SYS-CON MEDIA Authors: Trevor Parsons, Sean Houghton, Glenn Rossman, Ignacio M. Llorente, Xenia von Wedel

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Dana First-Quarter 2014 Results Reflect Strong Operating Performance

- Sales of $1.69 billion

MAUMEE, Ohio, April 25, 2014 /PRNewswire/ -- Dana Holding Corporation (NYSE: DAN) today announced results for the first quarter of 2014.

Sales were $1.688 billion, compared with $1.676 billion for the same period in 2013.  Favorable end-market demand in most regions provided a benefit of $56 million that was partially offset by unfavorable currency effects, principally in South America.

As of March 31, 2014, Dana changed the exchange rate for remeasuring the financial statements of its Venezuela operations from the official rate of 6.3 bolivars per U.S. dollar to the rate determined by an auction process as published by the Central Bank of Venezuela.  This rate was 10.7 bolivars per U.S. dollar at March 31, 2014, and resulted in a charge of $17 million in the first quarter of 2014.  This charge is reflected in Dana's net income and adjusted EBITDA.  In the first quarter of 2013, the Venezuelan government devalued the official rate from 4.3 to 6.3, resulting in a charge of $6 million.  These currency effects impacted Dana's Light Vehicle Driveline business in both periods.

Net income for the quarter was $34 million, compared with $42 million for the same period in 2013, and diluted adjusted earnings per share (EPS) was $0.32, compared with $0.28 in the first quarter of 2013.  Gross profit increased $20 million on higher sales of $12 million, reflecting favorable operating conversion on increased production demand.  Increased restructuring charges principally in South America, the impact of Venezuela currency effects, and higher interest and tax expenses were offsetting factors.

Adjusted EBITDA for the quarter was $165 million, compared with $158 million a year ago.  Adjusted EBITDA margin of 9.8 percent in the quarter improved 40 basis points when compared with last year.  This improvement reflected the benefit of increased production volumes and continued cost discipline despite significant currency headwinds, most notably in Venezuela.  As highlighted above, Venezuela currency effects lowered Dana's adjusted EBITDA by about 100 basis points in the first quarter of this year and about 35 basis points in 2013.  Excluding the impact of the Venezuela currency devaluation charge, adjusted EBITDA margin performance in the first quarter of 2014 was 10.8 percent.    

Free cash flow was a use of $36 million in the quarter, compared with a use of $44 million a year ago. Seasonal trade working capital requirements, interest payments of $57 million, and capital spending of $36 million were the primary net cash uses in the quarter.  Free cash flow in this year's first quarter included $40 million of proceeds from the sale of a note receivable that represented prior period interest.  Total cash used in the first three months of 2014 was $117 million, including $64 million for repurchases of common stock and $22 million for debt retirement.

Business Unit Results for the First Quarter

Light Vehicle Driveline Technologies:
Sales were $618 million in the first quarter of 2014, compared with $619 million last year.  Increased end-market demand for light trucks in North America was muted by unfavorable currency, principally in South America, and weak demand in India and Thailand.  Segment EBITDA for the quarter was $30 million, or 4.9 percent of sales, and included a $17 million charge for devaluation of the Venezuela bolivar.  This result compares with segment EBITDA of $41 million in the first quarter of 2013, which also included a devaluation charge for Venezuela of $6 million.

Commercial Vehicle Driveline Technologies:
Sales were $457 million in the first quarter of 2014, compared with $458 million last year.  Improved end-market demand in Europe, South America, and North America was offset by unfavorable currency.  Segment EBITDA for the first quarter of 2014 was $44 million, or 9.6 percent of sales, representing a margin improvement of 60 basis points when compared with last year's segment EBITDA of $41 million.

Off-Highway Driveline Technologies:
Sales were $341 million in the first quarter of 2014, compared with $343 million last year.  Favorable currency, reflecting the strength of the Euro, was offset by lower demand, principally mining-related equipment, when compared with 2013.  Segment EBITDA for the first quarter of 2014 was $42 million, or 12.3 percent of sales, representing a margin improvement of 30 basis points when compared with last year's segment EBITDA of $41 million.

Power Technologies:
Sales were $272 million in the first quarter of 2014, compared with $256 million last year, reflecting improved market demand in both North America and Europe.   Segment EBITDA for the first quarter of 2014 was $44 million, or 16.2 percent of sales, representing a margin improvement of 210 basis points when compared with last year's segment EBITDA of $36 million.

Share Repurchase Program
During the first quarter of 2014, Dana executed $64 million of share repurchases under its share repurchase program.  Since the start of the program in late 2012, Dana has returned $893 million to shareholders and has reduced its fully diluted share count by 42 million, or about 20 percent. At the end of March 2014, $107 million remained under Dana's existing $1 billion share repurchase program.

"Continuing our momentum from 2013, Dana's first-quarter results were in line with our expectations, even with the continued instability in Venezuela and the resulting currency effects reflected in our earnings results.  We continued to improve our operating margin performance, with strong results posted across most of our business units," said company President and Chief Executive Officer Roger J. Wood.  "As our end markets expand in the future, we are well positioned to profitably grow the top line through booked business and new sales awards while achieving continued margin expansion and strong cash flow generation."

2014 Financial Targets Affirmed

Dana expects its operations to be impacted by continued emerging market volatility, as the rest of 2014 unfolds, with the opportunity for improving demand in the commercial-vehicle and, to a lesser extent, off-highway markets. Accordingly, Dana has affirmed its financial targets for full-year 2014, with expected results at the low end of the range for full-year sales, adjusted EBITDA, and diluted adjusted EPS:

  • Sales of approximately $6.8 to $6.9 billion;
  • Adjusted EBITDA of approximately $760 to $770 million;
  • Adjusted EBITDA as a percent of sales of approximately 11.2 percent;
  • Diluted adjusted EPS of approximately $1.82 to $1.86 (excluding the impact of share repurchases after March 31, 2014);
  • Capital spending of approximately $210 to $230 million; and
  • Free cash flow of $275 to $295 million.

The uncertainties surrounding the current environment in Venezuela present a potential challenge to our 2014 financial targets, which assume that automotive production in Venezuela resumes in the second half of this year. In the event that production does not resume as expected or that Dana is unable to obtain raw materials to cost effectively operate the business, the required statutory people cost and other carrying costs would reduce our earnings. We currently estimate that a scenario with nominal or no production during the last nine months of 2014 could reduce our full-year earnings by as much as $40 million.

"Although Venezuela currently poses challenge and uncertainty, elsewhere through the remainder of the year, we expect primarily stable end-market demand across most regions, with continued strength in full-frame light trucks and the opportunity for improving commercial-vehicle demand in North America." Mr. Wood said.  "While worldwide mining and construction-equipment markets remain sluggish, we are well positioned to capitalize upon a demand upswing in these important segments.  Our business units continue to work through the near-term currency and economic challenges presented by emerging markets such as South America, India, and Thailand, as well as capitalizing upon stronger demand in other markets. "

Customers Recognize Value in Dana Technologies
Dana continues to provide its customers with market-driven technologies designed to improve vehicle efficiency while positioning the company for profitable growth over the next several years. 

At this year's Mid-America Trucking Show in March, Dana announced the initial production of Spicer® AdvanTEK® 40 tandem axles with a select number of popular axle ratios, including the industry's fastest ratio of 2.26:1. This all-new 40,000-lb. tandem axle for a variety of Class 8 applications features market-leading design solutions that increase fuel economy, reduce vehicle weight, improve reliability, and decrease total ownership costs.

Dana's Spicer EconoTrek™ 6x2 tandem axle is also available for 2014 commercial vehicles.  Weighing up to 400 pounds less than a traditional 40,000-pound 6x4 tandem axle arrangement, the Spicer EconoTrek axle offers numerous innovations for reducing maintenance and increasing the fuel economy of heavy-duty linehaul tractors by 2 to 3 percent.

Further supporting Dana's commitment to long-term growth, the company announced at CONEXPO/CON-AGG last month its R2 hydromechanical variable transmission (HVT) – the latest powersplit system resulting from the joint venture between Dana Holding Corporation and Bosch Rexroth AG – is undergoing bench testing in the final validation stage of development.  Engineers expect the R2 HVT to enter field testing across a wide spectrum of market vehicles by the end of the year, with production slated to begin within the next 12 months.

Dana is also expanding the development of its Spicer® PowerBoost® hydraulic-hybrid system for the off-highway market.  In February, the company launched field tests of a telescopic boom handler powered by a 111 hp engine that is also  equipped with Dana's pioneering hydraulic-hybrid technology.

New Technologies Announced
Dana recently introduced several new technologies to market, including the Spicer® D-Series steer axles that will enable improved vehicle stopping power and reduced maintenance without the added weight that typically results from specifying air disc brakes.

The company also presented additions to the company's family of Spicer® E-Series steer axles that deliver best-in-class performance and durability with up to 35 pounds less weight.

Dana recently introduced upgraded Spicer® 37R and Spicer® 43R axles and a Spicer® Wing™ Series driveshaft. This system flexibility allows machine designers to configure a series of vehicles in a single power range that offer a variety of basic to advanced features while requiring a minimum of alterations to the design envelope.

Designed with multi-layer steel (MLS) inserts, Dana's new Victocor® 500 gasket takes sealing to the next level, helping heavy-duty engines achieve high mileage by meeting extreme durability, high-stress, and pressure requirements for over-the-road hauling.

Dana to Host Conference Call at 10 a.m. Today
Dana will discuss its first quarter in a conference call at 10 a.m. EDT today.  Participants may listen to the conference call via audio streaming online or telephone.  Slide viewing is available via Dana's investor website: www.dana.com/investorsUnited States and Canadian locations should dial 1-888-311-4590 and international locations should call 1-706-758-0054, and enter 26877924.  Please ask for the "Dana Holding Corporate Financial Webcast and Conference Call."  Phone registration will be available starting at 9:30 a.m. 

An audio recording of the webcast will be available after 5 p.m. today; dial 1-855-859-2056 (U.S. or Canada) or 1-404-537-3406 (international) and enter 26877924.  A webcast replay will be available after 5 p.m. today, and may be accessed via Dana's investor website.

Non-GAAP Financial Information
This release refers to adjusted EBITDA, a non-GAAP financial measure, which we have defined as earnings from continuing and discontinued operations before interest, taxes, depreciation, amortization, equity grant expense, restructuring expense and other nonrecurring items (gain/loss on debt extinguishment or divestitures, impairment, etc.). Adjusted EBITDA is a primary driver of cash flows from operations and a measure of our ability to maintain and continue to invest in our operations and provide shareholder returns. Adjusted EBITDA should not be considered a substitute for income (loss) before income taxes, net income (loss) or other results reported in accordance with GAAP.   Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

Diluted adjusted EPS is a non-GAAP financial measure, which we have defined as adjusted net income divided by adjusted diluted shares.  We define adjusted net income as net income (loss) attributable to the parent company, excluding any nonrecurring income tax items, restructuring and impairment expense, amortization expense and other nonrecurring items (as used in adjusted EBITDA), net of any associated income tax effects.  We define adjusted diluted shares as diluted shares as determined in accordance with GAAP based on adjusted net income.  This measure is considered useful for purposes of providing investors, analysts and other interested parties with an indicator of ongoing financial performance that provides enhanced comparability to EPS reported by other companies.  Diluted adjusted EPS is neither intended to represent nor be an alternative measure to diluted EPS reported under GAAP.

Free cash flow is a non-GAAP financial measure, which we have defined as cash provided by (used in) operating activities, less purchases of property, plant and equipment.  We believe this measure is useful to investors in evaluating the operational cash flow of the company inclusive of the spending required to maintain the operations.  Free cash flow is neither intended to represent nor be an alternative to the measure of net cash provided by (used in) operating activities reported under GAAP.  Free cash flow may not be comparable to similarly titled measures reported by other companies.

The accompanying financial information provides reconciliations of adjusted EBITDA, diluted adjusted EPS and free cash flow to the most directly comparable financial measures calculated and presented in accordance with GAAP.

Please reference the "Non-GAAP financial information" accompanying our quarterly earnings conference call presentations on our website at www.dana.com/investors for our GAAP results and the reconciliations of these measures, where used, to the comparable GAAP measures.

Forward-Looking Statements
Certain statements and projections contained in this news release are, by their nature, forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, management's beliefs, and certain assumptions made by us, all of which are subject to change.  Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words.  These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. 

Dana's Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss important risk factors that could affect our business, results of operations and financial condition.  The forward-looking statements in this news release speak only as of this date. Dana does not undertake any obligation to revise or update publicly any forward-looking statement for any reason.

About Dana Holding Corporation
Dana is a global leader in the supply of highly engineered driveline, sealing, and thermal-management technologies that improve the efficiency and performance of vehicles with both conventional and alternative-energy powertrains.  Serving three primary markets – passenger vehicle, commercial truck, and off-highway equipment – Dana provides the world's original-equipment manufacturers and the aftermarket with local product and service support through a network of nearly 100 engineering, manufacturing, and distribution facilities.  Founded in 1904 and based in Maumee, Ohio, the company employs 23,000 people in 26 countries on six continents.  In 2013, Dana generated sales of $6.8 billion.  For more information, please visit dana.com.

 

 DANA HOLDING CORPORATION 

 Consolidated Statement of Operations (Unaudited) 

 For the Three Months Ended March 31, 2014 and 2013 








Three Months Ended

 (In millions except per share amounts) 


March 31, 



2014


2013

 Net sales 


$      1,688


$      1,676

 Costs and expenses 





     Cost of sales 


1,454


1,462

     Selling, general and administrative expenses 


105


103

     Amortization of intangibles 


13


19

     Restructuring charges, net 


9


2

     Other income (expense), net 


(6)


2

 Income from continuing operations before 





     interest expense and income taxes 


101


92

 Interest expense 


30


21

 Income from continuing operations before 





     income taxes 


71


71

 Income tax expense 


34


27

 Equity in earnings of affiliates 


1


4

 Income from continuing operations 


38


48

 Income (loss) from discontinued operations 


(1)


2

 Net income 


37


50

     Less: Noncontrolling interests net income 


3


8

 Net income attributable to the parent company 


34


42

 Preferred stock dividend requirements 


3


8

 Net income available to common stockholders 


$            31


$            34






 Net income per share available to parent 





     company common stockholders: 





    Basic: 





         Income from continuing operations 


$        0.21


$        0.22

         Income (loss) from discontinued operations 


$              -


$        0.01

         Net income 


$        0.21


$        0.23

    Diluted: 





         Income from continuing operations 


$        0.19


$        0.18

         Income (loss) from discontinued operations 


$              -


$        0.01

         Net income 


$        0.19


$        0.19

 Weighted-average common shares outstanding 





    Basic 


150.7


148.0

    Diluted 


177.0


214.4






Dividends declared per common share


$        0.05


$        0.05

 

 DANA HOLDING CORPORATION 

 Consolidated Statement of Comprehensive Income (Unaudited) 

 For the Three Months Ended March 31, 2014 and 2013 












Three Months Ended

 (In millions) 


March 31, 





2014


2013

 Net income 


$            37


$            50


 Less: Noncontrolling interests net income 


3


8

 Net income attributable to the parent company 


34


42








 Other comprehensive income (loss) attributable to  





   the parent company, net of tax: 






Currency translation adjustments


(12)


(17)


Hedging gains and losses




3


Investment and other gains and losses




1


Defined benefit plans


7


8


Other comprehensive loss attributable to the







parent company


(5)


(5)








 Other comprehensive income (loss) attributable to 





   noncontrolling interests, net of tax: 






Currency translation adjustments


(1)


(2)


Other comprehensive loss attributable to 







noncontrolling interests


(1)


(2)








Total comprehensive income attributable






to the parent company


29


37

Total comprehensive income attributable






to noncontrolling interests


2


6

Total comprehensive income


$            31


$            43








 

 DANA HOLDING CORPORATION 

 Consolidated Balance Sheet 

 As of March 31, 2014 and December 31, 2013 







 (In millions except share and per share amounts) 




March 31, 


December 31, 

 Assets 


2014


2013

 Current assets 




 Cash and cash equivalents 

$    1,116


$       1,256

 Marketable securities 

144


110

 Accounts receivable 





Trade, less allowance for doubtful accounts of $6 in 2014 and $7 in 2013 

961


793


Other 

151


223

 Inventories 

723


670

 Other current assets 

124


113



Total current assets 

3,219


3,165

 Goodwill 

106


106

 Intangibles 

215


227

 Other noncurrent assets 

192


196

 Investments in affiliates 

206


210

 Property, plant and equipment, net 

1,220


1,225



Total assets 

$    5,158


$       5,129







 Liabilities and equity 




 Current liabilities 




 Notes payable, including current portion of long-term debt 

$         32


$            57

 Accounts payable 

939


804

 Accrued payroll and employee benefits 

141


161

 Accrued restructuring costs 

13


14

 Taxes on income 

47


35

 Other accrued liabilities 

183


197



 Total current liabilities 

1,355


1,268

 Long-term debt 

1,568


1,567

 Pension and postretirement obligations 

514


530

 Other noncurrent liabilities 

344


351



 Total liabilities 

3,781


3,716

 Commitments and contingencies 




 Parent company stockholders' equity 





Preferred stock, 50,000,000 shares authorized 






Series B, $0.01 par value, 2,101,384 and 3,803,774 shares outstanding 

206


372


Common stock, $0.01 par value, 450,000,000 shares authorized, 






157,148,833 and 145,338,342 outstanding 

2


2


Additional paid-in capital 

3,015


2,840


Accumulated deficit 

(788)


(812)


Treasury stock, at cost (21,914,062 and 18,742,288 shares) 

(431)


(366)


Accumulated other comprehensive loss 

(732)


(727)



Total parent company stockholders' equity 

1,272


1,309

 Noncontrolling equity 

105


104



Total equity 

1,377


1,413



Total liabilities and equity 

$    5,158


$       5,129







 

 DANA HOLDING CORPORATION 

 Consolidated Statement of Cash Flows (Unaudited) 

 For the Three Months Ended March 31, 2014 and 2013 








Three Months Ended

 (In millions) 

March 31, 



2014


2013

 Operating activities 




 Net income 

$            37


$            50

 Depreciation 

40


42

 Amortization of intangibles 

15


22

 Amortization of deferred financing charges 

1


1

 Unremitted earnings of affiliates 

1


(4)

 Stock compensation expense 

4


5

 Deferred income taxes 

(1)


(2)

 Pension contributions, net 

(2)


(16)

 Interest payment received on payment-in-kind note receivable 

40



 Change in working capital 

(145)


(109)

 Other, net 

10


(4)

 Net cash provided by (used in) operating activities (1) 

-


(15)






 Investing activities 




 Purchases of property, plant and equipment (1) 

(36)


(29)

 Acquisition of business 



(4)

 Principal payment received on payment-in-kind note receivable 

35



 Purchases of marketable securities 

(35)


(3)

 Proceeds from maturities of marketable securities 

2


1

 Other 

4


3

 Net cash used in investing activities 

(30)


(32)






 Financing activities 




 Net change in short-term debt 

(10)


(3)

 Proceeds from long-term debt 

1


53

 Repayment of long-term debt 

(12)


(30)

 Dividends paid to preferred stockholders 

(2)


(8)

 Distributions paid to noncontrolling interests 

(1)


(1)

 Repurchases of common stock 

(64)


(24)

 Payments to acquire noncontrolling interests 



(7)

 Other 

1



 Net cash used in financing activities 

(87)


(20)






 Net decrease in cash and cash equivalents 

(117)


(67)

 Cash and cash equivalents − beginning of period 

1,256


1,059

 Effect of exchange rate changes on cash balances 

(23)


(11)

 Cash and cash equivalents − end of period 

$      1,116


$         981






(1) Free cash flow of ($36) in 2014 and ($44) in 2013 is the sum of net cash provided by (used in) operating activities reduced by the purchases of property, plant and equipment.

 

DANA HOLDING CORPORATION 

Segment Sales & Segment EBITDA (Unaudited) 

For the Three Months Ended March 31, 2014 and 2013 






(In millions) 


Three Months Ended



March 31, 

Sales 


2014


2013

  Light Vehicle


$           618


$           619

  Commercial Vehicle


457


458

  Off-Highway


341


343

  Power Technologies


272


256

  Total Sales


$        1,688


$        1,676






Segment EBITDA 





  Light Vehicle


$             30


$             41

  Commercial Vehicle


44


41

  Off-Highway


42


41

  Power Technologies


44


36

Total Segment EBITDA 


160


159

Corporate expense and other items, net 


5


(1)

Adjusted EBITDA 


$           165


$           158






 

DANA HOLDING CORPORATION 

Reconciliation of Segment and Adjusted EBITDA 

to Net Income (Unaudited) 

For the Three Months Ended March 31, 2014 and 2013 






(In millions) 


Three Months Ended



March 31, 



2014


2013

Segment EBITDA 


$           160


$           159

  Corporate expense and other items, net


5


(1)

Adjusted EBITDA 


165


158

  Depreciation


(40)


(42)

  Amortization of intangibles


(15)


(22)

  Restructuring


(9)


(2)

  Strategic transaction and other items


(1)


(2)

  Recognition of unrealized gain on payment-in-kind note receivable


2



  Stock compensation expense


(4)


(5)

  Interest expense


(30)


(21)

  Interest income


3


7

Income from continuing operations before income taxes 


71


71

Income tax expense 


34


27

Equity in earnings of affiliates 


1


4

Income from continuing operations 


38


48

Income (loss) from discontinued operations 


(1)


2

Net income 


$             37


$             50






 

 DANA HOLDING CORPORATION 

 Diluted Adjusted EPS (Unaudited) 

 For the Three Months Ended March 31, 2014 and 2013 






 (In millions except per share amounts) 







Three Months Ended



March 31, 



2014


2013






 Net income attributable to parent company 


$             34


$             42

 Restructuring charges (1) 


9


2

 Amortization of intangibles (1) 


11


17

 Non-recurring items (1) 


3


(2)

 Adjusted net income 


$             57


$             59






 Diluted shares - as reported 


177


214

 Adjusted diluted shares 


177


214






 Diluted adjusted EPS 


$          0.32


$          0.28






 (1) Amounts are net of associated tax effect. 

SOURCE Dana Holding Corporation

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Leysin American School is an exclusive, private boarding school located in Leysin, Switzerland. Leysin selected an OpenStack-powered, private cloud as a service to manage multiple applications and provide development environments for students across the institution. Seeking to meet rigid data sovereignty and data integrity requirements while offering flexible, on-demand cloud resources to users, Leysin identified OpenStack as the clear choice to round out the school's cloud strategy. Additional...
SYS-CON Events announced today that IDenticard 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. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada...
SYS-CON Media announced today that Aruna Ravichandran, VP of Marketing, Application Performance Management and DevOps at CA Technologies, has joined DevOps Journal’s authors. 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. Aruna's inaugural article "Four Essential Cultural Hacks for DevOps Newbies" discusses how to demonstrate the...
The move in recent years to cloud computing services and architectures has added significant pace to the application development and deployment environment. When enterprise IT can spin up large computing instances in just minutes, developers can also design and deploy in small time frames that were unimaginable a few years ago. The consequent move toward lean, agile, and fast development leads to the need for the development and operations sides to work very closely together. Thus, DevOps become...
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, p...
SYS-CON Events announced today that AIC, a leading provider of OEM/ODM server and storage solutions, 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. AIC is a leading provider of both standard OTS, off-the-shelf, and OEM/ODM server and storage solutions. With expert in-house design capabilities, validation, manufacturing and production, AIC's broad selection of products are highly flexible and are conf...

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's