel to deliver nearly 70 percent of U.S. freight and virtually every consumer good - food, clothing, medicine, appliances - at some point in the supply chain. Any substantial fuel cost increase imposed directly or indirectly on the trucking industry will cause the cost of all these essential products to rise. Over the past two years, ATA has proposed several sustainability initiatives that would have a measurable and immediate effect on reducing greenhouse gas emissions. ATA supports enacting a nationwide 65 mph speed limit and providing incentives to facilitate the use of anti-idling equipment to reduce carbon emissions from the trucks. Reducing speed limits to 65 mph would save 2.8 billion gallons of diesel fuel and 8.7 billion gallons of gasoline and reduce CO2 emissions by more than 115 million tons over 10 years. Minimizing truck idling has the potential to reduce CO2 emissions by an additional 61.1 million tons. Visit www.trucksdeliver.org for more information about ATA's sustainability program. Click here to view the complete climate change report, by Sens. Hutchison and Bond. The American Trucking Associations is the largest national trade association for the trucking industry. Through a federation of other trucking groups, industry-related conferences, and its 50 affiliated state trucking associations, ATA represents more than 37,000 members covering every type of motor carrier in the United States. - American Trucking Associations

General Barry R. McCaffrey, USA(Ret.) To Testify Before House Armed Services Subcommittee on Oversight & Investigations

Sophia Rhodini — Thu, 22 Oct 2009 02:52:10 +0000

WASHINGTON, -- Four-Star General Barry McCaffrey, USA(Ret.), former commander in Desert Storm, now Adjunct Professor at West Point, and former Director, Office of National Drug Control Policy, will testify before the House Armed Services Subcommittee on Oversight & Investigations on Thursday, 22 October at the House Visitor's Center at 2:00pm. The hearing will focus on U.S. strategy in Afghanistan and how that affects strategy in Iraq. General McCaffrey will present testimony on the state of the rapidly deteriorating situation in Afghanistan -- and how after eight years with the burden of the war in Afghanistan, the Afghan people are becoming increasingly frustrated by a lack of progress. The Taliban are getting strong and the Afghan security forces cannot offer their people the protection they need. McCaffrey's testimony highlights the need for a sustained and appropriately resourced civil-military counterinsurgency campaign with strong economic and political components in order to establish a resilient, self-sufficient Afghan polity in the long-term. To view General McCaffrey's full written statement visit www.mccaffreyassociates.com. - BR McCaffrey Associates LLC

American Bible Society Commemorates U.S. Visit of Ecumenical Patriarch Bartholomew With Exhibition at Museum of Biblical Art

Sophia Rhodini — Thu, 22 Oct 2009 02:52:41 +0000

Museum to Feature Sacred Texts and Icons from the Ancient Orthodox Tradition NEW YORK, -- To commemorate the upcoming U.S. visit of the spiritual leader of the worldwide Orthodox Christian Church, the American Bible Society will display an exhibition of sacred texts and icons celebrating the history of the Orthodox Christian faith tradition at the Museum of Biblical Art (MOBiA), beginning on Oct. 30 and continuing through Jan. 24, 2010. For more than seven years, the American Bible Society has worked alongside the Orthodox Church, publishing Bible literature consistent with its faith and doctrine, including: Today's Greek Bible with Deuterocanonicals & Apocrypha and The Orthodox Study Bible: New Testament and Psalms New King James Version. Honoring His All Holiness Ecumenical Patriarch Bartholomew's concern for the environment, the exhibit will feature icons, volumes of sacred Scripture, a liturgical Psalter, maps and rare architectural portraits of Constantinople. The exhibit will also highlight the cultural legacy of the Orthodox Christian Church, as well as a photo and video display of the Ecumenical Patriarch's environmental work. Recognized by TIME magazine as one of "The 2008 Time 100," Ecumenical Patriarch Bartholomew, also known as the "Green Patriarch," has expressed concern for the environment. He has led and organized seminars that convene both religious and scientific leaders to address environmental issues. The Ecumenical Patriarch is in the U.S. to convene the Eighth Religion, Science and the Environment Symposium, and to celebrate the tenth anniversary of the enthronement of Archbishop Demetrios of America as the Primate of the Greek Orthodox Archdiocese of America. - American Bible Society

New Study Reveals Popularity of U.S. Cultural and Heritage Travel

Sophia Rhodini — Thu, 22 Oct 2009 02:53:03 +0000

Large, Affluent Market Focuses on History and Tradition WASHINGTON, -- A recent research study reveals that 78% of all U.S. leisure travelers participate in cultural and/or heritage activities while traveling, translating to 118.3 million adults each year. With cultural and heritage travelers spending an average of $994 per trip, they contribute more than $192 billion annually to the U.S. economy. "We discovered that an impressive number of U.S. travelers seek out cultural and heritage experiences," said Helen Marano, director, Office of Travel and Tourism Industries, U.S. Department of Commerce. "With 78% of all domestic leisure travelers participating in cultural and heritage activities, their expenditures confirm that this is a strong market, and they are contributing significantly to our communities during these challenging economic times." The study is the first to segment cultural and/or heritage travelers, showing the diverse groups that exist within this broader category of traveler. The segmentation analysis uncovered five different types of cultural and heritage travelers: Passionate, Well-rounded, Aspirational, Self-Guided, and Keeping it Light. Three segments - Passionate, Well-rounded, and Self-guided - were more serious about their travels and said that cultural and heritage activities had a greater impact on their destination choice. Together, these three segments represent 40% of all leisure travelers and contribute nearly $124 billion to the U.S. economy. Cultural and heritage travelers as a whole are more frequent travelers, reporting an average of 5.01 leisure trips in the past 12 months. They are more frequent business travelers and more likely to have taken an international trip in the past 12 months than their non-cultural/heritage counterparts. They are also likely to travel farther to get the experiences they seek: about half of most recent overnight leisure trips were 500 miles or more from home. More than a third say they traveled between 100 and 300 miles for a day trip. The study found that cultural and heritage travelers are more likely to participate in culinary activities, such as sampling artisan food and wines, attending food and wine festivals, visiting farmers' markets, shopping for gourmet foods, and enjoying unique dining experiences as well as fine dining. Other cultural and heritage activities identified by travelers include visiting historic sites (66%); attending historical re-enactments (64%); visiting art museums/galleries (54%); attending an art/craft fair or festival (45%); attending a professional dance performance (44%); visiting state/national parks (41%); shopping in museum stores (32%); and exploring urban neighborhoods (30%). The vast majority of these travelers (65%) say that they seek travel experiences where the "destination, its buildings and surroundings have retained their historic character." The study was conducted by Mandala Research for the U.S. Cultural & Heritage Tourism Marketing Council, in conjunction with the U.S. Department of Commerce. Heritage Travel, Inc., a subsidiary of The National Trust for Historic Preservation, and its website www.gozaic.com was lead sponsor of the study. - Mandala Research

Jim Justice Unveils The Greenbrier's Tribute to the Virginias Package

Sophia Rhodini — Thu, 22 Oct 2009 02:53:25 +0000

WHITE SULPHUR SPRINGS, W.Va., -- Jim Justice, owner and chairman of The Greenbrier, today unveiled an unprecedented offer exclusively for residents of West Virginia and Virginia to stay at the luxurious resort for $59 per night. The Tribute to the Virginias package is only available on the nights of November 15-16 and December 18-20, 2009 as well as January 8-10 and February 5-7, 2010. "Tribute to the Virginias is our way of saying thank you to our friends and neighbors for their support of this grand resort," said Justice. "The Greenbrier is a national treasure, and we want to share our enthusiasm and our new amenities with the citizens of West Virginia and Virginia. The people of these two states feel a sense of pride about The Greenbrier and we want them to experience the warm hospitality and many wonderful amenities here." This celebration of the resort's recent successes also includes $20 in Match Play coupons* per night for The Tavern Casino, complimentary greens fees and 20% off of all other outdoor activities, including falconry, off-road driving, mountain biking, sporting clays, carriage rides and horseback riding. In addition, dinner dances, featuring a spectacular themed buffet, either A Celebration of the Virginias or A Taste of The Greenbrier, will be available on select dates at a rate of $45 per person. For reservations, visit www.greenbrier.com/tribute or call 800-453-4858. The daily resort fee is waived for guests on this package, however county and state taxes apply. This rate, based on single or double occupancy, is valid for standard rooms only; add-on rates apply for premium rooms, including suites and guest houses. A limit of two rooms per guest may be booked at this rate. A non-refundable deposit equal to all room and tax charges is due at the time of booking. This package is only available on select dates and for two nights maximum. A valid photo ID, with proof of residency, must be shown at check-in. Match Play coupons are used for table games and are available in different denominations. To use the coupon, the player must place a wager of equal or greater value of the coupon and if, the wager wins, the coupon is exchanged for the face value. Match Play coupons can be picked up in The Tavern Casino anytime after the check-in process is complete. No substitutions are available for Match Play coupons, which have no cash value and may not be redeemed for credit. - The Greenbrier resort

Franchise Services of North America Inc. Announces New Franchise Locations Serving Las Vegas, LaGuardia & San Jose del Cabo Airports

Sophia Rhodini — Thu, 22 Oct 2009 02:54:02 +0000

CALGARY, - FRANCHISE SERVICES OF NORTH AMERICA INC. ("FSNA" or the "Company") announced today that it has entered into franchise agreements for locations servicing LaGuardia Airport in New York, and McCarran Airport in Las Vegas. The Company also reported that their master franchisee for Mexico has sold a sub-franchise operating at San Jose del Cabo International Airport in Mexico. Bob Barton, the Company's President and Chief Operating Officer, stated, "We are pleased to announce the continued success we are experiencing in franchise sales. With these three locations, we have now opened nine (9) new airport locations and eight (8) local market stores in calendar year 2009." These three new locations were all opened subsequent to the September 30 end of our fiscal year and will be reflected in the operating results of the Company's first quarter of fiscal 2010. About FSNA FSNA is a publicly traded company listed on the TSX Venture Exchange. The Company and its subsidiaries own the following brands: U-Save Car & Truck Rental, U-Save Car Sales, Rent-A-Wreck of Canada, Auto Rental Resource Center ("ARRC"), Xpress Rent A Car and Peakstone Financial Services. U-Save, together with its subsidiary ARRC, has over 1,100 locations throughout the United States and is one of North America's largest franchise car rental companies. Having primarily serviced the local market for the past 25 years, the Company is expanding into the airport market with plans for the opening of airport locations in the top 30 leisure markets in the United States and the major airports in Canada. U-Save currently services 38 airport markets in 14 different states and 7 different countries. U-Save Car Sales is an expansion of the U-Save brand into the car sales market, and provides goods and services to car sales operators looking to affiliate with a national brand. Practicar Systems Inc. (a wholly owned subsidiary of FSNA) owns the rights to the Rent-A-Wreck(R) trademark for all of Canada. The Rent-A-Wreck(R) system operates a network of 57 franchises from coast-to-coast in Canada, providing a range of vehicle rental, leasing and sales options to its customers. The Rent-A-Wreck(R) system has been in continuous operation in Canada since 1976. Forward-Looking Information Certain statements made in this news release are forward looking in nature. The words "may," "could," "should," "would," "expect," "intend," "estimate," "anticipate," "believe," or "outlook" and similar expressions often identify forward-looking information. By their nature, forward-looking statements require FSNA to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions, forecasts, conclusions and projections will not prove to be accurate, that FSNA's assumptions may not be correct and that actual results may differ materially from such predictions, forecasts, conclusions or projections. FSNA's forward-looking statements are qualified in their entirety by these cautionary statements. In addition, the forward-looking statements are made only as of the date of this news release, and except as required by applicable law, FSNA undertakes no obligation to publicly update these forward-looking statements to reflect new information, subsequent events or otherwise. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. - Franchise Services of North America Inc.

Doral's Blue Monster Golf Course in Miami Joins TPC Fold

Sophia Rhodini — Thu, 22 Oct 2009 02:54:25 +0000

MIAMI BEACH, Fla., -- One of America's most recognized resort golf courses, the Blue Monster at the famed Florida golf resort - Doral Golf Resort & Spa - is joining the PGA TOUR's TPC Network through a licensing agreement. The changeover becomes effective November 1, 2009, with the name and logo changes occurring immediately. It will become the TPC Blue Monster at Doral. Other aspects of course re-branding will be integrated over time. "We're excited about expanding our affiliation with the PGA TOUR and joining forces with the TPC Network," said Mark Jeffrey, general manager of Doral Golf Resort & Spa, a Marriott Resort in Miami, Florida. "The Blue Monster has a longstanding history as a host venue with the TOUR and this new partnership undoubtedly will further elevate the visibility and award-winning reputation of Doral's marquee golf course." The Blue Monster Golf Course has played host to PGA TOUR tournaments since 1962 and now is the site of the World Golf Championships-CA Championship. For more information about the PGA TOUR's TPC network of resort, daily fee and private clubs, go to www.tpc.com. - Doral Golf Resort & Spa, A Marriott Resort

AVIATION WEEK Special Report on the Future of Business Aviation

Sophia Rhodini — Thu, 22 Oct 2009 02:54:50 +0000

Articles review Wichita's woes, competition in China, and forecasts for the recovering industry NEW YORK, -- From the front lines of the business aviation industry's meltdown in Wichita, Kansas, to the flight paths of the emerging market in China, and several airports and factories in between, AVIATION WEEK reports extensively on the future of the business aviation industry this week in new issues of Aviation Week & Space Technology, Business & Commercial Aviation, BCA ShowNews and on AviationWeek.com. An in-depth account of how business aviation's crisis forced Wichita's three business jet producers, Cessna, Hawker Beechcraft and Bombardier's Learjet, to shed 12,000 jobs, or nearly 30% of the local aerospace workforce, in less than a year, is supported by interviews, profiles and analyses of the beleaguered industry, its primary challenges and rising international competitors, and asks, "Could Wichita become the next Detroit?" "It will probably be at least five years before we get back to 2008 production levels," says Jack Pelton, chairman, CEO and president of Cessna Aircraft, in an interview with Aviation Week. "We're predicting 2010 as the market low point, but it will be a slow crawl out." Released this week and viewed as a key barometer of the industry's health, Honeywell Aerospace's Business Aviation Outlook, reports Aviation Week, supports Jack Pelton's view that the industry will see a slow ascent, with more pain in the near-term. It also sees a continued globalization of the industry, with markets outside of North America accounting for more than half of deliveries over the next five years. In China, profound government reforms are expected to accelerate business aviation activity. "The dam holding back Chinese business aviation is breaking," write Bradley Perrett and Joseph C. Anselmo in an Aviation Week article, "giving manufacturers the hope of selling large volumes of aircraft in a market that has always had great potential but frustratingly little immediate value." Recently eased policies for flight plans (three hours in advance rather than 24 or more) and the planned opening of low-altitude airspace for civilian use could lead to new infrastructure airports, hangars, repair stations and business jet demand in the world's second largest economy. For more news, analysis, blogs and videos from AVIATION WEEK's comprehensive report on the future of the business aviation industry, visit http://www.aviationweek.com/aw/business/?channel=busav or visit AVIATION WEEK booth #2929 at NBAA 2009 on October 20-22. - AVIATION WEEK

Conde Nast Traveler Partners with New Travel Website Jetsetter, from Gilt Groupe, to Curate Monthly Luxury Travel Sales

Sophia Rhodini — Thu, 22 Oct 2009 02:55:13 +0000

NEW YORK, -- Conde Nast Traveler will partner with Jetsetter, a new invitation-only travel site from the founders of Gilt Groupe, to curate a series of monthly sales themed around the magazine's signature issues, it was announced today by Chris Mitchell, Vice President and Publisher, Conde Nast Traveler and Drew Patterson, CEO of Jetsetter. Each sale from this partnership will be offered to Jetsetter's members-only audience and Conde Nast Traveler subscribers and will exclusively feature Conde Nast Traveler advertisers. Much like it's parent site Gilt Groupe, Jetsetter offers its membership of more than a million affluent spenders, a selected suite of must-have luxury travel experiences at special prices. The monthly Conde Nast Traveler sales will allow members and readers to shop the most competitive offers from luxury and boutique travel companies themed by the magazine's signature issues. The first sale, launching on October 21st, will be themed around the magazine's Readers' Choice All-Stars, and will feature offerings from The Yachts of Seabourn and The Pierre Hotel, among others. "Our partnership with Jetsetter enables our readers to experience the Conde Nast Traveler brand in an engaging and original way through exclusive access to some of the best luxury travel deals available," Mitchell said. "It also allows us to provide tactical support and immediate ROI to our luxury advertising partners by connecting them with our desirable demographic as well as Jetsetter's affluent membership through a transactional channel." "Jetsetter and Conde Nast Traveler share a belief that true-to-life narratives about memorable destinations and unique experiences can inspire the discerning traveler," Patterson said. "Pairing Conde Nast's distinctive writing with Jetsetter's passionate audience just makes sense." The partnership will be promoted in print ads in Conde Nast Magazines, in outdoor outlets such as digital screens, taxis tops and bus sides in New York City, and online at Jetsetter and CNtraveler.com, as well as through email blasts to subscribers and members. - Conde Nast Traveler

GOL Launches UATP Corporate Card

Sophia Rhodini — Thu, 22 Oct 2009 02:55:48 +0000

Card will provide customers with a globally accepted payment option for corporate travel SAO PAULO, -- GOL Linhas Aereas Inteligentes S.A. (Bovespa: GOLL4 and NYSE: GOL), the largest low-cost and low-fare airline in Latin America, announced today that the Company has become the first airline in Latin America to issue UATP accounts with the launch of its new GOL Corporate Card to business customers. Accepted by more than 250 associated airlines, representing over 95% of all passenger air travel capacity worldwide, UATP is designed to lower the cost of sale by reducing or eliminating credit card transaction fees to airlines. Travel agencies also benefit through UATP due to lower credit card merchant service fees and the ability to automatically reconcile ticket numbers to service fees via UATP's travel agency merchant program. For corporations, the network provides a simple and direct payment method which unlike other forms of payment, allows them to avoid foreign currency conversion fees, annual fees and per card fees. All UATP subscribers enjoy robust transactional data on all air travel purchases. "UATP is a valuable tool to strengthen GOL's position among corporations and travel agencies, while reducing our distribution costs," says Tarcisio Gargioni, GOL's vice-president - Marketing and Services. "This is a new way of payment in Latin America and GOL is the first airline in the region to become a UATP Issuer." GOL UATP subscribers will benefit from simple enrollment, payment and reconciliation processes combined with state-of-the-art air travel activity reports. The GOL UATP program enhances travel expense management through detailed information including passenger name, carrier, destination, and other components of the travel itinerary. GOL will use UATP's new hosted billing system and corporate portal, UATP Processing Solutions, which allows for corporations to assign individual UATP account numbers to specific cost centers. According to Ralph Kaiser, president and CEO, UATP, "Adding one of the leading low-cost, low-fare carriers like GOL to UATP's list of Issuing airlines demonstrates how popular this payment model is, not only in the Brazilian market, but worldwide. Corporate travelers in South America who use the GOL Corporate Card will experience a new level of convenience and service wherever they travel which will enhance GOL's already stellar reputation." "By becoming an Issuer in the UATP network, GOL adds a new option for corporate travel payment capable of servicing the needs of corporations to include those who prefer to book through direct channels. With the Company's largest route network in South America, our new UATP Corporate Card program will enable us to strengthen our relationship with our corporate customers," added Mr. Gargioni. More information is available at uatp.com or www.voegol.com.br/INT/. - Universal Air Travel Plan (UATP)

Goodrich Chosen As One of Greater Toronto's Top Employers of 2010

Sophia Rhodini — Thu, 22 Oct 2009 02:56:09 +0000

CHARLOTTE, N.C. -- Goodrich Corporation's (NYSE: GR) Landing Gear facility in Oakville, Ontario has been selected as one of Greater Toronto's Top Employers of 2010 by Mediacorp Canada Inc. Goodrich was chosen for its contributions to a wide range of benefits including its retirement savings plan, health and wellness initiatives and tuition reimbursement program. Mike Brand, president, Goodrich Landing Gear, said, "This award is a testament to our Oakville team in demonstrating the Goodrich culture of valuing our people, improving our products and processes, and showing ethics and integrity in all that we do." The Oakville facility produces landing gear for commercial and regional aircraft. The facility employs approximately 850 people, and recently celebrated its 25th year in operation. The Greater Toronto Top Employers award goes to employers throughout the Toronto region that lead their industries in offering exceptional places to work. Organizations are compared to others in their field to determine which ones provide the most progressive and forward-thinking work environment. Winners are chosen based on their demonstration of industry leadership, employee retention and positive employment outlook. Goodrich Corporation, a Fortune 500 company, is a global supplier of systems and services to aerospace, defense and homeland security markets. With one of the most strategically diversified portfolios of products in the industry, Goodrich serves a global customer base with significant worldwide manufacturing and service facilities. For more information visit http://www.goodrich.com. Goodrich Corporation operates through its divisions and as a parent company for its subsidiaries, one or more of which may be referred to as "Goodrich Corporation" in this press release. - Goodrich Corporation; GR - Actuation and Landing Systems

Motorcycle Fatalities Take Big Drop in First Six Months of 2009

Sophia Rhodini — Thu, 22 Oct 2009 02:56:31 +0000

SACRAMENTO, Calif., -- During the first six months of 2009, motorcycle fatalities in California have declined, reversing a troubling 11-year trend. From January through June of 2009, 198 persons were killed in motorcycle related crashes, compared to 264 for the same period in 2008, according to preliminary figures supplied by the National Highway Traffic Safety Administration. After seeing increases averaging 10 percent per year since the low point of 204 fatalities in 1998, this signals a decline of 25 percent. "We are very heartened by these numbers," said Christopher J. Murphy, Director of the California Office of Traffic Safety (OTS). "If they continue, it means more motorcycle riders are getting home alive, which is what we have been working for." While every other category of traffic fatality has seen declines since 2005, motorcycle deaths have continued to rise. Overall traffic fatalities dropped nearly 21 percent in the last three years in California. During that same period, motorcycle fatalities increased over 19 percent. Officials point to actions begun several years ago when the upward trend was noticed. Motorcycle safety has had a high priority with state traffic and transportation agencies as well as in the state's Strategic Highway Safety Plan. Programs encouraging the driving public to be more aware of motorcyclists on roadways and urging motorcycle operators to ride more safely have been given added emphasis in recent years. "We have really been working at encouraging riders to get training through the California Motorcyclist Safety Training Program (CMSP), no matter what their age or experience," said Joe Farrow, California Highway Patrol Commissioner. "Our efforts are paying off as 2008 saw the most students trained in any year since the beginning of the CMSP. While I'm encouraged by the good news, I can't stress enough the importance of proper training, proper licensing, and alert driving to keep riders and motorists alive on our roadways." Research undertaken to help stem the previously increasing rise in fatalities showed that 37 percent of riders killed were not properly licensed for motorcycles. Additionally, 70 percent of fatal crashes involving motorcycles were found to be the fault of the motorcycle operator. Particularly of interest is that while the fast accelerating 'Super Sport' type motorcycle favored by younger males constitute only 14 percent of registered motorcycles, they account for 38 percent of motorcyclists killed. "We hope that increased awareness of the problem has produced a greater safety mindset among motorcycle riders and all who share the road," said Murphy. "Welcome as these numbers are, they would only return us to 2004 levels if they continue through the year. That's still more than double 1998 levels. We can't let up on the effort." - California Office of Traffic Safety

Briggs & Stratton Corporation Announces Results of Annual Meeting

Sophia Rhodini — Thu, 22 Oct 2009 02:57:03 +0000

MILWAUKEE, -- Briggs & Stratton Corporation (NYSE: BGG): Briggs & Stratton Corporation announced the following results of its Annual Meeting held today: Shareholders reelected Robert J. O'Toole, John S. Shiely and Charles I. Story as directors to terms expiring in 2012. Shareholders ratified the selection of PricewaterhouseCoopers LLP as the company's independent auditors and the Rights Agreement as amended by the company on October 13, 2009. A proposal to amend and restate the Briggs & Stratton Corporation Incentive Compensation Plan was also approved by shareholders. James E. Brenn Senior Vice President and Chief Financial Officer 10/21/09 - Briggs & Stratton Corporation

Dr. Mathew Zuckerman of Alkane, Inc. Receives The Daily Record's 2009 Maryland Innovator of the Year Award

Sophia Rhodini — Thu, 22 Oct 2009 02:58:28 +0000

LUTHERVILLE, Md., -- Mathew Zuckerman, Ph.D. of Alkane, Inc., "Alkane" (Pink Sheets: ALKN) has been selected as a winner of The Daily Record's 2009 Innovator of the Year Awards. The Daily Record began the Innovator of the Year Awards in 2002 as a way to recognize Marylanders and Maryland-based companies for their innovative spirit - for creating new products, new programs, new services, or new processes that have helped their companies, industries, or communities. "I am honored to have been recognized for my work on Alkane's flagship product, Monster Diesel(TM)," said Zuckerman, who is President & CEO of Alkane, as well as Inventor of patent pending technology on which the Monster Diesel(TM) product is based. "We have a product that increases diesel fuel's power and MPG, lowers emissions, winterizes fuel, and reduces engine wear. It's just a matter of getting the word out to potential users. This recognition by The Daily Record helps us to do just that." "The Daily Record's Innovators of the Year have imagination and vision, the ability to see a need and fill it, and the courage to make change happen," says Christopher Eddings, Publisher of The Daily Record. "We applaud Dr. Zuckerman for embodying the innovative spirit." This year, The Daily Record received more than 80 nominations, which are solicited from The Daily Record's readers, economic development agencies, chambers of commerce, and the business community at large. Nominees are then asked to complete an application which explains their innovation and the impact it has made on Maryland. A distinguished panel of judges reviewed the applications and selected 25 winners for 2009, including the top Innovator of the Year. The winners were honored on October 14 at a cocktail reception, held at Baltimore's American Visionary Art Museum. Winners also were profiled in a special magazine that was included in the October 16 issue of The Daily Record. For more information about The Daily Record's Innovator of the Year Awards, please visit www.mddailyrecord.com. - Alkane, Inc.

Southern Company Teams Up With Industry Peers to Advance Electric Transportation Technologies

Sophia Rhodini — Thu, 22 Oct 2009 02:58:55 +0000

ATLANTA, -- Southern Company today joined electric utilities across the nation in an industry-wide initiative to advance electric transportation technologies. The initiative was developed to help ensure the necessary infrastructure is in place to support the full-scale commercialization and deployment of plug-in electric vehicles (PEVs). "Southern Company is committed to helping make plug-in electric transportation in this country a reality," said David Ratcliffe, chairman, president and CEO of Southern Company. "The process to electrify our own fleet is underway and we will continue to deploy these technologies where appropriate." Southern Company, the premier energy company serving the Southeast, is an enthusiastic supporter of electric/hybrid vehicles. Fleet organizations across the company's operating subsidiaries in Alabama, Florida, Georgia and Mississippi currently have 20 hybrids in operation, including five hybrid bucket trucks, which offer quieter operations, better fuel economy and reduced emissions. The company also plans to field test 11 plug-in hybrid electric Ford-550 Trouble Trucks in 2011. In addition, Southern Company is hosting a 36-month plug-in hybrid electric vehicle demonstration in a partnership with Ford, the Electric Power Research Institute (EPRI), the U.S. Department of Energy and 10 other utilities to help develop a pre-production PEV. The company is also researching into the effect of increased PEV use on the electric grid. The initiative, launched in conjunction with "The Business of Plugging In" - a conference in Detroit this week on the commercialization of PEVs sponsored by DTE Energy, General Motors, and the University of Michigan, highlights the industry's commitment to help accelerate the penetration of PEVs in the United States by focusing on the following five arenas: Infrastructure - Utilities will help ensure there are no system impacts from fueling large numbers of plug-in vehicles from the power grid. They also will help develop comprehensive local charging infrastructure plans. Customer Support - Utilities will ensure that PEV customers receive excellent customer care on questions ranging from charging mechanics to rates. Customer and Stakeholder Education - Utilities will collaborate with state and local officials, automakers and other stakeholders to provide comprehensive education outreach to customers on all aspects of PEVs. Vehicle and Infrastructure Incentives - Utilities will work closely with federal, state and local stakeholders to encourage PEV penetration, including purchase incentives, tax rebates, off-peak charging rates and subsidized parking. Utility fleets - Utilities will take significant steps to accelerate the introduction of PEVs into their utility fleet operations. In line with industry efforts to advance electric transportation technologies, Southern Company also will serve as the primary host company for the CALSTART 2009 Hybrid Truck Users Forum (HTUF) Oct. 27-29 in Atlanta. The HTUF national conference brings together leading truck manufacturers, suppliers and fleets focused on producing and using medium- and heavy-duty hybrid-electric, hybrid-hydraulic, plug-in hybrid and electric vehicles for commercial and military use. In recognition of the growing importance of hybrid vehicles, Gov. Sonny Perdue has proclaimed the week of the conference "Hybrid Truck Week" in Georgia. With 4.4 million customers and more than 42,000 megawatts of generating capacity, Atlanta-based Southern Company (NYSE: SO) is the premier energy company serving the Southeast. A leading U.S. producer of electricity, Southern Company owns electric utilities in four states and a growing competitive generation company, as well as fiber optics and wireless communications. Southern Company brands are known for excellent customer service, high reliability and retail electric prices that are below the national average. Southern Company is consistently listed among the top U.S. electric service providers in customer satisfaction by the American Customer Satisfaction Index (ACSI). Visit our Web site at www.southerncompany.com. - Southern Company

Leonardo da Vinci Hand of the Genius Exhibit Inspires JW Marriott Hotel Buckhead Atlanta's Newest Hotel Package

Sophia Rhodini — Thu, 22 Oct 2009 02:59:21 +0000

ATLANTA, -- Visit the High Museum of Art in Atlanta, Georgia and see the Leonardo da Vinci: Hand of the Genius exhibit. Inspired by the exhibit, the JW Marriott Hotel Buckhead Atlanta has created a new Atlanta vacation package for guests looking to combine culture with comfort in one luxurious weekend. The Leonardo da Vinci: Hand of the Genius Package includes: North Atlanta accommodations for one weekend night Breakfast for two Complimentary hotel parking Two High Museum of Art tickets 10 percent High Museum gift shop discount Rates from $189 per room, per night Valid through February 21, 2010 The da Vinci exhibition is the first presentation ever to explore the rich and fascinating world of da Vinci as a sculptor. Anchored by 23 rare da Vinci drawings - the most ever to be displayed in the southeast - this exhibition will also include two sculptures newly attributed to da Vinci. The exhibit, which is only 5.3 miles from the hotel, will be on display from October 6, 2009 to February 21, 2010. Be sure that promotional code E0N appears in the Corporate/Promotional code box when making your online reservation, or call 1-800-228-9290 in the US and ask for promotional code E0N. For more information, package terms and conditions, visit http://marriott.com/hotels/hotel-deals/atljw. - JW Marriott Hotel Buckhead Atlanta

In Joint Pledge, Utilities Ramp Up Efforts to Make Electricity a Crucial Transportation Fuel

Sophia Rhodini — Thu, 22 Oct 2009 02:59:48 +0000

DETROIT, -- Declaring an urgent imperative to prepare for the use of electricity as a crucial transportation fuel in the future, the nation's electric utilities today collectively pledged to move forward aggressively to create the infrastructure to support the full-scale commercialization and deployment of plug-in electric vehicles (PEVs). "Our industry acutely recognizes that now is the time to redouble our ongoing efforts to lay the groundwork for making plug-in electric transportation in this country a reality, not just a vision," said Anthony F. Earley, Jr., Chairman and CEO of DTE Energy and Chairman of the Edison Electric Institute. "We, as an industry, are eager to collaborate with the auto industry and others to bring PEVs to market." EEI President Tom Kuhn added, "At a time of mounting concern about climate change, U.S. energy security and unemployment, plug-in electric vehicles will help tame carbon emissions while reducing oil imports and creating jobs. We also are mindful of President Obama's very ambitious challenge to put one million PEVs on the road by 2015." Their comments, which came in conjunction with "The Business of Plugging In"--a conference here on the commercialization of PEVs sponsored by DTE Energy, General Motors, and the University of Michigan--launched the industry's commitment to help accelerate the penetration of PEVs in the United States. In addition to EEI's Kuhn, Earley was joined by Bill Ford, Executive Chairman of Ford Motor Co. and Michigan Gov. Jennifer Granholm. Ford underscored the automaker's commitment to PEV production, while Granholm outlined how Michigan would contribute to the goal. "State governments in the Midwest are committed to collaborating with all partners to ensure we have the infrastructure and electrical capacity needed to support large-scale growth in plug-in electric vehicles," Granholm said. "The Midwestern Energy Infrastructure Accord, unveiled earlier this month at our Midwestern Governors Association Jobs and Energy Forum in Detroit, calls for expanding electric transmission capacity and adopting smart grid technologies." The co-chairs of EEI's Electric Transportation Task Force, Ted Craver, Chairman and CEO of Rosemead, Calif.-based Edison International, and Bill Johnson, CEO of Raleigh, N.C.-based Progress Energy, led the development of the pledge, which was endorsed by EEI's Board of Directors in September. "It's important that the customer experience with plug-in electric vehicles be a good one," said Craver. "As the market for plug-in vehicles develops and matures, electric utilities will need to work closely with state and local officials, public and private entities, automakers and other stakeholders to make sure the charging infrastructure is ready." Besides testing "smart" charging systems that can provide load management or vehicle-to-grid applications, utilities also have started installing advanced metering infrastructure to support electric drive vehicles, focusing on charging technology, evolving rate design and managing electricity demand. Ultimately, the smart grid will become an invaluable partner in bringing PEV technology to the market, the executives said. EEI members today also committed to develop and implement a customer service process that will be able to handle numerous PEV customer requests ranging from questions about charging stations to rate options and incentive plans. "We will work to build on our experience with electric vehicles to help remove barriers to early customer adoption," said Johnson. "Early successes in using this exciting and complex technology will help encourage a transformation in the way we travel. Utilities are proud to work together on this important initiative." Equally important, utilities will work closely with federal, state and local policymakers to support purchase and ownership incentives for vehicles and infrastructure alike. "Encouraging widespread adoption of electric transportation is an important piece of our strategy to reduce greenhouse gas emissions," Craver explained. The utilities also pledged to continue the electrification of their own fleets as quickly as possible and collaborate with industry suppliers to develop sustainable fleet acquisition and operations plans. "Our industry is already using neighborhood electric vehicles and will electrify the rest of our fleets as it makes sense," Johnson said. "We hope to drive the development and deployment of PEVs for medium- and heavy-duty utility applications, which will help us save money through reduced fuel costs and decrease our carbon emissions." The utility industry's PEV pledge focuses on the following electric utility industry components of the commercialization of PEVs: Infrastructure--Utilities will help ensure there are no system impacts from fueling large numbers of plug-in vehicles from the power grid. They also will help develop comprehensive local charging infrastructure plans. Customer Support--Utilities will ensure that PEV customers receive excellent customer care on questions ranging from charging mechanics to rates. Customer and Stakeholder Education--Utilities will collaborate with state and local officials, automakers and other stakeholders to provide comprehensive education outreach to customers on all aspects of PEVs. Vehicle and Infrastructure Incentives--Utilities will work closely with federal, state and local stakeholders to encourage PEV penetration, including purchase incentives, tax rebates, off-peak charging rates and subsidized parking. Utility fleets--Utilities will take significant steps to accelerate the introduction of PEVs into their utility fleet operations. For a copy of the pledge, visit www.eei.org The Edison Electric Institute (EEI) is the association of U.S. shareholder-owned electric companies. Our members serve 95 percent of the ultimate customers in the shareholder-owned segment of the industry, and represent approximately 70 percent of the U.S. electric power industry. We also have more than 65 International electric companies as Affiliate members, and more than 170 industry suppliers and related organizations as Associate members. - Edison Electric Institute

Lexus LFA Supercar to Make North American Debut at 2009 SEMA and Los Angeles International Auto Shows

Sophia Rhodini — Thu, 22 Oct 2009 03:00:42 +0000

- Lexus' First Supercar Redefines the Segment for the 21st Century - 4.8L V10 Engine Generates 552 Horsepower for Powerful Rear-Wheel Drive Performance - Carbon Fiber Reinforced Polymer Helps Provide a Light and Strong Structure Download image TORRANCE, Calif., -- The highly anticipated LFA supercar, which just made its global debut at the Tokyo Motor Show, will be on display for the first time in North America at two back-to-back premier venues -- the 2009 Specialty Equipment Market Association (SEMA) trade show in Las Vegas this November and the 2009 Los Angeles Auto Show in December. Next year, Lexus will show the LFA at the North American International Auto Show in Detroit, Chicago Auto Show, Dallas Auto Show and New York International Auto Show. As the first Lexus supercar, the LFA serves as the flagship for the F portfolio of Lexus performance models and redefines the supercar for the 21st century. The Lexus F brand complements the core Lexus DNA by emphasizing serious performance. The LFA was carefully developed from a blank canvas by a small and dedicated team of hand-picked engineers that pushed every possible dynamic boundary. "The development of the LFA was unlike any other Lexus," said Mark Templin, Lexus division group vice president and general manager. "Minute details were engineered to provide an engaging and serious supercar that delivers impressive performance on and off the race track. Only 500 will ever be built worldwide, and each will be assembled to customer order, offering a once-in-a-lifetime chance to be part of a small, exclusive group of individuals." All 500 LFA supercars will be hand-assembled by skilled technicians in the "Lexus LFA Works" at the Motomachi Plant in Toyota City at a rate of no more than 20 per month. The rear-wheel drive LFA is dynamically styled and powered by a sophisticated new high-revving 9,000 rpm (redline) 4.8-liter V10 engine that generates 552 hp and 354 lb.-ft. of torque for adrenaline-fuelled 202- mph performance. This specially-developed powerplant is paired with a unique six-speed Automated Sequential Gearbox (ASG) with blazing-quick paddle-activated shifts for ultimate driver control. Linked by a rigid torque tube for excellent drivetrain integrity, the ASG is located in a transaxle layout over the rear axle for an optimal 48:52 front-to-rear weight distribution. Motorsport-developed lightweight aluminum alloy suspension components are complemented by Carbon Ceramic Material (CCM) brake discs and an innovative electrically assisted rack and pinion steering system. Lightweight, powerful and balanced, the LFA features advanced Carbon Fiber Reinforced Polymer (CFRP) construction for its chassis and much of its bodywork to deliver a light, incredibly strong and impact-resistant structure. Rather than outsource this sophisticated materials technology, the LFA team took the radical step of developing its own CFRP processes internally for ultimate quality control and to make a sound engineering investment in the future. The LFA's sporty styling is distinguished by coherent lines that flow from roof to sill in a seamless convex to concave line for sophisticated aerodynamics. Its front-mid engine layout, long wheelbase, short overhangs, and snug, low-slung cabin identify it as a supercar. CFRP also gave the LFA's designers a far higher degree of design freedom, allowing them to create shapes, curves and edges that would have been impossible with metal. For example, the sharp trailing edges at the rear of the LFA that help provide superlative aerodynamics would not have been possible had traditional metal been used for the bodywork. A dramatic low-slung cockpit has been intelligently designed and hand-assembled with the finest materials to reflect the car's driver-centric dynamics. The intimate two-seat cabin has been conceived at every stage -- ergonomics, acoustics, materials, comfort, versatility and visibility levels have all been painstakingly engineered -- to put the driver at the center of the driving experience. Production of the LFA supercar will begin in December 2010 with deliveries continuing for the following 24 months. Consumers may contact the Lexus LFA Information Center at 866-LFA-4794 to express interest or visit www.Lexus-LFA.com for more information. *All LFA specifications are preliminary. -Toyota Motor Sales, U.S.A., Inc.

Carnival Cruise Lines Selects Discover the World Marketing for Indonesia Sales

Sophia Rhodini — Thu, 22 Oct 2009 03:01:05 +0000

SCOTTSDALE, Ariz. -- Carnival Cruise Lines has selected Discover the World Marketing as its first partner in Indonesia to help with its passenger sales representation. "India was the first market where we had the opportunity to represent Carnival Cruise Lines," said Jenny Adams, CEO of Discover the World Marketing. "As a result of this successful partnership, we are poised to help Carnival Cruise Lines enter another new market--Indonesia. We plan to increase the awareness of cruising in the Indonesia market by making it more accessible and affordable with the Carnival products." According to Jerry Max Theophile, International Business Development Manager for Carnival Cruise Lines, "Just as in India, we found Discover the World Marketing to have the needed experience and working knowledge of the region that would enable us to gain market share." Discover the World Marketing has more than 27 years of experience operating a unique and truly global network consisting of 83 offices in 55 countries. Regardless of size, Discover offers simple, manageable and effective solutions to fit any company's needs and budget. For more information about Discover the World Marketing, visit discovertheworld.com or call (480) 707-5566 or +44 208 939 2400. - Discover the World Marketing

Sycuan Resort Announces Room Renovation Project

Sophia Rhodini — Thu, 22 Oct 2009 03:01:29 +0000

San Diego's Favorite Golf Resort Gets Even Better EL CAJON, Calif. -- Officials of Sycuan Resort, an award-winning golf resort just 24 miles inland from downtown San Diego, today announced its plans for a comprehensive $2.7 million renovation project. The project launched on October 9, 2009 with an anticipated completion date of December 31, 2009. Sycuan Resort has named HFS Concepts 4, a leading design, architecture, project management and strategic sourcing and procurement firm, as its interior design firm of record. The renovation will improve the resort's overall aesthetic quality and guest amenities. Each of the 100 rooms will be upgraded to include new: Case Goods Plush Carpeting High-end Drapery and Bedding Flat Panel TVs Bathrooms and Granite Vanities Bedroom Furniture and beautiful Mosaic-tiled Headboard "Guests can look forward to staying in newly renovated rooms transformed to complement the beautiful and expansive grounds of Sycuan Resort," said Jeff Clough, the property's newly appointed general manager. "Our goal with this new design is to provide a crisp and clean, yet residential feel that will appeal to both the loyal, long-time Sycuan Resort guest as well as new guests seeking a peaceful and modern golf resort experience." Each room on the Sycuan Resort property has a golf course view, and is a convenient five-minute complimentary shuttle ride to the Sycuan Casino. It provides guests with gaming action, fine dining and live entertainment. - Sycuan Resort

AMR Corporation Reports a Third Quarter 2009 Net Loss of $359 Million

Sophia Rhodini — Thu, 22 Oct 2009 03:02:00 +0000

Excluding Special Items, Third Quarter Loss Was $265 Million, Which Compares to a Loss of $374 Million in Third Quarter 2008 Company Obtained Approximately $5 Billion in Liquidity and Financing Since the End of the Second Quarter; Also Unveiled Network and Fleet Enhancements Accomplishments Better Position Company to Address Near-Term Challenges and Achieve Long-Term Success FORT WORTH, Texas, -- AMR Corporation (NYSE: AMR), the parent company of American Airlines, Inc., today reported a net loss of $359 million for the third quarter of 2009, or $1.26 per share. The results include the impact of approximately $94 million in non-recurring charges related to the sale of certain aircraft and the grounding of leased Airbus A300 aircraft prior to lease expiration. Excluding those non-recurring charges, the third quarter 2009 loss was $265 million, or $0.93 per share. The current quarter results compare to a net profit of $31 million for the third quarter of 2008, or $0.12 per diluted share, which included a $432 million gain from the sale of American Beacon Advisors and $27 million in one-time severance and aircraft charges related to capacity reductions. Excluding those one-time items, the Company lost $374 million, or $1.45 per share, in the third quarter of 2008. The Company made significant financing, network and fleet renewal announcements during the third quarter that better position it to address near-term challenges and achieve long-term success. Since the end of the second quarter, the Company announced a series of transactions through which it obtained approximately $5 billion in additional liquidity and new aircraft financing. It also announced network enhancements that focus its presence in hub cities and additional fleet renewal and replacement plans. Completed financing transactions included: A $520 million public offering of enhanced equipment trust certificates (EETC) that bolstered liquidity and also provided financing for deliveries of previously ordered Boeing 737s. A $276 million private placement of debt, secured by owned aircraft, the proceeds of which were received in the fourth quarter and used to refinance a portion of the Company's 1999-1 EETC that matured on Oct. 15, 2009. $1 billion from the advance sale of AAdvantage(TM) frequent flyer miles to Citi. A $282 million loan facility from GE Capital Aviation Services (GECAS) secured by owned aircraft (all but approximately $55 million was included in the Company's third quarter 2009 cash and short-term investment balance). $1.6 billion in sale-leaseback financing commitments from GECAS for previously ordered Boeing 737s to be delivered in 2010 and 2011. $860 million in cash from the sale by AMR of common stock and 6.25% convertible senior notes. A $450 million private placement of debt secured by aircraft that refinanced American's term loan credit facility (completed Oct. 9, 2009). Network and Fleet announcements included: Plans to add flights and destinations as well as to focus its presence in Dallas/Fort Worth, Chicago, Miami, New York and Los Angeles while keeping 2010 capacity relatively flat by eliminating unprofitable flying in non-core markets. For Summer 2010 compared to the Winter 2009/2010 schedule, the Company plans to add 57 daily flights in Chicago, 23 in Miami, 19 in Dallas/Fort Worth, and 11 in New York and Los Angeles combined. An agreement to select GE's GEnx-1B 74/75 engine for American's expected Boeing 787 deliveries. Plans for American Eagle to enhance its product by adding a First Class cabin to its fleet of 25 Bombardier CRJ700 regional jets and by signing a letter of intent with Bombardier, Inc. to exercise options for the purchase of 22 additional CRJ700 aircraft for delivery beginning in the middle of 2010. The new CRJ700 aircraft are expected to be fully financed. "A difficult revenue environment driven by the weakened global economy continues to overwhelm the benefit of significantly lower fuel prices, but our third quarter accomplishments better position us to address these near-term challenges and be competitive and successful for the long haul," said AMR Chairman and CEO Gerard Arpey. "We believe the strong vote of confidence we received from our strategic partners and investors reflects our long track record of meeting our obligations and belief in our ability to address the many challenges our industry faces. But we must remain focused on returning to profitability, since profits are the only way to secure our long-term future. I want to thank our employees for their efforts during a tough period and am confident they will continue to rise to meet the challenges ahead." Arpey reiterated expectations that American and four of its fellow oneworld members - British Airways, Iberia, Royal Jordanian and Finnair - will receive DOT approval of their application for global antitrust immunity, and the companies look forward to continuing to demonstrate the public benefits of their plans to regulators in the European Union. With regulatory approval, American, British Airways and Iberia plan to launch a joint business relationship that will improve travel options and customer benefits on flights between North America and Europe. Financial and Operational Performance (Excluding Impact of Special Items) AMR reported third quarter consolidated revenues of approximately $5.1 billion, a decrease of more than 20 percent year over year, largely driven by reduced capacity and the reduced demand for air travel and cargo resulting from the global economic downturn. Other revenues, from sources such as confirmed flight changes, purchased upgrades, Buy-on-Board food services, and baggage service charges, increased 1.4 percent to $585 million in the third quarter, compared to the third quarter of 2008. Reflecting global economic weakness, the Company's cargo revenue declined by approximately $94 million or 40.8 percent in the third quarter compared to the same period in 2008. American's mainline passenger revenue per available seat mile (unit revenue) declined by 14.5 percent in the third quarter compared to the year-ago quarter. While this reflects a challenging economic environment, the Company believes the strength of its network and its efforts to drive a revenue premium have helped its mainline unit revenue performance outpace that of several of its legacy network competitors throughout 2009. Mainline capacity, or total available seat miles, in the third quarter decreased by 8.2 percent compared to the same period in 2008, as the Company continued to exercise capacity discipline given the difficult demand environment. American's mainline load factor - or the percentage of total seats filled - was a record 83.9 percent during the third quarter, compared to 82.2 percent in the third quarter of 2008. American's third quarter yield, which represents average fares paid, decreased by 16.3 percent compared to the third quarter of 2008. The decrease in yield was largely due to more aggressive pricing industrywide and reduced traffic in the premium cabins. American's mainline cost per available seat mile (unit cost) in the third quarter decreased by 13.5 percent year over year, due to lower fuel prices. Taking into account the impact of fuel hedging, AMR paid $2.07 per gallon for jet fuel in the third quarter versus $3.57 a gallon in the third quarter of 2008, a 42 percent decrease. As a result, the Company paid nearly $1.1 billion less for fuel in the third quarter of 2009 than it would have paid at prevailing prices from the prior-year period. Excluding fuel, mainline unit costs in the third quarter of 2009 increased by 7.2 percent year over year, driven by reduced capacity, higher pension expenses, higher materials and repairs expenses, and investments in dependability initiatives. Balance Sheet Update AMR ended the third quarter with $4.6 billion in cash and short-term investments, including a restricted balance of $459 million, which takes into account the impact of American's repayment of its $432 million term loan credit facility during the quarter. That compares to a balance of $5.1 billion, including a restricted balance of $456 million in the third quarter of 2008. The Company expects to include approximately $520 million in aggregate proceeds in its fourth quarter 2009 cash and short-term investment balance from financings completed in October. These financings consist of: the $450 million private placement of debt that refinanced the term loan credit facility; approximately $55 million under the GECAS loan facility; and $30 million from the sale of approximately 3.8 million shares of AMR common stock through the exercise of an overallotment option by underwriters of the Company's recent equity offering. The proceeds from the $276 million private placement of debt were received in the fourth quarter and were used to refinance a portion of the Company's 1999-1 EETC that matured on Oct. 15, 2009. AMR's Total Debt, which it defines as the aggregate of its long-term debt, capital lease obligations, the principal amount of airport facility tax-exempt bonds, and the present value of aircraft operating lease obligations, was $15.7 billion at the end of the third quarter of 2009, compared to $15.4 billion at the end of the third quarter of 2008. AMR's Net Debt, which it defines as Total Debt less unrestricted cash and short-term investments, was $11.6 billion at the end of the third quarter of 2009, compared to $10.7 billion at the end of the third quarter of 2008. Other Third Quarter and Recent Highlights American's "A+14" on-time performance, as measured by the U.S. Department of Transportation (DOT), was 78.5 percent during the third quarter of 2009, an improvement of 4.6 percentage points compared to the same period in 2008. Year to date through the third quarter, American's A+14 performance was 76.8 percent, an improvement of 9.8 percentage points compared to the prior-year period. American completed installation of the Gogo® Inflight Internet Wi-Fi service on 150 MD-80 aircraft, bringing the total number of American aircraft installed with inflight internet to more than 165 planes, including Boeing 767-200s that are used for transcontinental service. AMR took another step in reinforcing the Company's commitment to enhancing customer service and expanding its information technology leadership position by signing a letter of intent with HP to develop a next-generation Passenger Service System. This effort continues the Company's focus on enhancing its customers' travel experiences. American enhanced its AA.com® Notification Center, enabling customers to set up flight status notification preferences and receive messages for all future flights, instead of having to request notifications for each different flight. Fourth Quarter and 2009 Guidance Mainline and Consolidated Capacity AMR expects its full-year mainline capacity to decrease by approximately 7.5 percent in 2009 compared to 2008, with a reduction of domestic capacity of approximately 9 percent and a reduction of international capacity of approximately 5 percent compared to 2008 levels. On a consolidated basis, AMR expects full-year capacity to decrease by approximately 7.5 percent in 2009 compared to 2008. AMR expects mainline capacity in the fourth quarter of 2009 to decrease by approximately 6 percent compared to the fourth quarter of 2008, with domestic capacity expected to decline by approximately 5 percent and international capacity expected to decline by approximately 7.5 percent compared to fourth quarter 2008 levels. AMR expects consolidated capacity in the fourth quarter of 2009 to decrease by approximately 5.5 percent compared to the fourth quarter of 2008. AMR expects regional affiliate capacity to decline by more than 1 percent in the fourth quarter of 2009 compared to the prior-year period and expects full-year regional affiliate capacity to decline by approximately 8 percent in 2009 compared to 2008. Fuel Expense and Hedging While the cost of jet fuel remains very volatile, based on the Oct. 9 forward curve AMR is planning for an average system price of $2.12 per gallon in the fourth quarter of 2009 and $2.00 per gallon for all of 2009. AMR has 31 percent of its anticipated fourth quarter 2009 fuel consumption hedged at an average cap of $2.41 per gallon of jet fuel equivalent ($96 per barrel crude equivalent), with 28 percent subject to an average floor of $1.73 per gallon of jet fuel equivalent ($67 per barrel crude equivalent). As of Oct. 9, the average 2009 market forward price of crude oil was $72 per barrel. AMR has 36 percent of its anticipated full-year consumption hedged at an average cap of $2.50 per gallon of jet fuel equivalent ($97 per barrel crude equivalent), with 33 percent subject to an average floor of $1.86 per gallon of jet fuel equivalent ($70 per barrel crude equivalent). Consolidated consumption for the fourth quarter is expected to be 666 million gallons of jet fuel. Mainline and Consolidated Cost per Available Seat Mile (CASM) -- Excluding Impact of Special Items 4Q2009 (est.) Full year 2009 vs. 4Q2008 (est.) vs. 2008 H/(L) H/(L) -------------- ----------------- Mainline (0.8)% (8.8)% Excluding Fuel 8.3 6.9 Consolidated (1.0) (9.1) Excluding Fuel 7.3 5.6 Reasons for the expected unit cost increases include higher pension expenses, materials and repairs, dependability initiatives, and cost pressure related to capacity reductions. These factors are expected to be offset somewhat by lower passenger and cargo costs from reduced demand and other cost savings efforts. Editor's Note: AMR's Chairman and Chief Executive Officer, Gerard Arpey, and its Executive Vice President and Chief Financial Officer, Thomas Horton, will make a presentation to analysts during a teleconference on Wednesday, Oct. 21, at 2 p.m. EDT. Following the analyst call, they will hold a question-and-answer conference call for media. Reporters interested in listening to the presentation or participating in the media Q&A should call 817-967-1577. Statements in this release contain various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which represent the Company's expectations or beliefs concerning future events. When used in this release, the words "expects", "plans," "anticipates," "indicates," "believes," "forecast," "guidance," "outlook", "may," "will," "should", "seeks", "targets" and similar expressions are intended to identify forward-looking statements. Similarly, statements that describe our objectives, plans or goals are forward-looking statements. Forward-looking statements include, without limitation, the Company's expectations concerning operations and financial conditions, including changes in capacity, revenues, and costs; future financing plans and needs; the amounts of the Company's unencumbered assets and other sources of liquidity; fleet plans; overall economic and industry conditions; plans and objectives for future operations; regulatory approvals and actions, including the Company's application for antitrust immunity with other one world alliance members; and the impact on the Company of its results of operations in recent years and the sufficiency of its financial resources to absorb that impact. Other forward-looking statements include statements which do not relate solely to historical facts, such as, without limitation, statements which discuss the possible future effects of current known trends or uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed or assured. All forward-looking statements in this release are based upon information available to the Company on the date of this release. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. This release includes forecasts of unit cost and revenue performance, fuel prices and fuel hedging, capacity and traffic estimates, other income/expense estimates, share count, statements regarding the Company's liquidity, and statements regarding expectations of regulatory approval of our application for antitrust immunity with other oneworld members, each of which is a forward-looking statement. Forward-looking statements are subject to a number of factors that could cause the Company's actual results to differ materially from the Company's expectations. The following factors, in addition to other possible factors not listed, could cause the Company's actual results to differ materially from those expressed in forward-looking statements: the materially weakened financial condition of the Company, resulting from its significant losses in recent years; weaker demand for air travel and lower investment asset returns resulting from the severe global economic downturn; the Company's need to raise substantial additional funds and its ability to do so on acceptable terms; the ability of the Company to generate additional revenues and reduce its costs; continued high and volatile fuel prices and further increases in the price of fuel, and the availability of fuel; the Company's substantial indebtedness and other obligations; the ability of the Company to satisfy certain covenants and conditions in certain of its financing agreements; changes in economic and other conditions beyond the Company's control, and the volatile results of the Company's operations; the fiercely and increasingly competitive business environment faced by the Company; potential industry consolidation and alliance changes; competition with reorganized carriers; low fare levels by historical standards and the Company's reduced pricing power; changes in the Company's corporate or business strategy; government regulation of the Company's business; conflicts overseas or terrorist attacks; uncertainties with respect to the Company's international operations; outbreaks of a disease (such as SARS, avian flu or the H1N1 virus) that affects travel behavior; labor costs that are higher than those of the Company's competitors; uncertainties with respect to the Company's relationships with unionized and other employee work groups; increased insurance costs and potential reductions of available insurance coverage; the Company's ability to retain key management personnel; potential failures or disruptions of the Company's computer, communications or other technology systems; losses and adverse publicity resulting from any accident involving the Company's aircraft; changes in the price of the Company's common stock; and the ability of the Company to reach acceptable agreements with third parties. Additional information concerning these and other factors is contained in the Company's Securities and Exchange Commission filings, including but not limited to the Company's Annual Report on Form 10-K for the year ended December 31, 2008 (as updated by the Company's Current Report on Form 8-K filed on April 21, 2009) and the Company's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2009 and June 30, 2009. Detailed financial information follows: AMR CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (as reclassified) (in millions, except per share amounts) (Unaudited) Three Months Ended September 30, -------------------- Percent 2009 2008 Change Revenues ---- ---- ------- Passenger - American Airlines $3,882 $4,946 (21.5) - Regional Affiliates 523 668 (21.7) Cargo 136 230 (40.8) Other revenues 585 577 1.4 --- --- --- Total operating revenues 5,126 6,421 (20.2) ----- ----- ----- Expenses Wages, salaries and benefits 1,702 1,633 4.2 Aircraft fuel 1,453 2,722 (46.6) Other rentals and landing fees 344 344 0.1 Depreciation and amortization 272 289 (5.8) Maintenance, materials and repairs 329 304 7.9 Commissions, booking fees and credit card expense 221 264 (16.0) Aircraft rentals 126 122 2.9 Food service 128 135 (4.9) Special charges 64 27 * Other operating expenses 681 797 (14.6) --- --- ----- Total operating expenses 5,320 6,637 (19.8) ----- ----- ----- Operating Income (194) (216) (10.0) Other Income (Expense) Interest income 7 37 (80.9) Interest expense (182) (204) (10.4) Interest capitalized 11 10 11.0 Miscellaneous - net (31) 404 * --- --- --- (195) 247 * ---- --- --- Income/(Loss) Before Income Taxes (389) 31 * Income tax (30) - * --- --- --- Net Income $(359) $31 * ===== === === Earnings/(Loss) Per Share Basic $(1.26) $0.12 ====== ===== Diluted $(1.26) $0.12 ====== ===== Number of Shares Used in Computation Basic 285 258 Diluted 285 268 * Greater than 100% AMR CORPORATION OPERATING STATISTICS (as reclassified) (Unaudited) Three Months Ended September 30, -------------- Percent 2009 2008 Change ---- ---- ------ American Airlines, Inc. Mainline Jet Operations Revenue passenger miles (millions) 32,352 34,491 (6.2) Available seat miles (millions) 38,542 41,965 (8.2) Cargo ton miles (millions) 416 509 (18.4) Passenger load factor 83.9% 82.2% 1.8 pts Passenger revenue yield per passenger mile (cents) 12.00 14.34 (16.3) Passenger revenue per available seat mile (cents) 10.07 11.79 (14.5) Cargo revenue yield per ton mile (cents) 32.79 45.16 (27.4) Operating expenses per available seat mile, excluding Regional Affiliates (cents) (1) 12.29 13.99 (12.1) Fuel consumption (gallons, in millions) 636 690 (7.9) Fuel price per gallon (dollars) 2.06 3.57 (42.1) Regional Affiliates Revenue passenger miles (millions) 2,153 2,293 (6.1) Available seat miles (millions) 2,947 3,305 (10.8) Passenger load factor 73.1% 69.4% 3.7 pts AMR Corporation Average Equivalent Number of Employees American Airlines 66,400 71,000 Other 12,300 13,100 ------ ------ Total 78,700 84,100 ====== ====== (1) Excludes $630 million and $798 million of expense incurred related to Regional Affiliates in 2009 and 2008, respectively. AMR CORPORATION OPERATING STATISTICS (Unaudited) OPERATING STATISTICS BY REGIONAL ENTITY American Airlines, Inc. Three Months Ended September 30, 2009 ---------------------------------------------- Entity Results RASM(1) Y-O-Y ASMs(2) Y-O-Y (cents) Change (billions) Change --------- ------ ---------- ------ DOT Domestic 9.94 (11.0)% 23.6 (9.5)% International 10.29 (19.7) 15.0 (5.9) DOT Latin America 11.11 (18.2) 6.7 (9.1) DOT Atlantic 9.80 (19.6) 6.5 (3.4) DOT Pacific 8.91 (24.9) 1.7 (1.9) American Airlines, Inc. Three Months Ended September 30, 2009 Entity Results -------------------------------------------- Load Y-O-Y Factor Change Yield Y-O-Y (pts) (pts) (cents) Change ------ ------- ------ ------ DOT Domestic 85.2 2.4 11.66 (13.5) International 81.9 0.7 12.56 (20.4) DOT Latin America 81.6 0.7 13.61 (18.9) DOT Atlantic 82.7 1.4 11.85 (21.0) DOT Pacific 80.2 (1.8) 11.11 (23.2) (1) Revenue per Available Seat Mile (2) Available Seat Miles AMR CORPORATION NON-GAAP AND OTHER RECONCILIATIONS (Unaudited) American Airlines, Inc. Mainline Jet Three Months Ended September 30, Operations -------------------------------- (in millions, except as noted) 2009 2008 ---- ---- Total operating expenses $5,368 $6,670 Less: Operating expenses incurred related to Regional Affiliates 630 798 --- --- Operating expenses excluding expenses incurred related to Regional Affiliates $4,738 $5,872 American mainline jet operations available seat miles 38,542 41,965 ------ ------ Operating expenses per available seat mile, excluding Regional Affiliates (cents) 12.29 13.99 ===== ===== Percent change (12.1)% American Airlines, Inc. Mainline Jet Three Months Ended September 30, Operations -------------------------------- (in millions, except as noted) 2009 2008 ---- ---- Total operating expenses $5,368 $6,670 Less: Operating expenses incurred related to Regional Affiliates 630 798 --- --- Operating expenses excluding expenses incurred related to Regional Affiliates $4,738 $5,872 American mainline jet operations available seat miles 38,542 41,965 ------ ------ Operating expenses per available seat mile, excluding Regional Affiliates (cents) 12.29 13.99 Less: Impact of special items 0.24 0.06 ---- ---- Operating expenses per available seat mile, excluding impact of special items (cents) 12.05 13.93 ===== ===== Percent change (13.5)% Less: Fuel cost per available seat mile (cents) 3.41 5.87 ---- ---- Operating expenses per available seat mile, excluding impact of special items and the cost of fuel (cents) 8.64 8.06 ==== ==== Percent change 7.2% Note: The Company believes that operating expenses per available seat mile, excluding the cost of fuel and special items assists investors in understanding the impact of fuel prices and special items on the Company's operations. AMR CORPORATION NON-GAAP AND OTHER RECONCILIATIONS (Unaudited) AMR Corporation Calculation of Net Debt As of September 30 ------------------------ (in millions, except as noted) 2009 2008 ---- ---- Current and long-term debt $10,913 $10,415 Current and long-term capital lease obligations 680 711 Principal amount of certain airport facility tax-exempt bonds and the present value of aircraft operating lease obligations 4,122 4,235 ----- ----- 15,715 15,361 Less: Unrestricted cash and short-term investments 4,112 4,621 ----- ----- Net Debt $11,603 $10,740 ======= ======= Note: The Company believes the net debt metric assists investors in understanding changes in the Company's liquidity and the results of its efforts to build a financial foundation under the Company's Turnaround Plan. AMR Corporation Three Months Ended September 30, -------------------------------- (in millions, except as noted) 2009 2008 ---- ---- Operating expenses per available seat mile 12.82 14.66 Less: Impact of special items 0.22 0.06 ---- ---- Operating expenses per available seat mile 12.60 14.60 ===== ===== Percent change (13.7)% Less: Fuel cost per available seat mile (cents) 3.51 6.01 ---- ---- Operating expenses per available seat mile, excluding impact of special items and the cost of fuel (cents) 9.09 8.59 ==== ==== Percent change 5.9% AMR CORPORATION NON-GAAP AND OTHER RECONCILIATIONS (Unaudited) American Airlines, Inc. Mainline Jet Operations Estimate for Three Months Ended December 31 ------------------------------ (in millions, except as noted) 2009 2008 ---- ---- Operating expenses per available seat mile, excluding Regional Affiliates (cents) 12.57 12.99 Less: Impact of special items (cents) - 0.32 --- ---- Operating expenses per available seat mile, excluding Regional Affiliates and impact of special items (cents) 12.57 12.67 ===== ===== (0.8)% Percent change Less: Fuel expense per available seat mile (cents) 3.46 4.26 ---- ---- Operating expenses per available seat mile, excluding Regional Affiliates, impact of special items and fuel expense (cents) 9.11 8.41 ==== ==== Percent change 8.3% American Airlines, Inc. Mainline Jet Estimate for Operations Year Ended December 31 ------------------------ (in millions, except as noted) 2009 2008 ---- ---- Operating expenses per available seat mile, excluding Regional Affiliates (cents) 12.10 13.87 Less: Impact of special items (cents) 0.11 0.73 ---- ---- Operating expenses per available seat mile, excluding Regional Affiliates and impact of special items (cents) 11.99 13.14 ===== ===== Percent change (8.8)% Less: Fuel expense per available seat mile (cents) 3.28 4.99 ---- ---- Operating expenses per available seat mile, excluding Regional Affiliates, impact of special items and fuel expense (cents) 8.71 8.15 ==== ==== Percent change 6.9% AMR CORPORATION NON-GAAP AND OTHER RECONCILIATIONS (Unaudited) AMR Corporation Estimate for Year Ended December 31 ---------------------- (in millions, except as noted) 2009 2008 ---- ---- Operating expenses per available seat mile (cents) 12.67 14.57 Less: Impact of special items (cents) 0.11 0.75 ---- ---- Operating expenses per available seat mile, excluding impact of special items (cents) 12.56 13.82 ===== ===== Percent change (9.1)% Less: Fuel expense per available seat mile (cents) 3.37 5.12 ---- ---- Operating expenses per available seat mile, excluding impact of special items and fuel expense (cents) 9.19 8.70 ==== ==== Percent change 5.6% AMR Corporation Estimate for Three Months Ended December 31 ------------------------------ (in millions, except as noted) 2009 2008 ---- ---- Operating expenses per available seat mile (cents) 13.15 13.58 Less: Impact of special items (cents) - 0.30 --- ---- Operating expenses per available seat mile, excluding impact of special items (cents) 13.15 13.28 ===== ===== Percent change (1.0)% Less: Fuel expense per available seat mile (cents) 3.58 4.36 ---- ---- Operating expenses per available seat mile, excluding impact of special items and fuel expense (cents) 9.57 8.92 ==== ==== Percent change 7.3% AMR Corporation Three Months Ended September 30 ------------------------------- (in millions, except as noted) 2009 2008 ---- ---- Net Income/(Loss) (359) 31 Less: Impact of special items (94) (405) --- ---- Net Income/(Loss), excluding impact of special items (265) (374) ==== ==== Earnings/(Loss) Per Share Basic (0.93) (1.45) Diluted (0.93) (1.45) AMR CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share amounts) (Unaudited) Nine Months Ended September 30, ------------------------------- Percent 2009 2008 Change ---- ---- ------ Revenues Passenger - American Airlines $11,239 $14,060 (20.1) - Regional Affiliates 1,493 1,932 (22.7) Cargo 414 678 (38.9) Other revenues 1,709 1,627 5.0 ----- ----- --- Total operating revenues 14,855 18,297 (18.8) ------ ------ ----- Expenses Wages, salaries and benefits 5,087 4,935 3.1 Aircraft fuel 4,085 7,195 (43.2) Other rentals and landing fees 1,006 985 2.2 Depreciation and amortization 826 922 (10.4) Maintenance, materials and repairs 948 943 0.5 Commissions, booking fees and credit card expense 646 780 (17.1) Aircraft rentals 376 372 1.1 Food service 365 395 (7.7) Special charges 100 1,191 (91.6) Other operating expenses 2,030 2,272 (10.7) ----- ----- ----- Total operating expenses 15,469 19,990 (22.6) ------ ------ ----- Operating Income (614) (1,693) (63.7) Other Income (Expense) Interest income 27 138 (80.6) Interest expense (535) (609) (12.1) Interest capitalized 32 23 36.9 Miscellaneous - net (64) 370 * --- --- --- (540) (78) * ---- --- --- Income Before Income Taxes (1,154) (1,771) (34.8) Income tax (30) - * --- --- --- Net Income $(1,124) $(1,771) (36.5) ======= ======= ===== Earnings Per Share Basic $(4.00) $(7.00) ====== ====== Diluted $(4.00) $(7.00) ====== ====== Number of Shares Used in Computation Basic 281 253 Diluted 281 253 * Greater than 100% AMR CORPORATION OPERATING STATISTICS (Unaudited) Nine Months Ended September 30, ------------------- Percent 2009 2008 Change ---- ---- ------ American Airlines, Inc. Mainline Jet Operations Revenue passenger miles (millions) 92,510 101,378 (8.7) Available seat miles (millions) 114,890 124,735 (7.9) Cargo ton miles (millions) 1,185 1,547 (23.4) Passenger load factor 80.5% 81.3% (0.8) pts Passenger revenue yield per passenger mile (cents) 12.15 13.87 (12.4) Passenger revenue per available seat mile (cents) 9.78 11.27 (13.2) Cargo revenue yield per ton mile (cents) 34.95 43.83 (20.2) Operating expenses per available seat mile, excluding Regional Affiliates (cents) (1) 11.96 14.15 (15.5) Fuel consumption (gallons, in millions) 1,890 2,058 (8.1) Fuel price per gallon (dollars) 1.96 3.16 (38.1) Regional Affiliates Revenue passenger miles (millions) 6,196 6,835 (9.3) Available seat miles (millions) 8,686 9,685 (10.3) Passenger load factor 71.3% 70.6% 0.8 pts (1) Excludes $1.8 billion and $2.4 billion of expense incurred related to Regional Affiliates in 2009 and 2008, respectively. AMR CORPORATION NON-GAAP AND OTHER RECONCILIATIONS (Unaudited) OPERATING STATISTICS BY REGIONAL ENTITY American Airlines, Inc. Nine Months Ended September 30, 2009 ------------------------------------------- Entity Results RASM(1) Y-O-Y ASMs(2) Y-O-Y (cents) Change (billions) Change --------- ------- ---------- ------ DOT Domestic 9.80 (10.0)% 70.1 (10.2)% International 9.75 (18.1) 44.8 (4.0) DOT Latin America 10.65 (15.4) 21.5 (6.4) DOT Atlantic 8.93 (20.7) 18.3 (2.4) DOT Pacific 8.87 (20.5) 5.1 1.1 (1) Revenue per Available Seat Mile (2) Available Seat Miles American Airlines, Inc. Nine Months Ended September 30, 2009 Entity Results -------------------------------------------- Load Y-O-Y Factor Change Yield Y-O-Y (pts) (pts) (cents) Change ---- ---- ------ ------ DOT Domestic 82.9 0.4% 11.83 (10.5)% International 76.9 (2.4) 12.68 (15.5) DOT Latin America 75.8 (3.0) 14.06 (12.0) DOT Atlantic 77.6 (1.4) 11.51 (19.2) DOT Pacific 78.9 (3.8) 11.24 (16.7) Current AMR Corp. releases can be accessed on the Internet. The address is http://www.aa.com Editor's Note: A live Webcast reporting third quarter results will be broadcast on the Internet on Oct. 21 at 2 p.m. EDT (Windows Media Player required for viewing) - AMR Corporation

Coates International Ltd. Signs Bond Issue Deal for $300,000,000 USD

Sophia Rhodini — Thu, 22 Oct 2009 03:02:26 +0000

WALL TOWNSHIP, N.J. -- Coates International, Ltd. (OTC Bulletin Board: COTE) - Coates International, Ltd. (the "Company"). After many months of intense negotiation the company on October 20, signed a Joint Venture (Entity) to process a bond offering, that the net proceeds will be $300,000,000 USD for the company. This funding is specifically for the start up of two manufacturing and production facilities, one in Miami, Oklahoma and the other in New Jersey not far from the existing Coates world headquarters facility in Wall Township, New Jersey. This transaction was initiated by George J. Coates, President, CEO and Barry Kaye, CFO. George J. Coates, President and CEO, stated this is a very exciting and important prospect for our company. These funds will facilitate large scale manufacturing of our Coates CSRV Industrial Electric Power Natural Gas Generators and the 18 Wheeler Tractor Trailer Diesel CSRV Engines, of which the company has large orders for both of these products. The Company's large scale manufacturing plans will require the creation of thousands of new quality permanent jobs and substantial capital expenditures that we believe will help boost the U.S. economy. Our world-wide patented Coates Spherical Rotary Valve (CSRV) System technology lowers the consumption of fossil fuels and will reduce the U.S. dependency on imported foreign oil, while lowering harmful exhaust emissions that are released into our atmosphere. We have previously entered into an agreement with Oklahoma which would enable us to qualify for a package of business and tax incentives by hiring plant workers and making capital expenditures in the state that could amount to as much as approximately $750 million. Barry Kaye, Chief Financial Officer, stated: "The business and tax incentives in Oklahoma, coupled with the opportunity to utilize our substantial net operation loss carryforwards to offset income taxes will give us an additional advantage by improving our profitably in the early stages of our manufacturing phase of operations." Fax: 732-449-7736 or Email: info@coatesengine.com About Coates International, Ltd.: Coates has been developing over a period of more than 15 years a patented spherical rotary valve CSRV Internal Combustion Engine invented by George J. Coates and his son Gregory. The CSRV system is adaptable to combustion engines of many types. This technology is currently adapted to a number of practical applications, including industrial generators powered by engines incorporating the CSRV technology and designed to operate on flare-off gas from oil wells, landfill gas and raw natural gas. The Company is actively engaged in preparing for the commencement of manufacturing of products utilizing this technology. This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. There are a number of factors that could cause actual results and developments to differ materially from forecasted results. These risks and uncertainties include market conditions, regulatory approvals, and other risks inherent in our operations. For a discussion of these risks and uncertainties, please see our filings with the Securities and Exchange Commission. Our public filings with the SEC may be viewed and printed on the website maintained by the SEC at http://www.sec.gov. - Coates International, Ltd.

AUDIO from Medialink and General Motors: Real Help in Real-Life Emergencies

Sophia Rhodini — Thu, 22 Oct 2009 03:02:42 +0000

NEW YORK, -- Advances in today's cars and trucks provide a lot of convenience and creature comfort. But in an emergency, they can also help save your life. Brian Osuch has more on how one in-vehicle service can help you weather the worst Mother Nature may have to offer. Listen to this report from General Motors at: http://inr.mediaseed.tv/oneClip_C/?feed=lrciYmU8gxXFj2SInDi3tg2oRzkh8_Dh Medialink is a division of The NewsMarket. Registered journalists can access video, audio, text, graphics and photos at http://www.thenewsmarket.com - Medialink; General Motors

Hurricane Katrina Hero, Lt. General Russel Honore (Ret.), Keynote Speaker at SunGard Business Continuity Software International User Group Forum

Sophia Rhodini — Thu, 22 Oct 2009 03:03:20 +0000

Expert in Disaster Preparedness and Leadership to Discuss Dealing with a Disaster before it Happens WAYNE, Pa., -- Lt. General Russel Honore, who is best known for his management of the recovery efforts following Hurricane Katrina, will deliver the keynote address at the 2010 SunGard Business Continuity Software International User Group Forum. The forum will provide business continuity professionals with a range of educational opportunities, including learning about the role of business impact analysis in disaster preparedness, involving key stakeholders in the planning process and the value in making a disaster recovery plan a living document. The forum, organized by SunGard Availability Services, will be held in Orlando, Fla. on April 10 - 14, 2010. Lt. General Honore gained many accolades as commander of Joint Task Force Katrina, which was responsible for coordinating military relief efforts for Hurricane Katrina-affected areas across the Gulf Coast in 2005. Today, he is a leading voice in raising awareness about the need to create a culture of preparedness. By focusing attention on the "left side of disaster" - the crisis before it happens - organizations and individuals can better respond to the unexpected and uncontrollable, according to Lt. Gen. Honore. "Lt. General Honore is a captivating figure not only because he delivered when under incredible pressure in a situation getting worse by the day, but also because he has a compelling vision for preparing to address disasters of the future," said Brian Turley, senior vice president and general manager, software of SunGard Availability Services. "His vision maps well with SunGard's strategy to help organizations be prepared to respond to situations - both planned and unexpected - that threaten to disrupt essential business systems and processes." For more information about the SunGard Availability Services Software International User Group Forum, or to register, please visit the conference web page or contact Kathleen Aris at kathleen.aris@sungard.com. - SunGard Availability Services

General Dynamics Awarded Naval Surface Warfare Center Support Contract

Sophia Rhodini — Thu, 22 Oct 2009 03:03:37 +0000

FAIRFAX, Va., -- General Dynamics Information Technology, a business unit of General Dynamics (NYSE: GD), has been awarded a contract for Hull, Mechanical, Electrical and Electronic (HME&E) Systems Alterations Installation Team (AIT) support by the U.S. Navy's Naval Surface Warfare Center. The multiple-award, five-year, indefinite delivery/indefinite quantity contract has a total potential value of $475 million among all six awardees. Under the contract, General Dynamics will provide AIT with a full spectrum of technical support services HME&E systems support during all phases of the installation process on aircraft carriers, surface ships, watercrafts, cutters and submarines for the U.S. Navy and other Federal agencies. These services include planning, fabrication, installation, evaluation and modification of prototypes and new HME&E systems. Work will be performed worldwide with the majority of the work occurring in Norfolk, Va.; San Diego, Calif.; Mayport, Fla.; Pearl Harbor, Hawaii and Everett, Wash. "With more than 20 years of proven experience, General Dynamics understands the complexity of fleet installations and will provide effective and consistent support to the Naval Surface Warfare Center," said Bill Cobb, vice president and general manager of General Dynamics Information Technology's Combat Systems sector. "Our highly reliable, responsive and accomplished ship alteration project execution abilities will assist the Naval Surface Warfare Center in achieving mission readiness." As a trusted systems integrator for more than 50 years, General Dynamics Information Technology provides information technology (IT), systems engineering, professional services and simulation and training to customers in the defense, intelligence, homeland security, federal civilian government and commercial sectors. With approximately 16,000 professionals worldwide, the company manages large-scale, mission-critical IT programs delivering IT services and enterprise solutions. More information about General Dynamics Information Technology is available at www.gdit.com. General Dynamics, headquartered in Falls Church, Va., employs approximately 92,000 people worldwide. The company is a market leader in business aviation; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and information systems and technologies. More information about General Dynamics is available online at www.gd.com. - General Dynamics Information Technology

Pets Can Fly South for the Winter

Sophia Rhodini — Thu, 22 Oct 2009 03:04:37 +0000

Pet Airways announces our new service between New York and Florida DELRAY BEACH, Fla., -- Pet Airways, (http://www.petairways.com) today announced the opening of its new route between New York and Florida. Adding to the 5 cities it now serves - New York, Washington D.C., Chicago, Denver and Los Angeles - Pet Airways is now beginning its expansion of routes with a new weekly service to Ft Lauderdale. Pet Parents may now make reservations at www.petairways.com for flights beginning in December. Pet Airways has received a tremendous response to its service across the U.S., with flights completely booked 2 months in advance, says Dan Wiesel, President/CEO of Pet Airways. We have been overwhelmed by all the positive feedback to our mission of flying pets safely and comfortably in the main cabin, not in cargo. It is so fantastic to see the happy faces of all the pets and pet parents after the flights. Background on Pet Travel Until July, when Pet Airways was launched, pet parents, who wanted to transport their pets across the country, were faced with limited or potentially dangerous transportation choices. Many airlines allow small pets to travel with their owners, as long as they are stowed under the seat. Pets that are too big to fit under the seat are relegated to cargo, and unfortunately in many cases, are treated as such. According to the Animal, Plant and Health Inspection Service (APHIS), "virtually every major airline has been cited and fined for repeatedly mishandling animals." As a result of a lack of oxygen and temperature control in the cargo holds, the most common causes of death are suffocation and heat prostration, although one airline was cited for placing a dog too close to a motor, which burned the animal. Put simply, putting pets in the cargo area of passenger airlines is not a safe mode of transportation for our pets. The Pet Airways Experience The greatest issue facing pet parents when they want to transport their pets, aside from the dilemma and trauma of putting their loved ones in cargo holds, is the inability to know who, if anyone, is taking care of their pet and where or how their pet is being treated. It is a very stressful experience. Pet Airways has solved this problem completely. From the moment a pet is dropped off at our Pet Lounge, pets are under the care of our Pet Attendants. Our Pet Attendants are Certified Veterinary Technicians that are trained in caring for pets. A Pet Attendant is always present, before, during and after the flight to make sure our pawsengers are comfortable and safe. Pets are never left alone. In flight, pets are in the main cabin of our planes which are fully climate controlled to make sure that the temperature is just right, and that there is an adequate level of fresh circulating air. Pawsengers are boarded and de-boarded from planes as quickly as possible, never left in the cold or heat, and depending on transit time, are offered toilet facilities, food and water as necessary during stops. Pet Parents can be sure that their pets are receiving careful handling while having the peace of mind that their pets are well looked after by people who care as much about their pets as they do. The Pet Airways goal is to make the pet travel experience more comfortable and enjoyable for both pawsengers and their human families. - Pet Airways

PHH Arval Wins 2009 Global Six Sigma & Business Improvement Award

Sophia Rhodini — Thu, 22 Oct 2009 03:05:00 +0000

SPARKS, Md., -- PHH Arval, a subsidiary of PHH Corporation (NYSE: PHH) has won a 2009 Global Six Sigma & Business Improvement Award for improvements made to the vehicle ordering process through Rally to Results(SM), PHH's process improvement program. The focus of this elite awards program is to demonstrate to the global business community the real results and excellence which organizations achieve through the successful deployment of Six Sigma programs. PHH's nomination was selected by the judges from among all the entries for one of the top awards in the program, "Best Application of Lean Tools within a Business Excellence Project." PHH Rally to Results combines Six-Sigma methodology, service-oriented process improvement techniques, and advanced technology to deliver measurable results to PHH's fleet clients. The award recognized PHH's ability to apply its techniques and methodology to transform processes that matter to its clients. In addition to receiving this judge's choice award, PHH was also named a Finalist in the "Best Project Achievement in Sales, Marketing or Customer Experience" category. This past spring, PHH's Rally to Results program won the Equipment Leasing and Finance Association's 2009 Operations & Technology Award, which spotlights the best process improvements in the equipment leasing and finance industry. John Karolenko, PHH Arval vice president in charge of Rally to Results, said, "Rally to Results is unique in the marketplace in the way it places service delivery and customer satisfaction ahead of the more traditional advances in productivity and cost reduction. We utilize Six Sigma techniques, but focus on what's most important to our clients in terms of their metrics, productivity and satisfaction. We're proud and honored to receive The Global Six Sigma & Business Improvement Award as additional confirmation that our continuous improvement program is achieving results worthy of industry recognition." The Global Six Sigma & Business Improvement awards are organized by WCBF, an organization that produces the industry's most extensively researched, high-quality Lean & Six Sigma events. These awards are given to the most outstanding organizational achievements through the deployment of business improvement programs. The Global Six Sigma and Business Improvement Awards are judged by a panel of independent business improvement experts and practitioners. For more information, visit www.tgssa.com. - PHH Arval

Raytheon Gets $19.8 Million Contract for ALR-69A(V) Radar Warning Receiver Program

Sophia Rhodini — Thu, 22 Oct 2009 03:05:26 +0000

EL SEGUNDO, Calif., --Raytheon Company (NYSE: RTN) has been awarded a $19.8 million contract for the continued production of ALR-69A(V) radar warning receiver systems for the Warner Robins Air Logistics Center, Robins Air Force Base, Ga. The contract calls for fabrication and testing of 34 all-digital receivers under the ALR-69A(V) low rate initial production program. Deliveries of the systems are expected to begin in March 2011 and end in June 2012. "We are delighted we can continue to provide the enhanced capabilities of the ALR-69A(V) to our U.S. and international customers," said Scott Jackson, general manager of electronic warfare systems. "Our digital RWR technology is a game changer for the warfighter and dramatically improves crew survivability and situational awareness." An upgrade replacement of the ALR-69(V) installed on U.S. Air Force C-130, F-16 and A-10 aircraft, the ALR-69A(V) is part of Raytheon's portfolio of radar warning receivers that includes the ALR-67(V)3, currently in production for domestic and international F/A-18s. More than 442 ALR-67(V)3 units have been produced and shipped. Capabilities of the ALR-69A(V) system include significantly enhanced situational awareness; improved air-crew survivability; and a solution to parts-obsolescence issues with existing systems. The digital architecture of the system permits future programming of advanced tactical targeting techniques for rapid and accurate multiplatform geo-location of threats, and easy reprogramming to keep pace with emerging threats. Work on the program is being performed by Raytheon's Space and Airborne Systems business. With 2008 revenues of $4.4 billion, 12,000 employees and headquarters in El Segundo, SAS is a leading supplier of sensor systems that provide actionable information for the network-centric battlefield. Raytheon Company, with 2008 sales of $23.2 billion, is a technology and innovation leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 87 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide. - Raytheon Company

AT&T Supports Efforts to Help Protect U.S. IT Infrastructure During Cyber Security Awareness Month

Sophia Rhodini — Thu, 22 Oct 2009 03:06:59 +0000

AT&T Investing in Network Security, Communicating Importance of Cybersecurity Issues for Governments, Businesses and Consumers DALLAS, -- In its ongoing commitment to communicating the importance of cybersecurity issues, AT&T* has announced its support for National Cyber Security Awareness Month, an initiative led by the Department of Homeland Security (DHS) to raise awareness of cybersecurity among governments, businesses and consumers. AT&T delivers a suite of security and business continuity services to help assess vulnerabilities, protect infrastructure, detect attacks and respond to suspicious activities and events. This year alone, AT&T plans to invest between $17 to $18 billion in its wireless and wireline networks. This investment will help AT&T meet the rapid global expansion of advanced information technology and services, in addition to enhancing reliability and security. "AT&T is building awareness and educating the public on the importance of cybersecurity issues through its relationships with organizations like National Cyber Security Alliance and iKeepSafe, as well as active thought leadership among businesses, elected officials and consumers by our influential industry experts," said Edward G. Amoroso, Senior Vice President and Chief Security Officer for AT&T. "AT&T is a global leader in cybersecurity and stands vigilantly at the front lines of emerging global threats, actively defending and helping to protect its portion of the nation's infrastructure." Since October 2001, the National Cyber Security Alliance has worked with DHS and the Multi-State Information Sharing and Analysis Center (MS-ISAC) to conduct this national public awareness campaign to encourage Internet users to educate themselves on practices that will help keep their private information, computers and cyber infrastructure secure. AT&T has committed its support to this important initiative through its robust suite of Security & Business Continuity services, proactive educational events held throughout the month and support for national online safety and security organizations like the iKeepSafe Coalition and the National Cyber Security Alliance. Additionally, AT&T is pleased to announce that Chris Boyer, Assistant Vice President, Public Policy, has joined the National Cyber Security Alliance board. "The theme of this year's National Cyber Security Awareness Month is Our Shared Responsibility," said Michael Kaiser, executive director of the National Cyber Security Alliance. "AT&T's commitment to public education and awareness on Internet safety and security is a great of example of how by working with the private sector we can extend our reach. We look forward to the leadership AT&T will bring to our board." AT&T's advanced network technology currently transports more than 18 petabytes of data traffic on an average business day to nearly every continent and country, with up to 99.999 percent reliability. AT&T's "in the cloud" approach to security delivers some of today's most powerful weapons to combat cybersecurity attacks. AT&T's network security solutions rely on three key ingredients: its scalable, reliable global IP network; its security experts who have in-depth, hands-on experience; and the innovation and research of AT&T Labs. AT&T works with iKeepSafe on several initiatives to protect families on the web. AT&T has participated as a corporate sponsor with iKeepSafe on the Digital Citizenship C3 Matrix, which allows educators to integrate the three C's of digital citizenship into their curricula: cyber-safety, cyber-security and cyber-ethics as an effort to include these initiatives in the classroom. iKeepSafe has also released a book called Faux Paw and the Dangerous Download in conjunction with AT&T that highlights the do's and don'ts of downloading information safely from the Internet. "National Cyber Security Awareness Month is a fitting time for families to have a conversation about Internet use and habits online," said Marsali Hancock, President of iKeepSafe, said. "AT&T provides numerous tools and supports several iKeepSafe online safety initiatives that can help families facilitate a conversation and empower kids to be safe and more secure online." To help consumers foster a safer online experience, AT&T offers a full library of supportive Internet safety and security tips and interactive safety games for children, all available at http://www.att.com/safety. iKeepSafe's website also offers valuable resources to reinforce the lessons learned in their back to school initiatives. These tools are available at http://www.ikeepsafe.org. AT&T will host its 11th annual Cybersecurity Conference on Nov. 4 in Middletown, N.J. AT&T cybersecurity experts and special guests will discuss timely and critical issues, ranging from securing mobile workers to cloud computing. For more information or to sign up to participate in-person or via a free, live Webcast, visit http://www.corp.att.com/securityconference. More information on AT&T's Security & Business Continuity offerings can be found at www.att.com/security. *AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc. - AT&T Inc.

StrangerFestival: The Award Winners

Sophia Rhodini — Thu, 22 Oct 2009 03:07:02 +0000

AMSTERDAM, -- - Young European Video Talent on Top European Cultural Foundation (ECF) organised the second StrangerFestival in Amsterdam, The Netherlands, and it was a great success! 1000 videos made by young video talents were uploaded on http://www.strangerfestival.com and competed on 17th of October in Amsterdam for the "StrangerFestival" and "theoneminutesjr." Awards. An international jury selected the best 35 videos from this pool and finally 7 winners received their Awards at the Award show in Amsterdam. They are: Ziga Divjak, Solomon Walter Kelly, Robertas Nevecka, Karim Soliman, Raihan Ahmmed, Nomi Leasure and Miburo Anicet. All present at the Award show were extremely positive about the high artistic and creative quality of the videos shown. The Award show was a key feature of the 3-day video-festival, bringing together 150 young European video talents for the StrangerAcademy to boost their video and storytelling skills and to bring them in touch with other cultures. The winning and nominated videos are available online at: http://www.strangerfestival.com/node/8889 Editor's note For more information about the StrangerFestival go to: http://www.strangerfestival.com About the StrangerFestival StrangerAcademy is part of the StrangerFestival, which organises activities such as 25 workshops in 20 European countries, a travelling exhibition of videos of young videomakers, and a competition. StrangerFestival is also an online platform where the best young European videomakers can tell their stories, bearing witness to a changing Europe. StrangerFestival is an initiative of the European Cultural Foundation (ECF). The StrangerFestival is made possible with the support of our sponsors: Amsterdams Fonds voor de Kunsten (AFK), Boeing, JVC, and the VandenEnde Foundation. For more information visit http://www.strangerfestival.com About the European Cultural Foundation (ECF), Amsterdam The ECF believes in the power of cultural diversity, which is why it supports and initiates cultural projects and people who give this view artistic shape. The ECF focuses on young people from various backgrounds and regions of Europe, as they form the basis of Europe's future, of which the StrangerFestival is a perfect example. The ECF is financially supported by Bankgiro Loterij, De Lotto and De Nationale Instant Loterij through the Prins Bernhard Cultuurfonds. For more information about the European Cultural Foundation visit http://www.eurocult.org - European Cultural Foundation

U.S. Navy Awards Lockheed Martin $17 Million for P-3 Orion Aircraft Acoustic Anti-Submarine Warfare System Upgrades

Sophia Rhodini — Thu, 22 Oct 2009 03:07:39 +0000

MANASSAS, Va. -- The U.S. Navy awarded Lockheed Martin (NYSE: LMT) a $17.5 million contract to upgrade existing anti-submarine warfare systems aboard the P-3C Orion aircraft to improve current acoustic capabilities and significantly reduce parts obsolescence. Under the contract, Lockheed Martin will design, produce and install the new AN/USQ-78(V) Acoustic Subsystem for the P-3C Orion maritime surveillance aircraft. The contract includes upgrades and technical refreshes to software in addition to procurement of Acoustic Receiver Tech Refresh systems. By employing open architecture, the new system will allow future capability upgrades while improving reliability and maintainability that reduce overall cost. Utilizing the Air Acoustic Rapid Commercial Off-The-Shelf Insertion approach, Lockheed Martin is producing the AN/USQ-78(V) system as part of an ongoing, planned series of technical refreshes to the baseline system. These planned internal upgrades are designed to replace obsolete components, provide increased processing capacity and provide the framework for future aircraft upgrades. "This update provides an open Commercial Off-The-Shelf digital architecture using a modern digital receiver that is common across all maritime patrol and reconnaissance aircraft and helicopters," said Denise Saiki, vice president and general manager of Lockheed Martin's Undersea Systems business. "That helps drive down the total ownership cost of the platforms and provides enhanced acoustic capability to the fleet." Work will be performed at Lockheed Martin's Undersea Systems facility in Manassas, Va. Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 140,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation reported 2008 sales of $42.7 billion. For additional information, visit our website: http://www.lockheedmartin.com - Lockheed Martin

NAVTEQ Signs New Global Contract With ALK Technologies

Sophia Rhodini — Thu, 22 Oct 2009 03:08:07 +0000

CHICAGO, -- NAVTEQ, the leading global provider of digital map, traffic and location data for in-vehicle, portable, wireless and enterprise solutions has signed a new global contract with ALK Technologies to supply map data and content for the company's CoPilot® Live(TM) GPS navigation products. This new agreement reaffirms an already longstanding relationship between the two companies. ALK's award-winning CoPilot Live, for some time the EMEA market leader in perpetual licence smartphone navigation, is available for both professional and consumer applications. CoPilot Live, recently launched on the iPhone App Store, has quickly become one of the highest grossing apps in many regions*. The new NAVTEQ contract includes a broader expanse of coverage to support further development in global markets. "Our recently launched CoPilot Live v8 smartphone navigation software for iPhone Windows Mobile and Android smartphones already features the NAVTEQ® Map in EMEA and brings great innovations such as extended lanes, speed limit alerts and branded POIs to smartphone navigation," explained Michael Kornhauser, Managing Director, CoPilot Solutions at ALK Technologies. "We are pleased to be extending our relationship with NAVTEQ as we bring CoPilot Live's premium-quality navigation experience to new markets across the globe." "It is always rewarding when an established customer extends its collaboration with NAVTEQ, adding new territories to the specification and also incorporating recently developed content and technology. We look forward to our continued association, and to the further success of CoPilot Live smartphone navigation with NAVTEQ maps," added Serge Bussat, vice president, Consumer Sales Europe, NAVTEQ. *Source: App Store rankings. - NAVTEQ

Deep Down Announces 30-Year Anniversary of Flotation Technologies

Sophia Rhodini — Thu, 22 Oct 2009 03:08:35 +0000

HOUSTON, -- Deep Down, Inc. (OTC Bulletin Board: DPDW) announces the 30th anniversary of Flotation Technologies, Inc., a wholly-owned subsidiary. Over the past three decades, Flotation Technologies has served as a world-leading buoyancy manufacturer to offshore oil, defense, seismic, and oceanographic customers in more than 40 countries around the globe. Flotation Technologies has invented or brought to market numerous proprietary products designed to meet the needs of its diverse customer base, including ADCP buoys, trawl resistant bottom mounts (TRBM), distributed buoyancy modules, bend restrictors, drilling riser buoyancy modules, and cable floats. Flotation Technologies has also been involved in developing products for unique applications ranging from movie production to space exploration. For example, in 1996, the company manufactured the ROV buoyancy used in filming James Cameron's Academy-award-winning movie "Titanic." Ten years later, in 2006, Flotation Technologies engineered and fabricated the buoyancy product used in NASA's "DepthX" project (an autonomous vehicle bound for one of Jupiter's moons). "We're proud that Flotation Technologies is part of the Deep Down family," commented Ronald E. Smith, Deep Down, Inc.'s President and Chief Executive Officer. "This milestone stands as a testimony to the Company's commitment to its customers and the markets it serves. We look forward to continued growth and innovation from Flotation Technologies for many years to come." - Deep Down, Inc.

Raytheon to Support U.S. Airport Screening Equipment Services

Sophia Rhodini — Thu, 22 Oct 2009 03:09:00 +0000

RESTON, Va., -- Raytheon Company (NYSE: RTN) was awarded a task order to manage the integration of electronic baggage screening equipment at dozens of airports around the country. The task order was issued under the Transportation Security Administration's Security Equipment Integration Services indefinite delivery-indefinite quantity contract. Raytheon is leading a world-class team composed of Jacobs Engineering Group Inc.; CAGE Inc.; SRA International Inc.; Alltech International Inc.; Orion Management LLC; URS Corp.; and Quatrotec Inc. The contract began Aug. 20, 2009, and ends Aug. 19, 2014. The task order has a one-year period of performance. "Raytheon has more than 10 years of experience in providing the TSA and Federal Aviation Administration with aviation security expertise and innovative integration solutions that ensure safe and efficient movement of people around our nation's airports," said Charles Keegan, Raytheon Technical Services Company LLC director of Civil Aviation Solutions. "We provide a nationwide workforce with deep aviation domain expertise and proven program management, systems integration and engineering analysis capabilities to this program of national interest," added Keegan. Raytheon Technical Services Company provides technical, scientific and professional services, as well as a full spectrum of training services and outsourcing for defense, federal and commercial customers worldwide. It specializes in Mission Support, training, counterproliferation and counterterrorism, range operations, product support, Homeland Security solutions and customized engineering services. Raytheon Company, with 2008 sales of $23.2 billion, is a technology and innovation leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 87 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide. - Raytheon Company

KUKA Systems launches US research center to advance innovation

Sophia Rhodini — Thu, 22 Oct 2009 03:09:25 +0000

AUGSBURG, Germany and STERLING HEIGHTS, MI, - While many systems integrators are cutting back on research in the current global recession, KUKA North America is investing in growth by opening the KUKA Development Center (KDC) at its headquarters in Sterling Heights near Detroit. Specializing in joining technologies like laser welding, the KDC becomes the second dedicated research center within the KUKA Systems Group, along with the KUKA TechCenter located at global headquarters in Augsburg. The KDC's mission includes adapting KUKA-branded solutions and new technologies for use by the company's North American automotive, energy, aerospace and logistics markets as well as entirely new markets. Other services include process development, training and safety certification. "The fact we launched the KUKA Development Center in a difficult economic environment shows how serious we about supporting our customers with a steady stream of innovation while growing and diversifying our business," says Larry Drake, President and CEO of KUKA Systems North America. The center opened with a full compliment of joining technologies including the latest generation of lasers & robotics and draws on the extensive knowledge and expertise of the work force at KUKA facilities in the Detroit area, including the over 250 technical employees. A great deal of the KDC's work will be related to the company's core automotive business, but it also supports the energy, aerospace and logistics divisions, including the dedicated R&D activities and cells operated within each. Already, it has helped adapt existing KUKA technology for use by two North American photovoltaic panel makers. Peter Busuttil, Director of Technology for KUKA North America and head of the KDC, says the center's opening comes at a time of great need and opportunity. "Many of our customers have lost a lot of their internal funding - and with it a portion of their expertise and R&D capacity. We enable that for them." Laser joining is well-accepted in Europe and beginning to generate significant interest in North America. The center is working closely with automakers on adapting laser welding technologies. The automakers must reduce production costs, maximize product quality to win over consumers, and meet tougher fuel efficiency and vehicle rollover safety standards. Laser joining can allow them to use more high strength steel and more aluminum in a vehicle for a stronger yet lighter weight body. It also allows designers to eliminate content like flanges that exist solely for joining sections using traditional resistance spot welding. Laser welding and brazing can improve the vehicle's look and finish and in recent years has gained a cost advantage over resistance welding. The KDC is drawing on KUKA's European experience with laser welding of steel and its own expertise in aluminum welding and joining different types of metal. Vendors of lasers and robot end effectors are partnering with the KDC to develop new automation solutions, not only for automakers but other industries, says Busuttil. Though focused on North American customers, the KDC expects to contribute to the company's worldwide knowledge base and products. "We cross-pollinate technologies with our colleagues in Germany," says Busuttil. "Whatever we develop here, we will apply overseas as well." About KUKA Systems KUKA Systems GmbH is an international supplier of flexible production systems to the automotive, aerospace, renewable energy and other industries in which highly automated processes are required. A workforce of around 3.800 worldwide works on ideas, concepts and solutions for automated production, as well as supplying products and services for virtually all tasks in the industrial processing of metallic and non-metallic materials. In the industrial solutions field KUKA Systems supplies solutions for joining, assembly and handling. The process technologies, which include numerous forms of welding, bonding and cutting, are constantly being enhanced to form stand-alone solutions for the producing industry. Its range of products and services is presented and marketed internationally by subsidiaries and distribution agents in Europe, the Americas and Asia. KUKA Systems GmbH posted a total order volume of around (euro)855m in 2008. Note: Photo of KUKA Development Center available at www.kuka-systems.com - KUKA Toledo Production Operations

Appointment of Russell Flicker As Chief Investment Officer, Ian Schrager Company

Sophia Rhodini — Thu, 22 Oct 2009 03:09:56 +0000

NEW YORK, -- Ian Schrager Company (ISC) is very pleased to announce the appointment of Russell Flicker as the new Chief Investment Officer. Russell will oversee the sourcing, acquisition, financing, asset management and real estate administration of the company as well as its development. Russell has over 15 years of real estate experience working on some of the most complex transactions for the most renowned investors, operators and developers in the world. Russell's prior roles include Operating Partner of Blackstone Real Estate Advisors as well as Executive Vice President of The Trump Organization. At Blackstone, Russell focused on both acquisitions and asset management of hospitality and residential assets. In that role, he recruited and hired a team that underwrote, repositioned, redeveloped/developed, entitled and/or refinanced more than 20 hotels, residences and office buildings throughout the U.S. and Puerto Rico. While working with the Trump Organization, he lead the acquisition, financing, operations and development team, overseeing projects in New York, Chicago, Las Vegas, Phoenix, Tampa, St. Vincent and the Grenadines, and Toronto. "We are fortunate to be able to work with Russell. He is an incredibly talented, bright and energetic addition to our team at a time when we are embarking on an aggressive global expansion of our brands," said Ian Schrager. "I am extremely excited to join Ian's team, which has both an amazing history of defining and reinventing the hotel industry and an unsurpassed platform for taking advantage of this volatile market," said Russell Flicker. - Ian Schrager Company

Top 5 Halloween Hotels

Sophia Rhodini — Thu, 22 Oct 2009 03:10:20 +0000

LONDON, -- If you are looking for a Halloween break then why not take a look at the top 5 suggestions from Wotif.com (http://www.wotif.com) - each one offering a various level of horror! Enjoy. The Bates Motel, California, USA This mother-and-son-run motel is ideally located for travellers looking for a stop-off between Arizona and California. The son is very attentive and prices have been slashed for the Halloween weekend. We don't recommend using the shower! The Overlook Hotel, Colorado, USA Beautiful in winter, The Overlook is a grand old hotel that offers privacy, isolation and potential insanity. Built on an ancient Indian burial ground, it offers many new experiences. Watch out for the slightly overzealous caretaker - it will take more than a lock and a 'do not disturb' sign to stop him carrying out his chores. Backpacker Hostel, Haganam, Slovakia This small but well located Slovakia hostel appeals greatly to American backpackers and European businessmen - but for very different reasons. Activities open to the wealthier of these two clients include spa, torture, sauna, abuse and a late check out - although the backpackers rarely check out on time anyway. The Sedgewick Hotel, New York, USA Following extensive re-modelling of the 12th floor, The Sedgewick is back in business! The hotel would like to deny all rumours of ghosts inhabiting the hotel and eating guest's meals. The ballroom is also expected to be available for hire again soon for bookings following 'planned' refurbishment. So if you need a hotel, who ya gonna call? Camp Crystal Lake, New Jersey, USA Initially closed in 1957 following the tragic death of a young boy who drowned in the lake the camp had an attempted re-opening in 1980 which proved unsuccessful due to a number of machete related accidents (claiming the lives of all of the camp workers). The Camp is once again open and offering special rates on Fridays for attractive but slightly stupid teenagers. All hockey masks are banned! If none of these take your fancy then here at Wotif we have also put together an alternative selection of real Halloween hotels from around the world - all of which offer a far lower chance of death! The selection includes haunted hotels, Halloween party hotels and some that have been used in classic horror movies - follow this link to find out more - Wotif.com Halloween Hotels ( http://www.wotif.com/search/WotsOn?category=1204921&refId=1204921) - Wotif.com

Goodrich Announces Schedule for Release of Third Quarter 2009 Results and Conference Call

Sophia Rhodini — Thu, 22 Oct 2009 03:10:46 +0000

CHARLOTTE, N.C., -- Goodrich Corporation (NYSE: GR) has scheduled its release of third quarter 2009 financial results for Thursday, Oct. 22, 2009, before the market opens. The financial results release will be available through First Call and on www.goodrich.com under "Goodrich News." Conference Call On Thursday, Oct. 22, 2009, Goodrich Corporation will host a conference call for investors and security analysts to discuss financial results for the third quarter of 2009. Marshall Larsen, Chairman, President and Chief Executive Officer, and Scott Kuechle, Executive Vice President and Chief Financial Officer, will host the call. Conference Call: Thursday, Oct. 22, 2009 Time: 10:00 a.m. Eastern Time All Callers: Dial #: 913-312-1235 (Call in 10 minutes prior to be included) Code: #3801420 (The operator may ask for this code) The call will be broadcast live and will also be available for replay over the Internet. Go to www.goodrich.com and click on the "Earnings Conf. Call" sign-up link. A slide presentation will also be available for reference during the conference call; go to the investor relations page of our website and click on "Presentations." Conference call replay via telephone will be available from Oct. 22, 2009, 1:00 p.m. Eastern Time through Nov. 5, 2009, Midnight. For replay, Domestic Callers: Dial #: 888-203-1112 International Callers: Dial #: 719-457-0820 Use Replay Access: Code #: 3801420 (Note: For replay, access code must be used) Goodrich Corporation, a Fortune 500 company, is a global supplier of systems and services to aerospace, defense and homeland security markets. With one of the most strategically diversified portfolios of products in the industry, Goodrich serves a global customer base with significant worldwide manufacturing and service facilities. For more information visit http://www.goodrich.com. - Goodrich Corporation

Lockheed Martin-Built Trident II D5 Missile Achieves Record 129 Successful Test Flights in a Row Over 20 Years

Sophia Rhodini — Thu, 22 Oct 2009 03:11:14 +0000

Two D5 Fleet Ballistic Missiles Launched in Navy Test in the Atlantic SUNNYVALE, Calif. -- The U.S. Navy conducted successful test flights Sept. 3 and 4 of two Trident II D5 Fleet Ballistic Missiles (FBMs) built by Lockheed Martin (NYSE: LMT). The Navy launched the unarmed missiles from the submerged submarine USS West Virginia (SSBN 736) in the Atlantic Ocean. The Trident II D5 missile now has achieved 129 consecutive successful test flights since 1989 - a record unmatched by any other large ballistic missile or space launch vehicle. "These successful missile tests again demonstrate the readiness and reliability of the entire Trident II D5 Strategic Weapon System," said Melanie A. Sloane, vice president of Fleet Ballistic Missile programs, Lockheed Martin Space Systems Company, the Navy's Trident missile prime contractor. "The Navy's Strategic Systems Programs achieves sustained performance through close government and industry partnerships. Lockheed Martin's role includes not only missile design, development and production, but also a full range of operations and sustainment support services." The Navy launched the missiles as part of a Follow-on Commander's Evaluation Test. The Navy conducts a continuing series of operational system evaluation tests to assure the safety, reliability, readiness and performance of the Trident II D5 Strategic Weapon System, as required by the Department of Defense's National Command Authority. The Navy conducts the tests under the testing guidelines of the Joint Chiefs of Staff. For the tests, the missiles were converted into test configurations using a test missile kit produced by Lockheed Martin that contains range safety devices and flight telemetry instrumentation. First deployed in 1990, the D5 missile is currently aboard OHIO-class submarines and British VANGUARD-class submarines. The three-stage, solid-propellant, inertial-guided ballistic missile can travel a nominal range of 4,000 nautical miles and carries multiple independently targeted reentry vehicles. Lockheed Martin Space Systems Company, Sunnyvale, Calif., is the prime contractor and program manager for the U.S. Navy's Trident missile. Lockheed Martin Space Systems employees, principally in California, Georgia, Florida, Washington, Utah and Virginia, support the design, development, production, test and operation of the Trident Strategic Weapon System. Lockheed Martin Space Systems has been the Navy's prime strategic missile contractor since the inception of the program more than 50 years ago. The test also involved the Lockheed Martin-integrated navigation subsystem that provides navigation data required to support today's stringent Trident Weapon System performance requirements. Lockheed Martin Maritime Systems & Sensors Undersea Systems at Mitchel Field, N.Y., has been the prime contractor for the navigation subsystem aboard fleet ballistic missile submarines since 1955. Altogether, nearly 3,000 employees throughout the Lockheed Martin Corporation support the Navy's Fleet Ballistic Missile program. Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 140,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation reported 2008 sales of $42.7 billion. - Lockheed Martin

Trident Warrior 2009 Validates Beyond Line-Of-Sight Situation Awareness to Support Tactical Military Operations

Sophia Rhodini — Thu, 22 Oct 2009 03:11:34 +0000

CHERRY HILL, N.J. -- Lockheed Martin's (NYSE: LMT) distributed operations (DisOPS) technology successfully enabled U.S. forces to maintain superior situational awareness over a "beyond-line-of-sight" network at Trident Warrior 2009 -- a U.S. Navy exercise designed to accelerate deployment of new capabilities to the warfighter. Developed by Lockheed Martin Advanced Technology Laboratories (ATL), DisOPS is a ruggedized PDA that provides situational awareness, coordinated maneuvering and friendly-force tracking for the warfighter. During Trident Warrior, Lockheed Martin integrated DisOPS with emulated Mobile User Objective System (MUOS) space and ground segment and terrestrial network interfaces. Together, the technologies provided on-the-move networking between U.S. Navy visit, board, search and seizure teams, their on-scene commander, and other, higher levels of command and control. MUOS is a next-generation, Internet protocol-based, tactical, satellite-communications system that provides third-generation networked services to the warfighter. Visit, board, search and seizure teams -- or boarding patrols -- used DisOPS to communicate present position, transmit and receive photos, document probable cause to stop and search a craft, and request permission to search in real-time without leaving the boarded craft. The combination of DisOPS PDAs integrated with an emulated MUOS network significantly expanded situational awareness for the patrols and their chain of command, no matter where that command resided worldwide. "Using the DisOPS/MUOS capability let boarding team members remain in constant communication via simultaneous voice and data with the on-scene and maritime interdiction commanders throughout each boarding operation," said Brett Breslow, ATL DisOPS program manager. "Our technology significantly improved collaboration among all of the stakeholders, allowing patrols to quickly investigate and identify potential high-value targets." Breslow added that operators later said that a fielded DisOPS system would significantly decrease the time required to perform boarding operations. Directed by the Naval Network Warfare Command, Trident Warrior is a collaboration of U.S. Navy and civilian contractors to test technologies related to maritime domain awareness during various exercises. Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 140,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation reported 2008 sales of $42.7 billion. - Lockheed Martin

2009 Highlands' Pinot Noir Crush Wraps Up

Sophia Rhodini — Thu, 22 Oct 2009 03:12:02 +0000

Pisoni, McIntyre, and Morgan Report Near Normal Yields, High Quality in the Santa Lucia Highlands MONTEREY, Calif. -- The 2009 Pinot Noir harvest is wrapping up in the Santa Lucia Highlands appellation, with winegrowers reporting potentially very high quality and normal yields. Some of California's finest vineyards call the S.L.H. home, with more than thirty winegrowers cultivating over 2,500 acres of Pinot Noir there. At the Pisoni Vineyard, Gary Pisoni is very happy with the quality of his just-completed Pinot Noir harvest: "The eventual '09 vintage looks very promising. It was the third consecutive dry winter which limited yields and the cool summer and fall, with only one small heat wave, gave us mature fruit at low sugar levels. We are seeing great density, acidity, and high tannin levels." The crush at Pisoni ran along fairly traditional timelines, beginning mid-September and finishing mid-October. Dan Lee of Morgan Winery is also excited about the quality of the Pinot Noir off his organically farmed Double L Vineyard: "We started picking Pinot Noir on September 12 and are just now finishing up. It is a light crop, at over 100 tons, about 20% less than a 'normal' year. The fruit is very focused; quality looks very good. At midsummer, we were 5 to 10 days behind a 'normal' schedule. We had a temperate August with less fog and one warm spell that caught us up in sugar levels but not necessarily in flavor development. The winemaker that looks to the flavors and not the sugar levels will be rewarded this harvest - patience is key." At neighboring McIntyre Vineyard, this year marked the thirty-third Pinot Noir crush on one of the district's oldest, sustainably farmed estates. Owner Steve McIntyre: "It was a great growing season, on par with '07, until Labor Day. Some 'heat spikes' then accelerated sugar numbers with phenolic balance lagging behind. Happily, cool fall weather has allowed the flavors to catch up and the fruit we brought in looks very good indeed. Just slightly higher than normal crop levels off the McIntyre property but very high quality. The '09 vintage? Cool temperatures, no damaging rain, gentle ripening - just another perfect Pinot harvest in paradise." The Santa Lucia Highlands is one of the crown jewels of California viticulture, growing and producing some of the state's best cool climate Pinot Noir, Chardonnay, and Syrah. The appellation encompasses more than 5,000 acres of prime vineyards; the area's unique character was recognized with official A.V.A. status in 1991. Formed in 2005, the Wine Artisans of the Santa Lucia Highlands is a formal association of vineyards and vintners that grow grapes here or use this region's fruit to craft their wines. Their primary goal is to promote this unique viticultural district and increase awareness and appreciation of the Santa Lucia Highlands. On February 8, 2010, thirty member brands will be pouring their S.L.H.-appellated wines for the trade and press in San Francisco at Fort Mason. The general public is invited to sample the wines of the Highlands at a gala tasting at Hahn Estates on Saturday, May 15, 2010. To learn more, please visit http://www.santaluciahighlands.com - Wine Artisans of the Santa Lucia Highlands

Admiral Group Trumpets the Arrival of Elephant Auto Insurance in Virginia

Sophia Rhodini — Thu, 22 Oct 2009 03:12:25 +0000

US Operation Launched in Virginia - Elephant Brings Big Coverage, Big Savings to the US Auto Insurance Market RICHMOND, Va., -- Admiral Group plc, a leading auto insurer in the UK, is proud to announce the launch of Elephant Insurance, its first operation in the United States. Elephant will follow Admiral's successful direct-to-consumer business model, serving customers via the phone and internet. Elephant, Admiral's fifth insurance operation outside of the UK, is debuting following the rising trend in online shopping in the US auto insurance market. "We are delighted with the US team's progress," said Henry Engelhardt, Admiral Group's Chief Executive Officer. Following nearly a year of development and research, Elephant has launched its products for Virginia drivers on its website, elephant.com, and via the phone at 1-877-21-TRUNK (1-877-218-7865). The name Elephant was chosen from a candidate pool of over 1,000 names which were tested through focus groups and customer surveys. "We wanted a brand name that stood out," said Andrew Rose, US President and CEO. "Elephant is a unique name, and it also portrays the strength and stability that US customers expect from an auto insurer." Headquartered in Richmond, Virginia, Elephant currently employees 45 people and has projected adding an additional 100 jobs by the end of 2010. Currently there are job opportunities in the sales, claims and IT areas and candidates are invited to apply online by going to www.elephant.com/about/careers. - Elephant Insurance

TopCoder Announces Experimental Crowdsourcing Competition to Benefit Human Space Flight

Sophia Rhodini — Thu, 22 Oct 2009 03:14:11 +0000

GLASTONBURY, Conn -- TopCoder®, Inc., in cooperation with NASA Johnson Space Center's (JSC) Space Life Sciences Directorate (SLSD), today announced the opening of registration for the NASA-TopCoder Challenge, an experimental programming competition to develop algorithms which would help NASA's flight surgeons make better decisions on what might be included in the medical supplies kit of future long-term human space missions. The online competition runs November 4th - 14th(,) and is open to all TopCoder members, but is limited to only 480 registrants. More than $24,000 in total cash and prizes is at stake. For full registration information and rules, visit: www.topcoder.com/nasacontest. Professor Karim Lakhani of Harvard Business School and Professor Kevin Boudreau of London Business School and M-Lab have joined with TopCoder and NASA to help design the experiment and will monitor and analyze the TopCoder Marathon Match competition output and results from a distributed innovation perspective. The research project is funded by grants from the London Business School M-Lab and the Harvard Business School. "We are both excited and extremely proud to have the TopCoder community participate in this unique experiment," said Rob Hughes, president and COO of TopCoder, Inc. "Space flight has long captured the imagination of humankind, and this competition marks a new and innovative paradigm for scientific inclusion and global participation." The NASA-TopCoder Challenge will be the first time the TopCoder community of more than 220,000 software enthusiasts is utilized by the world's leading aerospace organization. Long-term human space missions such as those being planned for Mars, will require higher levels of pre-planning and more analysis of available data than ever before. Biometric modeling and simulation programs are algorithmically-intensive as flight surgeons explore and evaluate every possible medical scenario that might occur on long-term missions. In this experiment, competitors will develop algorithms to help NASA's flight surgeons make decisions involved with optimizing the contents of the medical supplies kit that may one day be carried onboard long-term space missions. The submissions will be compared with the results of an existing computer model that has simulated the expected medical occurrences and outcomes for various mission scenarios. - TopCoder, Inc.

Town Fair Tire Outfits All Retail Stores with Haweka Wheel Balancer Tooling

Sophia Rhodini — Thu, 22 Oct 2009 03:14:34 +0000

FORT WORTH, Texas, -- Town Fair Tire completed installation and training of the Haweka Universal System in all of its stores this October. Purchased through Mohawk Rubber Sales, the Haweka Universal System provides better balancing results by improving wheel mounting accuracy. Town Fair Tire increases customer satisfaction by increasing balancer accuracy. "We were very pleased when Mohawk Rubber introduced the Haweka Universal System," said Mike Barbaro from Town Fair Tire. He continued, "Town Fair Tire prides itself on having the best products and equipment to offer to our customers. When we find improved technology we pursue it." Percy Ruch of Mohawk Rubber Sales said, "We sell the Haweka tooling because product training is easy and improved balancing results are immediate." The Haweka Universal System fits all of the equipment in the Town Fair Tire franchise and is compatible with all passenger cars and light trucks in the USA. "We have already seen improvements in customer satisfaction, not to mention cost savings we receive from reduced wheel-weight consumption," concluded Barbaro. Haweka product is distributed by Allpart Supply, a provider of automotive garage equipment and replacement parts and sole U.S. distributor for patented German Haweka brand-named balancer tooling products. Their three locations are staffed 7:00am to 7:00pm CST. - Allpart Supply, Inc.

Ford Looking For 2010 Fusion Owners For Unique Consumer Program

Sophia Rhodini — Thu, 22 Oct 2009 03:15:15 +0000

DEARBORN, Mich., -- Ford is seeking 2010 Fusion and Fusion Hybrid owners to participate in Fusion 41, an automotive relay race designed to build awareness and excitement around the all-new Fusion; the Fusion owner of the winning team will have their vehicle paid off, and team members will win free gas for one year. Interested applicants must be passionate about their Fusion and have a compelling desire and ability to spread the word about it on social media sites; to apply, visit www.fusion41.com Fusion 41 is an extension of the Ford Drive One campaign, which focuses on customers sharing all the cool and positive experiences they're having with their new vehicle Ford Motor Company (NYSE: F) is conducting a nationwide search for passionate 2010 Fusion and Fusion Hybrid owners to participate in Fusion 41, a consumer program designed to build awareness and excitement around the all-new 2010 Ford Fusion. The Fusion 41 program - named for the unsurpassed 41 mpg fuel economy that makes Fusion America's most fuel-efficient midsize sedan, and the 41 participants - builds on the success of the Ford Drive One advertising campaign, which focuses on actual customers experiencing new Ford vehicles and sharing their stories with others. The Fusion 41 consumer story will come to life on the Internet, through social networking sites like Facebook, YouTube and Twitter. How Fusion 41 works Eight 2010 Fusion owners from throughout the country will be selected to participate in the Fusion 41 program. They will be chosen based on their passion for Fusion and their ability to share compelling information about the vehicle on the Internet. Applicants must have a current Facebook profile with a minimum of 100 friends and an active photo collection. Each of the eight Fusion owners will then choose four friends or family members to join their team, and each team will be given a 2010 Ford Fusion or Fusion Hybrid to drive in an automotive relay race. To complete the relay, each team member must fulfill an assigned task within 41 hours, tracking competitive variables such as miles driven, stops made or the number of passengers picked up. The winning team will be chosen based on their ability to complete the activities and provide proof by uploading photos and videos to various social media sites, including Facebook. The Fusion owner of the winning team will have their vehicle paid off, and team members will win free gas for one year. "Fusion 41 is a fun way to engage customers and get them talking about the all-new 2010 Fusion," said Jeff Eggen, Ford Car Experiential Marketing manager. "There's no better way to spread the word about our new products than by putting them into the hands of prospective customers and enabling them to experience our vehicles firsthand." 2010 Fusion owners interested in competing in Fusion 41 may apply at www.fusion41.com between now and November 6. Ford fuels social media Research shows that social media sites are increasingly one of the best ways to reach out to consumers. Prior to the development of the Fusion 41 program, Ford expanded its presence on Facebook with a new application for its "Fusion + Hybrid" profile called "You Speak Green" that enables visitors to share their sustainable lifestyle suggestions. Since its launch in mid-July, more than 104,000 Facebook users have downloaded the application to their profile pages and 15,000 have posted tips. Another example of Ford's groundbreaking social media outreach is its support of the Fiesta Movement campaign to promote the company's sporty, savvy new small car through social media agents. Agent postings have garnered significant numbers on social media sites, including more than 4.8 million YouTube views (www.fiestamovement.com), more than 600,000 Flickr views and more than 3.2 million Twitter impressions. Fusion sales momentum With its unsurpassed quality, best-in-class fuel economy, class-exclusive technologies and significant residual value improvement, the 2010 Ford Fusion is delivering the key attributes that midsize sedan buyers want. Even at a time when industry-wide sales of midsize cars are down 26 percent, sales of the new Fusion continue to grow. Through September, Fusion sales are up 15 percent compared to the same period a year ago, and the Fusion share of the midsize car segment is up 3.8 points versus a year ago. 2010 Fusion Hybrid sales account for almost 20 percent of the total Fusion retail sales. More than 60 percent of those sales have been to non-Ford owners, and more than half have been to customers coming from import brands, mostly Toyota and Honda. - Ford Motor Company

Northrop Grumman Reports Third Quarter 2009 Financial Results

Sophia Rhodini — Thu, 22 Oct 2009 03:15:49 +0000

- Sales Increase 4 Percent to $8.73 Billion - GAAP EPS from Continuing Operations Increase to $1.52 - Pension-adjusted EPS Increase 22 Percent to $1.67 - 2009E GAAP EPS Guidance Raised to $5.00 to $5.15 from $4.65 to $4.90 - Cash from Operations of $544 Million and Free Cash Flow of $384 Million Including $586 Million of Discretionary Pension Plan Contributions - 4.7 Million Shares Repurchased LOS ANGELES, -- Northrop Grumman Corporation (NYSE: NOC) reported that third quarter 2009 earnings from continuing operations totaled $487 million, or $1.52 per diluted share, compared with $509 million, or $1.50 per diluted share, in the third quarter of 2008. Third quarter 2009 net pension adjustment (FAS/CAS) reduced earnings from continuing operations by $47 million, or $0.15 per diluted share, compared with an increase to earnings from continuing operations of $42 million, or $0.13 per diluted share, in the third quarter of 2008. Third quarter 2009 earnings included a net tax benefit of $75 million, or $0.23 per share, primarily for final settlement of the Internal Revenue Service's (IRS) examination of the company's 2001, 2002 and 2003 tax returns. In the third quarter of 2008 the company recognized net tax benefits totaling $21 million, or $0.06 per share. Sales for the 2009 third quarter increased 4 percent to $8.73 billion from $8.38 billion in the 2008 third quarter. In the 2009 third quarter, $544 million of cash was provided by operations, compared with $1.37 billion in the prior year period. The reduction is primarily driven by discretionary pension plan contributions totaling $586 million that the company made in the 2009 third quarter. The company did not make discretionary pension plan contributions in the 2008 third quarter. "This was another solid quarter for Northrop Grumman, continuing our focus on managing risk, improving performance and driving growth. Based on this quarter's results we are raising our guidance for 2009 earnings per share to $5.00 to $5.15 per share," said Ronald D. Sugar, chairman and chief executive officer. Financial Highlights Third Quarter Nine Months ------------- ----------- ($ in millions except per share amounts) 2009 2008 2009 2008 ---- ---- ---- ---- Sales $8,726 $8,381 $26,003 $24,733 Segment operating income(1) $786 $768 $2,296 $2,010 as a % of sales 9.0% 9.2% 8.8% 8.1% Operating income $655 $771 $1,963 $2,041 as a % of sales 7.5% 9.2% 7.5% 8.3% Diluted EPS from continuing operations $1.52 $1.50 $3.89 $3.65 Average diluted shares outstanding, in millions 320.6 340.1 326.1 344.5 Cash provided by operations $544 $1,373 $1,202 $2,174 Free cash flow(2) $384 $1,183 $708 $1,630 (1) Segment operating income is a non-GAAP measure used as an internal measure of financial performance for the five sectors and is reconciled to operating income in the "Business Results" table presented later in this press release. (2) Free cash flow is a non-GAAP measure defined as cash from operations less capital expenditures and outsourcing contract & related software costs. Management uses free cash flow as an internal measure of financial performance. Free cash flow is reconciled to cash from operations in the "Cash Flow Highlights" table presented later in this press release. Operating income for the 2009 third quarter totaled $655 million compared with $771 million in the prior year period. As a percent of sales, operating income declined to 7.5 percent from 9.2 percent in the prior year period. The change includes a $136 million increase in net pension expense, which was partially offset by an $18 million improvement in segment operating income. As a percent of sales, segment operating income was 9 percent compared with 9.2 percent in the prior year period. As reconciled in the Pension-adjusted Results table later in this press release, pension-adjusted operating income totaled 8.3 percent of sales for the third quarter of 2009 compared with 8.4 percent of sales for the third quarter of 2008. Third quarter 2009 pension-adjusted earnings per share from continuing operations increased 22 percent to $1.67 from $1.37 for the prior year period. Federal and foreign income taxes for the 2009 third quarter declined to $133 million from $233 million in the third quarter of 2008. During the quarter the company recognized a net tax benefit of $75 million primarily for the final settlement of the IRS examination of the company's tax returns for years 2001, 2002 and 2003. In the third quarter of 2008 the company recognized net tax benefits totaling $21 million. The effective tax rate applied to earnings from continuing operations for the 2009 third quarter was 21.5 percent compared with 31.4 percent in the 2008 third quarter. Earnings per share are based on weighted average diluted shares outstanding of 320.6 million for the third quarter of 2009 and 340.1 million for the third quarter of 2008. During the third quarter of 2009 the company repurchased approximately 4.7 million shares of its common stock, and year-to-date the company has repurchased 14.7 million shares of common stock. New business awards totaled $10 billion in the 2009 third quarter. Total backlog, which includes funded backlog and firm orders for which funding is not currently contractually obligated by the customer, was $71.5 billion as of Sept. 30, 2009, compared with $70.4 billion at June 30, 2009. Pension-adjusted Results Third Quarter Nine Months ------------- -------------- ($ in millions except per share amounts) 2009 2008 2009 2008 ---- ---- ---- ---- Sales $8,726 $8,381 $26,003 $24,733 Operating income $655 $771 $1,963 $2,041 as a % of sales 7.5% 9.2% 7.5% 8.3% Net pension adjustment(1) 72 (64) 224 (192) -- ---- --- ----- Pension-adjusted operating income(2) $727 $707 $2,187 $1,849 Pension-adjusted operating margin %(2) 8.3% 8.4% 8.4% 7.5% Earnings from continuing operations $487 $509 $1,270 $1,255 Net pension adjustment, after-tax 47 (42) 146 (125) -- ---- --- ----- Pension-adjusted earnings from continuing operations(3) $534 $467 $1,416 $1,130 Diluted EPS from continuing operations $1.52 $1.50 $3.89 $3.65 Net pension adjustment 0.15 (0.13) 0.45 (0.37) ---- ------ ---- ------ Pension-adjusted diluted EPS from continuing operations(4) $1.67 $1.37 $4.34 $3.28 Weighted average diluted shares outstanding, in millions 320.6 340.1 326.1 344.5 (1) Net pension adjustment is a non-GAAP measure defined as pension expense determined in accordance with GAAP less pension expense allocated to the business segments under U.S. Government Cost Accounting Standards. (2)( )Pension-adjusted operating income and margin % are non-GAAP measures defined as operating income before net pension adjustment and as a % of sales. Both are reconciled above. Management uses pension-adjusted operating income and margin % as internal measures of the financial performance of the company. (3) Pension-adjusted earnings from continuing operations is a non-GAAP measure defined as earnings from continuing operations excluding net pension adjustment, after-tax at the statutory rate of 35%. Management uses pension-adjusted earnings from continuing operations as a performance metric for operating results. (4) Pension-adjusted diluted EPS from continuing operations is a non-GAAP measure defined as diluted EPS from continuing operations available to common shareholders excluding net pension adjustment, after-tax at the statutory rate of 35%. Management uses pension-adjusted diluted EPS as a performance metric for operating results. Cash Flow Highlights Third Quarter Nine Months -------------------- -------------------- ($ millions) 2009 2008 Change 2009 2008 Change ---- ---- ------ ---- ---- ------ Before discretionary pension pre-funding $1,021 $1,373 $(352) $1,805 $2,174 $(369) Discretionary pension pre-funding impact(1) (477) (477) (603) (603) ----- ----- ----- ----- ----- ----- Cash provided by operations 544 1,373 (829) 1,202 2,174 (972) Less: Capital expenditures 139 167 28 436 444 8 Outsourcing contract & related software costs 21 23 2 58 100 42 --- --- --- --- --- --- Free cash flow $384 $1,183 $(799) $708 $1,630 $(922) (1) Discretionary pension pre-funding impact is the impact to cash provided by operations resulting from the company's discretionary pension contributions. The company made discretionary pension contributions totaling $586 million in the third quarter of 2009 and cash income taxes were reduced by $109 million, resulting in a net impact to cash provided by operations of $477 million in the quarter. For nine months, the company made discretionary pension plan contributions totaling $800 million, and cash income taxes were reduced by $197 million, resulting in a net impact of $603 million to cash provided by operations. Cash provided by operations in the 2009 third quarter totaled $544 million compared with $1.37 billion in the prior year period, and free cash flow totaled $384 million in the 2009 third quarter compared with $1.18 billion in the prior year period. The change in cash provided by operations and free cash flow reflects $586 million of discretionary contributions to the company's pension plan assets and higher working capital than in the prior year period. For the first nine months of 2009, the company has made discretionary contributions of $800 million to its pension plans. Cash Measurements, Debt and Capital Deployment ($ millions) 9/30/2009 12/31/2008 ------------ --------- ---------- Cash & cash equivalents $1,924 $1,504 Total debt 4,713 3,944 Net debt(1) 2,789 2,440 Net debt to total capital ratio(2) 16% 15% (1) Total debt less cash and cash equivalents. (2) Net debt divided by the sum of shareholders' equity and total debt. Changes in cash and cash equivalents include the following cash deployment and financing actions during the quarter: $586 million discretionary pension plan contributions $227 million for share repurchases $139 million for capital expenditures and $21 million for outsourcing contract and related software costs $136 million for dividends $850 million proceeds from issuance of long term debt, a portion of which was used to retire $400 million of 8 percent senior notes that matured on Oct. 15, 2009 Business Results Consolidated Sales & Segment Operating Income ($ millions) Third Quarter Nine Months ----------------------- ---------------------- 2009 2008 Change 2009 2008 Change ---- ---- ------ ---- ---- ------ Sales Aerospace Systems $2,527 $2,417 5% $7,656 $7,250 6% Electronic Systems 1,839 1,808 2% 5,594 5,018 11% Information Systems 2,513 2,410 4% 7,589 7,220 5% Shipbuilding 1,650 1,451 14% 4,549 4,403 3% Technical Services 692 665 4% 2,026 1,857 9% Intersegment eliminations (495) (370) (1,411) (1,015) ----- ----- --- ------- ------- --- $8,726 $8,381 4% $26,003 $24,733 5% Segment operating income Aerospace Systems $265 $233 14% $780 $721 8% Electronic Systems 215 261 (18%) 695 671 4% Information Systems 206 156 32% 633 575 10% Shipbuilding 113 118 (4%) 211 26 712% Technical Services 41 39 5% 121 110 10% Intersegment eliminations (54) (39) (144) (93) ---- ---- --- ----- ---- --- Segment operating income $786 $768 2% $2,296 $2,010 14% as a % of sales 9.0% 9.2% (20 bps) 8.8% 8.1% 70 bps Reconciliation to operating income: Unallocated expenses $(55) $(20) $(87) $(95) Net pension adjustment (72) 64 (224) 192 Reversal of royalty income included above (4) (41) (22) (66) --- --- --- --- --- --- Operating income $655 $771 (15%) $1,963 $2,041 (4%) as a % of sales 7.5% 9.2% (170 bps) 7.5% 8.3% (80 bps) Beginning in the first quarter of 2009, operating results for all periods presented reflect the realignment of the former Mission Systems and Information Technology sectors into Information Systems and the realignment of the former Integrated Systems and Space Technology sectors into Aerospace Systems. In addition, the presentation reflects the transfer of certain businesses from Information Systems and Electronic Systems to Technical Services. Schedule 6 provides previously reported quarterly financial results revised to reflect the current reporting structure. Aerospace Systems Third Quarter ($ millions) -------------------------- 2009 2008 Operating % of Operating % of Sales Income Sales Sales Income Sales ------ --------- ----- ------ --------- ------ $2,527 $265 10.5% $2,417 $233 9.6% ------- ---- ----- ------ ---- ---- Aerospace Systems third quarter 2009 sales increased 5 percent, principally due to higher volume for unmanned aircraft programs such as Broad Area Maritime Surveillance Unmanned Aerial System (BAMS UAS), Global Hawk, and Navy Unmanned Combat Air System (N-UCAS); restricted programs, and manned aircraft programs such as E-2D Advanced Hawkeye, the B-2 and the EA-18G. Higher volume for these programs was partially offset by lower volume for the Kinetic Energy Interceptor (KEI), Intercontinental Ballistic Missile (ICBM), National Polar-orbiting Operational Environmental Satellite System (NPOESS) and Transformational Satellite Communications System (TSAT) programs. Aerospace Systems operating income rose 14 percent, and as a percent of sales increased to 10.5 percent from 9.6 percent in the prior year period. The increase in operating income is due to higher volume and improved program performance. Electronic Systems Third Quarter ($ millions) -------------------------- 2009 2008 Operating % of Operating % of Sales Income Sales Sales Income Sales ------ --------- ----- ------ --------- ----- $1,839 $215 11.7% $1,808 $261 14.4% ------- ---- ----- ------ ---- ----- Electronic Systems third quarter 2009 sales increased 2 percent. The increase reflects higher volume for the F-35 program, higher deliveries of Large Aircraft Infrared Countermeasures (LAIRCM) systems, higher volume for the Space Based Infrared System (SBIRS) follow-on program, and higher intercompany sales for aerospace programs. Electronic Systems third quarter 2009 operating income declined 18 percent, and as a percent of sales was 11.7 percent compared with 14.4 percent in the prior year period. The difference in operating income and rate is due to a $40 million patent infringement settlement in the third quarter of 2008 and lower performance for government systems programs in the third quarter of 2009. Information Systems Third Quarter ($ millions) 2009 2008 Operating % of Operating % of Sales Income Sales Sales Income Sales ------ --------- ----- ------ --------- ----- $2,513 $206 8.2% $2,410 $156 6.5% ------ ---- --- ------ ---- ----- Information Systems third quarter 2009 sales increased 4 percent due to higher sales for intelligence and defense programs. Information Systems operating income increased 32 percent in the 2009 third quarter, and as a percent of sales increased to 8.2 percent from 6.5 percent in the prior year period, which included a $57 million negative performance adjustment for a state and local program. Shipbuilding Third Quarter ($ millions) ------------------------- 2009 2008 Operating % of Operating % of Sales Income Sales Sales Income Sales ------ --------- ----- ------ --------- ----- $1,650 $113 6.8% $1,451 $118 8.1% ------- ---- --- ------ ---- ---- Shipbuilding third quarter 2009 sales increased 14 percent primarily due to higher volume for the LPD, Virginia-class submarines, and DDG programs. Shipbuilding operating income for the 2009 third quarter declined 4 percent and as a percent of sales declined to 6.8 percent from 8.1 percent in the prior year period. The declines in operating income and rate primarily reflect previously announced adjustments to program margin rates to reflect higher production costs on expeditionary warfare and surface combatant programs. Technical Services Third Quarter ($ millions) ------------------------- 2009 2008 Operating % of Operating % of Sales Income Sales Sales Income Sales ------ --------- ----- ----- --------- ----- $692 $41 5.9% $665 $39 5.9% ------ --- --- ---- --- ---- Technical Services sales increased 4 percent due to higher volume for life cycle optimization & engineering, and training & simulation programs. Operating income increased 5 percent due to higher volume, and as a percent of sales, was comparable to the prior year period. Third Quarter Highlights In October, the U.S. Air Force awarded Northrop Grumman a nine-year contract to provide Contractor Logistics Support for its fleet of KC-10 Extender refueling tanker aircraft, further demonstrating the company's important role as a premier provider of air mobility solutions. The indefinite delivery/indefinite quantity (ID/IQ) contract has a total ceiling value of $3.8 billion. The U.S. Air Force raised the cost ceiling on Northrop Grumman's current ID/IQ contract for B-2 bomber modernization and sustainment activities from $6.1 billion to $9.54 billion. The U.S. Navy awarded Northrop Grumman a contract valued at up to $2.4 billion for the refueling and complex overhaul of the nuclear-powered aircraft carrier, USS Theodore Roosevelt (CVN 71). The U.S. Army selected Northrop Grumman to provide Lightweight Laser Designator Rangefinders under a five-year ID/IQ contract with an estimated value of up to $599 million. The U.S. Army awarded Northrop Grumman an ID/IQ contract to continue providing full-spectrum information operations and computer networks operations to the 1st Information Operations Command (Land), Fort Belvoir, Va., and its regional computer emergency response teams. The single award is valued at $430 million over five years if all options are exercised. Northrop Grumman was one of two awardees selected by the U.S. Army to provide Laser Target Locator Modules under a five-year ID/IQ contract, with an initial award valued at approximately $22 million. The total potential contract value to Northrop Grumman is an estimated $393 million over the life of the contract. Northrop Grumman was selected by the U.S. Army to finalize development of its Distributed Common Ground System-Army Mobile Basic system, specifically for the Army's emerging Brigade Combat Teams. Valued at $296 million, this continuation development contract covers a total performance period of 30 months. The U.S. Air Force awarded Northrop Grumman Corporation a $153 million contract to provide LITENING G4 targeting and sensor systems and related equipment to the active U.S. Air Force as well as kits for the Air Force Reserve Command and Air National Guard to enable the upgrade of existing LITENING AT pods to the G4 configuration. Northrop Grumman was one of five companies selected by the U.S. Army for a contract to provide automatic identification technology (AIT) hardware, software and engineering services for increased functionality, visibility and control across the U.S. Department of Defense and federal agency logistics systems. The AIT IV program is an ID/IQ contract with a maximum ceiling value of $418.5 million available for task order awards. Two U.S. Missile Defense Agency Space Tracking and Surveillance System demonstrator satellites built by Northrop Grumman were launched aboard a Delta II rocket on Sept. 25, adding a critical space-based capability to America's ballistic missile defenses. Northrop Grumman redelivered the nuclear-powered aircraft carrier, USS Carl Vinson (CVN 70), to the U.S. Navy. The redelivery from the company's Newport News shipyard follows the completion of a successful three-and-a-half-year refueling and complex overhaul. Northrop Grumman delivered to the U.S. Navy the Aegis guided missile destroyer Dewey (DDG 105) and the amphibious transport dock ship New York (LPD 21). The Northrop Grumman Corporation-built U.S. Coast Guard National Security Cutter Waesche (WMSL 751) completed a successful acceptance trial in October, marking the final test of Waesche before her delivery in early November. Northrop Grumman's RQ-4 Global Hawk unmanned aircraft system reached a major milestone - 25,000 combat hours - in July. This significant program achievement accounts for more than 76 percent of the aircraft's 32,500 cumulative flight hours for the U.S. Air Force and U.S. Navy. First flown in 1998, Global Hawk has logged 1,229 missions so far in support of overseas contingency operations and disaster relief efforts. Northrop Grumman's newest active electronically scanned array (AESA) fighter sensor, the Scalable Agile Beam Radar (SABR), has been successfully installed on a U.S. Air Force F-16 at Edwards Air Force Base, Calif. Late last year, SABR began a series of flight demonstrations aboard the company's test aircraft, successfully detecting and displaying multiple aerial targets and generating high resolution Synthetic Aperture Radar (SAR) ground maps. Although designed specifically for the F-16, SABR is scalable and adaptable to other platforms and missions. Northrop Grumman's automated Biohazard Detection System (BDS), in use nationwide with the U.S. Postal Service, recently performed its eight millionth test without a false positive test result. Northrop Grumman is the prime contractor and systems integrator of the BDS, which has screened tens of billions of pieces of mail for anthrax over the past five years. It is the only network of autonomous bio-detectors deployed nationwide. Northrop Grumman opened a new, state-of-the-art Cyber Security Operations Center, a comprehensive cyber threat detection and response center that focuses on protecting Northrop Grumman and its customers' networks and data worldwide. Located in suburban Maryland, the center is staffed around-the-clock, providing security monitoring for more than 105,000 clients and 10,000 servers. Ronald D. Sugar, chairman and chief executive officer since 2003, announced his plan to retire from the company in June 2010. The Board of Directors elected Wesley G. Bush to the position of chief executive officer and president, effective January 1, 2010. Bush was also elected to the Board of Directors, effective immediately. The Board of Directors also elected Lewis W. Coleman, currently lead independent director, to the role of non-executive chairman, effective January 1, 2010. Sugar will assume the title of chairman emeritus effective January 1, 2010. About Northrop Grumman Northrop Grumman Corporation is a leading global security company whose 120,000 employees provide innovative systems, products, and solutions in aerospace, electronics, information systems, shipbuilding and technical services to government and commercial customers worldwide. Northrop Grumman will webcast its earnings conference call at 11:30 a.m. EDT on Oct. 21, 2009. A live audio broadcast of the conference call along with a supplemental presentation will be available on the investor relations page of the company's Web site at http://www.northropgrumman.com. Statements in this release and the attachments, other than statements of historical fact, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expect," "intend," "plan," "project," "forecast," "believe," "estimate," "outlook," "guidance," "target," "trends," and similar expressions generally identify these forward-looking statements. Forward-looking statements in this release and the attachments include, among other things, financial guidance regarding future sales, segment operating income, pension expense, employer contributions under pension plans and medical and life benefits plans, cash flow and earnings. These statements are not guarantees of future performance and involve certain risks and uncertainties. Actual results could differ materially due to factors such as: the effect of economic conditions in the United States and globally; access to capital; future sales and cash flows; timing of cash receipts; effective tax rates and timing and amounts of tax payments; returns on pension plan assets, interest and discount rates and other changes that may impact pension plan assumptions; the outcome of litigation, claims, audits, appeals, bid protests and investigations; hurricane-related insurance recoveries; costs of environmental remediation; our relationships with labor unions; availability and retention of qualified personnel; costs of capital investments; changes in organizational structure and reporting segments; risks associated with acquisitions, dispositions, joint ventures and other business arrangements; possible impairments of goodwill or other intangible assets; effects of legislation, rulemaking, and changes in accounting, tax or defense procurement; changes in government and customer priorities and requirements (including, government budgetary constraints, shifts in defense spending, changes in import and export policies, changes in customer short-range and long-range plans); acquisition or termination of contracts; technical, operation or quality setbacks in contract performance; issues with, and financial viability of, key suppliers and subcontractors; availability of materials and supplies; controlling costs of fixed-price development programs; contractual performance relief and the application of cost sharing terms; allowability and allocability of costs under U.S. Government contracts; progress and acceptance of new products and technology; domestic and international competition; legal, financial and governmental risks related to international transactions; potential security threats, natural disasters and other disruptions not under our control; and other risk factors disclosed in our filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this release and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. This release and the attachments also contain non-GAAP financial measures. A reconciliation to the nearest GAAP measure and a discussion of the company's use of these measures are included in this release or the attachments. LEARN MORE ABOUT US: Northrop Grumman news releases, product information, photos and video clips are available on the Internet at: http://www.northropgrumman.com Schedule 1 ---------- NORTHROP GRUMMAN CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three months Nine months ended ended September 30 September 30 ------------ ------------ $ in millions, except per share amounts 2009 2008 2009 2008 ------------------------- ---- ---- ---- ---- Sales and Service Revenues Product sales $4,982 $4,808 $14,972 $14,051 Service revenues 3,744 3,573 11,031 10,682 ---------------- ----- ----- ------ ------ Total sales and service revenues 8,726 8,381 26,003 24,733 ----------------------- ----- ----- ------ ------ Cost of Sales and Service Revenues Cost of product sales 4,027 3,682 12,007 11,204 Cost of service revenues 3,276 3,143 9,742 9,168 General and administrative expenses 768 785 2,291 2,320 -------------------------- --- --- ----- ----- Operating income 655 771 1,963 2,041 Other (expense) income Interest expense (76) (74) (219) (223) Other, net 41 45 62 72 ---------- -- -- -- -- Earnings from continuing operations before income taxes 620 742 1,806 1,890 Federal and foreign income taxes 133 233 536 635 -------------------------- --- --- --- --- Earnings from continuing operations 487 509 1,270 1,255 Earnings from discontinued operations, net of tax 3 3 3 16 -------------------------- -- -- -- -- Net earnings $490 $512 $1,273 $1,271 ------------ ---- ---- ------ ------ Basic Earnings Per Share Continuing operations $1.54 $1.52 $3.94 $3.72 Discontinued operations .01 .01 .01 .05 ----------------------- --- --- --- --- Basic earnings per share $1.55 $1.53 $3.95 $3.77 ------------------------ ----- ----- ----- ----- Weighted-average common shares outstanding, in millions 317.1 334.2 322.0 337.1 ----------------------- ----- ----- ----- ----- Diluted Earnings Per Share Continuing operations $1.52 $1.50 $3.89 $3.65 Discontinued operations .01 .01 .01 .04 ----------------------- --- --- --- --- Diluted earnings per share $1.53 $1.51 $3.90 $3.69 -------------------------- ----- ----- ----- ----- Weighted-average diluted shares outstanding, in millions 320.6 340.1 326.1 344.5 ------------------------ ----- ----- ----- ----- Schedule 2 ---------- NORTHROP GRUMMAN CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (unaudited) September 30, December 31, $ in millions 2009 2008 ------------- ---- ---- Assets Cash and cash equivalents $1,924 $1,504 Accounts receivable, net of progress payments 3,951 3,904 Inventoried costs, net of progress payments 1,243 1,003 Deferred tax assets 513 549 Prepaid expenses and other current assets 453 229 -------------------------- --- --- Total current assets 8,084 7,189 Property, plant, and equipment, net of accumulated depreciation of $4,171 in 2009 and $3,803 in 2008 4,775 4,810 Goodwill 14,526 14,518 Other purchased intangibles, net of accumulated amortization of $1,873 in 2009 and $1,795 in 2008 899 947 Pension and post-retirement plan assets 292 290 Long-term deferred tax assets 1,281 1,510 Miscellaneous other assets 988 933 -------------------------- --- --- Total assets $30,845 $30,197 ------------ ------- ------- Liabilities Notes payable to banks $28 $24 Current portion of long-term debt 491 477 Trade accounts payable 1,793 1,943 Accrued employees' compensation 1,419 1,284 Advance payments and billings in excess of costs incurred 1,977 2,036 Other current liabilities 1,562 1,660 ------------------------- ----- ----- Total current liabilities 7,270 7,424 Long-term debt, net of current portion 4,194 3,443 Pension and post-retirement plan liabilities 5,349 5,823 Other long-term liabilities 1,603 1,587 --------------------------- ----- ----- Total liabilities 18,416 18,277 ----------------- ------ ------ Shareholders' Equity Common stock, $1 par value; 800,000,000 shares authorized; issued and outstanding: 2009 - 314,716,763; 2008 - 327,012,663 315 327 Paid-in capital 9,061 9,645 Retained earnings 6,457 5,590 Accumulated other comprehensive loss (3,404) (3,642) ------------------------------------ ------ ------ Total shareholders' equity 12,429 11,920 -------------------------- ------ ------ Total liabilities and shareholders' equity $30,845 $30,197 --------------------- ------- ------- Schedule 3 ---------- NORTHROP GRUMMAN CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Nine Months Ended September 30 ------------ $ in millions 2009 2008 ------------- ---- ---- Operating Activities Sources of Cash - Continuing Operations Cash received from customers Progress payments $5,472 $5,465 Collections on billings 20,193 19,828 Other cash receipts 32 87 ------------------- -- -- Total sources of cash - continuing operations 25,697 25,380 ---------------------------------- ------ ------ Uses of Cash - Continuing Operations Cash paid to suppliers and employees (22,717) (22,248) Pension contributions (832) (86) Interest paid, net of interest received (240) (251) Income taxes paid, net of refunds received (675) (569) Excess tax benefits from stock-based compensation (2) (47) Other cash payments (29) (8) ------------------- --- -- Total uses of cash - continuing operations (24,495) (23,209) ------------------------------------------ ------- ------- Cash provided by continuing operations 1,202 2,171 Cash provided by discontinued operations 3 ---------------------------------------- ----- - Net cash provided by operating activities 1,202 2,174 ----------------------------------------- ----- ----- Investing Activities Proceeds from sale of business, net of cash divested 175 Payments for businesses purchased (33) Additions to property, plant, and equipment (436) (444) Payments for outsourcing contract costs and related software costs (58) (100) (Increase) decrease in restricted cash (28) 59 Other investing activities, net 16 11 ------------------------------- -- -- Net cash used in investing activities (539) (299) ------------------------------------- ---- ---- Financing Activities Net borrowings under lines of credit 4 3 Proceeds from issuance of long-term debt 850 Principal payments of long-term debt (73) (110) Proceeds from exercises of stock options and issuances of common stock 29 95 Dividends paid (405) (395) Excess tax benefits from stock-based compensation 2 47 Common stock repurchases (650) (1,462) ------------------------ ---- ------ Net cash used in financing activities (243) (1,822) ------------------------------------- ---- ------ Increase in cash and cash equivalents 420 53 Cash and cash equivalents, beginning of period 1,504 963 ------------------------------------ ----- --- Cash and cash equivalents, end of period $1,924 $1,016 ---------------------------------------- ------ ------ Schedule 4 ---------- NORTHROP GRUMMAN CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Nine Months Ended September 30 ------------ $ in millions 2009 2008 ------------- ---- ---- Reconciliation of Net Earnings to Net Cash Provided by Operating Activities Net earnings $1,273 $1,271 Adjustments to reconcile to net cash provided by operating activities Depreciation 428 416 Amortization of assets 113 148 Stock-based compensation 83 126 Excess tax benefits from stock-based compensation (2) (47) Pre-tax gain on sale of business (58) Increase in Accounts receivable (4,741) (4,845) Inventoried costs (443) (531) Prepaid expenses and other current assets (39) (43) Increase (decrease) in Progress payments 4,888 5,062 Accounts payable and accruals (120) 313 Deferred income taxes 133 122 Income taxes payable (158) 130 Retiree benefits (208) 35 Other non-cash transactions, net (5) 72 -------------------------------- -- -- Cash provided by continuing operations 1,202 2,171 Cash provided by discontinued operations 3 ---------------------------------------- ------ --- Net cash provided by operating activities $1,202 $2,174 ----------------------------------------- ------ ------ Non-Cash Investing and Financing Activities Sale of business Liabilities assumed by purchaser $(18) ----------------------------------- ---- Mandatorily redeemable convertible preferred stock converted into common stock $350 -------------------------------------------------- ---- Schedule 5 ---------- NORTHROP GRUMMAN CORPORATION TOTAL BACKLOG AND CONTRACT AWARDS (unaudited) $ in millions September 30, 2009 December 31, 2008 (3) ------------- -------------------- ----------------------- TOTAL TOTAL FUNDED(1) UNFUNDED(2) BACKLOG FUNDED(1) UNFUNDED(2) BACKLOG --------- ----------- ------- --------- ----------- ------- Aerospace Systems $8,213 $16,678 $24,891 $7,648 $22,883 $30,531 Electronic Systems 7,968 2,809 10,777 8,391 2,124 10,515 Information Systems 4,911 5,219 10,130 5,310 4,672 9,982 Shipbuilding 12,323 9,078 21,401 14,205 8,148 22,353 Technical Services 1,812 2,452 4,264 1,840 2,831 4,671 ----- ----- ----- ----- ----- ----- Total $35,227 $36,236 $71,463 $37,394 $40,658 $78,052 ------- ------- ------- ------- ------- ------- (1) Funded backlog represents firm orders for which funding is contractually obligated by the customer. (2) Unfunded backlog represents firm orders for which funding is not currently contractually obligated by the customer. Unfunded backlog excludes unexercised contract options and unfunded Indefinite Delivery Indefinite Quantity (IDIQ) orders. (3) Certain prior period amounts have been reclassified to conform to the 2009 presentation. New Awards - The estimated value of contract awards included in backlog during the nine months ended September 30, 2009, was $24.5 billion. Backlog Adjustment - In the second quarter of 2009, the company was notified that the Kinetic Energy Interceptor (KEI) program was terminated for convenience by the Missile Defense Agency. The KEI termination was recorded as a reduction to total backlog of $5.1 billion at Aerospace Systems. Schedule 6 ---------- NORTHROP GRUMMAN CORPORATION REALIGNED SEGMENT OPERATIONS RESULTS ($ in millions) (unaudited) NET SALES --------- 2006 2007 2008 ---- ---- --------------------------------------- Three Months Ended Total Total ------------------------------- Total Year Year Mar 31 Jun 30 Sep 30 Dec 31 Year ---- ---- ------ ------ ------ ------ ---- AS REPORTED (1) Information & Services Mission Systems $4,704 $5,077 $1,298 $1,388 $1,417 $1,537 $5,640 Information Technology 3,962 4,486 1,085 1,215 1,085 1,133 4,518 Technical Services 1,858 2,177 505 572 607 612 2,296 ----- ----- --- --- --- --- ----- 10,524 11,740 2,888 3,175 3,109 3,282 12,454 Aerospace Integrated Systems 5,500 5,067 1,340 1,358 1,345 1,461 5,504 Space Technology 3,869 4,176 1,022 1,118 1,079 1,117 4,336 ----- ----- ----- ----- ----- ----- ----- 9,369 9,243 2,362 2,476 2,424 2,578 9,840 Electronics 6,267 6,528 1,555 1,675 1,814 2,046 7,090 Shipbuilding 5,321 5,788 1,264 1,688 1,451 1,742 6,145 Intersegment Eliminations (1,490) (1,471) (345) (386) (417) (494) (1,642) ------- ------- ----- ----- ----- ----- ------- Total $29,991 $31,828 $7,724 $8,628 $8,381 $9,154 $33,887 ------- ------- ------ ------ ------ ------ ------- REALIGNED (2) Aerospace Systems $9,358 $9,234 $2,361 $2,472 $2,417 $2,575 $9,825 Electronic Systems 6,201 6,466 1,545 1,665 1,808 2,030 7,048 Information Systems 8,383 9,245 2,298 2,512 2,410 2,557 9,777 Shipbuilding 5,321 5,788 1,264 1,688 1,451 1,742 6,145 Technical Services 2,090 2,422 558 634 665 678 2,535 Intersegment Eliminations (1,362) (1,327) (302) (343) (370) (428) (1,443) ------- ------- ----- ----- ----- ----- ------- Total $29,991 $31,828 $7,724 $8,628 $8,381 $9,154 $33,887 ------- ------- ------ ------ ------ ------ ------- NORTHROP GRUMMAN CORPORATION REALIGNED SEGMENT OPERATIONS RESULTS ($ in millions) (unaudited) SEGMENT OPERATING INCOME (3) ---------------------------- 2006 2007 2008 ---- ---- --------------------------------------- Three Months Ended Total Total ------------------------------- Total Year Year Mar 31 Jun 30 Sep 30 Dec 31 Year ---- ---- ------ ------ ------ ------ ---- AS REPORTED (1) Information & Services Mission Systems $451 $508 $128 $133 $128 $119 $508 Information Technology 342 329 89 82 37 97 305 Technical Services 120 120 26 36 31 28 121 --- --- --- --- --- --- --- 913 957 243 251 196 244 934 Aerospace Integrated Systems 551 591 170 143 144 156 613 Space Technology 311 329 82 93 90 (461) (196) --- --- --- --- --- --- --- 862 920 252 236 234 (305) 417 Electronics 786 813 209 202 264 277 952 Shipbuilding 393 538 (218) 126 118 (2,333) (2,307) Intersegment Eliminations (117) (113) (28) (31) (44) (38) (141) --- --- --- --- --- --- --- $2,837 $3,115 $458 $784 $768 $(2,155) $(145) REALIGNED (2) Aerospace Systems $861 $919 $252 $236 $233 $(305) $416 Electronic Systems 783 809 209 201 261 276 947 Information Systems 771 815 212 207 156 208 783 Shipbuilding 393 538 (218) 126 118 (2,333) (2,307) Technical Services 139 139 29 42 39 34 144 Intersegment Eliminations (110) (105) (26) (28) (39) (35) (128) --- --- --- --- --- --- --- Total $2,837 $3,115 $458 $784 $768 $(2,155) $(145) NOTE: There have been no changes to the realigned segment operating results since this schedule was first made available with the First Quarter 2009 earnings release filed on April 22, 2009. (1) "As reported" amounts are as of December 31, 2008, which reflects the Park Air / Remotec realignment, Missile Systems realignment, and the presentation of Electro-Optical Systems as a discontinued operation and are reported in the 2008 Form 10-K. 2008 quarterly results for the three months ended Mar. 31, Jun. 30, and Sep. 30 were previously reported in Schedule 6 of the Third Quarter 2008 earnings release. (2) Reported amounts adjusted to reflect the realignment of certain logistics, services, and technical support programs and assets from the Information Systems and Electronic Systems segments to the Technical Services segment and the streamlining of the company's organizational structure by reducing the number of operating segments from seven to five. (3) Non-GAAP measure. Management uses segment operating income as an internal measure of financial performance for the individual business segments. - Northrop Grumman Corporation

Return to Positive Net Income in the 3rd Quarter 2009

Sophia Rhodini — Thu, 22 Oct 2009 03:17:06 +0000

PARIS, -- - Positive net income of 4 million euros, following 3 consecutive quarters of losses - Strong improvement in gross margin at 16.2% of sales, highest 3rd quarter level since 2005 - Operating margin at 3.6% of sales, up by 2.8 points versus 2nd quarter - Reinforced generation of free cash flow[1] (6 million euros) and reduction of net financial debt of 24 million euros - Outlook: - H2 automotive production forecast revised upwards - Net income near break-even point in H2 - Cash consumption of less than 100 million euros for 2009 Following the meeting of its Board of Directors today, Valeo presented its results for the 3rd quarter 2009. Quarterly evolution** 9 months* in million euros 2008 2009 2008 2009 YOY change Q3 Q1 Q2 Q3 YOY change Sales[2] 2,079 1,624 1,848 1,913 -8% 6,927 5,385 -22% Gross margin 318 185 268 310 -3% 1,115 763 -32% % of sales 15.3% 11.4% 14.5% 16.2% +0.9pt 16.1% 14.2% -1.9pt Operating margin[3] 65 (66) 15 68 +5% 268 17 -94% % of sales 3.1% -4.1% 0.8% 3.6% +0.5pt 3.9% 0.3% -3.6pts EBITDA[4] 190 73 156 192 +1% 693 421 -39% % of sales 9.1% 4.5% 8.4% 10.0% +0.9pt 10.0% 7.8% -2.2pts Net income attributable 6 (159) (54) 4 -33% 106 (209) na to company shareholders * First half data were the object of a limited examination ** Unaudited Consolidated third quarter resultsThe turnaround of automotive production noted during the 2nd quarter 2009 (+18% versus the 1st quarter 2009) continued in the 3rd quarter (+11% versus the 2nd quarter), thanks in particular to the positive impact of vehicle scrapping programs in Europe (notably in Germany, France, Italy and Spain) and in North America, as well as an improvement in automotive output in Asia (China, Korea and India). In the 3rd quarter, the Group generated sales of 1,913 million euros, up by 3.5% versus the 2nd quarter 2009 (1,848 million euros). Sales in Europe totaled 1,206 million euros in the 3rd quarter (63% of consolidated sales), down by 3% versus the 2nd quarter 2009. Sales in Asia, the second largest contributing region, were 315 million euros (16% of consolidated sales), up by 15% versus the 2nd quarter (+10% versus the 3rd quarter 2008). Valeo's performance was particularly notable in China, the leading contributor country in Asia, where the Group recorded 7% sales growth during the 3rd quarter 2009 (up by 68% versus the 3rd quarter 2008). Thanks to its improved sales, the continuation of its cost reduction plan and the favorable evolution of material costs, Valeo registered an improvement in gross margin, at 310 million euros versus 268 million euros in the 2nd quarter 2009. Gross margin, up by 1.7 points, amounted to 16.2% of sales in the 3rd quarter 2009, the highest 3rd quarter level since 2005. During the 3rd quarter 2009, Valeo pursued its R&D efforts, investing 114 million euros (6% of sales). Administrative and selling expenses were down by 10% versus the previous year. Confirming the turnaround initiated in the 2nd quarter, operating margin (less other income and expenses) amounted to 68 million euros versus 15 million euros in the 2nd quarter 2009. It represented 3.6% of sales in the 3rd quarter 2009, up by 2.8 points. After three consecutive quarters of losses, Valeo returned to a positive net income of 4 million euros in the 3rd quarter 2009, versus a net loss of 54 million euros in the 2nd quarter. In the 3rd quarter 2009, the Group generated a free cash flow of 6 million euros. Improved operational performance, including the rigorous management of working capital requirements (down by 46 million euros versus end June 2009) and investments, enabled the financing of restructuring expenses. Net financial debt totaled 817 million euros at 30 September 2009, down by 24 million euros versus the 2nd quarter 2009. Consolidated results for the first nine months of 2009 For the first nine months of 2009, sales were down by 22% versus the same period in 2008. The savings plan launched in the 4th quarter 2008, including the headcount adjustment plan concerning permanent employees, has already enabled a cost reduction of 373 million euros during the first nine months of the year. Consequently, gross margin totaled 763 million euros or 14.2% of sales, and operating margin was a positive 17 million euros over nine months. During the same period, the Group generated a free cash flow of 2 million euros. Net financial debt decreased by 24 million euros, totaling 817 million euros at 30 September 2009. The "gearing"[5] and the "leverage"[6] ratio were respectively 70% and 1.6x EBITDA. The Group's liquidity is ensured thanks to a 797 million euro surplus cash situation, following the granting of 225 million euros in funding from the European Investment Bank. It also benefits from a program of confirmed bilateral credit lines worth 1.275 billion euros which remained undrawn at end September. Highlights At the IAA Frankfurt Auto Show, the Powertrain Systems and Thermal Systems Business Groups presented their range of solutions to significantly reduce fuel consumption and CO2 emissions for the various stages of hybridization, up to the electric vehicle. The Visibility Systems Business Group also displayed its latest technological innovations, such as the AquaBlade(R) System, which offers uniform distribution of washer fluid along the entire length of the wiper blade, and BeamAtic(R) Premium, which enables the continuous use of high beams without dazzling other drivers. BeamAtic(R) Premium recently received the Gold "Grand Prix" for Automotive Innovation Award at the Equip'Auto show. The Comfort and Safety Systems Business Group presented the latest developments relating to its Park4U(R) system, which enables drivers to automatically enter and leave a tight parking slot (margin of 40 cm on either end of the vehicle). Outlook Valeo anticipates the continued recovery of automotive production in the 4th quarter 2009, with an improvement versus the same period in 2008 in all regions of the world except North America, where another slight downturn is expected. Overall global automotive output in the second half should be slightly higher than that of the second half 2008, thanks in particular to the sustained effect of scrapping programs through the end of the year and to the vitality of the main emerging markets. Given this more favorable context, Valeo is revising upwards its production objectives for the second half 2009. Continuing on from the 3rd quarter, the Group's operating margin will benefit from the impact of the cost reduction program while taking into account the rebound in production. In the current market conditions, the Group has set as its objective to achieve a net income close to the break-even point in the second half. In terms of cash flow generation, Valeo is working to sustain in the long-term its negative working capital requirements and to maintain a high selectivity on investments which will be limited to a level significantly lower than amortization. Valeo has set as its objective for 2009 to not exceed 100 million euros in cash consumption over the year. Corporate Governance Mr Michel de Fabiani, candidate proposed by the FSI, was co-opted as a Valeo Board Director, replacing Mr. Erich Spitz. On this occasion, and after having taken into account the special nature of Valeo's current shareholder structure, the FSI (acting within the framework of the consolidation perimeter of the CDC, of which it is a 51% subsidiary) agreed not to exceed the threshold of 15% of Valeo's capital or voting rights without prior approval of the Valeo Board of Directors. For its part, Valeo reaffirmed to the FSI its commitment to respect stock market best practices and the AFEP-MEDEF recommendations regarding corporate governance. In addition, the Chief Executive Officer asked Mr. Erich Spitz to set up an Advisory Committee that he will preside, comprising international personalities. Valeo is an independent industrial Group fully focused on the design, production and sale of components, integrated systems and modules for cars and trucks. Valeo ranks among the world's top automotive suppliers. The Group has 119 plants, 22 Research centers, 38 Development centers, 10 distribution platforms and employs 52,500 people in 27 countries worldwide. --------------------------------- [1] Net operating cash flow, receipts and disbursements on acquisitions/divestitures of tangible/intangible assets, subsidies [2] As of January 1, 2009, the presentation of the financial statements has been modified, with customer financing of research and development previously booked as other operating revenues now being mainly reclassified as deductible research and development expenses [3] Operating income less other income and expenses [4] Operating margin less amortization [5] Gearing: net financial debt-to-shareholders' equity ratio [6] Leverage ratio: financial debt-to-EBITDA (calculated over 12 months rolling) For more information about the Valeo Group and its activities, please visit our web site http://www.valeo.com. - Valeo Management Services

This Halloween JetBlue Is All Treat But No Trick - Every Remaining Seat On October 31 Afternoon Flights On Sale Today Only For $31

Sophia Rhodini — Thu, 22 Oct 2009 03:17:55 +0000

- Offer valid on nonstop U.S.-originating flights network wide on October 31(a) - Download image NEW YORK, -- JetBlue Airways (Nasdaq: JBLU) today reveals frighteningly low fares for travel this Halloween. On sale today only, every remaining seat on all nonstop U.S.-originating flights across the airline's entire network that depart on October 31, 2009 between 12:00 noon local time and 11:59 p.m. local time are on sale for $31(a). These low fares must be booked by 11:59 p.m. MT today, October 20, 2009. Book quickly before this deal vanishes forever! "These fares are so low we think you'll scream for joy!" said Robin Hayes, Chief Commercial Officer for JetBlue Airways. "This is some ghoulish good luck for customers who want to travel this Halloween. Once in the air, you will be treated to a hair-raising good time with live entertainment, comfortable seats and friendly service. And don't forget you can check your first bag free of charge to easily accommodate all the goodies needed for a truly monstrous celebration!" Additional information about these special Halloween fares is available at www.jetblue.com/halloween. About JetBlue Airways New York-based JetBlue Airways has created a new airline category based on value, service and style. In 2009, the carrier ranked "Highest in Customer Satisfaction Among Low-Cost Carriers in North America" by J.D. Power and Associates, a customer satisfaction recognition received for the fifth year in a row. Known for its award-winning service and free TV as much as its low fares, JetBlue is now pleased to offer customers Lots of Legroom and super-spacious Even More Legroom seats. JetBlue introduced complimentary in-flight e-mail and instant messaging services on aircraft "BetaBlue," a first among U.S. domestic airlines. JetBlue is also America's first and only airline to offer its own Customer Bill of Rights, with meaningful and specific compensation for customers inconvenienced by service disruptions within JetBlue's control. Visit www.jetblue.com/promise for details. JetBlue serves 58 cities with 650 daily flights. New service to Saint Lucia begins on October 26 and service to Kingston, Jamaica begins on October 30. With JetBlue, all seats are assigned, all travel is ticketless, all fares are one-way, and an overnight stay is never required. For information or reservations call 1-800-JET-BLUE (1-800-538-2583), TTY/TDD 1-800-336-5530 or visit www.jetblue.com. (a) Travel must be booked by October 20, 2009, 11:59 PM MT. Travel must take place on Saturday, October 31, 2009. Valid on all nonstop U.S. originating routes that depart between 12 noon, local time and 11:59 PM, local time on October 31, 2009. All fares are subject to change without notice. Travel costs $15 more per person if purchased by telephone, or at an airport or city ticket office. Fares may not be available on all days or on all flights. All fares must be purchased at time of reservation, and are one-way, nonrefundable, and nontransferable. Cancellations and changes can be made prior to scheduled departure for $100 per person at 1-800-JETBLUE (1-800-538-2583), TTY/TDD 1-800-336-5530, or at jetblue.com, with applicable fare adjustment. Cancellations are for a JetBlue travel credit only, which is valid for one year. If a reservation is not changed or canceled prior to scheduled departure, all money associated with the reservation is forfeited. Fares do not include Passenger Facility Charges of up to $9 each way, September 11th Security Fees of up to $5 each way and a Federal Segment Tax of $3.60 per domestic segment. A segment is a takeoff and landing. International fares also do not include government fees and taxes of up to $127.60 each way. Puerto Rico fares also do not include a US Departure Tax of $16.10 each way. All taxes and fees must be paid at the time of purchase. JetBlue reserves the right to deny boarding to passengers without proper documentation. A second bag fee of $30 applies. DIRECTV(r) service is not available on flights outside the continental US. Other restrictions apply. ©2009 JetBlue Airways - JetBlue Airways

Applied Weather Technology Releases BVS 6.0 With New Innovations to its Market-Leading Voyage Optimization Software

Sophia Rhodini — Thu, 22 Oct 2009 03:18:37 +0000

BVS 6.0 Now Helps Ship Captains to Plan Fuel-Efficient Courses and Curb CO2 Emissions; Delivers New Innovations Including High Resolution NCOM Data, 16-Day Forecasts Four Times Daily and Historical Climate Data Download image SUNNYVALE, Calif., -- Applied Weather Technology, Inc. (AWT), today announced the release of Version 6.0 of its BonVoyage System (BVS) software, the world's most popular onboard system for optimizing marine voyages. BVS 6.0 introduces new features designed to help ship Captains and fleet managers reduce fuel costs and curb CO2 emissions by planning the most fuel-efficient routes given the latest weather and sea conditions. BVS 6.0 also delivers several new innovations for the shipping industry, which include high-resolution NCOM data, 16-day forecasts updated four times daily, and 10-years of historical climate data for planning voyages longer than 16 days. BVS 6.0 Recommends Routes Intended to Minimize Fuel Consumption, Costs and CO2 Emissions BVS is widely used by Captains from the largest and leading shipping companies to obtain around-the-clock weather data and is known for providing them with recommendations for the safest, fastest routes to their destinations given the latest weather and sea conditions while taking their vessels' specifications into consideration. With the release of 6.0, BVS now offers significantly faster and higher resolution data, and makes it possible for the first time for the system to suggest routes intended to minimize voyage time, fuel costs and CO2 emissions given the vessel's target ETA. "To ensure on-time arrivals, Captains often take a get-there-as-fast-as-possible approach at the start of the voyage, and then slow down at the end. Now with BVS 6.0, they can plan courses designed to help them arrive on time and conserve fuel by travelling at more constant speeds, which benefits both the ship's engines and the environment," said Skip Vaccarello, president and CEO for AWT. "BVS 6.0 gives the shipping industry a solution for saving fuel and money." "The biggest advantage of using BVS 6.0 is taking the safest route that uses the least amount of fuel," said Master North, Yang Ming Marine Transport Corporation. "BVS 6.0 quickly and clearly displays weather and sea conditions. I recommend the product to our entire fleet." BVS 6.0 Supplies NCOM Data in High Resolution Among the most significant new innovations within BVS 6.0 are the higher-resolution updates of the Naval Coastal Ocean Model (NCOM) current data, which now allow ship Captains to view real-time analyses and forecasts of ocean current conditions at a quarter by quarter degree, rather than at the generally available one by one degree. AWT is the only company to offer NCOM data at this level of detail and accuracy, which can also contribute to fuel conservation by enabling Captains to make key decisions about whether to sail with or avoid specific currents. In addition, users can request nested high resolution wind, wave and swell data to show a more detailed view of areas of interest. BVS 6.0 Provides 16-Day Forecasts Four Times Daily, Makes Data Available Hours Earlier Than Competitors BVS 6.0 is the only onboard routing software to provide Captains and crew with 16-day forecasts updated four times daily. "Providing 16-day forecasts four times daily puts AWT a step ahead of its competitors which only deliver new forecast information one to two times daily," said Rich Brown, AWT's VP of Product Management. "As a result, Captains using BVS 6.0 are empowered to make better decisions with more detailed information." Also, BVS 6.0 delivers forecast data to ships three to six hours sooner than competitors, supplying Captains with earlier access to critical information they need to make key decisions about avoiding adverse weather conditions. BVS 6.0 Offers Historical Climate Data for Voyages Longer than 16 Days For planning voyages longer than 16 days, BVS 6.0 includes a sophisticated proprietary database developed by AWT that gives Captains historical information about climatological conditions in a particular area on a specific day based on 10-years of weather data from the government and AWT. AWT Introduces New Service Levels to Make BVS Accessible to all Shipping Companies -- Regardless of Trading Pattern With the release of BVS 6.0, AWT now offers three distinct service levels - BVS Viewer, BVS Planner and BVS Ultra Planner - which makes BVS accessible to vessels and shipping companies of all sizes, enabling ship owners, operators and charterers to choose the set of features they want, and giving them new pay-as-you-download or monthly subscription options. - Applied Weather Technology, Inc.

Ford's 'Distraction Lab' Researchers Use High Tech Goggles to Help Ensure Drivers Keep Eyes on Road

Sophia Rhodini — Thu, 22 Oct 2009 03:19:06 +0000

DEARBORN, Mich., -- Ford researchers at the company's Human Machine Interface Verification Laboratory - or "Distraction Lab" - use state-of-the-art occlusion goggles to help reduce driver distraction The special goggles track "eyes on the road" time, complementing Ford's real-world and simulated driving studies to accelerate new connectivity technologies that help reduce distractions The goggle studies verify earlier Ford research used to determine how information should be displayed and accessed on in-vehicle telematics systems such as its SYNC and GPS navigation Teens may be most vulnerable to driving distractions -- National Teen Driver Safety Week Oct. 18-24 serves as reminder to teens, "don't text and drive" Ford Motor Company (NYSE: F), as the final phase of its research into the cause and effects of distracted driving, is utilizing high-tech goggles that measure the amount of time drivers take their eyes off the road to help validate in-vehicle technologies such as GPS navigation systems. The special "occlusion" goggles are used in testing at Ford's Human Machine Interface Verification Laboratory - or "Distraction Lab." Ford engineers and technologists use the data to accelerate the safer design of telematics systems that keep drivers connected and informed. In occlusion studies, the test subject wears goggles equipped with small liquid crystal display (LCD) screens that rapidly blink open and closed in a regulated sequence while the subject views graphics and text information on a new device such as a navigation screen. Open goggles represent eyes-off-road time, or when the driver is looking away at a device. Closed goggles represent eyes-on-road time. If 85 percent or more of test subjects are able to comprehend the information on screen in the time allowed, then the related task - such as reading and selecting an address on a navigation screen - is considered compliant with industry guidelines. If too many of the test subjects cannot complete the task in time, the function is designed to be locked out when the vehicle is in motion, and can only be operated when the vehicle is stopped. "Occlusion testing is faster and a lot more efficient than other methods for determining eyes-off-road time and the potential for visual distraction," said John Shutko, Ford technical specialist in Human Factors and Ergonomics. "In the past, we used occlusion testing primarily to verify other research, but over the past couple of years we've been able to develop test models with the technology that allows us to rapidly complete research faster than ever before." Thanks in part to occlusion testing, the information displayed on Ford's latest-generation navigation system is purposely limited to comply with industry guidelines and help reduce the risk of driver distraction. The hands-free, voice-operated advantage Occlusion testing also was instrumental in determining the appropriate amount of information provided to drivers who use the latest SYNC( )application - Traffic, Directions & Information (TDI). The feature leverages SYNC's industry-leading voice-recognition software, integrated GPS and Bluetooth-capable phones to provide simple hands-free access to personalized traffic reports, precise driving directions and up-to-date information including business listings, news, sports and weather. This information is provided through the car's audio entertainment speakers, allowing the driver to keep hands on the wheel and eyes on the road. "Studies show voice-operated systems like SYNC offer significant safety benefits over hand-held manual devices," says Dr. Louis Tijerina, Ford senior technical specialist. "If people are going to use nomadic devices - and there's no reason to believe that they will stop - Ford wants to offer our customers a safer way to use them, through SYNC." A recent study showed that SYNC, Ford's fully integrated voice-operated in-car communications and entertainment system, significantly reduced the level of distraction when test participants selected a phone number or choose a song on their MP3 player compared with the same operations using hand-held cell phones and music players. For example, the research conducted by Ford shows study participants spent an average of 25 seconds with their eyes off the road to select a song with a hand-held MP3 player compared with two seconds for those choosing a song using SYNC. Read more about this and other related research here. Teen Risk of Distraction Teens may be particularly vulnerable to driver distraction because they lack experience behind the wheel and may not recognize the risks of hand held texting and dialing while driving. Recent studies show four out of five teens use cell phones and MP3 players, and many of them associate their wireless devices with an improved quality of life, according to a national survey from CTIA and Harris Interactive. Ford Motor Company research shows that teens, particularly 16- and 17-year-olds, are much more willing to take risks while driving, such as taking their eyes off the road for longer periods of time to manually dial a phone number, send a text message or search for a song to play. The National Highway Traffic Safety Administration (NHTSA) confirmed that distracted driving may be involved in up to 80 percent of road collisions - the leading cause of death for teens in America. "The national government has called texting while driving a national epidemic, and this is especially true for teenagers who text more than adults and do so in a more dangerous way while driving," said Sue Cischke, Ford group vice president for Sustainability, Environment and Safety Engineering. "At Ford, teen safety and driver distraction are critically important issues - not just during National Teen Driver Safety Week, but year round. We also recognize that responsible, experienced drivers want to stay connected in their vehicles, so Ford has designed voice-operated systems to deliver connectivity in a safer manner." A recent Ford-commissioned survey showed that younger drivers view driving distraction risks differently. Only 61 percent of those under the age of 35 believe that reading text messages from a mobile device is "very dangerous" compared to 92 percent of study participants older than 50. Despite the differences, the survey showed that 86 percent of U.S. drivers believe handheld texting while driving is "very dangerous" and 93 percent support a nationwide ban on texting. Sixty eight percent of drivers, including 66 percent aged 35 or younger, believe teens would be less likely to comply with bans. The online survey was conducted September 18-21 by Penn, Schoen & Berland Associates. Ford Motor Company recently became the first automaker to endorse a federal ban on manually sending text messages on hand-held devices while driving - Ford Motor Company

MACTEC Contributing to Local Economy

Sophia Rhodini — Thu, 22 Oct 2009 03:19:34 +0000

KNOXVILLE, Tenn. -- Custom railcar liners manufactured locally and used by MACTEC on a project for the Tennessee Valley Authority (TVA) to remove coal ash from TVA's facility in Kingston, TN, have helped create jobs and reduced the unemployment rate in Monroe County, TN. MACTEC has retained MHF Services to supply the custom-made railcar liners for the project. The liners, fabricated at MHF's Sweetwater, TN., plant, are made of heavy-duty black plastic. Due to the number of liners needed for the railcars, MHF Services has hired 55 additional workers since July 22, a significant number in this area with 18.5 percent unemployment. "We're very happy that this team effort between TVA, MHF Services and MACTEC has made a significant contribution to the local economy as well as contributing to the project's overall success," said Ann Massey, CEO, MACTEC. The liners are wrapped burrito-style around the ash from the TVA Kingston ash recovery project, inside railcars. A typical train has 110 railcars, so at least that many liners are supplied daily to MACTEC. "MHF Services workers at its local Sweetwater facility are manufacturing 770 liners a week needed for the project," said Bob Shawver, President, MHF Services. "We expanded our work force and ramped up to running shifts around the clock to keep up with the demand of this very important project." MHF Services (www.mhfservices.com) is an integrated packaging, transportation and logistics provider offering seamless solutions for generators and shippers of radioactive, hazardous, and non-hazardous waste, materials, and byproducts. MHF provides transportation and logistics solutions to U.S. Department of Energy contractors, and companies in the nuclear utilities, environmental services, energy, mining, metals, chemical, and petrochemical industries. MACTEC (www.mactec.com), based in Alpharetta, GA, is a leading engineering and design, environmental, and construction firm focused on four strategic business lines: Industrial/Commercial, Infrastructure (Transportation and Municipal), Energy, and Federal. MACTEC offers an ever-broadening portfolio of sustainable solutions, from renewable energy to industrial facility asset management. With annual revenues over $490 million, MACTEC's 3,000-plus employees work from over 80 offices nationwide. - MACTEC

Allegiant Travel Company Reports Third Quarter 2009 Financial Results

Sophia Rhodini — Thu, 22 Oct 2009 03:20:05 +0000

RECORD THIRD QUARTER MARGINS, THIRD QUARTER EPS INCREASES OVER 180% LAS VEGAS, -- Allegiant Travel Company (Nasdaq: ALGT), parent company of Allegiant Air and Allegiant Vacations, today reported the following financial results for the third quarter 2009 and comparisons to prior year equivalents: Unaudited 3Q09 3Q08 Change --------- ---- ---- ------ Total operating revenue (millions) $133.1 $116.9 13.9 % Operating income (millions) $21.9 $8.1 170.3 % Operating margin 16.5% 6.9% 9.6pp Net income (millions) $13.8 $4.9 181.7 % Diluted earnings per share $0.68 $0.24 183.3 % Scheduled Service: Average fare - scheduled service $67.09 $86.32 (22.3)% Average fare - ancillary 33.35 32.28 3.3 % Average fare - total $100.44 $118.60 (15.3)% Total revenue per ASM (cents) 9.96 12.75 (21.9)% Average passengers per departure 132 137 (3.6)% Load factor 89.9% 93.8% -3.9pp Average stage length (miles) 888 856 3.7 % Total System*: Operating expense per passenger $83.00 $111.60 (25.6)% Operating expense per passenger, excluding fuel $50.31 $53.33 (5.7)% Average departures per aircraft per day 2.75 2.30 19.6 % Average stage length (miles) 818 815 0.4 % --------------------------- --- --- ---- * Total system includes scheduled service, fixed-fee contract and non-revenue flying Allegiant Travel Company also reported the following balance sheet information: Unaudited ($millions) September 30, 2009 June 30, 2009 Change ($mm) -------------------- ------------------ ------------- ----------- Unrestricted cash (including short-term investments) 222.4 228.2 (5.8) Unrestricted cash net of air traffic liability 138.1 138.3 (0.2) Total debt, including capital leases 54.8 60.7 (5.9) ----------------------------- ---- ---- ---- "We are pleased to report these very strong results in not only our historically weakest quarter, but also in what has been an exceptionally trying economic environment," stated Maurice J. Gallagher, Jr., Chairman and CEO of Allegiant Travel Company. "Moreover these results were produced with a 47% increase in scheduled service departures over the third quarter of 2008. In the third quarter of 2008, we squeezed capacity hard to compensate for extraordinarily high fuel prices. This year we returned to more normal third-quarter aircraft utilization which in combination with a seven-aircraft increase in our fleet resulted in high year-over-year growth against a backdrop of continued industry capacity cuts. Notwithstanding our somewhat dramatic snap-back of capacity, our unit revenue declines were largely in-line with the industry and we produced a record third quarter 16% operating margin and a 182% increase in net income, validating our decision to return to a 'business-as-usual' third quarter. "Looking forward, we are cautiously optimistic that better times are in the offing. Scheduled fares, both air fare and ancillary per passenger, bounced off their lows of the second quarter. It's a little early to declare victory, but we certainly like the trend, which is continuing into the fourth quarter. Speaking of the fourth quarter, please note that last year we enjoyed a powerful combination of low fuel prices and air fares that had not declined, which makes the fourth quarter of 2008 a very difficult comp. "I am very pleased to note that, as is more fully described in a separate press release, Andrew C. Levy, our long-time Managing Director - Planning and CFO, has been promoted by our Board of Directors to the position of President of Allegiant Travel Company. Andrew has been integral to the successful rebirth of Allegiant since 2001, and this promotion recognizes his central role in directing this endeavor. Andrew retains the title of CFO. "We also received some nice recognition recently when Allegiant Travel Company was ranked second in the 2009 edition of the Forbes Magazine "200 Best Small Companies" list. This is, as much as anything, a tribute to our excellent team members who have done a terrific job during these difficult economic times, particularly as the industry experienced unprecedented revenue declines this spring and summer," concluded Gallagher. Andrew C. Levy, President & CFO, stated, "Cost management was excellent in the third quarter, with a material benefit from our decision to return utilization to a more normal level. Cost per passenger excluding fuel declined to $50.31 in the third quarter from $53.33 in the prior year, which understates the improvement since system load factor was 3.8 percentage points lower than last year. Please note these figures include bonus accrual, which has increased significantly in 2009 since it is tied to profitability and therefore further disguises underlying cost improvement. Excluding bonus accrual, cost per passenger excluding fuel declined to $48.70 in the quarter from $52.50 a year ago. "Our balance sheet continues to be among the strongest in the industry. We ended the quarter with unrestricted cash and short-term investments of $222.4 million, down from $228.2 million at the end of the prior quarter. Our unrestricted cash usually dips from the end of the second quarter to the end of the third driven by seasonally lower advance sales but the reduction this year is significantly less than in each of the three prior years. Excluding air traffic liability, cash decreased slightly from $138.3 million to $138.1 million sequentially. Our debt outstanding declined from $60.7 million at June 30, 2009 to $54.8 million at September 30. Capital expenditures during the third quarter were $5.8 million, mostly for the purchase of three part-out aircraft, improvements made to an aircraft prior to its placement in service and the purchase of ground service equipment. "Given our strong financial position, we continue to evaluate the market for opportunistic purchases of high-quality MD-80 aircraft, which has the potential to substantially impact 2009 and/or 2010 capital expenditure guidance," Levy concluded. Under the share repurchase program our Board of Directors approved in January 2009 and amended in July, we spent $6.8 million in open market transactions during the third quarter to acquire 172,377 shares of the Company's Common Stock at an average price of $39.52 per share. In the first three quarters of 2009, the Company spent $24.4 million in open market transactions repurchasing a total of 637,902 shares at an average price of $38.26 per share. We currently have a total of $10.6 million in unused stock repurchase authority remaining under our current Common Stock repurchase plan. MD-80 Aircraft in Service* September 30, September 30, 2009 2008 ------------------------- ------------- ------------- Owned (including capital leases) 40 35 Leased 4 2 --- --- Total 44 37 ----- --- --- * Does not include two aircraft acquired but not placed in service as of September 30, 2009. During the third quarter of 2009, we placed one owned aircraft in service. In the fourth quarter, we expect to place in service two owned aircraft, one before Thanksgiving and the other before the Winter holiday. These are the final two deliveries to Allegiant of six MD-80s we acquired in 2008 that were on lease with a third party. We expect to continue to add high quality MD-80 aircraft to our fleet at attractive prices without the need for external financing. In the third quarter, Allegiant Air announced nine new routes to begin in the fourth quarter, including five routes to Phoenix-Mesa, two to Orlando, and one each to Tampa Bay/St. Petersburg and Ft. Lauderdale. Network Summary* September 30, September 30, 2009 2008 --------------- ------------- ------------- Major leisure destinations 6 5 Other leisure destinations 5 4 Small cities served 58 54 -- -- Total cities served 69 63 Routes to Las Vegas 40 38 Routes to Orlando 29 26 Routes to Tampa Bay/St. Petersburg 19 15 Routes to Phoenix-Mesa 15 9 Routes to Southern California (Los Angeles) 11 0 Routes to Ft. Lauderdale 4 6 Other routes 9 4 --- --- Total routes 127 98 ------------ --- -- * includes cities served seasonally At this time, Allegiant Travel Company provides the following guidance to investors. All items are subject to revision. Allegiant Air expects: Fourth quarter 2009 year-over-year total system departure growth of about 15% and ASM growth of about 23%. Fourth quarter 2009 year-over-year scheduled departure growth of about 16% and scheduled ASM growth of about 23%. To average about 2.4 departures per aircraft per day and to average about 5.6 block hours per aircraft per day in the fourth quarter of 2009. Full-year 2009 total system departure growth of about 20% and ASM growth of about 22% over 2008. Full-year 2009 scheduled departure growth of about 24% and scheduled ASM growth of about 26% over 2008. First quarter 2010 year-over-year total system departure growth of about 7% and ASM growth of about 15%. First quarter 2010 year-over-year scheduled departure growth of about 7% and scheduled ASM growth of about 15%. Fourth quarter maintenance expenditure of $120,000-130,000 per aircraft per month. Fourth quarter 2009 operating expense per passenger, excluding fuel to be in-line with that of the fourth quarter of 2008. To operate 46 aircraft by the end of 2009 and to operate at least 52 aircraft by the end of 2010, including the scheduled retirement of one MD-87 at the end of the first quarter of 2010. 2009 capital expenditures of $36 million and 2010 capital expenditures of approximately $50 million. At this time we have no fuel hedges in place. Allegiant Travel Company will host a conference call with analysts at noon East Coast time tomorrow, October 20, 2009, to discuss its third quarter 2009 financial results. A live broadcast of the conference call will be available via the Company's Investor Relations website homepage at http://ir.allegiantair.com. The webcast will also be archived in the "Events & Presentations" section of the website. About the Company Las Vegas-based Allegiant Travel Company (NASDAQ: ALGT) is focused on linking travelers in small cities to major leisure destinations such as Las Vegas, Orlando, Fla., Tampa/St. Petersburg, Fla., Phoenix-Mesa, Los Angeles and Fort Lauderdale, Fla. Through its subsidiary, Allegiant Air, the Company operates a low-cost, high-efficiency, all-jet passenger airline offering air travel both on a stand-alone basis and bundled with hotel rooms, rental cars and other travel related services. ALGT/G Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, statements in this press release that are not historical facts are forward-looking statements. These forward-looking statements are only estimates or predictions based on our management's beliefs and assumptions and on information currently available to our management. Forward-looking statements include our statements regarding future operating expense, maintenance expense per aircraft, ASM growth, departure growth, fleet growth and expected capital expenditures, as well as other information concerning future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of future regulation and the effects of competition. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "believe," "expect," "anticipate," "intend," "plan," "estimate", "project", "hope" or similar expressions. Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in the forward-looking statements. Important risk factors that could cause our results to differ materially from those expressed in the forward-looking statements generally may be found in our periodic reports filed with the Securities and Exchange Commission at www.sec.gov. These risk factors include, without limitation, the effect of the economic downturn on leisure travel, increases in fuel prices, terrorist attacks, risks inherent to airlines, demand for air services to our leisure destinations from the markets served by us, our ability to implement our growth strategy, possible unionization efforts, our fixed obligations, our dependence on our leisure destination markets, our ability to add, renew or replace gate leases, our competitive environment, problems with our aircraft, dependence on fixed fee customers, our reliance on our automated systems, economic and other conditions in markets in which we operate, governmental regulation, increases in maintenance costs and insurance premiums and cyclical and seasonal fluctuations in our operating results. Any forward-looking statements are based on information available to us today and we undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise. Detailed financial information follows: Allegiant Travel Company Consolidated Statements of Income Three Months Ended September 30, 2009 and 2008 (in thousands, except per share amounts) (Unaudited) Three months ended September 30, ------------------ Percent 2009 2008 change ---- ---- ------ OPERATING REVENUE: Scheduled service revenue $81,075 $73,796 9.9 Fixed fee contract revenue 11,274 14,234 (20.8) Ancillary revenue 40,291 27,591 46.0 Other revenue 465 1,265 (63.2) --- ----- Total operating revenue 133,105 116,886 13.9 ------- ------- OPERATING EXPENSES: Aircraft fuel 43,777 56,795 (22.9) Salary and benefits 22,305 17,272 29.1 Station operations 13,875 10,309 34.6 Maintenance and repairs 12,985 10,099 28.6 Sales and marketing 3,907 3,099 26.1 Aircraft lease rentals 507 517 (1.9) Depreciation and amortization 7,633 6,219 22.7 Other 6,176 4,459 38.5 ----- ----- Total operating expenses 111,165 108,769 2.2 ------- ------- OPERATING INCOME 21,940 8,117 170.3 ------ ----- As a percent of total operating revenue 16.5% 6.9% OTHER EXPENSE: Loss (earnings) from unconsolidated affiliates, net 22 (13) N/M Interest income (593) (878) (32.5) Interest expense 1,040 1,302 (20.1) ----- ----- Total other expense 469 411 14.1 --- --- INCOME BEFORE INCOME TAXES 21,471 7,706 178.6 ------ ----- As a percent of total operating revenue 16.1% 6.6% PROVISION FOR INCOME TAXES 7,695 2,816 173.3 ----- ----- NET INCOME $13,776 $4,890 181.7 ======= ====== As a percent of total operating revenue 10.3% 4.2% Earnings per share: Basic $0.69 $0.24 187.5 Diluted $0.68 $0.24 183.3 Weighted average shares outstanding: Basic 19,822 20,223 (2.0) Diluted 20,120 20,467 (1.7) Allegiant Travel Company Operating Statistics Three Months Ended September 30, 2009 and 2008 (Unaudited) Three months ended September 30, ------------------ Percent 2009 2008 change* ---- ---- ------- OPERATING STATISTICS Total system statistics Passengers 1,339,407 974,600 37.4 Revenue passenger miles (RPMs) (thousands) 1,173,831 858,100 36.8 Available seat miles (ASMs) (thousands) 1,350,284 946,366 42.7 Load factor 86.9% 90.7% (3.8) Operating revenue per ASM (cents) 9.86 12.35 (20.2) Operating expense per ASM (CASM) (cents) 8.23 11.49 (28.4) Fuel expense per ASM (cents) 3.24 6.00 (46.0) CASM, excluding fuel (cents) 4.99 5.49 (9.1) Operating expense per passenger $83.00 $111.60 (25.6) Fuel expense per passenger $32.68 $58.27 (43.9) Operating expense per passenger, excluding fuel $50.31 $53.33 (5.7) Departures 11,117 7,835 41.9 Block hours 24,356 17,153 42.0 Average stage length (miles) 818 815 0.4 Average number of operating aircraft during period 44.0 37.0 18.9 Total aircraft in service end of period 44 37 18.9 Average departures per aircraft per day 2.75 2.30 19.6 Average block hours per aircraft per day 6.0 5.0 20.0 Full-time equivalent employees at end of period 1,519 1,282 18.5 Fuel gallons consumed (thousands) 23,346 16,507 41.4 Average fuel cost per gallon $1.88 $3.44 (45.3) Scheduled service statistics Passengers 1,208,306 854,833 41.3 Revenue passenger miles (RPMs) (thousands) 1,095,291 745,188 47.0 Available seat miles (ASMs) (thousands) 1,218,951 794,730 53.4 Load factor 89.9% 93.8% (3.9) Departures 9,181 6,223 47.5 Average passengers per departure 132 137 (3.6) Block hours 21,425 14,210 50.8 Yield (cents) 7.40 9.90 (25.3) Scheduled service revenue per ASM (cents) 6.65 9.28 (28.3) Ancillary revenue per ASM (cents) 3.31 3.47 (4.6) ---- ---- Total revenue per ASM (cents) 9.96 12.75 (21.9) Average fare - scheduled service $67.09 $86.32 (22.3) Average fare - ancillary 33.35 32.28 3.3 ----- ----- Average fare - total $100.44 $118.60 (15.3) Average stage length (miles) 888 856 3.7 Fuel gallons consumed (thousands) 20,442 13,629 50.0 Average fuel cost per gallon $2.05 $3.88 (47.2) Percent of sales through website during period 85.3% 85.8% (0.5) * except load factor and percent of sales through website, which is percentage point change Allegiant Travel Company Consolidated Statements of Income Nine Months Ended September 30, 2009 and 2008 (in thousands, except per share amounts) (Unaudited) Nine months ended September 30, ------------------ Percent 2009 2008 change ---- ---- ------ OPERATING REVENUE: Scheduled service revenue $260,982 $253,175 3.1 Fixed fee contract revenue 30,886 41,068 (24.8) Ancillary revenue 126,156 83,846 50.5 Other revenue 5,187 3,495 48.4 ----- ----- Total operating revenue 423,211 381,584 10.9 ------- ------- OPERATING EXPENSES: Aircraft fuel 119,012 192,357 (38.1) Salary and benefits 69,345 51,558 34.5 Station operations 40,874 32,821 24.5 Maintenance and repairs 36,882 31,914 15.6 Sales and marketing 12,768 11,103 15.0 Aircraft lease rentals 1,419 2,461 (42.3) Depreciation and amortization 21,766 17,190 26.6 Other 16,943 15,024 12.8 ------ ------ Total operating expenses 319,009 354,428 (10.0) ------- ------- OPERATING INCOME 104,202 27,156 283.7 ------- ------ As a percent of total operating revenue 24.6% 7.1% OTHER EXPENSE: Loss on fuel derivatives, net - 11 N/M (Earnings) loss from unconsolidated affiliates, net (62) 30 N/M Interest income (1,974) (3,638) (45.7) Interest expense 3,158 4,206 (24.9) ----- ----- Total other expense 1,122 609 84.2 ----- --- INCOME BEFORE INCOME TAXES 103,080 26,547 288.3 ------- ------ As a percent of total operating revenue 24.4% 7.0% PROVISION FOR INCOME TAXES 37,290 9,339 299.3 ------ ----- NET INCOME $65,790 $17,208 282.3 ======= ======= As a percent of total operating revenue 15.5% 4.5% Earnings per share: Basic $3.28 $0.85 285.9 Diluted $3.23 $0.84 284.5 Weighted average shares outstanding: Basic 20,045 20,295 (1.2) Diluted 20,360 20,531 (0.8) Allegiant Travel Company Operating Statistics Nine Months Ended September 30, 2009 and 2008 (Unaudited) Three months ended September 30, ------------------ Percent 2009 2008 change* ---- ---- ------- OPERATING STATISTICS Total system statistics Passengers 4,108,161 3,282,810 25.1 Revenue passenger miles (RPMs) (thousands) 3,637,768 2,957,915 23.0 Available seat miles (ASMs) (thousands) 4,152,029 3,395,714 22.3 Load factor 87.6% 87.1% 0.5 Operating revenue per ASM (cents) 10.19 11.24 (9.3) Operating expense per ASM (CASM) (cents) 7.68 10.44 (26.4) Fuel expense per ASM (cents) 2.87 5.66 (49.3) CASM, excluding fuel (cents) 4.82 4.77 1.0 Operating expense per passenger $77.65 $107.97 (28.1) Fuel expense per passenger $28.97 $58.60 (50.6) Operating expense per passenger, excluding fuel $48.68 $49.37 (1.4) Departures 33,666 27,361 23.0 Block hours 75,308 62,083 21.3 Average stage length (miles) 829 837 (1.0) Average number of operating aircraft during period 41.9 36.1 16.1 Total aircraft in service end of period 44 37 18.9 Average departures per aircraft per day 2.94 2.77 6.1 Average block hours per aircraft per day 6.6 6.3 4.8 Full-time equivalent employees at end of period 1,519 1,282 18.5 Fuel gallons consumed (thousands) 71,323 58,995 20.9 Average fuel cost per gallon $1.67 $3.26 (48.8) Scheduled service statistics Passengers 3,795,377 2,958,101 28.3 Revenue passenger miles (RPMs) (thousands) 3,424,042 2,656,359 28.9 Available seat miles (ASMs) (thousands) 3,783,741 2,951,035 28.2 Load factor 90.5% 90.0% 0.5 Departures 28,645 22,413 27.8 Average passengers per departure 132 132 - Block hours 67,233 53,223 26.3 Yield (cents) 7.62 9.53 (20.0) Scheduled service revenue per ASM (cents) 6.90 8.58 (19.6) Ancillary revenue per ASM (cents) 3.33 2.84 17.3 ---- ---- Total revenue per ASM (cents) 10.23 11.42 (10.4) Average fare - scheduled service $68.76 $85.59 (19.7) Average fare - ancillary 33.24 28.34 17.3 ----- ----- Average fare - total $102.00 $113.93 (10.5) Average stage length (miles) 882 884 (0.2) Fuel gallons consumed (thousands) 63,554 50,465 25.9 Average fuel cost per gallon $1.80 $3.54 (49.2) Percent of sales through website during period 86.2% 86.6% (0.4) * except load factor and percent of sales through website, which is percentage point change - Allegiant Travel Company

Andrew C. Levy Named President of Allegiant Travel Company

Sophia Rhodini — Thu, 22 Oct 2009 03:20:31 +0000

LAS VEGAS, -- Allegiant Travel Company (Nasdaq: ALGT) today announced Andrew C. Levy will expand his role with the Las Vegas-based travel company and will assume the title of President in addition to his current position as Chief Financial Officer. Maurice J. Gallagher Jr., who previously held the title, remains Chief Executive Officer and Chairman. "Andrew has been at the heart of the team that restructured Allegiant starting in 2001 and brought it to its current level of success. Andrew has always been a thought leader, but over the years he has shown a knack for personnel leadership, developing excellent planning, financial and, more recently, operational teams. He is fully ready to assume his new responsibilities as President and to help drive the next stage in the development of the company," said Mr. Gallagher. "I am very pleased to add to my role at Allegiant," said Mr. Levy. "I have great expectations for what we can accomplish and look forward to working with our incredible team of employees to continue to build our truly unique company. " Mr. Levy has served as an officer of Allegiant since June 2001 and was elected to the post of Chief Financial Officer in August 2007. In his new role, he will now assume responsibility for all sales and marketing initiatives in addition to current responsibilities that include planning, pricing, scheduling, in-flight and station operations. Allegiant further announces that Montie R. Brewer has been elected to the Allegiant Travel Company's Board of Directors. Mr. Brewer served as the Chief Executive Officer and President of Air Canada, a subsidiary of Ace Aviation Holdings Inc. until April 1, 2009. Prior to Air Canada, Mr. Brewer served as Senior Vice President of Planning at United Airlines. Mr. Brewer's airline experience includes work with Northwest Airlines, Republic Airlines, Braniff and Trans World Airlines. He has planned and developed more than 20 hub operations worldwide and managed low cost airline operations as President of Shuttle by United. "We are fortunate to be able to add one of the foremost strategists in the airline industry to our board," Gallagher stated. "Montie Brewer, who I have known professionally for over two decades, is particularly noted for his command of airline revenue models and for mentoring a generation of airline planning personnel. Under his leadership, Air Canada became the clear North American leader in pricing innovation and at United, Montie was instrumental in creating the Star Alliance. I could not be more pleased that Montie has agreed to join our Board." - Allegiant Travel Company

Magnum SRI Custom Compound Tire Equipped Truck Commences Validation Testing at the Malaysian Rubber Research Institute

Sophia Rhodini — Thu, 22 Oct 2009 03:37:15 +0000

FORT LAUDERDALE, Fla., -- Magnum D'Or Resources, Inc. (OTC Bulletin Board: MDOR), a next generation rubber recycling Solutions Company, announced today the Magnum SRI custom compound light truck tires were installed onto the pre-specified truck and driven to the Rubber Research Institute of the Malaysian Rubber Board's Tire Lab (RRI) where the "On Road" validation and testing of the tires will be carried out as per their protocol. No standard protocol currently exists to specifically deal with Magnum SRI Tires. At 14% recycled content, this is nearly 6 fold what exists today in terms of surface treated crumb in tires, whether truck or automotive. The performance specifications achieved thus far by the Magnum SRI custom compound tires clearly equal the original control specimen and is being treated as an OEM tire and tested with the same procedure(s). We were honoured by the interest shown by the Director of the Research Facility Dr. Alias Othman and the Head of the Advance Technology Unit. Both individuals were present to witness the historic event where substantial recycled content was incorporated into a premium production tire for the very first time without any loss in properties while affording a reduction in raw material cost in-between 6% to 8% to the manufacturer. To view Pictures taken at the RRI visit: http://magnumresources.net/gallery/?level=album&id=6 The two Magnum SRI Tires and two control tires were thoroughly marked and measured prior to the truck being driven off on its maiden 800km round trip journey. The trip will include travel north to collect the latest production of Magnum SRI custom tires for further testing. The truck is equipped with a black box packed with monitoring hardware and tracking systems to check all aspects of the vehicles operating conditions to be included as part of the evaluation. This will prove to be the crown jewel of the Magnum SRI venture by documenting the results showing that the performance exceeds all expectations, and byre-writing the rules about what can and cannot be done in the recycling industry. Particularly noteworthy is the fact that the Magnum SRI Compound Test Tire is a composite compound using the OEM manufacturers Light Truck compound formula with a substitution of 20% of Magnum SRI custom Compound (14% recycled rubber content). In this case it means that tread compound has 14% of recycled content and the sidewall of the tire has a little more than 14% recycled content. Virgin compound modified to allow for customization added to the activated compound will make the final custom compound proportion 20%. There is truly significant in that the Magnum SRI activated compound was not only incorporated into the tread compound but it was also introduced into the sidewall compound of these 'Next Generation' Magnum SRI Truck Tires Magnum SRI the complete rubber recycling solution. About MDOR: Magnum's proprietary "GREEN" technology provides a one-of-a-kind solution to all of the challenges in eliminating stockpiles of scrap tires and rubber scrap. Magnum has positioned itself to become a global leader in rubber and scrap tire recycling and its proprietary technology and know-how could potentially revolutionize the industry Worldwide. Magnum Recycling Canada: Magnum's Magog, Quebec facility is 98,000+ sq. ft. Magnum is currently producing rubber buffing, nuggets, and crumb from recycled scrap tires. Company holds over $130 Million USD in open contracts. (http://magnumresources.net/gallery/?level=album&id=2) Magnum's Recycling USA: Magnum's Hudson, Colorado facility consists of 120 acres of high grade commercially zoned land, buildings, equipment, and inventory in excess of 30,000,000+ tires. The facility is one of the largest tire landfills in the world. (http://magnumresources.net/gallery/?level=album&id=3) Magnum Engineering International ('MEI') http://magnumei.com/ is a wholly owned subsidiary of Magnum specializing in developing turnkey recycling plants and complete environmental & economical 'Green' solutions. Magnum/SRI are currently using their Revolutionary technologies to produce next generation rubber recycling solutions for custom compounds, retread compounds, processing aids, advanced state-of-the-art equipment, and reactivated ambient/cryogenic rubber powders for the global market. Magnum/SRI premium compounds can be substituted in high specification compound applications without appreciable loss in properties or performance. The reason why our clients (market) will prefer to use Magnum/SRI compounds is because they will be able to enjoy a substantial and meaningful reduction in raw material cost without compromising product performance and quality. In the competitive environment of rubber product manufacturing this is a major development having a direct positive impact on our customer's bottom line. To visit SRI: http://www.srielastomers.com Magnum/SRI Independent Test Results from Rubber Research Institute of the Malaysian Rubber Board Mark Historic Event for the Global Rubber Industry: http://magnumresources.net/investors/565, http://magnumresources.net/news/607 Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 Statements contained in this document that are not historical fact are forward-looking statements based upon management's current expectations that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. The results anticipated by any or all of these forward-looking statements may not occur. The company is not required to update its forward-looking statements. - Magnum D'Or Resources, Inc.

Board of Public Utilities Recognizes New Jersey's Clean Energy Leaders

Sophia Rhodini — Thu, 22 Oct 2009 03:38:18 +0000

ATLANTIC CITY, N.J., -- The New Jersey Board of Public Utilities (BPU) yesterday announced and celebrated the winners of the 2009 NJ Clean Energy Leadership Awards in seven categories at a special dinner held during Clean Energy Now, the 2009 Clean Energy Conference & Leadership Awards. These awards honor individuals, local and county governments, businesses, institutions and organizations that have improved New Jersey's economic competitiveness and have demonstrated effective solutions for climate change through the effective and innovative use of energy efficiency and renewable technologies. "We received over fifty nominations in the different award categories. And, while we had very clear winners in some categories, there were other categories where the race was fairly close, further reinforcing the excellent work that so many organizations have undertaken to reduce greenhouse gas emissions, which are changing our climate," said BPU President Jeanne M. Fox. "The success of New Jersey's Clean Energy Program requires partners who share our commitment and dedication," added BPU Commissioner Joseph Fiordaliso. "While tonight, we recognize New Jersey's clean energy leaders, we also celebrate all our partners and the work that they do." Trade Ally Award - Nautilus Solar Energy, LLC Open to suppliers, retailers, designers and installers, the Trade Ally Award recognizes an organization for its part in driving the growth of green jobs and for supporting the clean energy infrastructure. "Nautilus Solar Energy, LLC, a provider of solar solutions for commercial and municipal buildings, was selected as the Trade Ally Award winner for its solid record of energy savings and creation of green jobs. The company distinguishes itself in two critical ways. Firstly, it provides innovative financing plans that allow customers to purchase solar electricity at a price that is lower than their current utility rate. Secondly, the company has supported industry growth with an intensive outreach and education plan," said Commissioner Nicholas Asselta. He then presented the Trade Ally Award to Laura Stern, President of Nautilus Solar Energy, LLC. Outreach Partner of the Year - HelpLight NJ The Outreach Award recognizes efforts to build awareness of energy efficiency and renewable energy measures by extending the message of clean energy to a wide audience in the hope of influencing others to make wise energy decisions that reduce our impact on climate change. "HelpLight NJ was organized by a group of high school students to raise money for the purchase and distribution of over 60,000 energy saving compact fluorescent bulbs to needy families and seniors. In addition to the work they've done in their own community, the group headed out across the state to inspire and engage other high school students, recruiting 19 schools to participate. This organization embodies the goals of the Energy Master Plan, spreads the important message of energy efficiency, provides New Jersey's neediest families with the tools to save energy and money, and connects them with the state's assistance programs, as well," said Commissioner Asselta. He then presented Matt Erikson of HelpLight NJ with the Outreach Partner of the Year Award. Market Innovator of the Year - Petra Solar The Market Innovator Award provides recognition to the organization demonstrating new opportunities for reducing greenhouse gas emissions with viable solutions for large numbers of residential, business and/or government facilities. Petra Solar has created a specific solar PV application that is "street ready" and is set to be installed on hundreds of thousands of light and power poles in the PSE&G service territory. "Petra Solar received high marks for replicability because the technology and the approach can be used by small communities with a few hundred poles or by utilities and communities with thousands of poles," said Commissioner Asselta before presenting Kate Vohden of Petra Solar with the Market Innovator of the Year Award. Local Government Partner of the Year - Bergen County Utilities Authority The Local Government Partner Award recognizes the role the state's local government officials play in promoting the wise use of energy to residents and businesses in their community. These officials' commitment to spread the message of clean energy and build awareness of programs that reduce energy use has been described as "critical" to the success of New Jersey's Clean Energy Program. "In its first year of operation, the Bergen County Utilities Authority's combined heat and power plant (CHP) cut their electricity use in half. In addition to this major reduction off the electrical grid, the facility also reduced greenhouse gas emissions, captured methane to use as a renewable resource and supported several goals of the state's Energy Master Plan. They have also provided a template for other wastewater pollution control facilities to replicate, and have developed a comprehensive education and outreach program centered on the project," said Commissioner Elizabeth Randall as she presented the Local Government Partner of the Year Award to Eric Andersen, Director of Water Pollution Control & Chief Engineer of the Bergen County Utilities Authority. Energy Educator of the Year - Rutgers University The Energy Educator Award recognizes a school, college or university for its efforts to improve the energy efficiency and use of renewable technologies in their facilities and for implementing specific programs and activities to involve students and include energy education in their curricula. After citing numerous specific examples of the model work being done at Rutgers University, Commissioner Randall remarked that, "The level of educational outreach, the widespread application of energy conservation measures and the continued support of New Jersey's Energy Master Plan earned Rutgers University the award for 2009 Energy Educator of the Year." She then presented the award to Michael Kornitas, Energy Conservation Manager at Rutgers University. Business Leader of the Year - Harrah's Entertainment, Inc. The Business Leader Award recognizes an organization that sets solid goals and follows through with real solutions to reduce energy consumption. The Business Leader of the Year Award also recognizes the importance of promoting the message of saving energy to workers and driving a corporate culture shift that extends to employees' homes. "Harrah's Resort Atlantic City's unique approach, replicability, wide-scale deployment, job creation and dedication to outreach and education serve as a model for others in the business community. In addition to installed measures reducing energy consumption, they have converted to environmentally friendly air conditioning refrigerants and bio-renewable cleaning products, adopted food and oil reuse, an aggressive recycling campaign, composting and water conversation, purchased hybrid vehicles, removed Styrofoam from the use stream, and much more," said Robert Hersh, Project Manager from Bristol-Myers Squibb, last year's winner, before presenting the Business Leader of the Year Award to Eric Dominquez of Harrah's Entertainment. Clean Energy Advocate of the Year - Daniel Cohen This newly established award was created to honor an individual that has pursued an agenda to support the development or utilization of clean energy in New Jersey. "Daniel Cohen has been an avid supporter for the development of offshore wind in New Jersey. Advocating at the state and national level, he has helped move New Jersey closer to the development of offshore wind at both a near shore pilot project in State waters and a utility scale project in federal waters," said Jeanne Fox, BPU President. She then presented Daniel Cohen with his award. Since 2001, New Jersey's Clean Energy Program has invested nearly $1.2 billion to promote energy efficiency and renewable technologies for businesses, local governments and residents. The program has saved more than 22 million megawatt hours of electricity and over 70 million decatherms of natural gas from energy efficiency programs and another 9 million megawatt hours from renewable energy sources and combined heat and power. For more details on the 2009 New Jersey Clean Energy Leadership Awards or information on clean energy incentives for school districts, local governments, businesses and residents, visit www.njcleanenergy.com or call 1-866-NJSMART. - New Jersey Board of Public Utilities

Guatemalan Drought Victims to Receive Urgent Relief

Sophia Rhodini — Thu, 22 Oct 2009 03:39:15 +0000

Chevron, OAS, PADF Respond to Guatemala's Plea for Food WASHINGTON, -- Four cargo containers with desperately needed food will be sent to Guatemala's drought-stricken regions to help stave off malnutrition and starvation due to the worst drought in this country in 30 years, the Pan American Development Foundation (PADF) announced. Three of the four containers are filled with fortified rice and soy protein meal packages. Each of the three containers holds 270,864 servings of dehydrated fortified rice meals. The fourth container has 48,500 pounds of corn. The first container with fortified rice and soy protein meal packages is scheduled to arrive to Guatemala on Oct. 28. Chevron, operating in the region under its Texaco brand, the Organization of American States (OAS), Feed My Starving Children, International Services of Hope/IMPACT and the U.S. Southern Command are working together to support PADF's shipment of emergency food. The entire humanitarian relief effort is valued at more than $250,000. "Thanks to PADF's swift action, and the joint effort of our partners, it is our hope to be able to provide relief to thousands of people in the drought-stricken areas of Guatemala," said Mauricio Nicholls, general manager, retail and commercial and industrial, Caribbean, Central America and Andean regions for Chevron Products Company. More than 2.5 million people Guatemalans have been affected by the drop in food reserves, while the UN predicts the situation will worsen during the next few months. PADF's containers will be sent to Guatemala's eastern region, which includes the provinces of Baja Verapaz, El Progreso, Zacapa, Chiquimula, Jutiapa, Santa Rosa, Jalapa and El Quiche. "This grave situation becomes even more compelling because young children are the first victims of malnutrition," says Assistant Secretary General of the OAS Ambassador Albert Ramdin. Chevron is supporting the humanitarian relief efforts through PADF's Disaster Management Emergency Response Program (DMERP). Since the launch of the DMERP in 2007, Chevron has provided disaster relief materials to the Dominican Republic, Ecuador, Peru, Haiti and Nicaragua. It has also supported agricultural recovery projects in Jamaica and Dominica. Chevron's efforts in natural disaster and humanitarian relief will be recognized by PADF during its 2009 Heroes of the Hemisphere event in Miami on Saturday, Oct. 24. - Pan American Development Foundation

Air Quality Sciences Announces Material Emissions Verification Test for FEMA Manufactured Home Suppliers

Sophia Rhodini — Thu, 22 Oct 2009 03:39:42 +0000

ATLANTA, -- Hurricanes Katrina and Rita taught valuable lessons about emergency preparedness, disaster recovery and the importance of providing safe emergency housing for disaster victims. High levels of formaldehyde in some temporary housing raised health concerns for citizens of these ravaged areas. According to public health officials, acute and chronic health effects of formaldehyde exposure can vary depending on individual sensitivity. Formaldehyde exposure can result in upper respiratory tract irritation and can exacerbate respiratory diseases including asthma. To minimize formaldehyde and exposure to other volatile organic compounds (VOCs) in emergency housing, FEMA developed new procurement guidelines for allowable airborne levels in manufactured housing. Concentrations of formaldehyde must test below 0.016 parts per million (ppm) and total volatile organic compounds (TVOC) must be below 500 µg/m3. The new procurement specifications impact design and production of all travel trailer, U.S. Department Housing and Urban Development (HUD) code and park models being built under the new FEMA regulations. To help manufacturers who supply the manufactured housing industry with cabinetry, furniture, shelving, engineered woods, insulation and other furnishings and building materials, Air Quality Sciences has introduced a simple emissions test for qualifying to the new FEMA specifications. Air Quality Sciences, a leading world authority on indoor air quality based in Atlanta, Georgia, has tested more than 60,000 products for chemical emissions since the organization's inception in 1989. Suppliers who utilize the AQS "FEMA test" can determine how their products individually contribute to the indoor air levels of formaldehyde and TVOC. To replicate the environments of FEMA specified housing models, AQS employs state-of-the-art environmental chamber testing technology coupled with exposure models representative of the housing types. Tony Worthan, MPH, AQS President and Chief Operating Officer shared, "We support the manufactured housing industry by providing this important verification test for suppliers. The manufacturers can be confident in the products they are specifying, allowing them to build homes with a high quality of indoor air." To learn more about the material "FEMA test," contact Air Quality Sciences at 770-933-0638. For manufacturers who wish to differentiate themselves further through emissions testing for additional, potentially hazardous chemicals and obtain official certification, contact the GREENGUARD Environmental Institute (GEI) at 800-427-9681. More than 200,000 products are certified as low-emitting by GEI -- some products that carry the GREENGUARD certification are suitable for manufactured homes. - Air Quality Sciences, Inc.

Broadband Innovation, Investment and Policy Provide Backbone for SUPERCOMM's Opening Day Agenda

Sophia Rhodini — Thu, 22 Oct 2009 03:40:07 +0000

CHICAGO, -- SUPERCOMM kicked off early this morning with a slate of keynotes from some of the world's leading telecommunications and broadband companies including AT&T, BT Innovate & Design, CenturyLink, Qwest Communications, Sprint, TiVo, and Verizon. With a focus on broadband innovation, investment, delivery and policy, Verizon Communications CEO and Chairman Ivan Seidenberg's speech set the tone for the three-day conference being held in Chicago this week. "With a focus on broadband-enabling technologies and services, the companies exhibiting and attending SUPERCOMM have a major impact on the economy," said Jan Maciejewski, managing director, SUPERCOMM. "The staggering statistics of how broadband investments stimulate employment rates and job creation underscores the importance of this show as a forum for companies to network, develop business opportunities and continue to contribute to broadband life through innovation." To view the keynote speeches online, visit www.nextgenweb.org. Show Floor News Companies exhibiting at SUPERCOMM are showcasing and using the venue to launch next-generation technologies, equipment and services that enable broadband deployment, increase speed and efficiency and provide us with the ability to experience broadband life. Exhibitor announcements can be found online at http://www.virtualpressoffice.com/showJointPage.do?page=jp&np=T&showId=1215381716441. Upcoming Events and Keynotes Tomorrow's lineup will continue to bring together industry leaders for engaging dialogue on broadband and industry trends. On Thursday, October 22nd the keynote stage will feature Aneesh Chopra, CTO and Associate Director for Technology, White House Office of Science and Technology Policy; John Stankey, President and CEO, AT&T Operations; Patrick Esser, President, Cox Communications; and Sue Spradley, President of North America, Nokia Siemens Networks. Also on Thursday, the Digital Media & Broadband Entertainment Forum will commence, fostering discussion on how this growing sector will affect business, marketing and technology for suppliers, enterprise and high-end users. The ICT Green Boot Camp session will look at green regulations, opportunities in the nascent carbon market, and applications that potentially help to reduce the energy burden of broadband. Additional panels will take place within the ATIS Technology Conference and National Broadband Strategy Conference featuring executives from Nokia Seimens, Alcatel-Lucent, IBM, Telefonica and AT&T. ATIS is the leading technical planning and standards development organization committed to the rapid development of global, market-driven standards for the information, entertainment and communications industry. Follow SUPERCOMM on Twitter (http://twitter.com/SUPERCOMM2009) and Facebook (http://www.facebook.com/SUPERCOMM). - SUPERCOMM

Noble Corporation Reports Third Quarter Earnings of $1.63 per Share

Sophia Rhodini — Thu, 22 Oct 2009 03:41:42 +0000

ZUG, Switzerland, -- Noble Corporation (NYSE: NE) today reported third quarter 2009 earnings of $426 million, or $1.63 per diluted share, versus earnings of $383 million, or $1.42 per diluted share, for the third quarter of last year. The results for the third quarter 2009 include a net tax benefit of $0.05 per share related to the settlement of tax assessments in various locales and other discrete items. Contract drilling services revenues for the third quarter 2009 were $875 million, up 4.8 percent from the third quarter 2008. Contract drilling margins for the third quarter 2009 were approximately 71 percent, generating $517 million in net cash provided by operating activities. Noble invested $367 million in capital projects during the quarter. "At Noble, we are continuing to drive performance," said David W. Williams, Chairman, President and Chief Executive Officer. "Our earnings continue to benefit from the strength of our backlog, the revenue contribution from our newbuilds going into service and, most importantly, the outstanding performance of our crews." During the third quarter 2009, the Company repurchased 2.0 million shares, bringing year-to-date total repurchases to 3.7 million shares at an average price per share of $30.35 and a total cost of $113 million. Highlights In the North Sea, the last of the Company's three newbuild jackups, the Noble Scott Marks, commenced operations in the third quarter under a two-year contract with Venture Production at a dayrate of approximately $213,000. Also in that region, the Company announced a series of new commitments during the quarter: the Noble Al White is undergoing upgrades and regulatory inspection before returning to work under an 18-month contract with Total in mid-December 2009 at a dayrate of $112,000; the Noble George Sauvageau has secured a contract for one year at a dayrate of $118,000; and the Noble Piet van Ede has secured an additional commitment which is expected to last into the fourth quarter of 2010 at dayrates ranging from $109,000 to $152,000. In West Africa, the Noble Lloyd Noble returned to work after securing a series of jobs in Nigeria at dayrates of between $90,000 and $95,000 through February 2010. Subsequent to the quarter close, the dynamically positioned ultra-deepwater semisubmersible Noble Danny Adkins departed Singapore after conducting a series of successful sea trials. The unit is under wet tow to the U.S. Gulf of Mexico where it is expected to undergo final provisioning before commencing its four-year contract with Shell in the first quarter of 2010. The unit is contracted at a dayrate of $447,000. "We believe that the current commodity price environment in the midst of the 2010 budget cycle bodes well for activity levels next year," said Williams. About Noble Noble is a leading offshore drilling contractor for the oil and gas industry. Noble performs, through its subsidiaries, contract drilling services with a fleet of 62 offshore drilling units (including three rigs currently under construction) located worldwide, including in the Middle East, India, the U.S. Gulf of Mexico, Mexico, the Mediterranean, the North Sea, Brazil, and West Africa. Noble's shares are traded on the New York Stock Exchange under the symbol "NE". Additional information on Noble Corporation is available via the worldwide web at http://www.noblecorp.com. Statements regarding earnings, costs, revenue, rig demand, fleet performance, contract commitments and backlog, dayrates, contract commencements, newbuilds, industry fundamentals, future performance, growth opportunities, market outlook, as well as any other statements that are not historical facts in this release, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to operating hazards and delays, risks associated with operations outside of the U.S., actions by customers and other third parties, factors affecting the level of activity in the oil and gas industry, supply and demand of drilling rigs, factors affecting the duration of contracts, the actual amount of downtime, factors that reduce applicable dayrates, violations of anti-corruption laws, hurricanes and other weather conditions, the future price of oil and gas and other factors detailed in the Company's most recent Form 10-K, Form 10-Q and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. Conference Call Noble will host a conference call and web cast related to its third quarter 2009 results on Thursday, October 22, 2009, at 8:00 a.m. Central Time. Interested parties are invited to listen to the call by dialing 1-866-461-7129, or internationally 1-706-679-3084, using access code: 72481445 or by asking for the Noble Corporation conference call. Interested parties may also listen over the Internet through a link posted in the Investor Relations section of the Company's Web site. A replay of the conference call will be available on Thursday, October 22, 2009, beginning at 11:00 a.m., Central Time, through Friday, October 30, 2009, ending at 5:00 p.m., Central Time. The phone number for the conference call replay is 1-800-642-1687 or, for calls from outside of the U.S., 1-706-645-9291, using access code: 72481445. The replay will also be available on the Company's Web site following the end of the live call. The conference call may include non-GAAP financial measures. Noble will post a reconciliation of any such measures to the most directly comparable GAAP measures in the "Investor Relations" section of the Company's Web site under the heading "Regulation G Reconciliations." All individuals listening to the conference call or the replay are reminded that all conference call material is copyrighted by the Company and cannot be recorded or rebroadcast without the Company's express written consent. NOBLE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, ------------- ------------- 2009 2008 2009 2008 ---- ---- ---- ---- Operating revenues Contract drilling services $874,969 $835,198 $2,615,571 $2,416,312 Reimbursables 22,455 18,087 61,967 71,509 Labor contract drilling services 7,490 8,197 21,843 47,346 Other 721 499 1,277 1,180 --- --- ----- ----- 905,635 861,981 2,700,658 2,536,347 ------- ------- --------- --------- Operating costs and expenses Contract drilling services 250,842 253,729 742,752 746,117 Reimbursables 18,717 16,494 52,081 63,786 Labor contract drilling services 4,642 5,410 13,899 37,294 Depreciation and amortization 103,245 92,671 295,646 263,406 Selling, general and administrative 21,700 16,027 60,901 56,967 (Gain)/loss on asset disposal/ involuntary conversion, net 2,076 10,000 31,053 (25,521) ----- ------ ------ ------- 401,222 394,331 1,196,332 1,142,049 ------- ------- --------- --------- Operating income 504,413 467,650 1,504,326 1,394,298 Other income (expense) Interest expense, net of amount capitalized (379) (601) (1,261) (2,432) Interest income and other, net 2,605 2,304 4,995 7,013 ----- ----- ----- ----- Income before income taxes 506,639 469,353 1,508,060 1,398,879 Income tax provision (80,556) (86,831) (275,833) (256,451) ------- ------- -------- -------- Net income $426,083 $382,522 $1,232,227 $1,142,428 ======== ======== ========== ========== Net income per share Basic $ 1.63 $ 1.43 $ 4.72 $ 4.26 Diluted $ 1.63 $ 1.42 $ 4.70 $ 4.23 NOBLE CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) September 30, December 31, 2009 2008 ---- ---- ASSETS Current assets Cash and cash equivalents $ 756,093 $ 513,311 Accounts receivable 717,718 644,840 Insurance receivables 32,302 13,516 Prepaid expenses 41,897 21,207 Other current assets 55,505 47,467 ------ ------ Total current assets 1,603,515 1,240,341 --------- --------- Property and equipment Drilling equipment and facilities 8,182,537 7,427,908 Other 114,908 105,340 ------- ------- 8,297,445 7,533,248 Accumulated depreciation (2,091,011) (1,886,231) ---------- ---------- 6,206,434 5,647,017 --------- --------- Other assets 279,426 219,441 ------- ------- Total assets $8,089,375 $7,106,799 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Current maturities of long-term debt $- $ 172,698 Accounts payable 232,713 259,107 Accrued payroll and related costs 87,569 75,449 Taxes payable 103,714 107,211 Interest payable 7,267 11,325 Other current liabilities 66,419 53,203 ------ ------ Total current liabilities 497,682 678,993 ------- ------- Long-term debt 750,906 750,789 Deferred income taxes 293,281 265,018 Other liabilities 130,566 121,284 ------- ------- Total liabilities 1,672,435 1,816,084 --------- --------- Commitments and contingencies Shareholders' equity Shares - par value 4.90 Swiss francs per share; 414,399 shares authorized, 138,133 additional shares conditionally authorized, 276,266 shares issued and 261,425 shares outstanding as of September 30, 2009; 1,141,611 - Ordinary shares - par value $.10 per share; 400,000 shares authorized; 261,899 shares issued and outstanding at December 31, 2008 - 26,190 Capital in excess of par value - 402,115 Retained earnings 5,398,530 4,919,667 Treasury shares - 2,000 shares held (69,430) - Accumulated other comprehensive loss (53,771) (57,257) ------- ------- Total shareholders' equity 6,416,940 5,290,715 --------- --------- Total liabilities and shareholders' equity $8,089,375 $7,106,799 ========== ========== NOBLE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Nine Months Ended September 30, ------------- 2009 2008 ---- ---- Cash flows from operating activities Net income $1,232,227 $1,142,428 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 295,646 263,406 (Gain)/loss on asset disposal/involuntary conversion, net 31,053 (25,521) Deferred income tax provision 29,916 14,102 Share-based compensation expense 28,543 28,274 Pension contributions (13,022) (17,445) Other changes in current assets and liabilities: Accounts receivable (88,773) (49,063) Other current assets (45,607) (26,572) Other assets 2,609 (8,853) Accounts payable 10,099 (2,406) Other current liabilities 39,273 8,397 Other liabilities (6,751) 4,918 ------ ----- Net cash from operating activities 1,515,213 1,331,665 --------- --------- Cash flows from investing activities New construction (457,233) (563,349) Other capital expenditures (342,399) (243,843) Major maintenance expenditures (93,112) (72,918) Accrued capital expenditures (44,493) 92,719 Hurricane insurance receivables - 21,747 Proceeds from disposal of assets - 39,134 --- ------ Net cash from investing activities (937,237) (726,510) -------- -------- Cash flows from financing activities Payments on bank credit facilities - (50,000) Payments of other long-term debt (172,700) (7,682) Net proceeds from employee stock transactions 2,896 10,070 Dividends/par value reduction payments paid (35,093) (233,638) Repurchases of ordinary shares (130,297) (271,310) -------- -------- Net cash from financing activities (335,194) (552,560) -------- -------- Net increase in cash and cash equivalents 242,782 52,595 Cash and cash equivalents, beginning of period 513,311 161,058 ------- ------- Cash and cash equivalents, end of period $ 756,093 $ 213,653 ======== ======== NOBLE CORPORATION AND SUBSIDIARIES FINANCIAL AND OPERATIONAL INFORMATION BY SEGMENT (In thousands, except utilization amounts, operating days and average dayrates) (Unaudited) Three Months Ended September 30, ------------- 2009 ---- Contract Drilling Services Other Total -------- ----- ----- Operating revenues Contract drilling services $874,969 $ - $874,969 Reimbursables 21,511 944 22,455 Labor contract drilling services - 7,490 7,490 Other 509 212 721 --- --- --- $896,989 $8,646 $905,635 ======== ====== ======== Operating costs and expenses Contract drilling services $250,842 $ - $250,842 Reimbursables 17,811 906 18,717 Labor contract drilling services - 4,642 4,642 Depreciation and amortization 100,669 2,576 103,245 Selling, general and administrative 21,629 71 21,700 (Gain)/loss on asset disposal/involuntary conversion, net 2,076 - 2,076 ----- --- ----- $393,027 $8,195 $401,222 ======== ====== ======== Operating income $503,962 $ 451 $504,413 ======== ==== ======== Operating statistics Jackups: Average Rig Utilization 80% Operating Days 3,183 Average Dayrate $143,388 Semisubmersibles - (6,000 feet or greater): Average Rig Utilization 98% Operating Days 631 Average Dayrate $434,435 Semisubmersibles - (less than 6,000 feet): Average Rig Utilization 100% Operating Days 276 Average Dayrate $261,167 Drillships: Average Rig Utilization 100% Operating Days 276 Average Dayrate $243,186 Submersibles: Average Rig Utilization 42% Operating Days 78 Average Dayrate $ 65,944 Total: Average Rig Utilization 83% Operating Days 4,444 Average Dayrate $196,900 Three Months Ended September 30, ------------- 2008 ---- Contract Drilling Services Other Total -------- ----- ----- Operating revenues Contract drilling services $835,198 $ - $835,198 Reimbursables 17,227 860 18,087 Labor contract drilling services - 8,197 8,197 Other 94 405 499 --- --- --- $852,519 $9,462 $861,981 ======== ====== ======== Operating costs and expenses Contract drilling services $253,729 $ - $253,729 Reimbursables 15,604 890 16,494 Labor contract drilling services - 5,410 5,410 Depreciation and amortization 90,923 1,748 92,671 Selling, general and administrative 15,886 141 16,027 (Gain)/loss on asset disposal/involuntary conversion, net 10,000 - 10,000 ------ --- ------ $386,142 $8,189 $394,331 ======== ====== ======== Operating income $466,377 $1,273 $467,650 ======== ====== ======== Operating statistics Jackups: Average Rig Utilization 91% Operating Days 3,444 Average Dayrate $150,350 Semisubmersibles - (6,000 feet or greater): Average Rig Utilization 95% Operating Days 613 Average Dayrate $329,586 Semisubmersibles - (less than 6,000 feet): Average Rig Utilization 100% Operating Days 276 Average Dayrate $237,674 Drillships: Average Rig Utilization 67% Operating Days 184 Average Dayrate $214,758 Submersibles: Average Rig Utilization 67% Operating Days 184 Average Dayrate $ 55,117 Total: Average Rig Utilization 90% Operating Days 4,701 Average Dayrate $177,683 Three Months Ended June 30, -------- 2009 ---- Contract Drilling Services Other Total -------- ----- ----- Operating revenues Contract drilling services $868,205 $ - $868,205 Reimbursables 22,295 539 22,834 Labor contract drilling services - 7,419 7,419 Other 414 - 414 --- --- --- $890,914 $7,958 $898,872 ======== ====== ======== Operating costs and expenses Contract drilling services $251,054 $ - $251,054 Reimbursables 18,754 527 19,281 Labor contract drilling services - 4,881 4,881 Depreciation and amortization 96,952 2,465 99,417 Selling, general and administrative 21,411 73 21,484 (Gain)/loss on asset disposal/involuntary conversion, net 16,943 - 16,943 ------ --- ------ $405,114 $7,946 $413,060 ======== ====== ======== Operating income $485,800 $ 12 $485,812 ======== === ======== Operating statistics Jackups: Average Rig Utilization 80% Operating Days 3,076 Average Dayrate $157,381 Semisubmersibles - (6,000 feet or greater): Average Rig Utilization 94% Operating Days 596 Average Dayrate $408,510 Semisubmersibles - (less than 6,000 feet): Average Rig Utilization 100% Operating Days 273 Average Dayrate $251,945 Drillships: Average Rig Utilization 100% Operating Days 273 Average Dayrate $226,187 Submersibles: Average Rig Utilization 88% Operating Days 161 Average Dayrate $ 63,324 Total: Average Rig Utilization 84% Operating Days 4,379 Average Dayrate $198,270 NOBLE CORPORATION AND SUBSIDIARIES CALCULATION OF BASIC AND DILUTED NET INCOME (In thousands, except per share amounts) (Unaudited) The following table sets forth the computation of basic and diluted net income per share: Three months ended Nine months ended September 30, September 30, ------------- ------------- 2009 2008 2009 2008 ---- ---- ---- ---- Allocation of net income Basic Net income $426,083 $382,522 $1,232,227 $1,142,428 Earnings allocated to unvested share-based payment awards (4,520) (3,362) (12,176) (9,674) ------ ------ ------- ------ Net income to common shareholders - basic $421,563 $379,160 $1,220,051 $1,132,754 ======== ======== ========== ========== Diluted Net income $426,083 $382,522 $1,232,227 $1,142,428 Earnings allocated to unvested share-based payment awards (4,505) (3,342) (12,141) (9,622) ------ ------ ------- ------ Net income to common shareholders - diluted $421,578 $379,180 $1,220,086 $1,132,806 ======== ======== ========== ========== Weighted average number of shares outstanding - basic 257,913 264,746 258,550 265,883 Incremental shares issuable from assumed exercise of stock options 925 1,656 778 1,862 --- ----- --- ----- Weighted average number of shares outstanding - diluted 258,838 266,402 259,328 267,745 ======= ======= ======= ======= Weighted average unvested share- based payment awards 2,765 2,348 2,581 2,223 ===== ===== ===== ===== Earnings per share Basic $ 1.63 $ 1.43 $ 4.72 $ 4.26 Diluted $ 1.63 $ 1.42 $ 4.70 $ 4.23 - Noble Corporation

Governor Joe Manchin Dedicates New Customer Services Center for Mountaineer Gas and NCO in Charleston

Sophia Rhodini — Thu, 22 Oct 2009 03:42:03 +0000

HORSHAM, Pa -- NCO Group, Inc. ("NCO"), a leader in business process outsourcing solutions, has officially opened a new call center at a ribbon cutting ceremony on October 21st at 10 am, in Charleston, West Virginia, for Mountaineer Gas Company ("Mountaineer Gas"). The Customer Service Center represents the first expansion of NCO into West Virginia. The Customer Services Center will initially employ 50 workers. Once the planned expansion of the workforce occurs with other business, NCO expects to employ 125 workers and have the potential to accommodate 200 employees for additional expansion. The initial new hires will handle projects such as customer care support and services for Mountaineer Gas. The State of West Virginia, through its "Workforce West Virginia" program was instrumental in assisting Mountaineer Gas and NCO, by committing $40,000 to this project. "We are very pleased that NCO and Mountaineer Gas have shown their confidence in West Virginia by making a significant investment in the new facility and, most importantly, in new jobs," said The Honorable Joe Manchin, III, Governor of the State of West Virginia. "Today's announcement continues to demonstrate that West Virginia is an attractive place to do business in these tough economic times and that our state is continuing to grow. West Virginia remains one of just a few states with a solid financial status and that stability is an advantage for companies like NCO and Mountaineer Gas in making choices about where new jobs will be created." "It is an exciting day for Mountaineer Gas and its partner NCO to be able to announce the location of a major new Customer Service Center and to bring new jobs to Charleston," said Tom Taylor, President of Mountaineer Gas Company. "We are committed to the continued growth of Mountaineer Gas in West Virginia and we've been proud to have a positive and supportive partner in Governor Manchin and his Development Office to continue the growth of providing safe reliable and cost efficient natural gas to over 220,000 West Virginia customers." "NCO is excited to be expanding our network of call center agents into West Virginia," said Jay King, Senior Vice President of Operations at NCO. "The Charleston community is an outstanding labor market, and we look forward to working with Mountaineer Gas and the Governor's Economic Office to make our presence in West Virginia a success." - NCO Group, Inc.

Frost & Sullivan Recognizes AgraQuest for Leadership in the Global Biopesticides Market

Sophia Rhodini — Thu, 22 Oct 2009 03:43:06 +0000

MOUNTAIN VIEW, Calif. -- Based on its recent analysis of the world biopesticides market, Frost & Sullivan recognizes AgraQuest with the 2009 Global Frost & Sullivan Award for Growth Leadership. The company has grown at a compounded annual growth rate (CAGR) of 37 percent in the last five years including 70 percent in 2008. The company reports sales in 2008 in the tens of millions of dollars. AgraQuest was quick to identify the trend of integrating conventional pesticides and biopesticides and begin designing products on those lines. Despite the economic crisis and the maturing agrochemicals market, the market for biopesticides has grown globally by over 10 percent last year, owing to increasing environmental concerns and preference for chemical-free crops (mainly food crops). To be successful, products have to strike a balance between performance and being eco-friendly. Further, catering to a global market requires true understanding of the regulatory climate across countries. "AgraQuest's manifold growth in recent years can be attributed to a combination of factors - its unique product offering, its consistent globalization to achieve growth, its focus on product performance, quality, and pipeline, as well as other value-added services, promotion and marketing efforts," says Frost & Sullivan Research Analyst Yeshwanth Kumar. "Unlike many conventional pesticide companies, AgraQuest's high-quality, eco-friendly products are highly compatible with chemical pesticides and can be used as a supplement, thus focusing on low chemical agricultural markets." Besides profitable growth, the company's unique offering has fulfilled customer expectations and becomes a regular feature in many integrated pest management (IPM) programs. For instance, long-term studies of AgraQuest products in Ecuadorian banana plantations, where half of the plantation area used conventional pesticides while the remaining area used biopesticides and found that the quality of the yield witnessed manifold increase after using AgraQuest's products. This customer satisfaction has translated into brand loyalty and increased business for the company. AgraQuest also stresses globalization as an avenue for growth, capitalizing on opportunities in regions such as Asia, South America, and Africa. While it has strengthened its sales and marketing personnel in North America, AgraQuest has also entered into partnerships with other leading companies as well as distribution agencies outside North America to diversify its business by outsourcing its sales and marketing efforts. The main strength of AgraQuest lies in its robust product line that is both versatile and can cater to specific applications such as row crops. The company is structured in two divisions - the agrochemical and bio-innovations division. The former focuses on marketing and improving existing products and developing new products for uses in agriculture, while the latter focuses on introducing AgraQuest technologies into markets parallel to agriculture like ornamentals, food safety and animal health. The in-house R&D team is actively pursuing products for both commercialization efforts. The product pipeline projects a healthy status, with eight new products (fungicides, insecticides, and fumigants) getting ready for commercialization over the next five years. Product innovation at AgraQuest is in tandem with quality management, with strong emphasis on product quality and stringent QA procedure on every batch. Since inception, the company has invested over $130 million in screening and developing its innovative product line and also in improving its infrastructure and products. "With all fundamentals strongly in place, AgraQuest has increased its value addition, promotion, and marketing," adds Kumar. "Within North America, the company has spent extensively on promotional campaigns and mediums such as email, radio, and magazines to increase the company's visibility. Furthermore, it engages with customers and prospects through surveys to assess markets and identify areas of opportunities and improvement." Overall, the company has grown at a strong pace to grab a place in top five ranks in the market for microbial biopesticides globally. With sales revenue expected to cross $200 million by 2013, AgraQuest is the worthy recipient of the 2009 Global Frost & Sullivan Award for Growth Leadership in the world biopesticides market. Each year, Frost & Sullivan presents this award to the company that has demonstrated excellence in capturing the highest compound growth rate for the last three years. Frost & Sullivan's Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry. - Frost & Sullivan

EarthLink Announces Payment of Quarterly Dividend

Sophia Rhodini — Thu, 22 Oct 2009 03:43:35 +0000

ATLANTA, -- EarthLink, Inc. (Nasdaq: ELNK) today announced that its Board of Directors has declared a quarterly cash dividend on its common stock in the amount of $0.14 per share to be paid on December 23, 2009 to shareholders of record on December 9, 2009. Special Notice to Noteholders Under the terms of the indenture governing EarthLink's outstanding 3.25% Convertible Senior Notes due 2026 (the "Notes"), EarthLink's payment of the cash dividend described above requires an adjustment to the conversion rate for the Notes, which adjustment will be effective December 7, 2009. In addition, as a result of the adjustment, the Notes may be surrendered for conversion through December 4, 2009 for the consideration provided for in the indenture. In order to convert a Note held in certificate form, a holder must (1) complete and sign a Conversion Notice in the form attached to the applicable indenture, with appropriate signature guarantee, on the back of the Note, (2) surrender the Note to the Conversion Agent, (3) furnish endorsements and transfer documents required by the Conversion Agent, (4) pay any accrued unpaid interest through the conversion date and (5) pay any tax or duty related to the conversion. If a holder holds a beneficial interest in a Global Security, a converting holder must comply with the applicable procedures of the Depositary, The Depository Trust Company. The Conversion Agent is Wells Fargo Bank, N.A.: Wells Fargo Bank, N.A., Corporate Trust Services MAC N9311-110 625 Marquette Avenue South Minneapolis, MN 55479 Attention: Lynn Steiner A separate notice with additional information is being delivered to registered holders of Notes, the Conversion Agent and the Trustee. - EarthLink, Inc.

Core Lab Reports Q3 2009 EPS of $1.33 and $1.15 Ex-Items; Company Sets ROIC Quarterly Target; YTD Free Cash Flow Equals $5.81 per Share

Sophia Rhodini — Thu, 22 Oct 2009 03:44:31 +0000

AMSTERDAM, -- Core Laboratories N.V. (NYSE: CLB) reported third quarter 2009 earnings per diluted share of $1.33, down 13% from third quarter 2008 totals, on revenues of $167,802,000, down 17% from the year-earlier quarter. Net income in the quarter decreased to $30,988,000 from $36,834,000 while operating income decreased 20% to $44,199,000 from year-earlier third quarter totals. Foreign currency exchange gains and a lower effective tax rate accounted for $0.18 of the quarterly earnings. Therefore, excluding the impact of these items, Core Lab operations generated $1.15 per diluted share in third quarter 2009 earnings. Third quarter operating margins, defined as operating income divided by revenue, were 26%. The Company has established an internal performance target of achieving, every quarter, a return on invested capital (ROIC) in the top decile of the 35 companies listed as its Bloomberg Peers. Based on Bloomberg's calculations for the second quarter of 2009, which is the latest comparable data available, Core's returns were the highest of its top 35 peer oilfield services companies and more than three times the Peer group average ROIC . For the third quarter of 2009, Core's Reservoir Description operations, which focus on international crude-oil-related projects, posted modestly lower year-over-year quarterly revenue while operating income totals increased. Project mix and expense reductions generated higher year-over-year quarterly operating margins. Large-scale core analyses and reservoir fluids projects continued in Asia-Pacific, the Middle East, and the deepwater areas offshore West Africa and Brazil. Production Enhancement operations had higher revenues and operating income in the third quarter than in the second quarter of 2009. Increased North American activity and increased penetration of international markets bolstered results. Reservoir Management operations, also internationally focused, reported slightly higher quarterly revenue and increased operating income and margins compared with the third quarter of 2008. The Company received the first set of gas-shale cores from recent drilling in central Europe and performed additional work on potential lower Tertiary reservoirs in the deepwater Gulf of Mexico. For the first nine months of 2009, Core reported revenue of $513,940,000, down 11% from the first three quarters of 2008, and net income of $89,987,000, down 6% year-over-year for the period. The Company earned $3.88 per diluted share for the first three quarters of 2009 compared with $3.97 per diluted share for the same period last year. Cash at the close of the first nine months of 2009 totaled a record high of $137,225,000, or approximately $5.90 per diluted share, up 33% from second quarter 2009 levels and up from third quarter 2008 totals by $78,950,000. During the quarter, the Company also paid out almost $20,000,000 in regular and special dividends. Year-to-date free cash flow, defined as cash from operations minus capital expenditures, reached a record $134,900,000, or $5.81 per diluted share. This compares with free cash flow of $124,000,000, or $5.19 per diluted share, that Core generated during the entire year of 2008. Segment Highlights Core Laboratories reports results under three operating segments: Reservoir Description, Production Enhancement, and Reservoir Management. Reservoir Description Reservoir Description operations reported quarterly revenue of $101,475,000, down 9% from last year's third quarter, and operating income of $26,792,000, up 5% from the year-earlier quarter. Operating margins were 26%, up 300 basis points from last year's third quarter margins. Reservoir Description margins continued to benefit from expense reductions and the downsizing of its Venezuelan and Nigerian operations over the past three years. The Company has focused on international development and production-related crude-oil projects almost to the exclusion of more cyclical, exploration-related activities. Moreover, as Company policy precludes direct participation in risk-inherent, lower-margin, integrated management projects, the Reservoir Description segment has no exposure to Chicontepec projects in Mexico. Large-scale core analyses, reservoir fluids phase-behavior, and crude-oil testing, inspection, distillation, fractionation and characterization studies continued in the international markets. Specifically, in the Asia-Pacific region, large projects continued in Malaysia, Indonesia, Australia, and in India, where the Company initiated a multimillion-dollar waterflood study. Middle East operations in the United Arab Emirates, Qatar and Kuwait realized large increases in demand for Reservoir Description services. Numerous major projects, one of which included more than 5,000 feet of carbonate cores, continued in both southern and northern Iraq, as international oil companies built the databases needed to evaluate fields for an upcoming licensing round. Iraqi reservoirs are very complex and will require extensive data sets to evaluate projected production rates and ultimate hydrocarbon recovery factors. Critical to the successful redevelopment of Iraqi fields will be increasing the ultimate hydrocarbon recovery rates as many fields are currently projected to yield relatively low recovery rates. Recent high-profile discoveries and developments in the deepwater offshore West Africa resulted in higher work loads for Reservoir Description operations, especially for post-salt projects in offshore Angola blocks 1, 10, 14, 15, 18, and 31, and offshore Gabon. Core also is active in the recently announced potential Cretaceous turbidite and submarine fan plays offshore Ghana and the Ivory Coast. These plays could extend westwards, then northwards, into sedimentary basins offshore Liberia, Sierra Leone, and Equatorial Guinea. Statistically, turbidite and submarine fan reservoirs make up some of the most prolific petroleum reservoirs worldwide. Production Enhancement Production Enhancement operations posted third quarter 2009 revenue of $54,398,000, down 31% from the year-earlier quarter but up 5% sequentially from the second quarter. Operating income also increased sequentially by 1% to $14,627,000, and operating margins were 27%. Given that North American drilling activity was estimated to be down approximately 50% from the third quarter of 2008, Production Enhancement outperformed its focus market. Increasing market penetration by the Company's HERO(TM), SuperHERO(TM), and SuperHERO Plus+(TM) lines of perforating charges and concentrated focus on the Haynesville, Marcellus, and Eagle Ford Shale developments were the primary contributors to the segment's relatively strong performance. Core's recently introduced SpectraChem Plus+(TM) service also continues to gain market acceptance, especially in multi-stage completions in the Bakken oil-shale play. Outside North America, Production Enhancement operations are providing perforating charges and gun systems to numerous international and national oil companies for use in the completion of oil-producing and potential oil-producing zones throughout Asia-Pacific. Core's unique line of perforating charges and gun systems has proved very effective in the various types of clastic and carbonate reservoirs that are prevalent throughout the Asia-Pacific region. Reservoir Management Reservoir Management operations posted modest year-over-year third quarter increases in revenue, operating income, and operating margins, reflecting Core's emphasis on potentially high-return developments and international-related projects. Revenue increased to $11,929,000, and operating income reached $3,498,000. Operating margins for the third quarter of 2009 were 29%. During the quarter, the Company began to receive shale cores from potential gas-shale developments from central Europe. Basins to be evaluated range from the United Kingdom to the Ukraine and south to Turkey. Reservoir Management operations initiated its Global Gas Shale Study to examine gas shale potential in central and southern Europe, North Africa, India, China, South America, and Australia, among other regions. Currently eight international oil companies are participating in the Global Study, and many other companies are reviewing the technical proposal. Early participants include Esso, Total, Marathon Oil, Hess Corporation, Statoil, and ConocoPhillips. The Company also continues to expand its Eocene (Lower Tertiary) Provenance Study of the Gulf of Mexico, first referenced in Core's third quarter 2004 earnings release. Core is building petrophysical, sedimentological, and mineralogical databases from cores and cuttings samples that are being used to evaluate reservoir quality and project reservoir locations and thicknesses for future drilling. Recent deepwater discoveries in the Mississippi fan complexes and Perdido fold belts, from Alaminos Canyon, eastward through Keathley Canyon -- which contains the recently announced BP Tiber discovery -- and Walker Ridge, provide evidence of prolific lower Tertiary potential in a wide area of the ultra-deepwater Gulf of Mexico. The study currently has 23 participants, including BP, ConocoPhillips, ExxonMobil, Chevron, Anadarko, and Devon. Return On Invested Capital The Company has established an internal performance target of achieving an ROIC, every quarter, in the top decile of the 35 companies listed as its Bloomberg Peers. The Company believes that ROIC is a leading performance metric used by shareholders in determining the relative valuation of publicly traded companies. Further, the Company believes its shareholders will benefit if it consistently performs at the highest ROIC levels among its Bloomberg Peers. According to financial information from Bloomberg, Core Laboratories' returns were the highest for any of the 35 peer oilfield service companies listed by Bloomberg. Moreover, Core's ROIC was more than three times the oilfield services industry Peer group average according to Bloomberg. Second quarter 2009 results were the most recent available from Bloomberg for the entire oilfield sector. Peer companies listed by Bloomberg include Halliburton, Dril-Quip, Superior Energy Services, Schlumberger, Tidewater, Carbo Ceramics, Oil States International, Baker Hughes, BJ Services, Tesco, Weatherford and Key Energy Services among others. Core will compare oilfield services sector returns for the third quarter in its fourth quarter earnings release. Free Cash Flow, Cash, Quarterly Dividend, and Special Dividend For the third quarter of 2009, Core generated approximately $58,600,000 in cash from operations and had $4,700,000 in capital expenditures, yielding a free cash flow of almost $54,000,000, an all-time quarterly high. Even as the Company continues to work in over 50 countries, Core saw sequential quarterly improvements in receivables, inventories and payables that added to the record quarterly free cash flow levels. Free cash flow for the first nine months of 2009 reached approximately $134,900,000, or $5.81 per diluted share, both all-time highs over any full year of cash generation. In contrast, Core's average outstanding diluted share count of 23,250,000 is at its third lowest level since the third quarter of 1997. The Company continues to project 2009 capital expenditures of $15,000,000 to $17,000,000, down from prior guidance of $20,000,000, and down from approximately $31,000,000 in 2008. Cash balances reached $137,225,000, or $5.90 per diluted share, the highest quarter-ending level ever reported by Core. In addition, indebtedness, net of cash, was reduced to $101,000,000 from the year-ago total of $242,000,000, a decrease of $141,000,000, or nearly 60%. Net debt-to-capitalization now stands at approximately 16%. On 24 August 2009, the Company paid another quarterly cash dividend of $0.10 per share and a special cash dividend of $0.75 per share. Total cash dividends paid by Core in the quarter were nearly $20,000,000. Dutch withholding tax was deducted from each dividend at a rate of 15%. Any determination to declare a future quarterly or special cash dividend, as well as the amount of any such cash dividend that may be declared, will be based on the Company's financial position, earnings, earnings outlook, capital expenditure plans, ongoing share repurchases, potential acquisition opportunities, and other relevant factors at the time. In addition to dividend payments, Core could use its free cash flow and cash balances to repurchase shares or debt, fund internal growth, or make strategic acquisitions. Core intends to allocate cash to those activities that the Company believes will yield the highest overall return for its shareholders. Q4 2009 Earnings Guidance For the fourth quarter of 2009, Core expects revenue to range between $165,000,000 and $170,000,000 and EPS to range between $1.15 and $1.20. The midpoint of this guidance would result in operating margins of approximately 26%. In general, the Company believes that activities, workflows, and operating margins outside North America will remain essentially constant and that North American activity levels will increase slightly in response to moderately increasing natural gas prices. Recent natural gas production data indicate that North American supply is now decreasing and will continue to decrease over the next several quarters. In addition, the North American rig count is increasing slightly. This fourth quarter 2009 guidance excludes any gains or losses that may originate from the repurchase of outstanding debt, any effects of foreign currency translations, and assumes an effective tax rate of approximately 31% to 32%. In addition, fourth quarter EPS guidance does not consider shares that may be repurchased by the Company or shares that may be added to the share count as related to amounts outstanding on Core's $300 million Senior Exchangeable Notes. The Company is unable, at this time, to provide 2010 first quarter guidance with a high degree of confidence. Adjustment to Senior Exchangeable Notes Exchange Rate The dividends described herein will result in an adjustment to the Exchange Rate on our Senior Exchangeable Notes. The new exchange rate will be 10.8012 per $1,000 principal amount of the outstanding notes and is effective 26 October 2009. The Company has scheduled a conference call to discuss this quarter's earnings announcement. The call will begin at 7:30 a.m. CDT on Thursday, 22 October 2009. To listen to the call, please go to Core's website at www.corelab.com. Core Laboratories N.V. (www.corelab.com) is a leading provider of proprietary and patented reservoir description, production enhancement, and reservoir management services used to optimize petroleum reservoir performance. The Company has over 70 offices in more than 50 countries and is located in every major oil-producing province in the world. This release includes forward-looking statements regarding the future revenues, profitability, business strategies and developments of the Company made in reliance upon the safe harbor provisions of Federal securities law. The Company's outlook is subject to various important cautionary factors, including risks and uncertainties related to the oil and natural gas industry, business conditions, international markets, international political climates and other factors as more fully described in the Company's 2008 Form 10-K filed on 20 February 2009, and in other securities filings. These important factors could cause the Company's actual results to differ materially from those described in these forward-looking statements. Such statements are based on current expectations of the Company's performance and are subject to a variety of factors, some of which are not under the control of the Company. Because the information herein is based solely on data currently available, and because it is subject to change as a result of changes in conditions over which the Company has no control or influence, such forward-looking statements should not be viewed as assurance regarding the Company's future performance. The Company undertakes no obligation to publicly update any forward looking statement to reflect events or circumstances that may arise after the date of this press release. CORE LABORATORIES N.V. & SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (amounts in thousands, except per share data) (UNAUDITED) Three Months Ended Nine Months Ended 30 September 30 September 30 September 30 September 2009 2008 2009 2008 ---- ---- ---- ---- REVENUES $167,802 $202,523 $513,940 $579,648 OPERATING EXPENSES: Costs of services and sales 112,175 134,205 337,204 384,588 General and administrative expenses 6,637 6,857 22,595 22,305 Depreciation and amortization 6,023 5,562 17,637 16,077 Other expense (income), net (1,232) 726 (6,002) 2,038 ------ --- ------ ----- OPERATING INCOME 44,199 55,173 142,506 154,640 Interest expense 3,895 4,593 11,535 17,375 ----- ----- ------ ------ INCOME BEFORE INCOME TAX EXPENSE 40,304 50,580 130,971 137,265 Income tax expense 9,189 13,643 40,653 41,034 ----- ------ ------ ------ NET INCOME 31,115 36,937 90,318 96,231 NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST 127 103 331 283 --- --- --- --- NET INCOME ATTRIBUTABLE TO CORE LABORATORIES N.V. $30,988 $36,834 $89,987 $95,948 ======= ======= ======= ======= Diluted Earnings Per Share: $1.33 $1.53 $3.88 $3.97 ===== ===== ===== ===== WEIGHTED AVERAGE DILUTED COMMON SHARES OUTSTANDING 23,250 24,082 23,211 24,164 ====== ====== ====== ====== SEGMENT INFORMATION: Revenues: Reservoir Description $101,475 $112,037 $307,477 $326,695 Production Enhancement 54,398 78,848 169,512 217,578 Reservoir Management 11,929 11,638 36,951 35,375 ------ ------ ------ ------ Total $167,802 $202,523 $513,940 $579,648 ======== ======== ======== ======== Operating income (loss): Reservoir Description $26,792 $25,531 $83,006 $77,608 Production Enhancement 14,627 26,649 47,370 71,758 Reservoir Management 3,498 3,089 10,460 10,278 ----- ----- ------ ------ Subtotal 44,917 55,269 140,836 159,644 Corporate and other (718) (96) 1,670 (5,004) ---- --- ----- ----- Total $44,199 $55,173 $142,506 $154,640 ======= ======= ======== ======== CORE LABORATORIES N.V. & SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (amounts in thousands) ASSETS: 30 September 31 December 2009 2008 ---- ---- (Unaudited) Cash and Cash Equivalents $137,225 $36,138 Accounts Receivable, net 117,981 144,293 Inventories, net 34,317 34,838 Other Current Assets 18,759 20,376 ------ ------ Total Current Assets 308,282 235,645 Property, Plant and Equipment, net 97,966 103,463 Intangibles, Goodwill and Other Long Term Assets, net 184,551 182,427 ------- ------- Total Assets $590,799 $521,535 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY: Accounts Payable $27,981 $41,588 Other Current Liabilities 57,633 54,102 ------ ------ Total Current Liabilities 85,614 95,690 Long-Term Debt and Lease Obligations 205,377 194,568 Other Long-Term Liabilities 49,749 42,992 Shareholders' Equity 250,059 188,285 ------- ------- Total Liabilities and Shareholders' Equity $590,799 $521,535 ======== ======== CORE LABORATORIES N.V. & SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (amounts in thousands) (Unaudited) Nine Months Ended 30 September 2009 ----------------- CASH FLOWS FROM OPERATING ACTIVITIES $144,914 CASH FLOWS FROM INVESTING ACTIVITIES (10,846) CASH FLOWS FROM FINANCING ACTIVITIES (32,981) ------- NET CHANGE IN CASH AND CASH EQUIVALENTS 101,087 CASH AND CASH EQUIVALENTS, beginning of period 36,138 ------ CASH AND CASH EQUIVALENTS, end of period $137,225 ======== Non-GAAP Information Management believes that the exclusion of certain income and expenses enables it to evaluate more effectively the Company's operations period-over-period and to identify operating trends that could otherwise be masked by the excluded items. For this reason, we used certain non-GAAP measures that exclude these items; we felt that presentation provides the public a clearer comparison with the numbers reported in prior periods. Reconciliation of Earnings Per Diluted Share Three Months Ended 30 September 2009 ----------------- Earnings per diluted share $1.33 Foreign exchange gain (net of tax) (0.02) Adjust to 32% tax rate (0.16) ----- Earnings per diluted share excluding specific items $1.15 ===== Computation of Cash per Diluted Share (amounts in thousands, except per share data) (Unaudited) 30 September 2009 ----------------- Cash and cash equivalents $137,225 ======== Weighted average diluted common shares 23,250 ====== Cash per diluted share $5.90 ===== Free Cash Flow Core uses the non-GAAP measure of free cash flow and free cash flow per diluted share to evaluate its cash flows and results of operations. Free cash flow and free cash flow per diluted share are important measurements because it represents the cash from operations, in excess of capital expenditures, available to operate the business and fund non-discretionary obligations. Free cash flow and free cash flow per diluted share are not measures of operating performance under GAAP, and should not be considered in isolation nor construed as an alternative to operating income, net income, earnings per share, or cash flows from operating, investing, or financing activities, each as determined in accordance with GAAP. You should also not consider free cash flow and free cash flow per diluted share as a measure of liquidity. Moreover, since free cash flow and free cash flow per diluted share are not measures determined in accordance with GAAP and thus are susceptible to varying interpretations and calculations, free cash flow and free cash flow per diluted share as presented may not be comparable to similarly titled measures presented by other companies. Computation of Free Cash Flow (amounts in thousands, except per share data) (Unaudited) Three Months Nine Months Twelve Months Ended Ended Ended 30 September 30 September 31 December 2009 2009 2008 ------------ ------------ ----------- Net cash provided by operating activities $58,647 $144,914 $155,207 Less: capital expenditures (4,674) (9,994) (30,950) ------ ------ ------- Free cash flow $53,973 $134,920 $124,257 ======= ======== ======== Weighted average diluted common shares 23,250 23,211 23,944 ====== ====== ====== Free cash flow per diluted share $2.32 $5.81 $5.19 ===== ===== ===== - Core Laboratories N.V.

AAA Captures Important AAA.NET Domain Name in Federal Court Ruling

Sophia Rhodini — Thu, 22 Oct 2009 03:45:52 +0000

ORLANDO, Fla., -- A federal court in Pennsylvania has entered a judgment on behalf of The American Automobile Association, Inc. (AAA), transferring the valuable AAA.NET domain name to AAA and permanently enjoining a known cybersquatter from registering, trafficking, or using domain names confusingly similar to AAA's registered trademarks. The Court entered the judgment on October 19, 2009, ending a long-standing dispute over the domain name. The American Automobile Association, Inc. v. James M. Van Johns a/k/a Damian Macafee and QTK Internet, Inc. a/k/a QTK Internet LLC/Name Proxy a/k/a Damian Macafee, Case No. 1:09-CV-00219-SJM. The consent judgment "negated" and made "of no precedential value" a decision by the National Arbitration Forum ("NAF") in which a split panel had denied AAA's request under the Uniform Domain Name Dispute Resolution Policy (UDRP) for transfer of the AAA.NET domain name. AAA has initiated dozens of UDRP proceedings resulting in the transfer to AAA of more than a hundred identical or confusingly similar domain names, and the split decision concerning AAA.NET had been the only proceeding not resolved in AAA's favor. Corporate Counsel for AAA, Jim Brehm, who leads AAA's trademark enforcement efforts, called the judgment "an important victory for AAA." Mr. Brehm explained that "AAA has a vigorous trademark enforcement program, and we had never before lost a UDRP proceeding. We felt strongly that the NAF panel reached the wrong decision in this case. The Court's consent judgment negating the NAF decision confirms our belief in the merits of the case and reinforces the strength of AAA's valuable and famous trademarks, and it shows would-be infringers the lengths to which AAA will go to protect its trademark rights." AAA sought transfer of the AAA.NET domain name after it learned that Defendants James M. Van Johns and QTK Internet, Inc. (a/k/a Damian Macafee) were using the domain name to host a pay-per-click (PPC) advertising website. PPC or click-through advertising is the practice of hosting websites with advertising links tailored to the expected interests of Internet users; often, the links are keyed to the title of the domain name, and the website owner profits every time an Internet user clicks on any of these links. AAA contended that the Defendants used the AAA.NET domain name to profit from its association with AAA. Although the split NAF panel had held that Defendants' registration and use of the AAA.NET domain name to host a PPC website did not constitute illegitimate or bad faith use, it did so without the benefit of discovery, cross-examination, and other mechanisms for evaluating the credibility of Defendants' statements in that proceeding, including statements by Defendants that they had no control over the content on the website affiliated with AAA.NET. AAA's federal complaint alleged that Defendants were engaged in a willful and elaborate cybersquatting and PPC advertising scheme involving over 1,300 domain names, many of which include other well-known and famous trademarks owned by others. AAA further challenged the veracity of assertions made by Defendants in the NAF proceeding. AAA was represented by Covington & Burling LLP. Copies of AAA's Complaint and the Court's Consent Order of Judgment can be downloaded here: AAA's Complaint The Court's Consent Order of Judgment. As North America's largest motoring and leisure travel organization, AAA provides more than 51 million members with travel, insurance, financial and automotive-related services. Since its founding in 1902, the not-for-profit, fully tax-paying AAA has been a leader and advocate for the safety and security of all travelers. AAA clubs can be visited on the Internet at AAA.com. Stay connected with AAA on the web via: Twitter.com/AAAnews Twitter.com/AAA_Travel www.AAATravelViews.com YouTube.com/AAA MySpace.com/AAAeveryday AAA fan page on Facebook.com AAA news releases, high resolution images, broadcast-quality video, fact sheets and podcasts are available on the AAA NewsRoom at AAA.com/news. (Logo: http://www.newscom.com/cgi-bin/prnh/20080226/DC15031LOGO) Available Topic Expert(s): For information on the listed expert(s), click appropriate link. Yolanda Cade https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=75028 - AAA

HomeAway Gets In The Game As First-Time Super Bowl Advertiser

Sophia Rhodini — Thu, 22 Oct 2009 03:46:20 +0000

National Ad Campaign will Showcase the Value and Benefits of Vacation Rentals Download image AUSTIN, Texas, -- HomeAway, Inc. - the world's leading online vacation rental marketplace - today announced it will air its first ever national advertisement during the CBS television network broadcast of the Super Bowl on Feb. 7, 2010. "Our loyal travelers already know they can get a whole house for half the cost of a hotel room when they rent vacation homes through sites like HomeAway.com and VRBO.com. However, consumer awareness of vacation rentals is still low, even though it's one of the fastest growing segments of online travel," says Brian Sharples, founder and chief executive officer of HomeAway®. "We're going to use the Super Bowl broadcast to launch an exciting campaign highlighting the benefits of vacation rentals to reach more than 100 million people." HomeAway is working with its agency of record, Publicis in the West, to develop and produce the ads and related online marketing promotions. The HomeAway Super Bowl ad kicks off the beginning of the company's first national broad reach marketing effort. This spring HomeAway worked with Publicis to test advertising creative in select markets in preparation for the 2010 campaign. The campaign launched at the Super Bowl will extend through next year. "HomeAway continues to focus on offering value to owners and property managers of the more than 425,000 vacation rentals listed on our international sites, which include HomeAway.com, VRBO.com and VacationRentals.com in the U.S.," Sharples says. "This high-profile advertising is one more way that demonstrates our commitment to delivering a level of support to our customers that is unparalleled in the industry." - HomeAway, Inc.

Book a Treat For Yourself Now with AirTran Airways' New Sale Fares

Sophia Rhodini — Thu, 22 Oct 2009 03:46:47 +0000

- It's Better than Candy with Fares as Low as $39* - ORLANDO, Fla. -- AirTran Airways, a subsidiary of AirTran Holdings, Inc. (NYSE: AAI), today launched a sale for travel to all the airline's destinations with fares starting as low as $39*. Travelers may purchase these sale fares at http://www.airtran.com or via AirTran Airways' reservations system at 1-800-AIR-TRAN. For Spanish, call 1-877-581-9842. These special fares are available for purchase through October 22, 2009, and are good for travel through December 16, 2009. Lowest fares are valid for travel Monday, Tuesday, Wednesday, Thursday and Saturday. Like all AirTran Airways fares, prices included in this sale are available for one-way travel and do not require a roundtrip purchase or an overnight stay. Following is a sample of the one-way sale fares. All fares are valid in either direction: Sample Fares: Off-Peak Allentown/Bethlehem/Easton - Ft. Lauderdale $69 Asheville - Orlando $64 Atlanta - Columbus, OH $79 Atlanta - Las Vegas $139 Atlanta - Orlando $69 Atlanta - Phoenix $119 Atlanta - San Juan $119 Atlanta - Sarasota/Bradenton $69 Baltimore/ Washington (BWI) - Cancun $99 Baltimore/Washington (BWI) - Ft. Lauderdale $74 Baltimore/Washington (BWI) - Indianapolis $64 Baltimore/Washington (BWI) - Milwaukee $64 Boston - Baltimore/Washington (BWI) $39 Boston - Milwaukee $69 Buffalo - Ft. Myers $74 Charleston, W.V. - Orlando $64 Chicago (Midway) - Orlando $84 Columbus, OH - Ft. Lauderdale $69 Dayton - Boston $64 Dayton - Pensacola $94 Denver - Milwaukee $84 Flint - Ft. Lauderdale $94 Harrisburg - Ft. Lauderdale $84 Indianapolis - Milwaukee $54 Indianapolis - New York (LaGuardia) $85 Indianapolis - San Francisco $124 Indianapolis - Tampa $74 Knoxville - Orlando $64 Milwaukee - Los Angeles $124 Milwaukee - New York (LaGuardia) $64 Milwaukee - Pittsburgh $54 Milwaukee - St. Louis $44 Milwaukee - Washington D.C. (Dulles or Reagan National) $74 Orlando - Atlantic City $74 Orlando - Milwaukee $84 Orlando - San Juan $74 Philadelphia - Orlando $84 Pittsburgh - Ft. Lauderdale $74 Pittsburgh - Ft. Myers $84 Pittsburgh - St. Louis $89 St. Louis - Orlando $87 St. Louis - New York (LaGuardia) $99 Tampa - Baltimore/Washington (BWI) $74 Washington DC (Dulles or Reagan National) - Orlando $74 White Plains (Westchester) - Atlanta $94 Wichita, KS - Orlando $99 AirTran Airways, a subsidiary of AirTran Holdings, Inc. (NYSE: AAI) and a Fortune 1000 company, has been ranked the number one low cost carrier in the Airline Quality Rating study for the past two years. AirTran is the only major airline with Wi-Fi on every flight and offers coast-to-coast service on North America's newest all-Boeing fleet. Its low-cost, high-quality product also includes assigned seating, Business Class and complimentary XM Satellite Radio on every flight. To book a flight, visit www.airtran.com. *All fares are one-way. All fares are non-refundable and a $75 fee per person applies to any change made after purchase, plus any applicable increase in airfare. Ten-day advance purchase required. Seats are limited, subject to availability, and may not be available on all flights. Tickets must be purchased by October 22, 2009. Sale fares are valid for travel through December 16, 2009. Sale fares are valid for travel on Mondays, Tuesdays, Wednesdays, Thursdays and Saturdays. Blackout dates are as follows: November 25, 2009, and November 28-30, 2009. Service to/from Charleston, SC ends December 3, 2009. A first bag may be checked for a fee of up to $15 per person and a second bag may be checked for a fee of up to $25 per person. Reservations may be obtained or changed through an AirTran Airways Telephone Reservations Center for an additional $15 per person. Fares, routes, and schedules are subject to change without notice. Fares shown do not include Airport Passenger Facility Charges of up to $18. The September 11th security fee of up to $10 is not included. Fares do not include segment taxes of $3.60 per segment. A segment is defined as a takeoff and a landing. Fares to/from Puerto Rico do not include additional government taxes of up to $32.20. Fares to/from Cancun do not include additional government taxes of up to $100. - AirTran Airways

Service Auto Gosselin Adds U-Haul Rentals to Its Business

Sophia Rhodini — Thu, 22 Oct 2009 03:47:11 +0000

SAINT-NICOLAS, Quebec, -- Gaetan and Pierre Gosselin, owners of Service Auto Gosselin, located at 1277 Route Marie-Victorin, recently added UHaul truck and trailer rentals to the auto-repair business they have been operating since 1989. A photo accompanying this release is available at: http://www.uhaul.com/about/pr_images.aspx?name=ServiceAutoGosselin Families needing the finest in moving services now will have increased convenience and a shorter distance to travel when moving, which not only will make their move easier but also will have the positive effect of reducing the amount of carbon emissions released into the atmosphere. U-Haul partnering with business owners across North America to increase convenience for customers while helping our environment is just one of the programs that support U-Haul Company's Corporate Sustainability initiatives. Service Auto Gosselin can now offer its customers a variety of moving equipment and supplies designed specifically for moving household furnishings, including moving vans, open trailers, closed trailers, furniture pads, appliance dollies, furniture dollies, tow dollies and auto transports. Service Auto Gosselin also will offer sales items to protect their customers' belongings and make moving easier, such as heavy-duty boxes, which are made of up to 90 percent recycled content and are available in a variety of sizes. "U-Haul brings our business new visibility and new opportunities," the Gosselins said. "U-Haul is proud to be partnering with a quality independent business such as Service Auto Gosselin," exclaimed Jean-Claude Honeine, president, U-Haul Company of Quebec. "Gaetan and Pierre are a great example of the type of successful business relationship UHaul has established in order to build and maintain a strong network of more than 15,000 independent dealers across North America." For more information, or to rent your moving equipment today, call 418-836-0486. Business hours of operation are: Mon. - Fri. 8 a.m. - 5 p.m. Since 1945, U-Haul has been the best choice for the do-it-yourself mover, with a network of more than 15,800 locations in all 50 United States and 10 Canadian provinces. U-Haul customers' patronage has enabled the U-Haul fleet to grow to approximately 101,000 trucks, 76,000 trailers and 34,000 towing devices. U-Haul offers more than 395,000 rooms and approximately 35 million square feet of storage space at nearly 1,090 owned and managed facilities throughout North America. U-Haul is the consumer's number one choice as the largest installer of permanent trailer hitches in the automotive aftermarket industry. As one of the nation's largest retailers of propane, U-Haul supplies alternative-fuel for vehicles and backyard barbecues. U-Haul was founded by a Navy veteran who grew up in the Great Depression. Tires and gas were still rationed or in short supply during the late 1940s when U-Haul began serving U.S. customers. Today, that background is central to the U-Haul Sustainability Program: "Serving the needs of the present without compromising the ability of future generations to meet their own needs." Our commitment to reduce, reuse and recycle includes fuel efficient moving vans, neighborhood proximity, moving box reuse, moving pads made from discarded material and packing peanuts that are 100 percent biodegradable. Learn more about these facts and others at www.uhaul.com/sustainability. - U-Haul

Court Rejects Continental Airlines Pension Claims Against Pilots, According to Ahmad Zavitsanos & Anaipakos, P.C.

Sophia Rhodini — Thu, 22 Oct 2009 03:48:01 +0000

HOUSTON, -- A Houston federal judge today dismissed a lawsuit by Continental Airlines, Inc. (NYSE: CAL) which had alleged that nine pilots and their spouses obtained "sham" divorces for the purpose of withdrawing pension funds early, according to the legal team for five of the pilots. U.S. District Judge Gray H. Miller rejected Continental's argument that it was required to sue the pilots and the families to protect pension fund assets, finding that "the very people for whom the funds are safeguarded are the people who have withdrawn the funds." Attorneys Steven J. Mitby and Joseph Y. Ahmad of Ahmad Zavitsanos & Anaipakos, P.C., in Houston, represent five of the nine pilots Continental sued. Mr. Mitby stated, "The Court's decision is a complete victory for the pilots and their families. The judge rightly held that ERISA, the federal statute governing pensions, does not authorize corporate human resources departments to second-guess the validity of lawful family court divorce judgments." In addition to seeking reinstatement and back pay to which they are entitled, the pilots have countersued for allegedly illegal invasions of privacy by Continental administrators, including humiliating and intrusive questioning about their domestic arrangements, medical conditions, intimate relationships, and financial circumstances. Mr. Ahmad stated, "Because Continental terminated the pilots based on false accusations and without justification, we have filed counterclaims for wrongful termination on behalf of our clients against Continental. These claims are unaffected by today's ruling and the pilots and their families intend to pursue these claims vigorously." The case is "Glenn Brown & Betsy Brown v. Continental Airlines, Inc.," (Case No. 4:09-cv-01148, in the U.S. District Court for the Southern District of Texas, Houston Division). - Ahmad Zavitsanos & Anaipakos, P.C.

VisionChina Media Announces Contract Renewal and Extension of Exclusive Network Coverage in City of Hangzhou

Sophia Rhodini — Thu, 22 Oct 2009 03:48:27 +0000

BEIJING, -- VisionChina Media Inc. ("VisionChina" or the "Company") (Nasdaq: VISN), one of China's largest out-of-home digital television advertising networks on mass transportation systems, today announced the renewal and extension of its exclusive contract with Hangzhou New & Mobile Media to continue operation of the Company's mobile digital television advertising network on buses and ferries in Hangzhou, the capital city of China's Zhejiang province. The new three-year contract will commence on January 1, 2010 and grants VisionChina the exclusive right to operate mobile television advertising on all public buses and ferries covered by the mobile television network operated by Hangzhou New & Mobile Media. The Hangzhou network currently features 3,425 buses and 101 ferries reaching approximately 3 million viewers each day. Commenting on the Company's successful bid in Hangzhou, Mr. Limin Li, VisionChina Media's chairman and chief executive officer, said, "The successful renewal of our contract in Hangzhou clearly demonstrates the capability of our executive development team and is further proof that our excellent track record makes us the partner of choice for local digital broadcast companies in China's most prosperous cities. The new contract, which includes all Hangzhou buses and ferries equipped to receive real-time digital broadcasts, will continue to allow us to satisfy our clients' demand to reach the Hangzhou market. The contract also extends our operational rights, allowing us to place advertisements on behalf of all industries and further expand our roster of clients that advertise in Hangzhou." According to the Hangzhou Bureau of Statistics, in 2008 Hangzhou ranked 8th in terms of GDP among all cities in China with a total GDP of RMB 478 billion, or approximately US$75 billion. The city has a population of over 7.9 million residents. - VisionChina Media Inc.

NASA, Hampton and NOAA Host Earthfest 2009 at Nature Park

Sophia Rhodini — Thu, 22 Oct 2009 03:48:59 +0000

HAMPTON, Va., -- As the leaves all around us are about to go orange, yellow and red, NASA Langley Research Center is still thinking "green." The scientists at Langley are committed to understanding Earth, its atmosphere and its changing climate. In that spirit, NASA Langley, City of Hampton and National Oceanic and Atmospheric Administration (NOAA) will host EarthFest 2009 at Sandy Bottom Nature Park on Sat., Oct. 24, 2009. The event -- 9 a.m. to 3 p.m. -- will focus on the amazing things about our planet, and the challenges we face in preserving it. EarthFest is a daylong celebration, with exhibits, entertainment and activities indoors and outdoors, rain or shine. All speakers, exhibits and activities are free and open to the public. Families, adults and kids can look through a solar telescope, see weather balloon demonstrations and play with the Magic Planet, a 3-D projection of Earth on a globe, packed with fascinating details about the planet's weather and climate. See how NASA science serves society and how climate change has been measured by students right here in Hampton Roads. U.S. Rep. Glenn Nye will be on hand to give City of Hampton Parks and Recreation an award. Learn the difference between "good" ozone and "bad" ozone. Learn from NOAA scientists about "350 Day," designed to highlight the need to get the global concentration of carbon dioxide back under 350 parts per million, the level needed to ward off significant climate change. Hands-on activities: measure your carbon footprint; dig for "dinosaur bones;" nature walks with Peninsula Bird Watchers at 9:30 a.m., 11 a.m. and 1:30 p.m.; solar telescope with Virginia Peninsula Astronomy; Magic Planet 3-D globe; observe clouds with NASA scientists; make flounder masks with the Virginia Zoo. Exhibits: "French Fry Car" that runs on vegetable oil; Hydrogen Car; learn how to conserve water and plant your own garden; meteorology and weather data from NASA and NOAA; NASA Earth and Science games for kids, indoors. Arts and crafts: Paint on a giant canvas with the Peninsula Fine Arts Center; make masks with the Virginia Zoo. Entertainment: Flute Frenzy show in the afternoon; live music throughout the day. - NASA

Maryland Scientist Charged With Attempted Espionage

Sophia Rhodini — Thu, 22 Oct 2009 03:49:22 +0000

WASHINGTON, -- A Maryland scientist who once worked in varying capacities for the Department of Energy, the Department of Defense and the National Aeronautics and Space Administration has been arrested for attempted espionage, David Kris, Assistant Attorney General for National Security, Channing D. Phillips, Acting U.S. Attorney for the District of Columbia, and Joseph Persichini, Jr., Assistant Director for the FBI's Washington Field Office, announced today. A criminal complaint unsealed today in the District of Columbia charges Stewart David Nozette, 52, of Chevy Chase, Maryland, with attempted espionage for knowingly and willfully attempting to communicate, deliver, and transmit classified information relating to the national defense of the United States to an individual that Nozette believed to be an Israeli intelligence officer. The complaint does not allege that the government of Israel or anyone acting on its behalf committed any offense under U.S. laws in this case. Nozette was arrested earlier today by FBI agents and is expected to make his initial appearance tomorrow in U.S. District Court for the District of Columbia. If convicted, he faces a maximum sentence of life in prison. "The conduct alleged in this complaint is serious and should serve as a warning to anyone who would consider compromising our nation's secrets for profit," said David Kris, Assistant Attorney General for National Security. "Those who would put our nation's defense secrets up for sale can expect to be vigorously prosecuted," said Channing D. Phillips, Acting U.S. Attorney for the District of Columbia. "This case reflects our firm resolve to hold accountable any individual who betrays the public trust by compromising our national security for his or her own personal gain." "The FBI is committed to protecting the nation's classified information and pursuing those who attempt to profit from its release or sale," said Joseph Persichini, Jr., Assistant Director for the FBI's Washington Field Office. According to an affidavit in support of the criminal complaint, Nozette received a Ph.D. in Planetary Sciences from MIT in 1983, and worked at the White House on the National Space Council, Executive Office of the President, in 1989 and 1990. He developed the Clementine bi-static radar experiment that purportedly discovered water on the south pole of the moon. Nozette also worked at the Department of Energy's Lawrence Livermore National Laboratory from approximately 1990 to 1999 where he designed highly advanced technology. At the Department of Energy, Nozette held a special security clearance equivalent to the Defense Department Top Secret and Critical Nuclear Weapon Design Information clearances. Department of Energy clearances apply to access to information specifically relating to atomic or nuclear-related materials. Nozette was also the President, Treasurer and Director of the Alliance for Competitive Technology (ACT), a non-profit corporation that he organized in March 1990. Between January 2000 and February 2006, Nozette, through his company ACT, entered into several agreements to develop advanced technology for the U.S. government. Nozette performed some of this research and development at the U.S. Naval Research Laboratory in Washington, D.C., the Defense Advanced Research Projects Agency in Arlington, Virginia, and the National Aeronautics and Space Administration Goddard Space Flight Center in Greenbelt, Maryland. From 1989 through 2006, Nozette held security clearances as high as Top Secret and had regular, frequent access to classified information and documents related to the U.S. national defense. According to the affidavit, on Sept. 3, 2009, Nozette was contacted via telephone by an individual purporting to be an Israeli intelligence officer, but who was in fact an undercover employee of the FBI (UCE). During that call, Nozette agreed to meet with the UCE later that day at a hotel in Washington D.C. According to the affidavit, Nozette met with the UCE that day and discussed his willingness to work for Israeli intelligence. Nozette allegedly informed the UCE that he had, in the past, held top security clearances and had access to U.S. satellite information. Nozette also allegedly said that he would be willing to answer questions about this information in exchange for money. The UCE explained to Nozette that the Israeli intelligence agency, or "Mossad," would arrange for a communication system so that Nozette could pass information to the Mossad in a post office box. Nozette agreed to provide regular, continuing information to the UCE and asked for an Israeli passport. According to the affidavit, Nozette and the UCE met again on Sept. 4, 2009, in the same hotel. During the meeting, Nozette allegedly informed the UCE that, although he no longer had legal access to any classified information at a U.S. government facility, he could, nonetheless, recall the classified information to which he had been granted access, indicating that it was all still in his head. In the meeting, Nozette allegedly asked when he could expect to receive his first payment, specifying that he preferred to receive cash amounts "under ten thousand" so he didn't have to report it. At the conclusion of this meeting, Nozette allegedly informed the UCE, "Well I should tell you my first need is that they should figure out how to pay me... they don't expect me to do this for free." On or about Sept. 10, 2009, undercover FBI agents left a letter in the designated post office box for Nozette. In the letter, the FBI asked Nozette to answer a list of questions concerning U.S. satellite information. The undercover agents also provided a $2,000 cash payment for Nozette. The serial numbers of the bills were recorded. Nozette retrieved the questions and the money from the post office the same day. On or about Sept. 16, 2009, Nozette was captured on videotape leaving a manila envelope in the designated post office box in the District of Columbia. The next day, FBI agents retrieved the sealed manila envelope that Nozette had dropped off and found, among other things, a one-page document containing answers to the questions posed by the undercover agents and an encrypted computer thumb drive. One of answers provided by Nozette contained information classified as Secret, which concerned capabilities of a prototype overhead collection system. In addition, Nozette allegedly offered to reveal additional classified information that directly concerned nuclear weaponry, military spacecraft or satellites, and other major weapons systems. Also on or about Sept. 17, 2009, undercover FBI agents left a second letter in the post office box for Nozette. In the letter, the FBI asked Nozette to answer another list of questions concerning U.S. satellite information. The FBI also left a cash payment of $9,000 in the post office box. Nozette allegedly retrieved the questions and the money from the post office box later that same day. On or about October 1, 2009, Nozette was filmed on videotape leaving a manila envelope in the post office box. Later that day, FBI agents retrieved the manila envelope left by Nozette and found a second set of answers from him. The answers contained information classified as both Top Secret and Secret that concerned U.S. satellites, early warning systems, means of defense or retaliation against large-scale attack, communications intelligence information, and major elements of defense strategy. This investigation was conducted by the FBI's Washington Field Office with assistance from the Naval Criminal Investigative Service and the Air Force Office of Special Investigations. The prosecution is being handled by Trial Attorneys Deborah A. Curtis and Heather M. Schmidt, from the Counterespionage Section of the Justice Department's National Security Division, and Assistant U.S. Attorney Anthony Asuncion, from the U.S. Attorney's Office for the District of Columbia. The public is reminded that a criminal complaint contains mere allegations and that every defendant is presumed innocent unless and until proven guilty. - U.S. Department of Justice

Ford Searches For Outstanding Individuals Within the Community; Set to Award 2010 Taurus

Sophia Rhodini — Thu, 22 Oct 2009 03:49:49 +0000

- Ford recently announced the launch of the "Taurus Top Ten" - a competition designed to shine a spotlight on individuals that are not only on top in their respective fields, but who also make a difference in the communities around them - Potential candidates are encouraged to submit an essay or video to www.fordurban.com/topten stating why they should be considered among Taurus' Top Ten no later than November 15, 2009 - One Grand Prize Winner will take home a 2010 Ford Taurus Limited, receive a $10,000 donation to a charitable organization of their choice and win a trip for two to a high-profile professional basketball experience DEARBORN, Mich. -- Ford is shining a spotlight on outstanding individuals within the community as part of the new "Taurus Top Ten" competition. The Grand Prize win is an all-new 2010 Ford Taurus, a $10,000 donation to a charitable organization of the winner's choice and a trip for two to a high-profile professional basketball experience in Dallas, TX. The competition runs until November 15. "Taurus Top Ten" is an online contest open to the public that invites influencers who are in the fields of philanthropy, business, entertainment and sports to enter for the chance to be named Ford's 2010 Top Performer in America. In addition to their role as it relates to their profession, each candidate must also work to make a positive impact in the world around them. Once entries have been received, the field of candidates will be narrowed down to the top ten with each finalist campaigning for the top spot. The "Taurus Top Ten" Grand Prize champion will be determined by the community at large and the winner will be announced during a high-profile professional basketball experience. "Just as the 2010 Taurus has ten class-exclusive features that make it a top-performing vehicle in the market, Ford is looking for ten outstanding individuals who are top performers in their field and are making a positive impact on the world around them," said Crystal Worthem, multicultural marketing manager, Ford Motor Company. "We want to celebrate those individuals that are performing well in their respective careers but who also find the time to coach a kid's basketball team on the weekend or mentor a group of young men." As part of the buzz efforts tied to the program, Steve Harvey will highlight one entry per week, for five weeks on The Steve Harvey Morning Show. Each week, Steve Harvey and the morning show team will select one potential winner who will be awarded $500. Entries for the program are being accepted now until November 15 with online consumer voting taking place December 1 through January 15, 2010. In addition to the Grand Prize, nine finalists will win a trip for two to the "Taurus Top Ten" culmination event and a $2,500 donation to the charity/organization of their choice. For more information on the program or to enter, please visit www.fordurban.com/topten. The 2010 Ford Taurus, starting at $25,995, the same price as the 2009 model, has been elevated considerably from even its iconic forerunners with its expressive design to class-leading technology which includes Ford exclusives such as MyKey(TM), SYNC®, Multi-Contour Seats with Active Motion(TM) and Blind Spot Information System (BLIS®). - Ford

NASA Updates Shuttle Atlantis Target Launch Date, Crew Rehearsal

Sophia Rhodini — Thu, 22 Oct 2009 03:50:11 +0000

WASHINGTON, -- NASA is targeting Nov. 16 for the launch of space shuttle Atlantis' STS-129 mission from the agency's Kennedy Space Center in Florida. Managers for NASA's Space Operations Mission Directorate and Exploration Systems Mission Directorate met Monday and decided to adjust Atlantis' target launch date to optimize the agency's ability to launch both Ares I-X and Atlantis before the end of the year. The same launch team at Kennedy is supporting both the shuttle and the flight test of the Ares I-X rocket, which is targeted to lift off on Oct. 27. Ares I-X is scheduled to roll out to its launch pad at 12:01 a.m. EDT Tuesday. Atlantis' new target launch date will give Ares I-X launch opportunities Oct. 27, 28 and 29. NASA has yet to schedule Atlantis' new target liftoff date on the Eastern Range. The change to Atlantis' targeted launch will affect the launch countdown dress rehearsal for the shuttle's six astronauts. The astronauts arrived at Kennedy on Monday for the Terminal Countdown Demonstration Test and related training. The simulated countdown has been rescheduled to Nov. 3. The astronauts will practice emergency escape and other related training while they are at Kennedy this week and return there Nov. 2 to conclude their rehearsal work. The agency's Flight Readiness Review meeting for STS-129 is set for Oct. 29. NASA will schedule an official launch date for Atlantis following that meeting. - NASA

Northrop Grumman Board Declares Quarterly Dividend

Sophia Rhodini — Thu, 22 Oct 2009 03:50:31 +0000

LOS ANGELES, -- The board of directors of Northrop Grumman Corporation (NYSE: NOC) today declared a quarterly dividend of $0.43 per share on Northrop Grumman common stock, payable Dec. 12, 2009 to shareholders of record as of the close of business Nov. 30, 2009. Northrop Grumman Corporation is a leading global security company whose 120,000 employees provide innovative systems, products, and solutions in aerospace, electronics, information systems, shipbuilding and technical services to government and commercial customers worldwide. - Northrop Grumman Corporation

SURF CRUISE CUP 2009

Sophia Rhodini — Thu, 22 Oct 2009 03:50:57 +0000

SAN PEDRO, Calif. -- On October 25th on the "Mariner of the Seas," the 11th annual surf cruise to Mexico will host their 2nd annual SURF CRUISE CUP charity events, featuring an all star line up of professional surfers, musicians, artists and movie star icons sailing, surfing and partying together Halloween week. The charity mission includes the W Hollywood Lions Club Global Surf Charities and Fender Museum's Kids Rock Free music education program. The Lions Global Surf includes California Surf Museum, Surfaid International, Surfing Heritage Foundation and Life Rolls On. Jesse Billauer, founder of Life Rolls On, the surf/sport spinal cord injury foundation, will be aboard the 2009 SURF CRUISE CUP, joining Robert August, Mary Osborne, the bands Pepper, Jonathan Blake, Dubluva and pro-surfer singer songwriter Dustin Franks. Life Rolls On recently merged with the Christopher and Dana Reeves Foundation to become the largest single spinal cord injury foundation in the world. Also aboard the ship this year will be legendary surf and music industry illustrator Roy Gonzalez who for over 30 years has 'detailed' the fantasy sensibilities of surfing, skating, hot rodding, team sports and the music industry superstars. His 'Monster Island' cartoon series and other of his celebrity caricatures will be featured in the Surf Shop at Sea aboard the Mariner of the Seas. The music festival will start Oct 25th at sea as Dustin Franks performs new tracks from his first self-titled release. Pepper, Jonathan Blake and Dubluva will perform at the beautiful Cabo Surf Resort opening day of the 'Cup' in Cabo San Lucas October 27th, then on to Mazatlan and Puerto Vallarta for additional SURF CRUISE CUP events and a shipwide Halloween party Oct 31st. At sea on October 30th Robert August and surf comedian Jaz Kaner will emcee a 'midnight special' 50 years surf and music show in the main theatre featuring the band Pepper as headliner with special guests Jonathan Blake, Dubluva and Dustin Franks. For more information visit surfcruisecup.com or contact 949 481 5736. - SURF CRUISE CUP

New 'Black Box' Will Help Save Lives and Solve In-Flight Mysteries.

Sophia Rhodini — Thu, 22 Oct 2009 03:52:12 +0000

CALGARY, Alberta -- The tragic loss of AF447 over the South Atlantic brought new focus on determining the cause of such inexplicable events - such as when a state of the art aircraft suddenly falls from the sky and is lost, seemingly forever. The few tantalizing clues that were transmitted from the aircraft were insufficient to do anything more than suggest a number of possibilities, but nothing definitive as to why an aircraft that appeared to be functioning normally, suddenly went down without any communication from the flight deck. The speed at which the tragedy unfolded would indicate that whatever happened, the flight deck had little or no warning of what was clearly a sudden, system-wide catastrophic failure. The pursuit for answers included the dispatch of multiple assets, airborne and waterborne, to try and recover the Flight Data Recorder and Cockpit Voice Recorder from under miles of water in one of the deepest areas of the ocean. Millions were spent, and yet both boxes remain on the bottom of the sea, and along with them the answers to what really happened. Six years ago, Western Avionics of Calgary, Canada, began development of an airborne wireless server platform that was originally intended to provide tracking information obtained from the Flight Data Recorder (FDR) buss for maintenance and Quality Assurance purposes. During its development, the CommuniCube (C3) capabilities reached a point where it is now functioning as a standalone FDR, able to "listen" discreetly and report any and all tolerance breaches, from hot starts to hard landings, and send that data back to the maintenance base via satellite uplink independent of the crew taking action to report said breach. The system is designed to activate automatically whenever a user-defined parameter is exceeded, or it can be manually initiated by the flight deck crew at any time. The C3 has been installed successfully in everything from light twins to regional jets, and is operating in a number of countries globally. Improvements in data compression and satellite communication have reached the point wherein the C3 can communicate - on a virtually live basis - information coming from the FDR buss - and any additional information that the user deems necessary for their operation. For example, in EMS applications, patient medical information is being streamed ahead of the aircraft to the hospital. Fire applications have data being exchanged, air to air, to ground, for fire fighting coordination purposes and commercial airlines are using the C3 for FOQA (Flight Operations Quality Assurance) tracking. "Although the C3 is not a certificated replacement for an FDR, which will always remain the final word regarding on-board flight data, the C3 can provide a mirror image of what the FDR was receiving on a nearly live basis to a user-defined terminal anywhere in the world. When the C3 senses any abnormal behavior, it immediately begins sending data, starting with the aircrafts current GPS location, without any pilot input," said Greg Taylor with Western Avionics, Product Development. But most importantly, the C3 will transmit everything it hears from the FDR buss, virtually live, until the situation is resolved, or until it is no longer able to do so. In the case of AF447, it is likely that this information would have gone a long way to solving one of the most puzzling tragedies in years. Available Topic Expert(s): For information on the listed expert(s), click appropriate link. - Western Avionics

Boeing Delivers Cathay Pacific Airways 777-300ER in Oneworld Livery

Sophia Rhodini — Thu, 22 Oct 2009 03:52:57 +0000

EVERETT, Wash., -- Boeing (NYSE: BA) delivered a 777-300ER (Extended Range) to Singapore-based leasing company BOC Aviation and its customer, Cathay Pacific Airways, on Saturday. The airplane is painted in a special oneworld livery to highlight the commitment of Cathay Pacific, as a member airline, to the alliance's 10th anniversary. "The 777 has been a valuable asset for Cathay Pacific's long-haul services, allowing us to maximize our operations in the most economic and efficient manner," said Tony Tyler, chief executive, Cathay Pacific Airways. "It is a fitting tribute to the success of the program that industry leaders such as BOC Aviation and Cathay Pacific are taking delivery of our 777-300ER," said Rob Laird, vice president of Sales for China, East Asia and Southeast Asia, Boeing Commercial Airplanes. "The 777 continues to offer an unbeatable combination of efficiency, economics and passenger comfort that places it at the forefront of modern commercial aviation." The Boeing 777-300ER is 19 percent lighter than its closest competitor, greatly reducing its fuel requirement. It produces 22 percent less carbon dioxide per seat and costs 20 percent less to operate per seat. The airplane can seat up to 365 passengers in a three-class configuration and has a maximum range of 7,930 nautical miles (14,685 km). The 777 family is the world's most successful twin-engine, twin-aisle airplane. Fifty-seven customers around the world have ordered more than 1,100 777s. The airplane is the 12th Boeing 777-300ER for Cathay Pacific and brings the airline's 777 fleet to 29 airplanes, which includes 12 777-300s and five 777-200s. The airline also operates 22 Boeing 747-400 passenger airplanes. The oneworld alliance has 11 member airlines and 21 affiliate airlines, serving 134 countries and 673 destinations, with 8,400 daily departures. Earlier this year, the alliance projected that its members and affiliates will carry 328 million passengers during the current year. - Boeing

GOL Expands Buy on Board Service to 37 Domestic Flights

Sophia Rhodini — Thu, 22 Oct 2009 03:53:55 +0000

SAO PAULO, -- GOL Linhas Aereas Inteligentes S.A. (Bovespa: GOLL4 and NYSE: GOL), the largest low-cost and low-fare airline in Latin America, announces that it is extending its buy on board service in response to client requests and following extensive market research. GOL was the first airline to implement this service in Brazil in early June. Following the expansion, the number of flights offering buy on board products purchase has tripled. The service is now available on 37 daily flights between the cities of Belem, Brasilia, Fortaleza, Foz do Iguacu, Natal, Porto Alegre, Recife, Rio de Janeiro (Galeao/Antonio Carlos Jobim Airport), Salvador and Sao Paulo (Guarulhos International Airport). Clients are informed of the new facility while purchasing their tickets through GOL's website (www.voegol.com.br) or the Sales Center, when checking in for those flights offering the service and through on-board announcements. A list of the various products is given to passengers when they are boarding. The products available for purchase are of high quality with brand names that are well-known in Brazil, and can be paid for in local currency or via credit card. GOL would like to emphasize that the standard on-board service will continue to be offered free of charge on all its 800 daily flights. Even those passengers who choose to buy on board will receive the regular service offered to all passengers This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of GOL. These are merely projections and, as such, are based exclusively on the expectations of GOL's management concerning the future of the business and its continued access to capital to fund the Company's business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors and risks disclosed in GOL's filed disclosure documents and are, therefore, subject to change without prior notice. - GOL Linhas Aereas Inteligentes S.A.

Teams Win at NASA National Lunar Robotics Competition

Sophia Rhodini — Thu, 22 Oct 2009 03:54:21 +0000

MOFFETT FIELD, Calif., -- Nineteen teams pushed their robot competitors to the limit, and three teams claimed a total of $750,000 in NASA prizes at this year's Regolith Excavation Challenge on Oct. 18. This is the first time in the competition's three-year history that any team qualified for a cash prize, the largest NASA has awarded to date. After two days of intense competition hosted at NASA's Ames Research Center at Moffett Field, Calif., organizers conferred first place prize of $500,000 to Paul's Robotics of Worcester, Mass. Terra Engineering of Gardena, Calif., was a three-time returning competitor and was awarded second place prize of $150,000, and Team Braundo of Rancho Palos Verde, Calif., took the third place of $100,000 as a first-time competitor. Competitors were required to use mobile, robotic digging machines capable of excavating at least 330 pounds of simulated moon dirt, known as regolith, and depositing it into a container in 30 minutes or less. The rules required the remotely controlled vehicles to contain their own power sources and weigh no more than 176 pounds. The winning excavator lifted 1,103 pounds within the allotted time. Runners-up excavated 595 pounds and 580 pounds, respectively. Team E-REX of Little Rock, Ark., earned a special mention for transferring the most regolith in a single deposit -- 165 pounds. "It's really encouraging that we saw three teams achieve the minimum requirements and shows that innovation is not only alive but growing," said Lynn Baroff, executive director of the California Space Education and Workforce Institute, who led the panel of judges. "It's really great that through this competition NASA is actively seeking to recognize citizen inventors from across the nation whose ideas may one day contribute to space exploration." Regolith is difficult to dig because its dust particles want to stick together. Judges recognized the winning teams achieved real technical accomplishments because the whole robotic system has to be sturdy enough to scoop moon dirt and powerful enough to move through the dust while still meeting the weight requirements. "This was an incredibly tough competition, and teams came up with fantastic ideas, some of which might find use in future missions to the moon," said Greg Schmidt, deputy director of the NASA Lunar Science Institute at Ames. "It's great to have a winner this year. The biggest win is getting so many talented young people involved in NASA's mission of exploration." "After three years, it's great to have three cash prize winners," said Andrea Seastrand, executive director at California Space Authority Inc. of Santa Maria. "Two of the winning teams were returning competitors and have learned through this challenge that there is no such thing as failure. It's great to see them rewarded for their determination, innovation and creativity." The Centennial Challenges program in NASA's Innovative Partnerships Program Office sponsors the Regolith Excavation Challenge. The competition was co-hosted by the California Space Education and Workforce Institute and its sister organization the California Space Authority, in collaboration with the NASA Lunar Science Institute. Diani Building Corp. of Santa Maria, Calif., and Empirical Systems Aerospace, Pismo Beach, Calif., also supported the competition. To watch videos, view images and get more information about the Regolith Excavation Challenge, visit: http://www.californiaspaceauthority.org/html/regolith2009.html For more information about NASA's Centennial Challenges, visit: http://www.nasa.gov/offices/ipp/home For more information about NASA and its programs, visit: http://www.nasa.gov - NASA

MSC Cruises Offers 'Best Fare, Best Room' Rates on 2010 Europe Summer Sailings

Sophia Rhodini — Thu, 22 Oct 2009 03:54:40 +0000

FORT LAUDERDALE, Fla., -- MSC Cruises is offering travelers planning to cruise Europe next summer the opportunity to take advantage of a "Best Fare, Best Room" savings promotion. Guests receive the best available staterooms at the lowest price within their selected category at the time of booking. Rates begin at $699 per person on select 7-night cruises and $949 for 10-night and positioning cruises visiting some of Europe's most exotic ports. Itineraries featuring special "Best Fare, Best Room" rates on 7-night sailings include: MSC Fantasia: Western Mediterranean "Mediterranean Fantasy" roundtrip from Barcelona, Genoa, Naples, or Marseille, from $849; MSC Splendida: Western Mediterranean "The Splendid Mediterranean" roundtrip from Genoa, Barcelona, Naples, Civitavecchia, or Marseille, from $799; MSC Lirica: Western Mediterranean "Mediterranean Marvels" roundtrip from Genoa, Civitavecchia, or Salerno, from $699; MSC Sinfonia: Western Mediterranean "Sparkling Mediterranean Rivieras" roundtrip from Venice, Livorno, or Naples, from $729; MSC Magnifica: Italy, Greece and Turkey "The Magnificent Mediterranean" roundtrip from Venice or Bari, from $749; MSC Musica: Eastern Mediterranean "Greek Islands in the Sun" roundtrip from Venice or Bari, from $949; MSC Armonia: Eastern Mediterranean "Jewels of the Adriatic" roundtrip from Venice, from $729; MSC Poesia: Baltic or Norwegian Fjords roundtrip from Copenhagen or Kiel, from $1,199; MSC Orchestra: Baltic or Norwegian Fjords roundtrip from Copenhagen or Kiel, from $1,099; Select 10-, 11-, or 13-night cruises and positioning cruise itineraries include: MSC Magnifica: 13-night from Hamburg to Venice, from $1,149. MSC Poesia: 11-night roundtrip from Copenhagen or Kiel, from $1,399. MSC Orchestra: 10-night from Copenhagen to Genoa, from $1,199; or 11-night from Copenhagen to Barcelona, from $1,099. MSC Opera: 10-night Dover to Venice, from $949; 11-night from Amsterdam, Dover or roundtrip from Venice, from $1,049. MSC Melody: 11-night roundtrip from Genoa or Civitavecchia, from $999. Children ages 17 and younger sail free when sharing a stateroom with two full-fare-paying adults. Cruise-only rates are per person, based on double occupancy (government fees and taxes for all guests are additional) and cannot be combined with any other discount or promotion. For more information about MSC Cruises, visit us online at www.MSCCruisesUSA.com or contact a local travel professional. - MSC Cruises

A BIG Massive Cash Jackpot WIN Creates Even BIGGER Smiles at Table Mountain Casino!

Sophia Rhodini — Thu, 22 Oct 2009 03:55:08 +0000

FRIANT, Calif., -- Fernando of Fresno says, "The best thing about Table Mountain Casino is being able to play and spend time with my family!" He has been a loyal player of Table Mountain Casino for several years and enjoys playing the slot machines. Fernando's most recent visit with his family brought him a BIG WIN and perhaps even BIGGER smiles! Table Mountain Casino is home to random Mega Mountain Jackpots and Massive Amounts of FUN! Fernando was playing on a penny slot machine with his Player's Club card when his machine stopped and Table Mountain Casino's exclusive and random Massive Cash Jackpot struck! He knew instantly that he won and began to shake from excitement! Fernando's wife also felt the excitement and had tears of joy in the realization that her husband had just won $28,342.93 in Massive CASH! Playing with Your Table Mountain Casino Player's Club Card PAYS! Mega Mountain Jackpots are exclusive rewards for members of Table Mountain Casino's Player's Club. Massive Cash Jackpots and Rapid Bonus Rewards are random reward features that make up Mega Mountain Jackpots! Massive Cash Jackpots are paid in CASH and are guaranteed to hit between $20,000 and $50,000! Rapid Bonus Rewards hit several times an hour and reward the player with FREE BONUS PLAY! Mega Mountain Jackpots can occur on any of Table Mountain Casino's 2,000 slot machines, from pennies to high limit! There is no winning combination on the machine necessary and no minimum bet is required to win with Mega Mountain Jackpots! Request your FREE Player's Club Card and use it during your Slot Play! It is as easy as that! Rapid Bonus is guaranteed to hit several times every HOUR! Massive Cash is guaranteed to hit between $20,000 and $50,000! John Mayewski, President & CEO of Table Mountain Casino says, "Table Mountain Casino's exclusive Mega Mountain Jackpots have provided well over $4 million in random Rewards and Jackpot payouts to our valued guests! With the random Rapid Bonus Rewards occurring every hour and Massive Cash Jackpots guaranteed to hit by $50,000, our players WIN often! The ease of winning MORE REWARDS and JACKPOTS comes with using your free Table Mountain Casino Player's Club Card! Our players know it is often THAT easy!" To learn more about Table Mountain Casino or to become a member of the Player's Club for your chance to win the Mega Mountain Jackpots, please visit www.tmcasino.com or call (559) 822-7777. - Table Mountain Casino

Grupo Aeroportuario del Pacifico Announces Changes to Passenger Charges

Sophia Rhodini — Thu, 22 Oct 2009 03:55:35 +0000

GUADALAJARA and JALISCO, Mexico, -- Grupo Aeroportuario del Pacifico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) ("the Company" or "GAP") announced today information regarding passenger charges. Passenger charges are fees charged to passengers by airports worldwide for the use of airport facilities. Airports use revenues from passenger charges to guarantee passenger safety and maintain, update and expand airport infrastructure. In general, passenger charges are collected by airlines on behalf of airports by adding a fee to the price of an airline ticket. This process will continue as such for some of the airlines operating at GAP's airports. However, in the interest of the Company and certain airlines, beginning November 1, 2009, passengers that purchase tickets from certain airlines will pay passenger charges directly to the airport as they will not be included in the airline ticket price. It is important to highlight that the amount charged to passengers will remain unchanged. Grupo Aeroportuario del Pacifico will announce by November 1, 2009 which airlines will no longer collect passenger charges, in addition to details regarding the payment process at the Company's airports. In order to not inconvenience passengers, GAP will ensure that this process is efficient and seamless. Through this measure, GAP seeks to reduce accounts receivable and the risks associated with missed tariff payments, as well as ensuring the proper development of the airports' infrastructure. Company Description: Grupo Aeroportuario del Pacifico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico's Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Bajio, Morelia, Aguascalientes, Mexicali and Los Mochis. In February 2006, GAP's shares were listed on the New York Stock Exchange under the ticker symbol "PAC" and on the Mexican Stock Exchange under the ticker symbol "GAP." This press release may contain forward-looking statements. These statements are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates," "believes," "estimates," "expects," "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial conditions, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and article 42 of the "Ley del Mercado de Valores," GAP has implemented a "whistleblower" program, which allows complainants to anonymously and confidentially report suspected activities that may involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party that is in charge of collecting these complaints, is 800-759-0045. GAP's Audit Committee will be notified of all complaints for immediate investigation. - Grupo Aeroportuario del Pacifico, S.A.B. de C.V.

2010 Jeep(R) Patriot 4x4 Named 'Compact SUV of Texas'

Sophia Rhodini — Thu, 22 Oct 2009 03:56:00 +0000

AUBURN HILLS, Mich. -- Jeep Patriot 4x4 recognized by Texas Auto Writers Association (TAWA) for best-in-class capability in the compact SUV segment Best-in-class 19:1 Low Ratio provides true Jeep 4x4 Trail Rated® off-road capability Jeep Patriot's Off-Road Package includes aggressive approach, departure and breakover angles, 9 inches of ground clearance and additional body sealing to support 19 inches of water-fording 17-inch all-terrain tires, a full-size spare tire, skid plates, tow hooks and fog lamps maximize Jeep Patriot's off-road capability Jeep Patriot delivers up to 29 highway mpg Voting after their annual Truck Rodeo in San Antonio, members of the Texas Auto Writers Association (TAWA) named the 2010 Jeep® Patriot "Compact SUV of Texas," giving Jeep Patriot top honors over competitors in the compact SUV category. "This is certainly an honor for Jeep," said Michael Manley, President and Chief Executive Officer - Jeep Brand, Chrysler Group LLC. "We're proud the Patriot proved its off-road prowess at the Texas Truck Rodeo. The Trail Rated® Jeep Patriot 4x4 is hands down the most capable and affordable SUV in the compact segment." More than 40 TAWA members were given two days of on- and off-road evaluation time with the 2010 Jeep Patriot and its competitors. Consideration is given to everything from exterior styling and off-road capability to the entrant's overall utility, value and fuel efficiency. "The TAWA Truck Rodeo is the most comprehensive evaluation of new trucks and SUVs in the country and manufacturers consider it a great honor to win their category," said Harold Gunn, President of TAWA. With its combination of fun, freedom, utility and best-in-class Jeep 4x4 capability, the 2010 Jeep Patriot sets apart from the competition. Innovative technology affords Jeep Patriot more capability than any other vehicle in its class. Jeep Patriot is available in three drive configurations: front-wheel drive, Freedom Drive I(TM) (a full-time, active four-wheel-drive system with lock mode) and Freedom Drive II(TM) Off-Road Package (a full-time, active 4x4 system with best-in-class 19:1 Low Ratio that provides true Jeep 4x4 Trail Rated capability). The Trail Rated Jeep Patriot equipped with Freedom Drive II Off-Road Package sits one inch higher than non-Trail Rated versions and meets Jeep off-road capability requirements for traction, water fording, articulation, maneuverability and ground clearance. The Off-Road Package's 17-inch wheels contribute to the Trail Rated Patriot's 9 inches of ground clearance, 29.6-degree approach angle, 34.2-degree departure angle and 23.3-degree breakover angle. In addition, Trail Rated models have additional body sealing and high-mounted drivetrain vents in order to support 19-inch water-fording capability. The Freedom Drive II Off-Road Package utilizes a second-generation Continuously Variable Transaxle with a low ratio (CVT2L) to maximize off-road capability. In addition, 17-inch all-terrain tires, a full-size spare tire, skid plates, tow hooks and fog lamps separate Trail Rated Jeep Patriots from all other compact SUVs. Jeep Patriot is designed for customers who want four-wheel-drive capability or the year-round versatility, excellent fuel economy and an attractive price point. With modern interior and classic Jeep exterior styling, including traditional round Jeep headlamps, seven-slot grille, muscular body-side flares, and strong stance--the 2010 Jeep Patriot broadens the classic Jeep design appeal to new customers. - Chrysler Group LLC

2010 Dodge Ram Heavy Duty and 2010 Dodge Dakota Take Top Honors at the Texas Auto Writers Annual Texas Truck Rodeo

Sophia Rhodini — Thu, 22 Oct 2009 03:56:27 +0000

- All-new 2010 Ram 3500 named "Heavy Duty Pickup Truck of Texas," beating 3/4- and one-ton competition - 2010 Dodge Dakota named "Mid-size Truck of Texas" SAN ANTONIO, -- Dodge Ram Heavy Duty and Dodge Dakota took top honors at the Texas Auto Writers Association (TAWA) annual Truck Rodeo outside of San Antonio, Texas this past weekend. TAWA members named the all-new 2010 Dodge Ram 3500 "Heavy Duty Pickup Truck of Texas," giving Dodge top honors over 3/4- and one-ton competitors. The 2010 Dodge Dakota also won "Mid-size Truck of Texas." "We're very proud of these awards; they affirm our leadership in the truck market," said Fred Diaz, President and Chief Executive Officer Dodge Ram Brand, Chrysler Group LLC. "In a head-to-head competition, our all-new 2010 Ram Heavy Duty un-seated last year's winner, right in the pickup truck capital of the U.S. Ram is not only the best heavy-duty truck we've ever built; it's the best heavy-duty truck on the market, hands down. We're also proud that the Dodge Dakota won its category, affirming Dakota's capability and versatility." Judging by the 40-plus TAWA members occurs over two full days of on- and off-road evaluation. Consideration is given to everything from exterior styling and off-road capability to the entrant's overall utility, value and fuel efficiency. "Trucks are the work horses of Texas, said Harold Gunn, President of TAWA. "And the Truck Rodeo is the most comprehensive evaluation of new trucks and SUVs in the country. The wins for Ram Heavy Duty and Dodge Dakota are significant because our Truck Rodeo offers journalists a chance to judge vehicles in side-by-side comparisons and these top awards were given based on individual impressions and by secret ballot." About Ram Heavy Duty The 2010 Ram Heavy Duty brings increased capability and innovate new features to the heavy-duty segment with all-new styling, an all-new crew-size cab and a pair of legendary engines: the 6.7-liter Cummins Turbo Diesel with 350 horsepower, producing 650 lb-ft. of torque and the most powerful standard engine in the segment, the 383 horsepower 5.7-liter HEMI® V-8 with 400 lb.-ft. of torque. Ram Heavy Duty pickup trucks offer "big rig" styling, power and capability. With an uncompromising attitude that remains the standard for all full-size heavy-duty pickups, Ram Heavy Duty delivers the performance and amenities customers demand. About Dodge Dakota Designed for customers with active lifestyles, the 2010 Dodge Dakota may be equipped for work or play. Dodge Dakota features best-in-class towing of up to 7,250 pounds, the greatest interior room of any mid-size truck with 30 cubic feet of interior space in Extended Cab models and 37.1 cubic feet in Crew Cabs and the largest and longest standard cargo bed in its class: 6-foot 6 inches in the Extended Cab. About the Ram brand With a work-hard, play-hard attitude, Ram offers the boldest, most powerful and capable pickup truck lineup on the planet. Introduced in 2008, the Ram 1500 is a game-changer in terms of its ability to "outsmart" and out-tough" the competition with its bold exterior design, crafted and refined interior, engineering excellence, superb innovation and best-in-class features and amenities. The Ram 1500 also ranks at the top of Strategic Vision Inc.'s (SVI) 2009 Total Quality Index(TM) (TQI) in the full-size truck segment. According to the survey, the Ram 1500 leads the way with the highest Total Quality score of any truck in the 15-year history of the study. Customers specifically noted that the Ram has the best added storage capability along with the best truck interior ever rated by customers. Ram will add to its award-winning truck lineup with the introduction of its all-new 2010 Dodge Ram 2500 and 3500 Heavy Duty Trucks. The new Heavy-Duty trucks provide customers with first-time innovations and features along with new standards of strength, utility and driveability, building on the Ram's leadership in the Heavy-Duty pickup segment. Ram will further enhance its commercial vehicle presence with the introduction of a "new crew" of commercial-grade work trucks: the new 2011 Dodge Ram 3500, 4500 and 5500 Chassis Cabs. Led by an all-new crew cab, the new 2011 Dodge Ram Chassis Cabs are built on a proven frame and chassis, and engineered for maximum uptime, optimum performance and enhanced commercial capability. Follow Dodge and Chrysler Group LLC news and video on: Chrysler Connect blog: http://blog.chryslergroupllc.com Twitter: http://www.twitter.com/chryslercom and www.twitter.com/chrysler YouTube: http://www.youtube.com/pentastarvideo Streetfire: http://members.streetfire.net/profile/ChryslerVideo.htm - Chrysler Group LLC

Human Space Flight Review Committee Report Available Thursday

Sophia Rhodini — Thu, 22 Oct 2009 03:57:17 +0000

WASHINGTON, -- Human Space Flight Review Committee Chairman Norman Augustine will hold a press conference at 1 p.m. EDT, on Thursday, Oct. 22, in the Zenger Room of the National Press Club, 529 14th St. NW, in Washington. Augustine will be accompanied by committee member Ed Crawley. Printed copies of the committee's final report will be available during the press conference and an electronic copy of the report will be posted to the committee's Web site at the start of the briefing. For committee information, materials, presentations and biographies, visit: http://hsf.nasa.gov The press conference will be broadcast on NASA Television's media channel and streamed on the agency's Web site at: http://www.nasa.gov/ntv For information about NASA and agency activities, visit: http://www.nasa.gov - NASA

Global Ground Support Announces New Partner and Products

Sophia Rhodini — Thu, 22 Oct 2009 03:57:37 +0000

OLATHE, Kan. -- Global Ground Support LLC (GGS), a subsidiary of Air T, Inc. (Nasdaq Capital Market: AIRT) announced that it has signed agreements with a company based in Millesimo, Italy, Fresia S.p.A., to manufacture and distribute Fresia snow removal equipment in the United States. Fresia was established in 1923 and is a worldwide provider of snow removal equipment, heavy duty trucks and other industrial vehicles. GGS also recently displayed two new product lines at the Inter-Airport Europe airport equipment show in Munich. The Global ORION is an 880 gallon deicer which will provide an economical deicing solution for regional airlines and airports around the world. The Orion is a self-propelled aircraft deicer that uses four wheel drive and steer capabilities to move nimbly and efficiently while deicing aircraft. The platform height is over forty feet which enables the Orion to deice a wide variety of aircraft. The second product, the Global Glycol Recovery Vehicle, is chassis mounted and designed to recover deicing fluids on airport ramps and gates. This unit has exceptional performance and is expected to meet the ever increasing environmental demands that airports and the industry are facing. Walter Clark, Chairman and Chief Executive Officer of Air T, commented, "We are delighted to enter into this relationship with Fresia. They are a company with a long history of outstanding and innovative products and share many of our business beliefs and principles. We are also excited about these new product offerings and believe they are timely and innovative answers to the market place needs. The ORION was well received at the Munich show." Air T, through its subsidiaries, provides overnight air freight service to the express delivery industry, manufactures and sells aircraft deicers and other special purpose industrial equipment, and provides ground support equipment and facilities maintenance to airlines. Air T is one of the largest, small-aircraft air cargo operators in the United States. Air T's Mountain Air Cargo and CSA Air subsidiaries currently operate a fleet of single and twin-engine turbo-prop aircraft daily in the eastern half of the United States, Puerto Rico and the Caribbean Islands. Air T's Global Ground Support subsidiary manufactures deicing and other specialized military and industrial equipment and is one of the largest providers of deicers in the world. The Global Aviation Services subsidiary provides ground support equipment and facilities maintenance to domestic airline customers. - Air T, Inc.

Genesee & Wyoming Announces Q3 2009 Financial Release Conference Call and Webcast

Sophia Rhodini — Thu, 22 Oct 2009 03:58:00 +0000

GREENWICH, Conn., -- Genesee & Wyoming Inc. (GWI) (NYSE: GWR) announces the following conference call and webcast: WHAT: GWI Q3 2009 Financial Release Conference Call WHEN: November 3, 2009 at 11 a.m. EST WHERE: http://www.gwrr.com and click on the "Investors" tab (listen only) Conference Call Dial-In Numbers -- in U.S., call (800) 230-1092; outside U.S., call (612) 234-9960. If you are unable to participate during the live conference call and webcast, the call will be archived at http://www.gwrr.com for 30 days (click the "Investors" tab). Telephone replay is available for 30 days beginning at 1 p.m. EST on Nov. 3 by dialing (800) 475-6701 (or outside U.S., dial 320-365-3844). The access code is 974251. GWI owns and operates short line and regional freight railroads in the United States, Canada, Australia and the Netherlands. Operations currently include 63 railroads organized in nine regions, with more than 6,800 miles of owned and leased track and approximately 3,000 additional miles under track access arrangements. GWI provides rail service at 16 ports in North America and Europe and performs contract coal loading and railcar switching for industrial customers. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Genesee & Wyoming's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year. - Genesee & Wyoming Inc.

American Family Insurance and MTV Team Up to Put a Teen Driver's Skills to the Test in a New Short-Form Series

Sophia Rhodini — Thu, 22 Oct 2009 03:58:19 +0000

Related sweepstakes gives away once-in-a-lifetime opportunity to attend the 2009 mtvU Woodie Awards show MADISON, Wis., -- American Family Insurance has partnered with MTV and Mindshare Entertainment to reach teenagers directly on an issue that can save their lives - the passage they must make from new, inexperienced driver to confident, capable young adult driver. The integrated marketing effort includes a five-episode series, "The Road to the Woodies," in which a teenage driver navigates closed-course obstacles and typical teen distractions to improve her driving skills using American Family Insurance's proprietary Teen Safe Driver program. The integrated promotion kicks off today, the first day of National Teen Driver Safety Week, with the launch of a co-branded microsite about teen driving: amfam.mtv.com. "Teens must overcome significant challenges as beginning drivers," said Lisa Bacus, vice president of marketing for American Family Insurance. "The MTV campaign illustrates the challenges real teens face and, with the use of the innovative technology of the Teen Safe Driver Program, shows how direct involvement from parents vastly improves their driving habits." The reality-based microseries features Lauren, a typical teenager, as she completes four driving challenges on a closed course to prove to her family that she is a safe and responsible driver. If successful, she wins tickets to the 2009 mtvU Woodie Awards in New York City. The challenges will air in four two-minute segments premiering Oct. 28( )during MTV's "The Ruins." As she navigates the course, Lauren is tested by surprise calls and texts from her family and friends while driving, and she also receives highway driving tips from experts like 2006 Indy Pro champion, Jay Howard. All the while, Lauren's parents will view her driving "report card"' through Teen Safe Driver's unique in-vehicle video and audio unit that captures risky driving behaviors and provides expert analysis and coaching tips. The short-form series will culminate with the fifth segment airing during the Woodies on Friday, December 4, on MTV, at 10PM ET/PT. MTV, along with Mindshare Entertainment, also produced a co-branded sweepstakes for another viewer to attend the 2009 mtvU Woodie Awards. Beginning today, participants can enter the sweepstakes at amfam.mtv.com. While on the site, visitors can virtually "sign" a safe-driving pledge, test their safe-driving knowledge, learn more safe-driving tips from American Family, and watch each of the "The Road to the Woodies" episodes. Teen Safe Driver is a pioneering program offered exclusively through American Family Insurance that combines technology, expert advice and parental involvement to help young drivers overcome learning-to-drive challenges. American Family, in association with DriveCam Inc., provides the year-long Teen Safe Driver at no cost to American Family auto insurance customers who have a beginning teen driver in their household. The program is now available in all 19 of American family's operating states and is highly touted by current users. More than 6,000 families have participated in the program, with teens averaging a 70 percent decrease in high-risk driving events. Research has shown direct involvement from parents vastly improves teens' driving habits. "The campaign we built with American Family delivers a truly effective message about safe driving for our young adult audience," said John Shea, EVP, Integrated Marketing & Branded Content, MTV Music/Logo Group. "We've combined our content to create a branded entertainment series that meshes perfectly with the MTV programming it'll be seen alongside, providing a positive experience for our viewers and American Family." Based in Madison, Wis., American Family Insurance offers auto, homeowners, life, health, commercial and farm/ranch insurance in 19 states. American Family ranks 388th on the Fortune 500 list and is the nation's third-largest mutual property/casualty insurance company. - American Family Insurance

Bristow Group Announces Fiscal 2010 Second Quarter Earnings Release and Conference Call Schedule

Sophia Rhodini — Thu, 22 Oct 2009 03:58:42 +0000

HOUSTON, -- Bristow Group Inc. (NYSE: BRS), a leading provider of helicopter services to the offshore energy industry, announced today it will release financial results for its fiscal 2010 second quarter ended September 30, 2009, after the market closes on Wednesday, November 4. In conjunction with the release, Bristow has scheduled a conference call, which will be broadcast live over the Internet. What: Bristow Group Fiscal 2010 Second Quarter Earnings Conference Call When: Thursday, November 5, at 10:00 a.m. ET (9:00 a.m. CT) How: Live via phone by dialing 1-800-762-8973 for domestic callers, or 480-629-9870 for international callers, and asking for the Bristow Group call at least 10 minutes prior to start time, or live over the Internet by logging on to the web at www.bristowgroup.com A telephonic replay of the conference call will be available through November 19 and may be accessed by calling 1-800-406-7325 for domestic callers or 303-590-3030 for international callers, using the pass code 4175233#. A webcast archive will also be available at www.bristowgroup.com shortly after the call and will be accessible for approximately 90 days. For more information, please contact Donna Washburn at DRG&E at 713-529-6600, or e-mail dmw@drg-e.com. - Bristow Group Inc.

TAT Technologies Announcing the Entry Into a New Manufacturing and Repair License Agreement With a Principle Supplier

Sophia Rhodini — Thu, 22 Oct 2009 03:59:12 +0000

GEDERA, Israel, -- TAT Technologies Ltd. (Nasdaq: TATTF) today announced that it had signed with one of its principle suppliers, a leading manufacturer of aviation products and systems, an extension of their manufacturing and repair license agreement. The signed license agreement is for the manufacturing of Emergency Power Systems for the F-16 aircraft and is for 3 year period. TAT's President and CEO, Dr. Shmuel Fledel, remarked that "the Emergency Power Systems manufactured under the license agreement will be provided to one of TAT's principle customers with anticipated revenues of approximately $6M' over the 3 year period. Additional activities currently performed may increase total revenues up to approximately $10M' for that period. The signing of this long term license agreement, demonstrates again, the reliability and trust between TAT and its customers, as well as further firming TAT's market position." About the Company TAT Technologies Ltd. provides a variety of services and products to the military and commercial aerospace and ground defense industries through its Gedera facility in Israel, as well as through its subsidiaries, Bental Industries Ltd., in Israel and Limco - Piedmont, Inc., in the U.S. TAT operates under four operational segments: (i) OEM of Heat Transfer products (ii) OEM of Electric Motion Systems (iii) MRO services; and (iv) parts services, each with the following characteristics. TAT's activities in the area of OEM of Heat Transfer products primarily relate to the (i) design, development, manufacture and sale of a broad range of heat transfer components (such as heat exchangers, pre-coolers and oil/fuel hydraulic coolers) used in mechanical and electronic systems on-board commercial, military and business aircraft; and (ii) manufacture and sale of environmental control and cooling systems and (iii) a variety of other electronic and mechanical aircraft accessories and systems such as pumps, valves, power systems and turbines. TAT's activities in the area of OEM of Electric Motion Systems primarily relate to the design, development, manufacture and sale of a broad range of electrical motor applications for airborne and ground systems. TAT activities in this segment commenced with the acquisition of Bental in August 2008 and accordingly, the results in this segment for fiscal year 2008 are not compared with the previous years. TAT's MRO services include the remanufacture, overhaul and repair of heat transfer equipment and other aircraft components, APUs, propellers and landing gear. TAT's Limco subsidiary operates FAA certified repair stations, which provide aircraft component MRO services for airlines, air cargo carriers, maintenance service centers and the military. TAT's parts segment focuses on inventory management and sale of APU parts, propellers and landing gear. TAT offers parts services for commercial, regional and charter airlines and business aircraft owners. Safe Harbor for Forward-Looking Statements This press release contains forward-looking statements which include, without limitation, statements regarding possible or assumed future operation results, synergies, customer benefits, growth opportunities, financial improvements, expected expense savings and other benefits anticipated from the merger. These statements are hereby identified as "forward-looking statements" for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause our results to differ materially from management's current expectations. Actual results and performance can also be influenced by other risks that we face in running our operations including, but are not limited to, general business conditions in the airline industry, changes in demand for our services and products, the timing and amount or cancellation of orders, the price and continuity of supply of component parts used in our operations, and other risks detailed from time to time in the company's filings with the Securities Exchange Commission, including its registration statement on form F-4, its annual report on form 20-F and its periodic reports on form 6-K. These documents contain and identify other important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. Stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statement. TAT's executive offices are located in the Re'em Industrial Park, Neta Boulevard, Bnei Ayish, Gedera 70750, Israel, and TAT's telephone number is +972-8-862-8500. - TAT Technologies Ltd

Royal Caribbean to Hold Conference Call on Third Quarter Earnings

Sophia Rhodini — Thu, 22 Oct 2009 03:59:32 +0000

MIAMI, -- Royal Caribbean Cruises Ltd. (NYSE: RCL; Oslo) has scheduled a conference call with analysts for 10 a.m. Eastern time, Tuesday, November 3, 2009, to discuss the company's third quarter financial results. The call will be available on-line at the company's investor relations web site, www.rclinvestor.com. To listen to the call by phone, please dial (877) 663-9606 in the U.S. and Canada. International phone calls should be made to (706) 758-4628. There is no passcode or meeting number. A replay of the webcast will be available at the same site for a month following the call. The November 3rd earnings call follows delivery of Royal Caribbean International's newest ship, Oasis of the Seas, which the company will take possession of next week, in Turku, Finland. Royal Caribbean Cruises Ltd. is a global cruise vacation company that operates Royal Caribbean International, Celebrity Cruises, Pullmantur, Azamara Cruises and CDF Croisières de France. The company has a combined total of 38 ships in service and five under construction. It also offers unique land-tour vacations in Alaska, Asia, Australia, Canada, Europe, Latin America and New Zealand. Additional information can be found on www.royalcaribbean.com, www.celebrity.com, www.pullmantur.es, www.azamaracruises.com or www.rclinvestor.com. - Royal Caribbean Cruises Ltd.

Compliance Advisory Alert: CWWS Provides Immediate Solutions in Compliance With the Final Revision of the Code of Federal Regulations (CFR) 33, Part 155, Implementing the International Maritime Organization Resolution MEPC.107(49) for Oily Water Separators

Sophia Rhodini — Thu, 22 Oct 2009 04:00:47 +0000

IRVINE, Calif., -- The United States Coast Guard (USCG) has issued the final revision of the Code of Federal Regulations (CFR) 33, Part 155, implementing the International Maritime Organization (IMO) resolution MEPC.107(49). In support of the marine and offshore markets, Coffin World Water Systems (CWWS) announces they can immediately provide two solutions that are fully certified and exceed MEPC.107(49) compliance standards. The USCG CFR states that for oily water separators (OWS) installed on ships after 2004, the system must meet current standards to be approved. The approval for any OWS certified after January 1, 2005, using an alternative other than MEPC.107(49), expired on March 17, 2009. This resolution applies to U.S.-flagged vessels and/or foreign-flagged vessels entering U.S. waters. Significant, immediate changes in CFR 33, Part 155 include: The requirement that all oily water separators and oil content monitors installed after 2004 be certified to MEPC.107(49). Vessel owners must install equipment meeting the new requirements by one of two dates: 1) the date of the vessel's first drydock following October 13, 2009; or 2) for those vessels going into international service for the first time since January 2005, the date of their first survey prior to receiving their International Oil Pollution Prevention (IOPP) certificate. Termination of MEPC.60(33) approval for any OWS manufacturer on March 17, 2009. To assist vessels in becoming compliant immediately, CWWS offers two solutions that are fully certified to MEPC.107(49) and exceed compliance standards. The first option is to replace the existing OWS with an ULTRA-SEP(TM) Oily Water Separator system. The second option is an upgrade kit for an existing HELI-SEP®( )OWS. The SPIR-O-LATOR® Upgrade Kit converts the HELI-SEP OWS to an MEPC.107(49)-certified ULTRA-SEP OWS. Both solutions utilize proprietary SPIR-O-LATOR Membrane Technology, the only technology that provides a Positive Physical Barrier(TM) to prevent oil discharge. SPIR-O-LATOR Membranes exceed MEPC.107(49) standards, reliably and continuously producing clean water with oil content less than 5 ppm. System benefits include: Guaranteed overboard discharge of less than 5 ppm oil content One-year system warranty and three-year SPIR-O-LATOR Membrane warranty Easy maintenance, clean-in-place capabilities and semi-automatic operation Low operating costs, with no chemical or biological by-products Satisfies requirements where overboard discharge of less than 5 ppm oil applies The SPIR-O-LATOR Upgrade Kit can be installed while underway, minimizing disruptions or time spent in a shipyard. All components can fit through existing doorways, hatchways and into tight spaces. The upgrade kit utilizes existing onboard HELI-SEP separators, with the removal of obsolete components. The upgrade kit contains all required materials for the conversion, including: SPIR-O-LATOR Membranes, control module, process pump, process filter, user-friendly instruments, a new MEPC.107(49)-certified oil content monitor and detailed instructions. Each upgraded ULTRA-SEP OWS carriers a Coffin World Water Systems warranty and a new USCG MEPC.107(49) certificate. The SPIR-O-LATOR Upgrade Kit is available for all HELI-SEP models, from the compact 0.5 m(3/h) HS500 to the large 10.0 m(3/h) HS10000. Vessel owners and operators that are not yet compliant with MEPC.107(49) are encouraged to contact CWWS to discuss an appropriate solution. Contact David Evans at 949/777-3721 or e-mail ows@cworldwater.com. - Coffin World Water Systems

Arrow Power Center Inc., Targets Customers Needs With U-Haul

Sophia Rhodini — Thu, 22 Oct 2009 04:01:16 +0000

WEST BEND, Wis., -- Gene Sommers, owner of Arrow Power Center Inc., located at 7043 Hwy 144 N., recently added U-Haul truck and trailer rentals to his business, which includes small-engine service and repair, and the rental of lawn and garden equipment. A photo accompanying this release is available at: http://www.uhaul.com/about/pr_images.aspx?name=ArrowPowerCenterInc Families needing the finest in moving services now will have increased convenience and a shorter distance to travel when moving, which not only will make their move easier but also will have the positive effect of reducing the amount of carbon emissions released into the atmosphere. U-Haul partnering with business owners across North America to increase convenience for customers while helping our environment is just one of the programs that support U-Haul Company's Corporate Sustainability initiatives. Arrow Power Center Inc. can now offer its customers a variety of moving equipment and supplies designed specifically for moving household furnishings, including moving vans, open trailers, closed trailers, furniture pads, appliance dollies, furniture dollies, tow dollies and auto transports. "I added U-Haul products and services to expand the rental part of my business offering more to my customers and receiving more exposure in the community so that I could increase my customer base," Sommers said. "U-Haul is proud to be partnering with a quality independent business such as Arrow Power Center Inc.," exclaimed Mike Schneider, president, U-Haul Company of Eastern Wisconsin. "Gene is a great example of the type of successful business relationship U-Haul has established in order to build and maintain a strong network of more than 15,000 independent dealers across North America." For more information, or to rent your moving equipment today, call 262-335-3300. Business hours of operation are: Mon. - Thurs. 8 a.m. - 6 p.m.; Fri. and Sat. 8 a.m. - 5 p.m. and Sun. 8 a.m. - 2 p.m. Since 1945, U-Haul has been the best choice for the do-it-yourself mover, with a network of more than 15,800 locations in all 50 United States and 10 Canadian provinces. U-Haul customers' patronage has enabled the U-Haul fleet to grow to approximately 101,000 trucks, 76,000 trailers and 34,000 towing devices. U-Haul offers more than 395,000 rooms and approximately 35 million square feet of storage space at nearly 1,090 owned and managed facilities throughout North America. U-Haul is the consumer's number one choice as the largest installer of permanent trailer hitches in the automotive aftermarket industry. As one of the nation's largest retailers of propane, U-Haul supplies alternative-fuel for vehicles and backyard barbecues. U-Haul was founded by a Navy veteran who grew up in the Great Depression. Tires and gas were still rationed or in short supply during the late 1940s when U-Haul began serving U.S. customers. Today, that background is central to the U-Haul Sustainability Program: "Serving the needs of the present without compromising the ability of future generations to meet their own needs." Our commitment to reduce, reuse and recycle includes fuel efficient moving vans, neighborhood proximity, moving box reuse, moving pads made from discarded material and packing peanuts that are 100 percent biodegradable. Learn more about these facts and others at www.uhaul.com/sustainability. - U-Haul

All My Son's Twitter Following Grows!

Sophia Rhodini — Thu, 22 Oct 2009 04:01:43 +0000

DALLAS, -- It's safe to say that things are changing rapidly for Moving Companies that never thought marketing online was important to their business. People looking for a Moving Quote or Moving Services now go online and google "Moving Companies" to find the right Movers to fit their needs. All My Sons Moving recognizes that and their commitment to social media is just another way that they communicate with their clients and the result of their work can be seen in how their Twitter following is growing! All My Sons Moving posts daily tweets featuring money saving hints and tips for consumers. "Twitter is just another way we are connected to our clients and our daily tweets are just one way we give back to the community," shared Ormando Gomez, an All My Sons Moving and Storage representative. Their daily tweets (www.twitter.com/allmysonsmoving) and Facebook postings (www.facebook.com/allmysonsmoving) also include useful tips on moving and storage as well. About All My Sons Moving and Storage Headquartered in Dallas, TX, the Dallas Moving Company, All My Sons Moving and Storage services 23 states nationwide. Founded in 1995 and beginning with one location, All My Sons Moving and Storage pioneered the concept of providing a friend in the moving business. All My Sons Moving and Storage recently opened their first location in Mexico City, taking their commitment to quality service for an affordable price international. More information about All My Sons Moving and its services can be obtained through the All My Sons Moving Web site. Information on Pro Bono Moving Services Go to All My Sons Moving Charities Visit All My Sons Moving on Wikipedia at All My Sons Moving Wiki For information about Moving Careers go to All My Sons Moving Careers Book your move with All My Sons Moving online today All My Sons Moving Requests For Moving Reviews go to All My Sons Moving Reviews For Moving Supplies go to All My Sons Moving Supplies You can become a fan of the page by going to All My Sons Moving on Facebook You can read the Tweets by going to All My Sons Moving Tweets - All My Sons Moving and Storage

On the Menu: Seven Wine and Food Crystal Cruises for 2010

Sophia Rhodini — Thu, 22 Oct 2009 04:02:12 +0000

LOS ANGELES, -- Michelin Star-awarded chefs Michael Mina and Heinz Beck, Master sommelier Robert Bath, and mixologist Tony Abou-Ganim are part of the distinguished roster of food, wine and spirit experts aboard Crystal Cruises' 14th annual Wine & Food Experiences of Discovery cruises in 2010. Aboard seven Wine & Food itineraries, the special guests will draw inspiration from the destinations visited, as well as their own expertise in worldwide specialties to lead demos and lectures, tastings and pairings, and cocktail and pastry making classes. "Crystal's culinary options have long been a cornerstone of guests' luxurious vacation experience," says Toni Neumeister, vice president, food & beverage operations. "The breadth and caliber of talent on the Wine & Food itineraries is extraordinary, and further exemplifies our practice of delivering excellence." In addition to the designated Wine & Food themed cruises, the ultra-luxury line's annual President's Cruise will befittingly feature former White House Chef John Hanny. Aboard the May 3rd voyage from Piraeus to Dubai, hosted by Crystal President Gregg Michel, Hanny will present several presidential-themed dinners and White House favorites from several administrations. Culinary experts for 2010 include: Chefs and Foodies Michael Mina - Creator of restaurant group including one Michelin-starred restaurants; Heinz Beck - Executive chef of three Michelin-starred La Pergola, Rome; Tom Aikens - Michelin-starred chef and owner of London's Tom Aikens Restaurant; Andre Soltner - Former executive chef/owner of New York's legendary Lutece; Serge Dansereau - Owner of Sydney, Australia's The Bathers' Pavilion; Aglaia Kremezi - Greek cuisine expert and acclaimed cookbook author; Paula Wolfert - James Beard Award winning Mediterranean cookbook author; Simon Johnson - Australia's leading purveyor of quality foods, and Jon Ashton - Food correspondent for The Daily Buzz and Relish Magazine chef. Sommeliers and Wine Experts Doug Frost - One of only three worldwide to achieve both Master Sommelier and Master of Wine; Robert Bath - One of only 79 Master Sommeliers in the U.S.; Gerhard Retter - Wine and cheese sommelier at Michelin-awarded restaurants throughout Europe; Mel Master - Leading Rhone Valley and Languedoc wine exporter and famed restaurateur; Victoria Ordonez - Member of Spain's largest wine exporting family; Cameron Douglas - New Zealand's first and only Master Sommelier, and Filippo DiBelardino - Italian wine expert and vice president of Banfi Vintners-Fine Wines. Cocktail Concoctors Tony Abou-Ganim -National Ambassador of the U.S. Bartenders' Guild and creator of Crystal's exclusive cocktail program; Julio Bermejo - considered the "U.S. Ambassador of Tequila;" Livio Lauro - National president of the United States Bartenders' Guild; Francesco Lafranconi - Cofounder of the U.S. Bartenders' Guild Nevada chapter, and Audrey Saunders - Celebrated bartender of the Carlyle Hotel's legendary Bemelmans Bar, owner of New York's Pegu Club. Crystal Wine & Food itineraries are scheduled for March 30, Auckland to Sydney; April 29, London to Rome; May 25, Venice to Barcelona; September 5, Istanbul to Barcelona; September 17, Barcelona to Venice; November 22, roundtrip Lisbon; and December 12, roundtrip Los Angeles, Mexican Rivera. On every itinerary, Crystal Symphony and Crystal Serenity boast numerous dining options, including specialty dining from Master Chef Nobu Matsuhisa and Piero Selvaggio and Vintage Room experiences showcasing celebrated wines. Always an incredible value, 2010 Crystal Cruises offer two-for-one cruise fares, free airfare, shipboard spending credits and a price guarantee. For more information and Crystal reservations, contact a travel agent, call 888-799-4625, or visit crystalcruises.com. - Crystal Cruises

San Francisco 2010 MICHELIN Guide Celebrates With More Choices, New Categories and Expanded Coverage

Sophia Rhodini — Thu, 22 Oct 2009 04:02:35 +0000

SAN FRANCISCO, -- Travelers seeking an enjoyable experience along their journey have counted on the MICHELIN Guide for its trusted recommendations for the past century. And for the past four years, San Francisco-based MICHELIN Guide inspectors have been dining and rating local restaurants and presenting the highly-anticipated selection in the annual MICHELIN Guide. This under $20 purchase enables readers to choose a wonderful restaurant with confidence, and its fourth edition, the 2010 San Francisco MICHELIN Guide, offers even more tools and knowledge for readers to enjoy. When the MICHELIN Guide was first introduced, it set out to encourage people to drive, and along the way, enjoy the journey. More than a century later, the MICHELIN Guide continues in the same direction of enhancing mobility, while constantly evolving to stay in tune with the needs of its 1.2 million readers around the world. And meeting those needs requires offering options for various budgets and the pickiest of palates for the Bay Area and Wine Country. Enhancements to the 2010 San Francisco MICHELIN Guide include: NEW SYMBOLS and CATEGORIES Cheers! Kanpai! or Sante! - no matter how you say it, when offering a toast it's always sweeter when there's a great cocktail, sake or glass of wine in hand. Joining the popular notable wine list symbol are two new symbols that highlight restaurants with a notable cocktail program or sake list. An entirely new classification of restaurants - Small Plates. This category includes a completely new selection of establishments with a unique style of menu, ambiance and service not previously included in any MICHELIN Guide. This category was added to reflect the increasing popularity and quality of establishments with this style. ENHANCEMENTS and EXPANSIONS The Bib Gourmand category, also known as "Inspectors' Favorites for Good Value," has been embraced by MICHELIN Guide readers for providing a recession-proof dining solution. Featuring restaurants serving a meal (two dishes and a glass of wine or dessert) for $40 or less, the 2010 San Francisco MICHELIN Guide adds 18 new restaurants to this edition, for a total of 62 affordable, yet incredibly delicious dining options. The complete Bib Gourmand selection is available at www.famouslyanonymous.com The fourth edition of the San Francisco MICHELIN Guide also selects 89 restaurants offering a meal under $25 to reflect the current economic climate and resulting dining habits. In response to reader comments, also new this year is the expansion of the East Bay territory to include Walnut Creek, Emeryville and Lafayette. Introductions that celebrate the difference in each of the neighborhoods now include foodie-focused details like local specialty spots, food-related sights and food and wine events for the year. And the stars... this popular category has been re-designed to include longer text and larger photos, giving the MICHELIN Guide 2010 San Francisco readers more insight to these establishments. "The MICHELIN Guide has long been respected and the stars are what people love to talk about in the culinary world," says Jean-Luc Naret, director of the MICHELIN Guides. "But the Guide is so much more. It's filled with a year's worth of notes from the team of inspectors who set out to ensure the MICHELIN Guide provides an excellent mix of what readers truly want - a wonderful dining recommendation from trusted experts." Thanks to the rigorous MICHELIN Guide selection process that is applied independently and consistently around the world, the MICHELIN Guide has become an international benchmark in gourmet dining. The selection is made by anonymous, professional inspectors who are Michelin employees and is based on the same working methods in all countries. They pay all their bills in full. To find out more about the MICHELIN Guide inspectors and the history of the MICHELIN Guide, visit www.famouslyanonymous.com. While the MICHELIN Guide is known around the world for its famous stars, these restaurants account for just ten percent of the selection. With more than 1.2 million copies sold in approximately 100 countries, the MICHELIN Guide has always built its success on the diversity of its selection, especially on small establishments offering a high-quality dining experience at an affordable price. Hence the popularity and importance of the Bib Gourmand or "Inspectors' Favorites for Good Value" category and the Under $25 category - both increased in number of offerings in the 2010 edition. Moreover, inclusion in the MICHELIN Guide is, in itself, synonymous with quality, since only the best establishments in each comfort and price category are featured in the Guide. Present in North America since late 2005, the MICHELIN Guide New York City 2010 went on sale Tuesday, Oct. 6 at $17.99 and the MICHELIN Guide San Francisco 2010 goes on sale Tuesday, Oct. 20 at $17.99. Now representing 23 countries and three continents, the collection of 26 MICHELIN Guides includes more than 45,000 addresses. Its team of highly trained inspectors visits establishments anonymously, applying Michelin's international standards for quality across many categories. In North America, MICHELIN Guides for New York City and San Francisco, Bay Area & Wine Country are available. The MICHELIN Guide to Hong Kong and Macao was introduced in December 2008. A new MICHELIN Guide will be launched mid-October in Japan, covering Kyoto and Osaka. For more information, visit www.michelinguide.com. See below for 2010 MICHELIN Guide listing of starred establishments NOTE TO EDITORS: HI-RES PHOTOS AND DOWNLOADABLE TEXT AVAILABLE AT www.MichelinMedia.com 2010 MICHELIN Guide San Francisco Starred Restaurants Three Michelin stars *** mean exceptional cuisine, worth a special journey One always eats here extremely well, sometimes superbly. Distinctive dishes are precisely executed, using superlative ingredients. The French Laundry Two Michelin stars ** mean excellent cuisine, worth a detour Skillfully and carefully crafted dishes of outstanding quality Coi Cyrus Manresa The Restaurant at Meadowood One Michelin star* means a very good restaurant in its category A place offering cuisine prepared to a consistently high standard Acquerello Luce Ame Madrona Manor Auberge du Soleil Masa's Aziza Michael Mina Bouchon Murray Circle Boulevard One Market Chez Panisse Plumed Horse Chez TJ Quince Commis Range The Dining Room at the Ritz Carlton Redd El Paseo (now closed) Sante etoile Solbar Farmhouse Inn & Restaurant Terra Fifth Floor Trevese (now closed) Fleur de Lys Ubuntu Gary Danko The Village Pub La Folie La Toque 2010 MICHELIN Guide San Francisco Bib Gourmand Restaurants Previously released and available at www.FamouslyAnonymous.com Angele Le Charm Aperto Mamacita A 16 Marinitas BarBersQ Market Bar Tartine Maykadeh Bay Wolf Mirepoix Bellanico Monti's Rotisserie Betelnut Pejiu Wu Nopa Border (The) Perbacco Brown Sugar Kitchen Pican Burma Superstar Risibisi Cafe Gibraltar rnm Camino Sakae Cena Luna Sakoon Chevalier Sauce Colibri Slanted Door (The) Cook St. Helena Slow Club Corso Sociale Crouching Tiger Tavern at Lark Creek Cucina Paradiso the girl & the fig Delfina Tokyo Go Go Dosa Tommaso's Farina TWO FIVE Universal Cafe flour + water Vanessa's Bistro Henry's Hunan Willi's Wine Bar Hong Kong Flower Lounge Xanh Incanto Yank Sing Insalata's zazu Junnoon Kitchen (The) K & L Bistro Kokkari Estiatorio - MICHELIN North America

Riley Performance Motorcars' First Shelby GT500SE Super Snake Impresses the Crowd and Sells for $330,000 at the Barrett-Jackson, Las Vegas Auction!

Sophia Rhodini — Thu, 22 Oct 2009 04:02:58 +0000

LAS VEGAS, -- Riley Performance Motorcars is proud to announce that the first Shelby GT500SE built by the team was showcased and sold at the Barrett Jackson, Las Vegas Auction for $330,000.00. The superior build quality and incredible paint job propelled this amazing Shelby to this impressive auction price. Carroll Shelby viewed the car and signed the hood when the GT500SE made its debut at Barrett-Jackson Palm Beach. When the auction was complete, the GT500SE took its place as the third highest sale of the auction! The Shelby appears in the top sales list at www.barrett-jackson.com and is lot number 701. The Shelby is powered by a 780 horsepower all aluminum Supercharged Shelby 427 FE engine with a Tremec TKO 5 speed. It is also equipped with front and rear coil over suspension to radically improve handling and performance. Riley Performance Motorcars offers this extreme build as well as "streetable" versions that still pack the power and performance required by drivers of such machines. Riley Performance Motorcars is in the process of completing additional Shelbys and extreme Mustangs. They are currently taking orders for similar builds as well as building other classic and extreme muscle cars for clients worldwide. The quality of the work has consistently been well received and the positive response of the attendees, staff and bidders at the event was greatly appreciated. The team is dedicated to providing the highest quality work possible for its clients and stands ready to complete custom work and restorations on serious machines of every make and model. We are proud of this great achievement and will continue to deliver incredible cars to our clients worldwide. Some of our current and past projects can be viewed at www.rileyrpm.com. Contact us by email at jriley@rileyrpm.com or by phone at 214-395-4890 to discuss the perfect build for you! - Riley Performance Motorcars

Harbin Electric Completes Acquisition of Xi'an Simo Motor Inc. (Group), a leading Electric Motor Company in China

Sophia Rhodini — Thu, 22 Oct 2009 04:03:33 +0000

HARBIN, China, -- Harbin Electric, Inc. ("Harbin Electric" or the "Company", Nasdaq: HRBN), a leading developer and manufacturer of a wide array of electric motors in the People's Republic of China, today announced that Harbin Tech Full Electric Co. Ltd. ("Harbin Tech Full"), a wholly owned subsidiary of the Company, completed the acquisition of Xi'an Simo Motor Incorporation (Group) ("Simo Motor"), one of China's leading electric motor companies. On October 6, Harbin Electric announced that Harbin Tech Full had signed a definitive agreement to acquire 100% of the outstanding shares and all of the corresponding assets of Simo Motor in consideration for the payment of a purchase price equal to no less than six (6) times and no more than eight (8) times the 2008 audited net profits of Simo Motor. As of the closing date, Harbin Tech Full had completed the registration of the share transfer with the requisite PRC authorities and had obtained the required business registration and transfer of licenses of Simo Motor, all as contemplated by the definitive agreement. On October 13, Simo Motor changed its name to Xi'an Tech Full Simo Motor Co. Ltd. The Company believes that the acquisition of Simo Motor is the most significant step to date in the Company's strategy to expand its industrial rotary motor business to large size and special type of rotary motors. The Company anticipates that this acquisition will further strengthen the Company's leading position in the electric motor industry in China. The Company intends to immediately begin the process of integrating Simo Motor into its existing businesses. Safe Harbor Statement The actual results of Harbin Electric, Inc. could differ materially from those described in this press release. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release may be found in the Company's periodic filings with the U.S. Securities and Exchange Commission, including the factors described in the section entitled "Risk Factors" in its annual report on Form 10-K for the year ended December 31, 2008. The Company does not undertake any obligation to update forward-looking statements contained in the press release. This press release contains forward-looking information about the Company that is intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may, "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology, and include discussions of strategy, and statements about industry trends and the Company's future performance, operations and products. - Harbin Electric, Inc.

IGT Installs More Than 1400 Games at Casino Rosario in Argentina

Sophia Rhodini — Thu, 22 Oct 2009 04:03:58 +0000

Complete IGT game mix and casino management system to enhance the casino's floor BUENOS ARIES, Argentina, -- International Game Technology (NYSE: IGT) announced today the placement of 1472 gaming machines and the IGT Advantage® gaming management system at Casino Rosario in the Santa Fe province of Argentina. This placement represents 72 percent of the games on the casino floor at Casino Rosario, which officially opened Oct. 15, 2009. "The entire IGT team is thrilled to see the completion and opening of this world-class casino resort," said Patti Hart, chief executive officer for IGT. "IGT is proud to be such an important part of this unique, high-quality project." The IGT Latin America office has worked hand-in-hand with the Casino Rosario team over the past few years to create the right game and systems combination for the casino's floor. Worldwide support was provided by IGT for the installation of the games, and a team of local engineers managed the installation of the IGT Advantage® system. "We have been working very closely with the IGT team since the beginning of this project and the partnership has been outstanding," said Ricardo Benedicto, President of Casino Rosario. "We believe that IGT's products are the best in the industry and are thoroughly excited to offer our players the latest and greatest games from such a leading gaming company." The IGT games installed at Casino Rosario will include premium products, MultiPLAY games, multi-player products and a host of video and mechanical reel games. The mix of IGT games will consist of player-favorites including world-renowned themes Wheel of Fortune®, Indiana Jones(TM) and Star Wars(TM). The high-performing MultiPLAY Video Slot will also debut with both Cleopatra® and Lil' Lady® versions. These games give players the option of playing their favorite game up to four times, simultaneously, with different outcomes on the same machine. Included in the placement are the latest in 3-D gaming including 35 exciting themes such as 7 Storm(TM), Silver Hawk(TM), Lucky Crickets(TM), Fire Opals(TM) and Holiday in Venice(TM) on the G MLD® machine and Triple Butterfly Sevens®, Triple Stars®, Triple Red Hot 7s(TM), and Diamond Fire(TM) on the S MLD® machine. Popular spinning reel games on the S AVP® machine will feature Sizzling 7's®, Double Times Pay 3x4x5x® and Double Dollars® 3x4x5x to name a few. In addition, IGT multi-player products at Casino Rosario will include 96 electronic roulette terminals operating on IGT's Roulette Evolution(TM) platform. Casino Rosario executives chose IGT Advantage® as the casino's gaming management system for the entire casino floor. IGT Advantage® provides all the tools casinos need to manage their casino floor, attract and retain more customers, and dramatically improve the bottom line. "We felt that IGT Advantage® was the best choice for Casino Rosario based on previous experience and the outstanding vision of the future that IGT has for this product. It was an easy decision to go with IGT Advantage®," said Benedicto. Casino Rosario is the largest casino in Latin America and is a joint venture between Casino Club, which operates more than 30 casinos in Latin America, and Cirsa Gaming Corporation which is headquartered in Spain. The property is 135,000 square meters and features a gaming floor of more than 2000 gaming machines, seven restaurants, a five-star hotel and convention space for 2100 people. Additional amenities include a spa, underground parking, gymnasium, retail shops, bowling and a rooftop entertainment area for hotel guests with a pool, tennis courts, and multiple bars. International Game Technology (www.IGT.com) is a global company specializing in the design, development, manufacturing, distribution and sales of computerized gaming machines and systems products. - IGT

Cruise West Offers Unprecedented Savings on 24 World Wide Voyages

Sophia Rhodini — Thu, 22 Oct 2009 04:04:22 +0000

Free Air or Air Credit, Waived or Reduced Single Supplement and 50 Percent Off for Kids and More SEATTLE, -- Cruise West (www.cruisewest.com), the world's leading provider of small-ship explorations to the most fascinating destinations on earth, is offering unprecedented savings for all 24 individual voyages (ranging from nine- to 19-nights) that combine to form the epic world adventure, Voyages of the Great Explorers. Book and pay in full by December 18, 2009, for maximum value-add savings. Whether guests are eyeing a trip to Southeast Asia, North Africa, the Mediterranean, Greek isles, East Coast Canada and USA, Australia or the South Pacific, there is tremendous value offered in this landmark year. Guests will save up to $1,550 per person ($3,100 per cabin) and receive FREE round trip international airfare from five select U.S. Cities: San Francisco (SFO), Los Angeles (LAX), Chicago (ORD), Washington D.C. (IAD or DCA) and New York (JFK) or an air credit of $750 per person by booking and paying in full by December 18, 2009. The free air or air credit is valid for Voyages 1 through 18 of the 24-voyage segments of the Voyages of the Great Explorers. Additional saving incentives for all 24 voyages (except where noted) include: Bring a friend (new booking) and each person receives $500 off the cruise fare 50% savings for all children 18 and younger Single supplement will be waived on Voyages 1 - 4 in all cabin categories Reduced single supplement for Voyages 5 - 24 in Superior, Majestic, Premium and Classic cabin categories The best value afloat. With most cruises, guests pay extra for every little thing (and big things) such as soft drinks, taxes and port charges, and shore excursions. But with Cruise West, the fare includes everything except alcohol. There are no surprise charges that can easily add up to double the fare or more. Cruise West includes a shore excursion in every port, and in addition, each of the 24 voyages includes one 'Ultimate Explorers Experience.' A sampling includes tickets to Edinburgh's world-famous Military Tattoo, the chance to participate in the special novitiate ceremony and feeding of the monks in Rangoon, or an overnight stay in Sydney Harbor during its magnificent New Year's Eve celebration and fireworks display. These are once-in-a-lifetime events that only a small number of travelers will ever see. This is the world that most people have never seen. Each of the 24 journeys of the Voyages of the Great Explorers takes guests to the "must see" sights--Pompeii, Petra, Florence, Luxor, the Hermitage, the Guggenheim. Board a Zodiac bound for an uninhabited island in the Maldives or a remote village in the Tuomotus. Travel the narrow Corinth Canal and Kiel Canal where big ships can't go. Visit tiny islands in the South Pacific like Pitcairn Island of HMS Bounty fame, and Palmerston Island, where all 50 residents are descended from one Englishman. In fact, these voyages will visit 85 UNESCO World Heritage Sites. Further, engaging presentations by Smithsonian Journeys guest lecturers and renowned experts on each region's culture, history and current events will bring each itinerary to life. All voyages take place on the intimate 120-guest, all-suite Spirit of Oceanus. Prices start at $4,995 per person before savings and include a pre-cruise hotel night. For further details on Cruise West's Voyages of the Great Explorers itineraries, visit http://www.cruisewest.com/world-cruises, call 800-296-8307 or a travel professional. ~Up-Close, Casual and Personal Exploration~ Cruise West believes that small is beautiful. Small-ship explorations allow up-close, casual and personal experiences unmatched by the traditional larger cruise lines. For more than 63 years Cruise West has provided authentic travel experiences where the destination is the focus. Nine small ships with guest capacities ranging from 78-138 explore remote and distinctive destinations throughout the globe. A robust onboard enrichment program further enhances the guest experience through topical guest lecturers, additional exploration by zodiac and included excursions at every port. - Cruise West

Yamaha OHV Access Initiative Tops $1 Million in GRANTs for Safe, Responsible OHV Access

Sophia Rhodini — Thu, 22 Oct 2009 04:04:55 +0000

OHV Enthusiasts Nationwide Benefit from More Than 100 Yamaha GRANTs in 21 Months CYPRESS, Calif -- Yamaha Motor Corp., U.S.A., through its OHV Access Initiative, has provided more than $1 million in critical funding into OHV projects across the country. In less than two years, more than 100 Yamaha GRANTs (Guaranteeing Responsible Access to our Nation's Trails) have been given to local, state and national organizations that are leading efforts to support safe, responsible OHV riding and sustainable, open riding areas. Programs receiving GRANTs historically incorporate projects that directly impact specific trails, such as trail construction and maintenance, safety patrols, mapping and trail signage, as well as projects that address OHV usage on a broader scale -- like educational and land stewardship campaigns and legislative or legal efforts supporting responsible OHV access to public lands. GRANT funded projects span the country from New York to California, Florida to Oregon. A complete list of GRANT recipients can be found at: www.yamaha-motor.com/ohvaccess. "Yamaha is leading national and local efforts to promote safe, responsible riding and open, sustainable riding areas, and reaching this $1 million milestone is symbolic of our commitment," said Mike Martinez, Yamaha's general manager of ATV and Side-by-Side Operations. "Together with our GRANT recipients, we recommit to these efforts each time an approved OHV project is funded and completed. Through the OHV Access Initiative, Yamaha will continue to provide vital resources to the OHV community for many years to come." In this third quarter funding cycle, eight Yamaha GRANTs (Guaranteeing Responsible Access to our Nation's Trails) were awarded to fund projects that directly impact the access, safety and sustainability of OHV riding areas across the country. GRANT recipients for Q3 2009 include: Birdseye Mountain ATV Club, VT City of Evarts, KY Cle Elum Ranger District, OR Dubois County Dirt Riders Off Road Riders Association Offroad Riders Matter Association Oregon Dept. of Forestry Western Slope ATV Association - Yamaha Motor Corp., U.S.A.

International Drug & Explosives Detection Firm IDenta Corp. Updates US Marketing Progress

Sophia Rhodini — Thu, 22 Oct 2009 04:05:23 +0000

JERUSALEM -- IDenta Corp. (Pink Sheets: IDTA), Identa Corp CEO Yaacov Shoham today released this statement updating the following events; "1. Last week Identa executives had a very important meeting in Israel with representatives from Earthbound LLC. Much progress has been made in introducing the NEW Drug General Screening Test Kit to the drugstore and retail chains. We have been informed that two of the largest American chains are ready to start the process of placing the new detector on the shelves of their stores. The names of the chains will be released when the negotiations are finished. Identa Corp and Earthbound LLC will have a very important high level meeting in mid-November with one of the two drug store chains. 2. Identa Corp has participated last week at the ISDEF 2009 ISRAEL DEFENSE EXHIBITION www.isdef.co.IL 3. Jant Pharmacal Corporation (Accutest) - Identa's representative in the USA, will participate starting tomorrow at the 2009 Explosives Detection (ED) Symposium and Workshop -San Diego (booth 707) http://www.cttso.gov/Conference_flyer_025.pdf This international symposium and workshop provides a venue for US and allied Governments, academia and industry to share information, develop partnerships, advance technology, provide first responder training and demonstrate capabilities in the area of explosives detection. Participants include; first responders, government sponsors, and policy and standards setting organizations from Federal, State and Local governments, as well as military agencies. The US Government sponsors of this event are bringing together an outstanding and diverse group of scientists, industry professionals, academics and end-users for four days of discussion and invaluable interaction including an exhibit hall training session." Mr. Shoham further added, "These two meetings as well as the Earthbound meeting are very important meetings further establishing Identa as the world leader in manufacturing and marketing of forensic products." ABOUT IDENTA Since 2003, IDenta Corporation has been recognized as a worldwide leader in the development of proprietary on-site drug, drug precursor and explosive detection kits. IDenta develops, manufactures and distributes products for both the professional and civil markets which consistently pass the highest qualifications and testing procedures of law enforcement and security agencies around the world. Information concerning IDenta's entire product line may be found at www.IDenta.biz DISCLAIMER Certain of the statements contained herein may be, within the meaning of the federal securities laws, "forward-looking statements" that are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are based on management's expectations as of the date hereof, and the company does not undertake any responsibility to update any of these statements in the future. For Investor Relations, lobbying interests or information concerning IDenta's products internationally or the development of new chemical detectors, contact: Yaacov Shoham, IDenta Corp., CEO, Tel: +972-52-6554487, fpi@drugsdetector.com, www.identa.biz. - IDenta Corporation

TSA Announces $4.9 Million for Airport Surveillance at Philadelphia International Airport

Sophia Rhodini — Thu, 22 Oct 2009 04:06:04 +0000

PHILADELPHIA, -- The Transportation Security Administration (TSA) today announced approximately $4.9 million in funding for the installation of additional closed circuit television (CCTV) systems at Philadelphia International Airport (PHL), which are designed to assist TSA's efforts to strengthen security at airports. "In an airport environment, CCTV systems provide many benefits including improved security, better personnel deployment and assistance with the resolution of suspicious items," said PHL's Federal Security Director Robert Ellis. "The installation of these additional cameras, along with upgrades to our existing cameras, will be a tremendous asset to our security efforts." The award, which comes from fiscal 2009 funds, will enhance the CCTV systems currently in place at PHL. CCTV technology is in place at hundreds of airports across the country. In addition to Philadelphia, TSA has collaborated with other individual airports to expand these sophisticated and integrated security networks. - Transportation Security Administration

The Peninsula Shanghai Opens on the Bund

Sophia Rhodini — Thu, 22 Oct 2009 04:06:24 +0000

SHANGHAI, -- On October 18th, The Peninsula Hotels introduced its ninth hotel, the spectacular and iconic new The Peninsula Shanghai. Gracing Shanghai's celebrated Bund and styled after a 1920s and 30s noble residence, the hotel reflects the city's heritage as "the Paris of the East." Architect David Beer, formerly of BBG/Architects, and Paris-based interior designer Pierre-Yves Rochon of PYR have blended subtle Chinese influences with a modern interpretation of the Art Deco movement into the 235 superbly appointed guestrooms and suites, which are among the largest in the city. The new landmark property marks the return of parent company, The Hongkong and Shanghai Hotels, Limited, to its Shanghai roots after an absence of 60 years. The company operated four of the city's premier hotels - The Kalee, Majestic, Palace and Astor House - in the first half of the last century. "Opening The Peninsula Shanghai is a unique opportunity to re-establish our historic links to this wonderful city. We feel very comfortable and proud to be back," says Paul Tchen, General Manager. "Shanghai's a natural part of our storyline, a romantic and historic continuation of the golden age of travel and Peninsula's rich heritage." Grand and glamorous, yet with a welcoming feel, the hotel is the Bund's first new building in more 60 years and returns classic luxury to Shanghai. Occupying a prime site on the Huangpu River beside the former British Consulate Gardens and the Suzhou Creek, The Peninsula Shanghai offers spectacular views of the Pudong skyline, river and historic Bund. Never before has Shanghai seen elegance, service and style on this scale, in a hotel that offers historical authenticity blended with Peninsula's pioneering in-room technology. Hotel highlights include: Guestrooms that provide in-room business center capabilities, including VoIP with complimentary long-distance calling services and a fax/printer/scanner/photocopier. Yi Long Court restaurant featuring the cuisine of Michelin Star chef Tang Chi Keung. The Peninsula's famous afternoon tea, served in the triple-height Lobby lounge overlooking the former British Consulate Gardens. Sir Elly's, the rooftop restaurant bar and terrace, offering modern European cuisine with French influences along with spectacular skyline views of the city. Salon de Ning, a late-night lounge evoking Shanghai's decadent heyday A signature suite's 11,733-square foot wrap-around terrace with some of the city's most breath-taking views. The Peninsula Spa by ESPA, with special spa treatments unique to The Peninsula Shanghai. From now through February 28, 2009, guests can book The Peninsula Preview Rate, which includes one night accommodations, breakfast for two and roundtrip airport transfers for approximately US$295. For more information or to book this rate, call 866-382-8388. - The Peninsula Hotels

GOL - NYSE Profile of the Week

Sophia Rhodini — Thu, 22 Oct 2009 04:06:59 +0000

SAO PAULO, -- GOL Linhas Aereas Inteligentes S.A. (NYSE: GOL; Bovespa: GOLL4), the largest low-cost and low- fare airline in Latin America, informs the market that the Company is the "NYSE Profile of the Week" and its profile is available on NYSE's website during the current week. To access GOL's "NYSE Profile of the Week", please visit http://www.nyse.com/ This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of GOL. These are merely projections and, as such, are based exclusively on the expectations of GOL's management concerning the future of the business and its continued access to capital to fund the Company's business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors, and risks disclosed in GOL's filed disclosure documents and are, therefore, subject to change without prior notice. - GOL Linhas Aereas Inteligentes S.A.

JetBlue Airways Increases Flights from Boston to Baltimore After Successful Launch of Service

Sophia Rhodini — Thu, 22 Oct 2009 04:07:34 +0000

-- Five daily nonstop flights offer more convenience and choices for customers beginning March 1, 2010 -- -- Everyday low fares start at just $39 (a) each way -- Download image BOSTON,-- With 32 nonstop destinations and 20 connecting cities to choose from, JetBlue Airways (Nasdaq: JBLU), Boston's largest domestic carrier, today announces even more expansion of its daily service from Boston's Logan International Airport (BOS). Five daily nonstop flights from BOS to Baltimore/Washington International Thurgood Marshall Airport (BWI), one of the airline's newest destinations on its growing route network, will begin on March 1, 2010. On September 9, JetBlue launched new service to Baltimore with four daily flights to complement its existing six daily flights between Boston and Washington Dulles International Airport (IAD). "Customers in Baltimore have discovered what those in Boston have known for years: JetBlue offers more than just an unassigned seat and a handful of peanuts to their destination," said Scott Laurence, vice president of network planning for JetBlue Airways. "With five straight J.D. Power awards received for our customer service, we also provide our customers with lots of legroom, unlimited free snacks and drinks and pre-assigned leather seats on brand new airplanes -- all at the cost of your airfare. In addition, JetBlue flights offer 36 channels of DirecTV programming and more than 100 channels of XM Satellite radio on personal seatback screens. Check out the live TV -- it's on, it's always on, and it's free!" JetBlue's everyday low fares start at just $39 (a) each way with a 21-day advance purchase. The airline's schedule between Boston and Baltimore/Washington: Boston (BOS) to Baltimore/Washington (BWI) to Baltimore/Washington (BWI): Boston (BOS): --------------------------- ----------------------------- Depart - Arrive Depart - Arrive --------------- --------------- 6:35 a.m. - 8:09 a.m. 6:44 a.m. - 8:10 a.m. (effective 3/2/10) 11:05 a.m. - 12:39 p.m. 8:50 a.m. - 10:18 a.m. 3:25 p.m. - 5:02 p.m. 1:15 p.m. - 2:40 p.m. 6:40 p.m. - 8:13 p.m. 5:45 p.m. - 7:15 p.m. 8:50 p.m. - 10:21 p.m. 8:50 p.m. - 10:11 p.m. (effective 3/1/10) ----------------------- --------------------- JetBlue's Baltimore service is operated by its full-size EMBRAER 190 jets, with seating for 100 customers. The E190 is outfitted with all-leather seats in a spacious 2 x 2 configuration -- with no middle seats! With its new service to Baltimore/Washington, JetBlue now offers customers service to more destinations than any other carrier at Boston's Logan, with a choice of 32 nonstop business and leisure destinations across the United States and into the Caribbean and Mexico. Maryland customers also have the opportunity to seamlessly connect to L.A./Long Beach; San Diego; Seattle; and San Francisco from the airline's growing network in Boston. In addition, customers can take advantage of convenient connecting service operated by JetBlue's marketing partner, Cape Air, to fly onward to some of New England's most beautiful destinations including Hyannis, Martha's Vineyard, Nantucket, Provincetown, Mass. and Rutland/Killington, Vt. (a) For travel between Boston and Baltimore: All fares are subject to change without notice. Travel costs $15 more per person if purchased by telephone, or at an airport or city ticket office. Fares require up to a 21-day advance purchase. Travel must be completed by April 30, 2010. Blackout dates for travel are between November 24, 2009 and November 30, 2009 and between April 1, 2010 and April 4, 2010. Fares may not be available on all days or on all flights. Fares are most often found on midweek travel dates. All fares must be purchased at time of reservation, and are one-way, nonrefundable, and nontransferable. Cancellations and changes can be made prior to scheduled departure for $100 per person at 1-800-JETBLUE (1-800-538-2583), TTY/TDD 1-800-336-5530, or at jetblue.com, with applicable fare adjustment. Cancellations are for a JetBlue travel credit only, which is valid for one year. If a reservation is not changed or canceled prior to scheduled departure, all money associated with the reservation is forfeited. Fares do not include Passenger Facility Charges of up to $9 each way, September 11th Security Fees of up to $5 each way and a Federal Segment Tax of $3.60 per domestic segment. A segment is a takeoff and landing. All taxes and fees must be paid at the time of purchase. JetBlue reserves the right to deny boarding to passengers without proper documentation. A second bag fee of $30 applies. DIRECTV(r) service is not available on flights outside the continental US. Other restrictions apply. ©2009 JetBlue Airways - JetBlue Airways

Crestline Hotels & Resorts Announces the Appointment of Douglas C. Varsano to Director of Sales & Marketing for the Hilton Parsippany and the Adjacent Hampton Inn Parsippany

Sophia Rhodini — Thu, 22 Oct 2009 04:08:01 +0000

PARSIPPANY, N.J. -- Crestline Hotels & Resorts, Inc. today announced the appointment of Douglas C. Varsano to Director of Sales & Marketing for the Hilton Parsippany and the adjacent Hampton Inn Parsippany hotels. Together the two properties include 506 guestrooms and share 30,000 square feet of meeting and banquet space offering complementary branded hotels that feature full-service and select service facilities in the same location. Mr. Varsano joins Crestline Hotels with more than 10 years of hospitality industry sales management experience. He formerly consulted with Dolce Hotels and prior to that he held various sales and marketing management positions with Starwood Hotels & Resorts, Cendant Hotels, and American Express. "Doug brings a commitment to excellence combined with a background in revenue management," said Vicki Denfeld, Senior VP of Sales & Marketing for Crestline Hotels & Resorts. "We welcome his ability and leadership at these combined properties which serve a key business location, as well as the community," added Denfeld. Mr. Varsano holds a B.S. in Hotel Administration from Cornell University, School of Hotel Administration. He is active in the hospitality industry and has received numerous accolades. He can be reached at Doug.Varsano@crestlinehotels.com. About The Hilton Parsippany & Hampton Inn Parsippany The Hilton and Hampton Inn Parsippany are co-joined hotels offering guests a wide variety of amenities and services. The Hampton Inn includes 156 guestrooms and suites appointed for business and leisure travel with coffee makers, complimentary high-speed Internet access and an executive desk in each guestroom. The Hilton Parsippany is a full-service hotel with 350 luxury guestrooms and suites. The hotels are part of a serene business campus, just 25 miles from Newark International Airport. The hotels offer 30,000 square feet of event space, two onsite restaurants: Ruth's Chris® Steak House and Olive's Restaurant. For more information or reservations, visit www.hiltonhotels.com or call: 973-290-9058. Note: Certain matters discussed herein are forward-looking statements within the meaning of the Private Litigation Reform Act of 1995. Certain, but not necessarily all, of such statements can be identified by the use of forward-looking terminology, such as "believes," "expects," "may," "will," "should," "estimates" or "anticipates" or the negative thereof or comparable terminology. - Crestline Hotels & Resorts, Inc.

FleetPride Acquires Angelo Fleet & Industrial Supply, Inc.

Sophia Rhodini — Thu, 22 Oct 2009 04:09:12 +0000

THE WOODLANDS, Texas, - FleetPride, Inc., the nation's largest independent aftermarket distributor of heavy-duty truck and trailer parts, announces that it has acquired the assets of Angelo Fleet & Industrial Supply, Inc. of San Angelo, Texas. FleetPride will continue to operate in the 11,000 square foot facility located at 4106 South Chadbourne and brings the total number of FleetPride locations in Texas to 17. Angelo Fleet & Industrial Supply has been in business since 1982 and is the primary independent heavy duty parts distributor in San Angelo and its surrounding markets. "Owners Larry and Donna Ripley are known for providing unparalleled customer service, quick delivery, and dedication to doing things right the first time - all of which mirror the FleetPride business philosophy," said Lee Stockseth, Vice President Operations and Central Region. "Larry Ripley will stay on as Branch Manager and employment offers have been extended to all employees. The Angelo Fleet & Industrial Supply team brings immeasurable experience in the heavy-duty parts business, making them an important addition to our FleetPride family," continued Stockseth. "This new location in San Angelo, combined with our locations in Amarillo and Lubbock, gives us extensive coverage of West Central Texas, and will allow us to more quickly service this region's significant oil field and agricultural industries," said Mike Paxton, Vice President Business Development and Strategic Planning. - FleetPride, Inc.

Video: Progressive Insurance Automotive X Prize Announces Teams Qualified to Compete for $10 Million and Launches National Student Contest

Sophia Rhodini — Thu, 22 Oct 2009 04:10:04 +0000

43 teams have been judged qualified to advance in the $10 million Progressive Insurance Automotive X PRIZE, a competition to create viable and super fuel-efficient vehicles. Registration also opens for a national student contest to reinvent the automotive dashboard, sponsored by a grant from the U.S. Department of Energy. Download image NEW YORK, -- The Progressive Insurance Automotive X PRIZE, a multimillion dollar competition to inspire a new generation of viable, super fuel-efficient vehicles, today announced the 43 teams-- representing 18 states, 10 countries and 6 fuel types, that have passed the competition's Design Judging phase and will move into the most exciting phase of the competition - performance and safety testing - putting them one step closer to their share of the $10 million prize purse. To view the Multimedia News Release, go to: http://multivu.prnewswire.com/mnr/progressive/40603/ The announcement was made at Manhattan's Classic Car Club, and featured Dr. Peter Diamandis, X PRIZE CEO and Chairman; Glenn Renwick, President and CEO of Progressive Insurance; Connie Bezanson, Lead Engineer, Program Planning, U.S. Department of Energy's Office of Vehicle Technologies; and Dale Fulton, Senior Vice President for Curriculum Development at Discovery Education; along with a number of the qualified teams and their vehicles and the first high school teams to register for the complementary student contest. Teams that have passed this most recent phase of judging have proven to the competition's automotive and technical experts that their vehicles will be available in time for formal vehicle challenges next spring, will be production capable, and can plausibly meet or exceed the competition requirements. There are a total of 53 vehicles moving forward in the competition with 28 represented in the Mainstream Class and 25 represented in the Alternative Class. "The teams and vehicles represented in this group are the most viable in our competition and we believe that together they are positioned to make a huge impact on the automotive marketplace," noted Dr. Diamandis. "The work that these teams have done is really amazing--congratulations to them all on getting this far," said Progressive's CEO Glenn Renwick. "Over the next year, we'll see significant advancement of these designs, taking us even closer toward the ultimate goal of making super fuel efficient vehicles a viable choice for consumers." The competition features teams from around the world that can design, build and bring to market 100 MPG or energy equivalent (MPGe) vehicles that people want to buy and that meet market needs for price, size, capability, safety and performance. Performance testing will begin in spring 2010 and winners will be announced in September 2010. Exact dates and locations will be announced shortly. A complete list of qualified teams, along with fuel types, photos of their vehicles and team information is now available at www.progressiveautoxprize.org. Also at the event today, the Progressive Insurance Automotive X PRIZE formally opened registration for a national high school contest, funded by a U.S. Department of Energy grant. The contest, called DASH+, challenges students to work together using creativity, design, and math and science skills to develop new gauges, instruments and interfaces to create the "Dashboard of the Future" which will support behavior change to help drivers maximize fuel efficiency and reduce environmental impact. Each team will experience a unique, hands-on opportunity as they design their dashboard which will be accompanied by a written technical plan and a design video pitch to convince both auto manufacturers and the general public to adopt and embrace their new concepts, experiences and tools to better understand energy use in vehicles. DASH+ teams must include two to five U.S. students enrolled in 9th through 12th grade, aged 14 or older, in fall 2009 and have an adult mentor. Registration is now available online at www.FuelOurFutureNow.com/contest. www.FuelOurFutureNow.com is a dynamic, online destination advancing science, technology, engineering, and math (STEM) education goals created by the U.S. Department of Energy, the X PRIZE Foundation, and Discovery Education. Featuring empowering resources that engage students in the science of alternative fuels and energy-efficient engineering, www.FuelOurFutureNow.com features targeted curriculum and lesson plans for all grade levels, as well as high-quality video, dynamic interactives, and additional resources teachers can use to achieve their STEM objectives. - Progressive Insurance Automotive X Prize

Football Fans Score Big When They Stay at Courtyard by Marriott Hotels

Sophia Rhodini — Thu, 22 Oct 2009 04:10:28 +0000

Weekend Guests Receive $25 Certificate to NFLShop.com or TicketsNow.com --All Guests Entered to Win a Trip to Meet Football Commentator James Brown BETHESDA, Md., -- This fall, Courtyard by Marriott is the ideal hotel brand for football fans. Now through November 22, stay the weekend at any of 670 participating Courtyard hotels throughout the U.S. and Canada and receive a $25 NFLShop.com or TicketsNow.com gift certificate. Guests must book using promotional code NF2 and complete their stays by December 13, 2009. To receive the $25 gift card, the weekend stay must include a Friday or Saturday night.* These gift certificates give fans extra spending money towards their favorite player's jersey and other team gear at NFLShop.com, or tickets to an upcoming football game or other event on TicketsNow.com. In addition, all guests who stay at any participating Courtyard hotel in the U.S. and Canada any night of the week from now until November 22, 2009, will be automatically entered to win a grand prize trip to New York to meet pro-football commentator James Brown on the set of his show. Other prizes include a 50-inch flat screen TV and Courtyard gift cards. Courtyard has been a leader in the upper-moderately priced lodging tier for more than 25 years by offering travelers the amenities they need on the road such as free Wi-Fi in the lobby and guest rooms, as well as a 24-hour market for sundries and snacks. There are currently more than 840 Courtyard hotels to choose from in nearly 30 countries around the world. The popular brand is undergoing a system wide makeover, and is recognized as the perfect hotel choice for business and leisure travelers alike. Nearly 70 Courtyard hotels now feature the popular Refreshing Business lobby concept, which includes guest amenities such as healthier food options at The Bistro - Eat.Drink.Connect.(TM) and the new interactive GoBoard(TM) technology. To learn more about Courtyard's reinvention, go to www.gocourtyard.com. *For terms and conditions, visit www.courtyard.com/biggame. Click here for Marriott International, Inc. (NYSE: MAR) company information. - Marriott International, Inc.

IceWEB Announces High Capacity Imagery Notebook Mil-Spec Ruggedized Notebook With Industry's Largest Hard Drive Capacity

Sophia Rhodini — Thu, 22 Oct 2009 04:11:01 +0000

SAN ANTONIO, -- IceWEB, Inc.(TM), www.IceWEB.com, (OTC Bulletin Board: IWEB) today announced at the GEOINT show in San Antonio, Texas, the availability of a turn-key Rugged Notebook Computer to allow the DOD, DHS and Intelligence Community to allow forward deployment critical GIS data into virtually any environment. The new Notebook, called "WorldBook," has the industry's largest disk capacity currently capable of storing more than 1.28TB of data. Additional features include optional GPS, 3G Wireless, smart card reader and sunlight readable display. Updates to the imagery can be deployed to the field on IceWEB disk-packs and upload with available fire-wire interface. Demonstrations will be available at IceWEB's booth #809. "The global environment today requires tool sets which allow data assets be available wherever they are needed. The WorldBook builds on IceWEB's strategy of providing solutions to make GIS data available wherever and whenever it is needed. Our Appliances meet the needs of desk based users, our MLP III product meets the needs of field deployable high performance servers, and now, WorldBook puts this data in your lap, backpack or briefcase," said John R. Signorello, CEO of IceWEB Inc. "WorldBook, for the first time makes critical GIS imagery available on an airplane, train, in a hotel room, tent, or yurt. We're confident that this solution will be well received throughout the GIS community. The ability to forward deploy complex data sets on the highly portable WorldBook will greatly benefit all of our GIS partners and their clients as well as open up potential new revenue streams for the company." This press release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases you can identify those so-called "forward looking statements" by words such as "may," "will," "should," "expects," "plans," "targets," "believes," "anticipates," "estimates," "predicts," "potential," or "continue" or the negative of those words and other comparable words. These forward looking statements are subject to risks and uncertainties, product tests, commercialization risks, availability of financing and results of financing efforts that could cause actual results to differ materially from historical results or those anticipated. Further information regarding these and other risks is described from time to time in the Company's filings with the SEC, which are available on its website at: http://www.sec.gov. We assume no obligation to update or alter our forward-looking statements made in this release or in any periodic report filed by us under the Securities Exchange Act of 1934 or any other document, whether as a result of new information, future events or otherwise, except as otherwise required by applicable federal securities laws. - IceWEB, Inc.

NowAuto Group, Inc. Announces Fiscal 2009 Results

Sophia Rhodini — Thu, 22 Oct 2009 04:11:28 +0000

Managing in Troubled Times TEMPE, Ariz., -- NowAuto Group, Inc. (OTC Bulletin Board: NAUG; Other OTC: NWAU) today announced results for its fiscal year ended June 30, 2009. The Company reported revenue of $5.4 million and a net loss of $0.24 per diluted share versus revenue of approximately $4.5 million and a net loss of $0.21 per diluted share in the prior fiscal year. The increase in revenue in fiscal 2009 was due to improved sales. Gross margin increased during fiscal 2008 to 45% up from 42% (restated) in the prior year as a result of the new enterprise system that is more efficient at capturing cost and incorporating them in the sales price. Contract receivables, including deferred revenue from lease contracts, increased 27% from the prior year. Construction is the largest industry in the Phoenix area. The crisis in the financial and mortgage industries has hit construction especially hard. As a result, the Company's Bad Debt expense increased 36% from fiscal 2008. Administrative costs increased because of increase in staff, additional costs due to the new system, and an increase in health care benefits. "The present condition of the sub-prime and below sub-prime market has continued to impact our industry and our company," said CEO Scott Miller. "While our emphasis is always on collections, our challenge in the current environment is to maximize sales while aggressively work with our customer to maintain active contracts. New finance programs and changes in marketing and advertising yielded positive sales results this fiscal year. Nevertheless, we expect a difficult environment for the foreseeable future. Our commitment to customers and shareholders alike remains; NowAuto will do whatever it can to maintain productive contracts without placing imprudent demands on our customers," Miller said. "As previously announced, there have been unexpected changes in auditor. This has posed some significant challenges for us," said Faith Forbis, CFO. "However, the filing of this report marks the successful end of the audit. We look forward to working with the new audit firm of Semple, Marchal, and Cooper." "At the end of September, the Corporate office and Service Department relocated to the same facility. This new location significantly expands the Service Department, makes it more efficient, and gives Officers better oversight of operations," said Chief Operating Officer Tino Valenzuela. Note to Investors This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934, and is subject to the safe harbor created by those sections. The forward-looking information is based upon current information and expectations regarding NowAuto Group, Inc. These estimates and statements speak only as of the date on which they are made, are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecasted in such forward-looking statements. NowAuto Group, Inc. assumes no obligation to update the information contained in this press release. NowAuto Group, Inc.'s forward-looking statements in this press release and future results may be materially impacted by any number of factors, any or all of which could have a negative impact on sales, operating results, financial and budgetary constraints. NowAuto Group, Inc.'s future results may also be impacted by other risk factors listed from time to time in its SEC filings, including, but not limited to, the Company's Form-QSBs and its Annual Report on Form 10-K. The statements made herein are independent statements of NowAuto Group, Inc. The inclusion, if any, of any third parties does not represent an endorsement of any NowAuto Group, Inc. products or services by any such third party. For further information contact NowAuto Group, Inc. or visit the Company's Web site at www.nowauto.com. - NowAuto Group, Inc.

Brunswick Corporation Names Andrew Graves President - Brunswick Boat Group; Robert Parmentier, Terry McNew Promoted at Sea Ray

Sophia Rhodini — Thu, 22 Oct 2009 04:11:56 +0000

LAKE FOREST, Ill., -- Brunswick Corporation (NYSE: BC) today announced that it has named Andrew E. Graves, 50, president - Brunswick Boat Group. Graves most recently served as president - US Marine and Outboard Boats for Brunswick. Graves now will also have responsibility for the operations of Sea Ray and Meridian. He will continue to report to Dustan E. McCoy, chairman and chief executive officer of Brunswick Corporation. "At Brunswick, we are always seeking ways to stay better aligned with the market as well as position the Company to emerge stronger from this downturn," McCoy explained. "An important part of this effort is to adapt our organizational structure to further simplify, integrate and strategically direct our industry-leading portfolio of boat brands. The changes we are making today will further refine our efforts to better coordinate activities among our brands, including product development and design, platform manufacturing and other operating and administrative functions that are common to our various groups. "Since joining Brunswick in 2005," McCoy continued, "Andy has consistently demonstrated his leadership capabilities and foresight in helping to direct the transformation of our boat operations and manufacturing footprint, while skillfully guiding a large portion of our brand portfolio through the most challenging marine market in decades." Most recently, Graves was president - US Marine and Outboard Boats, a position he assumed in 2008. Mr. Graves joined Brunswick in 2005, originally as President - Freshwater Group. Before coming to Brunswick, Graves was President of the Dresser Flow Solutions business of Dresser, Inc., a leading maker of valves and control solutions for the oil and gas industry. From 2001 to 2003, he was president and chief operating officer for Federal Signal Corporation. Prior to 2001, Graves held positions of increasing responsibility with CNH Global, N.V., and FMC Corporation. Promotions at Sea Ray Brunswick also today announced that it has named Robert J. Parmentier, 48, president - Sea Ray Group, and Terry D. McNew, 47, executive vice president - product development and engineering, manufacturing and quality, concentrating on the Sea Ray, Bayliner, and Meridian brands. Both actions are effective immediately, and both Parmentier and McNew will report to Graves. Parmentier most recently was executive vice president - Sea Ray, overseeing a wide range of responsibilities, including that of the Meridian yacht brand, which was integrated into Sea Ray in 2008. Parmentier will retain responsibility for the Meridian brand, as well as assuming P&L responsibility for Sea Ray. Parmentier joined Sea Ray in 1982, and has held a number of positions of increasing responsibilities over the years at both the plant and headquarters levels for Sea Ray. Prior to his most recent assignment, Parmentier had served as senior vice president - operations as well as senior vice president - general manager of Sea Ray. "There are few as well versed or as highly regarded for his knowledge and savvy within the marine industry as Rob," McCoy said. "An accomplished industry veteran, Rob's expertise along with his familiarity and standing among our dealer network will ensure that Sea Ray and Meridian both maintain and advance their pre-eminent status among pleasure boat and yacht brands." McNew most recently was senior vice president - product development and engineering (PD&E). McNew has spent most of his more than 20 years in the recreational boating industry with Sea Ray, beginning his career at Brunswick's PD&E facility in Merritt Island, Fla. He then progressed steadily through several key manufacturing roles before ultimately assuming the position of Sea Ray vice president - manufacturing in 2001. He left the company in 2004, to become president and chief executive officer of Correct Craft Boats in Orlando. McNew returned to Brunswick in 2006. "Terry's contributions have been many to our organization over the years," McCoy said. "His marine experience, expertise and seasoned insight are invaluable in helping Brunswick to develop and produce superior and exceptional products that excite and satisfy boaters. In his new responsibilities, Terry will help to ensure that Brunswick continues its leadership role in producing great product." Along with these developments, Brunswick noted that Richard C. Stone, president - Sea Ray Group, will be leaving the company. Stone has led Sea Ray since 2006, and had held a number of positions since joining Brunswick in 1985. "Brunswick has benefited from Rick's expertise and industry knowledge," McCoy said. "His well informed counsel and advice will be missed. We thank him for his many contributions at Brunswick, and wish him well in the future." - Brunswick Corporation

XATA Debuts New Reefer Management Capability

Sophia Rhodini — Thu, 22 Oct 2009 04:12:22 +0000

MINNEAPOLIS, -- XATA Corporation (Nasdaq: XATA), the expert in fleet optimization, today announced during the International Food Distribution Association (IFDA) Expo , the release of a new reefer management and temperature monitoring solution that integrates with its XATANET fleet management tools. This capability is the first phase of XATA's comprehensive trailer-related roadmap slated for rollout beginning in 2009. Fleets now face increasing pressure to follow strict temperature standards to ensure that food is not spoiled during transport. On the cost-saving side, they must also optimize reefer fuel usage and overall reefer fleet utilization, among other issues. XATA's new reefer management solution integrates with XATANET and provides fleets with tools to track temperature data throughout a delivery and to ensure they are getting the most efficient use from their reefer fleets. To provide this comprehensive solution to the market, XATA is teaming up with best-in-class reefer providers to integrate reefer data with XATANET. Similarly, in line with our hardware-independence strategy, a specialized, trailer-mounted computer--provided by a leading third-party provider--will collect and communicate reefer data back to the XATANET web host. "As refrigerated fleets continue to invest in technology to ensure refrigerated product gets to its destination on time, reefer optimization and temperature monitoring are critical," said Tom Flies, senior vice president, product management. "To help meet this need, this enhanced solution gives our customers even more visibility in to their fleets to ensure time sensitive customer needs are met." The combined temperature data is presented in a multi-color graph format to indicate temperature status. Another feature of the solution is a detailed report that provides specific temperature information at points all through the delivery process. This report shows that the goods were delivered within the proper refrigeration guidelines and timetable. - XATA Corporation

Van Hool's New Hybrid Electric Bus With UTC Power Fuel Cell System Wins Award at Busworld Europe

Sophia Rhodini — Thu, 22 Oct 2009 04:12:45 +0000

LIER, Belgium, and SOUTH WINDSOR, Conn., -- Belgian bus manufacturer Van Hool and fuel cell company UTC Power announced that their new-generation 40-foot (12 m) fuel cell hybrid electric bus won the Grand Environment Award at its debut at Busworld Europe Kortrijk 2009. The event opened Oct. 16 and ends Oct. 21. UTC Power is a United Technologies Corp. (NYSE: UTX) company. The new vehicle is based on the Van Hool A300L chassis that has been increasingly successful in the North American market. Lighter than previous fuel cell bus models, the bus will have higher operating efficiency than earlier models and will use advanced lithium-ion battery systems. Hydrogen tanks on the roof of the bus will provide a range of up to approximately 300 miles. The fuel cell bus marks the top end in Van Hool's full line of vehicles. The bus will be powered by a UTC Power PureMotion® Model 120 fuel cell power system. Van Hool has orders for 16 of the new buses for use in California and Connecticut urban transit fleets. The buses will be delivered from late 2009 through 2010. Leopold Van Hool, Managing Director of Van Hool NV, said, "This new generation fuel cell bus has been the result of a true partnership. It shows Van Hool's continued commitment to the technology based on the many benefits it offers to the environment." Ken Stewart, UTC Power Vice President, Transportation Business, said, "We're seeing growing momentum worldwide for transit solutions that have zero emissions and quieter operation. Compared to a diesel bus, every bus equipped with a UTC Power PureMotion® system reduces enough nitrogen oxide and carbon dioxide emissions to deliver the same environmental benefit as planting more than a 30-acre forest." UTC Power has provided fuel cell power plants for fleet transportation since 1998 and its fuel cells have powered buses in the United States, Spain, Italy and Belgium. The company's latest-generation proton exchange membrane (PEM) fuel cell system has delivered more than 350,000 miles of commercial service for city transit bus fleets. UTC Power is part of United Technologies Corp. (UTC), which provides energy-efficient products and services to the aerospace and building industries. Based in South Windsor, Conn., UTC Power is a world leader in developing and producing fuel cells for on-site power at buildings and for transportation applications. Van Hool is a Belgian bus manufacturer specializing in leading-edge bus designs and green technology. - UTC Power

ATA Applauds FMCSA's Plan to Enhance Driver Screening

Sophia Rhodini — Thu, 22 Oct 2009 04:13:26 +0000

ARLINGTON, Va. -- The Federal Motor Carrier Safety Administration's (FMCSA) announcement of a Driver Pre-Employment Screening Program marks the culmination of the American Trucking Association's (ATA) seven-year effort to refine the driver selection process in order to improve truck safety. Starting in December, FMCSA will provide commercial motor carrier companies with access to driver applicant's electronic federal driver inspection and crash records as a part of the hiring process. "Increasing transparency by allowing greater access to driver safety records will greatly improve the hiring of safe commercial vehicle drivers and help raise the safety bar for professional truck drivers," said Dave Osiecki, ATA Vice President of Safety, Security and Operations. "Providing employers a more in-depth look at a driver's safety and compliance history will also help ensure that repeated safety violators do not escape the consequences of their actions." Since 2002, ATA and the trucking industry has urged FMCSA to provide greater access to an applicant's history of roadside driver and vehicle inspections, traffic law violations, and U.S. Department of Transportation reportable crashes to evaluate the driver's past safety performance. This information, also known as safety event data, is collected electronically from State enforcement agencies by the FMCSA, and is stored in their Motor Carrier Management Information System (MCMIS) database. The MCMIS database contains safety event data on more than 4 million commercial drivers. Once the pre-employment screening program is launched, driver safety records will be readily available to motor carriers regardless of state or jurisdiction. In accordance with federal privacy laws, drivers must first give written consent in order for their records to be released. The American Trucking Associations is the largest national trade association for the trucking industry. Through a federation of other trucking groups, industry-related conferences, and its 50 affiliated state trucking associations, ATA represents more than 37,000 members covering every type of motor carrier in the United States. - American Trucking Associations

Daimler Third-Quarter Cash Flow Better Than Market Expectations

Sophia Rhodini — Thu, 22 Oct 2009 04:13:46 +0000

- Earnings also better than anticipated STUTTGART, Germany, -- Daimler AG (stock-exchange abbreviation DAI) today presented its preliminary figures for the third quarter of 2009. Group revenue amounted to euro 19.3 billion, while Group EBIT including adjustments and special items at Freightliner and Fuso amounted to euro 470 million; the industrial business generated a free cash flow of euro 2.3 billion in the first nine months of this year (Q3 2009: euro 2.0 billion). The divisions' earnings (EBIT) were as follows: Mercedes-Benz Cars: euro 355 million Daimler Trucks: minus euro 127 million Mercedes-Benz Vans: euro 1 million Daimler Buses: euro 23 million Daimler Financial Services: euro 101 million The industrial business generated a free cash flow of euro 2.3 billion in the first nine months of this year (Q3 2009: euro 2.0 billion). Net liquidity thus increased to approximately euro 6.7 billion at September 30, 2009. The free cash flow of the industrial business in the third quarter was affected by an increase in liabilities due to the higher production volume after the production break in August, as well as positive management of accounts receivables. There was also an impact from payments within the Group that were received by the industrial business from the financial services business within the context of fiscal unities (euro 0.6 billion). Daimler anticipates a positive free cash flow in the industrial business in full-year 2009. These figures surpass analysts' consensus estimates of which the Group is currently aware. The Daimler Group will publish further details of its quarterly financial statements on October 27, 2009. Further information on Daimler is available on the internet: www.media.daimler.com. This document contains forward-looking statements that reflect our current views about future events. The words "anticipate," "assume," "believe," "estimate," "expect," "intend," "may," "plan," "project," "should" and similar expressions are used to identify forward-looking statements. These statements are subject to many risks and uncertainties, including a lack of or a considerable delay in improvement or a further deterioration of global economic conditions; a continuation or worsening of the tense situation in the credit and financial markets, which could result in ongoing high borrowing costs or limit our funding flexibility; changes in currency exchange rates and interest rates; the introduction of competing, fuel-efficient products and the possible lack of acceptance of our products or services, which may limit our ability to adequately utilize our production capacities or raise prices; price increases in fuel, raw materials and precious metals; disruption of production due to shortages of materials, labor strikes, or supplier insolvencies; a further decline in resale prices of used vehicles; the effective implementation of cost-reduction and efficiency-optimization programs at all of our segments, including the repositioning of our truck activities in the NAFTA region and in Asia; the business outlook of companies in which we hold an equity interest, most notably EADS; changes in laws, regulations and government policies, particularly those relating to vehicle emissions, fuel economy and safety; the resolution of pending governmental investigations and the outcome of pending or threatened future legal proceedings; and other risks and uncertainties, some of which we describe under the heading "Risk Report" in Daimler's most recent Annual Report and under the headings "Risk Factors" and "Legal Proceedings" in Daimler's most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission. If any of these risks and uncertainties materialize, or if the assumptions underlying any of our forward-looking statements prove incorrect, then our actual results may be materially different from those we express or imply by such statements. We do not intend or assume any obligation to update these forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. - Daimler Communications

Marriott International Celebrates 20 Years in Eastern Europe by Signing 2 More Hotel Deals

Sophia Rhodini — Thu, 22 Oct 2009 04:14:16 +0000

Newly-signed Courtyard by Marriott hotels in Kazan, Tartarstan, and Irkutsk, Russia, bring Marriott's development pipeline in the region to 10 properties due to open through 2012, adding to its existing 24-hotel portfolio in Eastern Europe BETHESDA, Md. -- As the 518-room Warsaw Marriott Hotel celebrates the 20(th) anniversary of its grand opening this month, Marriott International, Inc. (NYSE: MAR) heralds two decades of solid growth in the region by announcing the signing of two more hotel operating agreements. The two newly signed hotels bring the company's development pipeline in the region to 10 properties due to open through 2012. The Warsaw Marriott was Marriott's first hotel in the former Eastern Bloc and was the first western-managed hotel to open behind the then-Iron Curtain. Since then, Marriott's hotel portfolio in the region has grown to include 24 operating properties and more than 5,500 rooms in seven countries. Six lodging brands are represented: JW Marriott and Ritz-Carlton in the luxury tier; Marriott and Renaissance in the full-service, upscale deluxe category; Courtyard by Marriott in the moderate tier and Marriott Executive Apartments for extended stay travelers looking for upscale accommodations. (Mr. Marriott's message to the Warsaw Marriott on YouTube). "We are thrilled by the solid expansion and acceptance our brands portfolio has experienced in the region since we opened our first hotel in Warsaw 20 years ago," said Amy McPherson, president and managing director of lodging for Marriott International in Europe. "With a footing in most of the region's capital cities, not to mention six hotels in Moscow alone, we are pleased to see our expansion continue into secondary cities and provincial capitals in countries like Russia where we have established a strong presence. We are confident we are well positioned for continued growth in the region in the years to come." Announced today are the: 150-room Courtyard by Marriott Kazan, Russia, planned to open in early 2010. The hotel is owned by OOO Dynamics Group and will be situated on Karl Marx Street in the heart of Kazan, in the Republic of Tartarstan. It will be the first Marriott-branded hotel in Tartarstan. 204-room Courtyard by Marriott Irkutsk, Russia, scheduled for opening in 2011. The hotel is owned by OOO Hotel Service and will be located in central Irkutsk near the central square and main regional government buildings as part of a mixed-use development that also includes office space. When opened, both the Courtyard by Marriott Kazan and the Courtyard by Marriott Irkutsk will have an open lobby lounge and bar area that will flow into its casual, all-day restaurant that will serve a mix of fresh international and authentically local cuisine. The colorful and informal ambience of this public space will invite guests to linger over a cup of coffee or to gather with friends and colleagues for impromptu meetings. For recreation, each hotel will have a fitness center. Guest rooms at each hotel will feature distinct areas for rest, relaxation and work. Amenities will include high speed internet access; flat screen television; in-room safe, iron and ironing board; coffee/tea maker and mini-refrigerator; and Marriott's renowned bed and bath linens. Business services such as an internet library with work stations will be part of the lobby lounge and each property will have a "Grab & Go" mini-market offering sundries and food items. For conferences and social events, the Courtyard by Marriott Kazan will have 132 square meters of space comprised of a 132-meter main meeting room which will be divisible into three sections. At the Courtyard by Marriott Irkutsk, conference space will total 422 square meters encompassing a 160-square meter main meeting room on the ground floor that will be divisible into three sections, making it the largest single room meeting space available in the city. Additional individual function rooms in varying configurations will be available on the ground and first levels. Marriott International has eight additional properties currently under construction in the former Eastern Bloc nations including the Courtyard by Marriott Budapest and the Renaissance Budapest Hotel in Hungary; the JW Marriott Hotel Almaty in Kazakhstan; the Courtyard by Marriott Bucharest in Romania; and the Renaissance Moscow Monarch Center Hotel, the Courtyard by Marriott St. Petersburg Mariinsky Theatre; the Krasnodar Marriott Hotel and the Courtyard by Marriott Moscow Paveletskaya Station in Russia. All are expected to open now through 2012. NOTE: Statements about the locations and number of new hotels to be opened and their anticipated completion and opening dates are "forward looking statements" within the meaning of federal securities laws, and are subject to a number of risks and uncertainties, including those described in Marriott International, Inc.'s filings with the U.S. Securities and Exchange Commission, which could cause the actual number of new hotels or their completion or opening dates to be different than expected. About Courtyard: Courtyard by Marriott hotels offer a refreshing environment that help guests stay connected, productive and balanced. Intuitive services and design accommodate guests' needs for choice and control. With more than 800 locations in 28 countries, Courtyard is Marriott's largest brand and the 11(th) largest hotel brand in the world. 200 additional Courtyard by Marriott hotels will open around the world over the next three years. All Courtyard by Marriott hotels participate in the award-winning Marriott Rewards frequent travel program that allows members to earn hotel points or airline miles for every dollar spent during each stay. For more information, go to www.courtyard.com. Click here for Marriott International, Inc. (NYSE: MAR) company information. Editors Note: To search and download images on flickr, go to Marriott Eastern Europe Flickr. To search and download images on our ftp site, go to http://portal.digilink-inc.com/marriottpr. Username: int02, password: int02. Search by brand, hotel name or keyword. To download, click on the solid arrow icon, save to your computer and open zip folder to get image. - Marriott International, Inc.

Hotel Asset Recovery Team Formed to Help Grand Strand Hotel Owners, Lenders and Special Servicers Through Worst Real Estate Crisis in More than 50 Years

Sophia Rhodini — Thu, 22 Oct 2009 04:14:45 +0000

Many Properties in Distress MYRTLE BEACH, S.C., -- A group of leading hotel and commercial real estate executives have formed a hotel asset recovery company to help Grand Strand hospitality real estate owners, lenders and special servicers work through the worst crisis in the area in more than 50 years. The firm also has the capacity and expertise to provide services regionally and nationally in support of its clients' needs. Called Tradd Hospitality Resources, the new company's principals include hotelier Doug Billings and real estate executives Scott McNew, CCIM, SIOR, and Brown Bethune, CCIM, senior advisors of Myrtle Beach-based Tradd Commercial, a major Grand Strand real estate organization that has completed more than 1,000 commercial real estate transactions. Billings will act as managing director and broker-in-charge of Tradd Hospitality Resources, and will call upon the expertise of its 12 hotel and real estate executives with more than 175 years of experience. Tradd Hospitality Resources will be the only firm in the Grand Strand market to offer owners, lenders and special servicers the full range of hotel asset recovery services, including: qualified receivership, hotel and condominium management, asset management, repositioning of assets, hospitality asset valuation services, Home Owners Association management and brokerage. The company may assist national and local investors in developing funds to acquire distressed hotel assets either wholly owned or in joint venture partnerships. Billings' background includes more than 35 years in hotel and resort operations, acquisitions/divestments and asset management. He created and led the Hotel and Hospitality Products Marketing Division of the Resolution Trust Corporation (RTC) in the early 1990s, the last major hospitality financial crisis. During his tenure there, he was involved in the marketing of more than 400 hotels and personal transaction activity was more than $2 billion. Billings previously was chief executive manager of Moonraker Management, a privately held company that operated hotels, condominiums and resorts in the Grand Strand market. "I have been through four major hotel real estate cycles, and this is a once-in-a-generation situation," Billings said. "On a national basis, it is expected that this will be the largest transfer of hotel wealth in history, as bankruptcies and foreclosures escalate. A large number of hotels in the U.S., particularly those built in the last five years, are distressed. The Wall Street Journal recently estimated that more than $125 billion of commercial loans are in default. It is estimated that more than $10 billion in hotel loans are coming due in the next 18 months and there is little to no ability to refinance them as the value of hotels has dropped by as much as 30 to 50 percent in some markets. It is not fully clear if the Myrtle Beach market will be as hard hit, but it is highly likely that it will suffer significantly. We have spoken to a number of lenders with properties in the market, and they have significant concerns about the market. "The Grand Strand hotel market is unlike any other in the U.S.," Billings noted. "For the past few years, the area has attracted approximately 14 million guests. However, with some 100,000 rooms in the market, we have the capacity to serve 20 million guests. As a market overall, we average only about 50 percent occupancy, which makes hotel ownership and management very challenging. "We have the expertise and systems in place to take over management of single assets or portfolios immediately, asset manage and operate them, provide a value opinion, develop the appropriate buy, sell or hold strategy and offer comprehensive hotel brokerage services. "The Grand Strand, a 60-mile string of resort towns along the Atlantic Coast of South Carolina, comprises numerous micro-markets that require substantially different marketing, positioning and operating strategies," Billings added. "In my years operating in this market, I have learned that outsiders coming into the market have an extraordinarily difficult time operating here. With significant local market experience, we are the only company that has the expertise to work with both local owners, as well as outside investors. We believe that we will be able to help bring order to the market and stabilize a substantial number of troubled hospitality assets." Billings is a former executive vice president of CapStar Hotel Company, predecessor to what today is the nation's largest independent hotel management company, and is a former executive vice president of Chicago-based Hostmark Management Group, another major hotel management company. He is a past officer and board member of the International Association of Holiday Inns and was an inaugural member of the Advisory Board for the Resort and Tourism Management Program at Coastal Carolina University. McNew is senior advisor for Tradd Commercial. He has been involved in more than 250 transactions during his career. Earlier in his career he was senior analyst with Horry County Assessor's Office, where he was responsible for hotel and golf course valuations, the design of a neighborhood coding scheme and the development of valuation models and procedures. He is a licensed real estate broker in South Carolina and North Carolina and a Certified General Appraiser in South Carolina. Bethune is a senior advisor for Tradd Commercial. He has closed more than 500 transactions, including a number of hospitality real estate assets. With more than 25 years brokerage experience, he has been ranked nationally as a top producer. He is a licensed real estate broker in South Carolina. He is a former member of the City of Myrtle Beach Zoning Board of Appeals and currently serves as vice chairman of the City of Myrtle Beach Community Appearance Board. Founded in 2005, Tradd Commercial is a leading commercial real estate brokerage and advisory firm. The company's services include brokerage, property management, and the full range of real estate advisory services. Additional information about the firm may be found at www.traddcommercial.com. Tradd Hospitality Resources will be located at 1039 44th Avenue North, Suite 203, Myrtle Beach. More information is available at www.traddhospitality.com. - Tradd Hospitality Resources

GOL Concludes Global Share Offering, Reinforcing Cash Position by R$627.1 Million

Sophia Rhodini — Thu, 22 Oct 2009 04:15:16 +0000

SAO PAULO, -- GOL Linhas Aereas Inteligentes S.A. (BMF&BOVESPA: GOLL4; and NYSE: GOL), the largest low-cost and low-fare airline in Latin America, hereby announces the conclusion of its global share offering, which increased its cash position by R$627.1 million. With an improved cash position that now represents more than 20% of its net revenues recorded during the last twelve months, and with its other competitive advantages: (i) the flight frequency leader between Brazil's main airports, (ii) Leadership in Latin America in low operating cost structure, number of affiliates in its mileage program (6.4 million) and e-commerce sales, and (iii) state-of-the-art corporate governance practices, GOL believes it is well structured to benefit from the growth of air transport in Brazil and Latin America. "The success of the offering has put GOL among the world's most capitalized airlines. This will create shareholder value because it will allow the Company to develop its strategic plan in a flexible manner and with a focus on results," declared Leonardo Pereira, Vice President and Chief Financial and Investor Relations Officer. "With VoeFacil program (FlyEasy program) and our low-cost structure, we expect to attract more of the new Brazilian middle-income population, making air transport even more popular in Brazil. In addition, the SMILES program and the high frequency of our flights should allow us to continue attracting more business travelers, while our e-commerce platform, together with GOLLOG, our cargo transport unit, are increasing our ancillary revenues," added Constantino de Oliveira Junior, GOL's founder and CEO. The high quality of our operations, backed by a modern and standardized fleet of next generation Boeing 737 aircraft, ensures regular, punctual flights, and has made us achieve the leadership in terms of operating profitability in the Brazilian industry. The offering comprised 62.2 million common and preferred shares (38.0 million in the primary offering, totaling R$627.1 million) at R$16.50 per share (US$ 9.48 per ADS), totaling R$1,026.1 million. The difference between the total offering and the primary offering is due to the offering structure designed to comply with Brazilian corporate law, keeping a minimum ratio of 50% between common and preferred shares (including ADSs). Under the offering structure, Fundo ASAS, the Company's controlling shareholder, sold a portion of its preferred shares, while the proceeds were used to buy common shares issued to comply with the regulatory ratio. The structure allowed the Company to achieve its capital increase targets and to comply with Brazilian Corporate Law. A complete breakdown of the offering is shown below: Breakdown of the Number of Shares and Value of the Global Offering Global Share Offering Number of Shares Total Value** Primary Global Offering 34,550,000 R$570,075,000 Common Shares 17,275,000 R$285,037,500 Preferred Shares 17,275,000 R$285,037,500 Additional Shares (hot issue) 3,455,000 R$57,007,500 Common Shares 1,727,500 R$28,503,750 Preferred Shares 1,727,500 R$28,503,750 Primary Offering Total 38,005,000 R$627,082,500 Share Conversion Total* 19,002,500 R$313,541,250 Over-allotment Option (Green Shoe - secondary) 5,182,500 R$85,511,250 Total - Global Share Offering 62,190,000 R$1,026,135,000 Common Shares 19,002,500 R$313,593,250 Preferred Shares 43,187,500 R$712,593.750 *The financial volume and number of shares involved in the conversion of preferred to common shares by Fundo ASAS, which was structured in such a way as to ensure the feasibility of the global offering by maintaining the capital stock ratio at 50% common shares and 50% preferred shares (including ADSs), in compliance with paragraph 2 of article 15 of Brazil's Corporate Law. ** Gross amounts -- including associated commissions and expenses. The leading asset management firms in Brazil, the United States, Europe and Asia took part in the offering. Foreign investors accounted for 69.9% of the total and Brazilian institutional investors and private pension funds for 20.3%. Of the 43,187,500 preferred shares distributed in the primary and secondary offerings, 49.6% were in the form of ADSs (American Depositary Shares) on the NYSE. The table below shows the preferred share and ADS distribution per investor profile: Type of Investor Number of Preferred Shares % Individuals 2,588,463 6.0% Investment Clubs 322,316 0.7% Investment Funds (national) 8,635,024 20.0% Private Pension Funds 138,749 0.3% Foreign Investors 30,200,831 69.9% Other Institutional Investors 1,302,117 3.0% Total 43,187,500 100.0% As a result of the offering, the preferred share free float (excluding shares held by board members and executive officers) increased from 44.5% to 70.5%. In terms of total capital, the free float climbed from 22.2% to 35.3%. The following tables show the shareholding breakdown before and after the offering: Shareholding breakdown Before the Offering Shareholder ON % PN % Total % Fundo ASAS 114,197,142 85.7% 59,795,617 52.4% 173,992,759 6.2% Board Members & Executive Officers 16 - 2,064,587 1.8% 2,064,603 0.9% Shares held in Treasury - - 1,574,200 1.4% 1,574,200 0.7% Market (free float) - - 50,762,751 44.5% 50,762,751 22.2% Total 114,197,158 100.0% 114,197,155 100.0% 228,394,313 100.0% Shareholding breakdown After the Offering Shareholder ON % PN % Total % Fundo ASAS 133,199,642 100.0% 35,610,617 26.7% 168,810,259 63.4% Board Members & Executive Officers 16 - 2,064,587 1.5% 2,064,603 0.8% Shares held in Treasury - - 1,574,200 1.2% 1,574,200 0.6% Market (free float) - - 93,950,251 70.5% 93,950,251 35.3% Total 133,199,658 100.0% 133,199,655 100.0% 266,399,313 100.0% This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of GOL. These are merely projections and, as such, are based exclusively on the expectations of GOL's management concerning the future of the business and its continued access to capital to fund the Company's business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors and risks disclosed in GOL's filed disclosure documents and are, therefore, subject to change without prior notice. - GOL Linhas Aereas Inteligentes S.A.

Mitchell Institute to Release 'The Vanishing Airpower Arsenal'

Sophia Rhodini — Thu, 22 Oct 2009 04:15:41 +0000

ARLINGTON, Va., -- Dr. Rebecca Grant, Director of the Mitchell Institute for Airpower Studies, today announced the forthcoming publication of a Mitchell Paper, "The Vanishing Airpower Arsenal." It will be released at 9:30 a.m. October 29, 2009 at the Air Force Association national headquarters in Arlington, Va. Dr. Grant, the author of the study, will present her report and take questions on its assertions and conclusions. Rebecca Grant is Director of the Mitchell Institute for Airpower Studies and Senior Fellow of the Lexington Institute in Arlington, Va. She is regarded as one of the nation's foremost air, space, and cyber power analysts, with 20 years of experience in Washington, D.C. In the early 1990s, she worked in the operations group of the Chief of Staff of the Air Force, for the Secretary of the Air Force, and for RAND Corp. In 1995, she founded IRIS Independent Research and served as its president. She has since 1996 written extensively for AIR FORCE Magazine. Among her Mitchell Institute titles are: The War of 9/11 (2005); Victory in Cyberspace (2006); Return of the Bomber (2007); Losing Air Dominance (2008); and The Tanker Imperative (2009). Dr. Grant received a B.A. from Wellesley College in 1985 and a Ph.D. in international relations from the London School of Economics in 1989. Let us know if you will need parking. AFA, 1501 Lee Highway, Arlington, VA 22209 next to the Key Bridge Marriott, has available parking and is readily accessible by Metro's Orange and Blue lines at Rosslyn. The presentation will be in AFA's fourth floor conference room. The Mitchell Institute for Airpower Studies is an independent, non-profit research, studies, and analysis organization founded by the Air Force Association. It takes its name from America's most famous and arguably greatest airman, Brig. Gen. William Mitchell. The Institute seeks to carry on, in the modern day, General Mitchell's tireless and dedicated effort to expand airpower thinking and increase public awareness of the need for this unique military instrument. AFA is a 501(C)(3), nonprofit organization promoting public understanding of aerospace power and the pivotal role it plays in the security of the nation. AFA has more than 200 chapters nationally and internationally representing 125,000 members. Visit AFA at http://www.afa.org. - Air Force Association

Humans Replacing Computers

Sophia Rhodini — Thu, 22 Oct 2009 04:16:18 +0000

WESTON, Fla., -- When Steve Levenson learned that a global teleconferencing company was losing clients because the international numbers assigned to its customers were flawed, he knew he could offer a value-added service to global businesses. "Global Telecom Testing (GTT) was founded specifically to address the lack of worldwide live in-country telephone number testing on behalf of telecom companies, before they release international numbers to their clients. Only humans - not computers - can perform these comprehensive tests by placing live, in-country, outbound originating calls to and from the exact numbers that the telco's clients will be calling," Levenson explained. Live In-country Worldwide Testing Increases Customer Retention "GTT's live, in-country testing ensures the robustness, integrity and reliability of a number, which promotes and enhances customer satisfaction and retention," Levenson further explained. GTT employees are located in 80 countries around the globe and tests numbers before they are released to clients to ensure they are operational. They also listen to the message participants will hear, note if instructions are in the appropriate language, and test the access codes and the quality of the audio. GTT's comprehensive Quality of Service (QoS) process is also available for ITFS, UIFN, VOIP and DID networks. According to Levenson, most telecom companies rely on the local telephone companies in cities abroad to confirm numbers are operational. "For telecom companies, we are talking about their business' lifeblood - communications. The risk of relying on the local telephone companies that the numbers are operational is much like playing Russian roulette with incredibly high stakes - customer retention. More often than not, even though the overseas' local telephone company confirms a number is operational, the number doesn't work," Levenson said. "For example, if a telecom client needs international numbers in Singapore, a computer at a U.S. telecom company office tests the numbers from a switch in the U.S. to a switch somewhere close to Singapore. If the switch-to-switch trial works, the numbers are released to the client." However, this rudimentary testing is inaccurate and not indicative of working numbers in Singapore. Reliable Service Equals Satisfied Customers and Increased Customer Retention The only way to 100% verify that international telephone numbers are functioning in any city is to perform live, in-country tests in those cities/locations. "GTT's assets make live, outbound originating test calls to and from numbers, simulating the client's attempt to do the same. GTT locates problems before telecom clients are assigned the numbers, which ensures customers are satisfied and will continue to lease numbers from the telco." QoS and the customer's overall user experience are especially critical in today's economic climate. "Declining revenues for telecom providers has caused some companies to make service cutbacks. Others have merged with partners to increase profitability, but the result doesn't always benefit the customer," Levenson said. Thousands of worldwide numbers issued annually require validation & testing prior to release (pre-deployment testing), and post-deployment monitoring. GTT is the only company that offers live, in-country testing and real-time feedback about call connection and QoS issues so that telcos can proactively correct problems. Prospective customers benefit from a free trial with live testing in two or three countries. "We're so confident in our services that we offer potential clients a two-day trial test to demonstrate the effectiveness of our comprehensive process." For more information about GTT services, contact Levenson at 954-358-6292 or email him at steve@globaltelecomtesting.com. About Global Telecom Testing, LLC: Global Telecom Testing LLC, was founded in 2007 to provide reliable testing services for the telephony industry and corporate end-users for their conference, toll, toll-free, VOIP, DID, and international networks by providing worldwide live, in-country human quality of service assurance testing. - Global Telecom Testing, LLC

Webcast Alert: BorgWarner Inc. Announces Third Quarter 2009 Earnings Webcast

Sophia Rhodini — Thu, 22 Oct 2009 04:16:38 +0000

AUBURN HILLS, Mich. -- BorgWarner Inc. (NYSE: BWA) announces the following Webcast: What: BorgWarner 2009 Third Quarter Results Conference Call When: October 28 @ 9:00 a.m. Eastern Where: http://www.borgwarner.com/invest/webcasts.shtml How: Live over the Internet -- Simply log on to the web at the address above. Contact: Ken Lamb 248-754-0884 klamb@borgwarner.com If you are unable to participate during the live webcast, the call will be archived at ( http://www.borgwarner.com/invest/webcasts.shtml ) Auburn Hills, Michigan-based BorgWarner Inc. (NYSE: BWA) is a product leader in highly engineered components and systems for vehicle powertrain applications worldwide. The FORTUNE 500 company operates manufacturing and technical facilities in 60 locations in 18 countries. Customers include VW/Audi, Ford, Toyota, Renault/Nissan, General Motors, Hyundai/Kia, Daimler, Chrysler, Fiat, BMW, Honda, John Deere, PSA, and MAN. The Internet address for BorgWarner is: http://www.borgwarner.com. - BorgWarner Inc.

Adventures by Disney, HarperCollins Announce 'The Search for Flat Stanley's Next BIG Adventure'

Sophia Rhodini — Thu, 22 Oct 2009 04:17:12 +0000

WASHINGTON, -- One of the most adventurous characters in children's literature, Flat Stanley, traveled to the prestigious Library of Congress today where he, along with the first three books in Flat Stanley's Worldwide Adventures series, were inducted into the Library to help Adventures by Disney and HarperCollins Children's Books celebrate an exciting new project called "The Search for Flat Stanley's Next BIG Adventure." Due to his peculiar ability to be mailed to different locations, Stanley is the most well-traveled character in children's literature, traveling around the world thousands of times annually in an educational project that has become a classic of the American classroom. Now budding writers and artists are invited to create their own Flat Stanley story in "The Search for Flat Stanley's Next BIG Adventure." In this nationwide contest, children ages 7 to 12 can win an Adventures by Disney vacation by creating a specially themed Flat Stanley and a 150-word story about his "Next BIG Adventure." Entries will be judged in three age groups - one for 7 to 8-year-olds, one for 9 to 10-year-olds and one for 11 to 12-year-olds. One winner will be chosen in each age group and each of the three winners can choose one of Adventures by Disney's 19 worldwide vacations for their prize. Parents, kids and educators can check out www.FlatStanleyBooks.com/AdventuresbyDisney for Official Rules and complete information on the Contest; fun, interactive games; and fascinating informational resources. The Contest runs through November 30, 2009 and no purchase is necessary to enter or win. The Search At today's launch, more than 20 local third-graders from Washington, D.C.'s Sheridan School took part in a special reading with the author of the upcoming Flat Stanley's Worldwide Adventures #5: The Amazing Mexican Secret, Josh Greenhut, who colored in his own Flat Stanley with the students. Stephanie Sprow, from the U.S. Department of Education and Historian John Y. Cole, from the Library, also joined representatives from Adventures by Disney and HarperCollins for the special induction. The ceremony also featured the unveiling of www.FlatStanleyBooks.com/AdventuresbyDisney, a specially-created Web site featuring Flat Stanley; backgrounds, clothing, accessories and information from Adventures by Disney destinations to help kids prepare their Flat Stanley and stories; complete "Contest Official Rules" and entry information; interactive, educational games based on Adventures by Disney's destinations; and a special section for educators with resources explaining how to incorporate Flat Stanley's adventures into their classrooms. "Flat Stanley has traveled the globe and experienced much of what the world has to offer. HarperCollins is thrilled to be teaming up with Adventures by Disney to give Flat Stanley readers a chance to experience that world themselves," said Diane Naughton, vice president of marketing, HarperCollins Children's Books. "We can't wait to see the imaginative adventures readers come up with for Stanley." "This promotion encompasses our joint mission - to bring history, culture and adventure from countries around the world to children, parents and educators in a creative and engaging way," said Don Gross, vice president, Adventures by Disney. "We hope to encourage children and families' passion for reading, travel and knowledge of the world." Flat Stanley and Adventures by Disney Flat Stanley was introduced by author Jeff Brown more than 45 years ago and has inspired a worldwide phenomenon. In what's become a popular tradition, parents and kids take Flat Stanley with them on vacation or send him to friends and family in different cities. Flat Stanley's picture is taken in various locations, and the children report back to their classes on Flat Stanley's adventures. In Flat Stanley's Worldwide Adventures, Flat Stanley continues to inspire creativity in classrooms across America with his entertaining adventures that are also lessons in geography. Adventures by Disney introduces families to diverse cultures and exciting activities with 19 immersive, authentic, fun and educational trips to destinations throughout the United States and around the world, including South Africa, China, Australia, Europe and the Americas. Every aspect of each trip - from excursions to accommodations to dining - is specifically designed for families traveling together. Immersive activities created just for kids allow young travelers to learn and have fun in places like museums that aren't always as entertaining for the younger set. For example, at the Louvre in Paris, the Junior Adventurers play an Art Detective game throughout the museum with their Adventure Guides, while adults take a privately guided tour with an art historian. - Adventures by Disney; HarperCollins Children's Books

Marriott's Go East! Package Celebrates 20 Years in Eastern Europe

Sophia Rhodini — Thu, 22 Oct 2009 04:17:41 +0000

BETHESDA, Md., -- As Europe prepares to celebrate the fall of the Berlin Wall and the Iron Curtain that partitioned Europe, Marriott International, Inc. (NYSE: MAR) marks the 20(th) anniversary of its first hotel in the former Eastern Bloc, the Warsaw Marriott Hotel, with a special celebration on October 30 and the start of a great deal -- Marriott's Go East! Package -- at hotels in five major cities in Eastern Europe: Berlin, Budapest, Bucharest, Prague and Warsaw. The one-night package (with 20 percent room-only discounts for subsequent nights), is available from October 30 - March 20, 2010 and includes 20 percent off the lowest available room rate, free full breakfast, 20 percent off other food and beverage, and sightseeing passes to some of the most significant sights in cold war history: The Berlin Wall Museum at Checkpoint Charlie in Berlin, Statue Park and the House of Terror Museum in Budapest, The Parliament Palace Museum in Bucharest, The Communist Museum in Prague and The Warsaw Uprising Museum in Warsaw. (See hotel and attraction photos at Marriott Eastern Europe Flickr.) To book Marriott's Go East Package, visit www.marriott.com, search for one of the hotels listed below and be sure that the promotional code S09 appears in the Corporate/Promotional code box when making your online reservation. Berlin, Germany: The Berlin Marriott Hotel's Go East! Package, priced at euro 199 for single occupancy and euro 239 for double occupancy, includes one overnight stay in a deluxe room, breakfast in the Midtown Grill, the Berlin Welcome Card and tickets to the The Berlin Wall Museum at the famous Check Point Charlie. Visit www.berlinmarriott.com. Bucharest, Romania: The JW Marriott Bucharest Grand Hotel offers its Go East package, priced at 660-744 LEI, including one-night accommodation in a Deluxe room with American buffet breakfast for up to two persons in Cupola Restaurant and 20 percent discount for all food and beverage consumption throughout the stay. Promotion also includes tickets for two to visit the Parliament Palace. Rate does not include local taxes (12%). Visit www.marriott.com/buhro. Budapest, Hungary: At the Budapest Marriott Hotel, the Go East! Package is priced from euro 183,- euro 223, double occupancy, and includes deluxe room with Danube view, American buffet breakfast at Peppers for two, 20 percent discount on all food and beverage consumption, the Budapest Card (for 48 hours of free public transportation and discounts on shopping and museums), tickets for Statue Park (displaying 42 pieces of art from the Communist era between 1945-1989) and House of Terror Museum (a memorial to the victims which also presents a picture of life for Hungarians in those times). Visit www.marriottbudapest.com. Prague, Czech Republic: The four hotels in Prague are offering the Go East! Package which includes one-night accommodation in a Deluxe room on single or double occupancy, buffet breakfast for up to two persons, 20 percent discount on all food and beverage consumption throughout the stay, two tickets for 24-hour free public transportation and two entrance tickets to the Communism Museum (www.muzeumkomunismu.cz). Rates start at CZK 3,120 at the Prague Marriott Hotel visit www.marriottprague.com , CZK 2,500 at the Marriott Executive Apartments Prague visit www.praguemarriottexecutiveapartments.com , CZK 2,100 at Courtyard Prague Flora visit www.courtyardpragueflora.com , CZK 2,750 at Courtyard Airport Hotel visit www.marriott.com/prgpa . Rates do not include 9%VAT. Warsaw, Poland: The Go East! Package at the Warsaw Marriott Hotel, priced at 350 PLN per night, is available on Friday, Saturday and Sunday and includes breakfast for two, 20 percent discount on all food and beverage, upgrade to corner junior suite based on availability, two Warsaw public transportation cards (good for 24 hours), and two tickets for the Warsaw Uprising Museum (www.1944.pl). Visit www.marriott.com/wawpl. (For a video address from Bill Marriott, chairman and chief executive officer of Marriott International, and archival videos commemorating the 20(th) anniversary of the Warsaw Marriott, visit Warsaw Marriott on You Tube). Marriott International has 24 hotels in operation and 10 additional properties currently under construction in the former Eastern Bloc nations including the Courtyard by Marriott Budapest and the Renaissance Budapest Hotel in Hungary; the JW Marriott Hotel Almaty in Kazakhstan; the Courtyard by Marriott Bucharest in Romania; and the Renaissance Moscow Monarch Center Hotel, the Courtyard by Marriott St. Petersburg Mariinsky Theatre; the Krasnodar Marriott Hotel, the Courtyard by Marriott Moscow Paveletskaya Station, the Courtyard by Marriott Kazan, and the Courtyard by Marriott Irkutsk, all in Russia. All are expected to open now through 2012. MARRIOTT INTERNATIONAL, Inc. (NYSE: MAR) is a leading lodging company with more than 3,200 lodging properties in 67 countries and territories. Marriott International operates and franchises hotels under the Marriott, JW Marriott, The Ritz-Carlton, Renaissance, Residence Inn, Courtyard, TownePlace Suites, Fairfield Inn, SpringHill Suites and Bulgari brand names; develops and operates vacation ownership resorts under the Marriott Vacation Club, The Ritz-Carlton Destination Club and Grand Residences by Marriott brands as well as Marriott Executive Apartments; provides furnished corporate housing through its Marriott ExecuStay division; and operates conference centers. The company is headquartered in Bethesda, Maryland, USA, and had approximately 146,000 employees at 2008 year-end. It is recognized by FORTUNE® as one of the best companies to work for, and by the U.S. Environmental Protection Agency (EPA) as Partner of the Year since 2004. In fiscal year 2008, Marriott International reported sales from continuing operations of nearly $13 billion. For more information or reservations, please visit our web site at www.marriott.com. For an interactive online version of Marriott's 2008 Annual Report, which includes a short video message from Chairman and CEO J.W. Marriott, Jr., visit www.marriott.com/investor. - Marriott International, Inc.

Lockheed Martin Team Conducts Major Compatibility Test of First Mobile User Objective System Satellite

Sophia Rhodini — Thu, 22 Oct 2009 04:19:37 +0000

SUNNYVALE, Calif. -- Lockheed Martin (NYSE: LMT) has demonstrated the interface compatibility of the first Mobile User Objective System (MUOS) satellite's dual legacy and next-generation Ultra High Frequency (UHF) communications payloads with ground user test terminals. This major milestone ensures that mobile users of the existing UHF Follow-On (UFO) system will have a smooth transition to MUOS, which will provide significantly improved and assured communications for U.S. mobile warfighters. With the adaptation of state-of-the art 3rd-Generation (3G) mobile technology, the Lockheed Martin design will deliver simultaneous voice, data and video services as well as the ability to increase capacity and features over the life of the program. The successful test, conducted at Lockheed Martin's Space Systems facilities in Sunnyvale, Calif., validated the compatibility of the dual UHF payloads with legacy radios and MUOS test terminals using the newly developed Wideband Code Division Multiple Access (WCDMA) waveform and ground system. A simultaneous WCDMA data call and legacy voice call was performed to validate simultaneous operations of the dual payload configuration. The test was successfully completed under a multi-beam area communications environment. Two simultaneous network circuits were established including a dedicated 25-KHz legacy channel supporting 16 Kbps voice and a WCDMA 5-MHz channel point-to-network supporting 9.6 Kbps data. The legacy signal was also subjected to propagation loss due to environmental and atmospheric conditions to simulate an operational environment. "This successful satellite-to-terminal test demonstrates that MUOS will be able to serve legacy communications users for many years to come, effectively extending the life of current UHF radios," said Mark Pasquale, Lockheed Martin's MUOS vice president. "We look forward to our continued progress and delivering this critical capability to the mobile warfighter." Lockheed Martin Space Systems, Sunnyvale, Calif., is the prime contractor and systems integrator for the MUOS program. MUOS satellites are being developed at the company's facilities in Newtown, Pa., with final assembly and test taking place in Sunnyvale. MUOS satellites will be the largest of Lockheed Martin's flight-proven A2100 spacecraft series ever built. The first MUOS satellite along with the associated ground system provided by General Dynamics C4 Systems, Scottsdale, Ariz., are scheduled for on-orbit hand-over to the Navy in 2011. The Navy's Program Executive Office for Space Systems, Chantilly, Va., and its Communications Satellite Program Office, San Diego, Calif., are responsible for the MUOS program. Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 140,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation reported 2008 sales of $42.7 billion. - Lockheed Martin

United States Northern Command (USNORTHCOM) Equips Command and Control Center With ClearCube Technology's Fiber Optic Connected Blade Workstations and User Ports.

Sophia Rhodini — Thu, 22 Oct 2009 04:20:04 +0000

Fiber optic connectivity and dual monitors power secure, state-of-the-art command and control center AUSTIN, Texas, -- ClearCube Technology, the leader in centralized and virtual computing, announced today that USNORTHCOM selected ClearCube Technology's fiber optic connected blade workstations and user ports for deployment in a command and control center. ClearCube's centralized computing solution eliminates many of the security risks that manifest with box PCs at the desk. ClearCube blade workstations are located in secure data centers versus on the desktop and therefore are exponentially more secure than traditional desktop PCs. Also, ClearCube blade workstations have additional physical security called mass storage lockout that controls the end-point and prevents removable media from being connected. When you add the security benefits of computing over fiber optic networks you mitigate additional risks. "Secure computing has always been an inherent benefit of our model for delivering high performance computing for command and control centers," said Randy Printz, CEO of ClearCube. "We're excited to continue to build our relationship with Northcom and utilize their requirements as a catalyst for driving additional secure computing innovation." - ClearCube Technology

JBT Corporation Wins $7.3 Million Gate Equipment Order for Major U.S. Airport

Sophia Rhodini — Thu, 22 Oct 2009 04:20:27 +0000

CHICAGO, -- JBT Corporation (NYSE: JBT) today announced that its JBT AeroTech business was awarded a $7.3 million contract by Turner Construction Company, the General Contractor for San Francisco International Airport's (SFO) Terminal 2 renovation and expansion project. The contract includes the supply of 14 new Jetway® passenger boarding bridges and preconditioned air units to be installed at gates in Terminal 2. San Francisco International Airport's Terminal 2 formerly housed international flights and was closed in December 2000 when SFO's current International Terminal opened. Turner Construction is the designer and builder of SFO's Terminal 2 project to renovate the facility into a state-of-the-art domestic terminal and accommodate SFO's growth in domestic passenger traffic and airline demand for gates. "We are very pleased to expand our relationship with SFO and with Turner Construction, whom we have also partnered with on other airport terminal projects," said John Lee, Vice President and Division Manager, JBT AeroTech. "In 1959, San Francisco International Airport was one of the first airports ever to install passenger boarding bridges. It is exciting that throughout the past fifty years, JBT AeroTech's Jetway® gate systems have continued to be installed and supported at SFO terminals." JBT AeroTech received the order in September 2009 and anticipates completing its portion of the project in the first half of 2010 prior to the terminal's completion in the first quarter of 2011. JBT Corporation (NYSE: JBT) is a leading global technology solutions provider to the food processing and air transportation industries. JBT Corporation designs, manufactures, tests and services technologically sophisticated systems and products for regional and multi-national industrial food processing customers through its JBT FoodTech segment and for domestic and international air transportation customers through its JBT AeroTech segment. JBT Corporation employs approximately 3,400 people worldwide and operates sales, service, manufacturing and sourcing operations located in over 25 countries. For more information please visit www.jbtcorporation.com or www.jbtaerotech.com. This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond the Company's ability to control. These risks and uncertainties are described under the caption "Risk Factors" in the Company's Annual Report on Form 10-K filed by the Company with the Securities and Exchange Commission that may be accessed on the Company's website. The Company cautions shareholders and prospective investors that actual results may differ materially from those indicated by the forward-looking statements. - JBT Corporation

Liberty Mutual Teen Driving Website Offers New Family Communication Tools to Promote Driving Safety

Sophia Rhodini — Thu, 22 Oct 2009 04:20:59 +0000

BOSTON, -- Helping teens maintain safe driving habits starts at home with open communication between parents and young drivers. According to past Liberty Mutual/SADD research, teens of parents who establish clear consequences for breaking family rules of the road are less likely to drive under the influence of alcohol (16 percent vs. 29 percent) or speed (44 percent vs. 56 percent) than those without set consequences. To encourage family communication about safe driving during National Teen Driver Safety Week (October 18-24) and year-round, Liberty Mutual Insurance created new tools available at www.LibertyMutualTeenDriving.com that help facilitate responsible driving conversations between parents and teens. "Nearly 60 percent of high school students say their parents are the biggest influence on their driving," said Dave Melton, a driving safety expert with the Liberty Mutual Research Institute for Safety. "Open communication about responsible driving makes teens more confident on the road and parents more comfortable with entrusting their teens with the family car." Liberty Mutual's new online tools are designed to spark family discussions about the importance of safe driving. Chief among these is a customizable Family Ground Rules tool that provides a framework for parents and teens to set and agree to specific rules around key safe driving issues such as speeding, the number of passengers in the car, cell phone usage, texting while driving and curfews. Upon acceptance, these ground rules -- with mutually agreed upon rewards and consequences -- can be printed and posted on the refrigerator so parents and teens can refer back to them throughout the year. The website also now features a Car Scheduler that enables teens to request a date and time when they would like to borrow the car. To further promote responsible driving conversations, teens are prompted to review and agree to their customized family safe driving rules before each request is submitted. "When parents and teens build their safe driving plans together, they avoid miscommunication and mismanaged expectations," said Stephen Wallace, SADD Chairman and CEO. "Although these tools live online, they are designed to prompt effective, face-to-face communication between teens and their parents, which we know leads to safer driving behaviors." Teens also can use the website to remind their parents about driving safety by taking a 10-question driving quiz at www.LibertyMutualTeenDriving.com and then challenging Mom and Dad to match or beat their score. And parents can use the encouragement: a Liberty Mutual survey this summer revealed that 69 percent of parents of teen drivers report they practice at least two dangerous or distracting behaviors while driving, and nearly half (49 percent) do at least three. Since 1991, Liberty Mutual and SADD have collaborated on research and responsible solutions to keep families safe behind the wheel. In addition to these new communication tools, LibertyMutualTeenDriving.com also features helpful resources, such as a customizable parent/teen safe driving contract created by SADD; tips on how to talk to teens about driving distractions and dangers such as cell phones, text messaging, speeding, and alcohol and drug use; video demonstrations of safe driving techniques; state-by-state teen driving laws; individual car safety scores; tips on buying and caring for a car; and an exclusive 50 percent discount for teens to take the National Safety Council's online Defensive Driving Course. - Liberty Mutual

AFA Announces Nation's Largest Simultaneous High School Cyber Defense Competition

Sophia Rhodini — Thu, 22 Oct 2009 04:21:20 +0000

ARLINGTON, Va., -- The Air Force Association (AFA) today announced that more than 200 high schools from 44 states, South Korea and Japan, will participate in CyberPatriot II, likely the largest live high school cyber defense competition ever staged. The national deployment of this one-of-a-kind competition will begin with an opening round on November 7, 2009. "We're excited to announce this unique, competitive learning experience," said S. Sanford Schlitt, AFA's Vice-Chairman of the Board for Aerospace Education. "This is a dramatic expansion of the CyberPatriot competition that began last year as an AFA initiative to promote student career interest in cyber security and other science, technology, education and mathematics career fields." On November 7, 2009, the entire field of 200-plus teams participating in CyberPatriot II will step up to their computers, type in a password and begin a race to the finish solving a series of cyber defense problems within a unique computer program pioneered by Science Applications International Corporation (SAIC). Teams have up to six hours to correct 100 percent of the vulnerabilities in a virtual network, and will be ranked according to their success and speed with the SAIC system tracking their progress. The top 24 teams from the November 7 competition move on to the November 21 semifinals, with a much more complex virtual network and an entirely new set of vulnerabilities. Also participating on November 21 will be one "wild card" winner from a November 14 consolation competition involving those teams who did not qualify on November 7. From the 25 qualifying teams, the November 21 semifinals will determine the final eight which receive an all-expenses-paid trip to Orlando, Florida for the February 19, 2010, championship round, in conjunction with AFA's Air Warfare Symposium at the Rosen Shingle Creek Convention Center. They will compete on identical equipment on a system incorporating the most complicated series of live challenges yet, against an active "Red Team" opponent that will attempt to counter their defense strategies. Using a commercial platform called CyberNEXS donated by SAIC, the competition replicates real life situations faced by computer administrators on a daily basis. The competitors faced a series of cyber attacks and their mission was to defend and maintain service on a virtualized network of computers representative of a typical commercial network. The competition benefits greatly through the advice and assistance of Dr. Greg White of the Center for Infrastructure Assurance and Security (CIAS), which also created and conducts the National Collegiate Cyber Defense Competition. Dr. White serves as a colonel in the Air Force Reserve in the field of cyber security. Watch the website www.AFA.org for announcements and developments as the first phase of the competition unfolds throughout November. AFA is a 501(C)(3), nonprofit organization promoting public understanding of aerospace power and the pivotal role it plays in the security of the nation. AFA has more than 200 chapters nationally and internationally representing 125,000 members. - Air Force Association

2009 Huating Lake International Outdoor Travel to Be Staged in October

Sophia Rhodini — Thu, 22 Oct 2009 04:21:48 +0000

BEIJING, -- The Administration Department of Huating Lake National Park is joining hands with Huway.com, a domestic organization specializing in the planning of professional outdoor activities and events, to hold 2009 Huating Lake International Outdoor Travel, a top outdoor event in China. Huating Lake lies in Taihu County, Anqing City, Anhui Province. Known as the hometown of Huangmei Opera, Taihu County is also the place where Zen Buddhism originated. It is said to be the site that Huike, one of the earliest patriarchs of Chinese Zen buddhism, studied and practiced Zen Buddhism. It is also the hometown of China's deceased top Buddhist leader Zhao Puchu, who was noted not only as a patriotic religious leader and social activist, but as a famous writer, poet and calligrapher as well. He also served as Vice Chairman of the Ninth National Committee of the CPPCC, Honorary Chairman of the Central Committee of the China Association for Promoting Democracy, President of the Chinese Buddhist Academy, and President of the Buddhist Association of China. The lake, situated at the southern foothills of Dabie Mountain, is dotted with many small islands and has deep waters. Covering an area of 198 square kilometers, the scenic spot mainly encompasses Huating Lake, Dragon Mountain, Haihui Temple, Xifeng Zen Monastery, the Cultural Museum of 5,000-Year History, Fotu Temple, Lion Mountain, the Zen Hall of the Second Ancestor, the Old House of Zhao Puchu, and Tangwan Hot-spring Resort, among others. 2009 Huating Lake International Outdoor Travel is mainly targeted towards outdoors enthusiasts and excursion groups, self-driven organizations, photography organizations and outdoor clubs of Chinese and foreign universities; the aim is to take advantage of the location's unique geography and give participants the opportunity to take part in all sorts of outdoor events, both in the water, mountains, beaches, valleys, air, and hot springs. The event is scheduled to begin on October 28, 2009. During the two-day event, a variety of outdoor activities and events will be staged. These activities range from the sightseeing around Huating Lake, to visiting in the Cultural Museum of 5,000-Year History, sailboat performances, a procession of cool cars, hot air balloons, bungee jumping, bicycling, beach tug-of-war and soccer, hiking the mountain, a raft relay race, mountain biking around the lake, camping out on the beach, an evening bonfire party, an outdoor cooking contest, a drifting competition, a tent decoration contest, an off-road competition for cars and motorcycles, and activities to help impoverished children in rural areas. During the event, a helicopter will help the organizers guide the activities and shoot pictures from an aerial perspective. Many online activities, such as photography and writing contests, will also be organized to add more vigor and vitality to the event. Zhang Haifeng, CEO of Huway.com, one of the main organizers of the event, says that they will advertise the event on a series of well-known websites in Europe and America, as well as on the world's largest LED screen in New York's Times Square, to attract more international participants and make this event a truly global one. In particular, Huway.com calls upon fans of the outdoors to take their unwanted books or stationery for donation to the poor kids in local Hope Schools. This special activity entitled "Carry One More Kilogram" is designed to pass the love of these enthusiasts and knowledge on to the kids, provide the tourists with a richer experience and make their trips more meaningful. The event is open to all outdoor enthusiasts free of charge, no matter where they are from or how old they are. All participants are simply required to register online through the website ( http://www.huway.com ) and then can go to take part in the event. They are entitled to visit such scenic spots as Huating Lake, the Cultural Museum of 5,000-Year History, Xifeng Cave, the Zen Hall of the Second Ancestor and the Old House of Zhao Puchu, and enjoy a special performance of Huangmei Opera free of charge. More importantly, they can participate in various outdoor activities and events to win big prizes and trophies. - DKING Science & Technology

Tampa Nautical Flea Market and Seafood Festival Set for Jan. 29-31 at the Florida State Fairgrounds

Sophia Rhodini — Thu, 22 Oct 2009 04:22:18 +0000

TAMPA, Fla., -- The 2010 Tampa Nautical Flea Market and Seafood Festival will be held at the Florida State Fairgrounds in Tampa, Florida on Friday, Saturday and Sunday, January 29-31, 2010. In today's economy, the Nautical Flea Market will provide an outlet for the marine industry and private individuals to sell overstocked, new and used marine equipment at a fraction of the original retail cost. Many boaters, fishermen and divers will find valuable items for their maritime lifestyle at bargain prices and the best value for their dollar. The 2010 Tampa Nautical Flea Market and Seafood Festival will be the answer for buyers and sellers alike. Vendors will offer a wide variety of items including fishing rods, reels, lures and lines, antique collectibles and maps, teak furniture, tournament gear, nautical art, crafts and jewelry, marine artifacts, boating apparel, taxidermy and fish reproductions, diving equipment, marine accessories and parts and floating docks. The event also features healthy delicious seafood. Savor all the traditional side dishes, beverages, desserts and comfort foods as well. To work off that stuffed feeling, you can browse and shop the expanded nautical and maritime vendor booths. Local Florida bands will provide three days of live, continuous music as visitors search for bargains and enjoy healthy delicious seafood. Limited vendor space still available and exhibitor/vendor applications can be found at www.FLNauticalFleaMarket.com. Florida State Fairgrounds is located a 4800 N US Highway 301, Tampa, FL and is easy to access from the Interstate I 75 and Interstate I 4. There is plenty of free parking. The gates will open at 4:00 p.m. on Friday and close at 9:00 p.m. Saturday hours are 11:00 a.m. to 9:00 p.m. and Sunday 11:00 a.m. to 6:00 p.m. Visit the Tampa Nautical Flea Market website for more information and directions. www.FLNauticalFleaMarket.com. - Tampa Nautical Flea Market

Virgin America Teams Up With Google to Offer Free In-Flight WiFi for the Holidays

Sophia Rhodini — Thu, 22 Oct 2009 04:22:47 +0000

SAN FRANCISCO, -- Virgin America, the airline that is reinventing domestic travel, today announced an exclusive partnership with Google to offer free in-flight WiFi to all of its guests during the holidays. The two California-based companies known for innovation, entrepreneurialism and for connecting people in new ways, have again joined forces to give Virgin America fliers the gift of in-flight connection during the holiday travel season. From Nov. 10, 2009-Jan. 15, 2010, guests on all Virgin America flights will be able to check email, gift shop online, stay in touch with family and friends via social media, or just go wherever the web takes them - all for free. In May, Virgin America became the first airline to offer Gogo® Inflight Internet service on every flight. "Since the launch of WiFi on all of our planes, we've seen an overwhelmingly positive response from travelers," said Porter Gale, Vice President of Marketing at Virgin America. "We've found that both business and leisure travelers are using the service at a growing rate, and many consider the availability of in-flight WiFi one of the key factors in their booking decision. We're thrilled to team up with Google to deliver this special holiday gift to our loyal guests. We also hope it persuades more new users to try out the service -as once people try Gogo, they rarely go back." Virgin America is the first airline to offer both standard power outlets near every seat and fleet-wide Gogo Inflight Internet service. The airline estimates that currently 12-15 percent of its guests are using the Gogo service. On some of the airline's long-haul routes (like BOS-SFO), the carrier is reporting that up to 20-25 percent of guests on a given flight are logging in. "As millions of people pass through airports this holiday season in order to celebrate with their families, we wanted to give our users a gift - one that makes their travel easier and more convenient," said Marissa Mayer, Vice President of Search Products and User Experience at Google. "The fundamental power of the Internet is in connecting people, and we hope that having a free WiFi connection while enroute will make home and family seem that much closer." A recent survey of Virgin America frequent fliers showed that guests are using WiFi in a variety of ways and consider the ability to stay connected a key in-flight amenity. Top-line results from the survey* include: More than half of respondents said that the availability of WiFi would influence their choice of airline. The availability of in-flight power outlets is also a factor for many in choosing to fly with Virgin America. 72% agreed that VOIP should continue to be blocked to keep the cabin environment quiet. 53% of respondents carry a laptop on board. Of those that connected to Gogo, 88% used a laptop. Email is the most popular activity while using in-flight WiFi, followed by working remotely and social media. Although guests traveling on any of Virgin America's over 100 daily flights from Nov. 10, 2009-Jan. 15, 2010, will enjoy free web access via their laptops or PDAs, the Gogo service is normally available for $12.95 for flights of over three hours; $9.95 for flights between 1.5 and three hours; $5.95 for short haul flights of less than 1.5 hours and handheld/PDA pricing of $7.95 for flights over 1.5 hours. Since launching in August 2007, Virgin America has captured a list of travel industry best-in-class awards, including "Best Domestic Airline" in Conde Nast Traveler's 2008 and 2009 Readers' Choice Awards and Travel + Leisure's 2008 and 2009 World's Best Awards. Virgin America offers travelers unrivalled amenities, low fares and high-tech features. Virgin America's mood-lit, custom-designed new cabins feature more comfortable, ergonomically correct leather seats and Red (TM) - the most advanced entertainment system in the U.S. skies. Red is a touch-screen seatback entertainment platform that offers 25 films, live TV, interactive Google Maps, music videos, video games, a 3000 MP3 library and more. In November 2008, Virgin America launched Gogo Inflight Internet on its first flight with a first ever "air-to-ground" video stream to YouTube Live - YouTube's first official real-world user event. In May of 2009, the airline completed the roll-out of its WiFi service across its fleet and celebrated the milestone with a live streamed chat between Oprah Winfrey in her studio audience and a Virgin America plane at 35,000 feet over the California coast. In June 2009, the airline also teamed up with Google for the first-ever online and "in the clouds" web-based scavenger hunt, using in-flight WiFi. For more on the free holiday WiFi initiative, please visit: www.freeholidaywifi.com Virgin America flies to San Francisco, Los Angeles, New York, Washington D.C., Seattle, Las Vegas, San Diego, Boston, Orange County and as of Nov. 18, 2009 - Fort Lauderdale. The airline currently offers daily flights from: SFO to LAX, SFO to JFK, SFO to SAN, SFO to IAD, SFO to LAS, LAX to JFK, LAX to IAD, SFO to SEA, SEA to LAX, JFK to LAS, BOS to LAX, BOS to SFO, SFO to SNA and as of Nov. 18, 2009 - LAX to FLL and SFO to FLL. *Survey results based on responses from guests who travelled on Virgin America in Q3 2009. EDITORS NOTE: Virgin America is a U.S. controlled and operated airline. Sir Richard Branson's Virgin Group is a minority share investor in Virgin America. - Virgin America

Genco Shipping & Trading Limited Announces Third Quarter 2009 Conference Call and Webcast

Sophia Rhodini — Thu, 22 Oct 2009 04:23:09 +0000

NEW YORK, -- Genco Shipping & Trading Limited (NYSE: GNK) announced today that it will hold a conference call to discuss the Company's results for the third quarter of 2009 on Thursday, October 29, 2009 at 8:30 a.m. Eastern Time. The conference call will also be broadcast live over the Internet and include a slide presentation. The Company will issue financial results for the third quarter ended September 30, 2009 on Wednesday, October 28, 2009 after the close of market trading. What: Third Quarter 2009 Conference Call and Webcast When: Thursday, October 29, 2009 at 8:30 a.m. Eastern Time Where: There are two ways to access the call: Dial-in: (800) 344-6698 or (785) 830-7979; Passcode: 6514558 Please dial in at least 10 minutes prior to 8:30 a.m. Eastern Time to ensure a prompt start to the call. For live webcast and slide presentation: http://www.gencoshipping.com If you are unable to participate at this time, a replay of the call will be available through Thursday, November 12, 2009 at (888) 203-1112 or (719) 457-0820. Enter the code 6514558 to access the audio replay. The webcast will also be archived on the Company's website: http://www.gencoshipping.com. - Genco Shipping & Trading Limited

Qianmen Historical Shopping Street Re-Opens in Beijing

Sophia Rhodini — Thu, 22 Oct 2009 04:23:39 +0000

BEIJING, -- The China Guide is adding a new destination to their sightseeing itineraries with the re-opening of the historical Qianmen Street in the city center. Qianmen Jie is a historical shopping alley described by The China Guide as a beautiful restoration of Beijing heritage ( http://www.TheChinaGuide.com ). A year of renovations based on old photographs has created a space with traditional architecture and a style reminiscent of past centuries. Qianmen was once a prosperous commercial street dating back to the Yuan Dynasty and saw its peak in the 1920's. To revive this historical feeling, the area now boasts traditional buildings housing classic Chinese brands as well as modern additions including Starbucks and an H&M clothing store. 'Time honored brand' describes the majority of the Qianmen stores as they have a long history in Beijing, most notable is the Quanjude Duck Restaurant, famous among locals and travelers alike. The China Guide includes a Peking duck dinner in its itineraries for travelers eager to try this famous delicacy. Recent additions are adding a fresh element to this historic street, and that includes the Capital M restaurant. This new eatery offers modern European food while guests take in views of the historic surroundings on the rooftop patio. "We're delighted that Qianmen Jie has reopened -- the street is buzzing! And we are doubly delighted that Capital M is open as well -- we're thrilled to be part of this historic Beijing scene on Qianmen Jie," says Michelle Garnaut, owner and founder of the Capital M Restaurant Group ( http://www.m-restaurantgroup.com ). A highlight of Qianmen Jie is its pedestrian-only status, the second in Beijing, which makes strolling through the shops much more relaxed and enjoyable. The only transportation on the street is a tram line operating two restored tram cars that were once operational in the area many decades ago. A short ten-minute ride will take you between the north and south ends. The China Guide ( http://www.TheChinaGuide.com ) highly recommends a visit to Qianmen Street; its location just south of Tiananmen Square and the Forbidden City makes for a convenient day of sightseeing. The China Guide will include this Beijing sight in any of their tour itineraries or create a custom tour for travelers. - The China Guide

Elbit Systems of America Announces FAA Certification of the Kollsman General Aviation Vision System (GAViS(TM)) on Sikorsky Helicopters

Sophia Rhodini — Thu, 22 Oct 2009 04:24:39 +0000

MERRIMACK, New Hampshire, -- Elbit Systems of America, LLC, a wholly owned subsidiary of Elbit Systems of Ltd. (NASDAQ: ESLT) has achieved another milestone for the Kollsman General Aviation Vision System (GAViS(TM)). GAViS(TM) is now certified on the Sikorsky S-76A, S-76B and S-76C helicopters. Pro Star Aviation has received Federal Aviation Administration (FAA) Supplemental Type Certificate (STC) and is able to install the GAViS(TM) at the customer's location during annual inspections or at their facilities in Londonderry, New Hampshire. GAViS(TM) is an affordable, compact, lightweight infrared sensor that provides a video image of the aircraft's forward environment at night and in low visibility conditions. In designing the GAViS(TM) system, Elbit Systems of America has leveraged the same key technology that was developed for the award winning EVS II used in all Gulfstream aircraft. Raanan Horowitz, President and CEO of Elbit Systems of America stated, "Sikorsky's helicopters are known for their superior track record of safety and innovation. We are pleased to be working with a partner like Pro Star Aviation, who shares our vision of a safer industry, to further enhance these capabilities. Our GAViS(TM) technology provides significant improvement in situational awareness and safety, especially beneficial for aircraft's supporting critical missions and needs. " GAViS(TM) is the ideal choice for smaller aircraft, such as the S-76, where there is limited space available for installation. Its compact size (3 inches high, 6 inches wide and 11.5 inches long) allows for flexible installation options. Installation of the Kollsman GAViS(TM) sensor is simple due to its hermetically sealed, aerodynamic housing which is designed for exterior mounting. Pro Star Aviation has extensive experience working on avionics for the Sikorsky S-76 helicopter. Over the last 10 years Pro Star Aviation has worked with numerous Fortune 100 companies that operate S-76 helicopters. Pro Star Aviation facilities in Londonderry, New Hampshire include a 17,000sq ft hangar with 4,000sq ft of shop and office space as well as a 3,500sq ft office building at Manchester-Boston Regional Airport (KMHT) in New Hampshire. Trademarks Elbit Systems of America and other trademarks, service marks and logos are registered or unregistered marks of Elbit Systems of America companies in the United States and in foreign countries. Copyright (c) 2009 Elbit Systems of America. All rights reserved. Forward Looking Statement This press release contains forwardaEUR'looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended) regarding Elbit Systems Ltd. and/or its subsidiaries (collectively the Company), to the extent such statements do not relate to historical or current fact. Forward Looking Statements are based on management's expectations, estimates, projections and assumptions. ForwardaEUR'looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results, performance and trends may differ materially from these forwardaEUR'looking statements due to a variety of factors, including, without limitation: scope and length of customer contracts; governmental regulations and approvals; changes in governmental budgeting priorities; general market, political and economic conditions in the countries in which the Company operates or sells, including Israel and the United States among others; differences in anticipated and actual program performance, including the ability to perform under long-term fixed-price contracts; and the outcome of legal and/or regulatory proceedings. The factors listed above are not all-inclusive, and further information is contained in Elbit Systems Ltd.'s latest annual report on Form 20-F, which is on file with the U.S. Securities and Exchange Commission. All forwardaEUR'looking statements speak only as of the date of this release. The Company does not undertake to update its forward-looking statements. - Elbit Systems Ltd

Underwriters Laboratories to Develop First Safety Standard for Electric Vehicle Cord Sets

Sophia Rhodini — Thu, 22 Oct 2009 04:25:08 +0000

NORTHBROOK, Ill., -- Underwriters Laboratories (UL), a world leader in safety testing and certification, announced today a new set of requirements for indoor/outdoor cord sets for electric vehicles, which will help manufacturers produce safer, more efficient electric vehicles and plug-in hybrids as production demands continue to surge. This is just one of a growing number of safety standards UL is developing for electric vehicle product categories, including electric cords, charging stations, connectors and motors. Most recently, UL has announced its intent to release a new set of requirements for electric vehicle large batteries. It's forecasted that by 2015 one million charging stations will be in operation and more than one million electric vehicles will be on the road in the United States, ultimately reaching five million vehicles by 2020, according to Pike Research. To meet the growing demand, manufacturers are developing electric vehicles and associated components at a rapid pace. When new technologies are introduced to the market at this rate, it is important to address foreseeable hazards by introducing new safety requirements that speak to today's evolving technologies. "The introduction of safety standards for electric vehicle components gives UL opportunities to collaborate with automotive manufacturers and influence design and development across the global electric vehicle industry," says Gary Savin, general manager, Underwriters Laboratories Power and Controls Business. "The steady increase in electric vehicle production and consumer acceptance will have tremendous benefits for the global economy and worldwide carbon footprint, but safety should be considered as new concepts are introduced." Cord sets establish an electrical connection for the purpose of charging electric vehicles at home or at public charging stations. Product safety testing will include stationary and portable cord sets, including the attached plug, flexible power cord, personnel protection circuitry, electric vehicle cable and vehicle connector. Electric vehicle components that bear the UL Mark are tested for overload protection, shock and flammability. The future standard, UL Subject 2594, will comply with National Electric Code Article 625. "Electric vehicles is just one of the many cutting edge industries where UL is a proactive partner and trusted safety leader," says Savin. "UL will continue to broaden its service portfolio in renewable energies and energy efficiency, such as solar, wind, biofuels, smart meters, electric vehicles and LED technologies, to meet global renewable energy needs." - Underwriters Laboratories

Celebrity Mom Niki Taylor Encourages Parents to Talk to Their Teens About Safe Driving

Sophia Rhodini — Thu, 22 Oct 2009 04:25:38 +0000

BLOOMINGTON, Ill., -- As part of National Teen Driver Safety Week, supermodel, car crash survivor and mother of two teenagers, Niki Taylor has teamed up with State Farm® to share an important message with parents: how you talk to your teens about safe driving can significantly affect the likelihood of your teen having a tragic crash. Car crashes remain the No. 1 cause of death among teens; however many teen driver-related injuries and deaths are preventable. The goal of National Teen Driver Safety Week (NTDSW), Oct. 18-24, is to raise awareness of this issue and provide solutions to teen driving deaths. According to State Farm's claims database, addressing teen driver safety in October is especially timely. From 2003 - 2007 October averaged the highest number of teen vehicle crashes and on average the number of 16- and 17-year-old driver claims involving injury or collision increases nearly 20 percent in October as compared to other months. As part of their efforts to address the issue, State Farm and The Children's Hospital of Philadelphia formed the Young Driver Research Initiative (YDRI) to reduce teen driver deaths through scientific research. A new study from the YDRI, published on Sept. 28, 2009 in the medical journal Pediatrics, reveals that the way parents communicate to their teens about safe driving can strongly influence their teens' likelihood of a car crash. The study is based on the National Young Driver Survey of more than 5,500 teenagers. The study, "Associations Between Parenting Styles and Teen Driving, Safety-Related Behaviors and Attitudes", revealed that teens who said their parents set clear rules, paid attention to whom they were with and where they were going, and did so in a supportive way were: Half as likely to crash Twice as likely to wear seatbelts 71 percent less likely to drive while intoxicated 30 percent less likely to use a cell phone while driving "This research is significant because it shows the profound effect parent-teen interactions have on a teen's likelihood to crash," says Kenneth Ginsburg, MD, MSEd, co-author of the study. "Once they're behind the wheel, teens have ultimate responsibility for their behavior, but kids who said their parents set rules in a supportive way were half as likely to be in a crash compared with teens that saw their parents as less involved." To highlight these new research findings, State Farm, together with The Children's Hospital of Philadelphia, developed an online resource to help guide parents about how to talk to their teens about safe driving. The resource, housed on www.statefarm.com/teendriving, includes teen driving facts and statistics, an interactive quiz, video demonstrations, and research-based tips for parents. "State Farm is committed to saving lives, and we value these studies to help us better understand the factors behind teen crashes. We intend to provide real solutions," says Laurette Stiles, State Farm's Vice President of Strategic Resources. "Using what we've learned from these latest findings, we want to help parents keep their teens safe. The new online resource provides parents with important tips for setting rules that are most likely to protect their teens." To help reach parents with this important message, State Farm has teamed with supermodel Niki Taylor, who has a personal connection to the teen driving issue. In 2001, Taylor was critically injured in a car crash when the driver of the car reached for his cell phone and lost control of the vehicle before running into a utility pole. After numerous operations and substantial physical therapy, Taylor has recovered from the accident and now wants to help bring attention to the issue. "As the mother of two teenage sons, and a car crash survivor, I know first hand the gravity of this issue," says Taylor, "I'm proud to be working with State Farm on this initiative and to help inform other parents about the simple steps we can take to keep our kids safe on the road." Taylor is the mother of two 14-year-old boys and is known as one of the most successful international models of all time. She most recently co-hosted the television show, "Make Me a Supermodel," on the Bravo network. To learn more about National Teen Driver Safety week or to view the online parent resource, please visit: www.statefarm.com/teendriving. - State Farm

Kaman Corp. To Broadcast Third Quarter 2009 Conference Call Over the Internet

Sophia Rhodini — Thu, 22 Oct 2009 04:26:02 +0000

BLOOMFIELD, Conn. -- Kaman Corp. (Nasdaq: KAMN) today announced that it intends to release its results for the third quarter ended October 2, 2009 on Thursday, November 5, 2009. The following morning, the Company will host a conference call to discuss these results, which will be simultaneously broadcast live over the Internet. Neal J. Keating, Chairman, President and Chief Executive Officer, William C. Denninger, Senior Vice President and Chief Financial Officer, and Eric B. Remington, Vice President, Investor Relations, will host the call. Friday, November 6, 2009 8:30 AM EST 7:30 AM CST 6:30 AM MST 5:30 AM PST Listeners may access the conference call live over the Internet through a link on the home page of the Company's website at: http://www.kaman.com Please allow fifteen minutes prior to the call to visit the site to download and install any necessary audio software. The archived version of the call may be accessed at this site or by dialing 617-801-6888 (passcode: 53208974) beginning approximately two hours after the call ends, and will be available until November 13, 2009 at 11:59 pm EST. - Kaman Corp.

Goodrich to Host 2009 Analyst Day in New York City

Sophia Rhodini — Thu, 22 Oct 2009 04:26:28 +0000

CHARLOTTE, N.C. -- On Friday, Nov. 6, 2009, Goodrich Corporation (NYSE: GR) will host its 2009 Investor Conference in New York City. Marshall Larsen, Chairman, President and Chief Executive Officer, as well as other senior management, will discuss the company's financial results, performance and prospects with investors and security analysts. The entire conference will be webcast, and is scheduled as follows: Webcast Date: Friday, Nov. 6, 2009 Time: 1:00 p.m. - 4:00 p.m. Eastern time To Access: Go to www.goodrich.com and click on the "Goodrich Investor Conf." sign-up link The slide presentation used during the conference will be available as part of the webcast and will also be available on our Investor Relations webpage. The webcast will be available for replay through Midnight on November 20. Goodrich Corporation, a Fortune 500 company, is a global supplier of systems and services to aerospace, defense and homeland security markets. With one of the most strategically diversified portfolios of products in the industry, Goodrich serves a global customer base with significant worldwide manufacturing and service facilities. For more information visit http://www.goodrich.com. - Goodrich Corporation

Don't Be Late! New INRIX TRAFFIC! App for Google's Android-Based Smartphones Gets You There on Time

Sophia Rhodini — Thu, 22 Oct 2009 04:27:00 +0000

KIRKLAND, Wash., -- INRIX®, a leading provider of traffic and navigation services in North America, announced the immediate ability for millions of consumers to save time and reduce frustration on their daily commutes with the launch of a free app, INRIX TRAFFIC!, for Google's Android-based smartphones. INRIX TRAFFIC! uniquely helps drivers reduce the time they spend in traffic through a better understanding of current AND future traffic conditions. It is the only mobile phone app that combines real-time, "crowd sourced" traffic information from more than 1.3 million vehicles with insight from hundreds of public and private sources to reliably deliver current and expected traffic conditions. Covering more than 160,000 miles of freeways, interstates and highways in 126 cities across the U.S. and Canada, INRIX TRAFFIC! provides drivers with insight into how conditions will evolve over time helping them avoid traffic jams and reach their destination the fastest way possible. "Nothing's more frustrating than sitting in your car, stuck in traffic, watching the clock knowing that you're going to be late and there's nothing you can do about it," said Bryan Mistele, president and CEO, INRIX. "INRIX TRAFFIC! is the only traffic app available for mobile phones that empowers drivers to improve their daily commutes knowing they can rely on us to provide them with the insight they need for the roads they care about most." INRIX TRAFFIC! is ad-free and available for download from the Android Market at http://www.android.com/market/free-travel.html. The app works with all Android-based mobile phones including the popular T-Mobile G1 and myTouch3G, the new Sprint HTC Hero(TM) and other new Google Android devices coming later this year. INRIX TRAFFIC! Benefits: Beat Traffic. Nobody likes to be late. Learning there's a traffic jam when you're already stuck in traffic provides little benefit. As the only mobile traffic app that provides reliable insight into how traffic conditions are expected to evolve over the next hour, INRIX TRAFFIC! helps you better plan your route so you're sure to arrive on time. Information & Insight You Can Rely On. Unlike some traffic apps that rely on drivers to report traffic incidents themselves, INRIX TRAFFIC! partners with Clear Channel's Total Traffic Network of on-the-ground professional reporters to deliver comprehensive up-to-the-minute traffic incident and road condition updates in more than 113 cities across the U.S. -- including construction, accidents and other on-road events. Additionally, INRIX analysis factors in other traffic influencing events including school schedules, sporting events and concerts, and even uniquely local variables such as the legislative calendar in Washington, D.C, or the convention schedule in Las Vegas to give you reliable insight into current and future traffic conditions. These events can significantly affect drive times; knowing when and where these happen will help better you plan your route. No matter where you go, INRIX TRAFFIC! is there. Quickly view real-time traffic flow maps in 126 cities across the U.S. and Canada and on over 160,000 miles of freeways and highways including all interstates with precise accuracy thanks to millions of community members in INRIX' Smart Driver Network. What Makes INRIX TRAFFIC! Different: You do. As part of INRIX' Smart Driver Network, our customers play an important role in helping INRIX TRAFFIC! deliver the most comprehensive and reliable traffic information available. INRIX crowd sources real-time traffic information from over 1.3 million GPS-enabled vehicles and consumer mobile devices where it is analyzed along with billions of data points from other public and private sources to continuously update the route maps on the INRIX TRAFFIC! App resulting in the most accurate snapshot of current and future traffic conditions available anywhere. Insight from the sources that impact traffic most. INRIX's unique predictive technology analyzes commonly known traffic-impacting factors including current traffic conditions, weekday, season, holidays and related days, current and forecasted weather, accidents and road construction. However, this analysis extends further to include other events that influence traffic such as school schedules, sports games and concerts, and even uniquely local variables such as the legislative calendar in Washington, D.C, or the convention schedule in Las Vegas to deliver the most accurate, reliable insight into real-time and anticipated traffic conditions on roads throughout the country. Recently introduced to much acclaim on the iPhone and iPod Touch with hundreds of thousands of users already in its first 90 days, nearly half of them rely INRIX TRAFFIC! daily to help improve their commutes. On average, consumers spend up to eight minutes a day using the app to check current and future traffic conditions. - INRIX

Intergraph(R) Introduces Motion Video Exploitation Solution for Increased Real-Time Situational Awareness and Actionable Intelligence

Sophia Rhodini — Thu, 22 Oct 2009 04:27:28 +0000

HUNTSVILLE, Ala. -- Every month, unmanned aerial vehicles (UAVs) stream tens of thousands of hours of live video to intelligence analysts and commanders. To help manage this deluge of video and sensor data, Intergraph® has introduced its Motion Video Exploitation solution that enables analysts to geospatially integrate video with multiple intelligence sources to provide unprecedented situational awareness and strategic decision making capabilities. Intergraph's Motion Video Exploitation solution fuses and displays video data, including data from unmanned aircraft systems (UAS), with satellite imagery and geo-intelligence, delivering an exceptional level of actionable intelligence in real time. This latest addition to Intergraph's suite of geospatially powered solutions supports military and civilian agencies' intelligence, surveillance, target acquisition and reconnaissance activities by providing an end-to-end workflow for collecting, extracting, analyzing and maximizing video data sources. The Motion Video Exploitation solution also allows for the storage of video so that it can be queried with all other geo-referenced enterprise content, allowing it to be easily located and utilized at a later date. Using DVR-like controls, defense and intelligence analysts can easily collect, manage, store and distribute video on an enterprise-wide basis. It also correlates annotations and clipmarks within a video and conducts queries based on those annotations. Intergraph's Video Analyst application, a core technology in the Motion Video Exploitation solution, has been proven in years of public safety and security service. The application enables real-time video enhancements and corrections, such as stabilization, removing atmospheric distortions and correcting for shadows, to improve video quality acquired from aerial platforms. The motion video exploitation technology can detect change between frames and direct an analyst to a specific point of interest within the video. The solution also enables advanced analysis by fusing aerial motion video with other intelligence sources such as satellite or ground-based imagery, and sensor data with 3D modeling and simulation capability. Based on open industry standards, Intergraph's commercial off-the-shelf (COTS) Motion Video solution promotes multi-agency interoperability and fusion of data from numerous disparate sources. "Mining hours of video for several seconds of valuable data is like looking for a needle in the haystack- and in many cases that needle is a planted IED or a land mine," said Lindsay Voss, Frost & Sullivan aerospace and defense industry analyst. "Intergraph's Motion Exploitation Solution can help analysts geo-reference and manage the ever-growing volume of video and sensor data from UAS to facilitate decision-making." The Intergraph motion video solution incorporates EchoStorm®'s adLib video and data management software to facilitate the ingestion and reading of video from UAS. Once the video is collected and read by the EchoStorm solution, it is distributed into Intergraph's geospatial content management application in near-real time, empowering analysts with an up-to-the-minute view of the situation on the ground. According to Jason Barton, co-founder of EchoStorm, "Intergraph's Motion Video Exploitation solution, together with EchoStorm's adLib software, enables analysts to receive and access new levels of information, resulting in increased situational awareness." "Defense and intelligence agencies worldwide rely on Intergraph's open geospatial intelligence solutions to create and exploit highly accurate visual representations for actionable intelligence and situational awareness," said John K. Graham, president, Intergraph Security, Government & Infrastructure. "By uniting Intergraph's extensive experience in geospatial data fusion and our vast expertise in forensic video analysis, we are able to offer our customers an unprecedented video analysis capability. The Intergraph Motion Video Exploitation solution ultimately maximizes warfighter efficiency by providing real-time situational awareness and actionable intelligence." Intergraph's motion video solution, as well as the full suite of Intergraph defense and intelligence technologies, is on display in Booth #739 at the GEOINT Symposium in San Antonio, Tex. from Oct. 18-21, 2009. - Intergraph

Raytheon Selected as Network Systems Integrator for Army Expeditionary Warrior Experiment

Sophia Rhodini — Thu, 22 Oct 2009 04:27:51 +0000

MARLBOROUGH, Mass., -- Raytheon Company (NYSE: RTN) has been selected as the network systems integrator for the Army Expeditionary Warrior Experiment. This experiment will integrate more than 25 technologies from more than 20 different companies and government agencies to operate on a single integrated backbone network. Raytheon will provide the integration capability to establish the network and join a variety of communication devices, command and control applications and sensor platforms. Raytheon's MAINGATE solution is the backbone of the network, which will link together unattended ground sensors, unmanned ground vehicles and unmanned aircraft systems. "As the Army's modernization efforts evolve, Raytheon continues to provide unsurpassed connectivity to support real-time advantage," said Jerry Powlen, vice president, Raytheon's Integrated Communications Systems. "We are providing simultaneous support of multiple full-motion video channels; robust, detailed situational awareness; command and control; chat; voice nets and call groups; and on-the-move access to web 2.0 applications." More than 150 soldiers will be participating in the AEWE, which will include 14 different missions. The three-week experiment will take place in early 2010 at the Fort Benning, Ga., Maneuver Battle Lab. Raytheon Company, with 2008 sales of $23.2 billion, is a technology and innovation leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 87 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide. - Raytheon Company

HHOA Elects Two New Board Members

Sophia Rhodini — Thu, 22 Oct 2009 04:28:34 +0000

WASHINGTON -- Officials of the Hispanic Hotel Owners Association (HHOA), a rapidly growing non-profit organization that seeks to increase Latino ownership of hotels, today announced the election of two new members to its Board of Directors: Juan Carlos Contalba, vice president, international development, Benchmark Hospitality, and Jose Luis Lopez, president, Lopez Marketing Group. "Both of these individuals bring a wealth of valuable experience to our board of directors," said Angela Gonzalez-Rowe, founder and president of the Hispanic Hotel Owners Association. "Juan Contalba is with a leading hotel developer/owner/operator with more than 22 hotels and has in-depth experience and expertise in international markets. Jose Lopez is a highly active and visible member of the Hispanic community who can help HHOA identify and reach out to new potential hotel investors. We expect both men to play a key role in our outreach initiatives to increase the presence of Latinos in the hospitality industry." A two-decade veteran of the hospitality industry, Contalba has extensive experience in establishing and operating international ventures in the United States, Europe (France, Monaco, UK, Switzerland, Italy), the Caribbean, Central and South America (Mexico, Costa Rica, Argentina, Panama, Chile). He began his career with Benchmark Hospitality International and later served with Hyatt Hotels Corporation. He subsequently left the industry to enter the legal and financial fields. In his career, he has represented foreign companies and individuals doing business in the United States, as well as U.S. entities and individuals doing business abroad. He attended Rice University and the South Texas College of Law. Lopez is founder and president of Lopez Marketing Group, Inc., an integrated marketing and public relations firm based in El Paso, Texas. During his career in consumer marketing, he spent more than 15 years in El Paso supervising advertising campaigns for such national companies as Nabisco, Kimberley-Clark, Procter & Gamble, Quaker Oats and Pepsi. Prior to founding his own firm, he was responsible for regional marketing for Coca-Cola Foods Division. A civic activist, Lopez currently serves on the boards of the El Paso Hispanic Chamber of Commerce Education Development Foundation and the USHCC (U.S. Hispanic Chamber of Commerce), is past chairman of the El Paso Hispanic Chamber of Commerce and is former committee chair of the United Way. He earned his BA degree from the University of Texas at El Paso. - Hispanic Hotel Owners Association

Carfax Earns Fourth Straight Distinction as Great Place to Work

Sophia Rhodini — Thu, 22 Oct 2009 04:30:45 +0000

Benefits, Family Focus and Fun Help Secure Spot On Biennial List Download image CENTREVILLE, Va., -- The Washingtonian today named Carfax as one of the 'Great Places to Work' for 2009-2010. This marks the fourth time in a row Carfax is recognized on the biennial list of top area employers. "It's a real honor to be selected as a Washingtonian Great Place to Work," said Toni Amey, VP of human resources at Carfax. "We work hard to keep Carfax a special place for our staff; a place in which they can take pride and to which they enjoy coming every day. The key to our success is a singular, well-defined purpose combined with the freedom to have a little fun. Every person on Team Carfax plays an important role." Carfax employees enjoy a liberal working environment that encourages healthy, family-oriented lifestyles. The company extends health-care benefits to include domestic partners, subsidizes gym memberships and supports numerous community service initiatives. In addition, the entire staff gathers together every Friday for lunch catered by Carfax. "Our approach has always been to put staff first and focus on fundamentals," continued Amey. "We're constantly exploring new ways to invest in our employees' overall well-being and the positive community we've created. We need great people and the only way you get them is to keep making a great place to work even better." Carfax is headquartered in Northern Virginia and was founded in Columbia, Mo., where it still maintains its data center comprising over 7 billion vehicle records. Millions of consumers, more than 29,000 dealers and 30 manufacturer Certified Pre-Owned programs rely on Carfax Vehicle History Reports to help buy and sell used cars. For information on the job opportunities available at Carfax, visit www.carfax.com/careers. - Carfax

Chevrolet Invites Public to Name Volt Paint Color

Sophia Rhodini — Thu, 22 Oct 2009 04:30:47 +0000

DETROIT, -- Contest begins today. Enter at chevroletvoltage.com Vote for finalists November 16 through December 1, 2009 Three finalists and their guest awarded a trip to Los Angeles Winning color name announced on December 1 The initial production color of the Chevrolet Volt extended-range electric vehicle (E-REV) is a silver exterior with an emerald hue. That's official. What's not certain is what Chevrolet will name that distinctive exterior color, so the company is turning to the public to help make the decision. Starting today, on National Color Day, Chevrolet launches an online contest that asks for color name suggestions, with three finalists to be flown to Los Angeles this December to compete for a final chance to be among the first to test-drive a pre-production Volt. "We want to invite consumers into the development process of the Chevy Volt and give people an opportunity to be part of our program," said Maria Rohrer, director, global Volt and global marketing operations at Chevrolet. "We're looking for a color name that captures the innovation and spirit of the Volt." The contest will award three finalists and a guest roundtrip airfare to Los Angeles, two nights standard hotel accommodations, a $400 gift card and admission to the LA Auto Show on December 2, 2009. The winner will be announced by Chevy on December 1 and be given the opportunity to test-drive the pre-production Volt. Entrants can submit their color name at www.chevroletvoltage.com through 8:00 a.m. ET on November 4. Chevrolet will choose three finalists among all the entries, based equally on originality, creativity, and the ability to capture the innovation and spirit of the Volt. The finalists will advance to a second round, where consumers will vote for the entries on www.chevroletvoltage.com, starting 8:00 a.m. ET on November 16 and concluding at 8:00 a.m. ET on December 1. Consumers are limited to one vote per person and per internet protocol address during the voting period. Contestants can enter multiple name recommendations. In the event more than one entrant submits the same color name, the entrant who submitted that color name first will receive an Entry and all other Entries will be void. The contest is open to legal residents of the United States and District of Columbia. Entrants must be 18 years or older with a valid driver's license. The silver exterior with an emerald hue will be available exclusively on the Chevy Volt. The new, consumer-named paint will join a palette of other Volt exterior colors available to order at the start of production including Black, Silver Ice Metallic, Cyber Gray Metallic, Crystal Red Metallic and a premium White Diamond Tri-Coat. The Chevy Volt is a practical E-REV with an engine generator that extends the total driving range. It is expected to drive up to 40 miles on electricity without using gasoline or producing tailpipe emissions. When the Volt's lithium-ion battery is depleted of energy, the engine generator seamlessly operates to extend the total driving range to more than 300 miles. Production for the Volt is expected to begin in late 2010. Pricing has not been announced. For full contest rules, visit www.chevroletvoltage.com. - General Motors

Xodtec Group USA, Inc. Reports First Quarter Fiscal Year 2010 Results

Sophia Rhodini — Thu, 22 Oct 2009 04:31:54 +0000

CARSON CITY, Nev., -- Xodtec Group USA, Inc. (OTC Bulletin Board: XODG) ("the Company"), an Energy-Saving Lighting Solutions Provider based in Taiwan, today reported financial results for the three months ended August 31, 2009. First Quarter of Fiscal 2010 Highlights Gross sales increased to $3,006,055 from $587,172 for the comparable period in 2008. Gross profit increased to $1,248,527 from $392,839 during the prior year. Operating income increased to $758,421 from $158,258 during the same period in 2008. Net income was $757,165 compared to $157,019 in the prior year. Net income per common share was $0.05 basic and diluted, versus $0.02 for the prior year. Revenue is derived from sales of our advanced lighting products and solutions. These products consist of solid-state LED lighting lamps, fixtures, and control systems. Besides the LED lighting related businesses, some of our revenue comes from our professional project management service such as energy-saving system design, landscape lighting design, and language globalization services. About Xodtec Group USA, Inc.: Xodtec, a Nevada corporation, is an Energy-Saving Lighting Solutions Provider based in Taiwan. Xodtec provides high performance and cost-effective energy-saving LED solutions and traditional lighting products for private companies, public facilities, residential communities, factories and households, providing optimal energy-saving solutions that meet today's energy management requirements. Please visit our website http://www.xodtec.com.tw/xodtec/ for detail company information. Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Xodtec Group USA, Inc. 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. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission. - Xodtec Group USA, Inc

Holly Corporation Announces Pricing of $100 Million 9.875% Senior Notes

Sophia Rhodini — Thu, 22 Oct 2009 04:32:25 +0000

DALLAS, -- Holly Corporation (NYSE: HOC) ("Holly" or the "Company") announced today that it has priced an offering of $100 million principal amount of its 9.875% senior unsecured notes. The 9.875% senior notes mature on June 15, 2017. The offering is expected to close on October 26, 2009, subject to customary closing conditions. The senior notes have been offered as additional debt securities under the indenture pursuant to which, on June 10, 2009, Holly issued $200 million principal amount of 9.875% senior notes due 2017. The new notes and the notes previously issued under the indenture will be treated as a single class of debt securities. Holly intends to use the net proceeds from the offering to fund the cash portion of the purchase price for the pending acquisition of a refinery located in Tulsa, Oklahoma from Sinclair Tulsa Refining Company and a portion of the purchase price for the related inventory. If the acquisition of the Sinclair refinery does not close, Holly will use the proceeds from the offering for general corporate purposes, including working capital, capital expenditures and possible future acquisitions. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any of the securities described herein, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state. The securities to be offered have not been registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The securities will be offered only to qualified institutional buyers under Rule 144A and to persons outside the United States under Regulation S. This notice is being issued pursuant to and in accordance with Rule 135c under the Securities Act. The following is a "safe harbor" statement under the Private Securities Litigation Reform Act of 1995: The statements in this press release relating to matters that are not historical facts are "forward-looking statements" based on management's beliefs and assumptions using currently available information and expectations as of the date hereof, are not guarantees of future performance and involve certain risks and uncertainties, including those contained in our filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that our expectations will prove correct. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. The forward-looking statements speak only as of the date made and, other than as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. - Holly Corporation

Newfield Reports Financial and Operating Results for Third Quarter 2009

Sophia Rhodini — Thu, 22 Oct 2009 04:33:19 +0000

HOUSTON, -- Newfield Exploration Company (NYSE: NFX) today reported its unaudited third quarter 2009 financial and operating results. Newfield will be hosting a conference call at 8:30 a.m. (CDT) on October 22. To participate in the call, dial 719-325-2138 or listen through the website at http://www.newfield.com. Third Quarter 2009 For the third quarter of 2009, Newfield recorded net income of $78 million, or $0.58 per diluted share (all per share amounts are on a diluted basis). Net income includes the effect of the following items: a net unrealized loss on commodity derivatives of $243 million ($155 million after-tax); and the recognition of a $24 million tax benefit, or $0.18 per share, associated with deferred tax assets in Malaysia. Without the effect of these items, net income for the third quarter of 2009 would have been $209 million, or $1.58 per share. Revenues in the third quarter of 2009 were $375 million. Net cash provided by operating activities before changes in operating assets and liabilities was $451 million. See "Explanation and Reconciliation of Non-GAAP Financial Measures" found after the financial statements in this release. Newfield's production in the third quarter of 2009 was 65.5 Bcfe, an increase of 7% over the third quarter of 2008. Newfield's oil liftings in the third quarter were 3.8 MMBbls, or an average of approximately 41,300 BOPD. This represents a 40% increase over the same period in 2008 and is primarily attributable to the timing of international oil liftings. Natural gas production in the third quarter was 42.5 Bcfe, an average of 462 MMcf/d, and excludes approximately 2.6 Bcfe of voluntary natural gas curtailments due to low natural gas prices. Capital expenditures in the third quarter of 2009 were $285 million. Highlights Improving Cost Structure - Domestic recurring lease operating expense for the third quarter of 2009, stated on a unit of production basis, was $0.81 per Mcfe and reflects lower service costs, reduced water handling costs due to deferred completions and the ongoing efforts to lower expenses throughout the Company's core operating regions. Mid-Continent Production Reaches New Highs, Woodford Production up Nearly 30% - Gross operated production from the Mid-Continent recently set a new high and is currently 460 MMcfe/d gross, or 323 MMcfe/d net. Woodford Shale production is 308 MMcfe/d compared to about 240 MMcfe/d at the end of the second quarter of 2009. Newfield began returning previously curtailed wells to production during October 2009. Newfield has a 30 well inventory of uncompleted wells that are expected to be completed by early 2010. Woodford Shale - The Company has 10 operated rigs running under term contracts, with three of the remaining rigs rolling off of term before the end of 2009. Newfield continues to improve upon efficiency gains in its Woodford development. Some recent examples are listed below: Increasing Lateral Lengths - Newfield expects that its average lateral length in 2009 will exceed 5,000 feet. By year-end 2009, the Company expects to have drilled eight "super extended lateral" wells with horizontal lengths in excess of 8,000 feet. Two of the wells drilled to date have lateral lengths greater than 10,000 feet. Initial production results from the first super extended laterals are expected in December 2009. Optimizing Fracture Stimulation Operations - The Company is fracture stimulating its wells with greater efficiency in 2009. The average number of fracs per day has increased to more than five on recent pad completions, compared to three fracs per day in 2008. Company Adds Fourth Operated Rig in Granite Wash Play - Based on the success of the initial horizontal drilling program in the Granite Wash, Newfield added a fourth operated rig in October in its Stiles Ranch field, located in Wheeler County, Texas. In July 2009, Newfield announced that its first seven horizontal wells in Stiles Ranch had an average gross initial production rate of 22 MMcfe/d. Recent well completions have been deferred and the Company expects to have production results from 6 - 8 additional completions in early 2010. Newfield has an approximate 80% working interest in Stiles Ranch. Newfield Enters the Marcellus Shale - On October 14, 2009, Newfield announced the signing of a joint exploration agreement with Hess Corporation in the Marcellus Shale play. The agreement covers up to 140,000 gross acres primarily in Susquehanna and Wayne Counties, Pennsylvania. Newfield will operate the new venture with each company having a 50 percent interest. The 2009 portion of Newfield's Marcellus Shale activities will be funded within the Company's existing $1.45 billion capital budget. Drilling operations are not expected to commence until 2010. Additional Exploration Test Planned Offshore China - In the third quarter of 2009, the Company announced an oil discovery with its LF 7-1 Pearl prospect, located in the Pearl River Mouth Basin, offshore China. Prior to year-end 2009, the Company expects to spud its Jade prospect to test a fault-separated target to the northeast. The Newfield operated Pearl development is underway with first production expected in late 2012. Deepwater Gulf of Mexico Update - Newfield has seven deepwater developments underway in the deepwater Gulf of Mexico which are expected to provide significant future production growth. Fastball - The Fastball development, located at Viosca Knoll 1003, commenced production on October 19, 2009. Gross production is expected to ramp up to 40 MMcf/d and 3,200 BOPD. Newfield operates Fastball with a 66% working interest. Pyrenees - In the second quarter of 2009, Newfield announced a significant operated discovery on its Pyrenees prospect, located at Garden Banks 293 in approximately 2,100 feet of water. A recent sidetrack delineated the downdip limits in the three proven pay sands seen in the discovery well and provided encouragement for the exploration potential of both the shallow and deep sand sections on the feature. Additional drilling is planned for 2010. Newfield operates the development with a 40% working interest. Company Increasing Monument Butte Operated Rig Count to Five - Based on increased demand, narrowing price differentials and a shift to oil investments, Newfield recently added a fourth operated rig in its Monument Butte oil field, located in the Uinta Basin of Utah. The Company is planning to add a fifth operated rig in the field in the near future. Gross oil production from Monument Butte is about 16,000 BOPD. A five-rig program in the field is expected to grow annual field production by at least 10%. The Monument Butte field area covers approximately 180,000 gross acres, substantially all held-by-production. Company to Add Additional Rigs in Williston Basin - Newfield expects to add up to two additional operated rigs in its Williston Basin development areas. The Company has been running a one-rig program since early 2009. Newfield has approximately 200,000 net acres in prospective development areas, located primarily on the Nesson Anticline and west of the Nesson. An additional 200,000 net acres are located in northern Montana where several exploration plays are underway. Newfield has drilled 12 successful oil wells in the North Dakota portion of the Williston Basin since entering the region in late 2007. Two wells were drilled since the second quarter 2009. The first was an exploratory well in the Big Valley area, covering more than 50,000 net acres in northern North Dakota. The well recently commenced production and continues to clean-up following fracture stimulation. Results warrant additional exploratory drilling to assess this large area. The second well was drilled in the Catwalk area, which covers 25,300 net acres. Completion operations on the well are expected to commence next week. Newfield Exploration Company is an independent crude oil and natural gas exploration and production company. The Company relies on a proven growth strategy of growing reserves through an active drilling program and select acquisitions. Newfield's domestic areas of operation include the Mid-Continent, the Rocky Mountains, onshore Texas and the Gulf of Mexico. The Company has international operations in Malaysia and China. **This release contains forward-looking information. All information other than historical facts included in this release, such as information regarding estimated or anticipated fourth quarter 2009 results, estimated capital expenditures, cash flow, production and cost reductions, drilling and development plans and the timing of activities, is forward-looking information. Although Newfield believes that these expectations are reasonable, this information is based upon assumptions and anticipated results that are subject to numerous uncertainties and risks. Actual results may vary significantly from those anticipated due to many factors, including drilling results, oil and gas prices, industry conditions, the prices of goods and services, the availability of drilling rigs and other support services, the availability of refining capacity for the crude oil Newfield produces from its Monument Butte field in Utah, the availability and cost of capital resources, labor conditions and severe weather conditions (such as hurricanes). In addition, the drilling of oil and gas wells and the production of hydrocarbons are subject to governmental regulations and operating risks. For information, contact: Investor Relations: Steve Campbell (281) 847-6081 Media Relations: Keith Schmidt (281) 674-2650 Email: info@newfield.com 3Q09 Actual Results 3Q09 Actual Domestic Int'l Total Production/Liftings(Note 1) Natural gas - Bcf 42.5 - 42.5 Oil and condensate - MMBbls 1.7 2.1 3.8 Total Bcfe 52.6 12.9 65.5 Average Realized Prices (Note 2) Natural gas - $/Mcf $6.88 $- $6.88 Oil and condensate - $/Bbl $102.95 $66.76 $82.61 Mcf equivalent - $/Mcfe $8.87 $11.13 $9.31 Operating Expenses:( Note 3) Lease operating Recurring ($MM) $42.5 $15.2 $57.7 per/Mcfe $0.81 $1.18 $0.88 Major (workovers, repairs, etc.) ($MM) $5.7 $0.7 $6.4 per/Mcfe $0.11 $0.05 $0.10 Production and other taxes ($MM) $4.7 $9.3 $14.0 per/Mcfe $0.09 $0.72 $0.21 General and administrative (G&A), net ($MM) $38.4 $1.4 $39.8 per/Mcfe $0.73 $0.11 $0.61 Capitalized internal costs ($MM) $(19.3) per/Mcfe $(0.30) Interest expense ($MM) $31.7 per/Mcfe $0.48 Capitalized interest ($MM) $(12.5) per/Mcfe $(0.19) Note 1: Domestic natural gas production includes voluntary curtailments of approximately 2.6 Bcfe related to low natural gas prices. Note 2: Average realized prices include the effects of hedging contracts. If the effects of these contracts were excluded, the average realized price for total gas would have been $3.14 per Mcf and the total oil and condensate average realized price would have been $62.72 per barrel. Note 3: Recurring lease operating expense includes transportation expense. 4Q09 Estimates 4Q09 Estimates Domestic Int'l Total Production/Liftings Natural gas - Bcf 44.7 - 45.5 - 44.7 - 45.5 Oil and condensate - MMBbls 1.7 - 1.8 1.4 - 1.5 3.1 - 3.3 Total Bcfe 54.9 - 56.3 8.4 - 9.0 63.3 - 65.3 Average Realized Prices Natural gas - $/Mcf Note 1 Oil and condensate - $/Bbl Note 2 Note 3 Mcf equivalent - $/Mcfe Operating Expenses: Lease operating Recurring ($MM) $34.2 - $37.8 $18.4 - $20.3 $52.6 - $58.1 per/Mcfe $0.62 - $0.67 $2.19 - $2.25 $0.83 - $0.89 Major (workover, repairs, etc.) ($MM)( Note 4) $13.1 - $14.5 - $13.1 - $14.5 per/Mcfe $0.24 - $0.26 - $0.21 - $0.22 Production and other taxes ($MM)(Note 5) $14.0 - $15.4 $13.3 - $14.7 $27.3 - $30.1 per/Mcfe $0.26 - $0.27 $1.58 - $1.63 $0.43 - $0.46 General and administrative (G&A), net ($MM) $29.8 - $33.0 $1.4 - $1.5 $31.2 - $34.5 per/Mcfe $0.54 - $0.59 $0.16 - $0.17 $0.49 - $0.53 Capitalized internal costs ($MM) ($18.5 - $20.4) per/Mcfe ($0.29 - $0.31) Interest expense ($MM) $29.0 - $32.0 per/Mcfe $0.46 - $0.49 Capitalized interest ($MM) ($11.0 - $12.1) per/Mcfe ($0.17 - $0.19) Tax rate (%)(Note 6) 36 - 38% Income taxes (%) Current 14% - 16% Deferred 84% - 86% Note 1: Gas prices in the Mid-Continent, after basis differentials, transportation and handling charges, typically average 75-85% of the Henry Hub Index. Gas prices in the Gulf of Mexico and onshore Gulf Coast, after basis differentials, transportation and handling charges, typically averages $0.25-$0.50 per MMBtu less than the Henry Hub Index. Note 2: Oil prices in the Gulf Coast typically average 90-95% of NYMEX WTI price. Rockies oil prices are currently averaging about $12-$14 per barrel below WTI. Oil production from the Mid-Continent typically averages 85-90% of WTI. Note 3: Oil in Malaysia typically sells at a slight discount to Tapis, or about 90-95% of WTI. Oil production from China typically sells at $6-$8 per barrel less than WTI. Note 4: Domestic major expense includes approximately $6 million for well workover expense and other projects initiated in response to higher commodity prices and lower service costs. Note 5: Guidance for production taxes determined using $75/Bbl oil and $4.50/MMBtu gas. Note 6: Tax rate applied to earnings excluding unrealized gains or losses on commodity derivatives. CONSOLIDATED STATEMENT OF INCOME For the For the Three Months Ended Nine Months Ended (Unaudited, in millions, September 30, September 30, except per share data) ------------------ ----------------- 2009 2008 2009 2008 ----- ----- ------ ----- Oil and gas revenues $375 $680 $924 $1,887 ----- ----- ------ ----- Operating expenses: Lease operating 64 67 192 184 Production and other taxes 14 51 38 154 Depreciation, depletion and amortization 144 181 440 504 General and administrative 40 36 106 105 Ceiling test writedown - - 1,344 - Other 1 - 8 - ----- ----- ------ ----- Total operating expenses 263 335 2,128 947 ----- ----- ------ ----- Income (loss) from operations 112 345 (1,204) 940 Other income (expenses): Interest expense (31) (36) (95) (83) Capitalized interest 13 16 39 43 Commodity derivative income (expense) (8) 726 189 (247) Other (1) 8 4 10 ----- ----- ------ ----- Total other income (expenses) (27) 714 137 (277) ----- ----- ------ ----- Income (loss) before income taxes 85 1,059 (1,067) 663 Income tax provision (benefit) 7 335 (412) 247 ----- ----- ------ ----- Net income (loss) $78 $724 $(655) $416 ===== ===== ====== ===== Income (loss) per share: Basic -- $0.59 $5.59 $(5.06) $3.22 ===== ===== ====== ===== Diluted -- $0.58 $5.48 $(5.06) $3.15 ===== ===== ====== ===== Weighted average number of shares outstanding for basic income (loss) per share 130 129 129 129 Weighted average number of shares outstanding for diluted income (loss) per share * 132 132 129 132 * Had we recognized net income for the nine months ended September 30, 2009, the weighted average number of shares outstanding for the computation of diluted earnings per share would have increased by 2 million shares. CONDENSED CONSOLIDATED BALANCE SHEET September 30, December 31, (Unaudited, in millions) 2009 2008 ------------- ------------ ASSETS Current assets: Cash and cash equivalents $96 $24 Derivative assets 377 663 Other current assets 469 519 ------ ------ Total current assets 942 1,206 Property and equipment, net (full cost method) 4,940 5,758 Derivative assets 48 247 Other assets 107 94 ------ ------ Total assets $6,037 $7,305 ====== ====== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities $805 $1,085 ------ ------ Other liabilities 143 92 Long-term debt 2,106 2,213 Deferred taxes 345 658 ------ ------ Total long-term liabilities 2,594 2,963 ------ ------ Commitments and contingencies - - STOCKHOLDERS' EQUITY Common stock 1 1 Additional paid-in capital 1,375 1,335 Treasury stock (33) (32) Accumulated other comprehensive loss (14) (11) Retained earnings 1,309 1,964 ------ ------ Total stockholders' equity 2,638 3,257 ------ ------ Total liabilities and stockholders' equity $6,037 $7,305 ====== ====== CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited, in millions) For the Nine Months Ended September 30, ----------------- 2009 2008 ------ ------ Cash flows from operating activities: Net income (loss) $(655) $416 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation, depletion and amortization 440 504 Deferred tax provision (benefit) (448) 213 Stock-based compensation 22 17 Ceiling test writedown 1,344 - Commodity derivative (income) expense (189) 247 Cash receipts (payments) on derivative settlements 701 (783) ------ ------ 1,215 614 Changes in operating assets and liabilities 2 8 ------ ------ Net cash provided by operating activities 1,217 622 ------ ------ Cash flows from investing activities: Additions to oil and gas properties and other, net (1,061) (1,780) Net redemptions of investments 18 48 ------ ------ Net cash used in investing activities (1,043) (1,732) ------ ------ Cash flows from financing activities: Net proceeds (repayments) under credit arrangements (107) 285 Net proceeds from issuance of senior subordinated notes - 592 Other 5 18 ------ ------ Net cash provided by (used in) financing activities (102) 895 ------ ------ Increase (decrease) in cash and cash equivalents 72 (215) Cash and cash equivalents, beginning of period 24 250 ------ ------ Cash and cash equivalents, end of period $96 $35 ====== ====== Explanation and Reconciliation of Non-GAAP Financial Measures Earnings Stated Without the Effect of Certain Items Earnings stated without the effect of certain items is a non-GAAP financial measure. Earnings without the effect of these items are presented because they affect the comparability of operating results from period to period. In addition, earnings without the effect of these items are more comparable to earnings estimates provided by securities analysts. A reconciliation of earnings for the third quarter of 2009 stated without the effect of certain items to net income is shown below: 3Q09 ------------- (in millions) Net income $78 Net unrealized loss on commodity derivatives(1) 243 Income tax adjustment for above item (88) Tax benefit associated with deferred tax assets in Malaysia (24) ---- Earnings stated without the effect of the above items $209 ==== ------------- (1) The determination of "Net unrealized loss on commodity derivatives" for the third quarter of 2009 is as follows: 3Q09 ------------- (in millions) Commodity derivative expense $(8) Cash receipts on derivative settlements (242) Option premiums associated with derivatives settled during the period 7 ----- Net unrealized loss on commodity derivatives $(243) ===== Net Cash Provided by Operating Activities Before Changes in Operating Assets and Liabilities Net cash provided by operating activities before changes in operating assets and liabilities is presented because of its acceptance as an indicator of an oil and gas exploration and production company's ability to internally fund exploration and development activities and to service or incur additional debt. This measure should not be considered as an alternative to net cash provided by operating activities as defined by generally accepted accounting principles. A reconciliation of net cash provided by operating activities before changes in operating assets and liabilities to net cash provided by operating activities is shown below: 3Q09 ------------- (in millions) Net cash provided by operating activities $505 Net change in operating assets and liabilities (54) ---- Net cash provided by operating activities before changes in operating assets and liabilities $451 - Newfield Exploration Company

Integrys Energy Group, Inc. Announces Third Quarter 2009 Earnings Conference Call

Sophia Rhodini — Thu, 22 Oct 2009 04:33:35 +0000

CHICAGO, -- On Thursday, November 5, at 8:00 a.m. CST, Integrys Energy Group, Inc. (NYSE: TEG) will host a conference call to review 2009 third quarter financial results, as well as future prospects. The associated earnings release will be issued on November 4 at approximately 7:00 p.m. CST, and a packet of detailed financial information will be concurrently available on the Integrys Energy Group web site. To access the conference call, which is open to the public, call 888-788-9425 (toll free) 15 minutes prior to the scheduled start time. Callers will be required to supply EARNINGS as the passcode and MR. STEVEN ESCHBACH as the leader. Callers will be placed on hold with music until the call begins. Integrys Energy Group will webcast the event live at http://www.integrysgroup.com/investor/presentations.aspx. If you are unable to participate in the live event, the rebroadcast of the complete conference call will be available for replay from 10:00 a.m. CST on November 5, 2009, until February 23, 2010. To access the replay, call 888-673-3573 (toll free). An archive of the webcast will also be available on the company's Web site at http://www.integrysgroup.com/investor/presentations.aspx. - Integrys Energy Group, Inc.

Cheniere Energy Partners Declares Quarterly Distributions

Sophia Rhodini — Thu, 22 Oct 2009 04:34:07 +0000

HOUSTON, -- Cheniere Energy Partners, L.P. (NYSE AMEX: CQP) today declared (i) a cash distribution per common unit of $0.425 ($1.70 annualized) to unit holders of record as of November 2, 2009, (ii) a cash distribution per subordinated unit of $0.425 ($1.70 annualized) to a wholly-owned subsidiary of Cheniere Energy, Inc. and (iii) a cash distribution of $1.4 million to its general partner. All of these distributions are payable on November 14, 2009. Cheniere Energy Partners, L.P. owns 100 percent of the Sabine Pass LNG receiving terminal located in western Cameron Parish, Louisiana on the Sabine Pass Channel. The terminal has send-out capacity of 4.0 Bcf/d and storage capacity of 16.8 Bcf. Additional information about Cheniere Energy Partners, L.P. may be found on its website: www.cheniereenergypartners.com. US Income Tax Withholding on MLP Distributions Received by Non-US Unitholders US income tax withholding generally applies to distributions we make to foreign unit holders in 2009 and later years. Nominees that receive quarterly cash distributions from us that are subject to US income tax withholding which are to be paid to (or for the account of) any foreign person directly by such nominees are treated as the US tax withholding agent with respect to our quarterly cash distributions and the obligation to withhold US income tax from such distributions will be imposed solely on such nominees. Foreign unit holders must obtain a taxpayer identification number from the Internal Revenue Service and submit that number to the nominee withholding agent on a Form W8-BEN (or applicable substitute form) in order to obtain an income tax credit in the foreign unit holder's annual US federal income tax return for withholding taxes paid with respect to our quarterly distributions. We have determined that the minimum quarterly cash distributions received by foreign persons beginning in 2009 are subject to US income tax withholding under applicable Internal Revenue Service guidelines. Nominees receiving quarterly cash distributions from us on behalf of foreign persons beginning in 2009 should consider this determination in meeting their withholding tax obligations for quarterly distributions paid beginning in the 2009 calendar year. We will provide similar guidance to nominees on an annual basis as required under the applicable Internal Revenue Service guidelines. This press release contains certain statements that may include "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. All statements, other than statements of historical facts, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Energy Partners' business strategy, plans and objectives and (ii) statements expressing beliefs and expectations regarding the development of Cheniere Energy Partners' LNG receiving terminal business. Although Cheniere Energy Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Energy Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Energy Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Energy Partners does not assume a duty to update these forward-looking statements. - Cheniere Energy Partners, L.P.

Tesco Corporation Announces Third Quarter 2009 Earnings Release and Conference Call

Sophia Rhodini — Thu, 22 Oct 2009 04:34:36 +0000

Trading Symbol: "TESO" on NASDAQ CALGARY, - Tesco Corporation has scheduled a conference call to discuss third quarter 2009 results on Wednesday, November 4, 2009 at 10:00AM CST. Financial results for the third quarter of 2009 are expected to be released Tuesday, November 3, 2009 after the market closes. Individuals who wish to participate in the conference call should dial US/Canada (866) 433-0163 or International (706) 679-3976 approximately five to ten minutes prior to the scheduled start time of the call. The conference ID for this call is 36057438. The conference call and all questions and answers will be recorded and made available until December 4, 2009. To listen to the recording call (800) 642-1687 or (706) 645-9291 and enter conference ID 36057438. The conference call will be webcast live as well as for on-demand listening at the Company's web site, www.tescocorp.com. Listeners may access the call through the "Conference Calls" link in the Investor Relations section of the site. Tesco Corporation is a global leader in the design, manufacture and service of technology based solutions for the upstream energy industry. The Corporation seeks to change the way people drill wells by delivering safer and more efficient solutions that add real value by reducing the costs of drilling for and producing oil and gas. FORWARD-LOOKING STATEMENTS This presentation contains statements that may constitute "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995. These statements include, among others, statements regarding expectations of future revenues, activities, capital expenditures and earnings and technical results. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated. These risks include, but are not limited to: the background risks of the drilling services industry (e.g. operational risks; potential delays or changes in plans with respect to customers' exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to levels of rental activities; uncertainty of estimates and projections of costs and expenses; risks in conducting foreign operations (e.g. political and fiscal instability) and exchange rate fluctuations); uncertainty and risks in technical results and performance of technology; and other uncertainties. -

CFTC's Chilton Floats High Position Limits at Argus Media Conference

Sophia Rhodini — Thu, 22 Oct 2009 04:35:02 +0000

HOUSTON -- The US should use caution and avoid draconian position limits on energy holdings when it implements new regulations on derivatives markets, Commodities Futures Trading Commission (CFTC) commissioner Bart Chilton told an Argus Media conference on oil market regulation in Houston today. Chilton's comments give an early glimpse into the kind of new trading regulations the US government is moving toward following last year's run-up in energy prices, which some politicians have blamed on "financial speculation." The CFTC currently imposes position limits on traded agricultural products, but so far it has allowed exchanges to set their own restrictions on energy products. The CFTC could move forward with position limits even as a separate legislative initiative progresses through Congress, Chilton said. "The Commission can act simultaneously," he said. Critics of severe position limits proposals have said that type of restriction would send trading to even less regulated over-the-counter (OTC) markets or overseas. "Maybe you can go high enough initially that no one is impacted," Chilton told the audience at the Argus Oil Market Regulation Summit. "And ratchet it down as we're looking at markets." "Until we get the legislation... which will allow us to see trillions of trillions of dollars traded over the counter... if we put position limits on the regulated exchanges it is a very real possibility that trading could migrate to a less transparent venue - OTC land - where we won't see any of it. The other place it could migrate is overseas, and we don't want to see that either." A bill empowering more regulation of OTC markets, where derivatives are negotiated and traded privately without an exchange, is moving through the US House. The House Financial Services Committee approved a bill on October 15 that would require swap dealers and major market participants to submit swaps for clearing and then trade them on exchanges or alternative swap execution facilities. The bill would exempt companies using swaps to hedge their risks against fluctuations in commodity prices. Chilton said he agreed with some exemptions. "If it's an exemption for your business risk, it makes sense. But I don't want to give a blank check or carte blanche exemption and say you're a big bank ... just go ahead and get an exemption from all the limits everybody else has to trade by," he said. "I'd like the exemptions to be tailored and targeted, and I'd like them to be verifiable. Someone's going to have to come to the CFTC and prove that you need them." Today the House Agriculture Committee is taking up its own version of the bill, which as of this morning did not contain hedging exemptions comparable to the version approved by the Financial Services Committee. - Argus Media

Solutia Sets Dates for Third Quarter 2009 Earnings Release and Conference Call

Sophia Rhodini — Thu, 22 Oct 2009 04:35:31 +0000

ST. LOUIS, -- Solutia Inc. (NYSE: SOA) today announced it will issue financial results for the third quarter of 2009 on Monday, October 26, 2009, after the market closes. The company will then hold a conference call at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) on Tuesday, October 27, 2009, during which Solutia executives will elaborate upon the company's third quarter 2009 financial results. A live webcast of the conference call and slides will be available through the Investors section of www.solutia.com . The phone number for the call is 888-713-4218 (U.S.) or 617-213-4870 (International), and the pass code is 63976970. Participants are encouraged to dial in 10 minutes early, and also may pre-register for the event at https://www.theconferencingservice.com/prereg/key.process?key=PKB6CQUXQ . Pre-registrants will be issued a pin number to use when dialing into the live call that will provide quick access to the conference by bypassing the operator upon connection. A replay of the event will be available through www.solutia.com for two weeks or by calling 888-286-8010 (U.S.) or 617-801-6888 (International) and entering the pass code 12506617. Forward Looking Statements This press release may contain forward-looking statements, which can be identified by the use of words such as "believes," "expects," "may," "will," "intends," "plans," "estimates" or "anticipates," or other comparable terminology, or by discussions of strategy, plans or intentions. These statements are based on management's current expectations and assumptions about the industries in which Solutia operates. Forward-looking statements are not guarantees of future performance and are subject to significant risks and uncertainties that may cause actual results or achievements to be materially different from the future results or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, those risk and uncertainties described in Solutia's most recent Annual Report on Form 10-K, including under "Cautionary Statement About Forward Looking Statements" and "Risk Factors", and Solutia's quarterly reports on Form 10-Q. These reports can be accessed through the "Investors" section of Solutia's website at www.solutia.com. Solutia disclaims any intent or obligation to update or revise any forward-looking statements in response to new information, unforeseen events, changed circumstances or any other occurrence. Corporate Profile Solutia is a market-leading performance materials and specialty chemicals company. The company focuses on providing solutions for a better life through a range of products, including: Saflex® interlayer for laminated glass; CPFilms® aftermarket window films sold under the LLumar® brand and others; and technical specialties including the Flexsys® family of chemicals for the rubber industry, Skydrol® aviation hydraulic fluid and Therminol® heat transfer fluid. Solutia's businesses are world leaders in each of their market segments. With its headquarters in St. Louis, Missouri, USA, the company operates globally with approximately 3,100 employees in more than 60 locations. More information is available at www.Solutia.com . - Solutia Inc.

Pioneer Drilling Announces Third Quarter 2009 Earnings Release and Conference Call Schedule

Sophia Rhodini — Thu, 22 Oct 2009 04:36:24 +0000

SAN ANTONIO, -- Pioneer Drilling Company (NYSE Amex: PDC) announced today that it intends to release financial results for the three months ended September 30, 2009, on Thursday, November 5, 2009 before the market opens. In conjunction with the upcoming release, Pioneer has scheduled a conference call for November 5 at 11:00 a.m. Eastern Time (10:00 a.m. Central Time). What: Pioneer Drilling's Third Quarter 2009 Earnings Conference Call When: Thursday, November 5, at 11:00 a.m. Eastern Time How: Live via phone by dialing 480-629-9692 and asking for the Pioneer Drilling call 10 minutes prior to the start time. Or live over the Internet by logging on to the web address below. Where: www.pioneerdrlg.com For those who cannot listen to the live call, a telephone replay will be available through Thursday, November 12, 2009 by calling (303) 590-3030 and using the pass code 4176067 #. A webcast replay will also be archived for one year in the investor relations section of the Company's web site at www.pioneerdrlg.com. For more information, please contact Donna Washburn at DRG&E at (713) 529-6600 or email dmw@drg-e.com. - Pioneer Drilling Company, Inc.

Powell Industries to Acquire PowerComm Business

Sophia Rhodini — Thu, 22 Oct 2009 04:36:36 +0000

HOUSTON, -- Powell Industries, Inc. (Nasdaq: POWL), a leading manufacturer of equipment and systems for the management and control of electrical energy and other critical processes, today announced that it has entered into a binding agreement to acquire the business and substantially all of the assets of PowerComm Inc., a leading provider of electrical and instrumentation construction and maintenance services primarily serving the oil and gas industry, as well as a manufacturer of switchgear and related products, in western Canada. The transaction is subject to approval by the shareholders of PowerComm Inc. PowerComm is headquartered in Alberta, Canada and listed on the Toronto Stock Exchange. The purchase price includes an initial payment of $24.2 million ($25.5 million CAD) in cash and a potential subsequent payment of up to $7.6 million ($8.0 million CAD) in cash based on actual EBITDA (earnings before interest, taxes, depreciation and amortization) for the twelve months ending March 31, 2010. Powell will also assume certain liabilities of PowerComm including bank debt, accounts payable and obligations under capital leases. The purchase price for the transaction will be paid from Powell's existing cash. Patrick L. McDonald, Chief Executive Officer, stated, "This is an excellent acquisition for Powell, giving us an electrical service and manufacturing presence in western Canada. It will also strengthen our strategic position in the electrical power products business by expanding the scope and geographic reach of our existing operations, both in service and as a supplier of engineered products and solutions. The future of oil and gas development is one of world-wide involvement, and we intend to take Powell's engineered products and systems to markets where we can continue to deliver high value. "We expect there will be ongoing oil and gas activity in Canada for the foreseeable future, and this acquisition will allow us to participate, along with existing customers with whom we have strong and long-term relationships, as they develop projects in the region. Additionally, we are enthusiastic about the prospect of building new client relationships and leveraging the strength already demonstrated by the PowerComm organization." Incremental revenues from this acquisition are expected to range between $62 and $71 million during the first 12 months of ownership. Before transaction costs, the Company expects the earnings results to be anti-dilutive during the integration process, which is expected to last approximately twelve months. Once the integration period is complete, Powell projects an annualized benefit from the acquisition to EBITDA of approximately $4.8 to $6.7 million. EBITDA is a non-GAAP financial measure, and a reconciliation of expected EBITDA from this transaction to the most directly comparable GAAP measure, income before interest, income taxes and minority interest can be found at the end of this press release. PowerComm's principal business is electrical and instrumentation maintenance, which provides maintenance services, monitoring and testing of electrical and instrumentation infrastructure for industrial facilities, mainly for the oil and gas market, in western Canada. Primary services include plant turnaround services and preventative maintenance programs; start up and commissioning services; wellhead optimization; and drilling rig and pipeline services. PowerComm currently operates out of facilities in 14 locations in Alberta, Canada; employs approximately 350 people throughout western Canada; and has its electrical and instrumentation technicians in the field continuously. They are also engaged in a joint venture operation in Atyrau, Kazakhstan. PowerComm has a manufacturing operation that produces custom-built equipment for use in industrial and commercial facilities, including medium voltage switchgear and motor control centers and other related electrical power equipment. PowerComm also manufactures industrial heat trace control systems to monitor and regulate the temperature of fluids and gases in critical processes. The transaction, which is subject to customary closing conditions, regulatory approvals and approval from PowerComm shareholders, is expected to close in December 2009. Powell's management will discuss this acquisition in detail on its fiscal 2009 fourth quarter and year-end earnings conference call, which will be held in early December 2009. The transaction advisor to Powell on this acquisition was HayesNovus. Powell Industries, Inc., headquartered in Houston, designs, manufactures and packages systems and equipment for the control, distribution and management of electrical energy and other dynamic processes. Powell provides products and services to large industrial customers such as utilities, oil and gas producers, refineries, petrochemical plants, pulp and paper producers, mining operations, commuter railways and other vehicular transportation facilities. For more information, please visit www.powellind.com. Non-GAAP Financial Measures The following table represents a reconciliation of the expected incremental EBITDA to Powell for a twelve month period, to income before interest, income taxes and minority interest, anticipated to be derived after the integration by the Company of PowerComm's business. Projected Annualized EBITDA (In millions USD) Low High Case Case Income before interest, income taxes and minority interest $2.1 $4.0 Depreciation and amortization 2.7 2.7 Expected EBITDA $4.8 $6.7 EBITDA represents net income before income taxes, interest expense, depreciation, and amortization. Other companies may define EBITDA differently. EBITDA should not be considered an alternative to income from operations, net income or cash flows. Any forward-looking statements in the preceding paragraphs of this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties in that actual results may differ materially from those projected in the forward-looking statements. In the course of operations, we are subject to certain risk factors, including but not limited to competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials and execution of business strategy. Also, the matters discussed above are subject to successful satisfaction by the parties of closing conditions, including the approving vote of the PowerComm shareholders, successful closing of the transaction and successful integration of the acquired business and assets. For further information, please refer to the Company's filings with the Securities and Exchange Commission, copies of which are available from the Company without charge. - Powell Industries, Inc.

Governor Corzine Welcomes U.S. Department of Energy Secretary Chu to New Jersey's 'Clean Energy Now' Conference

Sophia Rhodini — Thu, 22 Oct 2009 04:37:09 +0000

Opening remarks laud New Jersey's Clean Energy achievements and economic development potential Solar installations increase ten-fold in New Jersey over four years, advancing New Jersey's Energy Master Plan Download image ATLANTIC CITY, N.J., -- U.S. Department of Energy Secretary Steven Chu, co-winner of the 1997 Nobel Prize for Physics, today joined New Jersey Governor Jon S. Corzine to open Clean Energy Now, the 2009 Clean Energy Conference and Leadership Awards. Governor Corzine welcomed the attendees and introduced Dr. Chu, who offered the keynote address at the Opening Plenary session. Joining Dr. Chu and Governor Corzine in offering welcoming remarks were Jeanne M. Fox, President of the New Jersey Board of Public Utilities; William G. Dressel, Jr., Executive Director of the New Jersey State League of Municipalities; and Joan Verplanck, President of the New Jersey Chamber of Commerce. In his keynote address, Dr. Chu spoke about the enormous potential of major investments in renewable energy and energy efficiency and praised New Jersey's work on both fronts. "America needs to get in the clean energy race and play to win. By moving to cleaner sources of energy, we can create jobs, reduce our dependence on foreign oil, and cut carbon pollution. With strong executive leadership from Gov. Jon S. Corzine, New Jersey's innovators and entrepreneurs are leading the way, and I look forward to building on the work of this important conference," said Dr. Chu. In welcoming conference attendees, Governor Corzine thanked them for their partnership with the state in pursuit of its clean energy goals and the creation of green jobs all across the state. "Together, we have made great progress," Governor Corzine told attendees. "We have increased the number of solar installations ten-fold in the past four years. We are creating more than 2,500 direct jobs and 15,000 indirect jobs through utility investments in infrastructure and energy efficiency. We have increased the energy efficiency of almost 6,000 businesses in the last four years. In 2008 alone, we have saved enough electricity to power 80,000 homes and enough natural gas to power another 5,000. And working together, we have even greater achievements ahead of us." Governor Corzine also noted the new partnership the state has developed with the federal government under the Obama administration. "Under President Obama's leadership, New Jersey now has friends in Washington - friends like Secretary Chu, whose Department of Energy is investing $267 million to build our clean energy economy and create jobs in New Jersey, and friends like Interior Secretary Salazar, who is helping us build our capacity to generate energy with the power of offshore wind." The annual Conference, sponsored by the New Jersey Board of Public Utilities and New Jersey's Clean Energy Program, brings together policy leaders, business owners, facility managers, and contractors in the renewable energy and energy efficiency trade. Attendees participate in sessions focused on technological innovations, financing opportunities, new and emerging government policy, the changing economics of renewable energy and energy efficiency, utility and government program support and emerging trends in the industry. The conference, first held five years ago, has had steady increases in interest and attendance during its history. This year, the conference is being held at the largest venue in its history and was extended to two days to accommodate the growing attendance and interest in its agenda. The conference runs through Thursday afternoon, at which time attendees will be offered tours of the Jersey-Atlantic wind farm located at the Atlantic County Utilities Authority Wastewater Treatment Facility and one of the world's largest closed loop geothermal heating systems in the world as well as solar technology and a new aquifer thermal energy storage system at The Richard Stockton College of New Jersey. - New Jersey Board of Public Utilities

Spectra Energy Partners Raises Cash Distribution to 40 Cents Per Unit

Sophia Rhodini — Thu, 22 Oct 2009 04:37:33 +0000

HOUSTON, -- Spectra Energy Partners, LP (NYSE: SEP) announced the board of directors of its general partner declared a quarterly cash distribution to unitholders of $0.40 per unit for the quarter ended September 30, 2009. This represents a 5.3 percent increase over the second quarter 2009 distribution of $0.38 per unit paid on August 14, 2009, and a 14.3 percent increase over the third quarter 2008 distribution of $0.35 per unit. The cash distribution is payable on November 13, 2009, to unitholders of record at the close of business on November 3, 2009. This quarterly cash distribution equates to $1.60 per unit on an annual basis. "We are pleased the board of directors has approved this increase in our quarterly cash distribution per unit by two cents to reflect the accretive nature of the Ozark acquisition completed in May and the continuing good performance of our other businesses," said Gregory J. Rizzo, president and chief executive officer. This release is intended to be a qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b). Please note that 100 percent of Spectra Energy Partners' distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, Spectra Energy Partners' distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate. Spectra Energy Partners, LP (NYSE: SEP) is a Houston-based master limited partnership, formed by Spectra Energy Corp (NYSE: SE), that owns interests in natural gas transportation and storage assets in the United States, including more than 3,100 miles of transmission and gathering pipeline and approximately 49 billion cubic feet (Bcf) of natural gas storage. These assets are capable of transporting 3.25 Bcf of natural gas per day from growing supply areas to high demand markets. - Spectra Energy Partners, LP

USCAP to Hold Clean Technology Showcase

Sophia Rhodini — Thu, 22 Oct 2009 04:37:57 +0000

USCAP members will demonstrate new wave of technologies that will flourish under appropriate climate legislation WASHINGTON, -- The U.S. Climate Action Partnership will hold a Clean Technology Showcase on Friday, Oct. 23 to display a host of clean technologies and innovations that will flourish under legislation to significantly reduce greenhouse gas emissions. WHAT: USCAP Clean Technology Showcase Duke Energy will illustrate how its new IGCC plant in Edwardsport, Ind., transforms coal into a clean burning gas. DuPont will show how it is light-weighting cars, making buildings more energy efficient and applying technology to revolutionize the solar industry. Dow will showcase an innovative roofing shingle, with solar technology built in. GE will display a line of Smart Grid-capable appliances that lower energy bills along with its cleaner coal gasification technology. GM will exhibit the development of the Chevy Volt and advanced batteries, and offer rides in its Chevy Equinox Fuel Cell vehicle. NRG Energy will highlight its STP nuclear expansion, which is on track to potentially become the first reactor built in the U.S. in 30 years. Pew Center on Global Climate Change - will showcase a variety of current corporate and technological initiatives. WHEN: Friday, October 23 - from 10 a.m. to 2 p.m. EDT WHO: Members of Congress, Hill Staff and Media WHERE: Sewall-Belmont House 144 Constitution Ave. NE Washington, D.C. 20002 United States Climate Action Partnership (USCAP) is a group of businesses and leading environmental organizations that have come together to call on the federal government to quickly enact strong national legislation to require significant reductions of greenhouse gas emissions. USCAP Members: AES -- Alcoa -- Alstom -- Boston Scientific -- BP America -- Caterpillar -- Chrysler -- ConocoPhillips -- Dow -- Duke Energy -- DuPont -- Environmental Defense Fund -- Exelon -- Ford --" FPL Group -- GE -- GM -- Honeywell -- John Deere -- Johnson & Johnson -- Natural Resources Defense Council -- The Nature Conservancy -- NRG Energy -- PepsiCo -- Pew Center on Global Climate Change -- PG&E -- PNM Resources -- Rio Tinto -- Shell -- Siemens -- World Resources Institute - United States Climate Action Partnership

Lubrizol Announces Preliminary Third Quarter 2009 Results

Sophia Rhodini — Thu, 22 Oct 2009 04:38:23 +0000

CLEVELAND, --The Lubrizol Corporation (NYSE: LZ) announces that it expects to report earnings performance for the third quarter of 2009 of approximately $2.46 per diluted share, including a restructuring and impairment charge of approximately $.06 per diluted share. Excluding this charge, the company expects to report earnings as adjusted of approximately $2.52 per diluted share. Lubrizol will release complete third quarter 2009 earnings and provide increased full-year earnings guidance on Thursday, October 29, 2009 at approximately 8:00 a.m. Eastern time. The company will conduct its earnings teleconference with analysts and investors at 11:00 a.m. Eastern time the same morning. Earnings as adjusted (Non-GAAP) is a measure of income that differs from earnings measured in accordance with generally accepted accounting principles ("GAAP"). Earnings as adjusted (Non-GAAP) is net income attributable to The Lubrizol Corporation per the company's consolidated results, adjusted for the exclusion of restructuring and impairment charges. Management believes that both net income attributable to The Lubrizol Corporation and earnings as adjusted for exclusion of these special charges assist the investor in understanding the results of operations of The Lubrizol Corporation. In addition, management and the Board evaluate results using net income attributable to The Lubrizol Corporation and earnings as adjusted. - The Lubrizol Corporation

EQT Declares Quarterly Cash Dividend

Sophia Rhodini — Thu, 22 Oct 2009 04:38:47 +0000

PITTSBURGH, -- The Board of Directors of EQT Corporation (NYSE: EQT) today declared a quarterly cash dividend of 22 cents per share payable December 1, 2009, to shareholders of record on November 6, 2009. EQT Corporation is an integrated energy company with emphasis on Appalachian area natural gas production, gathering, processing, transmission and distribution. Additional information about the company can be obtained through the company's web site, http://www.eqt.com. Investor information is available on EQT's web site at http://ir.eqt.com. EQT uses its web site as a channel of distribution of important information about the company, and routinely posts financial and other important information regarding the company and its financial condition and operations on the Investors web pages. - EQT Corporation (EQT-IR)

Covanta Holding Corporation Reports 2009 Third Quarter Results and Reaffirms 2009 Guidance

Sophia Rhodini — Thu, 22 Oct 2009 04:39:57 +0000

FAIRFIELD, N.J., -- Covanta Holding Corporation (NYSE: CVA) ("Covanta") reported financial results today for the three months ended September 30, 2009. Diluted earnings per share were $0.26 in the third quarter of 2009. Excluding the transaction expense related to the acquisition of Veolia Energy-from-Waste facilities (the "Veolia acquisition"), diluted earnings per share were $0.28. This performance compares to $0.30 in the third quarter of 2008. Third Quarter Results "The base business continued to perform well in spite of the economic headwinds. A portion of the revenue decline was offset by lower costs. We were also pleased to have completed the acquisition of six of the seven Energy-from-Waste plants from Veolia in late August. Our new employees are very talented and we see clear efficiencies in the expanded operating platform. Taking into account our solid third quarter and the positive impact of the acquisition, we expect to report financial results near the midpoint of our guidance range for 2009," said Anthony Orlando, President and CEO of Covanta. For the three months ended September 30, 2009, operating revenues were $409 million, a 7% decline from $439 million in the prior year comparable period. Domestic segment revenue declined $9 million or 3% to $346 million. New business revenue was $23 million related primarily to the Veolia acquisition. Existing business revenues declined by $32 million, of which $20 million was largely due to the impact of the slow economy which caused lower recycled metal, energy and waste prices. In addition, lower debt service revenue, a decline in construction activity and contract changes at our Detroit, Kent and Indianapolis facilities contributed approximately $11 million to the decline. Domestic operating expenses during the quarter increased by $6 million. New business plant operating expenses were $20 million and we also incurred acquisition-related transaction costs of $6 million, both of which were primarily associated with the Veolia acquisition. Expense reductions in the existing business provided a significant offset to the new business related expenses, resulting in only a modest net increase in our total domestic operating expenses. Reductions in existing business expenses are primarily attributable to a $4 million decline in energy related expenses and greater internalization of waste disposal, a $7 million decline in depreciation expense and $2 million in general and administrative cost savings. In addition, lower levels of construction activity and the contract changes at the Detroit, Kent and Indianapolis facilities contributed $10 million to the expense reduction. International segment revenue decreased $22 million in the quarter while operating expenses declined by $23 million, resulting in operating income that was essentially flat with the prior year comparable period. The decreases in revenues and operating expenses resulted primarily from lower fuel costs at our Indian facilities. Adjusted EBITDA was $153 million, down $15 million from last year's third quarter. This was primarily driven by the $20 million revenue reduction related largely to the slow economy offset by reduced expenses and new business. Cash Flow provided by Operating Activities before the acquisition related costs ("Operating Cash Flow") was $111 million in the third quarter, up $2 million from last year's third quarter. The $15 million Adjusted EBITDA decline was offset by working capital changes as well as an $11 million tax refund. Our balance sheet remains very strong, with $373 million of unrestricted cash and an undrawn $300 million revolving credit facility. In the quarter, we paid down $14 million of debt, bringing our net debt (total debt less cash and restricted funds set aside explicitly for project debt principal repayment) to $1.9 billion. Year-to-Date Results For the nine months ended September 30, 2009, total operating revenues were down 9% to $1.14 billion. Operating Cash Flow was $248 million for the year-to-date period compared to $271 million for the same period last year. Adjusted EBITDA was $375 million compared to $436 million for the same period last year. 2009 Guidance Covanta is reaffirming its guidance for 2009 for the following key metrics: Operating Cash Flow in the range of $325 million to $375 million; Adjusted EBITDA of $500 million to $540 million; and Diluted earnings per share of $0.65 to $0.80. Conference Call Information Covanta will host a conference call at 8:30 am (Eastern) on Thursday, October 22, 2009 to discuss its results for the three months ended September 30, 2009. To participate, please dial 866-318-8614 approximately 10 minutes prior to the scheduled start of the call. If you are calling from outside of the United States, please dial 617-399-5133. Please utilize pass code 56760074 when prompted by the conference call operator. The conference call will also be web cast live on the Investor Relations section of the Covanta website at www.covantaholding.com. A replay of the conference call will be available from 11:30 am (Eastern) Thursday, October 22, 2009 through midnight (Eastern) Thursday, October 29, 2009. To access the replay, please dial 888-286-8010, or from outside of the United States 617-801-6888 and use the replay pass code 64332101. The webcast will also be archived on www.covantaholding.com and can be played or downloaded as an MP3 file. About Covanta Covanta Holding Corporation (NYSE: CVA), is an internationally recognized owner and operator of large-scale Energy-from-Waste and renewable energy projects and a recipient of the Energy Innovator Award from the U.S. Department of Energy's Office of Energy Efficiency and Renewable Energy. Covanta's 44 Energy-from-Waste facilities provide communities with an environmentally sound solution to their solid waste disposal needs by using that municipal solid waste to generate clean, renewable energy. Annually, Covanta's modern Energy-from-Waste facilities safely and securely convert approximately 20 million tons of waste into more than 9 million megawatt hours of clean renewable electricity and create 10 billion pounds of steam that are sold to a variety of industries. For more information, visit www.covantaholding.com. Cautionary Note Regarding Forward-Looking Statements Certain statements in this press release may constitute "forward-looking" statements as defined in Section 27A of the Securities Act of 1933 (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"), the Private Securities Litigation Reform Act of 1995 (the "PSLRA") or in releases made by the Securities and Exchange Commission ("SEC"), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Covanta and its subsidiaries, or general industry or broader economic performance in domestic and international markets in which Covanta operates or competes, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements. Forward-looking statements can be identified by, among other things, the use of forward-looking language, such as the words "plan," "believe," "expect," "anticipate," "intend," "estimate," "project," "may," "will," "would," "could," "should," "seeks," or "scheduled to," or other similar words, or the negative of these terms or other variations of these terms or comparable language, or by discussion of strategy or intentions. These cautionary statements are being made pursuant to the Securities Act, the Exchange Act and the PSLRA with the intention of obtaining the benefits of the "safe harbor" provisions of such laws. Covanta cautions investors that any forward-looking statements made by Covanta are not guarantees or indicative of future performance. Important assumptions and other important factors that could cause actual results to differ materially from those forward-looking statements with respect to Covanta, include, but are not limited to, the risk that Covanta may not successfully close its announced or planned acquisitions or projects in development and those factors, risks and uncertainties that are described in periodic securities filings by Covanta with the SEC. Although Covanta believes that its plans, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, actual results could differ materially from a projection or assumption in any forward-looking statements. Covanta's future financial condition and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties. The forward-looking statements contained in this press release are made only as of the date hereof and Covanta does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law. Covanta Holding Corporation Exhibit 1 Condensed Consolidated Statements of Income Three Months Ended Nine Months Ended September 30, September 30, --------------------- ----------------------- 2009 2008(A) 2009 2008(A) --------- --------- --------- --------- (As Adjusted) (As Adjusted) (Unaudited) (In thousands, except per share amounts) Operating revenues Waste and service revenues $233,187 $238,304 $667,298 $698,616 Electricity and steam sales 161,342 183,821 439,751 500,718 Other operating revenues 14,180 16,546 36,206 51,099 --------- --------- --------- --------- Total operating revenues 408,709 438,671 1,143,255 1,250,433 --------- --------- --------- --------- Operating expenses Plant operating expenses 233,290 245,966 703,888 743,585 Depreciation and amortization expense 48,057 51,980 150,717 152,144 Net interest expense on project debt 12,634 13,745 37,511 41,282 General and administrative expenses 28,945 23,282 81,366 70,571 Other operating expenses 14,804 15,615 34,270 47,474 --------- --------- --------- --------- Total operating expenses 337,730 350,588 1,007,752 1,055,056 --------- --------- --------- --------- Operating income 70,979 88,083 135,503 195,377 --------- --------- --------- --------- Other income (expense) Investment income 952 1,520 3,136 4,212 Interest expense (10,843) (10,593) (27,291) (35,876) Non-cash convertible debt related expense (3,465) (4,535) (14,562) (13,362) --------- --------- --------- --------- Total other expenses (13,356) (13,608) (38,717) (45,026) --------- --------- --------- --------- Income before income tax expense, equity in net income from unconsolidated investments, and noncontrolling interests in subsidiaries 57,623 74,475 96,786 150,351 Income tax expense (19,614) (29,753) (34,197) (59,785) Equity in net income from unconsolidated investments 5,611 5,543 17,091 18,355 --------- -------- --------- --------- Net Income 43,620 50,265 79,680 108,921 --------- -------- --------- --------- Less: Net income attributable to noncontrolling interests in subsidiaries (2,768) (3,166) (6,312) (7,260) --------- -------- -------- --------- Net Income Attributable to Covanta Holding Corporation $40,852 $47,099 $73,368 $101,661 ========= ========= ========= ========= Earnings Per Share: Basic $0.27 $0.31 $0.48 $0.66 ========= ========= ========= ========= Weighted Average Shares 153,779 153,411 153,660 153,321 ========= ========= ========= ========= Diluted $0.26 $0.30 $0.47 $0.66 ========= ========= ========= ========= Weighted Average Shares 155,110 154,833 154,935 154,751 ========= ========= ========= ========= (A) See Note 1 - Organization and Basis of Presentation of the Notes to the Condensed Consolidated Financial Statements included in our Quarterly Report on Form 10-Q for the third quarter ended September 30, 2009 for a discussion of the retrospective accounting changes resulting from the adoption of recent accounting pronouncements which were effective January 1, 2009. Covanta Holding Corporation Exhibit 2 Reconciliation of Net Income to Adjusted EBITDA Three Months Nine Months Ended Ended September 30, September 30, Full Year ------------------- ------------------- Estimated 2009 2008(A) 2009 2008(A) 2009 --------- --------- --------- --------- --------- (As Adjusted) (As Adjusted) (Unaudited, in thousands) Net Income Attributable to Covanta Holding $101,000- Corporation $40,852 $47,099 $73,368 $101,661 $124,000 Depreciation and amortization 190,000- expense 48,057 51,980 150,717 152,144 195,000 Debt service: Net interest expense on project debt 12,634 13,745 37,511 41,282 Interest expense 10,843 10,593 27,291 35,876 Non-cash convertible debt related expense 3,465 4,535 14,562 13,362 Investment income (952) (1,520) (3,136) (4,212) --------- --------- --------- --------- Subtotal 111,000- debt service 25,990 27,353 76,228 86,308 114,000 Income tax 49,000- expense 19,614 29,753 34,197 59,785 53,000 Acquisition- related costs(B) 5,952 - 5,952 - - Other adjustments:(C) Change in unbilled service receivables 4,129 2,416 13,656 6,701 Non-cash compensation expense 3,055 3,325 10,724 11,386 Other 2,304 2,428 3,955 10,476 --------- --------- --------- --------- Subtotal other 41,000- adjustments 9,488 8,169 28,335 28,563 44,000 Net income attributable to noncontrolling interests in 8,000- subsidiaries 2,768 3,166 6,312 7,260 10,000 ----- ----- ----- ----- Total adjustments 111,869 120,421 301,741 334,060 --------- --------- --------- --------- ------- Adjusted $500,000- EBITDA(D) $152,721 $167,520 $375,109 $435,721 $540,000 ========= ========= ========= ========= ========= (A) See Note 1 - Organization and Basis of Presentation of the Notes to the Condensed Consolidated Financial Statements included in our Quarterly Report on Form 10-Q for the third quarter ended September 30, 2009 for a discussion of the retrospective accounting change resulting from the adoption of a recent accounting pronouncement which was effective January 1, 2009. (B) This amount relates primarily to acquisition-related costs associated with the Veolia EfW acquisition in the third quarter 2009. Acquisition related costs are no longer included in the measurement of the business acquired. Instead, these costs are expensed as they are incurred as a result of a recent accounting pronouncement which was effective January 1, 2009. (C) These items represent amounts that are non-cash in nature. (D) The components of Adjusted EBITDA are as follows: Three Months Ended Nine Months Ended September 30, September 30, ------------------ -------------------- 2009 2008 2009 2008 -------- -------- -------- -------- (As Adjusted) (As Adjusted) (Unaudited, in thousands) Impact of SEMASS fire (1) $ - $ (25) $ - $ 5,112 All other 152,721 167,545 375,109 430,609 -------- -------- -------- -------- Adjusted EBITDA $152,721 $167,520 $375,109 $435,721 ======== ======== ======== ======== (1) This amount primarily includes insurance recoveries for business interruption losses related to the SEMASS energy-from-waste facility fire on March 31, 2007. Covanta Holding Corporation Exhibit 3 Reconciliation of Cash Flow Provided by Operating Activities to Adjusted EBITDA Three Months Nine Months Ended Ended September 30, September 30, Full Year ------------------ -------------------- Estimated 2009 2008(A) 2009 2008(A) 2009 -------- --------- --------- --------- --------- (As Adjusted) (As Adjusted) (Unaudited, in thousands) Cash flow provided by operating activities (B) $110,411 $109,351 $247,733 $270,702 Acquisition-related costs 689 - 689 - -------- --------- --------- --------- Cash flow provided by operating activities before acquisition- $325,000- related costs $111,100 $109,351 $248,422 $270,702 $375,000 111,000- Debt service 25,990 27,353 76,228 86,308 114,000 Amortization of debt premium and deferred financing costs 483 1,814 2,791 5,505 3,000 61,000- Other 15,148 29,002 47,668 73,206 48,000 -------- --------- --------- --------- --------- $500,000- Adjusted EBITDA $152,721 $167,520 $375,109 $435,721 $540,000 ========= ========= ========= ========= ========= (A) See Note 1 - Organization and Basis of Presentation of the Notes to the Condensed Consolidated Financial Statements included in our Quarterly Report on Form 10-Q for the third quarter ended September 30, 2009 for a discussion of the retrospective accounting change resulting from the adoption of a recent accounting pronouncement which was effective January 1, 2009. (B) Cash flow provided by operating activities was negatively affected by payments for acquisition-related costs related to acquisitions made in the third quarter of 2009. Covanta Holding Corporation Exhibit 4 Statements of Cash Flows Selected Data Three Months Nine Months Ended Ended September 30, September 30, Full Year ------------- ------------- Estimated 2009 2008(A) 2009 2008(A) 2009 ------- ------- ------- ------- ------- (As Adjusted) (As Adjusted) (Unaudited, in thousands) Cash flow provided by operating activities before acquisition- $325,000- related costs $111,100 $109,351 $248,422 $270,702 $375,000 Uses of cash flow provided by operating activities Purchase of property, plant and equipment (B) Capital expenditures associated with SEMASS fire (C) $(407) $(536) $(821) $(2,637) Capital expenditures associated with certain acquisitions (D) (722) (3,640) (1,080) (14,275) Capital expenditures associated with technology development (E) (1,650) (2,274) (3,051) (3,846) Pre-construction development projects (F) (5,683) - (9,794) - All other capital expenditures (G) (8,549) (7,086) (44,363) (46,542) $(60,000) ------- ------- ------- ------- Total purchases of property, plant and equipment $(17,011) $(13,536) $(59,109) $(67,300) Acquisition of businesses, net of cash acquired $(234,217) $ - $(251,734) $(20,128) Purchase of equity interests $ - $ - $(8,938) $(18,503) Principal payments on long- term debt $(1,664) $(1,685) $(5,009) $(5,046) $(7,000) Principal payments on project debt (H) $(12,576) $(9,167) $(120,089) $(74,331) $(185,000) (A) See Note 1 - Organization and Basis of Presentation of the Notes to the Condensed Consolidated Financial Statements included in our Quarterly Report on Form 10-Q for the third quarter ended September 30, 2009 for a discussion of the retrospective accounting change resulting from the adoption of a recent accounting pronouncement which was effective January 1, 2009. (B) Purchase of property, plant and equipment is also referred to as Capital Expenditures. (C) Capital Expenditures were incurred that related to the repair and replacement of assets at the SEMASS energy-from-waste facility that were damaged by a fire on March 31, 2007. The cost of repair or replacement was insured under the terms of the applicable insurance policy, subject to deductibles. Settlement of the property damage insurance claim occurred in December 2008. (D) Capital Expenditures were incurred at four facilities that Covanta acquired in 2008 and 2007 primarily to improve the productivity or environmental performance of those facilities. Although, in accordance with GAAP, this spending will be recorded as a component of purchase of property, plant and equipment on Covanta's statement of cash flows, management considers this spending as a component of the cost to acquire these businesses since these major capital improvements are required to achieve desired facility performance. (E) Capital Expenditures related to internal development efforts and/or agreements with multiple partners for the development, testing or licensing of new technologies related to the transformation of waste materials into renewable fuels, the generation of alternative energy methods, and nitrogen oxide (NOx) emission controls. (F) Covanta has entered into definitive agreements for the development of a 1,700 metric ton per day energy-from-waste project serving the City of Dublin, Ireland and surrounding communities. Construction is expected to commence in the fourth quarter of 2009. Covanta incurred capital expenditures related to pre-construction activities, such as site preparation costs, for this project. (G) Capital Expenditures primarily to maintain existing facilities. (H) Principal payments on project debt excludes project debt refinancing transactions related to a domestic energy-from-waste facility during the third quarter 2009 and excludes principal repayments for working capital project debt relating to the operations of our Indian facilities. Covanta Holding Corporation Exhibit 5 Components of Diluted Earnings Per Share Three Months Ended Nine Months Ended September 30, September 30, ------------------ ----------------- 2009 2008(A) 2009 2008(A) ------- -------- ------- -------- (As Adjusted) (As Adjusted) (Unaudited) Impact of SEMASS fire, net of tax (B) $ - $ - $ - $0.02 Veolia EfW acquisition-related costs, net of tax (0.02) - (0.02) - All other 0.28 0.30 0.49 0.64 ------- ------- ------- -------- Diluted Earnings Per Share $0.26 $0.30 $0.47 $0.66 ======= ======= ======= ======= (A) See Note 1 - Organization and Basis of Presentation of the Notes to the Condensed Consolidated Financial Statements included in our Quarterly Report on Form 10-Q for the third quarter ended September 30, 2009 for a discussion of the retrospective accounting change resulting from the adoption of a recent accounting pronouncement which was effective January 1, 2009. (B) This amount primarily includes insurance recoveries for business interruption losses related to the SEMASS energy-from-waste facility fire on March 31, 2007. Discussion of Non-GAAP Financial Measures To supplement our results prepared in accordance with United States generally accepted accounting principles ("GAAP"), we use the measure of Adjusted EBITDA, which is a non-GAAP measure as defined by the Securities and Exchange Commission. The non-GAAP financial measure of Adjusted EBITDA described below, and used in the tables above, is not intended as a substitute and should not be considered in isolation from measures of financial performance or liquidity prepared in accordance with GAAP. In addition, our non-GAAP financial measure may be different from non-GAAP measures used by other companies, limiting their usefulness for comparison purposes. We use a number of different financial measures, both GAAP and non-GAAP, in assessing the overall performance of our business. We use Adjusted EBITDA to provide further information that is useful to an understanding of the financial covenants contained in the credit facilities of our most significant subsidiary, Covanta Energy Corporation, and as additional ways of viewing aspects of its operations that, when viewed with the GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of our business. The presentation of Adjusted EBITDA is intended to enhance the usefulness of our financial information by providing a measure which management internally uses to assess and evaluate the overall performance of its business and those of possible acquisition candidates, and highlight trends in the overall business. We also use this non-GAAP financial measure as a significant criterion of performance-based components of employee compensation. Adjusted EBITDA should not be considered as an alternative to net income or an alternative to cash flow provided by operating activities as indicators of our performance or liquidity or any other measures of performance or liquidity derived in accordance with GAAP. Under these credit facilities, Covanta Energy is required to satisfy certain financial covenants, including certain ratios of which Adjusted EBITDA is an important component. Compliance with such financial covenants is expected to be the principal limiting factor which will affect our ability to engage in a broad range of activities in furtherance of our business, including making certain investments, acquiring businesses and incurring additional debt. Covanta Energy was in compliance with these covenants as of September 30, 2009. Failure to comply with such financial covenants could result in a default under these credit facilities, which default would have a material adverse affect on our financial condition and liquidity. These financial covenants are measured on a trailing four quarter period basis and the material covenants are as follows: maximum Covanta Energy leverage ratio of 4.00 to 1.00 (which declines for quarterly periods after September 30, 2009), which measures Covanta Energy's Consolidated Adjusted Debt, (which is the principal amount of its consolidated debt less certain restricted funds dedicated to repayment of project debt principal and construction costs) to its Adjusted EBITDA; and minimum Covanta Energy interest coverage ratio of 3.00 to 1.00, which measures Covanta Energy's Adjusted EBITDA to its consolidated interest expense plus certain interest expense of ours, to the extent paid by Covanta Energy. In order to provide a meaningful basis for comparison, we are providing information with respect to our Adjusted EBITDA for the three and nine months ended September 30, 2009 and 2008, reconciled for each such periods to net income and cash flow provided by operating activities, which are believed to be the most directly comparable measures under GAAP. - Covanta Holding Corporation

Solar Technology Acceleration Center Is Powering Up

Sophia Rhodini — Thu, 22 Oct 2009 04:44:23 +0000

AURORA, Colo., - Members of the Solar Technology Acceleration Center (SolarTAC) and supporters convened in Aurora, Colo., today, to mark a milestone in "Powering Up" one of the world's largest solar test and demonstration facilities. Since announcing the initial launch of SolarTAC one year ago, the site infrastructure development has progressed to the point where members can now break ground for their planned solar technology implementation and testing. SolarTAC originated when six public and private sector entities -- Abengoa Solar, the City of Aurora, the Colorado Renewable Energy Collaboratory, Midwest Research Institute (MRI), SunEdison, and Xcel Energy -- joined forces to build a site where member companies can bring their early commercial or near-commercial stage solar technologies for testing and demonstration under actual field conditions. Today's occasion also included the announcement that the U.S. Department of Energy's National Renewable Energy Laboratory (NREL) and the Electric Power Research Institute (EPRI) have both signed letters of intent to join SolarTAC. Aurora Mayor Ed Tauer kicked-off the afternoon's activities, by noting the economic impact of SolarTAC and the emerging solar industry. "SolarTAC takes renewable energy from a nice idea to a real-world impact. It's a company's secret weapon for creating commercially successful business," said Tauer. The City provided the land for SolarTAC and is developing an adjacent area of 1,900 acres as the Aurora Renewable Energy Campus. "We welcome SolarTAC into Colorado's New Energy Economy ecosystem," said Colorado Governor Bill Ritter. "The testing and research conducted at this facility will tie-in well with the state's solar industry, further enhancing Colorado's position as a gateway for high performing solar products that lower energy costs while drawing more companies and clean energy jobs." "SolarTAC will be an important part of finding real world solutions to developing solar power," said Dick Kelly, chairman and CEO of Xcel Energy. "We believe that through SolarTAC, we will develop technologies that are more efficient, reliable and cost effective and will allow us to use more of this abundant, clean energy resource to meet our customers' future energy needs." By the end of this year, nearly $1.8 million of infrastructure work will be completed by MRI, SolarTAC's management and operating contractor, to prepare the site for member companies to move-in equipment and construct member-specific facilities. The work includes grading, drainage and soil erosion control, access roads, electric power supply and distribution, fire protection, sewer and water lines, communications lines, fencing and security. "We have made steady progress in developing the SolarTAC site and in identifying potential new member companies that will further accelerate the commercialization of solar technologies," said Roger Harris, Ph.D., MRI associate vice president and director of Energy and Life Sciences." NREL membership in SolarTAC will allow the national laboratory to better engage with industry to solve challenges in increasing the amount of solar electricity produced in the U.S. Among other projects, NREL will install a $2 million pilot-scale advanced thermal energy storage test and evaluation facility at SolarTAC to help improve heat storage technologies that can offset variability. "The collaborative aspects of SolarTAC make it a natural fit for EPRI, where one of EPRI's roles is to build industry collaboratives to support R&D," said Bryan Hannegan, Vice President of Environment and Renewable Generation at EPRI. "Commercial renewable energy technologies, such as advanced solar PV and concentrating solar power with storage, are expected to make significant contributions to the world's energy supply in coming decades, and the work at SolarTAC will help make that possible." At this stage in the site development, Abengoa Solar and SunEdison are ready to begin installation of equipment and facilities for testing and evaluation of advanced solar technologies. SunEdison's initial deployments at SolarTAC will include a proprietary, low cost, recycled, ballasted ground mount system designed for installation on a variety of ground conditions. The array will include examples of all major photovoltaic (PV) module technologies, including: standard and high efficiency crystalline silicon, amorphous silicon (a-Si), cadmium telluride (CdTe), copper indium diselenide (CIS) and both low and high concentration PV systems. The initial array will also be used for expanded testing of distributed direct current power management and advanced inverter technologies that offer the potential to significantly increase energy yield. The arrays will be monitored using the SunEdison Energy and Environmental Data System (SEEDS). SolarTAC will serve as an important beta test site for SEEDS as new capabilities are added. "SunEdison is pleased to join with our partners in reaching this important milestone in the development of SolarTAC," said SunEdison chief technology officer, Mark Culpepper. "One of the most significant long-term opportunities presented by SolarTAC will be the ability to study the way PV systems connect to and interact with the grid." In the future, SunEdison plans to gradually increase the number and variety of module technologies deployed on the site and will leverage SolarTAC to validate new mounting systems, installation methods, and electrical configurations to minimize cost and maximize energy harvest. SolarTAC will provide an invaluable test-bed to study forecasting, variability, energy storage, and reactive power control along with other methods and technologies to ensure safe and reliable interconnection of high penetration levels of PV on the grid. The Abengoa Solar Facility at SolarTAC will be used for testing, validating, and demonstrating advanced and emerging concentrating solar power (CSP) technologies, including outdoor studies and readiness deployment of prototype systems. "We look forward to the progress we will be able to achieve in advancing our technologies at the SolarTAC site," said Hank Price, vice president of Technology Development. "The site will be a long-term experimental test-bed for Abengoa Solar's R&D technology and it will provide an environment to collaborate with universities, national laboratories, and other solar researchers." Abengoa Solar currently plans to install an operational scale CSP collector loop and associated assembly building at the site to test and validate new designs of its technologies. At today's event, Abengoa Solar displayed several modules of the Astro, one of its established concentrating solar collector designs. During the event, the nearly 150 attendees were updated on the site development plans, and had an opportunity to see solar technology demonstrations led by Abengoa Solar and SunEdison representatives. - SolarTAC

Air Products' Hydrogen Fueling Technology Now Available on Long Island

Sophia Rhodini — Thu, 22 Oct 2009 04:44:57 +0000

LEHIGH VALLEY, Pa., -- Long Island, New York now boasts hydrogen vehicle fueling capability. Air Products' (NYSE: APD) hydrogen fueling technology was formally dedicated at a ceremony today as part of an alternative fuel, green energy initiative led by the Town of Hempstead. Air Products is a member of the project team establishing Long Island's first hydrogen fueling station, along with the Town of Hempstead, the New York State Energy Research Development Authority (NYSERDA), National Grid, and Proton Energy Systems. "This is a wonderful project with a lot of visibility being located on Long Island. It showcases our dispensing technology, which has the capability to provide hydrogen generated from multiple sources, and in this case, generated by electrolysis from water. We have also fueled vehicles and provided hydrogen at other sites from electrolysis driven by solar and wind methods. The Town of Hempstead and all the New York agencies involved with this green energy demonstration project should be applauded for their effort," said Bruce Luff, business development manager-Hydrogen Energy Systems at Air Products. "We are very excited to be at the forefront of an innovative project that explores what we can do to reduce our dependence on fossil fuels and improve our environment," said Hempstead Town Supervisor Kate Murray. "By demonstrating hydrogen technology and educating the public about hydrogen as an alternative fuel, Hempstead Town's hydrogen fueling station will help us to lay the groundwork for a cleaner community and a greener planet for future generations." Hydrogen for this fueling station, located at the town's Conservation and Waterways facility in Point Lookout, will be produced through an electrolysis process that generates hydrogen from water. The process does not involve any fossil fuels. The electrolyzer is provided by Proton Energy Systems. "We are honored to be a part of Long Island's first hydrogen fueling station, an innovative and important project," said Rob Friedland, president and chief executive officer at Proton Energy Systems. "Our mission at Proton Energy is to apply advanced hydrogen technology in creative and practical ways to achieve the goals of a project. Hydrogen fueling stations such as Hempstead's offer major promise for the future, and today marks an important milestone in renewable energy initiatives." The project's goals are to demonstrate, evaluate and educate people about hydrogen's energy technology and potential. The technology includes an electrolyzer, hydrogen storage and compression system, and multiple fueling dispensers, which are able to provide hydrogen, a hydrogen and compressed natural gas blend, and compressed natural gas for alternative fueled vehicles. Air Products supplied the fueling technology and installed all hydrogen infrastructure for the demonstration project. Today's station dedication program had on-hand several hydrogen powered passenger vehicles providing vehicle fueling demonstrations, and ride and drive opportunities for attendees. Air Products' hydrogen powered bus, which operates daily at the company's headquarters and at nearby locales for civic, educational and charitable events, gave rides, and its interactively designed interior provided information and quizzes on hydrogen. There was also a fuel cell powered golf course greens-cutter lawn mower there for demonstration. Air Products, the leading hydrogen supplier to refineries to assist in making cleaner burning transportation fuels, has placed over 100 hydrogen fueling stations in the United States and 16 countries worldwide. Cars, trucks, vans, buses, scooters, forklifts, locomotives, planes and other material handling equipment, and even submarines, have been fueled with this trend-setting technology that involves Air Products' know-how, equipment and hydrogen. Use of the company's technology is increasing and is currently at 120,000 hydrogen fills per year. Air Products provides liquid and gaseous hydrogen, and HCNG (hydrogen/compressed natural gas) fueling, and has developed a variety of enabling devices and protocols for fuel dispensing at varied pressures. Hydrogen for these stations is delivered to a site via truck, or produced by on-site natural gas reformation, biomass conversion, or by electrolysis, including electrolysis that is solar and wind driven. Air Products has more than 50 years of hydrogen experience and is on the forefront of hydrogen energy technology development. Air Products has an extensive patent portfolio with over 50 patents in hydrogen dispensing technology. For more information on Air Products' hydrogen fueling station technologies go to www.airproducts.com/h2energy. - Air Products

Puerto Rico Chemists Hold 'Festival de Quimica' Oct. 23

Sophia Rhodini — Thu, 22 Oct 2009 08:08:36 +0000

SAN JUAN, Puerto Rico, -- Puerto Rico chemists are holding their 61st annual meeting of the Southeastern Region of the American Chemical Society (SERMACS 2009) this week at the San Juan Convention Center, including a special "Festival de Quimica" for schoolchildren on Friday, Oct. 23. The conference, which draws attendees from the Southeastern area, has more than 750 technical presentations scheduled during the official program Oct. 21-24. The symposia topics span environment, medicine, energy and nanotechnology. On Thursday, Oct. 22, two Nobel Laureates in chemistry will speak -- Dr. Roald Hoffmann of Cornell University and Sir Harold Kroto of Florida State University. The "Festival" is aimed at educating students more about chemistry, and school children from around the island will be hosted by undergraduate student members of the ACS affiliates throughout the region. The Festival expects to draw more than one thousand island school students, including 200 students who are home-schooled. The Festival will focus on information and hands-on demonstrations related to the theme of National Chemistry Week, "Chemistry: Its Elemental," which celebrates the 140th anniversary of the founding of the periodic table. The "Festival" will be held from 8:30 a.m. until noon in the Paseo de la Fuente, Convention Center District. The American Chemical Society is the world's largest scientific society with more than 154,000 members worldwide. - American Chemical Society

Intersolar India Opens With First-Class Conference Program

Sophia Rhodini — Thu, 22 Oct 2009 08:09:07 +0000

Intersolar India 2009 Hyderabad, November 9 - 11, 2009 PFORZHEIM, Germany and FREIBURG, Germany, -- In association with SOLARCON(R) India, Intersolar India will take place for the first time from November 9 - 11, 2009 in Hyderabad, India and is the country's premier photovoltaics conference. Approximately 50 renowned experts will speak about current trends and new markets in the international photovoltaics industry across 12 sessions. Additional panel discussions and workshops will offer plenty of opportunity for information exchange. The event will focus specifically on the development of the Indian PV solar market. The solar industry in sun-rich India is currently experiencing a strong course of growth. The contents of the "National Solar Mission" initiated by India's Ministry for New and Renewable Energy (MNRE) will be published in November. The Indian government's plan is ambitious: the capacity of Indian solar installations is to be expanded from the current 2.1 megawatts (MW) to a total of 20 gigawatts (GW) by the year 2020. To reach this goal, India will be supporting both photovoltaic installations and solar thermal power plants. The government estimates the costs of this "solar offensive" will total around US$ 20 billion over the next 30 years. The Solar Mission is to be financed by increased taxation on gasoline and diesel fuels, which have been heavily subsidized to date. International experts hold discussions at Intersolar India Set against the backdrop of developments in the Indian solar market, members of the international photovoltaics industry will meet at the International Convention Centre in Hyderabad, India, for the first time from November 9 - 11, 2009. Around 50 international experts will discuss the importance of political, media and technological influences on industry development, as well as the Indian National Solar Mission. In addition, themes that traverse both environmental policy and technology will be brought to light, as will product innovations and examples of trend-setting applications. The keynote speaker on the first day of the event will be Prof. Eicke Weber (PhD), Director of the Fraunhofer Institute for Solar Energy Systems (ISE) in Freiburg. As part of the program, Dr. Murray Cameron, Vice President of the European Photovoltaic Industry Association (EPIA) and COO of Phoenix Solar AG, will provide participants with an assessment of European PV policy from the point of view of EPIA. Innovations in the field of PV inverter technology will be presented by Professor Bruno Burger (PhD), head of the Power Electronics Group at Fraunhofer ISE. Other participants to grace the podium include Debashish Majumdar, Chairman and Managing Director of the Indian Renewable Energy Development Agency; K. Subramanya, CEO of Tata BP Solar; G. Rajeswaran, CTO of Moser Baer Photovoltaic; Dr. Charlie Gay, President of the Solar Business Group at Applied Materials and Prof. Peter Adelmann, Ulm University of Applied Sciences, Germany. The three-day conference program will be complemented by an exhibition, which will feature approximately 50 exhibitors. From 2010 onward, the exhibition will be greatly expanded. SOLARCON(R) India and Intersolar India 2009 Just as is the case with Intersolar North America, Intersolar India is jointly organized by Solar Promotion International GmbH and Freiburg Management and Marketing International GmbH (FMMI). SOLARCON(R) India is organized by the PV Group. The PV Group is an initiative of SEMI, the international association of the semiconductor and photovoltaics industry. SOLARCON(R) India and Intersolar India are supported by the leading Indian solar companies. Further information regarding Intersolar India can be found at http://www.intersolar.in - Intersolar

Frost & Sullivan: Oil and Gas Markets in Russia Hold Open Growth Opportunities

Sophia Rhodini — Thu, 22 Oct 2009 08:09:33 +0000

LONDON, -- Second only to the Middle East, the Caspian Region of Russia holds a wealth of natural resources and an open opportunity for market growth in the near future. Europe/Eurasia has 11.61% of the world proved oil reserves and 33.5% of the world's proved gas reserves. Frost & Sullivan reports that the energy market in this region is one of the most attractive markets today due to its strategic importance for Europe. Investments into pipeline infrastructure alone (North Stream, South Stream and Nabucco) range in the US$ 60 billions, demonstrating the importance that this region plays and will play in the near future. On oil and gas markets in Russia Frost & Sullivan will host a complimentary analyst briefing which will take place on 28 October, at 3 pm GMT. The presentation will be live and will include a dedicated question and answer session. It will also be recorded and the recording will be available to everyone interested in these markets. "The European/Eurasian continent is in second place both in terms of quantity of oil and gas reserves and is of high strategic importance for Europe, making this energy market one of the most dynamic in the world," notes Frost & Sullivan analyst Christopher Siemienski who will be presenting his analysis. Oil and gas are the key industries in Russia and in the Caspian Region in general. The current economic crisis demonstrates the need for heavy investment in this industry and the growing need for foreign capital. This traditional state controlled industry is experiencing changes, however challenges still lie ahead. The briefing will look at market sizing for upstream, downstream and midstream markets, drivers and restraints, and location/quantities of reserves. Investors looking for European opportunities in this industry will find this briefing beneficial. The opportunities for investment are great. Currently the Russian pipeline infrastructure is highly focused on the European markets and the government is trying to expand towards Asia as to reduce its dependency on Europe. Expansion into Eastern Siberia is another uncharted frontier ripe for investment. "Russia controls around one quarter of the world's gas reserves and has the 8th largest oil reserves in the world, making it one of the more attractive countries in which to invest," states Siemienski. To participate in this briefing, please email Chiara Carella at chiara.carella@frost.com with the following information: your full name, company name, title, telephone number, e-mail, address, city, state and country. Upon receipt of the above information, a registration link will be e-mailed to you. You may also register to receive a recorded version of the briefing at anytime by submitting the aforementioned contact details. Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 35 offices on six continents. To join our Growth Partnership, please visit http://www.frost.com. - Frost & Sullivan

Endeavour Schedules 2009 Third Quarter Earnings Conference Call and Webcast

Sophia Rhodini — Thu, 22 Oct 2009 08:10:03 +0000

HOUSTON, -- Endeavour International Corporation (Amex: END) (LSE: ENDV) will host a conference call and webcast to discuss its 2009 third quarter financial and operating results on Wednesday, November 4, 2009 at 9 a.m. Central Standard Time, 3 p.m. Greenwich Mean Time. To participate and ask questions during the conference call, dial the local country telephone number and the confirmation code 68628760. The toll-free numbers are 888-713-4217 in the United States and 080-8234-7616 in the United Kingdom. Other international callers should dial 617-213-4869 (tolls apply). To listen only to the live audio web cast access Endeavour's home page at http://www.endeavourcorp.com. A replay will be available beginning at 12:00 p.m. Central Standard Time on November 4 through 12:00 p.m. on November 11 by dialing toll free 888-286-8010 (U.S.) or 617-801-6888 (international), confirmation code 52548682. Endeavour International Corporation is an international oil and gas exploration and production company focused on the acquisition, exploration and development of energy reserves in the North Sea and United States. For more information, visit http://www.endeavourcorp.com. - Endeavour International Corporation

BioPower Systems Collaborates With City of San Francisco on Wave Energy Project

Sophia Rhodini — Thu, 22 Oct 2009 08:10:28 +0000

SYDNEY, -- Australia's ocean energy company, BioPower Systems, today announced that it had entered into a collaborative agreement with the City of San Francisco to investigate the generation of wave energy from the Pacific Ocean. Under the agreement, BioPower will work with the San Francisco Public Utilities Commission (SFPUC) to assess the feasibility of a project located eight kilometres (five miles) off San Francisco's western beaches with a generating capacity of between 10MW and 100MW. The proposed Oceanside Wave Energy Project would consider installation of a wave farm using BioPower's modular wave energy system, bioWAVET. John Doyle, Acting Manager of Infrastructure at the SFPUC, said that the project has the potential to add yet another source of renewable energy to the City's power network. "The feasibility of ocean waves as an energy source is being considered and this could lead to further project development." Pending the results of a feasibility study, BioPower and the City of San Francisco will work together to develop the project aimed at supplying clean renewable electricity into the City's power grid by 2012. The bioWAVET system is designed to supply utility-scale grid-connected renewable energy while being out of view, and without affecting marine life. The unique system sways in tune with the forces of the ocean, and naturally streamlines when extreme conditions prevail, leading to cost-competitive lightweight designs. Multiple bioWAVET devices, each with a capacity of 1MW, would be installed as an undersea wave energy farm, with the combined power output supplied to the on-land grid via subsea cable. BioPower's CEO, Dr Tim Finnigan, said the collaboration was further endorsement of the clear potential of the company's proprietary technology. "Due in large part to Mayor Gavin Newsom's leadership, San Francisco is set to become the model for renewable-powered cities of the future. It comprises an environmentally aware populace that is supportive of renewable energy alternatives as long as they prove to be cost effective, reliable, and non-intrusive. "We have already assessed the potential for economic energy production using bioWAVET at the proposed project site, and the results are very promising. We are confident that our collaboration with the City of San Francisco will translate into substantial economic and environmental benefits," Dr Finnigan added. - BioPower Systems

Sun River Energy, Inc. Announces Additions to Its Staff and Advisors

Sophia Rhodini — Thu, 22 Oct 2009 08:11:08 +0000

WHEAT RIDGE, Colo., -- Sun River Energy, Inc. (OTC Bulletin Board: SNRV) is pleased to announce the addition of three outstanding members to its nascent management team. With these additions, the company is taking a significant step forward along its plan to become a major player in oil and gas exploration and production in the Rockies. The company's plan hinges on developing business assets through successful exploration, rather than production purchases. "Typically, the only upside in purchasing an existing field occurs if prices rise faster than the seller thinks they will, or if the buyer has significantly better operational costs. In both cases, gains tend to be marginal compared to being the company in control of a major new discovery" according to Mr. Jay Leaver, President of Sun River. Sun River is pleased to announce that the Board of Directors have appointed Joe Kelloff as COO of Sun River Energy, Inc. Joe Kelloff is highly experienced in drilling and production in the oil and gas industry with extensive experience in Rocky Mountain exploration and production. In May 1994, Mr. Kelloff received his Bachelor of Science in Petroleum Engineering from the Colorado School of Mines. He has been a member of the Society of Petroleum Engineers since 1992 and has been a member of CM Production, LLC's Board of Advisors since 2008. From 1994 to 2000, Mr. Kelloff held several positions with Mobile Exploration and Producing U.S., Inc. where from 1994 to 1997, he worked as a Production Engineer and from 1996 to 1997 he worked as a Business Analyst. In addition, while with Mobile Exploration and Producing, U.S., from 1997 to 1999, he worked as a Production Engineer, and from 1999 to 2000, he was an Operations/Surveillance Engineer. In 2000 till 2003 Mr. Kelloff worked as an Operations Engineer for Merit Energy Company. He was a District Engineer for Patina Oil and Gas Corporation from 2002 to 2005. From 2005 to 2006, he was a Manager - E&P Planning at Hess Corporation. He was a Director of Western Production at Petroleum Development Corporation from 2006 to 2008. Mr. Kelloff, as COO, will coordinate with the Company's President, Mr. Jay Leaver, the exploration of both of Sun River's existing prospects as well as seeking new projects in the Rocky Mountain Region. Mr. Leaver said, "I am excited by this addition to Sun River's staff. Mr. Kelloff's experience and skills will be invaluable to Sun River's burgeoning exploration and development arm." Sun River also announces that Mr. Jim Sullivan, a member of the Advisory Board of Sun River, has been appointed Vice President of Land Management and will coordinate acquisition/leasing of mineral prospects and acquisition negotiations. Mr. Leaver stated that "Mr. Sullivan has wide experience in the Rockies and Midwest in mineral land acquisition and management. In addition, he has valuable skills as a negotiator that will be a critical asset to the company." Mr. Sullivan has over 35 years of experience in all phases of oil and gas land work, which has included both domestic and offshore projects. He began providing independent land brokerage services in 1978 and currently owns Energy West Corporation. Since beginning his career, he has represented and/or collaborated with over 200 different clients and partners in various facets of land and exploration work. These relationships have culminated in leasing over 5 million acres of leasehold interest. Mr. Sullivan has also consulted for banking institutions and investment banking firms, acted as an expert witness in the area of petroleum land work and performed non-producing acreage evaluations. Sun River also announces that Mr. Erwin Single has been appointed to the Advisory Board of Sun River. Mr. Leaver stated, "Mr. Single has over 50 years of Rockies exploration and development experience as a professional geologist and will provide tremendous depth to Sun River's management as it expands its exploration in the Rockies. In addition, his long experience in business evaluation will help us navigate the array of plentiful opportunities available in today's market." Mr. Single was employed 15 years with Shell Oil Company, advancing in technical and management capacities to the level of Division Geologist where he was responsible for all geological activities in the Rocky Mountain Region with a staff of 50 people. Since leaving Shell, Mr. Single has been a founder, director and Executive Vice President of Exploration and Production for two independent oil companies. During his career, Mr. Single was responsible for all phases of operational activity related to exploration and production. This included the management, planning, and coordination of geology, geophysics, engineering, lease acquisition, exploration and development drilling, well evaluation and completion, and production operations. He coordinated drilling operations for over 400 wells, supervised some 35 production personnel, including production engineers, drilling superintendents, field supervisors and pumpers. As an explorationist, Mr. Single has been responsible for the development of successful exploration programs and the drilling of over 550 wells with a greater than 55% success ratio. He has been directly involved in the discovery and development of oil and natural gas in fields located in California, Colorado, Illinois, Kansas, Louisiana, Montana, New Mexico, North Dakota, Ohio, Oklahoma, Texas and Wyoming. He has also had natural gas discoveries in Colorado, Ohio, Texas and Wyoming, and been involved in the drilling of some 100 gas wells with reserves of over 200 billion cubic feet of gas. Mr. Leaver is pleased to welcome these additions to the Sun River team. "With Mr. Kelloff heading up our drilling and development efforts, Mr. Sullivan managing our Land team, and Mr. Single providing key experienced insight into business and geology, Sun River is poised to take the stage as a dynamic contender in oil and gas exploration and development." Notice Regarding Forward-Looking Statements This news release contains "forward-looking statement," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our energy properties and any anticipated future production. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with petroleum exploration and development stage exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in the press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. - Sun River Energy, Inc.

FirstEnergy to Webcast Third Quarter Earnings Teleconference

Sophia Rhodini — Thu, 22 Oct 2009 08:12:20 +0000

AKRON, Ohio, -- In conjunction with the release of FirstEnergy Corp.'s (NYSE: FE) 2009 third quarter results on October 27, the company is inviting investors, customers and other interested parties to listen to a live Webcast of its teleconference for financial analysts at 1 p.m. EDT that day. FirstEnergy management will present an overview of the company's financial results for the quarter, and a question-and-answer session will follow. The teleconference can be accessed via FirstEnergy's Investor Information Web site - www.firstenergycorp.com/ir - by selecting the Q3 2009 Earnings Conference Call link. The Webcast also will be archived on the company's Web site. FirstEnergy's Consolidated Report to the Financial Community, which highlights results of the third quarter, also will be posted on the company's Web site, noted above. To access the report, click on Q3 2009 Consolidated Report to the Financial Community. FirstEnergy is a diversified energy company headquartered in Akron, Ohio. Its subsidiaries and affiliates are involved in the generation, transmission and distribution of electricity, as well as energy management and other energy-related services. www.firstenergycorp.com -FirstEnergy Corp.

Advanced Energy(R) and Suntech Announce Multi-Year Agreement for Solaron(R) Inverter Solutions

Sophia Rhodini — Thu, 22 Oct 2009 08:12:46 +0000

AE inverter solutions selected for Suntech's Reliathon(TM) fully integrated, solar-utility platform Download image FORT COLLINS, Colo., -- Advanced Energy® Industries, Inc. (Nasdaq: AEIS) announced today that it has entered into a multi-year agreement with Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest producer of crystalline-silicon solar modules. This agreement includes the range of AE's expanding Solaron® offerings, including utility-scale, photovoltaic (PV) inverters, Remote PV Tie (RPT(TM)) accessories and SafeGuard® support and service options. Dr. Hans Betz, president and CEO of AE, noted, "AE is very pleased to be part of this collaboration with a world leading producer of PV crystalline-silicon modules. This agreement recognizes the value that our high-performance inverter technology and comprehensive, customizable services bring to the largest solar-power customers." As a part of this agreement, Solaron inverters and services will contribute to the innovation, dependability and cost-effectiveness of Suntech's Reliathon(TM) platform, a simplified, integrated program for designing and building utility-scale PV plants. To learn more about AE's Solaron inverter solutions during Solar Power International 2009, visit http://www.advanced-energy.com/en/SOLAR2009.html and the company in booth #2360. This news release may contain forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. Please refer to the company's SEC reports for a listing of such factors. Advanced Energy®, SafeGuard® and Solaron® are trademarks of Advanced Energy Industries, Inc. Reliathon(TM) is a trademark of SunTech Power Holdings Co., Ltd. - Advanced Energy Industries, Inc.

Golden Phoenix Minerals Reports Scorpio Gold's Surface RC Drilling Findings at Mineral Ridge Gold Deposit

Sophia Rhodini — Thu, 22 Oct 2009 08:14:18 +0000

SPARKS, Nev., -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM) is pleased to report initial drill results from Scorpio Gold Corporation's reverse circulation (RC) drilling in the pit areas of the Mineral Ridge gold deposit, located near Silver Peak, Nevada. Additional results of RC and diamond drilling will be reported on a timely basis once received and compiled. Peter J. Hawley, CEO of Scorpio Gold, reports; "We are very pleased with the initial assay results from our re-confirmation drilling, which to date are presenting higher grades than the average historical mined grade of 0.056 ounces per ton (OPT). The Company believes that the lower historical grade was a result of excessive dilution by the previous operators. The initial higher grades bode well for enhancing the economics of this project, especially in light of the recent strength in the gold price, currently in excess of US $1,000 per ounce, and the Company's recent purchase of the underlying 8% net smelter royalty." The Mineral Ridge project is located ~30 miles west of Tonopah, Nevada and has historically produced almost 575,000 ounces of gold, including ~170,000 ounces from open pit and ~405,000 ounces from underground mining operations. The property is currently bonded and permitted for heap leach gold processing and production, and was in production as recently as 2005. The mine project comprises 54 patented and 279 unpatented mining claims covering 5,921 acres, and hosts multiple gold bearing structures, veins and bodies. It features a well-developed infrastructure including roadways, power grid, heap leach pad, crushing circuit, ADR plant, water supply, maintenance shop, refueling and storage facilities and administrative buildings. Drill Program A total of 8,911 feet consisting of 2,026 feet of core diamond drilling and 6,885 feet of RC drilling was completed on the Mineral Ridge pit areas in summer 2009. Systematic drill spacing was employed from the near pit floor mineralization toward the down strike/dip mineralized extensions. The drill program was designed to reconfirm previously reported mineralization and build a database in compliance with NI 43-101 standards for resource estimation. In addition, the program has delineated sterile areas where pit waste material can be placed. Drinkwater Deposit Overview The Drinkwater Deposit is the largest known mineral deposit and is located on the northeastern side of the metamorphic and intrusive core complex. It was partially mined by underground methods from the 1860s to the early 1940s and by open pit methods from 1989 to 2005. The mineralized zones in the Drinkwater deposit have a general strike of N45W and dip ~20-25 degrees to the northeast. Drill-defined mineralized zones have a strike length of 2,500 feet, down dip extension of over 2,000 feet, two or more gold bearing shear zones with an individual thickness of 5 to 40 feet and an overall thickness of more than 100 feet. Reverse circulation ("RC") drill holes reported in Table 1 were designed to target the main mineralized pit area to re-confirm previous drilling and resource estimates: Table 1. Drinkwater Deposit - Mineralized Pit area Drill Hole Target From To Width Gold No. (ft) (ft) (ft) (OPT) --- ------ ---- ---- ---- ----- MR-09-006 Drinkwater Pit 0 50.0 50.0 0.078 --------- -------------- --- ---- ---- ----- MR-09-16 Drinkwater Pit 20.0 40.0 20.0 0.087 -------- -------------- ---- ---- ---- ----- MR-09-13 Drinkwater Pit 25.0 65.0 40.0 0.117 -------- -------------- ---- ---- ---- ----- MR-09-14 Drinkwater Pit 25.0 70.0 45.0 0.352 -------- -------------- ---- ---- ---- ----- MR-09-001 Drinkwater Pit 35.0 120.0 85.0 0.155 --------- -------------- ---- ----- ---- ----- 150.0 165.0 15.0 0.024 ----- ----- ---- ----- MR-09-002 Drinkwater Pit 0 10.0 10.0 0.019 --------- -------------- --- ---- ---- ----- 35.0 100.0 65.0 0.219 ---- ----- ---- ----- 115.0 165.0 50.0 0.070 ----- ----- ---- ----- Reverse circulation ("RC") drill holes reported in Table 2 were designed to target low grade and sterile areas in the pit area to determine new, tighter pit design shells: Table 2. Drinkwater Deposit - Low Grade or Sterile Pit Area Drill Hole Target From To Width Gold No. (ft) (ft) (ft) (OPT) --- ------ ---- ---- ---- ----- MR-09-003 Drinkwater Pit 140.0 145.0 5.0 0.015 --------- -------------- ----- ----- --- ----- Edge of Pit 155.0 180.0 25.0 0.020 ----------- ----- ----- ---- ----- 205.0 215.0 10.0 0.042 ----- ----- ---- ----- 245.0 255.0 10.0 0.054 ----- ----- ---- ----- MR-09-004 Drinkwater Pit No Values Reported --------- -------------- ------------------ MR-09-005 Drinkwater Pit 0 20.0 20.0 0.014 --------- -------------- --- ---- ---- ----- MR-09-007 Drinkwater Pit 0 15.0 15.0 0.037 --------- -------------- --- ---- ---- ----- 40.0 50.0 10.0 0.013 ---- ---- ---- ----- 65.0 70.0 5.0 0.018 ---- ---- --- ----- MR-09-008 Drinkwater Pit 15.0 30.0 15.0 0.045 --------- -------------- ---- ---- ---- ----- 70.0 90.0 20.0 0.037 ---- ---- ---- ----- MR-09-009 Drinkwater Pit 30.0 40.0 10.0 0.021 --------- -------------- ---- ---- ---- ----- 50.0 55.0 5.0 0.054 ---- ---- --- ----- 135.0 150.0 15.0 0.042 ----- ----- ---- ----- MR-09-010 Drinkwater Pit 0 5.0 5.0 0.015 --------- -------------- --- --- --- ----- 55.0 60.0 5.0 0.088 ---- ---- --- ----- 165.0 200.0 35.0 0.026 ----- ----- ---- ----- MR-09-011 Drinkwater Pit 35.0 40.0 5.0 0.022 --------- -------------- ---- ---- --- ----- 55.0 140.0 85 0.037 ---- ----- -- ----- MR-09-012 Drinkwater Pit 125.0 155.0 30.0 0.041 --------- -------------- ----- ----- ---- ----- MR-09-015 Drinkwater Pit 50 55 5.0 0.017 --------- -------------- --- --- --- ----- 175 190 15.0 0.093 --- --- ---- ----- 195 210 15.0 0.026 --- --- ---- ----- Mary Deposit Overview The Mary deposit is the southeast continuation of the Drinkwater, with the connection eroded away by Elizabeth Canyon. The drill-defined mineralized zones have a strike length of 2,000 feet, down dip extension of over 1,500 feet, with mineralized zones generally thinner and less continuous but higher in grade than those in Drinkwater. Reverse circulation ("RC") drill holes reported in Table 3 were designed to target the main mineralized pit area to re-confirm previous drilling and mineralized estimates: Table 3. Mary Deposit - Mineralized Pit area Drill Hole Target From To Width Gold No. (ft) (ft) (ft) (OPT) ---------- ------ ---- ---- ---- ----- Mr-09-17 Mary Pit 0 55.0 55.0 0.193 -------- -------- --- ---- ---- ----- For additional information on the Mineral Ridge project, please see the Company's website at www.scorpiogold.com. All RC holes presented in the above tables were drilled at 90 degrees vertical dip; true width is estimated at ~95% down hole width. Analytical results were performed by American Assay Laboratory Inc. in Sparks, Nevada. All samples were submitted as bulk RC drill samples and standard preparation procedures were utilized to create a homogeneous sample. Samples were fire assayed with an AA finish at one assay ton (30 grams). Results of 0.29 opt (10 ppm) and greater were repeated with a gravimetric (weighed) finish. Standard Quality control procedures were followed which included random insertion of certified standards and blanks in the sample stream as well as routine duplicate sample analysis. American Assay Laboratories Inc. is an ISO/IEC 17025 accredited assay laboratory. CEO, Mr. Peter J. Hawley, PGeo, is the Scorpio Gold's Qualified Person for the various Scorpio Gold projects. Mr. Hawley is responsible for the current exploration and development program at Mineral Ridge and has reviewed the content of this release. All reported findings, including references to new claims, fall within the area of interest defined within the joint venture agreement currently in negotiations between Golden Phoenix Minerals and Scorpio Gold. Scorpio Gold reports its results under Canadian mining and TSX Venture guidelines, which report mineral reserve and resource estimates differently than in the U.S., and may not meet the standards of "proven" and "probable" reserves set forth in SEC Industry Guide 7. Golden Phoenix Minerals intends to conduct further exploration on the property in the future in an effort to convert mineralized material into mineral reserves, in accordance with SEC Industry Guide 7 standards and definitions. For more information on Golden Phoenix Minerals, please visit their corporate website at http://www.Golden-Phoenix.com/. Golden Phoenix Minerals, Inc. is a Nevada-based mining company committed to deliver value to its shareholders by acquiring, developing and mining superior precious and strategic metal deposits in North America using competitive business practices balanced by principles of ethical stewardship. Golden Phoenix owns the Mineral Ridge gold and silver property near Silver Peak, Nevada and the Northern Champion molybdenum mine in Ontario, Canada. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements by officers of the Company, and other statements regarding optimism related to the business, expanding exploration and development activities and other statements in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements are based on current expectations, estimates and projections about the Company's business. Words such as expects, anticipates, intends, plans, believes, sees, estimates and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Actual results could vary materially from the description contained herein due to many factors including continued market prices for the Company's mineral products. In addition, actual results could vary materially based on changes or slower growth in the molybdenum and gold markets; the potential inability to realize expected benefits and synergies in the Company's mining operations; domestic and international business and economic conditions; changes in the mining industry for base and precious minerals, especially molybdenum; unexpected difficulties in expanding production at the Company's mines; changes in customer demand or ordering patterns for molybdenum; changes in the competitive environment including pricing pressures or technological changes; technological advances; shortages of skilled miners; the need for additional capital and other risk factors listed from time to time in the Company's Securities and Exchange Commission (SEC) filings under "risk factors" and elsewhere. The forward-looking statements contained in this press release speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release. - Golden Phoenix Minerals, Inc.

Boralex Power Income Fund Declares Cash Distribution

Sophia Rhodini — Thu, 22 Oct 2009 08:15:40 +0000

MONTREAL, - Boralex Power Income Fund (the "Fund") has today declared its monthly cash distribution in the amount of $0.05833 per trust unit. The distribution will be paid on November 23, 2009, to unitholders of record at the close of business on October 30, 2009. - BORALEX POWER INCOME FUND

Treaty Energy Corporation Announces New President, COO and Director

Sophia Rhodini — Thu, 22 Oct 2009 08:16:05 +0000

HOUSTON, TX, - Treaty Energy Corporation (OTCBB: TECO), a growth-oriented energy company in the oil and gas industry, today announced that Joe Grace has been elected President, Chief Operating Officer, and a Director of the Company effective immediately. Joe Grace brings over 40 years of business experience to Treaty Energy and its Board, beginning with six years at Gulf Oil. After Gulf, Mr. Grace worked for 15 years in banking beginning with Texas Commerce Bancshares (now Chase), followed by ten years of private company ownership, and three years of public company leadership. Mr. Grace has been a bank president, CEO of two personally owned companies, CEO and Chairman of one public company and CEO of a second public company. His business interests range from oil and gas, banking and finance, corporate data centers, integrated security centers, digital imaging, specialty engineered products, and wireless broadband services. In addition, Mr. Grace has assisted companies with business strategies, capital formation, investor relations, marketing concepts, contract development, business development, and personnel evaluations through consulting agreements with several private and public companies for the last ten years. He has also served on the Board of Directors of several companies. Randall Newton, Chairman and CEO of Treaty Energy Corporation, stated, "I am distinctly pleased to have Joe Grace join our management team as President, COO and Director. Joe, a well respected professional in the Houston business community, brings a set of credentials to Treaty Energy that any emerging company would be proud to have on their team." Mr. Newton stated further, "Joe has several ideas that, when implemented through Treaty, will allow us to grow our oil acquisition and production program more quickly in today's buyers market. As we implement these ideas, we expect to see greatly enhanced shareholder value." - Treaty Energy Corporation

iControl Networks Hires Energy Industry Veteran to Guide Company's Energy Management Solution Strategy

Sophia Rhodini — Thu, 22 Oct 2009 08:16:32 +0000

PALO ALTO, Calif., -- iControl Networks, a leader in broadband home management, today announces the addition of energy industry leader Letha McLaren to its executive team. For the past 12 years, McLaren has worked successfully with utilities to advance smart grid solutions. In this new role, McLaren will manage iControl ConnectedLife Energy Management, the company's soon-to-launch broadband-based home energy management solution. McLaren comes to iControl from Landis+Gyr (formally The Bayard Group), a leading smart metering and energy management solutions provider, where she was the General Manager of Energy Management and Applications. Prior to this role, McLaren was the Director of Software Product Management at Cellnet Technology, the leading automated meter reading services provider that was acquired by The Bayard Group/Landis+Gyr. She also held product management and software design engineering roles at Schlumberger for the company's utility-focused automated metering division. "iControl's ConnectedLife Energy Management solution will revolutionize the way utilities and service providers approach energy management," said Paul Dawes, CEO of iControl. "Our approach is significantly different than what's offered in the marketplace today, and we need the right person to drive the strategy and product development that will provide our partners with the best possible energy solutions. McLaren's experience and vision is a perfect match for iControl, and we are very excited about the possibilities this addition will present for our company." McLaren has a Bachelor of Science degree in Electrical Engineering from Southern Tech in Marietta, GA and a Global MBA from the Georgia Institute of Technology in Atlanta, GA. - iControl Networks

ACEEE: Recession Not Dimming States' Growing Focus on Energy Efficiency As 'First Fuel,' With CA, MA and CT Rated Best on Implementing Energy Efficiency

Sophia Rhodini — Thu, 22 Oct 2009 08:16:59 +0000

Rest of ACEEE Scorecard's Top 10 Consists of OR, NY, VT, WA, MN, RI and ME; States with "Most Room for Improvement": AR, MO, LA, GA, AK, WV, NE, AL, MS, ND AND WY. WASHINGTON, -- The current economic downturn is not sidetracking state-level efforts to make the most of energy efficiency as the cheapest, cleanest and quickest of all energy resources, according to a 50-state scorecard on energy efficiency policies, programs, and practices from the American Council for an Energy-Efficient Economy (ACEEE). The 2009 State Energy Efficiency Scorecard, which ranks states in six categories, concludes that the 10 states doing the most to implement energy efficiency are: California (1); Massachusetts (2); Connecticut (3); Oregon (4); New York (5); Vermont (6); Washington state (7); Minnesota (8); Rhode Island (9); and Maine (10). "By embracing a wide range of cost-effective energy efficiency strategies, the leading states are demonstrating that efficiency is their 'first fuel' to meet energy demands while growing their economies," said Maggie Eldridge, ACEEE research associate and lead author of the report. "States continue to raise the bar with comprehensive strategies to improve efficiency in their buildings, industry, and transportation systems. They are the 'living laboratories' of energy efficiency." Several states have made strong moves up in the ranks from 2008 to 2009, including: Maine (up from 19 to 10); Colorado (up from 24 to 16); Delaware (up from 32 to 20); District of Columbia (up from 30 to a tie for 20); South Dakota (up from 47 to 36); and Tennessee (up from 46 to 38). "The most improved states are stepping up their efforts in several ways, such as adopting new building energy codes and setting aggressive new energy savings targets," said Eldridge. "By highlighting these most improved states, we hope to encourage others to step up their efforts to implement energy efficiency as their first-priority resource." The 2009 report is ACEEE's third edition of its annual state-by-state ranking on the adoption and implementation of energy efficiency policies, which aims to recognize leadership among the states and identify best practices. The scorecard examines six state energy efficiency policy areas: (1) utility-sector and public benefits programs and policies; (2) transportation polices; (3) building energy codes; (4) combined heat and power; (5) state government initiatives; and (6) appliance efficiency standards. States can earn up to 50 possible points in these six policy areas combined. ACEEE Executive Director Steven Nadel said: "The states continue to be leaders in advancing energy efficiency policies and programs. In fact, this growing and deepening commitment to energy efficiency is so strong that the current recession has not put a dent in the vast majority of state programs. And that is for good reason: Energy efficiency is the only resource that can actually reduce energy consumption while growing the economy -- making efficiency the 'first fuel' states can use to balance their energy portfolios." Maine Governor John E. Baldacci said: "I am pleased that Maine is being recognized for our commitment to energy efficiency. We began by making State government a model in order to show businesses and residents that reducing energy consumption improves our way of life by reducing harmful effects on our environment and our health, while making a significant impact to our bottom line. We made this commitment in 2003 when the price of oil was $20 a barrel. Since then, we've made new investments in weatherization, encouraged alternative modes of transportation, and encouraged voluntary alternative work schedules for State employees, and we became the first state to purchase 100 percent of our electricity from zero carbon renewable resources." Delaware Governor Jack Markell said: "Investments in greater energy efficiency put people to work now and pay dividends for the future. Every dollar wasted from inefficient energy usage is a dollar that is not put to work getting our economy moving in the right direction. Delaware's jump in this report reflects our commitment to energy efficiency. We are creating market demand for energy efficiency through new legislation that requires we reduce consumption through efficiency by 15% by 2015. We've adopted new building codes, made it easier to adopt solar and wind power in residential and commercial settings and created net-metering rates to encourage efficiency and allow people to sell excess power back to the grid." In 2009, energy efficiency has risen to a new level of recognition in the U.S. and is a resource that is increasingly being called upon at the state level. In the race for clean energy resources, states are adopting aggressive energy efficiency policies, increasing investments in efficiency programs, and improving efficiency in their own facilities and fleets. While some states have been making commitments toward energy efficiency for decades, others are just getting started in a big way, while still others have yet to tap this energy resource. According to ACEEE, the states comprising the group that "most needs to improve" are (with ties): Arkansas (41); Missouri (41); Louisiana (41); Georgia (44); Alaska (45); West Virginia (45); Nebraska (47); Alabama (48); Mississippi (49); North Dakota (49); and Wyoming (51, including DC). For detailed information about energy efficiency initiatives at the state level, visit ACEEE's State Energy Efficiency Policy Database on the Web (http://www.aceee.org/energy/state/index.htm). Complementing the Scorecard, the site serves as another resource for information on state energy efficiency policies. The online database is searchable by state or by policy, and documents state activities in the energy efficiency policy areas covered in the scorecard. The 2009 State Energy Efficiency Scorecard is available for free download or a hard copy can be purchased for $40 plus $5 postage and handling from ACEEE Publications, 529 14th St, N.W., Suite 600, Washington, D.C. 20045, phone: 202-507-4000, fax: 202-429-2248, e-mail: aceee_publications@aceee.org. - American Council for an Energy-Efficient Economy, WDC

Sainsbury's Expands the Implementation of Smartcool's Energy Saving Module(TM)

Sophia Rhodini — Thu, 22 Oct 2009 08:17:36 +0000

VANCOUVER, - Smartcool Systems Inc. has received an order from the third largest supermarket chain in the United Kingdom to install Smartcool's energy-saving refrigeration and air conditioning control technology into a further eight (8) stores. Upon completion of this program, Smartcool will have installed its technology in 37 stores owned by Sainsbury's Supermarkets Ltd. In total, Sainsbury's has nearly 800 stores in the UK. Sainsbury's is an industry leader for environmental initiatives highlighted by its innovative Re-Set Program that is focused on reducing greenhouse gas emissions. In addition to the environmental benefits provided by Smartcool's energy saving technology, called the ESM(TM), the reduction in power usage also provides significant cost savings allowing Sainsbury's to re-invest in its own business. "We are extremely pleased with the ongoing relationship with Sainsbury's," said Steven Martin, Sales Director, Smartcool Systems (EMEA) Ltd. "The ESM(TM) has been approved by the 'Centre of Excellence' which is a requirement for any technology to be implemented within a Sainsbury's store. We will continue to work alongside Sainsbury's energy management group as they expand their 'Re-Set' Program and we look to provide significant cost savings as well as helping Sainsbury's meet environmental expectations." The ESM(TM) has been installed in stores of various sizes and has been generating power savings in the range of 15% to 25%, depending on size and location. These results have been independently monitored by Sainsbury's project management company. "Tough economic times require changes in attitude and thinking," added George Burnes, President and CEO of Smartcool Systems Inc. "We are delighted to be working with an industry leader that is seriously addressing their economic requirements without ignoring environmental responsibility and energy sustainability. As the Re-Set Program is adopted in other stores, we are excited that Smartcool has an approved technology generating the economic and environmental benefits Sainsbury's is looking for." - SmartCool Systems Inc.

Courion Releases Case Study Detailing Successful Implementation at NV Energy

Sophia Rhodini — Thu, 22 Oct 2009 08:18:02 +0000

FRAMINGHAM, Mass. -- Courion® Corporation, leaders in access governance, provisioning and compliance, today announced that NV Energy, one of the fastest growing energy companies listed on the New York Stock Exchange, has successfully implemented Courion's Access Assurance Suite among its 3,700 full-time employees and contingent workers. NV Energy is using Courion's software to automate password management, user provisioning, role management and access compliance. The company underwent a rigorous review process in an effort to replace the manual processes used for identity and access management. Courion was selected for its proven ability to improve operational efficiencies and its ability to make sustainable improvements in compliance management and business operations. NV Energy saw instant results following the deployment, as is detailed in the case study, which led to improved customer satisfaction levels across the company. Results to date have included: 3,300 successful password resets in the first four months Implementation of an annual user acceptance agreement Improved end user customer satisfaction Read the NV Energy Case Study on the Courion Resource Center: http://www.courion.com/resource_center/customer_case_studies.html - Courion Corporation

Boralex Obtains Better Rate for Four Wind Farms in Ontario Through New Advanced RESOP Program

Sophia Rhodini — Thu, 22 Oct 2009 08:18:31 +0000

MONTREAL, - Boralex Inc. ("Boralex" or the "Corporation") announces that it has obtained a better wind power rate for its projects that qualify under the Renewable Energy Standard Offer Program (RESOP), thanks to new Ontario rules to promote renewable energy. The first four Boralex wind farms at the Thames River site in southern Ontario, now in its final construction phase, will benefit from a rate of $121 per MWh instead of the $110 per MWh currently offered under the RESOP program. The new rules also allow Boralex to recover 100% of the funding under the federal ecoEnergy program, which represents an additional $10 per MWh instead of $5 (or 50% of the eligible amount), as set out in the original program. This change will impact the total annual revenues of approximately $1.7 million. The wind power facilities are scheduled to start up in the next few weeks. Furthermore, under Advanced RESOP rules, the Corporation will be able to qualify five other projects with an installed capacity of an additional 50 MW, under the same conditions, subject to start-up before December 31, 2010. "These 20-year contracts awarded by Ontario Power Authority give Boralex excellent future prospects in Ontario," says Patrick Lemaire, President and Chief Executive Officer of Boralex Inc. About Boralex Boralex is a major private electricity producer whose core business is the development and operation of power stations that generate renewable energy. Employing over 300 people, the Corporation owns and operates 22 power stations with a total installed capacity of 365 MW in Canada, in the Northeastern United States and in France. In addition, the Corporation has more than 300 MW of power projects under development. Boralex is distinguished by its diversified expertise and in-depth experience in three power generation segments - wind, hydroelectric and thermal. Boralex shares are listed on the Toronto Stock Exchange under the ticker symbol BLX. Boralex also holds a 23% interest in Boralex Power Income Fund, which has 10 power stations with a total installed capacity of 190 MW in Quebec and the United States. These sites are managed by Boralex. More information is available at www.boralex.com or www.sedar.com. Certain statements in this release, including those regarding future results and performance, are forward-looking statements based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions on market and industry, increases in raw material costs, changes in the relative values of certain currencies, fluctuations in selling prices, and other factors listed in the Company's filings with different securities commissions. The summarized financial statements included in this press release also contain certain financial measurements that are not recognized as Generally Accepted Accounting Principles of Canada (GAAP). To assess the operating performance of its assets and reporting segments, the Corporation uses Earnings before interest, taxes, depreciation and amortization (EBITDA) and Cash flows from operations as performance measurements. These measures are not in accordance with GAAP and do not have a standardized definition prescribed by GAAP. Therefore, they may not be comparable to similar measures presented by other companies. EBITDA is defined in the summarized financial statements included with this press release. Cash flows from operations corresponds to cash flows from operating activities before changes in non-cash working capital items as disclosed in the consolidated statements of cash flows attached in this press release. - BORALEX INC.

Mainland Resources Announces $40 Million Credit Facility With Guggenheim

Sophia Rhodini — Thu, 22 Oct 2009 08:19:02 +0000

HOUSTON, -- Mainland Resources, Inc., (OTC Bulletin Board: MNLU) (Frankfurt: 5MN) announced today that it has entered into a two-year, $40 million senior secured advancing line of credit agreement with Guggenheim Corporate Funding, LLC, an affiliate of Guggenheim Partners, LLC. SMH Capital Inc. acted as exclusive financial advisor to Mainland Resources in relation to the Guggenheim financing. Backed by this new agreement, Mainland will complete the purchase of 8,225 acres of oil and gas leases in Mississippi in conjunction with its previously announced agreement with American Exploration Corp. to jointly develop their contiguous acreage which collectively totals 13,225 acres (the Mississippi Project). Additionally, Guggenheim will participate through an associated company, as a 10% working interest partner in the drilling and development of the Mississippi Project. Initial advances will also be used to retire the outstanding debt on a $3.5 million bridge loan with Guggenheim Energy Opportunities Fund, LP as well as fund the Company's share of completion costs for its Stephenson Douglas #1 well in the Haynesville Shale being developed jointly with partner Petrohawk Energy Corporation. In addition, the credit facility will be used to pay fees associated with the financing and fund other general corporate expenses. "We are pleased with the confidence Guggenheim has placed in the Mainland Resources growth story by providing this significant permanent financing and with joining us as a working interest partner in our exciting Mississippi Project," said Mainland's President, Michael Newport. "Mainland looks forward to working with Guggenheim to create greater long-term value for our shareholders." - Mainland Resources, Inc.

Natural Resource Partners L.P. Declares Quarterly Distribution

Sophia Rhodini — Thu, 22 Oct 2009 08:19:44 +0000

HOUSTON, -- Natural Resource Partners L.P. (NYSE: NRP) announced today that the Board of Directors of its general partner has declared a third quarter 2009 distribution of $0.54 per unit for NRP. The distribution will be paid on November 13, 2009 to unitholders of record on November 5, 2009. The distribution represents a 2.9% increase over the third quarter 2008 distribution and is unchanged from the second quarter 2009 distribution. Company Profile Natural Resource Partners L.P. is headquartered in Houston, TX, with its operations headquarters in Huntington, WV. NRP is a master limited partnership that is principally engaged in the business of owning and managing mineral reserve properties. NRP owns coal reserves and coal handling and transportation infrastructure in the three major coal producing regions of the United States: Appalachia, the Illinois Basin and the Powder River Basin. In addition, the partnership owns and manages aggregate reserves in Texas, West Virginia and Washington. For additional information, please contact Kathy H. Roberts at 713-751-7555 or kroberts@nrplp.com. Further information about NRP is available on the partnership's website at http://www.nrplp.com. - Natural Resource Partners L.P.

DuPont Declares Fourth Quarter Dividend

Sophia Rhodini — Thu, 22 Oct 2009 08:20:09 +0000

WILMINGTON, Del., -- DuPont (NYSE: DD) declared a fourth quarter common stock dividend of 41 cents per share, payable December 14, to stockholders of record November 13. This dividend is the same as what was paid in the third quarter 2009. This is the 421st consecutive quarterly dividend since the company's first dividend in the fourth quarter of 1904. Regular quarterly dividends of $1.12-1/2 per share on the $4.50 series preferred stock and 87-1/2 cents per share on the $3.50 series preferred stock also were declared, both payable January 10, 2010 to stockholders of record January 8, 2010. DuPont is a science-based products and services company. Founded in 1802, DuPont puts science to work by creating sustainable solutions essential to a better, safer, healthier life for people everywhere. Operating in more than 70 countries, DuPont offers a wide range of innovative products and services for markets including agriculture and food; building and construction; communications; and transportation. - DuPont

2010 Shell Eco-marathon Americas(TM) Takes to the Streets

Sophia Rhodini — Thu, 22 Oct 2009 08:22:08 +0000

HOUSTON, -- A stroll around the park will have a whole new meaning in spring 2010 when the Shell Eco-marathon Americas heads to Houston, Texas. Walkers, runners and cyclists at Discovery Green will be replaced by cars of the future, as high school, university, and college students test vehicles they have designed and built to see which can go the farthest distance using the least amount of fuel. The 2010 Shell Eco-marathon Americas, taking place March 26-28, 2010, will once again showcase exciting student innovations and futuristic vehicles, but this time on an all-new street course. "Bringing the Shell Eco-marathon to our home town of Houston provides the student teams with an all-new setting to stretch the boundaries of fuel efficiency," said Marvin Odum, President, Shell Oil Company. "The Shell Eco-marathon offers young people interested in technology, energy, and transportation a unique, hands-on opportunity to showcase their innovations. We look forward to seeing these vehicles on the Houston street course. This is a spectator event this year; I encourage student teams to register and many to come watch and get a glimpse of the future." Similar to the 2009 event, student teams are encouraged to participate in the "Prototype" or "Urban Concept" categories - or both! The "Prototype" category invites student teams to enter futuristic prototypes - streamlined vehicles focused on maximizing fuel efficiency through innovative design elements, such as drag reduction. The "Urban Concept" category, introduced at the 2009 event, focuses on more "roadworthy" fuel-efficient vehicles. Aimed at meeting the real-life needs of drivers, these vehicles are closer in appearance to the higher-mileage cars seen on roads today. For both categories, teams can use any conventionally available energy source - including fuels such as diesel, gasoline and liquid petroleum gas, as well as alternative fuels such as hydrogen, biomass and solar. Registration for the 2010 Shell Eco-marathon Americas is now open. Interested teams are invited to sign-up NOW for a chance to stake their claim in next year's challenge! For more information on all the 2010 events across the globe, including official rules, instructions for registration and details on prizes, please visit the Shell Eco-marathon Web site at www.shell.com/ecomarathon. The Shell Eco-marathon began in 1939 at a Shell research laboratory in the U.S. as a friendly wager between scientists to see who could get the most miles per gallon from their vehicle. The winner of that contest barely achieved 50 mpg (21 km/l), and from these humble origins, a more organized competition evolved. In 1985 in France, the Shell Eco-marathon as we know it today was born. In April 2007, the Shell Eco-marathon Americas event was re-launched in the United States, and in 2010, the inaugural Shell Eco-marathon Asia will be held. The full line-up of 2010 Shell Eco-marathon events includes: 4th Shell Eco-marathon Americas: March 26-28, 2010, on a street track around the Discovery Green in Houston, Texas 26th Shell Eco-marathon Europe: May 6-7, 2010, at the EuroSpeedway Lausitz track in Germany 1st Shell Eco-marathon Asia: July 8-10, 2010, at the Sepang International Circuit in Kuala Lumpur, Malaysia Shell Oil Company, including its consolidated companies and its share in equity companies, is one of America's leading oil and natural gas producers, natural gas marketers, gasoline marketers and petrochemical manufacturers. Shell, a leading oil and gas producer in the deepwater Gulf of Mexico, is a recognized pioneer in oil and gas exploration and production technology. Shell Oil Company is an affiliate of the Shell Group, a global group of energy and petrochemical companies, employing approximately 112,000 people and operating in more than 130 countries and territories. Shell Eco-marathon Americas broadcast-quality b-roll and sound are available for download here: www.BaderTV.com/Eco-marathon (user: Houston, password: news). High-resolution images are available at www.shell.com/ecomarathon. Stats from the 2009 Shell Eco-marathon Americas event: More than 500 students from 44 participating teams from across North and South America took part in the 2009 event. The Laval University team of Canada achieved an astonishing 2,757.1 miles per gallon, equivalent to 1,172.2 kilometres per liter, to win the grand prize in the "Prototype" category. In the "Urban Concept" category, a team from Mater Dei High School took the grand prize by achieving 433.3 mpg, equivalent to 184.2 km/l. Teams from Texas who participated in 2009 event: University of Houston, Lamar University and University of Texas, El Paso The Shell Eco-marathon is an educational project that challenges student teams to design and build the most energy-efficient vehicle to compete against each other. The winner is the vehicle that travels the farthest distance using the least amount of energy. Disclaimer statement This announcement contains forward-looking statements concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Royal Dutch Shell to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as ''anticipate'', ''believe'', ''could'', ''estimate'', ''expect'', ''intend'', ''may'', ''plan'', ''objectives'', ''outlook'', ''probably'', ''project'', ''will'', ''seek'', ''target'', ''risks'', ''goals'', ''should'' and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for the Group's products; (c) currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including potential litigation and regulatory effects arising from recategorisation of reserves; (k) economic and financial market conditions in various countries and regions; (l) political risks, project delay or advancement, approvals and cost estimates; and (m) changes in trading conditions. All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of this presentation, May 4, 2006. Neither Royal Dutch Shell nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this document. The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as "oil in place" that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575 and disclosure in our Forms 6-K file No, 1-32575, available on the SEC website www.sec.gov. You can also obtain these forms from the SEC by calling 1-800-SEC-0330. - Shell Oil Company

Nucor Invites You to Join Its Third Quarter of 2009 Conference Call on the Web

Sophia Rhodini — Thu, 22 Oct 2009 08:22:30 +0000

CHARLOTTE, N.C., -- In conjunction with Nucor's (NYSE: NUE) third quarter earnings release, you are invited to listen to its live conference call with host Dan DiMicco, Chairman, President and Chief Executive Officer. The event will be available on the Internet on Thursday, October 22, 2009, at 2 p.m. Eastern Time. What: Nucor's Third Quarter of 2009 Conference Call When: 2 p.m. Eastern Time on Thursday, October 22, 2009 Where: http://www.videonewswire.com/event.asp?id=62422 or at http://www.nucor.com How: Simply log on to the web at either address above Archive: If you are unable to participate during the live Webcast, the archived call will be available after 5:00 p.m. on October 22, 2009 at http://www.nucor.com. Nucor and affiliates are manufacturers of steel products, with operating facilities primarily in the U.S. and Canada. Products produced include: carbon and alloy steel -- in bars, beams, sheet and plate; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; steel fasteners; metal building systems; light gauge steel framing; steel grating and expanded metal; and wire and wire mesh. Nucor, through The David J. Joseph Company, also brokers ferrous and nonferrous metals, pig iron and HBI/DRI; supplies ferro-alloys; and processes ferrous and non-ferrous scrap. Nucor is North America's largest recycler. - Nucor Corporation

Platts Signs Agreement with JYD Commodities Hub to Distribute Its Real-Time Information Service in the Chinese Market

Sophia Rhodini — Thu, 22 Oct 2009 08:23:30 +0000

BEIJING, -- In a move that vastly expands the scope of global energy information available in China, Platts, a division of the McGraw-Hill Companies, has signed an agreement to distribute its proprietary Chinese-language oil information service through JYD Commodities Hub, China's leading commodities information and e-trade service. Effective October 21, JYD will offer Platts China Alert on its internet-based platform to mainland Chinese subscribers. Platts China Alert provides real-time breaking news, price assessments and analysis covering the Chinese and global markets. "Our agreement to distribute Platts China Alert through JYD is part of a strategic partnership that leverages Platts' status as the global leader in energy information with JYD's strength as a cutting-edge information and trading platform in the domestic market," said Platts president Larry Neal. "By harnessing the power of JYD's local resources, we can distribute Platts Global Alert with greater speed and reliability, and bring the benefits of critical oil information to a broader range of energy professionals in China, which has become an increasingly influential player in the global energy markets." JYD President Huang Haixin echoed Mr. Neal's enthusiasm for the two companies' partnership. "I am pleased that JYD can now offer Platts information on our website to the vast Chinese market, which has an eager readership. We have enjoyed close cooperation with Platts for several years, and today's agreement consummates our win-win relationship," he said. Platts China Alert, launched in 2007, is aimed at offering decision-makers in China a holistic understanding of both the domestic and international oil markets. It features key global and domestic price assessments for fuel oil, LPG, gasoil and gasoline; real-time news; refinery maintenance schedule updates, and other market-moving information. Under the agreement, Platts will continue to produce the content for its China Alert and JYD will provide marketing, sales, distribution and customer support services. Platts, the word's leading provider of energy and metals information, is celebrating its 100(th) anniversary this year. Founded in 1909 and headquartered in New York City, Platts serves more than 10,000 global customers through 17 offices worldwide. In China, Platts has been active for more than 25 years, providing news, price assessments and commentary on the global markets through publications such as Platts Oilgram Price Report and real-time services such as Platts Global Alert. Today, Platts publishes price assessments for a number of Chinese domestic petroleum products, and its international price assessments are widely used by Chinese customers as benchmark reference prices for contracts and hedging. JYD was founded in 2004 and offers a comprehensive range of services, including China's leading B2B e-trade platform for oil products and petrochemicals, conference events, and Chinese domestic market information for oil, petrochemicals, steel, coal and other industrial commodities. - Platts

Consumers Energy's Home Energy Analyzer Employs Software From Aclara to Help Customers Understand Power and Gas Usage

Sophia Rhodini — Thu, 22 Oct 2009 08:23:51 +0000

WELLESLEY, Mass. -- Aclara, part of the Utility Solutions Group of ESCO Technologies Inc. (NYSE: ESE) and a leader in Intelligent Infrastructure(TM) solutions for utilities, announced today that Consumers Energy, one of the country's largest combination utilities, employs Aclara's web-based ENERGYprism® software in its recently launched Home Energy Analyzer application. "We believe that Consumers Energy's use of ENERGYprism as the foundation of its Home Energy Analyzer is a testament to the flexibility and scalability of Aclara's software applications," said David Zabetakis, General Manager of Aclara Software Inc. "It took our team only two months to set up the application and make it available to over 2.7 million residential customers." Customers of Consumers Energy who log into the graphics-rich environment of Home Energy Analyzer provide information about the size of their homes, the number of people in their households, and the appliances they use. They then are presented with average costs for each appliance and can see how their usage compares with that of other customers. In addition, customers' total power and gas usage are displayed in pie charts, allowing them to quickly determine how much they are spending for heating, air conditioning, lighting, and other uses. "The Home Energy Analyzer tool will complement our existing portfolio of residential energy efficiency programs, which are designed to help customers take a more proactive approach in controlling their power and natural gas use," said Ted Ykimoff, program manager for the project. "We're focused on working with customers and helping them to get more information about how their homes use energy. The more information that customers have, the more likely they'll choose to invest in products that will help them save energy and save money." The Home Energy Analyzer is available at the Consumers Energy Web site: www.consumersenergy.com. Consumers Energy, the principal subsidiary of CMS Energy (NYSE: CMS), provides electric and natural gas service to nearly 6.5 million of Michigan's 10 million residents, in all 68 counties of Michigan's Lower Peninsula. - Aclara

Shell and the City of Houston Team Up to Bring 2010 Shell Eco-marathon Americas(TM) to Discovery Green

Sophia Rhodini — Thu, 22 Oct 2009 08:24:30 +0000

HOUSTON, -- A stroll around Discovery Green will have a whole new meaning in spring 2010 when walkers, runners and cyclists are replaced by cars of the future, as high school, university, and college students test vehicles they have designed and built to see which can go the farthest distance using the least amount of fuel. Shell and the City of Houston are pleased to announce the Shell Eco-marathon Americas will take place in Houston, March 26-28, 2010. "Bringing the Shell Eco-marathon to our home town of Houston provides the student teams with an all-new setting to stretch the boundaries of fuel efficiency," said Marvin Odum, President, Shell Oil Company. "The Shell Eco-marathon offers young people interested in technology, energy, and transportation a unique, hands-on opportunity to showcase their innovations. We look forward to seeing these vehicles on the Houston street course. This is a spectator event this year; I encourage student teams to register and many to come watch and get a glimpse of the future." The move to Houston marks two firsts for the event, which has been held in Southern California since its launch in the Americas in 2007. In addition to the new location, the event will, for the first time, take place on a street course, showcasing the exciting student innovations and futuristic vehicles on a more realistic stage. "Houston is proud to play host to the young people using their intelligence and creativity to tackle the great question of how we harness natural resources for our energy needs, while protecting the environment," said Mayor Bill White. "We welcome these researchers to Houston, a place that appreciates their talents." Shell Eco-marathon student teams create fuel efficient cars in two categories: "Prototype," which focuses on streamlined vehicles that maximize fuel efficiency through innovative design elements, such as drag reduction, and "Urban Concept," which focuses on more "roadworthy" fuel-efficient vehicles that are closer in appearance to the higher-mileage cars seen on roads today. For both categories, teams can use any conventionally available energy source - including fuels such as diesel, gasoline and liquid petroleum gas, as well as alternative fuels such as hydrogen, biomass and solar. The Shell Eco-marathon began in 1939 at a Shell research laboratory in the U.S. as a friendly wager between scientists to see who could get the most miles per gallon from their vehicle. The winner of that contest barely achieved 50 mpg (21 km/l), and from these humble origins, a more organized competition evolved. In 1985 in France, the Shell Eco-marathon as we know it today was born. In April 2007, the Shell Eco-marathon Americas event was re-launched in the United States, and in 2010, the inaugural Shell Eco-marathon Asia will be held. Registration for the 2010 Shell Eco-marathon Americas is now open. Official rules, instructions for registration and details on prizes, are available on the Shell Eco-marathon Web site at www.shell.com/ecomarathon. Shell Oil Company, including its consolidated companies and its share in equity companies, is one of America's leading oil and natural gas producers, natural gas marketers, gasoline marketers and petrochemical manufacturers. Shell, a leading oil and gas producer in the deepwater Gulf of Mexico, is a recognized pioneer in oil and gas exploration and production technology. Shell Oil Company is an affiliate of the Shell Group, a global group of energy and petrochemical companies, employing approximately 112,000 people and operating in more than 130 countries and territories. Shell Eco-marathon Americas broadcast-quality b-roll and sound are available for download here: www.BaderTV.com/Eco-marathon (user: Houston, password: news). High-resolution images are available at www.shell.com/ecomarathon. Stats from the 2009 Shell Eco-marathon Americas event: More than 500 students from 44 participating teams from across North and South America took part in the 2009 event. The Laval University team of Canada achieved an astonishing 2,757.1 miles per gallon, equivalent to 1,172.2 kilometres per liter, to win the grand prize in the "Prototype" category. In the "Urban Concept" category, a team from Mater Dei High School took the grand prize by achieving 433.3 mpg, equivalent to 184.2 km/l. Teams from Texas who participated in 2009 event: University of Houston, Lamar University and University of Texas, El Paso The Shell Eco-marathon is an educational project that challenges student teams to design and build the most energy-efficient vehicle to compete against each other. The winner is the vehicle that travels the farthest distance using the least amount of energy. Disclaimer statement This announcement contains forward-looking statements concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Royal Dutch Shell to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as ''anticipate'', ''believe'', ''could'', ''estimate'', ''expect'', ''intend'', ''may'', ''plan'', ''objectives'', ''outlook'', ''probably'', ''project'', ''will'', ''seek'', ''target'', ''risks'', ''goals'', ''should'' and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for the Group's products; (c) currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including potential litigation and regulatory effects arising from recategorisation of reserves; (k) economic and financial market conditions in various countries and regions; (l) political risks, project delay or advancement, approvals and cost estimates; and (m) changes in trading conditions. All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of this presentation, May 4, 2006. Neither Royal Dutch Shell nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this document. The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as "oil in place" that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575 and disclosure in our Forms 6-K file No, 1-32575, available on the SEC website www.sec.gov. You can also obtain these forms from the SEC by calling 1-800-SEC-0330. - Shell Oil Company

Operations Resumed at Buenaventura's Mines

Sophia Rhodini — Thu, 22 Oct 2009 08:24:54 +0000

LIMA, Peru, -- Compania de Minas Buenaventura S.A.A. ("the Company" or "Buenaventura") (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru's largest publicly-traded precious metals mining company announced today that operations have resumed at the Company's two operating units, Orcopampa and Uchucchacua, after the conclusion of a 48-hour strike by the National Mining Federation. It is important to note that the strike only affected production at the Uchucchacua mine. Company Description Compania de Minas Buenaventura S.A.A. is Peru's largest, publicly-traded precious metals company and a major holder of mining rights in Peru. The Company is engaged in the mining, processing, development and exploration of gold and silver and other metals via wholly-owned mines as well as through its participation in joint exploration projects. Buenaventura currently operates several mines in Peru (Orcopampa, Uchucchacua, Antapite, Julcani, Recuperada and Caraveli) and also has controlling interests in two mining companies (CEDIMIN and El Brocal) as well as a minority interest in several other mining companies in Peru. The Company owns 43.65% in Minera Yanacocha S.R.L. (a partnership with Newmont Mining Corporation), an important precious metal producer, and 19.22% in Sociedad Minera Cerro Verde, an important Peruvian copper producer. To request a printed version of the Company's 2008 annual report on 20-F form contact the persons indicated above. Cautionary Statement This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the safe harbor created by such sections. Such forward-looking statements include, without limitation, statements regarding future mining or permitting activities. Where Buenaventura expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include those concerning the Company's, Yanacocha's and Cerro Verde´s costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries' plans for capital expenditures, estimates of reserves and Peruvian political, economical, legal and social developments. For a more detailed discussion of such risks and other factors, see the company's 2006 Annual Report on Form 20-F, which is on file with the Securities and Exchange Commission, as well as the company's other SEC filings. Buenaventura does not undertake any obligation to release publicly revisions to any "forward-looking statement," to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. - Compania de Minas Buenaventura S.A.A.

Weststar Commences Drill Program On Axe Property

Sophia Rhodini — Thu, 22 Oct 2009 08:25:59 +0000

VANCOUVER, - Weststar Resources Corp. (TSX-V: WER) (the "Company") is pleased to announce the commencement of drilling operations on the Axe project, an advanced stage project with a known historical porphyry copper resource. The property consists of 21 mineral claims (119 claim units), located in the Similkameen Mining Division, 20 km north of Princeton, British Columbia. More Core Diamond Drilling Services Ltd. is currently drilling HQ size diamond drill holes aimed at both potentially updating a resource estimate for the South Zone, as well as step out drilling from gold mineralization previously encountered in the West Zone during the Company's 2006-2007 drilling program. The Company is particularly interested in the Area around diamond drill hole A06-05. Earlier reporting has listed gold values from drill hole A06-05 with 49.5 meters grading 1.29 g/t Au. including 3 meters grading 9.64g/t Au. Core recoveries within the above drill hole have been shown to be poor and therefore the purpose of the 2009 drilling is to more clearly define the above mineralization. The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the Company by Stuart Fraser, PGeol, a qualified person. - Weststar Resources Corp.

Lennox International Reports Third Quarter Results

Sophia Rhodini — Thu, 22 Oct 2009 08:27:36 +0000

- Adjusted EPS from continuing operations $0.72, and GAAP EPS from continuing operations $0.59 - Generated record $118 million in free cash flow, up 18% - Narrowing 2009 revenue guidance from down 17-19% to down approximately 19% - Narrowing 2009 adjusted EPS from continuing operations guidance from $1.65-$1.80 to a range of $1.65-$1.70; GAAP guidance from continuing operations now $1.31-$1.36 Download image DALLAS, -- Lennox International Inc. (NYSE: LII) today reported financial results for the third quarter of 2009. Revenue for the third quarter was $750 million, 22% below the prior-year quarter. Excluding the negative impact of foreign exchange, revenue would have been down 20%. Diluted earnings per share from continuing operations on an adjusted basis, a non-GAAP measure, was $0.72, compared to $1.10 in the record third quarter a year ago. Diluted earnings per share from continuing operations on a GAAP basis was $0.59, compared to $0.96 in the year-ago quarter. "The company's strong operational execution led to record free cash flow generation of $118 million in the third quarter, up 18% from a year ago, and gross margin improved 170 basis points," said Todd Bluedorn, Chief Executive Officer. "The cost reduction actions we have taken over the last year are providing significant benefit, and additional restructuring activities are underway. As expected, end market conditions continued to be difficult in the third quarter, and commercial markets were down significantly. While residential and refrigeration markets were also down from a year ago, we saw the rate of decline slow in the third quarter. Looking ahead, we remain focused on further lowering our cost structure and executing on our strategic initiatives to drive increased earnings leverage as markets recover." (Note: See attached schedules for financial details, reconciliations of non-GAAP financial measures, and a description of adjusting items.) FINANCIAL HIGHLIGHTS Revenue: Revenue for the third quarter was $750 million, 22% below the prior-year quarter. Excluding the negative impact of foreign exchange, revenue would have been down 20%. Lower volume across all business segments impacted revenue. Price and mix were flat with the year-ago quarter. Gross Profit: Gross profit for the third quarter was $223 million, down 17% from $269 million in the year-ago quarter. Gross margin was 29.8% compared to 28.1% in the year-ago quarter, up 170 basis points. Gross margin benefited primarily from lower component and commodity costs, as well as savings from manufacturing rationalization. Income from Continuing Operations: Adjusted income from continuing operations in the third quarter was $41.1 million, or $0.72 diluted earnings per share, compared to $62.7 million, or $1.10 diluted earnings per share in the third quarter of 2008. Adjusted income from continuing operations for the third quarter of 2009 excludes an $8.2 million after-tax charge from restructuring activities and a $0.8 million after-tax gain from the net change in unrealized gains on open futures contracts and other items, net. On a GAAP basis, income from continuing operations for the third quarter of 2009 was $33.7 million, or $0.59 diluted earnings per share, compared to $54.8 million, or $0.96 diluted earnings per share in the prior-year quarter. New restructuring activity in the third quarter of 2009 includes a significant headcount reduction at the Europe HVAC manufacturing facility in Mions, France, and the transfer of Commercial rooftop production to the Longvic, France, facility. The company expects total charges of approximately $9.7 million, including $7.5 million taken in the third quarter. In addition, in Residential, the company is relocating the headquarters and other operations of its Hearth business in California to Tennessee. The company expects total restructuring charges of approximately $4.3 million, including $1.2 million taken in the third quarter. Annualized savings of approximately $6 million are expected upon completion of both projects in the first half of 2010. In the third quarter, the company had a loss from discontinued operations of $2.7 million after-tax ($2.1 million impairment), or $0.05 diluted earnings per share, as a result of plans to exit the business of five unprofitable Service Experts centers. Free Cash Flow and Total Debt: Net cash provided by operations in the third quarter was $131 million compared to $116 million in the prior-year quarter. The company invested approximately $13 million in capital assets resulting in free cash flow of $118 million for the quarter, compared to $100 million in the year-ago quarter. Total debt at the end of September 2009 was $201 million after the company paid down $119 million in the quarter. Total cash, cash equivalents and short-term investments were $102 million. BUSINESS SEGMENT HIGHLIGHTS Residential Heating & Cooling Third quarter 2009 revenue from the Residential Heating & Cooling business segment was $347 million, a decrease of 16% from $414 million in the year-ago quarter. Excluding the negative effect of foreign exchange, revenue would have been down 15%. Segment profit was $39 million and segment profit margin was 11.2%, compared to segment profit of $55 million and segment profit margin of 13.4% a year ago. Results were impacted by lower volume and mix, with offsets from lower component and commodity costs, and SG&A salaried headcount savings. Product pricing was flat. Commercial Heating & Cooling Revenue in the Commercial Heating & Cooling business segment was $154 million, down 39% from $251 million in the year-ago quarter. Excluding the negative effect of foreign exchange, revenue would have been down 36%. Total segment profit was $17 million and segment profit margin was 11.1%, compared to segment profit of $40 million and segment profit margin of 16.0% in the year-ago quarter. Results were impacted by lower volume, with offsets from favorable product mix, lower component and commodity costs, and SG&A reductions. Product pricing was flat. Service Experts Revenue in the Service Experts business segment was $137 million in the third quarter, down 11% from $154 million in the year-ago quarter. Excluding the negative impact of foreign exchange, revenue would have been down 9%. Segment profit was $8 million and segment profit margin was 5.7%, compared to segment profit of $5 million and segment profit margin of 2.9% in the year-ago quarter. Results were impacted by lower volume, with offsets from SG&A savings, higher technician productivity, and lower fuel costs. Refrigeration Revenue in the Refrigeration business segment was $134 million in the third quarter, down 18% from $163 million in the prior-year quarter. Excluding the negative impact of foreign exchange, revenue would have been down 15%. Segment profit was $17 million and segment profit margin was 12.6%, compared to segment profit of $17 million and segment profit margin of 10.3% in the third quarter a year ago. Results were impacted by lower volume, with offsets from lower component and commodity costs, lower SG&A expenses, and savings from manufacturing rationalization. Pricing was favorable compared to the third quarter a year ago. FULL-YEAR OUTLOOK The company is narrowing its 2009 guidance for revenue and adjusted EPS from continuing operations. Narrowing 2009 revenue guidance from down 17-19% to down approximately 19%, including a negative 2 point impact from foreign exchange. Narrowing 2009 adjusted EPS from continuing operations guidance from $1.65-$1.80 to a range of $1.65-$1.70. Updating 2009 GAAP EPS from continuing operations guidance from $1.38-$1.53 to a range of $1.31-$1.36, reflecting the narrower adjusted EPS guidance range and additional restructuring charges. Reiterating corporate expense guidance of approximately $60 million for 2009. Lowering 2009 capital spending guidance from approximately $75 million to $65 million. CONFERENCE CALL INFORMATION A conference call to discuss the company's third quarter results will be held this morning at 9:30 a.m. Central time. To listen, please call the conference call line at 651-291-5254 at least 10 minutes prior to the scheduled start time and use reservation number 117174. This conference call will also be webcast on Lennox International's web site at http://www.lennoxinternational.com. A replay will be available from 12:00 p.m. Central time on October 21 through October 28, 2009, by dialing 800-475-6701 (U.S.) or 320-365-3844 (international) and using access code 117174. This call will also be archived on the company's web site. Through its subsidiaries, Lennox International Inc. is a global leader in the heating, air conditioning, and refrigeration markets. Lennox International stock is traded on the New York Stock Exchange under the symbol "LII." Additional information is available at: http://www.lennoxinternational.com or by contacting Steve Harrison, Vice President, Investor Relations, at 972-497-6670. The statements in this news release that are not historical statements, including statements regarding expected financial results for 2009, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to numerous risks and uncertainties, many of which are beyond LII's control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: the impact of higher raw material prices, LII's ability to implement price increases for its products and services, the impact of unfavorable weather, and a decline in new construction activity in the demand for products and services that could cause actual results to differ materially from such statements. For information concerning these and other risks and uncertainties, see LII's publicly available filings with the Securities and Exchange Commission. LII disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. LENNOX INTERNATIONAL INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in millions, except per share data) For the For the Quarters Nine Months Ended Ended September 30, September 30, ------------ ------------ 2009 2008 2009 2008 ---- ---- ---- ---- NET SALES $749.5 $959.9 $2,114.0 $2,702.8 COST OF GOODS SOLD 526.4 690.6 1,525.7 1,967.7 ----- ----- ------- ------- Gross profit 223.1 269.3 588.3 735.1 OPERATING EXPENSES: Selling, general and administrative expenses 158.4 168.6 477.8 535.0 (Gains) losses and other expenses, net (2.1) 3.2 (2.3) (4.8) Restructuring charges 11.5 8.4 27.4 18.9 Impairment of equity method investment - - - 2.3 Income from equity method investments (2.4) (2.0) (5.6) (8.0) ---- ---- ---- ---- Operational income from continuing operations 57.7 91.1 91.0 191.7 INTEREST EXPENSE, net 2.2 3.9 6.1 10.7 OTHER EXPENSE, net 0.1 0.1 0.2 0.2 --- --- --- --- Income from continuing operations before income taxes 55.4 87.1 84.7 180.8 PROVISION FOR INCOME TAXES 21.7 32.3 32.8 68.9 ---- ---- ---- ---- Income from continuing operations $33.7 $54.8 $51.9 $111.9 DISCONTINUED OPERATIONS: Loss (income) from discontinued operations 2.9 (0.1) 10.2 (0.5) Income tax benefit (0.2) - (3.0) - ---- --- ---- --- Loss (income) from discontinued operations 2.7 (0.1) 7.2 (0.5) --- ---- --- ---- Net income $31.0 $54.9 $44.7 $112.4 ===== ===== ===== ====== EARNINGS PER SHARE - BASIC: Income from continuing operations $0.60 $0.99 $0.94 $1.96 Loss from discontinued operations (0.05) - (0.13) - ----- ---- ----- --- Net income $0.55 $0.99 $0.81 $1.96 ===== ===== ===== ===== EARNINGS PER SHARE - DILUTED: Income from continuing operations $0.59 $0.96 $0.92 $1.89 (Loss) income from discontinued operations (0.05) - (0.13) 0.01 ----- --- ----- ---- Net income $0.54 $0.96 $0.79 $1.90 ===== ===== ===== ===== AVERAGE SHARES OUTSTANDING: Basic 55.8 55.3 55.5 57.2 Diluted 57.1 57.0 56.3 59.1 CASH DIVIDENDS DECLARED PER SHARE $0.14 $0.14 $0.42 $0.42 LENNOX INTERNATIONAL INC. AND SUBSIDIARIES SEGMENT NET SALES AND PROFIT (Unaudited, in millions) For the For the Quarters Nine Months Ended Ended September 30, September 30, ------------ ------------ 2009 2008 2009 2008 ---- ---- ---- ---- Net Sales Residential Heating & Cooling $347.1 $414.0 $972.7 $1,193.9 Commercial Heating & Cooling 154.4 251.4 448.6 646.1 Service Experts 137.3 154.0 389.0 449.9 Refrigeration 133.6 162.9 369.4 486.8 Eliminations (A) (22.9) (22.4) (65.7) (73.9) ----- ----- ----- ----- $749.5 $959.9 $2,114.0 $2,702.8 ====== ====== ======== ======== Segment Profit (Loss) (B) Residential Heating & Cooling $39.0 $55.3 $73.5 $118.5 Commercial Heating & Cooling 17.1 40.3 38.4 73.2 Service Experts 7.9 4.5 9.6 10.6 Refrigeration 16.8 16.7 32.9 48.9 Corporate and other (13.4) (16.3) (42.0) (37.2) Eliminations (A) 0.2 1.6 (0.2) (0.4) --- --- ---- ---- Subtotal that includes segment profit and eliminations 67.6 102.1 112.2 213.6 Reconciliation to income from continuing operations before income taxes: (Gains) losses and other expenses, net of gain on sale of fixed assets (1.6) 3.1 (1.7) (4.6) Restructuring charges 11.5 8.4 27.4 18.9 Impairment of equity method investment - - - 2.3 Interest expense, net 2.2 3.9 6.1 10.7 Other expense, net 0.1 0.1 0.2 0.2 Less: Realized (losses) gains on settled derivative contracts (0.4) - (3.6) 1.0 Less: Foreign currency exchange gains (losses) 0.4 (0.5) (0.9) 4.3 --- ---- ---- --- Income from continuing operations before income taxes $55.4 $87.1 $84.7 $180.8 ===== ===== ===== ====== (A) Eliminations consist of intercompany sales between business segments, such as products sold to Service Experts by the Residential Heating & Cooling segment. (B) The Company defines segment profit and loss as a segment's income or loss from continuing operations before income taxes included in the accompanying Consolidated Statements of Operations: Excluding: - Gains and/or losses and other expenses, net except for gains and/or losses on the sale of fixed assets. - Restructuring charges. - Goodwill and equity method investment impairments. - Interest expense, net. - Other expense, net. Less amounts included in (Gains) Losses and Other Expenses, net: - Realized gains and/or losses on settled derivative contracts. - Foreign currency exchange gains and/or losses. LENNOX INTERNATIONAL INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions, except share and per share data) As of As of September 30, December 31, 2009 2008 --------- -------- (unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $101.9 $122.1 Short-term investments - 33.4 Accounts and notes receivable, net 387.3 363.4 Inventories, net 274.6 297.3 Deferred income taxes 9.5 24.2 Other assets 51.9 94.8 ---- ---- Total current assets 825.2 935.2 PROPERTY, PLANT AND EQUIPMENT, net 329.9 329.4 GOODWILL 253.1 232.3 DEFERRED INCOME TAXES 104.9 113.5 OTHER ASSETS, net 49.5 49.1 ---- ---- TOTAL ASSETS $1,562.6 $1,659.5 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Short-term debt $5.6 $6.1 Current maturities of long-term debt 35.6 0.6 Accounts payable 279.7 234.1 Accrued expenses 315.4 331.5 Income taxes payable - 3.7 --- --- Total current liabilities 636.3 576.0 LONG-TERM DEBT 159.9 413.7 POSTRETIREMENT BENEFITS, OTHER THAN PENSIONS 11.9 12.5 PENSIONS 101.7 107.7 OTHER LIABILITIES 75.3 91.0 ---- ---- Total liabilities 985.1 1,200.9 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Preferred stock, $.01 par value, 25,000,000 shares authorized, no shares issued or outstanding - - Common stock, $.01 par value, 200,000,000 shares authorized, 85,193,639 shares and 84,215,904 shares issued for 2009 and 2008, respectively 0.9 0.8 Additional paid-in capital 831.9 805.6 Retained earnings 560.1 538.8 Accumulated other comprehensive loss (24.5) (98.8) Treasury stock, at cost, 29,223,965 shares and 29,109,058 shares for 2009 and 2008, respectively (790.9) (787.8) ------ ------ Total stockholders' equity 577.5 458.6 ----- ----- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,562.6 $1,659.5 ======== ======== LENNOX INTERNATIONAL INC. AND SUBSIDIARIES Reconciliation to U.S. GAAP (Generally Accepted Accounting Principles) Measures (Unaudited, in millions, except per share and ratio data) Reconciliation of Income From Continuing Operations to Adjusted Income From Continuing Operations For the Quarter Ended September 30, 2009 ---------------------------------------- Net Change in Unrealized Gains on Open Futures Contracts As and Other Restructuring As Reported Items, Net Charges Adjusted --------- ---------- -------------- -------- NET SALES $749.5 $- $- $749.5 COST OF GOODS SOLD 526.4 - - 526.4 ----- --- --- ----- Gross Profit 223.1 - - 223.1 OPERATING EXPENSES: Selling, general and administrative expenses 158.4 - - 158.4 (Gains) losses and other expenses, net(1) (2.1) 1.4 - (0.7) Restructuring charges 11.5 - (11.5) - Income from equity method investments (2.4) - - (2.4) ---- --- --- ---- Operational income (loss) from continuing operations 57.7 (1.4) 11.5 67.8 INTEREST EXPENSE, net 2.2 - - 2.2 OTHER EXPENSE, net 0.1 - - 0.1 --- --- --- --- Income (loss) from continuing operations before income taxes 55.4 (1.4) 11.5 65.5 PROVISION FOR (BENEFIT FROM) INCOME TAXES 21.7 (0.6) 3.3 24.4 ---- ---- --- ---- Income (loss) from continuing operations $33.7 $(0.8) $8.2 $41.1 ===== ===== ==== ===== EARNINGS (LOSS) PER SHARE FROM CONTINUING OPERATIONS - DILUTED $0.59 $(0.01) $0.14 $0.72 ===== ====== ===== ===== Note: Management uses adjusted income from continuing operations, which is not defined by U.S. GAAP, to measure the Company's operating performance and to analyze period-over-period changes in operating income with and without the effects of certain (gains) losses and other expenses, net, impairment of equity method investment and restructuring charges. Management believes that excluding these effects is helpful in assessing the overall performance of the Company. (1) (Gains) losses and other expenses, net include the following: For the Quarter Ended September 30, 2009 ---------------------------------------- Pre-tax Tax After-tax Loss (Benefit) Loss (Gain) Provision (Gain) ------- --------- --------- Realized losses on settled futures contracts $0.4 $(0.2) $0.2 Net change in unrealized gains on open futures contracts (1.2) 0.5 (0.7) Foreign currency exchange gain (0.4) 0.1 (0.3) Discount fee on accounts sold 0.1 - 0.1 Gain on disposal of fixed assets (0.5) 0.2 (0.3) Realized gain on marketable securities (0.3) 0.1 (0.2) Other items, net (0.2) 0.1 (0.1) ---- --- ---- (Gains) losses and other expenses, net $(2.1) $0.8 $(1.3) ===== ==== ===== For the Quarter Ended September 30, 2008 ---------------------------------------- Net Change in Unrealized Losses on Open Futures Contracts As and Other Restructuring As Reported Items, Net Charges Adjusted ----------- ----------- -------------- -------- NET SALES $959.9 $- $- $959.9 COST OF GOODS SOLD 690.6 - - 690.6 ----- --- --- ----- Gross Profit 269.3 - - 269.3 OPERATING EXPENSES: Selling, general and administrative expenses 168.6 - - 168.6 Losses (gains) and other expenses, net(2) 3.2 (2.7) - 0.5 Restructuring charges 8.4 - (8.4) - Impairment of equity method investment - - - - Income from equity method investments (2.0) - - (2.0) ---- --- --- ---- Operational income from continuing operations 91.1 2.7 8.4 102.2 INTEREST EXPENSE, net 3.9 - - 3.9 OTHER EXPENSE, net 0.1 - - 0.1 --- --- --- --- Income from continuing operations before income taxes 87.1 2.7 8.4 98.2 PROVISION FOR INCOME TAXES 32.3 1.0 2.2 35.5 ---- --- --- ---- Income from continuing operations $54.8 $1.7 $6.2 $62.7 ===== ==== ==== ===== EARNINGS PER SHARE FROM CONTINUING OPERATIONS - DILUTED $0.96 $0.03 $0.11 $1.10 ===== ===== ===== ===== (2) Losses (gains) and other expenses, net include the following: For the Quarter Ended September 30, 2008 ---------------------------------------- Tax Pre-tax (Benefit) After-tax Loss (Gain) Provision Loss (Gain) ---------- --------- ---------- Net change in unrealized losses on open futures contracts $2.8 $(1.0) $1.8 Foreign currency exchange loss 0.5 (0.3) 0.2 Other items, net (0.1) - (0.1) ---- --- ---- Losses (gains) and other expenses, net $3.2 $(1.3) $1.9 ==== ===== ==== For the Year-to-Date Period Ended September 30, 2009 ---------------------------------------------------- Net Change in Unrealized Gains on Open Futures Contracts As and Other Restructuring As Reported Items, Net Charges Adjusted ---------- ----------- ------------- --------- NET SALES $2,114.0 $- $- $2,114.0 COST OF GOODS SOLD 1,525.7 - - 1,525.7 ------- --- --- ------- Gross Profit 588.3 - - 588.3 OPERATING EXPENSES: Selling, general and administrative expenses 477.8 - - 477.8 (Gains) losses and other expenses, net(3) (2.3) 6.2 - 3.9 Restructuring charges 27.4 - (27.4) - Income from equity method investments (5.6) - - (5.6) ---- --- --- ---- Operational income (loss) from continuing operations 91.0 (6.2) 27.4 112.2 INTEREST EXPENSE, net 6.1 - - 6.1 OTHER EXPENSE, net 0.2 - - 0.2 --- --- --- --- Income (loss) from continuing operations before income taxes 84.7 (6.2) 27.4 105.9 PROVISION FOR (BENEFIT FROM) INCOME TAXES 32.8 (2.3) 8.3 38.8 ---- ---- --- ---- Income (loss) from continuing operations $51.9 $(3.9) $19.1 $67.1 ===== ===== ===== ===== EARNINGS (LOSS) PER SHARE FROM CONTINUING OPERATIONS - DILUTED $0.92 $(0.07) $0.34 $1.19 ===== ====== ===== ===== (3) (Gains) losses and other expenses, net include the following: For the Year-to-Date Period Ended September 30, 2009 --------------------------------- Pre-tax Tax (Benefit) After-tax Loss (Gain) Provision Loss (Gain) ---------- ------------ ---------- Realized losses on settled futures contracts $3.6 $(1.3) $2.3 Net change in unrealized gains on open futures contracts (6.4) 2.3 (4.1) Foreign currency exchange loss 0.9 (0.5) 0.4 Discount fee on accounts sold 0.3 (0.1) 0.2 Gain on disposal of fixed assets (0.6) 0.2 (0.4) Realized gain on marketable securities (0.3) 0.1 (0.2) Other items, net 0.2 - 0.2 --- --- --- (Gains) losses and other expenses, net $(2.3) $0.7 $(1.6) ===== ==== ===== For the Year-to-Date Period Ended September 30, 2008 ---------------------------------------------------- Net Change in Unrealized Losses on Open Futures Contracts Impairment and of Other Equity As Items, Restructuring Method As Reported Net Charges Investment Adjusted -------- --- ------------ ---------- -------- NET SALES $2,702.8 $- $- $- $2,702.8 COST OF GOODS SOLD 1,967.7 - - - 1,967.7 ------- --- --- --- ------- Gross Profit 735.1 - - - 735.1 OPERATING EXPENSES: Selling, general and administrative expenses 535.0 - - - 535.0 (Gains) losses and other expenses, net(4) (4.8) (0.7) - - (5.5) Restructuring charges 18.9 - (18.9) - - Impairment of equity method investment 2.3 - - (2.3) - Income from equity method investments (8.0) - - - (8.0) ---- --- --- --- ---- Operational income from continuing operations 191.7 0.7 18.9 2.3 213.6 INTEREST EXPENSE, net 10.7 - - - 10.7 OTHER EXPENSE, net 0.2 - - - 0.2 --- --- --- --- --- Income from continuing operations before income taxes 180.8 0.7 18.9 2.3 202.7 PROVISION FOR INCOME TAXES 68.9 0.2 5.9 - 75.0 ---- --- --- --- ---- Income from continuing operations $111.9 $0.5 $13.0 $2.3 $127.7 ====== ==== ===== ==== ====== EARNINGS PER SHARE FROM CONTINUING OPERATIONS - DILUTED $1.89 $0.01 $0.22 $0.04 $2.16 ===== ===== ===== ===== ===== (4) (Gains) losses and other expenses, net include the following: For the Year-to-Date Period Ended September 30, 2008 ---------------------------------- Tax Pre-tax Provision After-tax (Gain) Loss (Benefit) (Gain) Loss ----------- --------- ----------- Realized gains on settled futures contracts $(1.0) $0.4 $(0.6) Net change in unrealized gains on open futures contracts 0.4 (0.1) 0.3 Foreign currency exchange gain (4.3) - (4.3) Gain on disposal of fixed assets (0.2) 0.1 (0.1) Other items, net 0.3 (0.1) 0.2 --- ---- --- (Gains) losses and other expenses, net $(4.8) $0.3 $(4.5) ===== ==== ===== Reconciliation of Estimated Adjusted to GAAP Income per Share from Continuing Operations - Diluted For the Year Ended December 31, 2009 ESTIMATED --------- Adjusted income per share from continuing operations - diluted $1.65 - $1.70 Restructuring charges (0.41) Net change in unrealized gains on open futures contracts and other items, net 0.07 ---- GAAP income per share from continuing operations - diluted $1.31 - $1.36 =============== Free Cash Flow For the For the For the For the Year-to-Date Year-to-Date Quarter Quarter Period Period Ended Ended Ended Ended September 30, September 30, September 30, September 30, 2009 2008 2009 2008 ----------- ------------ ------------ ------------ Net cash provided by operating activities $130.6 $116.2 $213.3 $139.8 Purchase of property, plant and equipment (12.3) (15.8) (33.9) (38.3) ----- ----- ----- ----- Free cash flow $118.3 $100.4 $179.4 $101.5 ====== ====== ====== ====== Operational Working Capital September 30, September 30, 2009 2008 September 30, Trailing September 30, Trailing 2009 12 Mo. Avg. 2008 12 Mo. Avg. ------------- ---------- ------------ ---------- Accounts and Notes Receivable, Net $387.3 $542.7 Asset Securitization 30.0 - Allowance for Doubtful Accounts 20.4 18.5 ---- ---- Accounts and Notes Receivable, Gross 437.7 $422.0 561.2 $546.6 %

Gulf Resources Approved to List on the NASDAQ Global Select Market

Sophia Rhodini — Thu, 22 Oct 2009 08:27:47 +0000

NEW YORK and SHANDONG, China, -- Gulf Resources, Inc. (OTC Bulletin Board: GRUS; Nasdaq: GFRE) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced it has received approval to list its common stock on the NASDAQ Global Select Market. The Company will trade on NASDAQ under the ticker symbol "GFRE." Until such time, the Company's common stock will continue to trade on the Over the Counter Bulletin Board under the ticker symbol "GRUS." The Company will provide additional information regarding the trading start shortly. "We are very proud to be approved to list on the NASDAQ Global Select Market. As a high-growth company, Gulf Resources is a good match for this prestigious stock market," said Mr. Liu. "Moving from the OTC BB to NASDAQ is a major milestone for Gulf Resources. It is an important endorsement of our integrity as a public company and helps us build credibility with our customers, partners, and investors." Forward-Looking Statements Certain statements in this news release contain forward-looking information about Gulf Resources and its subsidiaries business and products within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. The actual results may differ materially depending on a number of risk factors including, but not limited to, the general economic and business conditions in the PRC, future product development and production capabilities, shipments to end customers, market acceptance of new and existing products, additional competition from existing and new competitors for bromine and other oilfield and power production chemicals, changes in technology, the ability to make future bromine asset purchases, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks factors detailed in the Company's reports filed with the Securities and Exchange Commission. Gulf Resources undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release. - Gulf Resources, Inc.

Lilly Surpasses Energy Efficiency Goals and Celebrates Worldwide Energy Day

Sophia Rhodini — Thu, 22 Oct 2009 08:28:46 +0000

INDIANAPOLIS, -- More than 25 Eli Lilly and Company (NYSE: LLY) facilities around the world today will celebrate "Energy Day," which is a new corporate sustainability effort designed to educate Lilly employees about the company's latest energy reduction goals and to encourage sustainable behaviors. Lilly reached the energy goal it previously set two years early. Over a five-year period, from 2004 to 2008, Lilly has: Improved energy intensity (in energy used per dollar of sales) by more than 35 percent and reduced absolute energy use by 5.8 percent Cut absolute greenhouse gas emissions by 4.4 percent Lilly's new goal for the year 2013 is to improve energy efficiency and reduce the corresponding greenhouse gas emissions by 15 percent. In order to meet its goal, the company is pursuing energy efficiency projects and engaging employees to identify opportunities for continued improvement. "Lilly is committed to making high-quality medicines responsibly, which includes minimizing our natural resource use and lessening our impact on the environment," said Greg Spratt, advisor of environmental sustainability at Lilly. "Our employees are eager to become more engaged and involved in protecting our environment, and we are leveraging that commitment in order to help the company meet its aggressive energy goal." Since 2006, the company has invested $23 million in energy and waste reduction projects across the globe. Upon completion of these projects, Lilly estimates that it will save 640,000 mm BTUs of energy and reduce its greenhouse gas emissions by nearly 85,000 metric tons - the equivalent of the electricity used by 11,789 homes in one year and the amount of greenhouse gas emissions generated by burning 444 railcars of coal. Lilly's global sites will celebrate Energy Day in a variety of ways, including increased use of public transportation for commuting, interactive exhibits, and contests for generating new energy saving ideas. Employees working at Lilly's corporate headquarters in Indianapolis will have an opportunity to tour one of the two "green roofs" that were recently installed as pilot sustainability projects to improve the energy efficiency of the building and to reduce storm water run-off. Lilly's energy reduction efforts are part of the company's overall environmental goals, which also include aggressive reductions in water intake (25 percent) and waste to landfill (40 percent). More information about Lilly's sustainability goals can be found at http://www.lilly.com/responsibility/health/. - Eli Lilly and Company

Verenium and VPP Sign Agreement to Test C5 Cellulosic Technology on Pulping Feedstocks for the Production of Ethanol

Sophia Rhodini — Thu, 22 Oct 2009 08:29:54 +0000

--First step in creating new, adjacent market opportunity-- CAMBRIDGE, Mass., -- Verenium Corporation (Nasdaq: VRNM), a pioneer in the development of next-generation cellulosic ethanol and high-performance specialty enzymes, today announced that it has entered into an agreement with Value Prior to Pulping (VPP), an organization created by the Agenda 2020 Technology Alliance, a special project of the American Forest and Paper Association, and CleanTech Partners, Inc., to test the effectiveness of Verenium's C5 technology for the creation of cellulosic ethanol from the hemicelluloses generated by the pulp and paper process, creating higher value products without negatively impacting paper quality. VPP is funded by the U.S. Department of Energy (DOE), the State of Wisconsin and several large forest products companies. "We are pleased to be partnering with VPP and enthusiastic for the opportunity to explore the potential of our C5 technology to create biofuels from feedstocks sourced from the pulping process," said Gregory Powers, Executive Vice President of Research and Development of Vereni

OM Group To Issue 2009 Third Quarter Results on November 5, 2009

Sophia Rhodini — Thu, 22 Oct 2009 08:30:22 +0000

CLEVELAND, -- OM Group, Inc. (NYSE: OMG) today announced that it plans to release its 2009 third quarter results before the market opens on November 5, 2009. The press release will be available on the Investor Relations section of the OMG website at http://investor.omgi.com. The company plans to discuss these results on a conference call at 10:00 a.m. (ET) on November 5, 2009. The conference call will be available via webcast at http://investor.omgi.com. An archived version of the webcast will be available for those unable to access the live event. Alternatively, investors and analysts inside the U.S. or Canada may access the conference call by phone at 800-344-0734 during the event or at 800-642-1687 to listen to the replay. Callers outside the U.S. or Canada may dial 973-935-2082 during the event or 706-645-9291 to listen to the replay. The conference code is 36173427. A copy of the management's presentation materials will be available on the Investor Relations section of the company's Web site at the time of the call. The company recommends visiting its Web site at least 15 minutes prior to the webcast to download and install any necessary software. - OM Group, Inc.

Pacific North West Capital Corp. Mobilizes Drill to Rock & Roll Polymetallic (Au-Ag-Cu-Pb-Zn) Project, British Columbia

Sophia Rhodini — Thu, 22 Oct 2009 08:31:46 +0000

TSX: PFN OTCBB: PAWEF Frankfurt: P7J.F ------------------------------------------------------------------------- - Gold and Silver rich polymetallic mineralization with similarities to Eskay Creek - Historic indicated resource of 580,544 tonnes at 2.4 g/t gold, 335.9 g/t silver, 0.64% copper, 0.79% lead, and 3.1% zinc - Open along strike and at depth ------------------------------------------------------------------------- VANCOUVER, - Pacific North West Capital Corp. ("PFN") (TSX: PFN; OTCBB: PAWEF; Frankfurt: P7J.F) is pleased to announce that a diamond core drill has been mobilized to its Rock and Roll Project in northern British Columbia. The work program will focus on infill drilling in the Black Dog and SRV zones to further define known mineralization. It is anticipated that this drilling, coupled with concurrent re-logging and re-sampling of historic core, will allow completion of a NI 43-101 compliant resource estimate for the property in the first quarter of 2010. On conclusion of the infill program, the drill will be used to test conductive anomalies identified by an airborne AeroTEM3 survey completed over the property in August 2009. The Black Dog zone hosts an historic, non-NI 43-101 compliant, indicated resource of 580,544 tonnes grading 2.4 g/t gold, 335.9 g/t silver, 0.64% copper, 0.79% lead, and 3.1% zinc (Government of BC, MINFILE No 104B 377). This resource is historic in nature, has not been verified by the Company, and should not be relied upon. 2009 Work Program The 2009 work program commenced with staking of additional claims surrounding the core Rock and Roll property. This was followed by a 350 line kilometre AeroTem3 helicopter-borne magnetic/electromagnetic survey completed in early August by Aeroquest Limited. The survey identified numerous conductors on the property which may represent additional zones of mineralization. Ground truthing of anomalies will be carried out as infill drilling on the Black Dog and SVR zones is completed, and the drill will subsequently be used to test prospective anomalies in an effort to expand the known strike length of the mineralization. PFN has also entered into a Private Public Partnership agreement with the Geological Survey Branch (GSB) of the BC Ministry of Energy, Mines and Petroleum Resources. Under this agreement, two senior geologists from the GSB will complete geological mapping and sampling on the Rock and Roll Project, as well as in the district as a whole. The goal of this work is to define the age and stratigraphic association of the host rocks to the Black Dog and SVR mineralization, and to evaluate the potential for this type of mineralization elsewhere on the property and throughout the district. Jon Findlay, Ph.D, P.Geo, PFN's Vice President of Exploration, is the Qualified Person as defined under NI-43-101 for this press release. The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release Disclaimer: This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with The Toronto Stock Exchange, British Columbia Securities Commission and the United States Securities & Exchange Commission. - Pacific North West Capital Corp.

Cameron Receives $86 Million Order for Offshore Multiphase Pumping Systems

Sophia Rhodini — Thu, 22 Oct 2009 08:33:16 +0000

HOUSTON, -- Cameron's (NYSE: CAM) Process Systems group has received an order valued at $86 million for sixteen multiphase pumping systems to be installed on three offshore platforms in the KuMaloobZaap field in the Gulf of Mexico. This represents the largest single order ever booked in Cameron's Process Systems business. Cameron will provide design engineering and packaging for the systems, which will include pumps, electric motors, piping, valves and control systems. The multiphase pumps will be provided by Leistritz Corporation, a longtime partner in subsea applications with Cameron's Subsea Systems group, and will be manufactured in Germany. The multiphase pumping systems are designed to boost pipeline delivery pressure and increase crude oil production rates; delivery and installation of the systems are expected to take place in 2011. Cameron (NYSE: CAM) is a leading provider of flow equipment products, systems and services to worldwide oil, gas and process industries. Website: www.c-a-m.com - Cameron

Vanguard Natural Resources Declares Third Quarter 2009 Distribution

Sophia Rhodini — Thu, 22 Oct 2009 08:33:38 +0000

HOUSTON, -- Vanguard Natural Resources, LLC (NYSE: VNR) ("Vanguard" or "the Company") today announced that its board of directors has declared a third quarter 2009 cash distribution of $0.50 per unit, payable on November 13, 2009 to unitholders of record on November 6, 2009. Based on Vanguard's closing unit price on October 20, 2009 of $18.30 and an annualized distribution of $2.00 per unit, new investors can earn an attractive yield of approximately 11%. - Vanguard Natural Resources, LLC

Vale's Cancellation of Investor Events Raises More Questions; Prompts Additional Global Protest Actions

Sophia Rhodini — Thu, 22 Oct 2009 08:34:08 +0000

TORONTO and PITTSBURGH, -- The United Steelworkers (USW) criticized Vale's recent decision to cancel planned investor events in New York and London as more evidence of a company in disarray. Vale was scheduled to meet with key investors in New York on October 21 during "Vale Day on Wall Street" and in London on the 23rd. Vale appeared to want to hold these events prior to releasing its third quarter results on October 28. "Vale has been trying to avoid our shining a light on their managerial misconduct," said USW Canadian National Director Ken Neumann. "Now it appears to be trying to hide from hard questions that might be raised by investors and the media." Despite the cancellation of its own day on Wall Street, striking miners in Sudbury, Ontario will still hold its Vale Day today. Since Vale was planning to host a breakfast for investors, USW Local 6500 will host a breakfast on the picket line where some 3,500 miners have been out since July 13, 2009. In New York today, a delegation of USW activists will join strikers from Sudbury and Port Colborne across the street from the New York Stock Exchange at Federal Hall where they'll inform investors that the company is hiding from them, too. The USW wants the company to return to the bargaining table in Canada and calls on its top management to rekindle negotiations. Strikers and other supporters will also conduct a demonstration at Vale offices in Toronto and in Rio today. "We want to make it perfectly clear to Vale that we're not going away, no matter where they run," said Joe Guido, a USW Local 6500 member. The workers will reach out to the financial community in London on Friday, October 23, where Vale cancelled another event with the investors. Updates on contract negotiations in Canada and Brazil will be provided. Meanwhile the USW presses on with its global campaign. Director Neumann and two USW miners on strike against Vale traveled last week to the German port of Brunsbuttel, Germany, following Vale copper mined in Canada. Joined by mining union leaders from Germany, Brazil, South Africa, Japan and other supporters they conducted a demonstration as a ship transporting 35,000 tons of copper concentrate from Voisey's Bay, Labrador arrived. A group of the leaders then met with the ship's captain and a ship owners' representative. The captain and agent were both supportive and said they would raise the issue directly with Vale and would inform the buyers of the copper about the dispute. The USW delegation held other meetings with leaders of unions in Germany and other European countries that have members at Vale operations and the operations of Vale's customers. The two striking miners traveling with Neumann, Curtis Saunders and Aaron Beaudry, then traveled to Sweden to ask a customer, Boliden, to not purchase any copper concentrate from Vale until the strike at Vale's Canadian operations is over. Board members at Boliden were upset by the report of the labor situation in Canada and promised to further discuss this situation with the company. The meeting was arranged by IF Metall, Sweden's largest private sector union. IF Metall represents the workers at the Boliden copper smelter in Ronnskarsverken that Vale supplies. "We are receiving tremendous support globally from mining and transport workers' unions," said USW International President Leo W. Gerard. "We will go to wherever Vale has operations and tell customers and investors how this company is unfairly treating its workers in Canada, Brazil and elsewhere. " - United Steelworkers (USW)

Holly Corporation Announces Proposed Offering of Senior Notes

Sophia Rhodini — Thu, 22 Oct 2009 08:35:02 +0000

DALLAS, --Holly Corporation (NYSE: HOC) ("Holly" or the "Company") announced today that it intends to commence an offering of $100 million principal amount of senior unsecured notes. The notes will be an additional issuance of Holly's 9.875% senior notes due 2017 and will be treated as a single class with such existing notes. Holly intends to use the net proceeds from the offering to fund the cash portion of the purchase price for the pending acquisition from Sinclair Tulsa Refining Company of a refinery located in Tulsa, Oklahoma and a portion of the purchase price for the related inventory. If the acquisition of the Sinclair refinery does not close, Holly will use the proceeds from the offering for general corporate purposes, including working capital, capital expenditures and possible future acquisitions. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any of the securities described herein, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state. The securities to be offered have not been registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The securities will be offered only to qualified institutional buyers under Rule 144A and to persons outside the United States under Regulation S. This notice is being issued pursuant to and in accordance with Rule 135c under the Securities Act. Holly, headquartered in Dallas, Texas, is an independent petroleum refiner and marketer that produces high value light products such as gasoline, diesel fuel and jet fuel and high value specialty lubricants. Holly operates through its subsidiaries a 100,000 BPSD refinery located in Artesia, New Mexico, a 31,000 BPSD refinery in Woods Cross, Utah and an 85,000 BPSD refinery located in Tulsa, Oklahoma. Also, a subsidiary of Holly owns an approximate 41% interest (which includes a 2% general partner interest) in Holly Energy Partners, L.P., which through subsidiaries owns or leases approximately 2,700 miles of petroleum product and crude oil pipelines in Texas, New Mexico, Utah and Oklahoma and tankage and refined product terminals in several Southwest and Rocky Mountain states. The following is a "safe harbor" statement under the Private Securities Litigation Reform Act of 1995: The statements in this press release relating to matters that are not historical facts are "forward-looking statements" based on management's beliefs and assumptions using currently available information and expectations as of the date hereof, are not guarantees of future performance and involve certain risks and uncertainties, including those contained in our filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that our expectations will prove correct. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. The forward-looking statements speak only as of the date made and, other than as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. - Holly Corporation

Air Products Reports Fiscal Q4 EPS from Continuing Operations of $1.14

Sophia Rhodini — Thu, 22 Oct 2009 08:35:53 +0000

LEHIGH VALLEY, Pa., -- Access the Q4 earnings teleconference scheduled for 10:00 a.m. Eastern Daylight Savings Time on October 21 by calling (719) 325-4755 and entering passcode 2295468, or listen on the Web at www.airproducts.com/Invest/financialnews/Earnings_Releases/Teleconference.htm. Highlights: Sales grew eight percent sequentially on volume growth in all businesses Signed three significant Tonnage contracts in the quarter Completed U.S. Healthcare business divestiture Fiscal 2010 outlook: 15 to 21 percent earnings growth on a continuing operations basis Air Products (NYSE: APD) today reported income from continuing operations of $246 million, or diluted earnings per share (EPS) of $1.14, for its fiscal 2009 fourth quarter versus $273 million and $1.26, respectively, for the fourth quarter of fiscal 2008. Fourth quarter revenues of $2,129 million declined 22 percent versus prior year. Lower energy and raw material cost pass-throughs and unfavorable currency impacted sales by 12 percent and three percent, respectively. Underlying sales declined seven percent on lower volumes in the Merchant Gases, and Electronic and Performance Materials segments, and lower pricing in Electronics and Performance Materials. Sequentially, sales were up eight percent, seven percent on an underlying basis. Operating income of $328 million declined 12 percent on lower volumes and unfavorable currency, partially offset by cost reduction actions. Sequentially, operating income increased seven percent, primarily on improved volumes. The following discussion of full year results and guidance in this release is based on non-GAAP comparisons. A reconciliation can be found at the end of this release. For fiscal 2009, sales of $8,256 million declined 21 percent on lower volumes, lower energy and raw material cost pass-throughs and unfavorable currency. Underlying sales declined eight percent. Operating income of $1,185 million was down 22 percent, and diluted EPS of $4.06 declined 20 percent from the prior year. John McGlade, chairman, president and chief executive officer, said, "The beginning of our fiscal 2009 coincided with the start of the global financial crisis, driving the recession that resulted in unprecedented declines in demand for our products worldwide. While this affected our fiscal year results, we were able to offset some of the decline with aggressive cost controls. Sequentially, we are seeing volume improvement in all our businesses, and our actions to move to a sustainable, low-cost structure have positioned us to capitalize on growth as our markets recover." Fourth Quarter Segment Performance Merchant Gases sales of $932 million declined 15 percent from the prior year on weaker volumes across manufacturing end-markets globally and unfavorable currency, partially offset by favorable pricing. Sequentially, sales increased six percent on three percent higher volumes from improved demand in most geographies. Operating income of $166 million declined 16 percent from the prior year on lower volumes and unfavorable currency, partially offset by favorable pricing. Tonnage Gases sales of $640 million were down 32 percent from the prior year on lower energy and raw material cost pass-throughs. Sales and volumes were up 13 percent sequentially on stronger demand from chemical, refinery and steel customers. Operating income of $105 million decreased 22 percent from the prior year on lower operating efficiencies and unfavorable currency. Electronics and Performance Materials sales of $434 million declined 22 percent, primarily on lower volumes and Electronics pricing. Operating income of $49 million increased 17 percent from the prior year as favorable cost performance offset volume declines and lower Electronics pricing. While year-on-year Electronics sales were down 27 percent, sales increased three percent sequentially due to improved customer operating rates. Performance Materials volumes improved nine percent sequentially, reflecting seasonal improvement and stronger Asia sales, but declined 10 percent from the prior year on weaker demand from coatings, autos, housing and other end markets. Equipment and Energy sales of $123 million declined three percent from the prior year. Operating income of $6 million decreased from the prior year on lower sales and higher Energy development costs. Outlook Looking forward, McGlade said, "We have implemented the difficult but necessary actions to take advantage of our strong global market positions. Additionally, we see significant future opportunities in the evolving energy, environment and emerging market sectors. We also continue to drive to a low-cost structure to enable us to grow faster than our competition. While the pace of the recovery is unknown, our people remain committed to achieving our margin, return and growth goals." The company today announced initial guidance for fiscal year 2010 EPS in the range of $4.65 to $4.90 per share, representing year-over-year earnings growth on a continuing operations basis of 15 to 21 percent. For the first quarter of fiscal 2010 ending December 31, 2009, EPS is expected to be between $1.07 and $1.15 per share. The company also announced that it expects capital spending in fiscal 2010 to be between $1.3 and $1.5 billion, approximately equal to fiscal 2009. Air Products (NYSE: APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2009, Air Products had revenues of $8.3 billion, operations in over 40 countries, and 18,900 employees around the globe. For more information, visit www.airproducts.com. NOTE: The information above contains "forward-looking statements," within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including earnings guidance. These forward-looking statements are based on management's reasonable expectations and assumptions as of the date of this press release. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including, without limitation, longer than anticipated delay in global economic recovery; renewed deterioration in economic and business conditions; weakening demand for the Company's products, future financial and operating performance of major customers and industries served by the Company; unanticipated contract terminations or customer cancellations or postponement of projects and sales; asset impairments due to economic conditions or specific product or customer events; the impact of competitive products and pricing; interruption in ordinary sources of supply of raw materials; the ability to recover unanticipated increased energy and raw material costs from customers; costs and outcomes of litigation or regulatory activities; consequences of acts of war or terrorism impacting the United States' and other markets; the effects of a pandemic or epidemic or a natural disaster; charges related to current portfolio management and cost reduction actions; the success of implementing cost reduction programs and achieving anticipated acquisition synergies; the timing, impact, and other uncertainties of future acquisitions or divestitures; significant fluctuations in interest rates and foreign currencies from that currently anticipated; the continued availability of capital funding sources in all of the Company's foreign operations; the impact of new or changed environmental, healthcare, tax or other legislation and regulations in jurisdictions in which the Company and its affiliates operate; the impact of new or changed financial accounting standards; and the timing and rate at which tax credits can be utilized and other risk factors described in the Company's Form 10K for its fiscal year ended September 30, 2008 and Form 10-Q for the quarter ended December 31, 2008. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this document to reflect any change in the Company's assumptions, beliefs or expectations or any change in events, conditions or circumstances upon which any such forward-looking statements are based. The presentation of non-GAAP measures is intended to enhance the usefulness of financial information by providing measures which the Company's management uses internally to evaluate the Company's baseline performance. Presented below is a reconciliation of reported GAAP results to non-GAAP measures. (Millions of dollars, YTD except for share data) ------------------------------------------ Continuing Operations --------------------- Operating Income Income Diluted EPS ------------------------------------------ 2009 GAAP $846.3 $639.9 $3.00 2008 GAAP 1,495.8 1,090.5 4.97 --------- ------- ------- ---- % Change GAAP (43)% (41)% (40)% ============= === === === 2009 GAAP $846.3 $639.9 $3.00 Global cost reduction plan 298.2 200.3 .94 Customer bankruptcy and asset actions 32.1 21.0 .10 Pension settlement 8.0 5.0 .02 ------------------ --- --- --- 2009 Non-GAAP Measure $1,184.6 $866.2 $4.06 ===================== ======== ====== ===== 2008 GAAP $1,495.8 $1,090.5 $4.97 Pension settlement 26.3 16.5 .08 ------------------ ---- ---- --- 2008 Non-GAAP Measure $1,522.1 $1,107.0 $5.05 ===================== ======== ======== ===== ------------------------- --- --- --- % Change Non-GAAP Measure (22)% (22)% (20)% ========================= === === === 2010 Forecast $4.65-$4.90 2009 GAAP $3.00 --------- ----- % Change GAAP 55% - 63% ============= ======== 2010 Forecast $4.65-$4.90 2009 Non-GAAP Measure $4.06 --------------------- ----- % Change Non-GAAP Measure 15% - 21% ========================== ======== QTR Operating Income ---------------- 2009 Q4 GAAP $328.0 2009 Q3 GAAP 143.8 ------------ ----- % Change GAAP 128% ============= === 2009 Q3 GAAP $143.8 Global cost reduction plan 124.0 Customer bankruptcy and asset actions 32.1 Pension settlement 8.0 ------------------ --- 2009 Q3 Non-GAAP Measure $307.9 ======================== ====== ------------------------- --- % Change Non-GAAP Measure 7% ------------------------- --- The Company utilizes a non-GAAP measure in the computation of capital expenditures and includes spending associated with facilities accounted for as capital leases. Certain facilities that are built to service a specific customer are required to be accounted for as capital leases and such spending is reflected as a use of cash within cash provided by operating activities. YTD 2009 Actual YTD 2010 Forecast --------------- ----------------- Capital expenditures - GAAP basis $1,236 $1,000 to $1,200 Capital lease expenditures 239 300 -------------------------- --- --- Capital Expenditures - Non-GAAP basis $1,475 $1,300 to $1,500 =============================== ====== ================ AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries CONSOLIDATED INCOME STATEMENTS (Unaudited) Three Months Twelve Months Ended Ended (Millions of dollars, 30 September 30 September except for share data) 2009 2008 2009 2008 ---------------------- ---- ---- ---- ---- SALES $2,129.3 $2,714.7 $8,256.2 $10,414.5 Cost of sales 1,545.0 2,026.8 6,042.1 7,693.1 Selling and administrative 233.5 275.4 943.4 1,090.4 Research and development 29.4 33.0 116.3 130.7 Global cost reduction plan - - 298.2 Customer bankruptcy - - 22.2 - Pension settlement 2.7 1.6 10.7 30.3 Other (income) expense, net (9.3) 4.8 (23.0) (25.8) --------------------------- ---- --- ----- ----- OPERATING INCOME 328.0 373.1 846.3 1,495.8 Equity affiliates' income 32.2 30.8 112.2 145.0 Interest expense 27.9 42.8 121.9 162.0 ---------------- ---- ---- ----- ----- INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND MINORITY INTEREST 332.3 361.1 836.6 1,478.8 Income tax provision 86.3 82.9 185.3 365.3 Minority interest in earnings of subsidiary companies - 4.8 11.4 23.0 ----------------------------- --- --- ---- ---- INCOME FROM CONTINUING OPERATIONS 246.0 273.4 639.9 1,090.5 LOSS FROM DISCONTINUED OPERATIONS, net of tax (2.1) (11.8) (8.6) (180.8) NET INCOME $243.9 $261.6 $631.3 $909.7 ========== ====== ====== ====== ====== BASIC EARNINGS PER COMMON SHARE Income from continuing operations $1.17 $1.30 $3.05 $5.14 Loss from discontinued operations (.01) (.06) (.04) (.85) ---------------------- ---- ---- ---- ---- Net Income $1.16 $1.24 $3.01 $4.29 ---------- ----- ----- ----- ----- DILUTED EARNINGS PER COMMON SHARE Income from continuing operations $1.14 $1.26 $3.00 $4.97 Loss from discontinued operations (.01) (.05) (.04) (.82) ---------------------- ---- ---- ---- ---- Net Income $1.13 $1.21 $2.96 $4.15 ---------- ----- ----- ----- ----- WEIGHTED AVERAGE OF COMMON SHARES OUTSTANDING (in millions) 210.6 210.6 209.9 212.2 -------------------------- ----- ----- ----- ----- WEIGHTED AVERAGE OF COMMON SHARES OUTSTANDING ASSUMING DILUTION (in millions) 215.7 216.9 213.5 219.2 ---------------------------- ----- ----- ----- ----- DIVIDENDS DECLARED PER COMMON SHARE - Cash $.45 $.44 $1.79 $1.70 ---------------------- ---- ---- ----- ----- Other Data from Continuing Operations: Depreciation and amortization $225.5 $221.2 $840.3 $869.0 Capital expenditures on a non-GAAP Basis (a) 433.1 406.7 1,474.9 1,355.0 (a) See page 14 for reconciliation AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) 30 September 30 September (Millions of dollars) 2009 2008 -------------------- ---- ---- ASSETS ------ CURRENT ASSETS Cash and cash items $488.2 $103.5 Trade receivables, less allowances for doubtful accounts 1,363.2 1,575.2 Inventories 509.6 503.7 Contracts in progress, less progress billings 132.3 152.0 Prepaid expenses 115.1 107.7 Other receivables and current assets 422.8 349.4 Current assets of discontinued operations 5.0 56.6 ----------------------------------------- --- ---- TOTAL CURRENT ASSETS 3,036.2 2,848.1 -------------------- ------- ------- INVESTMENT IN NET ASSETS OF AND ADVANCES TO EQUITY AFFILIATES 868.1 822.6 PLANT AND EQUIPMENT, at cost 15,751.3 14,988.6 Less accumulated depreciation 8,891.7 8,373.8 ----------------------------- ------- ------- PLANT AND EQUIPMENT, net 6,859.6 6,614.8 ------------------------ ------- ------- GOODWILL 916.0 928.1 INTANGIBLE ASSETS, net 262.6 289.6 NONCURRENT CAPITAL LEASE RECEIVABLES 687.0 505.3 OTHER NONCURRENT ASSETS 450.0 504.1 NONCURRENT ASSETS OF DISCONTINUED OPERATIONS - 58.7 -------------------------------------------- --- ---- TOTAL ASSETS $13,079.5 $12,571.3 ============ ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY ------------------------------------ CURRENT LIABILITIES Payables and accrued liabilities $1,608.2 $1,665.6 Accrued income taxes 42.9 87.0 Short-term borrowings 333.8 419.3 Current portion of long-term debt 452.1 32.1 Current liabilities of discontinued operations 14.4 8.0 ----------------------------------- ---- --- TOTAL CURRENT LIABILITIES 2,451.4 2,212.0 ------------------------- ------- ------- LONG-TERM DEBT 3,715.6 3,515.4 DEFERRED INCOME & OTHER NONCURRENT LIABILITIES 1,574.2 1,049.2 DEFERRED INCOME TAXES 408.3 626.6 NONCURRENT LIABILITIES OF DISCONTINUED OPERATIONS - 1.2 -------------------------------------- --- --- TOTAL LIABILITIES 8,149.5 7,404.4 ----------------- ------- ------- MINORITY INTEREST IN SUBSIDIARY COMPANIES 138.1 136.2 ----------------------------------------- ----- ----- TOTAL SHAREHOLDERS' EQUITY 4,791.9 5,030.7 -------------------------- ------- ------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $13,079.5 $12,571.3 ========================================== ========= ========= AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Twelve Months Ended 30 September (Millions of dollars) 2009 2008 -------------------- ---- ---- OPERATING ACTIVITIES Net income $631.3 $909.7 Adjustments to reconcile income to cash provided by operating activities: Depreciation and amortization 840.3 869.0 Impairment of assets of continuing operations 69.2 - Impairment of assets of discontinued operations 49.5 314.8 Gain on sale of discontinued operations (2.1) (105.9) Deferred income taxes (37.0) 36.9 Customer bankruptcy 22.2 - Undistributed earnings of unconsolidated affiliates (58.0) (77.8) Loss on sale of assets and investments 3.6 .3 Share-based compensation 60.4 61.4 Noncurrent capital lease receivables (186.7) (192.6) Other adjustments (7.8) 2.9 Working capital changes that provided (used) cash, excluding effects of acquisitions and divestitures: Trade receivables 159.0 (97.4) Inventories (17.7) (34.9) Contracts in progress 12.5 95.2 Other receivables (11.9) (120.6) Payables and accrued liabilities (282.8) 36.2 Other working capital 78.9 (17.6) --------------------- ---- ----- CASH PROVIDED BY OPERATING ACTIVITIES (a) 1,322.9 1,679.6 ---------------------------------------- ------- ------- INVESTING ACTIVITIES Additions to plant and equipment (1,179.1) (1,085.1) Acquisitions, less cash acquired (32.7) (72.0) Investment in and advances to unconsolidated affiliates (24.5) (2.2) Proceeds from sale of assets and investments 57.9 19.6 Proceeds from sale of discontinued operations 51.0 423.0 Change in restricted cash 87.0 (183.6) Other investing activities - (19.5) -------------------------- --- ----- CASH USED FOR INVESTING ACTIVITIES (1,040.4) (919.8) ---------------------------------- -------- ------ FINANCING ACTIVITIES Long-term debt proceeds 610.5 580.1 Payments on long-term debt (82.9) (95.7) Net decrease in commercial paper and short-term borrowings (122.7) (178.9) Dividends paid to shareholders (373.3) (349.3) Purchase of treasury stock -- (793.4) Proceeds from stock option exercises 54.4 87.4 Excess tax benefit from share-based compensation/other 15.5 51.3 ----------------------------------- ---- ---- CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES 101.5 (698.5) ------------------------------------- ----- ------ Effect of Exchange Rate Changes on Cash .7 1.7 --------------------------------------- -- --- Increase in Cash and Cash Items 384.7 63.0 Cash and Cash Items - Beginning of Year 103.5 40.5 --------------------------------------- ----- ---- Cash and Cash Items - End of Period $488.2 $103.5 =================================== ====== ====== (a) Pension plan contributions $182.5 $234.0 AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Millions of dollars) 1. GLOBAL COST REDUCTION PLAN The 2009 results from continuing operations included a total charge of $298.2 ($200.3 after-tax, or $.94 per share) for the global cost reduction plan. In the first quarter 2009, the Company announced the global cost reduction plan designed to lower its cost structure and better align its businesses to reflect rapidly declining economic conditions around the world. The first quarter results included a charge of $174.2 ($116.1 after-tax, or $.55 per share). In the third quarter 2009, due to the continuing slow economic recovery, the Company committed to additional actions associated with its global cost reduction plan which resulted in a charge of $124.0 ($84.2 after-tax, or $.39 per share). The total 2009 charge included $210.0 for severance and other benefits, including pension-related costs, associated with the elimination of approximately 2,550 positions from its global workforce. The reductions are targeted at reducing overhead and infrastructure costs, reducing and refocusing elements of the Company's technology and business development spending, lowering its plant operating costs, and the closure of certain manufacturing facilities. The remainder of this charge, $88.2, was for business exits and asset management actions. Assets held for sale were written down to net realizable value and an environmental liability of $16.0 was recognized. This environmental liability resulted from a decision to sell a production facility. The planned actions associated with the global cost reduction plan are expected to be substantially completed within one year of when the related charges were recognized. 2. DISCONTINUED OPERATIONS The U.S. Healthcare business, Polymer Emulsions business, and the High Purity Process Chemicals (HPPC) business have been accounted for as discontinued operations. The results of operations of these businesses have been removed from the results of continuing operations for all periods presented. For additional historical information on these discontinued operations, refer to the Company's 2008 annual report on Form 10-K. U.S. Healthcare In July 2008, the Board of Directors authorized management to pursue the sale of the U.S. Healthcare business. In 2008, the Company recorded a total charge of $329.2 ($246.2 after-tax, or $1.12 per share) related to the impairment/write-down of the net carrying value of the U.S. Healthcare business. In the first quarter of 2009, based on additional facts, the Company recorded an impairment charge of $48.7 ($30.9 after-tax, or $.15 per share) reflecting a revision in the estimated net realizable value of the U.S. Healthcare business. Also, a tax benefit of $8.8, or $.04 per share, was recorded to revise the estimated tax benefit related to previously recognized impairment charges. As a result of events which occurred during the second quarter of 2009, which increased the Company's ability to realize tax benefits associated with the impairment charges recorded in 2008, the Company recognized a one-time tax benefit of $16.7, or $.08 per share. During the third quarter of 2009, the Company sold more than half of its remaining U.S. Healthcare business to OptionCare Enterprises, Inc., a subsidiary of Walgreen Co., and Landauer-Metropolitan, Inc. (LMI) for cash proceeds of $38.1. The Company recognized an after-tax gain of $.3 resulting from these sales combined with adjustments to the net realizable value of the remaining businesses. During the fourth quarter of 2009, through a series of transactions with Rotech Healthcare, Inc. and with LMI, the Company sold its remaining U.S. Healthcare business for cash proceeds of $12.1. A net after-tax loss of $.7 was recognized. These transactions completed the disposal of the U.S. Healthcare business. The operating results of the U.S. Healthcare business have been classified as discontinued operations and are summarized below: Three Months Twelve Months Ended Ended 30 September 30 September 2009 2008 2009 2008 ---- ---- ---- ---- Sales $7.9 $52.7 $125.2 $239.8 Loss before taxes $(2.3) $(5.2) $(5.5) $(350.6) Income tax benefit (.9) (1.9) (2.1) (91.2) ------------------ --- ---- ---- ----- Loss from operations of discontinued operations $(1.4) $(3.3) $(3.4) $(259.4) Loss on sale of businesses and impairment/write-down to estimated net realizable value, net of tax --------------------------------------- (.7) (8.7) (5.5) (8.7) --- ---- ---- ---- Loss from discontinued operations, net of tax $(2.1) $(12.0) $(8.9) $(268.1) ====================================== ===== ====== ===== ======= Polymer Emulsions Business On 31 January 2008, the Company closed on the sale of its interest in its vinyl acetate ethylene (VAE) polymers joint ventures to Wacker Chemie AG, its long-time joint venture partner. As part of that agreement, the Company received Wacker Chemie AG's interest in the Elkton, Md. and Piedmont, S.C. production facilities. The Company recognized a gain on the sale of $89.5 ($57.7 after-tax). On 30 June 2008, the Company sold its Elkton, Md. and Piedmont, S.C. production facilities and the related North American atmospheric emulsions and global pressure sensitive adhesives businesses to Ashland Inc. The Company recorded a gain of $30.5 ($18.5 after-tax) in connection with the sale, which included the recording of a retained environmental obligation associated with the Piedmont site. The sale of the Elkton and Piedmont facilities completed the disposal of the Company's Polymer Emulsions business. The operating results of the Polymer Emulsions business have been classified as discontinued operations and are summarized below: Three Months Twelve Months Ended Ended 30 September 30 September 2009 2008 2009 2008 ---- ---- ---- ---- Sales $- $- $- $261.4 Income before taxes $- $.2 $- $17.7 Income tax provision -- .1 -- 6.4 -------------------- -- --- Income from operations of discontinued operations $- $.1 $- $11.3 Gain on sale of business, net of tax - - .3 76.2 -------------------------------- -- -- -- ---- Income from discontinued operations, net of tax $- $.1 $.3 $87.5 ======================== == === === ===== 3. CUSTOMER BANKRUPTCY AND ASSET ACTIONS As a result of events which occurred during the third quarter of 2009, the Company recognized a $22.2 charge primarily for the write-off of certain receivables due to a customer bankruptcy. This customer, who principally receives product from the Tonnage Gases segment, began operating under Chapter 11 bankruptcy protection on 6 January 2009. Sales and operating income associated with this customer are not material to the Tonnage Gases segment's results. At 30 September 2009, the Company had remaining outstanding receivables with the customer of $16.3. At the present time, the Company does not expect to recognize additional charges related to this customer. Additionally, during the third quarter of 2009, the Company recorded a charge of $9.9 for other asset actions which consisted of the closure of certain manufacturing facilities. This charge was reflected in cost of sales on the consolidated income statement. The customer bankruptcy charge combined with this asset write-down resulted in a total charge of $32.1 ($21.0 after-tax, or $.10 per share). 4. PENSION SETTLEMENT The Company's supplemental pension plan provides for a lump sum benefit payment option at the time of retirement, or for corporate officers six months after the participant's retirement date. The Company recognizes pension settlements when payments exceed the sum of service and interest cost components of net periodic pension cost of the plan for the fiscal year. A settlement loss is recognized when the pension obligation is settled. Based on the timing of when cash payments were made, the Company recognized $2.7 and $10.7 ($6.7 after-tax, or $.03 per share) of settlement charges for the three and twelve months ended 30 September 2009, respectively. For the three and twelve months ended 30 September 2008, the Company recognized $1.6 and $30.3 ($18.9 after-tax, or $.09 per share) of settlement charges, respectively. 5. LOSS FROM PROPERTY DAMAGE In the fourth quarter of 2008, a fire at the Company's Ulsan, Korea nitrogen trifluoride (NF3) production facility required the plant to be shut down. Other income (expense) for the three and twelve months ended 30 September 2008 included a net loss of $14.7 ($10.7 after-tax, or $.05 per share) related to property damage. The net book value of the damaged property was written off and a receivable was recorded for expected property damage insurance recoveries. During fiscal 2009, the Company received the expected insurance recoveries for property damage of $3.7. Additionally, the Company recorded other income of $4.9 ($3.1 after-tax, or $.01 per share) comprised of $2.3 for the receipt of additional proceeds from a business interruption claim and a $2.6 adjustment to the book value of the damaged property. 6. HURRICANES During the fourth quarter of 2008, Hurricanes Gustav and Ike reduced short-term demand from the U.S. Gulf Coast customers and drove temporary decreases in operational costs. The net impact on fourth quarter diluted earnings per share was $.05. 7. SUMMARY BY BUSINESS SEGMENT Three Months Twelve Months Ended Ended 30 September 30 September 2009 2008 2009 2008 ---- ---- ---- ---- Revenues from External Customers Merchant Gases $932.4 $1,095.0 $3,610.6 $4,192.7 Tonnage Gases 640.0 940.3 2,573.6 3,574.4 Electronics and Performance Materials 434.2 553.2 1,582.2 2,209.3 Equipment and Energy 122.7 126.2 489.8 438.1 -------------------- ----- ----- ----- ----- Segment and Consolidated Totals $2,129.3 $2,714.7 $8,256.2 $10,414.5 ------------------------------- -------- -------- -------- --------- Operating Income Merchant Gases $165.7 $196.2 $661.2 $789.5 Tonnage Gases 105.2 134.9 399.6 482.6 Electronics and Performance Materials 49.1 41.9 101.6 245.9 Equipment and Energy 5.8 15.6 42.2 38.9 -------------------- --- ---- ---- ---- Segment Totals $325.8 $388.6 $1,204.6 $1,556.9 Global cost reduction plan - - (298.2) - Customer bankruptcy and asset actions - - (32.1) - Pension settlement (2.7) (1.6) (10.7) (30.3) Other 4.9 (13.9) (17.3) (30.8) ----- --- ----- ----- ----- Consolidated Total $328.0 $373.1 $846.3 $1,495.8 ------------------ ------ ------ ------ -------- 30 September 30 September 2009 2008 ---- ---- Identifiable Assets (a) Merchant Gases $4,917.0 $4,881.6 Tonnage Gases 3,597.8 3,335.4 Electronics and Performance Materials 2,249.5 2,341.0 Equipment and Energy 303.3 300.2 -------------------- ----- ----- Segment Totals $11,067.6 $10,858.2 Other 1,138.8 775.2 Discontinued Operations 5.0 115.3 ----------------------- --- ----- Consolidated Total $12,211.4 $11,748.7 ------------------ --------- --------- (a) Identifiable assets are equal to total assets less investments in and advances to equity affiliates. RECONCILIATION NON-GAAP MEASURE The Company utilizes a non-GAAP measure in the computation of capital expenditures and includes spending associated with facilities accounted for as capital leases. Certain facilities that are built to service a specific customer are required to be accounted for as capital leases and such spending is reflected as a use of cash within cash provided by operating activities. The presentation of this non-GAAP measure is intended to enhance the usefulness of information by providing a measure which the Company's management uses internally to evaluate and manage the Company's capital expenditures. Below is a reconciliation of capital expenditures on a GAAP basis to a non-GAAP measure. Three Months Twelve Months Ended Ended 30 September 30 September (Millions of dollars) 2009 2008 2009 2008 -------------------- ---- ---- ---- ---- Capital expenditures - GAAP basis $306.1 $364.1 $1,236.3 $1,159.3 Capital lease expenditures 127.0 42.6 238.6 195.7 -------------------------- ----- ---- ----- ----- Capital expenditures - non-GAAP basis $433.1 $406.7 $1,474.9 $1,355.0 ------------------------------- ------ ------ -------- - Air Products

Ivanhoe Energy Canada appoints Calgary petroleum executive David Dyck as President and CEO

Sophia Rhodini — Thu, 22 Oct 2009 08:36:56 +0000

Mr. Dyck to head development of Ivanhoe Energy's Canadian operations, including the Tamarack HTL oil sands project CALGARY, - Robert Friedland, Executive Co-Chairman, President and CEO of Ivanhoe Energy Inc. (TSX: IE; NASDAQ: IVAN), today announced the appointment of North American petroleum industry executive David Dyck as President and CEO of Ivanhoe Energy Canada Inc., Ivanhoe Energy's subsidiary for operations in Canada. Mr. Dyck, who has taken up duties in the Calgary headquarters of Ivanhoe Energy Canada, will head the company's team that is developing the Tamarack heavy-oil project in Alberta's Athabasca oil sands, including the application of Ivanhoe's proprietary Heavy-to-Light (HTL) heavy-oil upgrading technology. "In addition to leading our Tamarack Project and other heavy-oil growth initiatives in Western Canada, we will be drawing on David's exceptional background and experience to assist us across our organization," Mr. Friedland said. "David's extensive background in heavy oil is complemented by significant financing expertise that will be a key asset as we advance financing plans for our two announced HTL projects, as well as numerous HTL initiatives in the development stage around the world." Mr. Dyck will be working closely with Ed Veith, Executive Vice President, Upstream, and the Calgary-based Tamarack team that is on schedule to complete Front End Engineering and Design (FEED) for the 20,000-barrel-per-day Tamarack Project by the end of this year. "HTL provides a tremendous competitive advantage for heavy oil development in Canada and worldwide," Mr. Dyck said. "Tamarack is a top-tier asset and an ideal home for the first HTL installation in Canada. I am pleased to join Ivanhoe Energy as it makes history by introducing our unique, industry-leading technology in Western Canada and internationally." As Executive Director and CEO of LeaRidge Capital since 2007, Mr. Dyck has provided financial advisory services to a number of North American companies in the energy and service sectors, guiding the successful completion of a series of financing transactions and restructurings that totalled more than $1.0 billion. From 2000 to 2007, Mr. Dyck was Senior Vice President, Finance, and Chief Financial Officer with Calgary-based Western Oil Sands. He was a member of the company's senior executive team and a director of four offshore subsidiaries. Western Oil Sands owned a 20% stake in the Athabasca Oil Sands Project and Mr. Dyck led a series of debt and equity financings that generated $3.5 billion for the company. He also led the company's team that concluded its sale to U.S. refining giant Marathon Oil Corporation through a $7 billion plan of arrangement in 2007. Mr. Dyck brings to Ivanhoe Energy his expertise gained from 24 years of experience in all areas of finance, tax, budgeting, planning and investor relations. He is a director of CE Franklin Ltd. and Richardson International Limited and a member of the Institute of Chartered Accountants of Alberta. Ivanhoe Energy is an independent international heavy oil development and production company focused on pursuing long-term growth in its reserves and production using advanced technologies, including its proprietary heavy oil upgrading process (HTL). Core operations are in Canada, Ecuador and China, with business development opportunities worldwide. Ivanhoe Energy trades on the NASDAQ Capital Market with the ticker symbol IVAN and on the Toronto Stock Exchange with the symbol IE. - Ivanhoe Energy Inc.

Solarfun Appoints Dr. Srinivasamohan Narayanan as Vice President of Technology

Sophia Rhodini — Thu, 22 Oct 2009 08:37:27 +0000

SHANGHAI, -- Solarfun Power Holdings Co., Ltd. ("Solarfun" or "the Company") (Nasdaq: SOLF), a vertically integrated manufacturer of silicon ingots and photovoltaic (PV) cells and modules in China, today announced the appointment of Dr. Srinivasamohan "Mohan" Narayanan as Vice President of Technology. He will be charged with leading the Company's research and development team, improving product performance and innovation, and streamlining manufacturing operations. Dr. Narayanan joins Solarfun from the Solar Energy division of Reliance Industries Limited in India, where he was the chief technology officer and was in charge of planning the company's entry into the midstream solar business, from silicon growth to module production, including production design and layout, manufacturing operations, technology development, and cost modelling. Prior to that, Dr. Narayanan was vice president of technology at Trina Solar Limited, a publicly traded PV company with operations in China, and was in charge of technology development, technology transfer, tool selection, capacity expansion and product development. From 1989 to 2006, Dr. Narayanan held a number of technology-related roles at BP Solar, including as the director of the Global Screen Print Technology division from 2003 to 2006. In this role, he helped develop a road map to improve the cost effectiveness of solar cells using safer and greener high volume manufacturing, including automated thin wafering and other cell processes. His team also filed several invention disclosures on crystal growth, wafering and cell processing, evaluated research proposals, awarded research subcontracts to various universities in the United States, and formulated processes for the transfer of manufacturing technology. Prior to this, Dr. Narayanan managed a variety of research, technology and process improvement projects while at BP Solar. Dr. Narayanan worked in the Laboratory Manager University of New South Wales, Sydney, from 1984 to 1989. Dr. Narayanan received a Ph.D in electrical engineering and computer science from the University of New South Wales, Sydney, a M.S. in material science from Case Western Reserve University, Cleveland, Ohio, a B.E. in Metallurgical Engineering from the University of Madras and a diploma in industrial management from the Indian Institute of Science, Bangalore. He has numerous publications to his credit, and owns six patents and patent applications related to casting, wafering and other cell processes. Peter Xie, President of Solarfun, commented, "We are extremely happy to have Mohan join our team. One of our biggest priorities has been to improve our R&D, improve cell efficiencies, streamline production processes and reduce costs. Mohan has over 25 years of experience in research and advanced process and technology development in the PV industry. His in-depth understanding and great track record leading teams in India, Australia, China and the United States will make him a valuable resource as we continue to build our business." This Report on Form 6-K is hereby incorporated by reference into the Company's Registration Statement on Form F-3 (Registration No. 333-152005) filed on July 14, 2008. - Solarfun Power Holdings Co., Ltd.

Seawater Desalination Remains Critical to Meet Water Requirements Across the Middle East and North Africa, Finds Frost & Sullivan

Sophia Rhodini — Thu, 22 Oct 2009 08:37:57 +0000

DUBAI, UAE, -- It is estimated that the Middle East and North Africa (MENA) region needs to add about 2.7 million Cu m/day of desalination capacity every year to meet the rising water demand in the region. Considering this, the desalination plant market in the MENA, which experienced spectacular growth in recent years to emerge the largest market for desalination plants, can be expected to sustain its impressive growth momentum. In fact, it is likely to gain investments worth $15.5 billion between 2009 and 2013. New analysis from Frost & Sullivan (http://www.energy.frost.com), The Middle East and North Africa (MENA) Desalination Plant Market, finds that the market earned revenues of $3.79 billion in 2008. Of this, 18.7 percent, that is $710.0 million, is the revenue for small-capacity plants (capacity less than 40 MLD) market. In terms of technology, reverse osmosis is likely to increase its market share. If you are interested in a virtual brochure, which provides a brief synopsis of the research and a table of contents, then send an e-mail to Tanu Chopra, Corporate Communications, at tanu.chopra@frost.com, with your full name, company name, title, telephone number, company e-mail address, company website, city, state and country. Upon receipt of the above information, a brochure will be sent to you by e-mail. "More significantly, the growth has not only occurred in the Gulf Cooperation Council (GCC) countries that have practiced desalination for long, but also in countries such as Algeria, which has awarded several contracts for large-scale desalination plants," says Frost & Sullivan Senior Research Analyst, Vivek Gautam. "Though the current economic environment has delayed several investment decisions, the long-term drivers of the growth of desalination remain strong in the region as the gross domestic product (GDP) of most countries in the MENA region is expected to increase." The rapidly growing population, fast-improving living standards, and rising concerns about climate change are likely to sustain the demand for desalinated water in this region. Besides, the scarcity of fresh water resources are compelling governments and planning agencies to invest in enhancing desalination capacities to meet the soaring water demand. The market has attracted numerous new participants in recent years, intensifying competition, particularly in the small capacity plant segment. In such a packed market, the competitive advantage will rest with the plants that can better manage project risks and the associated costs. "However, as most of the desalination technologies are relatively mature, solutions provided by the suppliers tend to be similar, which then makes competition a price-based one," notes Gautam. "Hence, organizational capabilities such as value engineering, strategic sourcing of components, and better management of project risks are becoming increasingly important for being competitive on the price front." The Middle East and North Africa (MENA) Desalination Plant Market is part of the Environmental Growth Partnership Services program, which also includes research in the following markets: analysis of Middle East (GCC) water and wastewater treatment equipment market, study on the Indian waste management services market, and Indian air pollution control equipment market. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 35 offices on six continents. To join our Growth Partnership, please visit http://www.frost.com. - Frost & Sullivan (India) Pvt. Ltd.

Ecopetrol Presents its Third Quarter and Accumulated Results as of September 2009

Sophia Rhodini — Thu, 22 Oct 2009 08:38:34 +0000

BOGOTA, - -In the third quarter of 2009, Ecopetrol S.A.'s ("Ecopetrol" or the "Company") average production of oil and gas increased by 12.9%* to reach 514.4 MBOED; in September the Company's monthly production (excluding the Company's subsidiaries Petro-tech and Hocol), came to 527.2 thousand BOE/D. The Company met its accumulated September goal of drilling 12 exploratory wells, with an exploration success rate of 42%. Volume sold increased by 17.6%*, driven by increased production and purchases of hydrocarbons. Unconsolidated operating profit in the third quarter of 2009 was COP$2,224.2 billion, compared to COP$2,132.3 billion in the second quarter of the same year. Unconsolidated net income in the third quarter of 2009 came to COP$1,193.5 billion, equivalent to COP$29.49 per share. Unconsolidated accumulated net income as of September of 2009 was COP$3,564.8 billion, equivalent to COP$88.08 per share. We continued improving the safety and reliability of our operations A 5-year collective labor agreement was signed with the Company's three labor unions. The Llanos Orientales oil pipeline ("ODL") started operations. * Results for the third quarter of 2009 as compared to results for the third quarter of 2008 Ecopetrol, S.A. (BVC: ECOPETROL; NYSE: EC) announced today its unaudited interim financial results, both unconsolidated and consolidated(1), for the third quarter 2009 and cumulative for the nine months ended September 2009, prepared and filed in accordance with the Public Accountancy Legal Framework (Regimen de Contabilidad Publica - RCP) of the Colombian General Accounting Office, in Colombian pesos (COP$). Summary of financial results Unconsolidated Unconsolidated (COP$Billion) Q3 2009 Q3 2008 % 9M 2009 9M 2008 % ------------ ------- ------- ----- ------- -------- ----- Total sales 7.370,0 9.966,3 (26,1%) 19.168,3 26.613,4 (28,0%) Operating profit 2.224,2 4.016,1 (44,6%) 5.377,4 12.168,6 (55,8%) Net Income 1.193,5 3.928,4 (69,6%) 3.564,8 9.578,4 (62,8%) Earnings per share (COP$) 29,49 97,06 (69,6%) 88,08 236,66 (63,0%) EBITDA 3.037,6 4.583,6 (33,7%) 7.474,4 13.783,0 (46,0%) EBITDA Margin 41% 46% 39% 52% --------------------------------------------- (1) Under the Public Accountancy Legal Framework (Regimen de Contabilidad Publica en Colombia - RPC), companies are only obliged to consolidate their financial statements at the close of each fiscal year. Therefore, the figures presented in this report do not constitute a formal consolidation of the financial statements of Ecopetrol, but are adjusted in accordance with the methodology defined for such purpose. Ecopetrol´s CEO, Javier Gutierrez, highlighted: "Results for the third quarter of 2009 have benefited from the growing production levels of crude and gas, which in September reached 527.2 thousand BOE/D, as well as higher prices for our crude and products. All of the above resulted in a 10.2% increase in our revenues and a 56.6% rise in net income, compared to the second quarter of 2009. Although the revaluation of the Colombian peso continued to generate non-operating losses in financial investment portfolios in the third quarter of 2009, its impact was partially offset by the effect of dollar denominated liabilities resulting from the successful USD$1.5 billion bond placement in July 2009". Gutierrez also emphasized: "in line with our objective of producing one million barrels of oil equivalent in 2015, we are maintaining production growth above 12%, we started operations in the Llanos Orientales pipeline with our partner Pacific Rubiales Energy and completed the first phase of the Apiay-Porvenir pipeline, which will enable us to transport growing quantities of Rubiales and Castilla heavy crudes at competitive costs, and we are moving ahead with the consolidation of acquisitions made in the first half of 2009." The full report can be downloaded at: www.ecopetrol.com.co Ecopetrol is Colombia's largest integrated oil company and is among the top 40 oil companies in the world and the four largest oil companies in Latin America. Besides Colombia, where it accounts for 60% of total production, the Company is involved in exploration and production activities in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol has the principal refinery in Colombia, most of the network of oil and multiple purpose pipelines in the country, and it is considerably increasing its participation in biofuels. This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Ecopetrol. These are merely projections and, as such, are based exclusively on the expectations of management concerning the future of the business and its continued access to capital to fund the Company's business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Colombian economy and the industry, among other factors; therefore, they are subject to change without prior notice. - Ecopetrol S.A.

Revenue Watch Praises Liberia for Milestone Approval on Transparency Practices

Sophia Rhodini — Thu, 22 Oct 2009 08:39:34 +0000

NEW YORK, -- The Revenue Watch Institute congratulates the government of Liberia and national civil society and industry leaders on the country's formal validation this month by the Extractive Industries Transparency Initiative, a global standard for disclosure and responsible management of oil and mineral wealth. "As the first African country deemed compliant by the EITI, Liberia has proven that governments in Africa's resource-rich nations can maintain successful partnerships with citizens and extractive companies as all three work to turn natural resources into a national benefit," said Karin Lissakers, director of Revenue Watch. Liberia is the second country to achieve EITI validation, after a multi-stage process of disclosures and audits. Lissakers urged local leaders to refine that process and resolve any gaps between payments reported by companies and receipts reported by the government. "Where questions remain about discrepancies, or itemization of company payments, we're confident that those involved will do what is necessary so that future reports reconcile the gaps and ensure a thorough and meaningful EITI process," said Lissakers. The Board of the EITI announced Liberia's compliant status on October 14 in Baku, Azerbaijan. Azerbaijan was named the first validated country in February 2009. Thirty countries on four continents have declared their participation in the EITI. Liberia demonstrated leadership on natural resource management earlier this year, when it signed the "LEITI Act," mandating that all payments due to the government from extractive companies be disclosed, reviewed and "prudently utilized for the benefits of all Liberians." The legislation is a welcome model for other countries and is also likely to lead to improved industry compliance with EITI requirements in Liberia. "Revenue Watch looks forward to working with Liberia and its neighbors across Africa to promote wider EITI participation and replicable examples of resource wealth managed for the shared benefit of governments, international investors and local citizens," said Lissakers. The Revenue Watch Institute (www.revenuewatch.org) is a non-profit policy institute and grantmaking organization that promotes the responsible management of oil, gas and mineral resources for the public good. With effective revenue management, citizen engagement and real government accountability, natural resource wealth can drive development and national growth. RWI provides the expertise, funding and technical assistance to help countries realize these benefits. - Revenue Watch Institute

Monsanto and Huazhong Agricultural University Enter Into Collaboration Focusing on Development of Plant Biotechnology

Sophia Rhodini — Thu, 22 Oct 2009 08:39:59 +0000

ST. LOUIS and BEIJING, -- Monsanto Company and Huazhong Agricultural University have entered into a collaboration to further the development of novel traits such as higher yield, drought resistance and nitrogen use efficiency. Monsanto will evaluate and advance certain technologies developed by Professor Qifa Zhang's research team at Huazhong Agricultural University in China. "We're excited to be working with a prominent research team in China who has demonstrated great expertise in genomics and biotechnology discovery research," said Steve Padgette, vice president of biotechnology for Monsanto. "This collaboration will benefit both parties. Collaborations such as this allow Monsanto to help agriculture meet the challenges of providing food, fuel and fiber for a growing world population." "Monsanto's proven ability to commercialize and market new technology could enable our research to advance from laboratory concepts to products in the world market at a much accelerated pace," said Professor Zhang, a leading scientist at Huazhong Agricultural University. "The collaboration will accelerate the step of our commitment to provide benefits to farmers and society as a whole." China is emerging as an important place for research and development in plant biotechnology, said John McLean, general manager of Monsanto's biotechnology research center in Beijing. "We are excited at this opportunity to build a closer relationship with Prof. Zhang and his team and be a valued partner in scientific research in China," McLean said. In addition to today's collaboration between the parties, Monsanto previously announced that it has established a scholarship program at the university for top undergraduate students pursuing degrees in plant biotech, plant breeding, plant protection, horticulture and other agricultural disciplines. A group of 25 students have been selected to be the 2009 Monsanto scholarship recipients. "Huazhong Agricultural University has a long history of agricultural research and training young talent," McLean said. "We believe both parties will benefit from this collaboration." "Monsanto is a valued partner of our university," said Professor Xiuxin Deng, president of Huazhong Agricultural University. "This scholarship program along with the research collaboration is an important milestone in the cooperation between our university and Monsanto." - Monsanto Company

Clean Tech Company Emission & Power Solutions Listed on Frankfurt Exchange

Sophia Rhodini — Thu, 22 Oct 2009 08:40:28 +0000

LONDON, -- Emisson & Power Solutions, Plc ("EPS", "the Company") began trading on the Borse Frankfurt under the symbol EPI (Yahoo Finance ticker: EPI.F, Bloomberg ticker: EPI:GR). Based on the opening day's price of euro 1.00, EPS has a market capitalization of approximately euro 24 million. EPS is a "clean tech" company that licenses, acquires, develops, deploys, and transfers technologies dedicated to improving fuel economy while also reducing environmentally harmful exhaust emissions. Using advanced fuel treatment devices, EPS has developed a proprietary multi-phase process utilizing engineered flow patterns in order to restructure fuel hydrocarbons. This increases fuel efficiency and produces a cleaner burn during the engine's combustion cycle. EPS has a portfolio of technologies in production and development and continues to expand its patented product line. EPS' primary product is the FX Reactor In Line Device that reduces fuel consumption, increases horsepower, and significantly reduces emissions. The FX Reactor is an aftermarket apparatus that can be added directly into the fuel line of any diesel engine. EPS is also developing a Potentiometric Sensor that selectively detects and measures combustion gases, allowing for a further reduction in emissions and improved fuel efficiency. The third technology EPS is developing is an On Board Distillation System that vaporizes fuel in order to produce a cleaner engine start and reduce total hydrocarbon emissions. - Emisson & Power Solutions, Plc

Oregon Gives Temporary Permit to Use Flight Control Plus(R) Geese Repellent on Clover Grown for Seed

Sophia Rhodini — Thu, 22 Oct 2009 08:41:37 +0000

NEW CASTLE, Del. -- To combat a growing threat, the Oregon Department of Agriculture has issued a temporary permit to use Flight Control Plus® on clover grown for seed. This product has proved to be an effective deterrent for geese. Flight Control Plus® is a non-lethal gut irritant for geese. When eaten, it results in a learned pattern and has the potential to reduce goose pressures during critical plant growth stages. The Willamette Valley of Oregon, where most of the country's clover seed is produced, is also in the Pacific Flyway. Historically, large populations of geese used this flyway to migrate to California. However, because of habitat disruption and other factors, many geese no longer make the long journey to California and, instead, overwinter in the Willamette Valley. Increased presence of geese on agricultural lands in Oregon, has resulted in significant crop losses, especially to clover grown for seed. Spraying fields in which clover is grown for seed with Flight Control Plus® will effectively stop geese from feeding on the crop. For more information about obtaining and using Flight Control Plus® to protect clover grown for seed, contact your local agriculture chemical retailer or county extension agent. To obtain copies of the Flight Control Plus® Section 24(c) Label - SLN OR-090027, MSDS and Introductory Offer/Grower Evaluation Form, go to: www.ArkionLS.com. Arkion( )Life Sciences LLC, based in New Castle, Delaware, is a technology-based company leading in the discovery, development and marketing of environmentally friendly, natural or nature identical compounds. - Arkion Life Sciences LLC

New Johnston County Truck Electrification Stations Will Reduce Pollution, Save Fuel

Sophia Rhodini — Thu, 22 Oct 2009 08:42:05 +0000

KENLY, N.C., -- Big Boys Truck Stop in Kenly, N.C., today unveiled the East Coast's first Shorepower truck electrification stations that will reduce air pollution and save fuel. The Johnston County truck stop along Interstate 95 installed the new electrification stations to allow resting long-haul truck drivers to plug in to electricity to run their onboard amenities, such as TVs and air conditioning, instead of idling their engines. "We believe that even a local, family-owned truck stop can take the initiative to make a difference in this world," said Wendi Powell, manager of Big Boys Truck Stop. "We hope that others will also seek out green technology opportunities that protect the environment while advancing economic development in our state." The truck stop electrification project is a partnership between Big Boys Truck Stop, Shorepower Technologies, Progress Energy, and Advanced Energy. It was made possible through a Clean Fuel Advanced Technology (CFAT) grant, a three-year, $2 million initiative of the NC Solar Center at NC State University. CFAT is sponsored by the State Energy Office, Division of Air Quality, and Federal Congestion Mitigation Air Quality funds administered by the N.C. Department of Transportation. "We are excited to bring this technology to the East Coast and appreciate the state and the project partners leading the way on this sustainability initiative," said Joe Licari, director of East Coast operations for Shorepower Technologies. "Every time I see the new stations, they remind me that something as simple as providing drivers with a plug can have such a large, positive impact on the community, environment and trucking industry." Shorepower electrification stations provide easy access to 120- and 208-volt outlets that truck operators can use to run their onboard amenities when they are parked. Big Boys Truck Stop has installed six stations, each with the capability of providing electricity to four parking spaces. The U.S. Department of Transportation mandates that professional drivers rest for 10 hours after driving for 11 hours. According to the U.S. Environmental Protection Agency, a typical heavy-duty truck burns a gallon of diesel fuel every hour that it idles, which generates air pollution, including emissions that contribute to smog and fine particulate matter. Johnston County is one of 24 counties in the state that does not meet national ambient air quality standards, and technology and programs that reduce emissions are important parts of moving toward compliance. Using electricity instead of diesel fuel to run onboard amenities reduces local air pollution, fuel use, costs, noise and engine wear. The project will also provide a more relaxing environment for resting truckers as well as provide an economic boost to the Kenly area by encouraging long-haul truck drivers traveling along I-95 to stop in the community. Idling is also costly for the truck operators. According to AAA, the average cost of a gallon of diesel fuel in North Carolina is $2.57. The cost of using one hour of electricity from the Shorepower stations is one dollar per hour plus a one dollar setup fee. This means a driver resting for eight hours could spend more than $20 running his or her engine or spend only $9 for electricity from Shorepower. In addition, unlike the fixed electrification price, diesel fuel has been subject to significant price swings. This truck stop electrification project is part of Progress Energy's commitment to electric transportation as a way for its customers to save money and protect the environment. Progress Energy has one of the nation's largest utility plug-in electric vehicle (PEV) programs, including a test fleet of seven Toyota Prius PEVs, two Ford Escape PEVs and the Southeast's first plug-in electric bucket truck (which also received funding assistance from a CFAT grant). The utility has developed partnerships with Ford, General Motors and Nissan, as well as local universities, to help pave the way for electric transportation. "We are investing in innovative alternative technology, such as truck stop electrification, because we believe it is an important part of a balanced approach to addressing the new energy realities of rising fuel costs and global climate change," said Lloyd Yates, president and chief executive officer of Progress Energy Carolinas, which serves 1.5 million customers. "We are proud to continue our long-standing partnership with the community and have enjoyed working with the project partners to bring this technology to the East Coast." Project partner Advanced Energy will be gathering and analyzing data from the electrification stations at Big Boys Truck Stop to determine the project's success. Advanced Energy is actively involved in researching, testing and demonstrating electric transportation technologies in the greater Triangle area. "Advanced Energy is excited to be part of the inauguration of 24 electrified parking spaces in Kenly, N.C. This project is complemented by the Project Get Ready! electrified transportation initiative in Raleigh and the Triangle Area, which is spearheaded by the City of Raleigh, Advanced Energy, Progress Energy and Duke Energy," said Jeff Barghout, director of Transportation Initiatives for Advanced Energy. - Progress Energy

Harvest Natural Resources Announces Increases in Venezuelan Reserves

Sophia Rhodini — Thu, 22 Oct 2009 08:43:31 +0000

HOUSTON, -- Harvest Natural Resources, Inc. (NYSE: HNR) today announced an increase in reserves attributed to Petrodelta, S.A. (Petrodelta), Harvest's 32 percent owned Venezuelan affiliate. Proved reserves net to Harvest increased to 47.6 million barrels of oil equivalent (MMBOE) at August 31, 2009, as compared to 43.3 MMBOE at year-end 2008. Proved, probable and possible reserves net to Harvest increased 59 percent to 211.1 MMBOE. The increase in reserves was driven primarily by the drilling of two appraisal wells in the largely undeveloped El Salto field. The reserves estimate was prepared by the independent petroleum consultants of Ryder Scott Company, L.P. (Ryder Scott) for Harvest. As used in this press release, references to oil and gas reserves that are "net to Harvest" refer to Harvest's net 32 percent indirect equity interest in Petrodelta after royalties and do not refer to any working interest or other ownership interest held directly by Harvest. Highlights of the interim reserves report include: Combined proved, probable and possible reserves net to Harvest increased by approximately 59 percent to 211.1 MMBOE at August 31, 2009 from 132.4 MMBOE at December 31, 2008. By category and net to Harvest, proved, probable and possible reserves increased by approximately 10 percent, 35 percent and 104 percent, respectively. Proved reserves volumes net to Harvest increased approximately 10 percent to 47.6 MMBOE at August 31, 2009 from 43.3 MMBOE at December 31, 2008. The after tax present value of proved reserves net to Harvest and discounted at 10 percent increased by approximately 305 percent to $449 million at August 31, 2009. Approximately 80 percent of the proved reserves are oil and condensate of which 30 percent are developed. Proved reserves of the El Salto Field alone increased 42 percent. Increase in oil reserves comprised the majority of the reserve additions from year-end 2008 with proved, probable and possible oil reserves increasing by approximately 12 percent, 49 percent and 108 percent, respectively (see Table 2). The majority of the increase in proved reserves was the result of drilling two appraisal wells in the El Salto Field during 2009, which more than offset production from Petrodelta's existing producing developed properties. Proved reserves of the El Salto field net to Harvest increased 42 percent to 18.5 MMBOE at August 31, 2009 from 13.0 MMBOE at year-end 2008. Petrodelta operates six fields in Venezuela and approximately 39 percent of proved reserves net to Harvest at August 31, 2009 were associated with the El Salto field. Harvest President and Chief Executive Officer, James A. Edmiston, said: "The interim reserve report was commissioned to re-assess the growth potential of the El Salto field and to provide input into Petrodelta's capital budget process for the rest of 2009 and into 2010. We estimate that there may be approximately 980 drilling locations in El Salto alone, providing many years of growth potential. We are excited about the opportunity for Petrodelta to prove-up additional reserves and value by drilling in El Salto and its other fields." Edmiston continued: "The previous estimate of original oil in place for the El Salto field was upwardly revised by 48 percent to 5.4 billion barrels of original oil in place. The field represents a platform for significant growth with its stacked pay zones in eight different proven fault blocks as well as exploration potential for additional traps. Petrodelta began drilling appraisal wells in the El Salto field in May 2009 to evaluate its potential for supporting the company's self-funded drilling program. The appraisal wells drilled in this field have encountered pay zones thicker than anticipated, and the initial production rate of the El Salto #31 well has exceeded our original expectations, producing at the rate of approximately 3,000 BOPD limited by infrastructure constraints. The El Salto #30 has yet to be placed on production. The updated reserves report demonstrates the quality of Petrodelta's assets and how quickly drilling can convert unproven reserves to proved status." The reserve estimate assumes a West Texas Intermediate crude oil price of $71.05 per barrel, which yields $64.48 per barrel after adjustment for location and quality. The natural gas reserves were based on a contractual price of $1.54 per thousand cubic feet (Mcf). Both oil and gas prices were held constant. Table 1: Estimated Proved, Probable and Possible Reserves, Net to Harvest Natural Resources, as of August 31, 2009 Developed --------------------------- Proved Reserves: Producing Non-Producing Undeveloped Total --------- ------------- ----------- ----- Oil (MBbls) 9,242 2,052 26,934 38,229 Gas (MMcf) 28,473 723 26,898 56,094 ------ --- ------ ------ MBOE 13,988 2,173 31,417 47,578 Probable Reserves: Oil (MBbls) 0 94 34,517 34,611 Gas (MMcf) 0 339 8,709 9,048 - --- ----- ----- MBOE 0 151 35,969 36,119 Possible Reserves: Oil (MBbls) 0 9 121,316 121,324 Gas (MMcf) 0 0 36,409 36,409 --- --- ------ ------ MBOE 0 9 127,384 127,393 Total 3P Reserves: Oil (MBbls) 9,242 2,155 182,767 194,164 Gas (MMcf) 28,473 1,062 72,016 101,551 ------ ----- ------ ------- MBOE 13,988 2,332 194,769 211,090 Table 2: Changes in Estimated Proved, Probable and Possible Reserves, Net to Harvest Natural Resources December 31, 2008 August 31, 2009 %Change ----------------- --------------- ------- Oil Reserves (MMBbl): Proved 34.2 38.2 12% Probable 23.3 34.6 48% Possible 58.2 121.3 108% Total 3P 115.7 194.2 68% Gas Reserves (Bcf): Proved 54.2 56.1 3% Probable 20.3 9.0 (56)% Possible 25.1 36.4 45% Total 3P 100.2 101.6 1% After Tax Discounted Future Net Income @10% ($MM): Proved Reserves $111 $449 305% Probable Reserves $22 $268 1,118% Possible Reserves $144 $937 551% ---- ---- ---- Total 3P Reserves $277 $1,654 497% Oil Price (WTI) ($/Bbl) $40.62 $71.05 75% Petrodelta Oil Price ($Bbl) $34.38 $64.48 88% Gas Price ($/Mcf) $1.54 $1.54 0% Reserves Disclosure The Securities and Exchange Commission (SEC) permits oil and gas companies, in filings made with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. Harvest is strictly prohibited by the SEC from including estimates of unproved reserves (i.e., possible reserves and probable reserves) in filings with the SEC. These estimates are by their nature more speculative than estimates of proved reserves. All estimates of unproved reserves in this press release have been prepared by an independent petroleum engineering firm. Harvest discloses unproved reserves because management believes that this is valuable information to its investors. The proved reserves included in this press release conform to the definition as set forth in the Securities and Exchange Commission's (SEC) Regulation S-X Part 210.4(a) as clarified by subsequent Commission Staff Bulletins. The probable reserves and possible reserves included in this press release conform to definitions of probable and possible reserves sponsored and approved by the Society of Petroleum Engineers (SPE), the World Petroleum Council (WPC), the American Association of Petroleum Geologists (AAPG) and the Society of Petroleum Evaluation Engineers (SPEE) as set forth in the 2007 SPE/WPC/AAPG/SPEE Petroleum Resources Management System (SPE-PRMS) using the deterministic methodology. Probable reserves are those additional reserves which analysis of geoscience and engineering data indicate are less likely to be recovered than proved reserves but more certain to be recovered than possible reserves. It is equally likely that actual remaining quantities recovered will be greater than or less than the sum of the estimated proved plus probable reserves (2P). In this context, when probabilistic methods are used, there should be at least a 50% probability that the actual quantities recovered will equal or exceed the 2P estimate. Probable reserves may be assigned to areas of a reservoir adjacent to proved reserves where data control or interpretations of available data are less certain. The interpreted reservoir continuity may not meet the reasonable certainty criteria. Probable estimates also include incremental recoveries associated with project recovery efficiencies beyond that assumed for proved. Possible reserves are those additional reserves which analysis of geoscience and engineering data indicate are less likely to be recoverable than probable reserves. The total quantities ultimately recovered from the project have a low probability to exceed the sum of proved plus probable plus possible (3P), which is equivalent to the high estimate scenario. When probabilistic methods are used, there should be at least a 10% probability that the actual quantities recovered will equal or exceed the 3P estimate. Possible reserves may be assigned to areas of a reservoir adjacent to probable reserves where data control and interpretations of available data are progressively less certain. Frequently, this may be in areas where geoscience and engineering data are unable to clearly define the area and vertical reservoir limits of commercial production from the reservoir by a defined project. Possible estimates also include incremental quantities associated with project recovery efficiencies beyond that assumed for probable. In calculating the reserves in this press release, initial production rates are based on the current producing rates for those wells now on production. Test data and other related information were used to estimate the anticipated initial production rates for those wells or locations that are not currently producing. If no production decline trend has been established, future production rates were held constant, or adjusted for the effects of curtailment where appropriate, until a decline in ability to produce was anticipated. An estimated rate of decline was then applied to depletion of the reserves. If a decline trend has been established, this trend was used as the basis for estimating future production rates. For reserves not yet on production, sales were estimated to commence at an anticipated date furnished by Harvest to Ryder Scott. - Harvest Natural Resources, Inc.

Duke Energy Carolinas Reaches Proposed Settlement in Its Request to Raise Base Rates in North Carolina

Sophia Rhodini — Thu, 22 Oct 2009 08:45:12 +0000

CHARLOTTE, N.C. -- First base rate increase since 1991 would result in increase to base rates of $315 million, or 8 percent, to be phased in over two years. Other measures will reduce the bottom line impact to customers Settlement would allow the company to maintain its strong financial position, which is essential to attracting investors and lowering financing costs as it continues to modernize the system that serves customers Proposed agreement includes the North Carolina Public Staff which represents consumers Duke Energy Carolinas (NYSE: DUK) earlier today filed an agreement with the North Carolina Public Staff in the company's request to raise base rates for the first time since 1991. The proposal must be reviewed and approved by the North Carolina Utilities Commission in a hearing scheduled for tomorrow. Changes to rates associated with this proposal are expected to be implemented on Jan. 1, 2010. "We believe this agreement is a reasonable compromise that benefits our customers and the company. It strikes a balance between today's unique economic challenges and the need to ensure a reliable, affordable and clean energy supply for the future," said Jim Turner, Duke Energy's group executive, president and chief operating officer of U.S. Franchised Electric and Gas. "Our objectives in this case were clear - to be sensitive to our customers, to better align our rates with expenses and to maintain a strong financial position as we continue to modernize the system. We appreciate the willingness of the Public Staff to negotiate a fair agreement that balances the needs of communities, customers and the company." Under the terms of the agreement, a base rate increase of $315 million (or 8 percent) will be phased in over two years. However, additional steps outlined in the proposal help lower the total impact to customer bills to an increase of approximately 7 percent in the near term. The bottom line average increase to customer bills in 2010 would be 3.8 percent and an additional 3.2 percent in 2011. Additional highlights of the proposed settlement include: 10.7 percent Return on Equity and a capital structure of 52.5 percent equity and 47.5 percent long-term debt. Three riders relating to fuel costs, fuel inventory, and insurance costs, when netted against the base rate increase proposed in the settlement, would reduce the total impact to customer bills to 7 percent over two years. The company will begin collecting financing costs related to the Cliffside modernization project beginning Jan. 1, 2011. An agreement not to file another rate case before 2011 with any changes to rates taking effect no earlier than 2012. "When I speak with our customers, they are quick to applaud our company for offering a reliable product at highly competitive rates. They also recognize that we've invested nearly $5 billion since 2006 to deliver that level of service," said Brett Carter, president of Duke Energy Carolinas. "Even with this proposed increase, our rates will remain far below the national and regional averages. We know price matters to our customers and to companies that may choose to move to North Carolina." Money-Saving Opportunities for Customers On June 1, Duke Energy launched a number of energy efficiency programs to help customers in the Carolinas save power and money. In North Carolina, the average residential customer can save about $5 a month by participating in energy conservation programs. From programs to help qualified customers improve energy efficiency in their homes, to cash incentives for purchasing energy-efficient equipment, these programs are first steps in helping residents and businesses lower their energy bills. Other programs will enable customers to save even more by allowing the utility to manage their energy use in times of high demand. More information is available at http://www.duke-energy.com/north-carolina/savings.asp. Duke Energy Carolinas Duke Energy Carolinas owns nuclear, coal-fired, natural gas and hydroelectric generation. That diverse fuel mix provides approximately 19,000 megawatts of electricity capacity to approximately 2.4 million customers in a 22,000-square-mile service area of North Carolina and South Carolina. Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: www.duke-energy.com. - Duke Energy

Disneyland Resort Wins California's Top Environmental Leadership Award

Sophia Rhodini — Thu, 22 Oct 2009 08:46:15 +0000

Resort honored for sustainable practices including Paradise Bay refill, Disneyland Railroad steam trains fueled by recycled cooking oil, and environmental features at new Central Bakery ANAHEIM, Calif., -- Disneyland Resort has won the 2009 Governor's Environmental and Economic Leadership Award (GEELA), California's highest and most prestigious environmental honor. The award recognizes individuals, organizations and businesses that have demonstrated exceptional leadership for voluntary achievements in conserving California's resources, protecting and enhancing the environment and building public-private partnerships. Governor Schwarzenegger recognized Disneyland Resort and 14 other GEELA recipients at a reception at the Governors' Global Climate Summit 2 in Los Angeles on September 30. "I applaud the Disneyland Resort for their wonderful commitment to our state's commerce and environment. They are an inspiration to many and I thank them for their outstanding leadership," said Governor Schwarzenegger. "This honor recognizes Disneyland Resort's ongoing commitment to developing socially responsible and environmentally friendly practices that promote environmental protection and economic growth," said Frank Dela Vara, director of environmental affairs and conservation at Disneyland Resort. "We are proud of our commitment to exploring and implementing new technologies and practices that further the environmental legacy left by Walt Disney." Award recipients are chosen in 10 different categories based on their strength in eight specific areas including results, transferability, environmental impact, resource conservation, economic progress, innovation and uniqueness, pollution prevention and environmental justice. Disneyland received the award for several sustainable practices implemented at the Resort, including the environmentally conscientious efforts to refill the Paradise Bay at Disney's California Adventure; the use of the Resort's processed cooking oil to fuel its steam train locomotives; and the water and energy conservation features incorporated in the Resort's new central bakery. Paradise Bay Refill Last year, the water in Paradise Bay at Disney's California Adventure Park was drained to perform the detailed work needed to prepare for "World of Color," a new nighttime spectacular that will debut in spring 2010. In partnership with the Orange County Water District (OCWD), the water was sent through OCWD's new state-of-the-art Ground Water Replenishment System, instead of being released to the ocean through storm drains. The water went through an extensive purification process before it was stored in Orange County's underground water basin, which added to the County's overall water reserves. When the lagoon is refilled, clean water from the aquifer will be used. "Disneyland Resort proactively reached out to us to determine the best way to drain and refill their lagoon and together, we came up with a solution that minimized impact on the local water supply," said Stephen Sheldon, president of OCWD. "We commend its effort to recycle water and its longstanding commitment to environmental stewardship." "Although this process took additional time and resources, it allows us to refill the lagoon in a manner that is respectful of the environment and mindful of the community's future needs," said Dela Vara. Disneyland Railroad Steam Trains In a move that allows the Resort to save approximately 200,000 gallons of petroleum diesel per year, Disneyland Railroad's steam boilers are being fueled by a special biodiesel made from the processed cooking oil used in restaurants throughout the Resort. "We have been recycling our used kitchen grease for years, but this innovation took recycling to another level," said Del

Applied Industrial Technologies Declares Quarterly Dividend

Sophia Rhodini — Thu, 22 Oct 2009 08:46:36 +0000

CLEVELAND, -- Applied Industrial Technologies (NYSE: AIT) Chairman & Chief Executive Officer David L. Pugh today announced that the Company's Board of Directors has declared a quarterly cash dividend of $0.15 per common share, payable on November 30, 2009, to shareholders of record on November 16, 2009. With approximately 460 facilities and 4,700 employee associates across North America, Applied Industrial Technologies is an industrial distributor that offers more than 3 million parts critical to the operations of MRO and OEM customers in virtually every industry. In addition, Applied provides engineering, design and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber and fluid power shop services. For its fiscal year ended June 30, 2009, Applied posted sales of $1.9 billion. Applied can be visited on the Internet at http://www.applied.com. - Applied Industrial Technologies

CanAlaska Uranium Details Extensive Rare Earth Mineralization at NE Wollaston Project - with retraction of REE Dollar Values

Sophia Rhodini — Thu, 22 Oct 2009 08:47:56 +0000

VANCOUVER, - CanAlaska Uranium Ltd. (CVV - TSX.V) (the "Company") Due to many recent enquiries regarding the potential for rare earth mineralization on the Company's exploration projects, CanAlaska is pleased to be able to detail extensive zones of heavy and light rare earth mineralization in surface rocks and boulder trains on the North East Wollaston project. Total Rare Earth Element (REE) mineralization ranging from 0.2% to 10% is reported and, in many cases, it is the most valuable mineralization component of the samples. In other samples, REE occurs as a significant potential by-product from uranium or base-metal mineralized zones. Because of the varying ratio of heavy to light REE, the in-situ value estimate is quite variable. It is significant to highlight these very good mineral values at a time when REE minerals are being identified as important commodities for industrial development. The in situ values in the previous news release are hereby retracted. These zones of REE mineralization are often in association with uranium or thorium mineralization, and are relatively easily prospected by scintillometer traverses, or from airborne radiometric surveys. Most of these reported samples are from radioactive boulders, sampled for uranium. No specific exploration was conducted for REE bearing rocks, but all current targets will now be followed-up. The extensive results tables presented in this news release also detail the uranium and molybdenum mineralization samples in the zones. Further detail on the individual zones is in the news release dated February 8th, 2008. The NE Wollaston project area, located in the province of Manitoba, northeast of the Athabasca Basin uranium deposits, is shown in the attached location map. Historically, this area was explored for base metal mineralization during the 1960's-1980's. In the early-1980's, reconnaissance work identified several areas with anomalous uranium mineralization. In 2004, CanAlaska acquired the mineral licenses in the area and began systematic prospecting and lake sediment sampling through to 2007, during which time the REE discoveries were made. The following tables show the REE mineralization in the samples collected by CanAlaska personnel: http://www.canalaska.com/i/maps/102009CVV-REEGradeTable.pdf The Company has been awaiting local and Government approvals and work permits to re-commence work on the project areas, and has now been informed by the community and the Manitoba Government that the next stages of exploration should be able to re-commence in 2010. President Peter Dasler commented "The process of community consultation has been slow, but we have always intended to build a strong foundation for many years of work and success in this region. To do this, all stakeholders must be considered." All of the samples from the exploration programs were submitted to qualified Canadian laboratories for analysis. Samples submitted to Saskatchewan Research Laboratories were analysed for multi-element geochemistry and including uranium by tri-acid digestion and ICP. Samples submitted to Acme Laboratories in Vancouver, BC for assay for trace element geochemistry were analysed by aqua regia digestion and ICP analysis. The samples were collected by CanAlaska field geologists under the supervision of Dr. Karl Schimann, P. Geo. and were shipped in secure containment to the laboratories noted above. Peter Dasler, M.Sc. P Geo. is the qualified technical person responsible for this news release. The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release: CUSIP# 13708P 10 2. This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission. - CanAlaska Uranium Ltd.

Frost & Sullivan European Digestive Health Ingredients Promising Ingredient of the Year Award Presented to Solvay for SOLACTIS(TM)

Sophia Rhodini — Thu, 22 Oct 2009 08:48:22 +0000

LONDON, --The 2009 Frost & Sullivan European Digestive Health Ingredients Promising Ingredient of the Year Award is presented to Solvay S.A. (Solvay) for SOLACTIS(TM), an innovative prebiotic ingredient in the European digestive health ingredients market. The improved performance of SOLACTIS(TM) offers significant added value for new yoghurts, biscuits, beverages and similar products. "Positioned as a digestive health ingredient, SOLACTIS(TM) is the result of extensive and dedicated research conducted by Solvay," notes Frost & Sullivan Research Analyst Sridhar Gajendran. "The company has successfully yielded verified reports on a range of health benefits offered by SOLACTIS(TM) and continues to conduct extensive research on expanding its beneficial health applications." SOLACTIS(TM) is a nutritional ingredient based on GalactoFructose (GoF), a disaccharide which enables food processing industries to develop new products combining tasty recipes and health benefits such as intestinal health, mineral balance and management of metabolic syndrome. GalactoFructose SOLACTIS(TM) helps the development of intestinal flora and contributes to better transit. This particular claim has been validated by Belgian Authorities and is currently on study by the European Authorities. The product, moreover, increases stool weight and frequency. "SOLACTIS(TM)'s success lies in its compatibility with a wide range of food applications," remarks Gajendran. "It is one of the most viable digestive health ingredients which can be used in an extensive range of functional foods applications such as biscuits and rusks, food supplements, beverages, fruit preparation, infant nutrition, and yoghurts & milk fermented products. The animal feed industry is also another new field of exploration for this product." SOLACTIS(TM) offers several competitive advantages. It is the first prebiotic ingredient used in infant SOLACTIS(TM) formulas. The main advantage of SOLACTIS(TM) is that the product is sourced from milk due to which it is suitable for use in infant formulas. It has been well received by infant formula manufacturers. The product requires only a low recommended daily dose (RDD) to achieve a prebiotic effect. For instance, only 0.65 grams of GalactoFructose are required for prebiotic effect, whereas other prebiotics require consumption of around 5 grams per day. Moreover, SOLACTIS(TM) is the most economical prebiotic ingredient available in the European market. The price of Solactis powder is relatively high compared to Inulin and FOS. However, the efficient dosage of SOLACTIS(TM) increases the economy of the product. "As a result of rigorous research and marketing efforts, SOLACTIS(TM) has been established as a clinically proven and highly effective prebiotic ingredient with impressive consumer appeal and a receptive global market," concludes Gajendran. "SOLACTIS(TM) is characterised by distinct advantages over similar prebiotics and is fast gaining the status of the gold standard in the digestive health ingredients market." The Frost & Sullivan Award for Promising Ingredient of the Year is presented to the company that has demonstrated excellence in new ingredient development and launch within its industry. The recipient company has shown innovation by launching a broad line of emerging products and technologies. Frost & Sullivan Best Practices Awards recognise companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry. - Frost & Sullivan

Duke Energy Declares Quarterly Dividend

Sophia Rhodini — Thu, 22 Oct 2009 08:48:48 +0000

CHARLOTTE, N.C., -- Duke Energy (NYSE: DUK) has declared a quarterly cash dividend on its common stock of $0.24 per share. The dividend is payable on Dec. 16, 2009, to shareholders of record at the close of business Nov. 13, 2009. This is the 83rd consecutive year that Duke Energy has paid a quarterly cash dividend on its common stock. Duke Energy is the third largest electric power holding company in the United States, based on kilowatt-hour sales. Its regulated utility operations serve approximately 4 million customers located in five states - North Carolina, South Carolina, Indiana, Ohio and Kentucky -- representing a population of approximately 11 million people. Duke Energy's commercial power and international business segments operate diverse power generation assets in North America and Latin America, including a growing portfolio of renewable energy assets in the United States. Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: www.duke-energy.com. - Duke Energy

Continental Completes $25 Million Financing

Sophia Rhodini — Thu, 22 Oct 2009 08:49:15 +0000

VANCOUVER, - Continental Minerals Corporation ("Continental" or the "Company") (TSX Venture: KMK; OTCBB: KMKCF) announces that the Company has completed the previously announced private placement financing, issuing 23,364,486 common shares (the "Shares") at a price of $1.07 per Share for gross proceeds of $25 million. The Shares are subject to a four-month hold period under applicable Canadian securities legislation. Proceeds shall principally be used for engineering and development of the Xietongmen Project in China and for general corporate purposes. A commission within regulatory guidelines was paid on the financing. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available. Continental President and CEO David Copeland commented, "We are pleased to complete this financing, which brings the Company closer to its goal of building a modern, well-engineered copper-gold mine that integrates international standards and contributes positively to the economic development of the region." On behalf of the Board of Directors David Copeland President & CEO The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts that address exploration drilling, exploitation activities and other related events or developments are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, geopolitical uncertainty and political and economic instability, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on Continental Minerals Corporation, Investors should review the Company's annual Form 20-F filing with the United States Securities and Exchange Commission at www.sec.gov and its home jurisdiction filings that are available at www.sedar.com. - Continental Minerals Corporation

GE, Whirlpool and Others Launch Smart Green Grid Initiative Aimed at Including Smart Grid in Copenhagen Meetings

Sophia Rhodini — Thu, 22 Oct 2009 08:49:42 +0000

WASHINGTON, -- GE, Whirlpool Corporation and a number of other companies today announced the creation of a new collaborative effort aimed at demonstrating the role of smart grid technologies and practices in the achievement of climate change goals. Called the Smart Green Grid Initiative (SGGI), the effort will include educational events at the upcoming climate change meetings in Copenhagen. SGGI has been approved by the United Nations to be an official smart grid delegation to the Copenhagen meetings. SGGI will also be sponsoring educational events in the U.S. in the weeks preceding the meetings in Copenhagen. One of the groups that SGGI will work with in Copenhagen is the Pew Center Global Climate Change. "It is important that we look at all of the options that can help address and mitigate climate change," said Eileen Claussen, President of the Pew Center on Global Climate Change "and smart grid's role in enabling energy efficiency and other climate-friendly technologies deserves greater attention. We look forward to participating in an SGGI side event in Copenhagen that will help carry this message to the broader climate change community." "We need to help the world understand the real potential for Smart Grid technologies to help slow climate change," said Bob Gilligan, vice president of GE Energy's Transmission and Distribution business. "Smart Grid solutions are often viewed primarily for their efficiency and cost savings, but every kilowatt saved is also a carbon savings. Add the potential carbon benefits we get through easier integration of more renewable energy, like wind and solar, and the Smart Grid can have a major effect on the carbon impact of our energy infrastructure." "We launch this effort today to try to illustrate the relationship between a smart grid with smart products and technologies, and the global effort to mitigate climate change," said Jeff Noel, corporate vice president, Communications and Public Affairs, Whirlpool Corporation. "Complementary policies in these areas benefit consumers, create jobs, and reduce environmental impact. Today, these two areas are for the most part in different silos, and there is not enough awareness or understanding of how important development of the smart grid can be to meeting climate change goals." SGGI will seek to help government, industry and policy makers see smart grid technologies and practices within a larger perspective. For example, with a key component of climate change policies being increased use of renewable energy, SGGI will try to help parties understand and manage its variable and intermittent nature. It will try to demonstrate that demand response and energy storage solutions can dynamically complement renewable resources -- and avoid the building of new fossil-fuel power plants to fill the availability gaps and peak needs. "Another important area is energy efficiency," said Dan Delurey, Chairman of the Smart Green Grid Initiative. "Today, it is important to view energy efficiency in a more holistic and dynamic way than in the past. New technologies and applications mean that energy efficiency can mean more than just replacing one device with a newer, more efficient one. It can include providing new information to the consumer that they have simply never had before. Research has shown that electricity customers with energy usage information become more energy efficient overall -- by upwards of 15%. The Smart Grid may help make energy efficiency sustainable and institutionalized in business and society." "This is also true with appliances," said Noel, of Whirlpool, and "we need to not only make our appliances more efficient, but smarter." Jim Campbell, President & CEO of GE Consumer & Industrial, the GE division innovating demand response appliances, added "Smart appliances connected to the grid can schedule energy intensive activities to take place during lower energy usage periods like evenings and nights, when some renewable resources like wind are more likely to be available." Supporters of the Smart Green Grid Initiative include both Utilities and Technology companies. Included in the group are National Grid, Southern Company, AEP, Google, LG Electronics, Landis + Gyr, Echelon, Tendril, Ice Energy, Enspiria, eMeter and Itron. In addition, the Demand Response and Smart Grid Coalition and the Demand Response Coordinating Committee, the leading groups in the U.S. focused on promoting the development of the Smart Grid and smart grid practices like Demand Response, will be supporting SGGI. As part of today's announcement, the Smart Green Grid Initiative said that several webinars and a Capitol Hill Briefing will be held to begin the effort to build awareness of the important intersection between the smart grid and climate change. SGGI also said that a web site has been created at www.smartgreengrid.org where information can be found about SGGI events as well as how the Smart Grid can play a role in addressing climate change. "We hope that other companies will join with us now and in Copenhagen in this effort to demonstrate the importance of the Smart Grid in reducing emissions and achieving climate change goals," said Delurey. "We look forward to working with all parties and to being a source of information and expertise on the role that Smart Grid can play". - Smart Green Grid Initiative

Hiland Partners, LP and Hiland Holdings GP, LP Announce Adjournment of Special Meetings of Unitholders Until October 27, 2009

Sophia Rhodini — Thu, 22 Oct 2009 08:53:36 +0000

ENID, Okla., -- Hiland Partners, LP (Nasdaq: HLND) and Hiland Holdings GP, LP (Nasdaq: HPGP) announced today that each company adjourned its special meeting of unitholders that took place this morning. The Hiland Partners special meeting was adjourned and the vote postponed until October 27, 2009 at 10:30 a.m., central time, and the Hiland Holdings special meeting was adjourned and the vote postponed until October 27, 2009 at 9:00 a.m., central time. Each special meeting will be held at 302 N. Independence, Ball Room, Second Floor, Enid, Oklahoma 73701. As of the commencement of the Hiland Partners special meeting, approximately 59% of the common units represented by proxies received thus far from public unitholders had voted "FOR" approval of the previously announced proposed merger of Hiland Partners with an affiliate of Harold Hamm (the "Hiland Partners merger"). These proxies amounted to approximately 1.7 million common units or approximately 43% of all outstanding common units held by public unitholders. Because approval of the Hiland Partners merger is conditioned upon the approval of holders of a majority of all outstanding common units held by public unitholders of Hiland Partners, the Hiland Partners board of directors adjourned the Hiland Partners special meeting to allow for additional time to solicit proxies from public unitholders. As of the commencement of the Hiland Holdings special meeting, approximately 58% of the common units represented by proxies received thus far from public unitholders had voted "FOR" approval of the previously announced proposed merger of Hiland Holdings with an affiliate of Harold Hamm (the "Hiland Holdings merger"). These proxies amounted to approximately 3.6 million common units or approximately 43% of all outstanding common units held by public unitholders. Because approval of the Hiland Holdings merger is conditioned upon the approval of holders of a majority of all outstanding common units held by public unitholders of Hiland Holdings, the Hiland Holdings board of directors adjourned the Hiland Holdings special meeting to allow for additional time to solicit proxies from public unitholders. Each of the Hiland Partners merger agreement and the Hiland Holdings merger agreement may be terminated if the effective time of such merger does not occur on or before November 1, 2009. Pursuant to the provisions of each merger agreement, the obligation of Harold Hamm and his affiliates to complete either of the mergers is conditioned upon, among other things, the concurrent completion of the other Hiland company merger. Harold Hamm and his affiliates may not waive this condition and complete only the Hiland Partners merger unless the Hiland Holdings merger is submitted to a vote of the unitholders of Hiland Holdings and the Hiland Holdings merger is not approved. Similarly, Harold Hamm and his affiliates may not waive this condition and complete only the Hiland Holdings merger unless the Hiland Partners merger is submitted to a vote of the unitholders of Hiland Partners and the Hiland Partners merger is not approved. The record date for determining unitholders eligible to vote at the special meetings will remain September 9, 2009. Valid proxies submitted by unitholders of Hiland Partners or Hiland Holdings prior to the adjourned October 20, 2009 special meetings will continue to be valid for purposes of the reconvened special meetings scheduled for October 27, 2009. Common unitholders of Hiland Partners or Hiland Holdings as of September 9, 2009 who have not voted but wish to do so or who would like to change their vote should contact D.F. King at 1-800-967-4612. Forward-Looking Statements This press release includes certain statements concerning expectations for the future that are forward-looking statements, including statements about the preliminary results of a solicitation. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management's control. An extensive list of factors that can affect future results are discussed in the definitive joint proxy statement filed by Hiland Partners and Hiland Holdings, in Hiland Partners' and Hiland Holdings' Annual Reports on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. Any such forward looking statements are made as of the date of this press release and neither Hiland Partners nor Hiland Holdings undertakes any obligation to update or revise any such forward-looking statements to reflect new information or events. - Hiland Partners, LP; Hiland Holdings GP, LP

Petroflow Energy Ltd. confirms amendment and update to borrowing base

Sophia Rhodini — Thu, 22 Oct 2009 08:54:34 +0000

CALGARY, Petroflow Energy Ltd. ("Petroflow" or the "Company") is pleased to announce that the Company recently concluded a borrowing base update under its bank loan agreement (the Facility) maintaining its overall current borrowing capacity of $ US 110 million. Guaranty Bank in Houston is acting as lead agent with Texas Capital Bank, also in Houston, acting as co-agent for the Facility. Duncan Moodie, the Company's Chief Financial Officer stated; "We appreciate that our banks continue to work with the Company during this period of low commodity prices. We are also pleased that the banking operations of Guaranty Bank have been sold to BBVA Compass Bank. BBVA Compass is among the 25 largest banks in the US based on deposit market share and ranks as the fourth largest bank in Texas". The Facility now consists of an "A" tranche with a maturity date of January 1, 2012 and a borrowing base of $ US 100 million. Interest rates on the "A" tranche range from LIBOR plus 2% to LIBOR plus 2.5% depending on the percentage of funds actually borrowed. The "A" tranche interest rate floor is 5.5%. The Facility also includes a second "C" tranche that has an eligibility of $ US 10 million and an interest rate floor of 7.5%. The "C" tranche has a maturity date of September 30, 2010. The Facility contains a number of affirmative and negative operating and financial covenants, including a requirement that the Company raise $ US 18 million of additional equity to be applied against the outstanding loan balance by the middle of December 2009. Forward-Looking Statements This news release contains statements that may constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation as they involve the assessment that the Facility will impact favorably the Company's financial situation. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks, uncertainties and factors that could cause actual results to differ materially from those anticipated by Petroflow and described in the forward-looking statements. These risks, uncertainties and factors include, but are not limited to, the Company's ability to draw funds on the Facility as anticipated, the Company's ability to raise sufficient additional equity by mid December 2009, the notion that the ongoing value of the Company's oil & gas reserves will continue to support the Facility's borrowing base, and other adverse general economic conditions that may negatively impact the Company and its ability to maintain as well as repay Facility borrowings. Additional information on these and other factors, which could affect Petroflow's operations or financial results, are included in Petroflow's reports on file with Canadian securities regulatory authorities. We assume no obligation to update forward-looking statements should circumstances or management's estimates or opinions change unless otherwise required under securities law. The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. - Petroflow Energy Ltd.

Petroleum Development Corporation Announces Third Quarter 2009 Results Conference Call - Thursday, November 5, 2009

Sophia Rhodini — Thu, 22 Oct 2009 08:55:11 +0000

Petroleum Development Corporation Announces Third Quarter 2009 Results Conference Call - Thursday, November 5, 2009 DENVER, -- Petroleum Development Corporation (Nasdaq: PETD) today announced the Company has scheduled a conference call with investors to discuss third quarter 2009 results. Conference Call and Webcast: Date/Time: Thursday, November 5, 2009, 1:00 p.m. EST Webcast: Available at www.petd.com Domestic Dial-In (toll free): 877/407-9210 International Dial-In: 201/689-8049 Replay Numbers: Domestic (toll free): 877/660-6853 International: 201/612-7415 Passcodes: Account #: 286, Conference ID #: 335135 The Company plans to issue its third quarter 2009 results release before market open on Thursday, November 5, 2009. - Petroleum Development Corporation

Third Quarter 2009 Westlake Chemical Corporation Earnings Conference Call

Sophia Rhodini — Thu, 22 Oct 2009 08:55:44 +0000

HOUSTON, -- Westlake Chemical Corporation (NYSE: WLK) will release its 2009 third quarter earnings prior to the market opening on Tuesday, November 3, 2009. The company will host a conference call at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) on the same day to discuss the earnings release. To access the conference call, dial (866) 783-2138, or (857) 350-1597 for international callers, approximately 10 minutes prior to the scheduled start time and reference passcode 49346652. The conference call will also be available via webcast at http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=180248&eventID=2496259 and the earnings release can be obtained via the company's Web page at, http://www.westlake.com/fw/main/IR_Home_Page-123.html This call will be available for replay beginning an hour after the call has ended, and may be accessed until 1:00 p.m. Eastern Time on November 10, 2009. The replay can be accessed by calling the following numbers: Domestic callers should dial 1-888-286-8010 and international callers may access the replay at 617-801-6888. The access code at both numbers is 36570560. Westlake Chemical Corporation is a manufacturer and supplier of petrochemicals, polymers and fabricated products with headquarters in Houston, Texas. The company's range of products includes: ethylene, polyethylene, styrene, propylene, caustic, VCM, PVC and PVC pipe, windows and fence. For more information, visit the company's Web site at http://www.westlake.com. - Westlake Chemical Corporation

PSEG Announces Environmental Education Grant Winners

Sophia Rhodini — Thu, 22 Oct 2009 08:56:37 +0000

NEWARK, N.J., -- Nine New Jersey educators have extra money to supplement lesson plans with hands-on learning, thanks to grants from PSEG. The energy company awarded nearly $20,000 this year to teachers who successfully linked their students' understanding of math, science, computer science, and technology with an enthusiasm and appreciation for the environment. The PSEG Foundation has awarded Garden State educators more than $333,000 since starting its Environmental Education grant program 18 years ago. "Our grantees come up with creative ideas each year, finding ways to get their students involved in activities that directly support what they're learning in the classroom," said Jo Ann Dow-Breslin, PSEG's community affairs manager. "We're proud to support their efforts to encourage students to think about the environment in new ways." Photos of winners are available upon request. Bergen County Lyncrest Elementary School in Fair Lawn Leslee Fisher and Deborah Kempin's project, A "Ribbit-ing Mystery," will teach 3rd, 4th and 5th graders about the link between pollution and global warming, and show them how pollution affects the environment. Their students will work together in scientific teams to understand why frogs have disappeared from Lyncrest Landing. The students will become environmental ambassadors. Camden County Lawnside Public School in Lawnside Through Project Wind Power, Marques Stanard will teach 8th graders about different sources of renewable energy, with a focus on wind power. In addition to visiting the Jersey-Atlantic Wind Farm in Atlantic City, students will design and build their own miniature windmills. Upon completion of the project the students will have learned about the role alternative energy can play in decreasing New Jersey's carbon footprint. Hudson County Washington Community School in Bayonne Rose Abeal will use forensic science, via CSI-Washington School, to help 8th graders understand the different forms of local environmental pollution. Her students will determine the sources of pollution in water and soil and develop proposals for addressing environmental "crimes" such as littering and soil and groundwater contamination. The project will culminate with a class trip aboard the Hackensack River Eco-Cruise, to learn more about the value of this watershed. Dr. Walter F. Robinson School in Bayonne Eleni Verardi will give 4th graders an opportunity to appreciate the environment and understand that human activities have a global impact. Through curriculum called The Global Community-Biodiversity is Everyone's Responsibility, students will research the possible causes of species endangerment and devise an action plan for saving select animals. Middlesex County Linwood Middle School in North Brunswick Danita Guarino will help 8th graders understand the Environmental Affects of Fuel Alternatives. Her students will examine issues affecting air pollution and energy conservation. They will create and design model cars powered by solar cells, hydrogen fuel cells and electric motors. The student teams will study how energy consumption impacts the environment, while considering the economic issues involved with choosing alternative fuels. Passaic County Macopin Middle School in West Milford Michelle Lugerner and Ellen Nash will illustrate to 7th graders that recycling household waste reduces the amount of garbage in overflowing landfills, through Don't Dispose It! Decompose It! Ms. Lugerner's students will create a compost bin and study the organisms that aid decomposition. Various biodegradable materials will be used, including recycled paper from the classroom. Students will visit the Hackensack Meadowlands Environmental Center in Lyndhurst in preparation for the project. Union County Leonard V. Moore Middle School in Roselle Mark Ludwig's project, Trout in the Classroom, will help 4th and 5th grade students understand environmental citizenship as they analyze the impact of their actions on their surroundings. Students will study how water quality affects brook trout and the changes taking place in areas native to the fish, including the New Jersey Highlands and the Delaware Water Gap. PSEG has a long tradition of caring for New Jersey's people and communities. Each year, the energy company and its employees invest millions of dollars and thousands of hours to improve the quality of life in New Jersey. The company's culture dictates that service to customers and community go hand-in-hand. For more, visit www.pseg.com Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases and weekly environmental commentaries sent right to your inbox. - Public Service Enterprise Group (PSEG)

Avista's Commercial Customers in Oregon Can Receive New Rebates for Energy Efficiency Upgrades

Sophia Rhodini — Thu, 22 Oct 2009 08:57:05 +0000

SPOKANE, Wash., -- Avista's commercial customers in Oregon now have a new series of energy efficiency rebates that can help them reduce their energy use and potentially reduce their operating costs. New rebates ranging from $200 to $3,000 are available for installing ENERGY STAR commercial kitchen equipment and dishwashers or for installing high efficiency natural gas furnaces. New incentives are also available for commercial insulation measures and refrigeration night curtains. In addition, Avista offers rebates and incentives for site-specific energy efficiency improvements made to commercial operations such as businesses, schools, and public facilities. "Reducing energy use and cutting expenses are important to our commercial customers, and Avista's energy efficiency rebates and incentives are the best way to accomplish both goals," said Kerry Shroy, Avista's Oregon manager for energy efficiency programs. "Our new rebate programs are simple and direct which makes it easy for commercial customers to take advantage of them." Avista recently launched Efficiency Avenue at www.everylittlebit.com where commercial customers can learn about the company's energy efficiency rebate and incentive programs and download applicable forms. The site complements Avista's award-winning House of Rebates tool for residential customers. Residential, commercial and industrial Avista customers in Oregon received more than 3,300 rebates and incentives totaling $850,000 in 2008. Through the programs, customers reduced their energy use by over 287,000 therms of natural gas - that's about the amount of natural gas used by almost 475 residential customers in one year. For information on available energy efficiency programs for all Avista customers, visit www.everylittlebit.com. - Avista Corp.

NORESCO to Execute $5.8 Million Infrastructure Project for Allendale County Schools in South Carolina

Sophia Rhodini — Thu, 22 Oct 2009 08:57:48 +0000

WESTBOROUGH, Mass. -- NORESCO will execute a $5.8 million energy savings performance contract (ESPC) for infrastructure improvements to the Allendale County Schools (ACS) in South Carolina. ACS will fund the project through a combination of guaranteed energy savings and capital contributions as allowed by state legislation. NORESCO, a national leader in energy savings, is a subsidiary of Carrier Corp., which is a unit of United Technologies Corp. (NYSE: UTX). Located in a rural environment, ACS faces economic challenges to provide educational services to 1,600 pre-kindergarten through high school students. Extensive water damage exposed the need to replace the roof and make other repairs at Allendale High School and the adjacent Vocation Building. By evaluating financial alternatives, NORESCO was able to incorporate much needed energy saving upgrades that offset a portion of the required repairs. NORESCO's agreement with ACS includes roof replacements on two buildings, upgrades to heating, ventilating and air-conditioning systems, improvements to lighting and lighting control systems, and replacement of the domestic hot water system, as well as expansion and upgrades to computerized energy management controls. The project will result in guaranteed energy savings worth almost $50,000 during the first year of the agreement. "With this project, we are greatly improving the learning and working environment of our students and staff," stated Dr. Ora Watson, superintendent, ACS. "Because we are combining the roof replacement and repairs with mechanical and lighting system upgrades, we are not only upgrading the building, but making it more energy efficient." Bill Foster, vice president, NORESCO added, "With an energy savings performance contract, ACS can match the payment schedule with the life of critical improvements. We are pleased to work on projects like ACS which enhance the learning environment for students." As one of the largest U.S. energy services companies, NORESCO specializes in the development, design, construction, financing and operation of energy and environmental efficiency projects, performance contracting and central energy plants. In addition to school districts, NORESCO clients include federal and state government agencies, public housing authorities, universities, local governments and industrial and commercial businesses. - NORESCO

Permian Basin Royalty Trust Announces October Cash Distribution

Sophia Rhodini — Thu, 22 Oct 2009 08:58:15 +0000

DALLAS, -- Permian Basin Royalty Trust (NYSE: PBT) ("Permian"), today declared a cash distribution to the holders of its units of beneficial interest of $.096663 per unit, payable on November 16, 2009, to unit holders of record on October 30, 2009. Permian's cash distribution history, current and prior year financial reports, a link to filings made with the Securities and Exchange Commission and more can be found on its website at http://www.pbt-permianbasintrust.com/. This month's distribution increased from the previous month due primarily to increases in both oil and gas production, an increase in oil pricing offset by a decline in gas pricing, and a decrease in capital expenditures. This would primarily reflect production for the month of August. The worldwide market conditions continue to affect the pricing for domestic production. It is difficult to predict what effect these conditions will have on future distributions. Production for Waddell Ranch and the Texas Royalty Properties combined for oil and gas respectively was 53,111 bbls and 232,843 Mcf. The average price for oil was $66.64 per bbl and for gas was $5.14 per Mcf. Capital expenditures were approximately $596,100. The numbers provided reflect what was net to the Trust. Net to Trust Sales Volumes Average Price ------- ------------- Oil Gas Oil Gas (bbls) (Mcf) (per bbl) (per Mcf) ------ ----- -------- -------- Current Month 53,111 232,843 $66.64 $5.14 Prior Month 42,624 165,126 $60.23 $4.52 Effective June 1, 2009, American Stock Transfer & Trust Company ("AST") became the new transfer agent and registrar for Permian Basin Royalty Trust. Unitholders with registered ownership accounts can contact AST with questions relating to transfers of ownership and instruction, a change of address, direct deposit of distribution checks, and any other account related questions at the dedicated toll free number 1-800-358-5861. - Permian Basin Royalty Trust

Cap & Trade or Bait & Switch? Pols and Groups Played for Dupes, Says ACARE

Sophia Rhodini — Thu, 22 Oct 2009 08:58:47 +0000

Cap-and-trade bills are bait-and-switch scams, says new report; Carbon capture, nuclear power provisions of Kerry-Boxer, Waxman-Markey are traps for unsuspecting politicians & industries says American Council for Affordable and Reliable Energy WASHINGTON, -- Politicians and industries are being lured into supporting the cap-and-trade bills in Congress with false promises concerning carbon capture and storage (CCS) and nuclear power, says the American Council for Affordable and Reliable Energy (ACARE). "Bait-and-switch is the thought that comes to mind," said Mike Carey, executive director of ACARE. "CCS is physically and economically impossible, and CCS and nuclear power are essentially politically impossible," observed Carey. "Our new report explains why," added Carey. The ACARE report spotlights new research indicating that doing CCS for a single 500-megawatt coal-fired power plant could take an area the size of the state of Maryland - and there are more than 220 coal-fired power plants of that size or larger. "As it turns out, CCS is a vastly different process than enhanced oil recovery (EOR), our only experience so far with injecting carbon dioxide underground," said Carey, "Any cap-and-trade that is based on this key misconception will be disastrous for coal-fired utilities." The ACARE report says special attention should be given to the Obama administration's termination of the 25-year-old, multi-billion dollar effort to store spent nuclear fuel at Nevada's Yucca Mountain. "If it's politically impossible store a comparatively small quantity of spent nuclear fuel one-mile underground in middle of nowhere," said Carey, "it's difficult to believe either that we will be pressurizing the Earth with CO2 or that more nuclear power plants producing even more non-disposable spent fuel will actually be built," Carey concluded. "With the exception of some of the technical issues regarding CCS presented in our paper, none of this is a secret - except apparently to politicians like Sen. Lindsey Graham and groups like the American Council for Clean Coal Electricity (ACCCE), both of whom are being played as dupes by proponents of the Kerry-Boxer and Waxman-Markey bills," Carey said. The ACARE report can be read here: http://www.acarenow.org/studies/EnergyBaitandSwitch.pdf - American Council for Affordable and Reliable Energy

Miller Energy Resources Finalizes Contract to Purchase $115 Million in Oil and Natural Gas Reserves Plus Additional Alaskan Assets

Sophia Rhodini — Thu, 22 Oct 2009 08:59:21 +0000

HUNTSVILLE, Tenn., -- Miller Petroleum, Inc., dba Miller Energy Resources, (OTC Bulletin Board: MILL) announced today that it has completed an agreement to purchase the assets of Cook Inlet Energy, LLC including $115 million in oil and natural gas reserves, 600,000 lease acres with potential additional reserves based upon $8.5 million in completed 3D seismic geology, and numerous production facilities valued at almost $200 million for $875,000. The deal is scheduled to close on November 4, 2009. Miller CEO Scott M. Boruff commented that, "This is the third and largest major acquisition of my short tenure at Miller. It increases our reserves by 30 fold and significantly strengthens our balance sheet for less than one million dollars. We hit it out of the park on this one." Earlier this year, Miller Energy Resources acquired ETC and KTO making Miller the largest owner operator of oil and natural gas wells in Tennessee. Boruff added, "Our institutional partners have given us the green light for further acquisitions. This is one of many substantial opportunities that we anticipate closing in the coming months. One of my key initiatives at Miller was to put in place a foundation and structure to identify, evaluate, fund, acquire and efficiently operate oil and natural gas assets and operations. With this announcement we are now seeing a return on that significant investment. With deal flow at an all time high and additional financial partners joining us daily, it is an exciting time at Miller Energy Resources. By the end of the year we anticipate being one of the fastest growing energy companies in the country. Even more exciting are our plans in 2010 to turn our focus on many of the international opportunities under evaluation." - Miller Petroleum, Inc.

Arena Resources Schedules Conference Call on Its 2009 3rd Quarter Financial and Operating Results

Sophia Rhodini — Thu, 22 Oct 2009 08:59:48 +0000

TULSA, Okla., -- Arena Resources, Inc. (NYSE: ARD) ("Arena")("Company") has scheduled a conference call on Thursday, Nov. 5, 2009 at 11:30 a.m. EST to discuss the 2009 third quarter financial and operating results. Arena expects to issue a press release summarizing these results the same morning. To participate, dial 877-407-0778 at least five minutes before the call is to begin. Please reference the Arena Resources conference call. International callers may also participate by dialing 201-689-8565. A telephone replay will also be available for one week beginning two hours after the completion of the live call, and can be accessed by dialing 877-660-6853, or 201-612-7415 for international callers and entering access number 286 and conference id 335889 when prompted. The results will also be available via live and a 3 month archived webcast at http://www.investorcalendar.com/IC/CEPage.asp?ID=151379. - Arena Resources, Inc.

Court Refuses to Dismiss Employees' Suit Against U.S. Steel For Non-Payment of Overtime

Sophia Rhodini — Thu, 22 Oct 2009 09:00:14 +0000

CHICAGO, -- The U.S. District Court in South Bend, Indiana, in an opinion released on Monday, October 19, 2009, denied attempts by U.S. Steel to dismiss a lawsuit by over 600 current and former employees charging non-payment of overtime. The Plaintiffs in the lawsuit include U.S. Steel employees in Southern Illinois, Northern Indiana, and Eastern Michigan. The suit was originally filed by eight current and former employees in December of 2007. Since that time, more than 600 current and former employees in Gary, Indiana; Ecorse, Michigan; and Granite City, Illinois have joined the suit with potentially as many as 10,000 USS employees eligible to join the suit and recover thousands of dollars each. Plaintiffs had asked that notice be sent to all employees of U.S. Steel more than a year ago because each employee who wants to join the suit must file his own consent with the Court. But the Court decided to consider U.S. Steel's request to dismiss the case first. "We were disappointed that the Court put the notice on hold to consider the Company's motion to dismiss. But now it is done and we are delighted that the case can finally move forward," said Aaron Maduff of Maduff & Maduff, LLC in Chicago, one of the Plaintiffs' attorneys. The Court did exclude time spent putting on and taking off protective equipment and Mr. Maduff said that it was premature for them to consider appealing that issue. The case could potentially impact people employed by U.S. Steel at any time after March of 2005 in Alabama, Illinois, Indiana, Missouri, Ohio, and Pennsylvania. - Maduff & Maduff, LLC

Ormat Technologies, Inc. to Host Conference Call Announcing Third Quarter 2009 Earnings Results

Sophia Rhodini — Thu, 22 Oct 2009 09:01:59 +0000

RENO, Nev. -- Ormat Technologies, Inc. (NYSE: ORA) plans to announce its third quarter 2009 earnings results in a press release that will be issued on Wednesday, November 4, 2009 after the market close. The Company has scheduled a conference call to discuss the results at 9:00 A.M. EST on Thursday, November 5, 2009. The conference call will be broadcast live as a listen-only webcast. To listen live, please go to http://www.ormat.com approximately twenty minutes before the conference call is scheduled to begin. You will need to register, and may need to download and install the required audio software. The webcast will be archived for 30 days following the call. Ormat's Safe Harbor Statement Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to Ormat's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, see "Risk Factors" as described in Ormat Technologies, Inc.'s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 2, 2009. These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. - Ormat Technologies, Inc.

Gastar Exploration Announces Third Quarter 2009 Earnings Release and Conference Call Schedule

Sophia Rhodini — Thu, 22 Oct 2009 09:02:24 +0000

HOUSTON, -- Gastar Exploration Ltd. (NYSE Amex: GST) announced today that it will release its third quarter 2009 results on Thursday, November 5, after the market closes. In conjunction with the release, Gastar has scheduled a conference call for 11:00 a.m. Eastern Time on Friday, November 6, that will be broadcast live over the Internet. What: Gastar's Third Quarter 2009 Earnings Conference Call When: Friday, November 6, 11:00 a.m. ET How: Live via phone by dialing 480-629-9821 and asking for the Gastar call at least 10 minutes prior to the start time, or live over the Internet by logging on to the web at the address below. Where: http://www.gastar.com. The webcast can be accessed from the investor relations home page. For those who cannot listen to the live call, a telephonic replay will be available through November 13 and may be accessed by calling 303-590-3030, using pass code 4176077#. Also, an archive of the webcast will be available shortly after the call at www.gastar.com. - Gastar Exploration Ltd.

WDCC is Proud to Announce the Videotaping of Johnson Controls as a Key Feature on 'Green Magazine TV,' a New Television Series Highlighting Some of the Most Energy Efficient and Technologically Advanced Organizations in the World

Sophia Rhodini — Thu, 22 Oct 2009 09:03:11 +0000

"Green Magazine TV's" on-site videotaping of Johnson Controls featuring its renewable energy services is currently taking place at the company's World Headquarters Campus in Glendale, Wisconsin DEERFIELD BEACH, Fla. -- "Green Magazine TV" produced by Worldwide Digital Communications Corporation, is a new television series featuring ecology and energy conscious companies and organizations. This series will showcase some of the newest and "greenest" technologies being utilized, and is scheduled to be aired as paid programming on the Discovery Channel. A video crew from "Green Magazine TV" is at Johnson Controls World Headquarters videotaping the facilities and interviewing Don Albinger, Johnson Controls VP for Renewable Energy Solutions, for a feature segment on "Green Magazine TV." Several renewable energy technologies including solar and geothermal, will be highlighted during the company's segment. Don Albinger explains the use of a two acre 385 kilowatt solar PV panel system that provides 450,000 kilowatt hours per year of energy - enough to power 50 average Midwest homes. The solar thermal system provides all of the domestic hot water use for over 1200 people at work every day saving 330 MBTUs of natural gas per year. Geothermal is another form of renewable energy that is being effectively put to use at the facility. Albinger explains that underneath the solar field are 272 geothermal wells that are connected to the heat pump chiller inside the building. Since the earth has a great capacity for heat, the heat pump pushes building heat into ground during the summer or pulls heat from the ground into the building in the winter saving approximately 30 percent compared to traditional systems. Most buildings in the United States cost around 5$ to $7 per square foot to operate, but the Johnson Controls World Headquarters cost is less than $1.60 per square foot. Combined with the energy efficient technologies that control the building are multiple renewable energy systems that provide a clean renewable source of power saving money that was once spent on energy and is now available for other purposes. For more information on "Green Magazine TV," visit www.greenmagazinetv.com - WDCC

Renew Blue Inc. Announces Licensing Agreement With Texas Natural Resources LLC to Tap Ocean for Renewable Energy and Drinking Water

Sophia Rhodini — Thu, 22 Oct 2009 09:03:37 +0000

HOUSTON, -- Ocean water and waves off the coast of Freeport, Texas, will soon produce fresh, desalinated drinking water - 100 percent fossil-fuel-free - through new infrastructure owned, operated and funded by Texas Natural Resources LLC (TNR), the first licensee of INRI® SEADOG® Pump system. TNR, based in Houston, is building the renewable fuel infrastructure that will not only produce clean drinking water from ocean water, but will eventually generate energy from waves for municipalities, commercial business and other local entities. The company has obtained licensing rights for the SEADOG® Pump technology from Texas-based Renew Blue Inc. (RBI). Recently, RBI received the first-ever state off-shore wave energy lease from the Texas General Land Office. Manufacturing has already started on the off-shore wave powered platform that will be about 1 mile off the coast of Freeport. The platform is expected to be installed in the fourth quarter of 2009 or the first quarter of 2010. RBI, a wholly owned subsidiary of Minneapolis-based Independent Natural Resources Inc. (INRI®), is the first licensing entity of SEADOG® Pump, a technology that harnesses the power of ocean waves to generate electricity. The SEADOG® Pump separates itself from other technologies on the market by using a simple pump design with few moving parts and no electronics. Eighteen pumps will be used in this initial project to power the platform and desalination equipment. Initially, the water from this first project will be bottled and distributed on a limited basis under the brand Renew Blue(TM) using bottles made of compostable, corn-based plastic. However, the greater goal of the SEADOG® Pump field is to demonstrate what the technology can do in providing electricity and clean water at a municipal level to regions all over the world that lack fresh water and energy but have an abundance of ocean waves along their coastline. Through the licensing rights obtained from RBI, TNR will desalinate 3,000 gallons of water per day and will store up to 30,000 gallons in a sealed, stainless steel tank before being transported to the bottling plant. Municipal SEADOG® Pump systems will be designed to desalinate millions of gallons of fresh water per day. While traditional desalination typically requires significant amounts of electricity, the SEADOG® Pump platform system is powered solely by the wave energy it harnesses. Considering that 40 to 50 percent of operating costs in the desalination process is attributed to electric usage, the SEADOG® Pump system provides significant cost savings and minimal environmental impact compared to the large-scale use of power generated by fossil fuels. Further environmental benefits accrue from the superior manner in which brine water is disbursed. "We've been working on perfecting the SEADOG® technology for the past seven years and TNR is now launching the first commercial wave power generation in the U.S.," said Mark A. Thomas, CEO, INRI®. SEADOG® Technology Generally speaking, wave energy is captured by engineered devices or components attached to stationary or floating structures that are set in motion by waves or swells on the surface of the ocean. Most wave energy technologies grow in cost because the equipment is sensitive to corrosive seawater and has intermittency issues similar to wind and solar energy. SEADOG® Pump, on the other hand, separates itself from other technologies on the market by using a simple pump design with few moving parts and no electronics. Multiple pumps are deployed in fields depending on how much power or water is desired. In appropriate geographic locations, SEADOG® Pump can move large volumes of water to shore where it can be stored at elevation until needed for energy production. This ability to store energy removes the intermittency issues associated with other renewable energy technologies. Preliminary estimates based on results from the sea trial suggest that a 1-square-mile field of SEADOG® Pumps could generate anywhere from 30 megawatts to more than 1,500 megawatts of electricity on average. The amount of electricity generated is dependent on how small or large the waves are in any given area of the world. - Independent Natural Resources Inc.

Lockheed Martin Launches 'Intelligence On Demand'

Sophia Rhodini — Thu, 22 Oct 2009 09:04:35 +0000

Offers U.S. Government Users Instant, Secure, Online Access to Imagery and Analytics HERNDON, Va. -- In response to a growing demand for immediate, online access to geospatial imagery and analytical tools, Lockheed Martin (NYSE: LMT), working with Pictometry International Corporation, has launched the first version of "Intelligence on Demand," a new web portal that offers users a world of imagery and analysis for a flat monthly fee. This initial version offers a library of more than 100 million geospatial images from Pictometry and high-powered analytical tools from Lockheed Martin, all available online. "More and more U.S. federal government agencies are relying on geospatial intelligence to plan and conduct their operations," said Roger Mann, Director of Advanced Programs for Lockheed Martin Information Systems and Global Services - Intelligence. "But for many organizations within these agencies, it's not practical to purchase, install and manage a multi-million dollar server infrastructure to store and archive terabytes of high-resolution imagery. With Intelligence on Demand, we're offering users all the convenience and security of their own geospatial database, with none of the traditional costs and effort. A flat subscription fee gets you instant access to all the imagery in our database, downloaded straight to your laptop on demand." Intelligence on Demand is built on a cloud computing model, where a large number of users connect to data on a shared "cloud" of servers on the Internet. Web-based e-mail and document sharing applications are examples of commercial clouds. The cloud approach significantly improves convenience and affordability for users, who can access their data from any computer anywhere in the world, so long as they have a network connection. Intelligence on Demand offers users three key advantages over traditional, commercial clouds: Enhanced Security: The service is carefully controlled and managed by Lockheed Martin and offered only to U.S. federal government users, giving agencies a "trusted cloud" capable of storing secure or sensitive information. Unique Data Sets: Intelligence on Demand is the only trusted service to offer ultra high-resolution images from Pictometry International Corp. Pictometry's imagery is taken from airplanes at an oblique angle, rather than straight down like traditional imagery. The result is imagery with up to four-inch resolution that can be used to create photo-realistic virtual models of landscapes that are rich, pinpoint-precise, and capable of powerful geospatial analysis. Lockheed Martin will add more data sets from other providers in the future. Sophisticated Analysis Tools: Built-in online tools let users perform advanced geospatial analysis, such as measuring precise heights and distances in three dimensions, determining lines of sight, and mapping out operations in three dimensions. More than just data, Intelligence on Demand offers web-based tools to support mission planning, disaster response, and command and control. Imagery and data from Intelligence on Demand can be viewed and analyzed through a web browser, or loaded into commercial geographic information systems for specialized applications. For more information on Intelligence on Demand, visit www.lockheedmartin.com/products/IntelligenceOnDemand. Customers who already have a subscription can log in directly at www.myidemand.com/iod. Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 140,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation reported 2008 sales of $42.7 billion. Pictometry International Corp. is a leading provider of geo-referenced, aerial image libraries and related software. Pictometry has captured over 100 million digital aerial images in over 700 counties in the United States covering over 80 percent of the United States population. Pictometry has its headquarters in Rochester, NY and an office in Europe. For more information, visit www.pictometry.com. For additional information, visit our website: http://www.lockheedmartin.com - Lockheed Martin

Morgane Le Fay's Other-Worldly, Defiant, Feminine Spirit Shines Through in Spring 2010 Collection

Sophia Rhodini — Thu, 22 Oct 2009 09:08:10 +0000

LOS ANGELES, -- The models floated confidently through the doors of Morgane Le Fay's newest retail location at the Malibu Country Mart and onto the lovely green lawn where editors, stylists, photographers and customers eagerly awaited the presentation of Spring 2010 this past Saturday, October 17. The collection is designed by Liliana Casabal who is currently designing costumes for the New York City Ballet under the direction of Peter Martins for Naive and Sentimental Music by John Adams, set to open at the Metropolitan Opera on November 24th. The fashion show was inspired by an ancient Welsh myth of fairy queen Rhiannon who defied her family and gave up her divinity to marry a mortal prince for love. That inspiration was delivered in a variety of silk chiffons, organza, wool gauze, Japanese lace, organic cotton jersey and Italian stretch cotton and raincoat nylon. The colors of deep Algae, light Willow, Magenta and gentle Blossom mixed with Ivory, Black and Midnight created the designer's modern interpretation of the ancient spirit. Stand outs were the Hummingbird dress of black, cut out four-ply silk worn over a silk slip, Angeles, a black double georgette dress with bare shoulder sleeves that can be worn multiple ways and Epona, an organza gown with an abstract applique of a horse. Japanese lace in white formed a billowy top worn over a dress in cotton knit with multiple skirt layers and the Aquarius, a dress with knit bodice and chiffon skirt with cardigan in blossom and white. "I'm delighted to introduce Morgane Le Fay to the community of Malibu. I believe my collection fits the lifestyle, taste level and quality that they expect and I hope they will enjoy wearing my designs," says Casabal. A trunk show is planned in mid November and the collection can be viewed at www.morganelefay.com beginning November 1st. Photos available at www.lookbookla.com in the gallery section. - The Morgane Le Fay Company

Consolidated Tomoka Reports Third Quarter Earnings

Sophia Rhodini — Thu, 22 Oct 2009 09:08:45 +0000

DAYTONA BEACH, Fla., -- Consolidated-Tomoka Land Co. (NYSE Amex: CTO) today reported net income of $209,662 or $.04 earnings per basic share and earnings before depreciation, amortization and deferred taxes (EBDDT) of $952,783 or $.17 per share for the quarter ended September 30, 2009. The comparable numbers for the third quarter of 2008 were net income of $105,246 or $.02 earnings per basic share and EBDDT of $1,103,586 or $.19 per share. For the nine months ended September 30, 2009, net income totaled $719,677 or $.13 earnings per basic share, compared with net income of $2,432,562 or $.42 earnings per basic share in the first nine months of 2008. EBDDT totaled $2,944,818 or $.51 per share in 2009's first nine months, compared with $5,536,262 or $.97 per share in 2008 for the same period. EBDDT is being provided to reflect the impact of the Company's business strategy of investing in income properties utilizing tax deferred exchanges. This strategy generates significant amounts of depreciation and deferred taxes. The Company believes EBDDT is useful, along with net income, to understanding the Company's operating results. William H. McMunn, president and chief executive officer stated, "The Company continues to remain profitable despite the ongoing nationwide economic downturn and the weak real estate market. The third quarter was marked by one real estate transaction and improved golf operating results. Our income property portfolio remains a solid source of income generation. In this challenging environment, the Company continues to work on long-range planning and obtaining beneficial entitlements for our land, which the Company believes will create significant long-term shareholder value." Consolidated-Tomoka Land Co. is a Florida-based company primarily engaged in converting Company owned agricultural lands into a portfolio of net lease income properties strategically located in the Southeast, through the efficient utilization of 1031 tax-deferred exchanges. The Company has low long-term debt and generates over $9 million annually before tax cash flow from its real estate portfolio. The Company also engages in selective self-development of targeted income properties. The Company's adopted strategy is designed to provide the financial strength and cash flow to weather difficult real estate cycles. Visit our website at www.ctlc.com. "Safe Harbor" Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements. The words "believe," "estimate," "expect," "intend," "anticipate," "will," "could," "may," "should," "plan," "potential," "predict," "forecast," "project," and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made. Forward-looking statements are made based upon management's expectations and beliefs concerning future developments and their potential effect upon the Company. There can be no assurance that future developments will be in accordance with management's expectations or that the effect of future developments on the Company will be those anticipated by management. The Company wishes to caution readers that the assumptions which form the basis for forward-looking statements with respect to or that may impact earnings for the year ended December 31, 2009, and thereafter include many factors that are beyond the Company's ability to control or estimate precisely. These risks and uncertainties include, but are not limited to, the strength of the real estate market in the City of Daytona Beach in Volusia County, Florida; the impact of a prolonged recession or further downturn in economic conditions; our ability to successfully execute acquisition or development strategies; any loss of key management personnel; changes in local, regional and national economic conditions affecting the real estate development business and income properties; the impact of environmental and land use regulations; the impact of competitive real estate activity; variability in quarterly results due to the unpredictable timing of land sales; the loss of any major income property tenants; and the availability of capital. Additional information concerning these and other factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the Company's Securities and Exchange Commission filings, including, but not limited to, the Company's Annual Report on Form 10-K. Copies of each filing may be obtained from the Company or the SEC. While the Company periodically reassesses material trends and uncertainties affecting its results of operations and financial condition, the Company does not intend to review or revise any particular forward-looking statement referenced herein in light of future events. Disclosures in this press release regarding the Company's current quarter's financial results are preliminary and are subject to change in connection with the Company's preparation and filing of its Form 10-Q for the quarter ended September 30, 2009. The financial information in this release reflects the Company's preliminary results subject to completion of the quarterly review process. The final results for the quarter may differ from the preliminary results discussed above due to factors that include, but are not limited to, risks associated with final review of the results and preparation of financial statements. This release refers to certain non-GAAP financial measures. As required by the SEC, the Company has provided a reconciliation of these measures to the most directly comparable GAAP measures with this release. Non-GAAP measures as the Company has calculated them may not be comparable to similarly titled measures reported by other companies. EARNINGS NEWS RELEASE QUARTER ENDED ------------- SEPTEMBER 30, SEPTEMBER 30, 2009 2008 ------------- ------------ REVENUES $4,344,610 $3,973,382 ========== ========== NET INCOME $209,662 $105,246 ======== ======== BASIC AND DILUTED EARNINGS PER SHARE: NET INCOME $0.04 $0.02 ===== ===== NINE MONTHS ENDED ----------------- SEPTEMBER 30, SEPTEMBER 30, 2009 2008 ------------ ------------ REVENUES $13,454,067 $14,045,612 =========== =========== NET INCOME $719,677 $2,432,562 ======== ========== BASIC AND DILUTED EARNINGS PER SHARE: NET INCOME $0.13 $0.42 ===== ===== RECONCILIATION OF NET INCOME TO EARNINGS BEFORE DEPRECIATION, AMORTIZATION AND DEFERRED TAXES QUARTER ENDED ------------- SEPTEMBER 30, SEPTEMBER 30, 2009 2008 ------------ ------------ NET INCOME $209,662 $105,246 ADD BACK: DEPRECIATION AND AMORTIZATION 695,813 676,733 DEFERRED TAXES 47,308 321,607 EARNINGS BEFORE DEPRECIATION, AMORTIZATION, AND DEFERRED TAXES $952,783 $1,103,586 ======== ========== BASIC WEIGHTED AVERAGE SHARES OUTSTANDING 5,723,268 5,727,515 ========= ========= BASIC EBDDT PER SHARE $0.17 $0.19 ===== ===== RECONCILIATION OF NET INCOME TO EARNINGS BEFORE DEPRECIATION, AMORTIZATION AND DEFERRED TAXES NINE MONTHS ENDED ----------------- SEPTEMBER 30, SEPTEMBER 30, 2009 2008 ------------ ------------ NET INCOME $719,677 $2,432,562 ADD BACK: DEPRECIATION AND AMORTIZATION 2,063,970 1,966,494 DEFERRED TAXES 161,171 1,137,206 EARNINGS BEFORE DEPRECIATION, AMORTIZATION, AND DEFERRED TAXES $2,944,818 $5,536,262 ========== ========== BASIC WEIGHTED AVERAGE SHARES OUTSTANDING 5,724,336 5,727,072 ========= ========= BASIC EBDDT PER SHARE $0.51 $0.97 ===== ===== EBDDT - EARNINGS BEFORE DEPRECIATION, AMORTIZATION, AND DEFERRED TAXES. EBDDT IS NOT A MEASURE OF OPERATING RESULTS OR CASH FLOWS FROM OPERATING ACTIVITIES AS DEFINED BY U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. FURTHER, EBDDT IS NOT NECESSARILY INDICATIVE OF CASH AVAILABILITY TO FUND CASH NEEDS AND SHOULD NOT BE CONSIDERED AS AN ALTERNATIVE TO CASH FLOW AS A MEASURE OF LIQUIDITY. THE COMPANY BELIEVES, HOWEVER, THAT EBDDT PROVIDES RELEVANT INFORMATION ABOUT OPERATIONS AND IS USEFUL, ALONG WITH NET INCOME, FOR AN UNDERSTANDING OF THE COMPANY'S OPERATING RESULTS. EBDDT IS CALCULATED BY ADDING DEPRECIATION, AMORTIZATION, AND THE CHANGE IN DEFERRED INCOME TAXES TO NET INCOME AS THEY REPRESENT NON-CASH CHARGES. CONSOLIDATED BALANCE SHEETS SEPTEMBER 30, DECEMBER 31, 2009 2008 ------------ ------------ ASSETS $ $ Cash 234,808 388,787 Restricted Cash -- 462,765 Investment Securities 5,009,653 5,260,868 Refundable Income Taxes 328,684 -- Notes Receivable 2,158,317 4,153,693 Land and Development Costs 22,241,222 18,973,138 Intangible Assets 4,693,942 5,009,819 Other Assets 5,317,337 6,048,126 --------- --------- 39,983,963 40,297,196 ---------- ---------- Property, Plant, and Equipment: Land, Timber, and Subsurface Interests 13,555,317 12,643,391 Golf Buildings, Improvements, and Equipment 11,789,193 11,750,711 Income Properties Land, Buildings, and Improvements 119,461,552 116,517,534 Other Building, Equipment, and Land Improvements 3,257,409 3,207,845 Construction in Process -- 1,217,549 --------- Total Property, Plant, and Equipment 148,063,471 145,337,030 Less, Accumulated Depreciation, and Amortization (14,233,330) (12,488,163) ----------- ----------- Net - Property, Plant, and Equipment 133,830,141 132,848,867 ----------- ----------- TOTAL ASSETS 173,814,104 173,146,063 =========== =========== LIABILITIES Accounts Payable 284,085 706,095 Accrued Liabilities 7,700,854 7,204,749 Accrued Stock Based Compensation 1,944,384 1,190,725 Pension Liability 2,980,400 3,127,230 Income Taxes Payable -- 1,236,206 Deferred Income Taxes 33,477,607 33,316,436 Notes Payable 10,297,476 8,550,315 ---------- --------- TOTAL LIABILITIES 56,684,806 55,331,756 ---------- ---------- SHAREHOLDERS' EQUITY Common Stock 5,723,268 5,727,515 Additional Paid in Capital 5,131,246 5,217,955 Retained Earnings 108,844,497 109,556,103 Accumulated Other Comprehensive Loss (2,569,713) (2,687,266) ---------- ---------- TOTAL SHAREHOLDERS' EQUITY 117,129,298 117,814,307 ----------- ----------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 173,814,104 173,146,063 =========== =========== - Consolidated-Tomoka Land Co.

Enfinity Chooses LDK Solar for Largest Rooftop Solar Energy Installation Project With the Balta Group in Benelux

Sophia Rhodini — Thu, 22 Oct 2009 09:10:05 +0000

XINYU CITY, China and SUNNYVALE, Calif., -- LDK Solar Co., Ltd. (NYSE: LDK), a leading manufacturer of multicrystalline solar wafers, today announced a supply contract with Enfinity for the largest rooftop solar energy installation project in Benelux (an economic union comprising Belgium, the Netherlands and Luxembourg). LDK Solar will provide approximately 18,000 solar modules to be installed on the Balta Group's factory rooftop in Sint-Baafs-Vijve, Belgium. The project will be the largest solar installation project in Benelux, with a capacity of 4.2 MWp (megawatt peak) and total panel surface of over 30,000 square meters. The solar panels will deliver an average power output of 3.6 million kW (kilowatt) hours per year, which is equivalent to the power consumption of approximately 1,200 families. The Balta Group, a manufacturer of broadloom carpets, rugs and laminate flooring, will be utilizing a portion of the solar energy to power its own business activities, with any surplus flowing back to the public grid. For a 20-year duration of the project, Balta Group will enjoy reduced and more stable power bills, in addition to avoiding producing approximately 34.6 million kilograms in carbon dioxide( )emissions. Enfinity, an international player in renewable energy, negotiated a 20-year lease for Balta Group's rooftop space and has already begun installation of this project. Enfinity is utilizing revenue from the energy produced and the Green Energy Certificates from the Flemish Government to fund its participation in this project. "Balta's decision to manufacture green energy supports a broader view of sustainability in which the improvement in its energy efficiency and the reduction of CO2( )emission play an important role. As a market leader, we take responsibility to reduce our ecological footprint and contribute to achieving European goals in the area of renewable energy," commented Jules Noten, CEO of the Balta Group. "We are excited to be working with Enfinity, who brings proven expertise and a track record of speedy execution to this project, as well as LDK Solar, who will provide best-in-class solar modules. Balta has more than 61 hectares of rooftop space in Belgium alone, so there is plenty of potential for additional projects in the future." "We are very pleased to partner with Balta and Enfinity for this ambitious project," stated Xiaofeng Peng, Chairman and CEO of LDK Solar. "As we work diligently to expand our presence in Europe, we are very excited to provide the solar modules for the largest solar rooftop project in Benelux. This four megawatt module shipment also represents a significant milestone for LDK Solar - our first module volume shipment to Europe." This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements, including but not limited to, LDK Solar's ability to raise additional capital to finance its operating activities, the effectiveness, profitability and marketability of its products, the future trading of its securities, the ability of LDK Solar to operate as a public company, the period of time during which its current liquidity will enable LDK Solar to fund its operations, its ability to protect its proprietary information, the general economic and business environment and conditions, the volatility of LDK Solar's operating results and financial condition, its ability to attract and retain qualified senior management personnel and research and development staff, its ability to timely and efficiently complete its ongoing construction projects, including its polysilicon plants, and other risks and uncertainties disclosed in LDK Solar's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on information available to LDK Solar's management as of the date hereof and on its current expectations, assumptions, estimates and projections about LDK Solar and the solar industry. Actual results may differ materially from the anticipated results because of such and other risks and uncertainties. LDK Solar undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, assumptions, estimates and projections except as may be required by law. - LDK Solar Co., Ltd.

Tractor Supply Company Reports Third Quarter 2009 Results

Sophia Rhodini — Thu, 22 Oct 2009 09:10:41 +0000

~ Third Quarter Earnings per Share Increase 39.5% to $0.60 vs. $0.43 ~ ~ Third Quarter Sales Increase 1.9% ~ BRENTWOOD, Tenn., -- Tractor Supply Company (Nasdaq: TSCO), the largest retail farm and ranch store chain in the United States, today announced financial results for its third fiscal quarter ended September 26, 2009. Third Quarter Results The Company's net sales for the third quarter of 2009 increased 1.9% to $747.7 million from $733.9 million in the prior year's third quarter. Same-store sales decreased 5.1% compared with a 6.2% increase in the prior year's third quarter. This same-store sales decline resulted primarily from softness in sales of seasonal big-ticket items and difficult comparisons due to strong sales of hurricane-related merchandise and seasonal heating products in the prior year's quarter. This decline was partially offset by continued strong sales in core consumable, usable and edible categories, including animal and pet-related products as well as repair and replacement parts. Gross margin increased 12.8% to $246.0 million, or 32.9% of sales, compared to $218.2 million, or 29.8% of sales, in the prior year's third quarter. The improvement in gross margin percentage resulted primarily from a decrease in the LIFO charge, lower fuel costs, and effective markdown management. Selling, general and administrative expenses, including depreciation and amortization, increased 9.4% to $210.2 million, or 28.1% of sales, compared to $192.1 million, or 26.2% of sales, in the prior year's third quarter. The increase as a percent of sales was primarily attributable to the deleveraging related to the same-store sales decrease. The Company's effective income tax rate decreased to 37.8% compared to 39.3% in the prior year's third quarter, largely due to certain federal tax credits and the estimated favorable impact of other permanent tax differences on the revised full year taxable income. Net income for the quarter increased 38.5% to $22.0 million, or $0.60 per diluted share, compared to $15.9 million, or $0.43 per diluted share, in the prior year's third quarter. The Company opened 17 new stores in the quarter compared to 20 new stores in the prior year's third quarter. Jim Wright, Chairman and Chief Executive Officer, stated, "We are pleased that we were able to improve gross margin and deliver earnings results that exceeded expectations. As previously reported, our team managed expenses, inventories and markdowns efficiently through consistent execution. Our core consumable, usable and edible categories continued to drive footsteps to the store and we achieved positive transaction count comps for the sixth consecutive quarter. We continue to maintain disciplined expense control without sacrificing our in-store shopping experience or customer service levels." Nine Month Results For the first nine months of 2009, net sales increased 6.2% to $2.34 billion. Same-store sales decreased 1.7% compared to an increase of 1.5% in the first nine months of 2008. Gross margin increased 12.3% to $749.3 million in comparison to the first nine months of 2008. As a percent of sales, gross margin was higher at 32.0% compared to 30.2% of sales for the first nine months of 2008. Selling, general and administrative expenses, including depreciation and amortization, were 26.6% of sales compared to 25.9% of sales for the first nine months of 2008. Net income was $77.2 million, or $2.11 per diluted share, compared to net income of $57.2 million, or $1.52 per diluted share, for the first nine months of 2008. During the first nine months of 2009, the Company opened 58 new stores, relocated two stores and closed one store, compared to 70 new store openings and no relocations or closures during the first nine months of 2008. Company Outlook As reported in the Company's recent business update release, for fiscal 2009, the Company anticipates net sales to range from $3.17 billion to $3.20 billion, same-store sales for the year are expected to decrease approximately 1.0% to 2.0%, and net income to range from $2.88 to $2.98 per diluted share. Mr. Wright concluded, "Since early 2008, we have been executing strategies to proactively address a challenging macro environment. Our well-aligned team has refined our merchandise strategy, controlled expenses tightly, managed our balance sheet prudently, and expanded our store base. While our near-term outlook is balanced between our strong year-to-date performance and the level of uncertainty about consumer spending in the marketplace, we are proud that our business has grown and improved throughout the recession. For the winter and holiday selling season, we anticipate that our customers will continue to be cautious but compelled to purchase products that meet their everyday rural lifestyle needs as well as practical and value-driven gift items." Conference Call Information Tractor Supply Company will be hosting a conference call at 5:00 p.m. Eastern Time today to discuss the quarterly results. The call will be simultaneously webcast over the Internet on the Company's homepage at TractorSupply.com and can be accessed under the link "Investor Relations." The webcast will be archived shortly after the conference call concludes through November 4, 2009. About Tractor Supply Company As of September 26, 2009, Tractor Supply Company operated 912 stores in 44 states. The Company's stores are focused on supplying the lifestyle needs of recreational farmers and ranchers. The Company also serves the maintenance needs of those who enjoy the rural lifestyle, as well as tradesmen and small businesses. Stores are located in towns outlying major metropolitan markets and in rural communities. The Company offers the following comprehensive selection of merchandise: (1) equine, pet and animal products, including items necessary for their health, care, growth and containment; (2) maintenance products for agricultural and rural use; (3) hardware and tool products; (4) seasonal products, including lawn and garden power equipment; (5) truck and towing products; and (6) work/recreational clothing and footwear for the entire family. Forward Looking Statements: As with any business, all phases of the Company's operations are subject to influences outside its control. This press release contains certain forward-looking statements, including statements regarding estimated results of operations in future periods. These forward-looking statements are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are subject to the finalization of the Company's quarterly financial and accounting procedures, and may be affected by certain risks and uncertainties, any one, or a combination, of which could materially affect the results of the Company's operations. These factors include general economic conditions affecting consumer spending, the timing and acceptance of new products in the stores, the mix of goods sold, purchase price volatility (including inflationary and deflationary pressures), the ability to increase sales at existing stores, the ability to manage growth and identify suitable locations and negotiate favorable lease agreements on new and relocated stores, the availability of favorable credit sources, capital market conditions in general, failure to open new stores in the manner currently contemplated, the impact of new stores on our business, competition, weather conditions, the seasonal nature of our business, effective merchandising initiatives and marketing emphasis, the ability to retain vendors, reliance on foreign suppliers, the ability to attract, train and retain qualified employees, product liability and other claims, potential legal proceedings, management of our information systems, effective tax rate changes and results of examination by taxing authorities, and the ability to maintain an effective system of internal control over financial reporting. Forward-looking statements made by or on behalf of the Company are based on knowledge of its business and the environment in which it operates, but because of the factors listed above, actual results could differ materially from those reflected by any forward-looking statements. Consequently, all of the forward-looking statements made are qualified by these cautionary statements and those contained in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. There can be no assurance that the results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the Company or its business and operations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Consolidated Statements of Operations (Unaudited) (in thousands, except per share amounts) THIRD QUARTER ENDED ------------------- September 26, September 27, 2009 2008 -------------- -------------- $747,730 100.0% $733,918 100.0% Net sales Cost of merchandise sold 501,692 67.1 515,722 70.2 ------- ---- ------- ---- Gross margin 246,038 32.9 218,196 29.8 Selling, general and administrative expenses 193,820 25.9 176,774 24.1 Depreciation and amortization 16,421 2.2 15,345 2.1 ------ --- ------ --- Income from operations 35,797 4.8 26,077 3.6 Interest (income) expense, net 461 0.1 (69) 0.0 --- --- ---- --- Income before income taxes 35,336 4.7 26,146 3.6 Income tax expense 13,357 1.8 10,276 1.4 ------ --- ------ --- Net income 21,979 2.9% 15,870 2.2% ====== ==== ====== ==== Net income per share: Basic $0.61 $0.44 ===== ===== Diluted $0.60 $0.43 ===== ===== Weighted average shares outstanding (000's): Basic 36,034 36,429 Diluted 36,711 37,074 NINE MONTHS ENDED ----------------- September 26, September 27, 2009 2008 --------------- --------------- $2,344,405 100.0% $2,208,453 100.0% Net sales Cost of merchandise sold 1,595,133 68.0 1,541,232 69.8 --------- ---- --------- ---- Gross margin 749,272 32.0 667,221 30.2 Selling, general and administrative expenses 575,239 24.5 527,302 23.9 Depreciation and amortization 48,757 2.1 44,725 2.0 ------ --- ------ --- Income from operations 125,276 5.4 95,194 4.3 Interest (income) expense, net 1,139 0.1 1,727 0.1 ----- --- ----- --- Income before income taxes 124,137 5.3 93,467 4.2 Income tax expense 46,924 2.0 36,249 1.6 ------ --- ------ --- Net income 77,213 3.3% 57,218 2.6% ====== ==== ====== ==== Net income per share: Basic $2.15 $1.54 ===== ===== Diluted $2.11 $1.52 ===== ===== Weighted average shares outstanding (000's): Basic 35,954 37,045 Diluted 36,590 37,677 Consolidated Balance Sheets (Unaudited) (in thousands) September September 26, 27, 2009 2008 * ---- ------ ASSETS Current assets: Cash and cash equivalents $94,871 $16,356 Inventories 703,989 703,040 Prepaid expenses and other current assets 40,433 40,731 Deferred income taxes 11,361 2,923 ------ ----- Total current assets 850,654 763,050 Property and equipment, net 362,741 357,270 Goodwill 10,258 10,258 Deferred income taxes 13,185 17,398 Other assets 5,259 6,183 ----- ----- TOTAL ASSETS $1,242,097 $1,154,159 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $356,822 $366,138 Accrued expenses 119,417 107,953 Current portion of capital lease obligations 414 545 Income taxes currently payable -- 962 --- --- Total current liabilities 476,653 475,598 Revolving credit loan -- 23,138 Capital lease obligations 1,534 1,960 Straight line rent liability 44,042 36,281 Other long-term liabilities 26,327 24,827 ------ ------ Total liabilities 548,556 561,804 ------- ------- Stockholders' equity: Common stock 330 327 Additional paid-in capital 185,015 163,616 Treasury stock (214,690) (192,549) Retained earnings 722,886 620,961 ------- ------- Total stockholders' equity 693,541 592,355 ------- ------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,242,097 $1,154,159 ========== ========== * Cash and cash equivalents and prepaid expenses and other current assets have been reclassified to conform to the current period presentation. Consolidated Statements of Cash Flows (Unaudited) (in thousands) NINE MONTHS ENDED ----------------- September 26, September 27, 2009 2008 * ---- ------ Cash flows from operating activities: Net income $77,213 $57,218 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 48,757 44,725 Loss (gain) on sale of property and equipment 165 (62) Stock compensation expense 9,159 9,192 Deferred income taxes (9,143) (3,352) Change in assets and liabilities: Inventories (100,554) (67,052) Prepaid expenses and other current assets 3,029 1,730 Accounts payable 69,994 107,792 Accrued expenses 5,952 (7,648) Income taxes currently payable (1,554) (4,100) Other 8,006 5,455 ----- ----- Net cash provided by operating activities 111,024 143,898 ------- ------- Cash flows from investing activities: Capital expenditures (49,435) (68,828) Proceeds from sale of property and equipment 44 250 -- --- Net cash used in investing activities (49,391) (68,578) -------- -------- Cash flows from financing activities: Borrowings under revolving credit agreement 274,033 517,382 Repayments under revolving credit agreement (274,033) (549,244) Tax benefit of stock options exercised 2,924 413 Principal payments under capital lease obligations (399) (693) Repurchase of common stock (10,775) (42,500) Net proceeds from issuance of common stock 4,499 2,498 ----- ----- Net cash used in financing activities (3,751) (72,144) ------- -------- Net increase in cash and equivalents 57,882 3,176 Cash and cash equivalents at beginning of period 36,989 13,180 ------ ------ Cash and cash equivalents at end of period $94,871 $16,356 ======= ======= Supplemental disclosures of cash flow information: Cash paid during the period for: Interest $776 $2,788 Income taxes 53,312 43,023 * Reclassified to conform to the current period presentation. Selected Financial and Operating Information THIRD QUARTER ENDED NINE MONTHS ENDED ------------------- ----------------- September September September September 26, 2009 27, 2008 26, 2009 27, 2008 -------- -------- -------- -------- Sales Information: ------------------ Same-store sales increase (decrease) (5.1)% 6.2% (1.7)% 1.5% Non-comp sales (% of total sales) 6.8% 8.7% 7.4% 9.0% Average transaction value $40.14 $44.59 $42.00 $44.79 Comp average transaction value increase (decrease) (10.4)% 5.2% (6.7)% 1.7% Comp average transaction count increase (decrease) 5.9% 0.9% 5.4% (0.2)% Store Count Information: ------------------------ Beginning of period 895 814 855 764 New stores opened 17 20 58 70 Stores closed/sold -- -- (1) -- --- --- --- --- End of period 912 834 912 834 === === === === Relocated stores 1 -- 2 -- Pre-opening costs (000's) $1,873 $2,057 $6,246 $6,991 LIFO charge (000's) (a) 1,896 10,565 8,433 22,507 Balance Sheet Information: -------------------------- Average inventory per store (000's) (b) $820.1 $861.4 $820.1 $861.4 Inventory turns (annualized) 2.70 2.74 2.82 2.75 Financed inventory (b) 44.9% 48.4% 44.9% 48.4% Treasury shares: Shares purchased (000's) 19 465 321 1,280 Cost (000's) $915 $14,691 $10,775 $42,499 (a) 2009 LIFO charge is based on a projected annual provision of $11.6 million for fiscal 2009. (b) Assumes average inventory cost, excluding inventory in transit. Supplemental LIFO Information (Unaudited) (in thousands, except per share amounts) Third Quarter Ended Nine Months Ended ------------------- ----------------- September September September September 26, 2009 27, 2008 26, 2009 27, 2008 --------- --------- --------- --------- LIFO provision, pre tax $1,896 $10,565 $8,433 $22,507 Net income $21,979 $15,870 $77,213 $57,218 LIFO provision, net of tax 1,179 6,413 5,245 13,779 ----- ----- ----- ------ Net income without LIFO $23,158 $22,283 $82,458 $70,997 ======= ======= ======= ======= Earnings Per Diluted Share: Net income $0.60 $0.43 $2.11 $1.52 LIFO provision, net of tax 0.03 0.17 0.14 0.36 ---- ---- ---- ---- Net income without LIFO $0.63 $0.60 $2.25 $1.88 ===== ===== ===== ===== The non-GAAP financial information presented herein should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. However, we believe that non-GAAP reporting, giving effect to the adjustments shown in the reconciliation above, provides meaningful information and therefore we use it to supplement our GAAP guidance. We have chosen to provide this supplemental information to investors, analysts and other interested parties to enable them to perform additional analyses of operating results, to illustrate the results of operations giving effect to the non-GAAP adjustments shown in the above reconciliations and to provide an additional measure of performance. - Tractor Supply Company

Prophecy enters into agreement to acquire Lynn Lake Nickel Property in Manitoba

Sophia Rhodini — Thu, 22 Oct 2009 09:11:15 +0000

VANCOUVER, - Prophecy Resource Corp. (TSX.V: PCY) has entered into an Option Agreement with Victory Nickel Inc. (TSX.T: NI) whereby Prophecy has the right to acquire a 100% interest in the Lynn Lake Nickel-Copper Project located in Manitoba, Canada. The Lynn Lake Project is located in the historic mining town of Lynn Lake in northern Manitoba, about 320 kilometres by road access northwest of the Thompson mining camp. The property is the former Sherritt Gordon Mines Limited mine site known as the Lynn Lake A mine and Farley mine, comprised of 30 mineral leases covering an area of 590 hectares. The property was operated by Sherritt Gordon from 1953 to 1976 for a total of 24 years, with reported production of 22.2 million tons at an average grade of 1.023% nickel and 0.535% copper. Under the agreement, Prophecy shall have the right to acquire a 100% interest in the Lynn Lake project by paying Victory an aggregate of $4,000,000 over a four year period and incurring an aggregate of $3,000,000 in Exploration Expenditures over a three year period. As part of the agreement, Prophecy will also issue to Victory 10% of Prophecy's outstanding shares, post financing, and grant Victory the right to participate in future equity financings on a pro rata basis so that Victory may maintain its 10% interest in Prophecy. In order to fund the initial property payment to Victory, Prophecy has agreed to a non-brokered private placement of 7,000,000 units at a price of $0.05 per unit for gross proceeds of $350,000. Each unit will be comprised of one common share and one-half of one share purchase warrant, with each warrant entitling the holder to purchase an additional share at an exercise price of $0.10 per share for a period of two years from the date of issue. The foregoing transactions are subject to acceptance for filing by the TSX Venture Exchange. Prophecy also wishes to announce the appointment of Mr. John Lee, CFA, as a Director of the Company, effective immediately. ON BEHALF OF THE BOARD OF DIRECTORS Prophecy Resource Corp. "STUART ROGERS" Stuart Rogers Director Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. - Prophecy Resource Corp.

Fashion: A Reflecting Rip in the Fabric of Our Society (Angelino.us)

Sophia Rhodini — Thu, 22 Oct 2009 09:12:15 +0000

LOS ANGELES, -- The trends in fashion today mirror a world in turmoil where injustice, social inequality, environmental peril, and economic woes have engendered feelings of frustration and even hopelessness. As a fashion clothing designer, Alex Angelino has long been cognizant of the relationship between the inner emotions and clothing choices. Putting together an outfit to wear involves a complex thought process of both the conscience and subconscious mind. Color, texture, materials and style are primary elements, as are the fit and proportions of the garments. In fact, cut and proportion are the two main factors when it comes to expressing oneself as funny, serious, victorious, indifferent, sexy, conservative, etc. In pre-industrial societies, clothes often reflected occupation and/or religious affiliation, as well as standing in the social structure, but with the advent of ready-made goods in the late Nineteenth Century, consumers began to have options. As Diana Crane writes in her compelling book Fashion and its Social Agenda, as "the construction of personal identity outside the workplace became increasingly important," clothing became "a major tool" to do so, "offering a wide range of choices for the expression of lifestyles or sub-cultural identities" as well as of the individual's emotional state. Crane continues by offering an analysis of the blue jean as signaling rebellion, adding that when blue jeans are worn with white T-shirt and black leather jacket, the rebellious connotations are accentuated. When the punk movement emerged, such elements as metal studs took the theme further, as did safety pins struck into the ear and eyebrows. As Crane writes: "Abuse of the body and clothing expressed derisive and nihilistic attitudes toward establishment values." Indeed, generations express themselves with their looks, make-up, hairstyle and accessories, and since the Hippie movement in the Sixties, Designer Jeans have clearly been a tool to express rebelliousness. Today's Hip Hop and teenager trends are no different, the younger generation adding a twist by wearing designer jeans below the waist at a sagging level. The sloppy look that results has angered and worried parents and school officials, leading to the passing of ordinances in various cities around the country which ban the wearing of low-slung pants and fine those who ignore the code. This is a violation of civil and constitutional rights. As a clothing designer, Alex believes these young people are not only making a fashion statement, they are clearly making a social and political statement also. Certainly, something has gone terribly wrong with our justice system, Alex explains, which lately seems more like an 'injustice system' where justice can be purchased. Attorneys often turn a blind eye or even facilitate pay-offs to judges. Alex himself was a victim of such a scheme. His personal court battle has had a profound effect on his clothing choices and creativity. Formerly, Alex was in suit and tie every day and he was designing formal clothing. But his bitter court experience, affecting him emotionally, shifted his attention away from textures and motifs that represent establishment values and more toward those that represent the anti-establishment. Alex eventually ceased wearing and designing suits altogether, instead wearing and designing jeans. Alex now uses textures, motifs, and styles that comfort him and express his inner emotions. Looking sloppy by wearing sagging pants satisfies the need to express an objection to what is happening today and to express doubt about the challenges which lie ahead personally and globally. This not only pertains to clothing, but also to contemporary art, music, dance, painting, etc. In fact, as our social justice system has declined in strength and moral backbone, society's contemporary art has grown more aggressive, artists voicing anger. The discussion of what to do about art and fashion trends should never focus on legislating codes and ordinances against the wearers or the artists, but rather on the social conditions which need to change in order for people to feel more hopeful and ultimately to express themselves differently. Perhaps it is time for everyone to be responsible and to make our voices heard by expressing ideas based on knowledge and wisdom. For more information please contact Alex Angelino at 213-748-2440 and by visiting http://www.angelino.us. PR by http://www.parsnational.com - Angelino Fashion Clothing Design

Sun Communities, Inc. Announces Date for Third Quarter 2009 Earnings Release and Conference Call

Sophia Rhodini — Thu, 22 Oct 2009 09:12:39 +0000

SOUTHFIELD, Mich. -- Sun Communities, Inc. (NYSE: SUI), a real estate investment trust (REIT) that owns and operates manufactured housing communities, announces the date for its third quarter 2009 earnings results release and conference call. The Company will release its results on Friday, November 6, 2009 prior to the opening of the market. A conference call to discuss third quarter operating results will be held on November 6, 2009, at 11:00 A.M. EST. To participate, call toll-free 877-407-9039. Callers outside the U.S. or Canada can access the call at 201-689-8470. A replay will be available following the call through November 20, 2009, and can be accessed by dialing 877-660-6853 from the U.S. or 201-612-7415 outside the U.S. or Canada. The account number for the replay is 3055 and the ID number is 336106. The conference call will be available live on Sun Communities website www.suncommunities.com. Replay will also be available on the website. Sun Communities, Inc. is a real estate investment trust (REIT) that currently owns and operates a portfolio of 136 communities comprising approximately 47,600 developed sites. FORWARD LOOKING STATEMENTS This press release contains various "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, and the Company intends that such forward-looking statements will be subject to the safe harbors created thereby. The words "will," "may," "could," "expect," "anticipate," "believes," "intends," "should," "plans," "estimates," "approximate", "guidance" and similar expressions identify these forward-looking statements. These forward-looking statements reflect the Company's current views with respect to future events and financial performance, but involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this press release. These risks and uncertainties may cause the actual results of the Company to be materially different from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include national, regional and local economic climates, the ability to maintain rental rates and occupancy levels, competitive market forces, changes in market rates of interest, the ability of manufactured home buyers to obtain financing, the level of repossessions by manufactured home lenders and those risks and uncertainties referenced under the heading "Risk Factors" contained in the Company's filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release speak only as of the date hereof and the Company expressly disclaims any obligation to provide public updates, revisions or amendments to any forward- looking statements made herein to reflect changes in the Company's expectations of future events. For more information about Sun Communities, Inc. visit our website at www.suncommunities.com - Sun Communities, Inc.

New Conservation Program Gets Strong California Response

Sophia Rhodini — Thu, 22 Oct 2009 09:13:28 +0000

DAVIS, Calif., -- USDA Natural Resources Conservation Service in California received a strong response to the new Conservation Stewardship Program (CSP), a 2008 Farm Bill program, made available for the first time in September, 2009. Applications were received from 412 California landowners, representing 534,101 acres of farm and ranchland and 85,527 acres of forestland for the program that compensates producers for high levels of stewardship and encourages them to undertake additional conservation practices and management. "California's agricultural producers respond consistently and positively to the voluntary incentives approach to environmental protection," says Acting State Conservationist Gayle Norman. "This just provides additional evidence that our conservation-minded producers and landowners want to attain higher levels of conservation stewardship." Congress capped enrollment nationally at 12,769,000 acres per year. Applications will compete within state and within pools for the same land use and will be told in November, 2009, if their application has been accepted. If not, they will have the option to participate in the second sign-up period, which runs through January 2010. Once the participant has been approved for funding, he or she must develop a conservation stewardship plan and commit to implementing it. CSP payment rates will be based on a combination of points determined by the producer's current and planned conservation enhancements. Payments are based on the cost of the stewardship activities undertaken, income forgone, and environmental benefits achieved. Eligible lands include cropland, grassland, improved pastureland, rangeland, non-industrial private forestland, and agricultural land under jurisdiction of an Indian tribe. Eligible applicants include individual landowners, Indian tribes, and legal entities. For information about CSP, producers can visit www.nrcs.usda.gov/new_csp/csp.html or contact their local NRCS field office. - USDA Natural Resources Conservation Service

Electrical Equipment Manufacturers Excel at Mixed-Mode Manufacturing: Cincom Report

Sophia Rhodini — Thu, 22 Oct 2009 09:14:26 +0000

CINCINNATI, -- Nearly half (48%) of electrical equipment manufacturers use an automated, integrated system to manage their mixed-mode manufacturing processes. This is 18% more than the composite average of comparable industries. An automated, integrated system often results in reduced inventory cycle times and costs. [VIEW the multimedia version of this release: http://bit.ly/4hziXj.] This is according to a 2009 research report by software maker Cincom Systems (http://www.cincom.com/acquire) based on a national survey of sales and IT executives that sheds light on how these electrical-equipment manufacturing organizations are managing their businesses for increased efficiency and effectiveness. "In the face of accelerating product lifecycles compounded by a continual increase in product complexity, electrical-equipment manufacturers are finding mix-mode manufacturing strategies very effective in staying competitive," says Louis Columbus, co-author of the report. "Staying demand-driven, close to the customer and capable of meeting or exceeding their expectations is critically important in how competitive electrical-equipment manufacturing is becoming. Mixed-mode manufacturing gives companies the ability to flex in response to customers' changing expectations and needs." OPPORTUNITY FOR ADVANCED ANALYTICS The majority (86%) of electrical-equipment manufacturers rely on a combination of direct and indirect (distributors and dealers) sales channels. That's 15% more than the composite benchmark. Yet, none of the survey participants rely on advanced analytics and lead escalation to 'learn' which channel partners can deliver the best sales performance by each type of lead. Instead, most (59%) rely on basic systems for tracking opportunities and responding to them, including following defined processes. "Clearly multichannel management is a major issue for electrical-equipment manufacturers, and making channels effective begins with an aggressive approach to educating resellers and giving them the tools to be effective at selling," says Columbus. "There is significant room for improvement in managing sales funnels, earning trust and creating loyal customers based on the results of our research." In addition, none of the survey participants have automated the critically important RFQ process nor use predictive guided selling systems. For a copy of Cincom's "2009 Electrical Equipment Industry Survey Report," visit http://www.cincom.com/electric. - Cincom

Grand Opening for Levanto Townhome Apartment Community in San Diego

Sophia Rhodini — Thu, 22 Oct 2009 09:15:07 +0000

SAN DIEGO, -- Levanto, the new contemporary townhome apartment community that gives residents easy access to virtually all of the exciting amenities of San Diego, is now complete -- with 100 upscale two- and three-bedroom residences now open and available for immediate occupancy. The project has been met with overwhelming success, currently over 70% of the townhomes are already leased. Residents will find there's nothing traditional about these amazing rental townhomes. Each one includes a private front-door entry and an enormous two-car attached garage--a unique feature for an apartment community. "We are delighted to announce the Grand Opening of Levanto townhomes located just minutes from downtown San Diego," said Frank T. Suryan, Jr., Chairman and Chief Executive Officer of Lyon Capital Ventures, the community's developer. Located at 5321 Adobe Falls Road, the townhomes at the pet-friendly Levanto community include spacious, attached two-car garages, chef-designed gourmet kitchens with granite counter tops, custom cabinetry and stainless steel appliances, in-home washer/dryer, spa-inspired bathrooms, private balconies, large walk-in closets, and dramatic designer living spaces. "San Diego," continues Suryan, "is ranked as one of the best places to live in the country. Finding quality apartment living for today's contemporary, upscale lifestyles--with quick access to some of California's finest beaches and the city's urban hub--is at a premium. Levanto represents Lyon's award-winning, signature approach to multifamily living and maintains the company's 'best in industry' reputation. "We are committed to the design of properties that are representative of their specific locations, and Levanto offers all the benefits of living in California's second biggest city while maintaining the small town ambiance and lifestyle for which San Diego is famous. With its private gated entry, lushly landscaped courtyards and resort-style amenities, these new townhomes will appeal to a variety of San Diego professionals and families." Levanto also offers the excitement of an engaging neighborhood with both relaxing and active sporting amenities amidst common areas designed to create a sense of community and camaraderie among residents. Signature amenities include a resort-style pool and spa, health and fitness center with a yoga/pilates studio, outdoor fireplace, BBQ entertainment area, and a business E-Lounge. To ensure an atmosphere of happy and healthy living, Levanto has been carefully built with a firm commitment to uphold and enhance the health and vitality of all its residents. The neighborhood features smoke-free community areas. Levanto represents an ideal opportunity for singles, families, professionals, and empty nesters alike--anyone who appreciates the many advantages of fine living combined with the most desirable San Diego location. Levanto is a property of Lyon Apartment Companies, which manages more than 14,000 apartment homes coast to coast. Lyon Management Group, Inc., founded in 1989 by Frank T. Suryan, Jr., offers the Lyon Peace of Mind Program, allowing residents an early termination of their lease in case of a job loss. The company has earned numerous industry awards, including multiple California Council for Quality and Service "Best-in-Class" honors, as well as the "Best in the Industry" resident satisfaction awards from CEL & Associates, the nation's largest surveyor of resident satisfaction. - Lyon Apartment Companies

Levi's(R) and Goodwill(R) Partner to Launch a 'Care Tag for Our Planet'

Sophia Rhodini — Thu, 22 Oct 2009 09:17:52 +0000

Program Empowers Consumers to Care for Their World by Caring for Their Clothes SAN FRANCISCO, -- Levi Strauss & Co. and Goodwill(R) today announced A Care Tag for Our Planet, a new initiative that aims to put billions of pounds of unwanted clothing to good use instead of into landfill. Beginning in January 2010, the Levi's(R) brand will be the first major retailer to include messaging on product care tags that encourages people to donate unwanted clothing. "As a company built on values, we have long worked to promote sustainability in how we make our products and run our operations," said John Anderson, president and chief executive officer of Levi Strauss & Co. "This initiative uses our global voice to empower hundreds of millions of consumers around the world to join us by providing simple and actionable ways to help care for our planet." "A Care Tag for Our Planet is Goodwill's first partnership of its kind designed to increase the life cycle of clothing and textiles to address the approximately 23.8 billion pounds that end up in U.S. landfills each year," said Jim Gibbons, Goodwill Industries International CEO and President. "As the 'Original Recycler,' 166 community-based Goodwills in the United States and Canada collectively divert more than 1.5 billion pounds of clothing and textiles every year from landfill by recovering the value in people's unwanted material goods. In addition to funding community-based services, these landfill diversion programs create job-training opportunities for more than 1.5 million people a year." "We're launching with the Levi's brand as a founding partner because it's an iconic brand with the ability to make an immediate impact with consumers," said Goodwill of San Francisco CEO and President Deborah Alvarez-Rodriguez. "Our collective goal is to extend the idea of Care Tags beyond washing, drying and ironing--to encouraging consumers to donate these clothes when no longer needed. By doing so, millions of pounds will be diverted from landfill and thousands of lives will be transformed by the power of work in the Bay Area and across the country." The new care tags will be available in Levi's(R) retail and wholesale operations the U.S. beginning in January 2010 and the regional and global tags will appear in clothes in Fall 2010. The Levi's(R) brand and Goodwill(R) will also spread the word to consumers through online viral campaigns and in retail store communications. This partnership was reached through shared values held by each organization: Levi Strauss & Co.'s goal to reduce the environmental impact of its products and Goodwill's commitment to help communities recycle usable items while helping those in need. The initiative was conceived by BBDO West, Goodwill of San Francisco's pro bono agency, which came up with the unique idea to use care tags to communicate this message. For more than two decades, Levi Strauss & Co. has been a leader on environmental issues. The company was the first to establish requirements for suppliers, guidelines on water quality, and restrictions on the substances that can be used to make its clothes. To determine where even greater environmental improvements could be made, the company studied every stage in the life cycle of a typical pair of 501 jeans. The findings indicated that one of the greatest opportunities for reducing climate change and water impact happens after consumers take their jeans home. That's why, in addition to asking consumers to donate used clothing to keep it out of landfills, Levi's is encouraging consumers to wash less, wash in cold water and line dry when possible-- all of which together reduces your climate impact from washing and drying your Levi's jeans by more than 50 percent. For more information about A Care Tag for Our Planet, please visit www.levi.com/care. - Goodwill Industries International, Inc

Mueller Water Products Announces Fourth Quarter and Full-Year 2009 Earnings Release Date and Conference Call

Sophia Rhodini — Thu, 22 Oct 2009 09:18:19 +0000

ATLANTA, -- Mueller Water Products, Inc. (NYSE: MWA) will release financial results for its fourth quarter and full-year ended September 30, 2009 on Tuesday, November 3, 2009 after the market closes, the Company announced today. Gregory E. Hyland, chairman, president and chief executive officer of Mueller Water Products, and other members of the Company's leadership team will hold a conference call to discuss the financial results on Wednesday, November 4, 2009 at 9:00 a.m. (EST). A live webcast of the conference call will be accessible on the Mueller Water Products Web site, http://www.muellerwaterproducts.com, and also will be archived for approximately 90 days. Safe Harbor Statement Except for historical information contained herein, the statements in this release are forward- looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results in future periods of the Company to differ materially from forecasted results. Those risks include, among others, changes in customer orders and demand for our products; the liquidity of the credit markets; changes in raw material, labor, equipment and transportation costs; pricing actions by the Company and its competitors; changes in law or the uncertainty of the application of law and regulation; the ability to attract and retain management and employees; the inability to successfully execute management strategies with respect to cost containment, production increases or decreases, inventory control, and the integration of acquired businesses; and general changes in economic and financial conditions, residential and non-residential construction, and municipal spending. Risks associated with forward-looking statements are more fully described in our filings with the Securities and Exchange Commission. The Company assumes no duty to update its forward-looking statements as of any future date. - Mueller Water Products, Inc.

UL Environment to Develop Standards Identifying Greener Ceiling Materials

Sophia Rhodini — Thu, 22 Oct 2009 09:19:05 +0000

NORTHBROOK, Ill., -- UL Environment, Inc. (ULE), a global leader in environmental evaluation and certification, announces today that it is leading a collaborative effort to develop sustainability standards for suspended ceiling materials and systems. Suspended ceiling systems were selected as part of a continuing effort that UL Environment has initiated to launch sustainability standards where standards do not currently exist. Through materials and life cycle assessment of suspended ceiling materials, ULE will lead an effort which will identify environmentally-preferable ceiling materials and systems. According to a 2007 study by the Ceilings and Interior Systems Construction Association, suspended ceilings can achieve a life cycle payback in as few as 11 months due to reduced energy requirements. Suspended ceilings are often made of fiberglass, wood fiber, wet-pressed mineral-fiber, waste paper, cornstarch and other mineral-based components, and can contain recycled content. "Suspended ceilings have many sustainability advantages and setting standards will allow us to better identify and evaluate those advantages," said Steve Wenc, President, ULE. "Standards that take into account recycled content, energy efficiency and other aspects of ceiling systems eliminate the need for architects and builders to make complicated and time-consuming sustainability evaluations on their own." ULE's new sustainability standards will draw on input from UL Environment Standard Technical Panels (STPs) comprised of stakeholders such as manufacturers, government entities, consumer interest groups, product installers, users, distributors and testing organizations. These standards will set minimum environmental requirements and create a progressive and tiered approach allowing sustainability leaders to highlight their achievements. In September, UL Environment announced it would be leading efforts in developing sustainability standards for the doors and related hardware industry and the mineral board, fiberboard and wallboard industries. ULE expects its standards for suspended ceilings to be released in 2010. For more information, visit www.ulenvironment.com. - UL Environment, Inc.

Do You Have Aspirations of a Career in the Exciting Fashion Industry? Get One Step Closer by Entering The Art Institutes Passion for Fashion Competition

Sophia Rhodini — Thu, 22 Oct 2009 09:19:56 +0000

PITTSBURGH, -- If a career in the fashion industry is what you aspire towards, entering The Art Institutes Passion for Fashion Competition 2010 could help bring you one step closer to that goal. The search is on! The Art Institutes schools are looking for high school seniors interested in the fashion industry to enter The Art Institutes Passion for Fashion Competition. The Art Institutes Passion for Fashion Competition was created to encourage and reward young fashion talent. One grand prize winner in each of the two categories (i) Fashion Design and (ii) Fashion Marketing & Merchandising and Retail Management will earn a full tuition scholarship to study at a participating Art Institutes school. To be eligible to enter, a student must be a high school senior scheduled to graduate in 2010. In the Fashion Design category, entry requirements include submission of an original evening wear design. In the Fashion Marketing & Merchandising and Retail Management category, entry requirements include a finished product or plan. "The Art Institutes Passion for Fashion Competition provides high school seniors interested in the fashion industry with an opportunity to demonstrate their talents in the hopes of winning a tuition scholarship," said Bruce E. Dempsey, Vice President, Academic Affairs Specialist for The Art Institutes. Each grand prize winner, in partnership with Seventeen Magazine, also receives a trip to New York City to attend a Fashion Week show, a "meet and greet" at Seventeen Magazine's offices, lunches with a Seventeen Magazine Style Pro and receives a $500 shopping spree. The deadline to submit entries at a participating Art Institutes school is November 20, 2009. For complete rules and entry requirements for The Art Institutes Passion for Fashion Competition, visit http://www.artinstitutes.edu/pr.aspx?ID=ai1005. The Art Institutes (www.artinstitutes.edu) is a system of over 40 education institutions located throughout North America providing an important source for design, media arts, fashion and culinary arts professionals. - The Art Institutes

Canadian Equipment Rental Fund Limited Partnership Increases Private Placement

Sophia Rhodini — Thu, 22 Oct 2009 09:20:26 +0000

CALGARY, - CERF GP Corp., the general partner of Canadian Equipment Rental Fund Limited Partnership ("CERF LP"), is pleased to announce that CERF LP proposes to increase the amount of the previously announced private placement of limited partnership units ("Units") of CERF LP, at a price of $3.00 per Unit, to certain insiders of CERF LP, by 50,000 Units. CERF LP now proposes to issue a total of 216,670 Units for aggregate gross proceeds of $650,010. The proceeds from the private placement will be used to fund the asset acquisition referred to in CERF LP's press release dated September 23, 2009 and for general partnership purposes. The foregoing increase to the private placement is subject to approval by the TSX Venture Exchange. CERF LP is an Alberta limited partnership engaged in the rental, sale and service of industrial and construction equipment. CERF LP trades on the TSX Venture Exchange under the symbol "CFL.UN" and currently has 5,843,397 Units issued and outstanding. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. - Canadian Equipment Rental Fund Limited Partnership

Synthesis Energy Systems to Report First Quarter 2010 Financial Results on Thursday, October 29, 2009

Sophia Rhodini — Thu, 22 Oct 2009 09:20:50 +0000

HOUSTON, -- Synthesis Energy Systems, Inc. ("SES" or the "Company") (Nasdaq: SYMX), a global industrial gasification company, today announced that it will release financial results for the quarter ended September 30, 2009 before the market opens on Thursday, October 29, 2009. Senior management will hold a conference call to review the Company's financial results for this period and provide an update on corporate developments at 8:00 a.m. Eastern Time on October 29, 2009. To access the live webcast, please log onto the Company's website at www.synthesisenergy.com. Alternatively, callers may participate in the conference call by dialing (612) 288-0329. An archived version of the webcast will be available on the website through November 29, 2009. A telephone replay of the conference call will be available approximately two hours after the completion of the call through Thursday, November 5, 2009. Callers can access the replay by dialing (320) 365-3844; the PIN access number is 120409. - Synthesis Energy Systems, Inc.

Something For Everyone At This Year's BCPC Congress

Sophia Rhodini — Thu, 22 Oct 2009 09:21:12 +0000

LONDON, -- With the curtain about to rise on this year's BCPC Congress, the finalised conference programme is guaranteed to offer something for everyone. This year's event - which runs from 9 to 11 November at the SECC, Glasgow, UK - features over 70 speakers from around the world and offers an unique forum for the global crop production industry. Welcoming the new format, which was conceived following the alliance of UBM and BCPC, Dr Colin Ruscoe, chairman of BCPC says, "Extensive research was undertaken to ensure that the content of the programme would meet delegates' needs and interests. We are delighted that we now have a comprehensive set of sessions with both strategic and scientific content." "Top of the agenda will be food security and the role that science and technology can play in providing long term food supply sustainability," says Dr Ruscoe. "Agricultural technologies are once again coming to the fore as vital tools to meet the key challenges facing global agriculture, such as the impact of climate change and the constraints that water can have to global food production. These sessions will provide a great opportunity for debate and discussion on the problems and possible solutions." For the scientific community, the familiar research-focused sessions on new products, the latest application and formulation technology, biosensors, research funding issues and nanotechnology will be of considerable interest. "This year's conference is definitely broader in content than ever before," says Dr Ruscoe. "If you want to know what is really threatening the decline of bees and what impact this could have, or want to know what effect biofuels could have of future global food production or if you have an interest in the amenity sector then the BCPC Congress is definitely the place to head on 9 November." But the Congress is not just about the conference sessions. The Exhibition and Hospitality facilities, which run alongside the conference, attract technical and research delegates along with commercial and technical managers, who will come to do business, entertain clients and keep in touch with industry developments. With only a few weeks to go delegates are recommended to register as soon as possible to avoid queuing at the registration desk. To see full details of the conference programme and speaker line-up, as well as details on how to register as a delegate, visit the BCPC Congress website at: www.bcpccongress.com. The British Crop Production Council (BCPC) promotes the science and practice of sustainable crop production. A non-profit making organisation, it has developed an international reputation over 50 years as a forum for good practice and sound science in the fields of agriculture, food and the environment. Its conferences, publications and working groups bring together scientists to form opinion on key issues. UBM focuses on two principal activities: worldwide information distribution, targeting and monitoring; and, the development and monetisation of B2B communities and markets. UBM's businesses inform markets and serve professional commercial communities - from doctors to game developers, from journalists to jewellery traders, from farmers to pharmacists - with integrated events, online, print and business information products. Our 6,500 staff in more than 30 countries are organised into specialist teams that serve these communities, bringing buyers and sellers together, helping them to do business and their markets to work effectively and efficiently. For more information, go to www.unitedbusinessmedia.com - UBM Conferences

All Gold Fields Mines now Cyanide Code Accredited

Sophia Rhodini — Thu, 22 Oct 2009 09:21:38 +0000

JOHANNESBURG, -- Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) is pleased to announce that is has become the first mining group, registered as a signatory with the International Cyanide Management Institute (ICMI[1]), to obtain accreditation for all its eligible operations with the International Cyanide Management Code (Cyanide Code). This follows full accreditation being achieved at Kloof mine and Driefontein mine, both located in South Africa. Gold Fields' Chief Executive Officer, Nick Holland, commented: "The Kloof and Driefontein achievements follow equally impressive accomplishments at Beatrix mine, which is also in South Africa and which achieved its full accreditation in February 2009, Tarkwa and Damang mines in Ghana that achieved full accreditation in June and May 2008, respectively, and the new South African mine, South Deep, which achieved full accreditation in December 2008. Cerro Corona mine in Peru does not require accreditation as it does not use large amounts of cyanide in its processes. The Agnew mine in Australia achieved substantial accreditation in June 2009 and is expected to achieve full accreditation in December 2009. This means that all of the eligible Gold Fields mines are now accredited and seven of the eight have achieved full compliance. We have now achieved the objective we set ourselves in November 2005, when we became a signatory to the ICMI Cyanide Code, for all Gold Fields operations to be ICMI accredited". The president of the ICMI, Paul Bateman, congratulated Gold Fields on being, "....the first mining group to obtain accreditation for all its signatory operations...". Gold Fields' support of the ICMI is consistent with the principles and objectives of the Group's Sustainable Development Framework, which addresses every aspect of sustainability in the organization, including the use of cyanide in the production of gold. The Cyanide Code is recognized as best practice for cyanide management in the gold mining industry by the World Gold Council (WGC) and the Council for Responsible Jewellery Practice (RJC). The ICMI accreditation process adheres to the principles of the International Council on Mining and Metals' Sustainable Development Framework to which Gold Fields is fully committed. It has also been acknowledged by the International Finance Corporation (IFC) and the G8 Group of Nations as the best practice guide for responsible cyanide management. - Gold Fields Limited

PepsiCo's Frito-Lay North America Headquarters Achieves LEED Gold Certification

Sophia Rhodini — Thu, 22 Oct 2009 09:22:06 +0000

PLANO, Texas, -- PepsiCo's Frito-Lay North America today announced its Plano, Texas, headquarters has been awarded LEED® Gold Certification from the U.S. Green Building Council (USGBC) and verified by the Green Building Certification Institute (GBCI). LEED is the nation's preeminent program for the design, construction and operation of high performance green buildings. The Frito-Lay North America headquarters is the only Existing Building (EB) in the state of Texas, to receive this distinction and one of only 12 corporate headquarters to receive this distinction nationally. "There are many challenges to retrofitting a 25-year-old building to meet LEED EB Gold standards," said George Guck, Director of Facilities and Corporate Services, Frito-Lay North America. "Bolstered by the commitment of senior leadership, we completed a thorough analysis of our facility workings and evaluated new technologies to find strategic sustainable solutions that helped us meet LEED requirements." "With each new LEED-certified building, we get one step closer to USGBC's vision of a sustainable built environment within a generation," said Rick Fedrizzi, President, CEO & Founding Chair, U.S. Green Building Council. "As the newest member of the LEED family of green buildings, Frito-Lay is an important addition to the growing strength of the green building movement." To achieve LEED EB Certification, Frito-Lay's sustainability strategy included implementing a number of green design and construction features, water reduction technologies and practices, as well as improved waste management. Energy reduction: Solar thermal water heating system uses the sun's light to heat all the hot water in the headquarters building - including the kitchen, dish room and fitness center. This one change reduced energy consumption by 130,000 KWH and eliminated more than 154,000 pounds of greenhouse gases from being emitted into the atmosphere since installation in 2008. New high efficiency chillers reduce annual energy consumption by 975,000 KWH and eliminate the use of harmful, ozone-depleting refrigerants. New lighting control systems, including daylight harvesting, turns off indoor lights when there is enough sunlight in the area, saving 266,000 KWH per year. Water reduction: Landscaping with native and adaptive plants reduces water needed for lawn maintenance and impedes soil erosion. The sustainable organic maintenance program minimizes environmental impacts from storm water run off. Recycling: Frito-Lay is the city of Plano's No. 1 recycling customer. More than 70% of the company's wastes are diverted from the landfill. Employee Education: Frito-Lay has leveraged its best practices to educate associates, and they in turn have positively impacted the community at large. Frito-Lay hosts an annual Eco Fair for its associates to showcase local green vendors. The information, services and products are resources employees can take home and to their communities. U.S. Green Building Council The Washington, D.C.-based U.S. Green Building Council is committed to a prosperous and sustainable future for our nation through cost-efficient and energy-saving green buildings. With a community comprising 78 local affiliates, more than 20,000 member companies and organizations, and more than 100,000 LEED Accredited Professionals, USGBC is the driving force of an industry that is projected to soar to $60 billion by 2010. The USGBC leads an unlikely diverse constituency of builders and environmentalists, corporations and nonprofit organizations, elected officials and concerned citizens, and teachers and students. Buildings in the United States are responsible for 39% of CO2 emissions, 40% of energy consumption, 13% water consumption and 15% of GDP per year, making green building a source of significant economic and environmental opportunity. Greater building efficiency can meet 85% of future U.S. demand for energy, and a national commitment to green building has the potential to generate 2.5 million American jobs. LEED The U.S. Green Building Council's LEED green building certification system is the foremost program for the design, construction and operation of green buildings. The U.S. Green Building Council's LEED rating system is the preeminent program for the design, construction and operation of green buildings. 35,000 projects are currently participating in the LEED system, comprising over 5.6 billion square feet of construction space in all 50 states and 91 countries. By using less energy, LEED-certified buildings save money for families, businesses and taxpayers; reduce greenhouse gas emissions; and contribute to a healthier environment for residents, workers and the larger community. USGBC was co-founded by current President and CEO Rick Fedrizzi, who spent 25 years as a Fortune 500 executive. Under his 15-year leadership, the organization has become the preeminent green building, membership, policy, standards, influential, education and research organization in the nation. For more information, visit www.usgbc.org Frito-Lay North America Frito-Lay North America is the $12 billion convenient foods business unit of PepsiCo (NYSE: PEP), which is headquartered in Purchase, NY. In addition to Frito-Lay, PepsiCo business units include Pepsi-Cola, Quaker Foods, Gatorade and Tropicana. Learn more about Frito-Lay at the corporate Web site, http://www.fritolay.com/ , the Snack Chat blog, http://www.snacks.com/ and on Twitter at http://www.twitter.com/fritolay. PepsiCo offers the world's largest portfolio of billion-dollar food and beverage brands, including 18 different product lines that each generate more than $1 billion in annual retail sales. Our main businesses - Frito-Lay, Quaker, Pepsi-Cola, Tropicana and Gatorade - also make hundreds of other nourishing, tasty foods and drinks that bring joy to our consumers in over 200 countries. With more than $43 billion in 2008 revenues, PepsiCo employs 198,000 people who are united by our unique commitment to sustainable growth, called Performance with Purpose. By dedicating ourselves to offering a broad array of choices for healthy, convenient and fun nourishment, reducing our environmental impact, and fostering a diverse and inclusive workplace culture, PepsiCo balances strong financial returns with giving back to our communities worldwide. For more information, please visit http://www.pepsico.com. - PepsiCo

US Farms, Inc. Announces Aloe365(TM) Store at Wholesalecentral.com

Sophia Rhodini — Thu, 22 Oct 2009 09:23:19 +0000

SAN DIEGO, -- US Farms, Inc., (Pink Sheets: USFM) a diversified supplier of Farming, Nursery and Wellness products today announced its new Wholesalecentral.com online Aloe365(TM) store. Wholesale Central is a top ranked wholesale directory in North America according to respected independent sources such as Alexa.com The companies' Aloe365(TM) Health & Beauty products can now be purchased from Wholesalecentral.com. To purchase US Farms Aloe365(TM) Juice and to purchase US Farms Aloe Vera Gel visit: http://www.wholesalecentral.com/usfarms/ US Farms, Inc. invites customers to visit and shop at the new US Farms Aloe365(TM) Wholesalecentral.com store and watch for periodic specials and great holiday gift ideas that the company will offer. US Farms, Inc. prides itself on its Aloe365(TM) line of Health and Beauty products that are formulated to meet the high standards and customer needs. Yan Skwara, CEO of US Farms, Inc. stated, "Wholesalecentral.com is a business to business web site we today have started marketing and selling our Aloe365(TM) product line. Maintaining a strategy of simple, cost effective vehicles to drive large volumes of active wholesale buyers to our business and increase our sales, is our goal. We continue to lay down our foundation to position the company for positive sales results as we move into the holiday season and into the 2010 year." US Farms, Inc. is dedicated to ensuring that customers get the exact product to suit their wellness needs. If at any time customers seek customer service, they are invited to contact US Farms to discuss their needs. The company's knowledgeable and friendly staff can help customers purchase the right product for their specific goal. Call 1-877-90-FARMS. Safe Harbor This press release contains forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Such statements are based on expectations, estimates and projections at the time the statements are made and involve a number of risks and uncertainties, including, but not limited to, our ability to market and sell Aloe Vera juices and gel online or through distributors and or retailers in the United States; acceptance by the market of online Aloe Vera products; continued popularity in the wellness marketplace; the continued production of Aloe Vera juice and gel; ability to raise additional capital; the impact of competitive products; product demand; existing company debt; fluctuations in operating results and other risks detailed from time to time in US Farms, Inc.'s filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. US Farms undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. - US Farms, Inc.

University Gateway, USC's Premier Student Housing Facility, Ahead of Schedule

Sophia Rhodini — Thu, 22 Oct 2009 09:23:44 +0000

LOS ANGELES -- Los Angeles developer Urban Partners today announced that its flagship student housing development, University Gateway, is progressing ahead of schedule. "Our construction team is working very hard and has recently completed the second floor units. We are now about 2 months ahead of our planned development timeline and making great progress." said Urban Partners Developer John Hrovat. University Gateway is scheduled to open in August of 2010, however the welcome center is open and leases are available for those that want to guarantee their place in the community. The eight story, 421 unit modern student housing development is located steps away from the University of Southern California (USC) campus and will cater specifically to the needs and desires of today's students. "We have seen tremendous interest from potential residents since the opening of the Welcome Center in September," said Susan Maxwell, Regional Vice President, Campus Advantage. "Students are signing leases every day and there is a lot of excitement about making University Gateway their new home for the 2010 - 2011 school year." The new Welcome Center, located at 3225 South Hoover Street in the University Village Shopping Center, provides future residents the chance to preview the modern furnishings and exclusive amenities that University Gateway will offer to students when it opens next summer. Additionally, University Gateway is taking part in USC's Parents Weekend on October 24 and offering a special leasing promotion. Leases signed during Parents Weekend come with a choice of a free beach cruiser, or a $175.00 gift card. "University Gateway understands student living and offers the complete package. Our units are leasing very quickly and we encourage anyone interested in the property to come by the Welcome Center for a tour," said Susan Maxwell, Regional Vice President, Campus Advantage. University Gateway is now accepting applications for 2010 move-in, contact: 213-744-2032 - University Gateway