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Genesco Reports Third Quarter Fiscal 2013 Results

--Third Quarter Comparable Store Sales Increase 4%--

NASHVILLE, Tenn., Nov. 30, 2012 /PRNewswire/ -- Genesco Inc. (NYSE: GCO) today reported earnings from continuing operations for the third quarter ended October 27, 2012, of $41.0 million, or $1.71 per diluted share, compared to earnings from continuing operations of $26.2  million, or $1.09 per diluted share, for the third quarter ended October 29, 2011.  Fiscal 2013 third quarter results reflect pretax items of $3.4 million, or $0.13 per diluted share after tax, including compensation expense related to deferred purchase price payments in connection with the acquisition of Schuh Group Limited in June 2011, asset impairments and other legal matters, decreased by tax rate adjustments of $0.40 per diluted share.  As previously announced, because the obligation to pay the deferred purchase price for Schuh is contingent upon the continued employment of the payees, U.S. Generally Accepted Accounting Principles require that it be treated as compensation expense. Fiscal 2012 third quarter results reflect pretax items of $3.4 million, or $0.12 per diluted share after tax, including compensation expense related to deferred purchase price payments in connection with the acquisition of Schuh Group Limited in June 2011, acquisition expenses and other legal matters.

Adjusted for the items described above in both periods, earnings from continuing operations were $34.5 million, or $1.44 per diluted share, for the third quarter of Fiscal 2013, compared to earnings from continuing operations of $29.1 million, or $1.21 per diluted share, for the third quarter of Fiscal 2012.  For consistency with Fiscal 2013's previously announced earnings expectations and with previously reported adjusted results for the prior year period, the Company believes that the disclosure of the results from continuing operations adjusted for these items will be useful to investors. Additionally, the Company believes that the presentation of earnings from continuing operations before the compensation expense associated with the Schuh deferred purchase price will enable investors to understand the effect attributable to incorporating a continuing employment condition into the obligation to pay deferred purchase price.  Since the compensation expense is a non-cash charge until the deferred purchase price is actually paid, the Company believes that earnings including such expense may not be fully reflective of the Company's ongoing results or indicative of its prospects. A reconciliation of earnings and earnings per share from continuing operations in accordance with U.S. Generally Accepted Accounting Principles with the adjusted earnings and earnings per share numbers presented in this paragraph is set forth on Schedule B to this press release.

Net sales for the third quarter of Fiscal 2013 increased 7.8% to $664.5 million from $616.5 million in the third quarter of Fiscal 2012.  Comparable store sales in the third quarter of Fiscal 2013 increased by 4% for the Company, with an 8% increase in the Journeys Group, a 5% decrease in the Lids Sports Group, a 9% increase in the Schuh Group, and a 6% increase in Johnston & Murphy Group.

Robert J. Dennis, chairman, president and chief executive officer of Genesco, said, "Our third quarter results were highlighted by strong earnings growth as we were able to meaningfully leverage expenses on a mid single digit comparable store sales gain.

"The fourth quarter got off to a slow start with November comparable store sales down 4% compared with a 12% increase in November last year.  We estimate that Hurricane Sandy reduced November comparable store sales by approximately 1% to 2%.  For the long Thanksgiving weekend, U.S. comparable store sales increased by low single digits."

Dennis also discussed the Company's updated outlook. "Based on our third quarter performance and our view of current trends in the marketplace, we are raising our Fiscal 2013 guidance. We now expect full year adjusted diluted earnings per share to be in the range of $5.00 to $5.08, an increase from our previous guidance range of $4.88 to $5.00. This new outlook represents an increase of 22% to 24% over last year's adjusted earnings per share of $4.09. Consistent with previous guidance, these expectations do not include expected non-cash asset impairments and other charges, which are projected to total approximately $1.5 million to $2.5 million pretax, or $0.04 to $0.07 per share, after tax, in Fiscal 2013. In addition, this guidance does not reflect compensation expense associated with the Schuh deferred purchase price as described above, totaling approximately $12.0 million, or $0.50 per diluted share, for the full year. This guidance assumes comparable store sales in the 4% range for the full fiscal year." A reconciliation of the adjusted financial measures cited in the guidance to their corresponding measures as reported pursuant to U.S. Generally Accepted Accounting Principles is included in Schedule B to this press release.

Dennis concluded, "Our teams have done a good job managing their businesses through the first nine months of Fiscal 2013. Collectively they have the Company on pace to deliver another year of solid sales and earnings per share growth.  We look to continue the progress we have made profitably expanding our top-line, and have recently adopted updated 5-year targets for annual sales of $3.5 billion and operating margins of 9.5% by Fiscal 2017."

Conference Call and Management Commentary

The Company has posted detailed financial commentary in writing on its website, www.genesco.com, in the investor relations section. The Company's live conference call on November 30, 2012 at 7:30 a.m. (Central time), may be accessed through the Company's internet website, www.genesco.com. To listen live, please go to the website at least 15 minutes early to register, download and install any necessary software.

Cautionary Note Concerning Forward-Looking Statements

This release contains forward-looking statements, including those regarding the performance outlook for the Company and its individual businesses (including, without limitation, sales, earnings and operating margins), and all other statements not addressing solely historical facts or present conditions. Actual results could vary materially from the expectations reflected in these statements. A number of factors could cause differences.  These include adjustments to estimates reflected in forward-looking statements, including the amount of required accruals related to the contingent bonus potentially payable to Schuh management in three years based on the achievement of certain performance objectives; the costs of responding to and liability in connection with the network intrusion announced in December 2010; the timing and amount of non-cash asset impairments, potentially including fixed assets in retail stores and intangible assets of acquired businesses; weakness in the consumer economy; competition in the Company's markets; inability of customers to obtain credit; fashion trends that affect the sales or product margins of the Company's retail product offerings; changes in buying patterns by significant wholesale customers; bankruptcies or deterioration in financial condition of significant wholesale customers; disruptions in product supply or distribution; unfavorable trends in fuel costs, foreign exchange rates, foreign labor and material costs, and other factors affecting the cost of products; the Company's ability to continue to complete and integrate acquisitions, expand its business and diversify its product base; and changes in the timing of holidays or in the onset of seasonal weather affecting period-to-period sales comparisons. Additional factors that could affect the Company's prospects and cause differences from expectations include the ability to build, open, staff and support additional retail stores and to renew leases in existing stores and maintain reductions in occupancy costs achieved in recent lease negotiations, and to conduct required remodeling or refurbishment on schedule and at expected expense levels; deterioration in the performance of individual businesses or of the Company's market value relative to its book value, resulting in impairments of fixed assets or intangible assets or other adverse financial consequences; unexpected changes to the market for the Company's shares; variations from expected pension-related charges caused by conditions in the financial markets; and the outcome of litigation, investigations and environmental matters involving the Company. Additional factors are cited in the "Risk Factors," "Legal Proceedings" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of, and elsewhere in, our SEC filings, copies of which may be obtained from the SEC website, www.sec.gov, or by contacting the investor relations department of Genesco via our website, www.genesco.com. Many of the factors that will determine the outcome of the subject matter of this release are beyond Genesco's ability to control or predict. Genesco undertakes no obligation to release publicly the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Forward-looking statements reflect the expectations of the Company at the time they are made. The Company disclaims any obligation to update such statements.

About Genesco Inc.

Genesco Inc., a Nashville-based specialty retailer, sells footwear, headwear, sports apparel and accessories in more than 2,440 retail stores throughout the U.S., Canada, the United Kingdom and the Republic of Ireland, principally under the names Journeys, Journeys Kidz, Shi by Journeys, Underground by Journeys, Schuh, Lids, Lids Locker Room, Johnston & Murphy, and on internet websites www.journeys.com, www.journeyskidz.com, www.shibyjourneys.com, www.undergroundbyjourneys.com, www.schuh.co.uk, www.johnstonmurphy.comwww.lids.com,  www.lids.ca, www.lidslockerroom.com, www.lidsteamsports.com, www.lidsclubhouse.com, www.suregripfootwear.com and www.dockersshoes.com.  The Company's Lids Sports Group division operates the Lids headwear stores and the lids.com website, the Lids Locker Room and other team sports fan shops and single team clubhouse stores, and the Lids Team Sports team dealer business.  In addition, Genesco sells wholesale footwear under its Johnston & Murphy brand, the licensed Dockers brand, SureGrip, and other brands. For more information on Genesco and its operating divisions, please visit www.genesco.com.

GENESCO INC.













Consolidated Earnings Summary












Three Months Ended 


Nine Months Ended 





October 27, 


October 29, 


October 27, 


October 29, 



In Thousands


2012


2011 *


2012


2011* 



Net sales


$     664,458


$     616,525


$ 1,808,124


$  1,568,618



Cost of sales


330,110


306,068


894,090


775,604



Selling and administrative expenses**

281,613


264,200


807,798


717,990



Asset impairments and other, net

357


345


896


1,936



Earnings from operations**

52,378


45,912


105,340


73,088



Interest expense, net

1,301


1,869


3,625


3,464



Earnings from continuing operations










    before income taxes

51,077


44,043


101,715


69,624














Income tax expense

10,108


17,882


29,394


28,138



Earnings from continuing operations

40,969


26,161


72,321


41,486














Provision for discontinued operations

(94)


(73)


(312)


(997)



Net Earnings 


$       40,875


$       26,088


$       72,009


$      40,489













*Certain shipping and warehouse expenses have been reclassed from selling and administrative expenses 



to cost of sales in Fiscal 2012 to conform to the current year presentation.


**Includes $3.0 million and $8.9 million, respectively, in deferred payments related to the Schuh acquisition for



the three and nine months ended October 27, 2012.  Includes $3.1 million and $10.9 million, respectively,



of deferred payments related to the Schuh acquisition and acquisition related expenses for the three and



nine months ended October 29, 2011.



Earnings Per Share Information












Three Months Ended 


Nine Months Ended 





October 27, 


October 29, 


October 27, 


October 29, 



In Thousands (except per share amounts)

2012


2011


2012


2011



Preferred dividend requirements

$               33


$               49


$            114


$             147














Average common shares - Basic EPS

23,584


23,407


23,653


23,158














Basic earnings per share:










     Before discontinued operations

$           1.74


$           1.12


$           3.05


$            1.79



     Net earnings 

$           1.73


$           1.11


$           3.04


$            1.74














Average common and common










    equivalent shares - Diluted EPS

23,996


23,976


24,121


23,728














Diluted earnings per share:










     Before discontinued operations

$           1.71


$           1.09


$           3.00


$            1.74



     Net earnings 

$           1.70


$           1.09


$           2.98


$            1.70













GENESCO INC.













Consolidated Earnings Summary












Three Months Ended 


Nine Months Ended 





October 27, 


October 29, 


October 27, 


October 29, 



In Thousands


2012


2011


2012


2011



Sales:











    Journeys Group

$     300,718


$     274,158


$     773,997


$      703,368



    Schuh Group


92,250


78,212


243,718


112,185



    Lids Sports Group

185,737


185,547


550,752


532,746



    Johnston & Murphy Group

53,079


48,146


152,771


141,768



    Licensed Brands

32,450


30,259


85,972


77,727



    Corporate and Other

224


203


914


824



    Net Sales


$     664,458


$     616,525


$ 1,808,124


$  1,568,618



Operating Income (Loss):










    Journeys Group

$       37,073


$       28,238


$       64,420


$        41,821



    Schuh Group (1)

2,709


4,417


(787)


4,340



    Lids Sports Group

18,573


18,892


58,312


51,002



    Johnston & Murphy Group

3,158


2,979


8,981


8,029



    Licensed Brands

3,724


3,700


8,516


7,998



    Corporate and Other (2)

(12,859)


(12,314)


(34,102)


(40,102)



   Earnings from operations

52,378


45,912


105,340


73,088



   Interest, net


1,301


1,869


3,625


3,464



Earnings from continuing operations










    before income taxes

51,077


44,043


101,715


69,624



Income tax expense

10,108


17,882


29,394


28,138



Earnings from continuing operations

40,969


26,161


72,321


41,486














Provision for discontinued operations

(94)


(73)


(312)


(997)



Net Earnings 


$       40,875


$       26,088


$       72,009


$        40,489













(1)Includes $3.0 million and $8.9 million in deferred payments related to the Schuh acquisition in the third quarter and nine



months ended October 27, 2012, respectively, and $2.9 million and $4.3 million for the third quarter and nine months



ended October 29, 2011, respectively.




















(2)Includes a $0.4 million charge in the third quarter of Fiscal 2013 which includes $0.3 million for asset impairments and



$0.1 million for other legal matters and includes a $0.9 million charge in the nine months of Fiscal 2013 which includes   


$0.7 million for asset impairments, $0.1 million for network intrusion expenses and $0.1 million for other legal matters.


Includes a $0.3 million charge in the third quarter of Fiscal 2012 which includes $0.2 million for other legal matters and


$0.1 million for network intrusion expenses and includes $1.9 million of other charges in the nine months of Fiscal 2012


which includes $1.1 million for asset impairments, $0.5 million for network intrusion expenses and $0.3 million for other 


legal matters. The third quarter and nine months of Fiscal 2012 also included $0.2 million and $6.6 million, respectively,


of acquisition related expenses.









 

GENESCO INC.
























Consolidated Balance Sheet


















Recast









October 27, 


October 29, 



In Thousands






2012


2011 (1)



Assets











Cash and cash equivalents





$       39,890


$        36,073



Accounts receivable





61,006


61,393



Inventories






600,251


544,099



Other current assets





65,629


76,124



Total current assets





766,776


717,689



Property and equipment





239,499


229,525



Other non-current assets





427,123


412,532



Total Assets






$  1,433,398


$   1,359,746



Liabilities and  Equity










Accounts payable





$     219,826


$      243,594



Other current liabilities





169,109


146,017



Total current liabilities





388,935


389,611



Long-term debt






86,296


142,648



Other long-term liabilities





182,277


147,190



Equity






775,890


680,297



Total Liabilities and Equity





$  1,433,398


$  1,359,746













(1)

 

Certain previously reported October 29, 2011 balances have been recast to reflect the effects of finalizing the allocation of the Schuh purchase price.
























GENESCO INC.















































Retail Units Operated - Nine Months Ended October 27, 2012

















Balance


Acquisi-






Balance


Acquisi-






Balance





01/29/11


tions


Open


Close


01/28/12


tions


Open


Close


10/27/12



Journeys Group


1,168


0


18


32


1,154


0


23


20


1,157



    Journeys


813


0


14


15


812


0


16


10


818



    Underground by Journeys


151


0


0


14


137


0


0


4


133



    Journeys Kidz


149


0


4


1


152


0


6


3


155



    Shi by Journeys


55


0


0


2


53


0


1


3


51



Schuh Group


0


75


6


3


78


0


12


2


88



     Schuh UK


0


51


6


1


56


0


11


1


66



     Schuh ROI


0


8


0


0


8


0


1


0


9



     Schuh Concessions


0


16


0


2


14


0


0


1


13



Lids Sports Group


985


10


40


33


1,002


20


41


16


1,047



Johnston & Murphy Group


156


0


6


9


153


0


5


2


156



    Shops


111


0


1


9


103


0


3


2


104



    Factory Outlets


45


0


5


0


50


0


2


0


52



Total Retail Units


2,309


85


70


77


2,387


20


81


40


2,448


 


Retail Units Operated - Three Months Ended October 27, 2012









Balance


Acquisi-






Balance





07/28/12


tions


Open


Close


10/27/12



Journeys Group


1,147


0


11


1


1,157



    Journeys


810


0


8


0


818



    Underground by Journeys


133


0


0


0


133



    Journeys Kidz


152


0


3


0


155



    Shi by Journeys


52


0


0


1


51



Schuh Group


83


0


7


2


88



     Schuh UK


61


0


6


1


66



     Schuh ROI


8


0


1


0


9



     Schuh Concessions


14


0


0


1


13



Lids Sports Group


1,021


8


23


5


1,047



Johnston & Murphy Group


153


0


3


0


156



    Shops


103


0


1


0


104



    Factory Outlets


50


0


2


0


52



Total Retail Units


2,404


8


44


8


2,448


 


Constant Store Sales













          Three Months Ended


       Nine Months Ended





October 27,


October 29,


October 27,


October 29,





2012


2011


2012


2011



Journeys Group


8%


15%


9%


15%



Schuh Group


9%


-


9%


-



Lids Sports Group


-5%


8%


0%


12%



Johnston & Murphy Group


6%


7%


4%


11%



Total Constant Store Sales


4%


12%


6%


13%


Schedule B


Genesco Inc.


Adjustments to Reported Earnings from Continuing Operations


Three Months Ended October 27, 2012 and October 29, 2011












 Impact on 


 Impact on 




 3 mos 

  Diluted 

 3 mos 

  Diluted 


In Thousands (except per share amounts)


 Oct 2012 

 EPS 

 Oct 2011 

 EPS 


Earnings from continuing operations, as reported


$     40,969

$   1.71

$      26,161

$   1.09









Adjustments:  (1)







Impairment charges


179

0.01

32

-


Acquisition expenses


-

-

206

0.01


Deferred payment - Schuh acquisition


2,971

0.12

2,882

0.12


Other legal matters


46

-

120

-


Network intrusion expenses


-

-

68

-


Lower effective tax rate (2)


(9,694)

(0.40)

(355)

(0.01)









Adjusted earnings from continuing operations (3)


$     34,471

$   1.44

$      29,114

$   1.21
















(1) All adjustments are net of tax where applicable.  The tax rate for the third quarter of Fiscal 2013 is 36.6%


    excluding a FIN 48 discrete item of less than $0.1 million.  The tax rate for the third quarter of Fiscal 2012 is  

    38.4% excluding a FIN 48 discrete item of $0.1 million.









(2) Includes a net benefit of $9.3 million recognized in connection with the resolution of various previously uncertain

     tax positions.














(3) Reflects 24.0 million share count for both Fiscal 2013 and Fiscal 2012 which includes 



     common stock equivalents in both years.














The Company believes that disclosure of earnings and earnings per share from continuing operations adjusted


for the items not reflected in the previously announced expectations will be meaningful to investors, especially


in light of the impact of such items on the results.



































Schuh Group




Adjustments to Reported Operating Income 




Three Months Ended October 27, 2012 and October 29, 2011













 3 mos 

 3 mos 




In Thousands 


 Oct 2012 

 Oct 2011 




Operating income


$      2,709

$  4,417











Adjustments: 







Deferred payment - Schuh acquisition


2,971

2,882











Adjusted operating income 


$      5,680

$  7,299











 

Schedule B

Genesco Inc.

Adjustments to Reported Earnings from Continuing Operations

Nine Months Ended October 27, 2012 and October 29, 2011










 Impact on 


 Impact on 



 9 mos 

  Diluted 

 9 mos 

  Diluted 

In Thousands (except per share amounts)


 Oct 2012 

 EPS 

 Oct 2011 

 EPS 

Earnings from continuing operations, as reported


$     72,321

$   3.00

$      41,486

$        1.74







Adjustments:  (1)






Impairment charges


456

0.02

674

0.03

Acquisition expenses


-

-

5,628

0.24

Deferred payment - Schuh acquisition


8,854

0.37

4,301

0.18

Other legal matters


46

-

180

0.01

Network intrusion expenses


65

-

329

0.01

Lower effective tax rate


(11,347)

(0.47)

(2,551)

(0.11)







Adjusted earnings from continuing operations (2)


$     70,395

$   2.92

$      50,047

$        2.10













(1) All adjustments are net of tax where applicable.  The tax rate for the first nine months of Fiscal 2013 is 36.6%

    excluding a FIN 48 discrete item of $0.3 million.  The tax rate for the first nine months of Fiscal 2012 is 38.9% 

    excluding a FIN 48 discrete item of $0.3 million.












(2) Reflects 24.1 million share count for Fiscal 2013 and 23.7 million share count for Fiscal 2012 which includes 

     common stock equivalents in both years.












The Company believes that disclosure of earnings and earnings per share from continuing operations adjusted

for the items not reflected in the previously announced expectations will be meaningful to investors, especially

in light of the impact of such items on the results.






























Schuh Group



Adjustments to Reported Operating Income (Loss)



Nine Months Ended October 27, 2012 and October 27, 2011











 9 mos 

 9 mos 



In Thousands 


 Oct 2012 

 Oct 2011 



Operating income (loss)


$        (787)

$  4,340









Adjustments: 






Deferred payment - Schuh acquisition


8,854

4,301









Adjusted operating income 


$      8,067

$  8,641









 

Schedule B

Genesco Inc.

Adjustments to Forecasted Earnings from Continuing Operations

Fiscal Year Ending February 2, 2013







In Thousands (except per share amounts)


High Guidance

Low Guidance



Fiscal 2013

Fiscal 2013

Forecasted earnings from continuing operations 


$    120,562

$       5.01

$ 118,849

$       4.93







Adjustments:  (1)






Impairment


1,000

0.04

1,000

0.04

Deferred payment - Schuh acquisition


11,965

0.50

11,965

0.50

Lower effective tax rate


(11,347)

(0.47)

(11,347)

(0.47)







Adjusted forecasted earnings from continuing operations (2)

$    122,180

$       5.08

$ 120,467

$       5.00







(1) All adjustments are net of tax where applicable.  The forecasted tax rate for Fiscal 2013 is approximately 37% 

    excluding a FIN 48 discrete item of $0.4 million.












(2) Reflects 24.1 million share count for Fiscal 2013 which includes common stock equivalents.








This reconciliation reflects estimates and current expectations of future results. Actual results may vary 

materially from these expectations and estimates, for reasons including those included in the discussion 

of forward-looking statements elsewhere in this release. The Company disclaims any obligation to update 

such expectations and estimates.  






SOURCE Genesco Inc.

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The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
Disruptive macro trends in technology are impacting and dramatically changing the "art of the possible" relative to supply chain management practices through the innovative use of IoT, cloud, machine learning and Big Data to enable connected ecosystems of engagement. Enterprise informatics can now move beyond point solutions that merely monitor the past and implement integrated enterprise fabrics that enable end-to-end supply chain visibility to improve customer service delivery and optimize supplier management. Learn about enterprise architecture strategies for designing connected systems tha...
IoT is still a vague buzzword for many people. In his session at Internet of @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, will discuss the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. The presentation will also discuss how IoT is perceived by investors and how venture capitalist access this space. Other topics to discuss are barriers to success, what is new, what is old, and what the future may hold.
Whether you're a startup or a 100 year old enterprise, the Internet of Things offers a variety of new capabilities for your business. IoT style solutions can help you get closer your customers, launch new product lines and take over an industry. Some companies are dipping their toes in, but many have already taken the plunge, all while dramatic new capabilities continue to emerge. In his session at Internet of @ThingsExpo, Reid Carlberg, Senior Director, Developer Evangelism at salesforce.com, to discuss real-world use cases, patterns and opportunities you can harness today.
All major researchers estimate there will be tens of billions devices – computers, smartphones, tablets, and sensors – connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be!
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
There will be 50 billion Internet connected devices by 2020. Today, every manufacturer has a propriety protocol and an app. How do we securely integrate these "things" into our lives and businesses in a way that we can easily control and manage? Even better, how do we integrate these "things" so that they control and manage each other so our lives become more convenient or our businesses become more profitable and/or safe? We have heard that the best interface is no interface. In his session at Internet of @ThingsExpo, Chris Matthieu, Co-Founder & CTO at Octoblu, Inc., will discuss how thes...
Last week, while in San Francisco, I used the Uber app and service four times. All four experiences were great, although one of the drivers stopped for 30 seconds and then left as I was walking up to the car. He must have realized I was a blogger. None the less, the next car was just a minute away and I suffered no pain. In this article, my colleague, Ved Sen, Global Head, Advisory Services Social, Mobile and Sensors at Cognizant shares his experiences and insights.
We are reaching the end of the beginning with WebRTC and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) ir...
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. It also ensured scalability and better service for customers, including MUY! Companies, one of the country's largest franchise restaurant companies with 232 Pizza Hut locations. This is one example of WebRTC adoption today, but the potential is limitless when powered by IoT. Attendees will learn rea...
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at Internet of @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, will share some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder ...
The Internet of Things (IoT) promises to create new business models as significant as those that were inspired by the Internet and the smartphone 20 and 10 years ago. What business, social and practical implications will this phenomenon bring? That's the subject of "Monetizing the Internet of Things: Perspectives from the Front Lines," an e-book released today and available free of charge from Aria Systems, the leading innovator in recurring revenue management.
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges.
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other mach...
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Erik Lagerway, Co-founder of Hookflash, will walk through the shifting landscape of traditional telephone and voice s...
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehe...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, will discuss single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example...