SYS-CON MEDIA Authors: Adrian Bridgwater, Yeshim Deniz, Elizabeth White, Sean Houghton, Glenn Rossman

News Feed Item

ExamWorks Reports Fourth Quarter 2013 Financial Results -- Record Revenues of $158.8 Million; Record Adjusted EBITDA of $25.6 Million; Announces Completion of Additional Acquisition; Strong Organic Growth Continues; Provides 2014 Guidance

ATLANTA, GA -- (Marketwired) -- 02/25/14 -- ExamWorks Group, Inc. (NYSE: EXAM), a leading provider of independent medical examinations ("IMEs"), peer reviews, bill reviews and related services, today reported financial results for the fourth quarter and full year of 2013.

Fourth Quarter 2013 Highlights

  • Revenues for the fourth quarter of 2013 were $158.8 million, an increase of $19.2 million, or 13.8%, over the year-ago quarter revenues of $139.6 million. The increase in revenues was primarily due to organic growth of 11.9% and, to a lesser extent, acquisition growth of 1.9%. Acquisitions completed in the fourth quarter of 2013 contributed approximately $300,000 of revenues during the quarter.

  • On a pro forma basis, revenues of $160.1 million for the fourth quarter of 2013 represent an increase of $16.1 million, or 11.2%, over the year-ago quarter pro forma revenues of $144.0 million. Excluding the impact of currency, revenues would have grown by 12.7% over the prior year pro forma quarter. Pro forma revenues assume that acquisitions completed in 2012 and 2013 were completed on January 1, 2011 and 2012, respectively.

  • Adjusted EBITDA for the fourth quarter of 2013 was $25.6 million (16.1% of revenues), an increase of $5.3 million, or 26.1%, over the year-ago quarter adjusted EBITDA of $20.3 million. Acquisitions completed in the fourth quarter of 2013 contributed approximately $30,000 of Adjusted EBITDA during the quarter. Adjusted EBITDA is a non-GAAP measure that is described and reconciled to net loss below and is not a substitute for the GAAP equivalent.

Full Year 2013 Highlights

  • Revenues for the year ended 2013 were $616.0 million, an increase of $94.8 million, or 18.2%, over the year-ago revenues of $521.2 million. The increase in revenues was primarily due to acquisition growth of 10.9% and, to a lesser extent, organic growth of 7.3%. Acquisitions completed in 2013 contributed approximately $300,000 of revenues in 2013.

  • On a pro forma basis, revenues of $622.3 million for the year ended 2013 represent an increase of $43.4 million, or 7.5%, over the year-ago pro forma revenues of $578.9 million. Excluding the impact of currency, revenues would have grown by 8.8% over the prior year pro forma revenue. Pro forma revenues assume that acquisitions completed in 2012 and 2013 were completed on January 1, 2011 and 2012, respectively.

  • Adjusted EBITDA for the year ended 2013 was $97.5 million (15.8% of revenues), an increase of $17.7 million, or 22.2%, over the year-ago adjusted EBITDA of $79.8 million. Acquisitions completed in 2013 contributed approximately $30,000 of Adjusted EBITDA during 2013. Adjusted EBITDA is a non-GAAP measure that is described and reconciled to net loss below and is not a substitute for the GAAP equivalent.

Other Highlights

  • Generated $36.4 million of cash flow from operations in 2013.

  • Repaid $51.8 million of debt in 2013 and ended the year with total leverage of 3.43x.

  • Announced the acquisition of Assess Medical, an IME business based in Sydney, Australia. Below is a summary of acquisitions completed in December 2013, January 2014 and February 2014 for an aggregate purchase price of approximately $100.0 million with aggregate annual revenues and adjusted EBITDA of $53.0 million and $15.0 million, respectively.

    • AGS Risk Limited (December 10, 2013) - United Kingdom
    • Evaluation Resource Group (December 20, 2013) - United States
    • Cheselden (January 13, 2014) - United Kingdom
    • Newton Medical Group (January 16, 2014)- United States
    • Gould & Lamb (February 3, 2014) - United States
    • Assess Medical (February 14, 2014) - Australia

Commentary
Commenting on today's earnings announcement, James K. Price, Chief Executive Officer of ExamWorks, said: "We are pleased to welcome into the ExamWorks family six acquired businesses that add to our services, scale and footprint. Acquisitions continue to be an important part of our growth strategy and we expect these and others in the future to also contribute nicely to our top line and EBITDA growth. As our momentum continues, we are extremely excited about our market position and the opportunities in the year ahead."

Richard E. Perlman, Executive Chairman of ExamWorks, said: "Our 2013 results and expectations for 2014 speak of a vision and business model that is working, and working well. The success of our strategy continues to prove itself in market share gains and continuing and strong organic growth, particularly and most recently in the U.S. We will continue to build a solid business that uses its geographic presence and scale to meet its customers' increasingly sophisticated needs and continues to create value through growth, profitability and predictable revenue and cash generating ability."

Financial Review
Revenues -
For the three months ended December 31, 2013, revenues were $158.8 million, an increase of 13.8% over the $139.6 million in revenues in the fourth quarter of 2012. The increase in revenues was primarily due to organic growth of 11.9% and, to a lesser extent, acquisition growth of 1.9%. Acquisitions completed in the fourth quarter of 2013 contributed approximately $300,000 to revenues during the quarter.

On a pro forma basis, for the three months ended December 31, 2013, revenues were $160.1 million, an increase of 11.2% over the $144.0 million in pro forma revenues in the fourth quarter of 2012. The increase in pro forma revenues was driven by growth in the United States, the United Kingdom and Canada.

Below is a table presenting our pro forma revenues and growth rates for each of the regions we serve and separately for the AGS Risk Limited and Evaluation Resource Group acquisitions completed in December 2013 (the "2013 Acquisitions"). The numbers presented below are pro forma for the effect of acquisitions completed in 2012 and 2013.


                             Pro Forma Revenues
---------------------------------------------------------------------------
                               (In thousands except %)
          Three Months Ended December 31,       Year Ended December 31,
         --------------------------------  --------------------------------
                             As   Constant                     As   Constant
           2012     2013  Reported FX (a)    2012     2013  Reported FX (a)
         -------- -------- ------ -------  -------- -------- ------ -------
United
 States  $ 82,673 $ 94,183   13.9%   13.9% $352,817 $374,817    6.2%    6.2%
United
 Kingdom   35,804   39,472   10.2%    9.4%  131,279  143,117    9.0%   10.5%
Australia  16,936   16,710   -1.3%   10.5%   61,474   66,650    8.4%   15.6%
Canada      7,139    8,145   14.1%   20.7%   28,166   31,131   10.5%   14.6%
         -------- -------- ------ -------  -------- -------- ------ -------
 Subtotal 142,552  158,510   11.2%   12.7%  573,736  615,715    7.3%    8.6%

2013
 Acquisi-
 tions      1,408    1,612   14.5%   12.7%    5,137    6,628   29.0%   31.1%

         ======== ======== ====== =======  ======== ======== ====== =======
Total    $143,960 $160,122   11.2%   12.7% $578,873 $622,343    7.5%    8.8%
         ======== ======== ====== =======  ======== ======== ====== =======

    (a) The constant FX columns represent growth rates excluding the effects
    of currency.

Costs of revenues - For the three months ended December 31, 2013, costs of revenues were $105.0 million, an increase of 13.4% over the $92.6 million in costs of revenues in the fourth quarter of 2012. The increase was primarily due to increased medical panel fees resulting from higher revenues. Costs of revenues as a percentage of revenues for the fourth quarter of 2013 were 66.1%, a slight improvement over the prior year quarter and the result of increased revenues and positive operating leverage. Included in costs of revenues in the fourth quarter of 2012 and 2013 are approximately $750,000 and $700,000 of share-based compensation expenses, respectively.

Selling, general and administrative expenses ("SGA") - For the three months ended December 31, 2013, SGA expenses were $34.9 million, an increase of 20.8% over the $28.9 million in SGA expenses in the fourth quarter of 2012. The increase was primarily due to higher share based compensation expenses in the fourth quarter of 2013 when compared to the prior year quarter. Included in SGA expenses in the fourth quarter of 2013 are $4.2 million in share-based compensation expenses and $1.7 million in acquisition-related transaction costs and other expenses. Included in SGA expenses in the fourth quarter of 2012 are $439,000 in share-based compensation expenses and $944,000 in acquisition-related transaction costs and other expenses.

Depreciation and amortization expenses ("D&A") - For the three months ended December 31, 2013, D&A expenses were $14.7 million, a decrease of 9.8% over the $16.3 million in D&A expenses in the fourth quarter of 2012. The decrease was primarily due to intangible assets becoming fully amortized in 2013. For the three months ended December 31, 2013, depreciation expense was $1.5 million and amortization expense was $13.2 million.

Interest and other expenses, net - For the three months ended December 31, 2013, interest and other expenses, net were $7.1 million, a decrease of 9.0% over the $7.8 million in interest and other expenses, net in the fourth quarter of 2012. The Company repaid $51.8 million of debt in 2013 resulting in lower interest costs when compared to prior year.

Adjusted EBITDA - For the three months ended December 31, 2013, adjusted EBITDA was $25.6 million, an increase of 26.1% over the $20.3 million in adjusted EBITDA in the fourth quarter of 2012.

Adjusted EBITDA is a non-GAAP measure that is described and reconciled to net loss below and is not a substitute for the GAAP equivalent.

Other financial data - We generated $13.6 million of cash flow from operations in the fourth quarter of 2013 and $36.4 million of cash flow from operations during 2013, after the $22.5 million bond interest payments made in January and July 2013. We repaid $19.0 million of debt during the fourth quarter of 2013 and repaid $51.8 million in 2013. We ended the quarter with $12.8 million of cash on hand, $333.3 million of total debt and total leverage as calculated under our credit facility of approximately 3.43x. As of the end of the quarter, our committed availability under our credit facilities was approximately $230 million, of which approximately $130 million was immediately available and the balance of approximately $100 million was available to fund future acquisitions.

Business Outlook
ExamWorks is providing the following business outlook for the first quarter and full year of 2014:

  • First quarter 2014 reported revenues are expected to range between $165 million and $170 million and include an estimated $1.0 million unfavorable impact due to currency as compared to prior year reported revenues. This guidance implies a growth rate on an as reported basis ranging between 11% and 14%. Organic growth is expected to range between 5% and 7% and includes the impact of severe weather on our US business, primarily in the Northeast.

  • First quarter 2014 reported adjusted EBITDA margins are expected to be approximately 16% of reported revenues. This adjusted EBITDA margin reflects the seasonal impact of certain expenses, such as employer taxes.

  • Full year 2014 reported revenues are expected to increase between 13.5% and 15.5% from our 2013 reported revenues of approximately $616.0 million. Organic growth, on a constant currency basis, is expected to range between 6.5% and 8.5%, with the balance being growth from acquisitions completed in December 2013, January 2014 and February 2014.

  • Full year 2014 adjusted EBITDA margins are expected to range between 16.5% and 17.5% of reported revenues. On a quarterly basis, adjusted EBITDA margins as a percentage of revenue may fluctuate between 16% and 18%.

About ExamWorks Group
ExamWorks Group, Inc. is a leading provider of independent medical examinations ("IMEs"), peer and bill reviews, Medicare compliance, and related services. We help our clients manage costs and enhance their risk management processes by verifying the validity, nature, cause and extent of claims, identifying fraud and providing fast, efficient and quality IME services. ExamWorks is focused on providing clients a national presence while maintaining the local service and capabilities they need and expect.

Non-GAAP Financial Measures

In connection with the ongoing operation of our business, our management regularly reviews Adjusted EBITDA, a non-GAAP financial measure, to assess our performance. We define Adjusted EBITDA as earnings before interest, taxes, depreciation, amortization, acquisition-related transaction costs, share-based compensation expenses, and other expenses. We believe that Adjusted EBITDA is an important measure of our operating performance because it allows management, lenders, investors and analysts to evaluate and assess our core operating results from period to period after removing the impact of changes to our capitalization structure, acquisition-related costs, income tax status, and other items of a non-operational nature that affect comparability.

We believe that various forms of the Adjusted EBITDA metric are often used by analysts, investors and other interested parties to evaluate companies such as ours for the reasons discussed above. Additionally, Adjusted EBITDA is used to measure certain financial covenants in our credit facility. Adjusted EBITDA is also used for planning purposes and in presentations to our Board of Directors as well as in our incentive compensation programs for our employees.

Non-GAAP information should not be construed as an alternative to GAAP information, as the items excluded from the non-GAAP measures often have a material impact on our financial results. Management uses, and investors should use, non-GAAP measures in conjunction with our GAAP results.

Below is a table presenting a reconciliation to Adjusted EBITDA from net loss, the most comparable GAAP measure, for each of the periods indicated.

Forward Looking Statements

Statements made in this press release that express ExamWorks' or management's intentions, plans, beliefs, expectations or predictions of future events are forward-looking statements, which ExamWorks intends to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These statements often include words such as "may," "will," "should," "believe," "expect," "anticipate," "intend," "plan," "estimate," or the negative of these terms or other similar expressions that convey uncertainty of future events or outcomes. Forward-looking statements may include information concerning ExamWorks' possible or assumed future results of operations, including descriptions of ExamWorks' revenues, profitability, outlook and overall business strategy. You should not place undue reliance on these statements because they are subject to numerous uncertainties and factors relating to ExamWorks' operations and business environment, all of which are difficult to predict and many of which are beyond ExamWorks' control. Although ExamWorks believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many uncertainties and factors could affect ExamWorks' actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements, including but not limited to: our ability to implement our growth strategy and acquisition program; our ability to integrate completed acquisitions; our expansion into international markets; our ability to secure additional financing; regulation of our industry; our information technology systems; our ability to protect our intellectual property rights and other information; our ability to compete successfully with our competitors; our ability to retain qualified physicians and other medical providers for our medical panel; our ability to obtain, retain and grow customer relationships; our ability to provide accurate health-related risk assessment analyses of data; our ability to retain key management personnel; and restrictions in our credit facility, senior notes indenture and future indebtedness. In addition, the risks discussed in our periodic reports, registration statements and other filings with the Securities and Exchange Commission could cause actual results to differ materially from the results anticipated by forward-looking statements.

You should keep in mind that any forward-looking statement made by ExamWorks herein, or elsewhere, speaks only as of the date on which made. ExamWorks expressly disclaims any intent, obligation or undertaking to update or revise any forward-looking statements made herein to reflect any change in ExamWorks' expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.

ExamWorks will host a conference call to discuss the results and other matters at 5:00 p.m. Eastern Time. Please log in at least 10 minutes prior to the conference call in order to download the applicable audio software. Interested parties may participate live via telephone by dialing (877) 703-6108 in the U.S. or (857) 244-7307 internationally with access code 99448534. A live webcast of the call is also accessible through the Investor Relations section of the company's web site at http://investorrelations.examworks.com/.

Following the conclusion of the call, a replay of the webcast will be available at the Company`s web site within two hours. Alternatively, a telephonic replay of the call will be available at 9:00 p.m. Eastern Time, and can be accessed until March 4th, 2014 at midnight Eastern Time, by calling (888) 286-8010 in the U.S. or (617) 801-6888 internationally, with access code 27220269.


                   EXAMWORKS GROUP, INC. AND SUBSIDIARIES
                   Consolidated Statements of Operations
             (In thousands, except share and per share amounts)
                                (Unaudited)

                           For the three months
                                   ended              For the year ended
                               December 31,              December 31,
                         ------------------------  ------------------------
                             2012         2013         2012         2013
                         -----------  -----------  -----------  -----------

Revenues                 $   139,637  $   158,811  $   521,237  $   616,016
Costs and expenses:
  Costs of revenues           92,575      104,996      344,051      405,329
  Selling, general and
   administrative
   expenses                   28,868       34,917      113,510      133,870
  Depreciation and
   amortization               16,306       14,690       58,551       62,748
                         -----------  -----------  -----------  -----------
    Total costs and
     expenses                137,749      154,603      516,112      601,947
                         -----------  -----------  -----------  -----------
    Income from
     operations                1,888        4,208        5,125       14,069
                         -----------  -----------  -----------  -----------
Interest and other
 expenses, net:
  Interest expense, net        7,814        7,092       27,968       29,531
  Other (income)
   expense, net                    -            3         (226)         211
  Gain on interest rate
   swap                          (56)           -         (225)        (101)
  Realized foreign
   currency loss                   -            -          534            -
                         -----------  -----------  -----------  -----------
    Total interest and
     other expenses, net       7,758        7,095       28,051       29,641
                         -----------  -----------  -----------  -----------
    Loss before income
     taxes                    (5,870)      (2,887)     (22,926)     (15,572)
Benefit for income taxes      (3,187)      (1,297)      (7,987)      (5,356)
                         -----------  -----------  -----------  -----------
    Net loss             $    (2,683) $    (1,590) $   (14,939) $   (10,216)
                         ===========  ===========  ===========  ===========

Per share data:
Net loss per share:
  Basic and diluted      $     (0.08) $     (0.04) $     (0.44) $     (0.29)
                         ===========  ===========  ===========  ===========

Weighted average number
 of common shares
 outstanding:
  Basic and diluted       34,287,093   36,319,032   34,141,098   35,315,185
                         ===========  ===========  ===========  ===========

Adjusted EBITDA          $    20,332  $    25,565  $    79,789  $    97,461
                         ===========  ===========  ===========  ===========


                   EXAMWORKS GROUP, INC. AND SUBSIDIARIES
                        Consolidated Balance Sheets
             (In thousands, except share and per share amounts)
                                (Unaudited)

                                                December 31,   December 31,
                    Assets                          2012           2013
                                               -------------  -------------
Current assets:
  Cash and cash equivalents                    $       8,627  $      12,829
  Accounts receivable, net                           144,676        169,905
  Other receivables                                       21              -
  Prepaid expenses                                     5,336          5,785
  Deferred tax assets                                     16            433
  Other current assets                                 1,213          1,298

                                               -------------  -------------
      Total current assets                           159,889        190,250

Property, equipment and leasehold
 improvements, net                                    10,333         10,950
Goodwill                                             370,143        369,312
Intangible assets, net                               152,896         94,864
Long-term accounts receivable, less current
 portion                                              31,708         35,952
Deferred tax assets, noncurrent                        4,173         21,491
Deferred financing costs, net                         10,258          8,193
Other assets                                           1,101          1,501
                                               -------------  -------------
      Total assets                             $     740,501  $     732,513
                                               =============  =============
     Liabilities and Stockholders' Equity
Current liabilities:
  Accounts payable                             $      46,940  $      52,672
  Accrued expenses                                    35,995         38,448
  Accrued interest expense                            10,918         10,431
  Deferred revenue                                     3,951          5,795
  Current portion of subordinated unsecured
   notes payable                                         275            318
  Current portion of contingent earnout
   obligation                                             91          2,032
  Current portion of working capital
   facilities                                          5,983              -
  Other current liabilities                            5,973          6,438
                                               -------------  -------------
      Total current liabilities                      110,126        116,134
Senior unsecured notes payable                       250,000        250,000
Senior secured revolving credit facility and
 working capital facilities, less current
 portion                                             128,402         82,970
Long-term subordinated unsecured notes
 payable, less current portion                           300              -
Long-term contingent earnout obligation, less
 current portion                                           -          2,373
Other long-term liabilities                            7,525          8,165
                                               -------------  -------------
      Total liabilities                              496,353        459,642
                                               -------------  -------------
Commitments and contingencies
Stockholders' equity:
  Preferred stock, $0.0001 par value;
   Authorized 50,000,000 shares; no shares
   issued and outstanding at December 31, 2012
   and December 31, 2013                                   -              -
  Common stock, $0.0001 par value; Authorized
   250,000,000 shares; issued and outstanding
   34,341,360 and 36,928,212 shares at
   December 31, 2012 and December 31, 2013,
   respectively                                            3              4
  Additional paid-in capital                         285,938        333,996
  Accumulated other comprehensive income
   (loss)                                              3,183         (5,937)
  Accumulated deficit                                (36,488)       (46,704)
  Treasury stock, at cost; Outstanding 905,349
   shares at December 31, 2012 and December
   31, 2013                                           (8,488)        (8,488)
                                               -------------  -------------
      Total stockholders' equity                     244,148        272,871
                                               -------------  -------------
      Total liabilities and stockholders'
       equity                                  $     740,501  $     732,513
                                               =============  =============


                   EXAMWORKS GROUP, INC. AND SUBSIDIARIES
                   Consolidated Statements of Cash Flows
                               (In thousands)
                                (Unaudited)

                                                     For the year ended
                                                        December 31,
                                                 --------------------------
                                                     2012          2013
                                                 ------------  ------------

Operating activities:
  Net loss                                       $    (14,939) $    (10,216)
  Adjustments to reconcile net loss to net cash
   provided by operating activities:
    Gain on interest rate swap                           (225)         (101)
    Depreciation and amortization                      58,551        62,748
    Amortization of deferred rent                         (82)         (370)
    Share-based compensation                           13,756        17,157
    Excess tax benefit related to share-based
     compensation                                      (2,853)       (6,610)
    Provision for doubtful accounts                     2,852         4,751
    Amortization of deferred financing costs            2,190         2,191
    Deferred income taxes                             (21,201)      (18,021)
    Other                                                 (31)            -
    Changes in operating assets and liabilities,
     net of effects of acquisitions:
      Accounts receivable                             (24,666)      (31,112)
      Prepaid expenses and other current assets           (64)         (552)
      Accounts payable and accrued expenses             8,300        15,625
      Accrued interest expense                            671          (487)
      Deferred revenue and customer deposits            2,425         1,676
      Other liabilities                                    93          (324)
                                                 ------------  ------------
        Net cash provided by operating
         activities                                    24,777        36,355
                                                 ------------  ------------
Investing activities:
  Purchases of equipment and leasehold
   improvements, net                                   (5,841)       (6,544)
  Cash paid for acquisitions, net                    (108,970)       (3,318)
  Working capital and other settlements for
   acquisitions                                           427          (569)
  Proceeds from foreign currency net investment
   hedge                                                    -         1,421
  Other                                                     -        (1,144)
                                                 ------------  ------------
        Net cash used in investing activities        (114,384)      (10,154)
                                                 ------------  ------------
Financing activities:
  Net borrowings (repayments) under senior
   secured revolving credit facility                   94,640       (54,273)
  Proceeds from the exercise of options and
   warrants                                             2,258        24,261
  Excess tax benefit related to share-based
   compensation                                         2,853         6,610
  Net borrowings (repayments) under working
   capital facilities                                  (6,279)        2,772
  Purchases of stock for treasury                        (387)            -
  Payment of deferred financing costs                  (1,074)         (172)
  Repayment of subordinated unsecured notes
   payable                                             (2,193)         (270)
  Other                                                   (94)            -
                                                 ------------  ------------
        Net cash provided by (used in) financing
         activities                                    89,724       (21,072)
                                                 ------------  ------------
Exchange rate impact on cash and cash
 equivalents                                               94          (927)
                                                 ------------  ------------
        Net increase in cash and cash
         equivalents                                      211         4,202
Cash and cash equivalents, beginning of year            8,416         8,627
                                                 ------------  ------------
Cash and cash equivalents, end of year           $      8,627  $     12,829
                                                 ============  ============


                   EXAMWORKS GROUP, INC. AND SUBSIDIARIES
                     Reconciliation to Adjusted EBITDA
                               (In thousands)
                                (Unaudited)

                                 For the three months      For the year
                                  ended December 31,    ended December 31,
                                 --------------------  --------------------
                                    2012       2013       2012       2013
                                 ---------  ---------  ---------  ---------
Reconciliation to Adjusted
 EBITDA:
Net loss                         $  (2,683) $  (1,590) $ (14,939) $ (10,216)
  Share-based compensation
   expense (1)                       1,194      4,923     13,756     17,157
  Depreciation and amortization     16,306     14,690     58,551     62,748
  Acquisition-related
   transaction costs                   385      1,041      1,655      2,134
  Other expenses (2)                   559        703        702      1,353
  Interest and other expenses,
   net                               7,758      7,095     28,051     29,641
  Benefit for income taxes          (3,187)    (1,297)    (7,987)    (5,356)
                                 ---------  ---------  ---------  ---------
Adjusted EBITDA                  $  20,332  $  25,565  $  79,789  $  97,461
                                 =========  =========  =========  =========

(1) Share-based compensation expense of $692,000 and $2.9 million is
    included in costs of revenues for the three and twelve months ended
    December 31, 2013, and the remainder is included in SGA expenses. Share-
    based compensation expense of $755,000 and $3.0 million is included in
    costs of revenues for the three and twelve months ended December 31,
    2012, and the remainder is included in SGA expenses.
(2) Other expenses consist principally of integration related expenses, such
    as facility termination, severance and relocation costs, associated with
    our acquisition strategy.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the ...
This builds on Puppet Labs' first class Windows support, including native .MSI packages for x32 and x64 operating systems, modules to extend common Windows server management tools, including Powershell, and integrations with Microsoft Azure and Visual Studio. By automating common Windows administration tasks, Puppet Labs is enabling users to adopt DevOps practices, thereby reducing the time needed to deploy applications from weeks to hours.
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
"SAP had made a big transition into the cloud as we believe it has significant value for our customers, drives innovation and is easy to consume. When you look at the SAP portfolio, SAP HANA is the underlying platform and it powers all of our platforms and all of our analytics," explained Thorsten Leiduck, VP ISVs & Digital Commerce at SAP, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
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 Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big D...
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective ...
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using ...
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Ar...
The term culture has had a polarizing effect among DevOps supporters. Some propose that culture change is critical for success with DevOps, but are remiss to define culture. Some talk about a DevOps culture but then reference activities that could lead to culture change and there are those that talk about culture change as a set of behaviors that need to be adopted by those in IT. There is no question that businesses successful in adopting a DevOps mindset have seen departmental culture change, ...
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
SYS-CON Media announced today that Skytap blog on "DevOps Journal" exceeded 84,000 story reads. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Noel Wurst is the managing content editor at Skytap. Skytap provides SaaS-based dev/test environments to the enterprise. Skytap solution removes the inefficiencies and constraints that comp...