SYS-CON MEDIA Authors: Peter Silva, Kevin Jackson, Jessica Qiu, Dana Gardner, Dan Stolts

News Feed Item

CWC Energy Services Corp. (Formerly CWC Well Services Corp.) Announces First Quarter 2014 Financial Results and Increases June 2014 Dividend by 7.7%

CALGARY, ALBERTA -- (Marketwired) -- 05/16/14 -- CWC Energy Services Corp. (formerly CWC Well Services Corp.) ("CWC" or the "Company") (TSX VENTURE:CWC) announces the release of its operational and financial results for the three months ended March 31, 2014. The Interim Financial Statements and Management's Discussion and Analysis ("MD&A") for the periods ended March 31, 2014 and the Joint Information Circular of CWC and Ironhand Drilling Inc. dated April 15, 2014 ("JIC") are filed on SEDAR at www.sedar.com.

Quarterly Dividend Increase

The Company is pleased to announce that its Board of Directors has declared a quarterly dividend of $0.0175 per common share, an increase of $0.00125 or 7.7% over the prior quarter's dividend. The dividend will be paid on July 15, 2014 to shareholders of record on June 30, 2014. The ex-dividend date is June 26, 2014. This dividend is an eligible dividend for Canadian income tax purposes.

The declaration of dividends is determined on a quarter by quarter basis by the Board of Directors and reflects CWC's positive view on the sustainability of its cash flow and earnings in the future.

Highlights for the Three Months Ended March 31, 2014


--  Revenue of $38.4 million was unchanged versus the comparable three month
    period ended March 31, 2013 even though Q1 2014 presented a more
    challenging operating environment due to the extremely cold weather. 

--  Service rig utilization was consistent year over year at 61% (Q1 2013:
    62%) compared to the Canadian Association of Oilwell Drilling
    Contractors ("CAODC") industry average of 54%. Coil tubing utilization
    increased to 64% (Q1 2013: 46%) due to greater sales and operational
    focus on steam assisted gravity drainage ("SAGD") wells as opposed to
    deeper wells found in other parts of the Western Canadian Sedimentary
    Basin ("WCSB"). 

--  EBITDAS(1) of $9.4 million (24% of Revenue) for the three months ended
    March 31, 2014 compared to $11.3 million (29% of Revenue) for the three
    months ended March 31, 2013. The decrease was primarily due to higher
    field labour and fuel costs compared to the prior year's quarter which
    could not be recovered from customers. In addition, a change to the
    timing of when field employees received their cash bonuses added
    additional labour costs to Q1 2014 compared to the previous compensation
    structure, which saw field employees' bonus payments made in the second
    and fourth quarters of the prior year. 

--  Net income of $3.2 million (8% of Revenue) for the three months ended
    March 31, 2014 compared to $4.9 million (13% of Revenue) for the three
    months ended March 31, 2013. 

--  On March 20, 2014, the Company announced it had entered into an
    arrangement agreement to combine CWC's premier well servicing fleet with
    Ironhand Drilling Inc.'s ("Ironhand") best-in-class contract drilling
    fleet. Ironhand has a modern fleet of eight telescopic double drilling
    rigs with depth ratings of 3,200 to 4,500 metres with an average age of
    five years. The combined company will operate one of the newest fleets
    of equipment in each of its service lines. This transaction closed on
    May 15, 2014. 

(1) Please refer to the "Reconciliation of Non-IFRS Measures" section for further information.

Financial and Operational Highlights


----------------------------------------------------------------------------
                                                        Three months ended  
                                                                 March 31,  
$ thousands, except shares, per share                                    %  
 amounts, margins and ratios                  2014          2013    Change  
----------------------------------------------------------------------------
                                                                            
FINANCIAL RESULTS                                                           
                                                                            
Revenue                                                                     
  Well servicing                            35,158        35,198         -  
  Other oilfield services                    3,215         3,180         1% 
                                     ---------------------------------------
                                            38,373        38,378         1% 
                                                                            
EBITDAS (1)                                  9,383        11,265       (17%)
EBITDAS margin (%) (1)                          24%           29%           
                                                                            
Funds from operations (1)                    9,383        11,265       (17%)
                                                                            
Net income                                   3,245         4,883       (34%)
Net income margin (%)                            8%           13%           
                                                                            
Dividends declared                           2,524         2,521            
                                                                            
Per share information                                                       
  Weighted average number of shares                                         
   outstanding - basic                 155,345,399   155,078,121            
  Weighted average number of shares                                         
   outstanding - diluted               160,463,190   159,503,202            
                                                                            
  EBITDAS (1) per share - basic and                                         
   diluted                            $       0.06  $       0.07            
  Net income per share - basic and                                          
   diluted                            $       0.02  $       0.03            
  Dividends declared per share        $     0.0165  $     0.0165            
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                                                     March 31,  December 31,
$ thousands, except margins and ratios                    2014          2013
----------------------------------------------------------------------------
                                                                            
FINANCIAL POSITION AND LIQUIDITY                                            
                                                                            
Working capital (excluding debt) (1)                    17,289        14,507
Working capital (excluding debt) ratio (1)               2.4:1         2.3:1
Total assets                                           151,661       148,999
Total Long-term debt (including current portion)        43,547        44,009
Shareholders' equity                                    92,202        91,344
----------------------------------------------------------------------------

(1) Please refer to the "Reconciliation of Non-IFRS Measures" section for further information.

Subsequent Event - Acquisition of Ironhand Drilling Inc.

On May 15, 2014, the Company closed its previously announced acquisition of Ironhand Drilling Inc. Ironhand's fleet consists of eight telescopic double drilling rigs with depth ratings from 3,200 to 4,500 metres with an average age of five years. Seven of these eight rigs have top drives. All of the drilling rigs are ideally suited for the most active depths for horizontal drilling in the WCSB. Ironhand's industry leading utilization rate in 2013 was 59% compared to the CAODC's 2013 industry average of 40% for all 818 registered drilling rigs and 48% for the 324 drilling rigs that have depth ratings from 2,451 to 4,600 metres. Ironhand's Q1 2014 utilization was 79%.

Rig 9, a telescopic double drilling rig with a depth capacity of 4,500 metres, is currently under construction with approximately $6.5 million in costs having been spent by May 15, 2014 and an additional $5.8 million remaining to be spent to complete. It is expected that Rig 9 will be completed and put into service in Q4 2014.

For further information regarding the Ironhand acquisition, please refer to the JIC dated April 15, 2014 as filed on SEDAR.

Operational Overview

CWC demonstrated consistent performance in Q1 2014, with revenue unchanged year over year compared to Q1 2013. However, higher labour and fuel costs in Q1 2014 combined with a change in the timing of when field employees receive their cash bonuses resulted in lower gross margins, EBITDAS and net income for the quarter compared to the prior year. CWC experienced a very tight labour market in Q1 2014 and higher labour costs as a result of overtime hours worked by our field employees which could not be passed on to our customers.

The CAODC drilling rig industry average utilization was 61% in Q1 2014 compared to 59% in Q1 2013. We use drilling activity as a reference point since expenditures on new wells by oil and gas companies comprise the largest portion of industry spending and, as such, changes in drilling activity is a leading indicator for all energy services including well servicing.

Consistent with the shift in industry activity away from natural gas oriented development towards oil and liquids rich natural gas development, CWC has shifted focus towards oil related activities. Additionally, since mid 2012 CWC has concentrated on production maintenance, workovers and abandonments as opposed to completion activity which is more dependent upon drilling activity levels. Annually, we estimate that approximately 85% of our service rig activity is working on production maintenance, workovers and abandonments, which results in a steadier revenue and cash flow stream compared to completions oriented work that relies on the level of drilling activity.

Well Servicing Division


----------------------------------------------------------------------------
                                                 Three months ended         
                                         Mar 31,  Dec 31,  Sep 30,  Jun 30, 
OPERATING HIGHLIGHTS                        2014     2013     2013     2013 
----------------------------------------------------------------------------
Service Rigs                                                                
  Number of units, end of period              71       71       71       69 
  Hours worked                            37,652   33,828   32,190   17,700 
  Utilization % (1)                           61%      52%      51%      29%
                                                                            
Coil Tubing Units                                                           
  Number of units, end of period               8        8        8        8 
  Hours worked                             4,600    2,106    1,833    1,045 
  Utilization % (2)                           64%      29%      25%      14%
----------------------------------------------------------------------------

----------------------------------------------------------------------------
                                                 Three months ended         
                                         Mar 31,  Dec 31,  Sep 30,  Jun 30, 
OPERATING HIGHLIGHTS                        2013     2012     2012     2012 
----------------------------------------------------------------------------
Service Rigs                                                                
  Number of units, end of period              68       68       65       65 
  Hours worked                            37,689   32,059   31,347   21,186 
  Utilization % (1)                           62%      53%      52%      36%
                                                                            
Coil Tubing Units                                                           
  Number of units, end of period               8        8        8        8 
  Hours worked                             3,285    1,463    1,034      417 
  Utilization % (2)                           46%      20%      14%       6%
----------------------------------------------------------------------------
(1)  Service rig utilization is calculated based on 10 hours a day, 365 days
     a year. New service rigs are added based on the first day of field     
     service. Service rigs requiring their 24,000 hour recertification      
     and/or refurbishment and are out of service for greater than 90 days   
     are excluded from the utilization calculation.                         
(2)  Coil tubing unit utilization is calculated based on 10 hours a day, 365
     days a year. New coil tubing units are added based on the first day of 
     field service.                                                         

CWC is the 6th largest service rig provider in the WCSB, having a modern fleet of 71 service rigs and 8 coil tubing units as at March 31, 2014. CWC's service rig fleet consists of 41 singles, 27 doubles, and 3 slant rigs. The average age of CWC's service rig fleet is approximately 7 years, making CWC's fleet amongst the newest in the WCSB. Service rigs have a long useful life if properly serviced and maintained and many rigs operating in Western Canada are over 25 years old. In the past two years CWC has added seven newly built service rigs to our fleet and refurbished and recertified one previously unused service rig. Customer acceptance of our high quality equipment, continues to be strong and a differentiating factor for CWC. Both customers and field personnel generally prefer to use newer equipment due to lighter weight, better design, and modern safety features. Rig services include completions, maintenance, workovers and abandonments with depth ratings from 1,500 to 5,000 metres. Our service rig fleet, with its leading edge technology, continues to stand out in an industry characterized by ageing equipment and infrastructure. CWC's service rig utilization in Q1 2014 of 61% was consistent with Q1 2013 of 62% and significantly higher than the CAODC service rig industry average of 54%.

CWC's Class I, II and III coil tubing units have depth ratings from 1,500 to 4,000 metres. The market for the Class III deep coil tubing units has become extremely competitive over the last several quarters with an increased supply of new deep coil tubing units over the last year having an adverse affect on industry utilization and pricing. In light of these competitive challenges for CWC's Class III coil tubing units, the Company has chosen to focus its sales and operational efforts on SAGD wells, which are shallower in depth and more appropriate for our Class I and II coil tubing units. These strategies resulted in record 2013 revenue and cash flow in the eight year history of CWC's coil tubing division. Q1 2014 coil tubing utilization of 64% was significantly higher than Q1 2013 utilization of 46% demonstrating that quality people delivering quality service will result in more business opportunities with current and new customers.

Other Oilfield Services


----------------------------------------------------------------------------
                                                 Three months ended         
                                         Mar 31,  Dec 31,  Sep 30,  Jun 30, 
OPERATING HIGHLIGHTS                        2014     2013     2013     2013 
----------------------------------------------------------------------------
Snubbing Units                                                              
  Number of units, end of period               6        6        6        6 
  Hours worked                             1,214    1,081      891      220 
  Utilization %                               22%      20%      16%       4%
                                                                            
Well Testing Units                                                          
  Number of units, end of period              10       11       11       11 
  Number of tickets billed                   381      211      233       76 
----------------------------------------------------------------------------

----------------------------------------------------------------------------
                                                 Three months ended         
                                         Mar 31,  Dec 31,  Sep 30,  Jun 30, 
OPERATING HIGHLIGHTS                        2013     2012     2012     2012 
----------------------------------------------------------------------------
Snubbing Units                                                              
  Number of units, end of period               6        7        7        7 
  Hours worked                             1,460    1,191      574      241 
  Utilization %                               27%      18%       9%       4%
                                                                            
Well Testing Units                                                          
  Number of units, end of period              11       11       11       11 
  Number of tickets billed                   376      204      410      238 
----------------------------------------------------------------------------

Other Oilfield Services comprised 8% of total revenue for the three months ended March 31, 2014 and 6% of CWC's property and equipment net book value as at March 31, 2014, and therefore represents only a small component of CWC's overall activities.

CWC's Other Oilfield Services segment provides a variety of services for the completion and production phases of oil and natural gas wells with its 6 snubbing units and 10 well testing units. The snubbing division continues to be negatively affected by low activity on natural gas projects that suit our equipment with Q1 2014 utilization of 22% compared to Q1 2013 utilization of 27%. Well testing activity was consistent in Q1 2014 with 381 tickets being billed compared to Q1 2013 of 376 tickets being billed.

Outlook

CWC anticipates a continuation of the steady demand for our service rigs and slightly higher levels of utilization for our coil tubing units than those of the past year. Strong crude oil prices and higher natural gas prices are expected to result in an enhanced sense of urgency amongst our customers to ramp up both production oriented work and new drilling and completion work in order to realize upon these higher prices in the latter half of 2014.

CWC also believes that the capital markets have become more favourable in 2014 for our E&P customers to raise financing for their capital expenditure programs. The level of merger and acquisition activity among oil and gas companies in the WCSB has surpassed $9 billion in Q1 2014 compared to a total of $14 billion for all of 2013. We anticipate these transactions will eventually result in increased drilling and well servicing activity levels in the second half of 2014 and into 2015.

The favourable Canadian/U.S. dollar exchange rate at approximately $0.91 compared to the January 1, 2013 exchange rate of $1.015 is expected to result in higher cash flow and profitability for our E&P customers which would enable them to spend more on capital expenditures for the type of drilling and well services that CWC provides.

With the closing of the acquisition of Ironhand on May 15, 2014, CWC will reorganize its business segments to operate under two trade names and divisions. CWC Ironhand Drilling will be comprised of the Contract Drilling division with eight (8) telescopic double drilling rigs and a ninth rig under construction. CWC Well Services will be comprised of the Production Services division with 71 service rigs and one new slant service rig under construction, 7 coil tubing units, 6 snubbing units and 10 well testing packages. The Contract Drilling division will account for approximately 32% of the revenue and 38% of the EBITDAS with the Production Services division accounting for approximately 68% of the revenue and 62% of the EBITDAS on an annualized pro forma basis. Management believes the acquisition of Ironhand will significantly enhance our potential to increase shareholder value going forward.

Capital Expenditures

The Board of Directors has increased the approved capital expenditure budget by $7.5 million for 2014 to $17.8 million comprised of $10.8 million of growth capital and $7.0 million for maintenance and infrastructure capital. The growth capital will be directed at completing drilling Rig 9, building one new slant service rig and two new pump trucks and supporting well servicing equipment to support the company's growth in steam-assisted gravity drainage wells. The maintenance and infrastructure capital will primarily be directed at Level 4 recertifications on four existing service rigs, upgrades or additions to field equipment for the service rig, coil tubing and snubbing divisions, and for information technology infrastructure. During the three months ended March 31, 2014, the Company had spent $3.0 million of the $17.8 million 2014 capital budget.

The Company continues to be committed to disciplined fiscal management and pursuit of growth opportunities driven by customer demand. Management continues to evaluate and assess merger and acquisition opportunities of oilfield service businesses and assets that are best-in-class that would have the potential to increase shareholder value.

About CWC Energy Services Corp.

CWC Energy Services Corp. is a premier contract drilling and well servicing company operating in the Western Canadian Sedimentary Basin with a complementary suite of oilfield services including drilling rigs, service rigs, coil tubing, snubbing and well testing. The Company's corporate office is located in Calgary, Alberta, with operational locations in Nisku, Grande Prairie, Slave Lake, Red Deer, Lloydminster, Provost, and Brooks, Alberta and Weyburn, Saskatchewan. The Company's shares trade on the TSX Venture Exchange under the symbol "CWC".

On May 15, 2014, CWC changed its name from CWC Well Services Corp. to CWC Energy Services Corp. and amalgamated with its wholly-owned subsidiary, Ironhand Drilling Inc. (see "Subsequent Event - Acquisition of Ironhand Drilling Inc.")

READER ADVISORY - Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains certain forward-looking information and statements within the meaning of applicable Canadian securities legislation. Certain statements contained in this news release including everything contained in the section titled "Outlook" and including statements which may contain such words as "anticipate", "could", "continue", "should", "seek", "may", "intend", "likely", "plan", "estimate", "believe", "expect", "will", "objective", "ongoing", "project" and similar expressions are intended to identify forward-looking information or statements. In particular, this news release contains forward-looking statements including management's assessment of future plans and operations, expectations as to the increase in activity levels, expectations on the sustainability of future cash flow and earnings and the ability to pay dividends, expectations with respect to oil and natural gas prices and price levels necessary for increases in oil and natural gas activity levels, activity levels in various areas, continuing focus on cost saving measures plans, expectations regarding the level and type of drilling and production and related drilling and well services activity in the Western Canadian Sedimentary Basin ("WCSB"), and expectations regarding the business, operations and revenues of the Company in addition to general economic conditions.

Although the Company believes that the expectations and assumptions on which such forward-looking information and statements are based are reasonable, undue reliance should not be placed on the forward-looking information and statements because the Company can give no assurances that they will prove to be correct. Since forward-looking information and statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the drilling and oilfield services sector (ie. demand, pricing and terms for oilfield drilling and services; current and expected oil and gas prices; exploration and development costs and delays; reserves discovery and decline rates; pipeline and transportation capacity; weather, health, safety and environmental risks), integration of acquisitions, including the Ironhand Acquisition, competition, and uncertainties resulting from potential delays or changes in plans with respect to acquisitions, development projects or capital expenditures and changes in legislation, including but not limited to tax laws, royalties and environmental regulations, stock market volatility and the inability to access sufficient capital from external and internal sources and the inability to pay dividends. Accordingly, readers should not place undue reliance on the forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Company's financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through SEDAR at www.sedar.com. The forward-looking information and statements contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information or statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Any forward-looking statements made previously may be inaccurate now.

Reconciliation of Non-IFRS Measures


----------------------------------------------------------------------------
                                                         Three months ended 
                                                                  March 31, 
$ thousands except share and per share amounts           2014          2013 
----------------------------------------------------------------------------
NON-IFRS MEASURES                                                           
                                                                            
EBITDAS:                                                                    
  Net income                                            3,245         4,883 
Add:                                                                        
  Depreciation                                          4,265         3,988 
  Finance costs                                           443           654 
  Income tax expense                                    1,150         1,682 
  Stock based compensation                                280           202 
  (Gain) loss on sale of equipment                          -          (144)
                                                ----------------------------
EBITDAS (1)                                             9,383        11,265 
EBITDAS per share - basic & diluted(1)           $       0.06  $       0.07 
EBITDAS margin (EBITDAS/Revenue)(1)                        24%           29%
Weighted average number shares outstanding -                                
 basic                                            155,345,399   155,078,121 
Weighted average number shares outstanding -                                
 diluted                                          160,463,190   159,503,202 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Funds from operations:                                                      
Cash flows from operating activities                    6,461         5,778 
  Add (deduct): Change in non-cash working                                  
   capital                                              2,922         5,487 
                                                ----------------------------
Funds from operations (2)                               9,383        11,265 
Funds from operations per share - basic &                                   
 diluted(2)                                      $       0.06  $       0.07 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Gross margin:                                                               
Revenue                                                38,373        38,378 
  Less: Direct operating expenses                      24,863        23,521 
                                                ----------------------------
Gross margin (3)                                       13,510        14,857 
Gross margin percentage (3)                                35%           39%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                                                    March 31,  December 31, 
$ thousands                                              2014          2013 
----------------------------------------------------------------------------
Working capital (excluding debt):                                           
Current Assets                                         29,251        25,353 
  Less: Current Liabilities                           (12,131)      (11,031)
  Add: Current portion of long term debt                  169           185 
                                                   -------------------------
Working capital (excluding debt) (4)                   17,289        14,507 
Working capital (excluding debt) ratio (4)              2.4:1         2.3:1 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Net debt:                                                                   
Long term debt                                         43,378        43,824 
  Less: Current assets                                (29,251)      (25,353)
  Add: Current liabilities                             12,131        11,031 
                                                   -------------------------
Net debt (5)                                           26,258        29,502 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
(1)  EBITDAS (Earnings before interest and finance costs, income tax        
     expense, depreciation, amortization, (gain) loss on disposal of asset, 
     and stock based compensation) is not a recognized measure under IFRS.  
     Management believes that in addition to net earnings, EBITDAS is a     
     useful supplemental measure as it provides an indication of the        
     Company's ability to generate cash flow in order to fund working       
     capital, service debt, pay current income taxes, pay dividends,        
     repurchase common shares under the Normal Course Issuer Bid, and fund  
     capital programs. Investors should be cautioned, however, that EBITDAS 
     should not be construed as an alternative to net income (loss) and     
     comprehensive income (loss) determined in accordance with IFRS as an   
     indicator of the Company's performance. CWC's method of calculating    
     EBITDAS may differ from other entities and accordingly, EBITDAS may not
     be comparable to measures used by other entities. EBITDAS margin is    
     calculated as EBITDAS divided by revenue and provides a measure of the 
     percentage of EBITDAS per dollar of revenue. EBITDAS per share is      
     calculated by dividing EBITDAS by the weighted average number of shares
     outstanding as used for calculation of earnings per share.             
                                                                            
(2)  Funds from operations and funds from operations per share are not      
     recognized measures under IFRS. Management believes that in addition to
     cash flow from operations, funds from operations is a useful           
     supplemental measure as it provides an indication of the cash flow     
     generated by the Company's principal business activities prior to      
     consideration of changes in working capital. Investors should be       
     cautioned, however, that funds from operations should not be construed 
     as an alternative to cash flow from operations determined in accordance
     with IFRS as an indicator of the Company's performance. CWC's method of
     calculating funds from operations may differ from other entities and   
     accordingly, funds from operations may not be comparable to measures   
     used by other entities. Funds from operations is equal to cash flow    
     from operations before changes in non-cash working capital items       
     related to operations. Funds from operations per share is calculated by
     dividing funds from operations by the weighted average number of shares
     outstanding as used for calculation of earnings per share.             
                                                                            
(3)  Gross margin is calculated from the statement of comprehensive income  
     as revenue less direct operating costs and is used to assist management
     and investors in assessing the Company's financial results from        
     operations excluding fixed overhead costs. Gross margin percentage is  
     calculated as gross margin divided by revenue. The Company believes the
     relationship between revenue and costs expressed by the gross margin   
     percentage is a useful measure when compared over different financial  
     periods as it demonstrates the trending relationship between revenue,  
     costs and margins. Gross margin and gross margin percentage are non-   
     IFRS measures and do not have any standardized meaning prescribed by   
     IFRS and may not be comparable to similar measures provided by other   
     companies.                                                             
                                                                            
(4)  Working capital (excluding debt) is calculated based on current assets 
     less current liabilities excluding the current portion of long-term    
     debt. Working capital (excluding debt) is used to assist management and
     investors in assessing the Company's liquidity. Working capital        
     (excluding debt) does not have any meaning prescribed under IFRS and   
     may not be comparable to similar measures provided by other companies. 
     Working capital (excluding debt) ratio is calculated as current assets 
     divided by the difference of current liabilities less the current      
     portion of long term debt.                                             
                                                                            
(5)  Net debt is not a recognized measure under IFRS and does not have any  
     standardized meaning prescribed by IFRS and may not be comparable to   
     similar measures provided by other companies. Management believes net  
     debt is a useful indicator of a company's debt position.               

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.

@ThingsExpo Stories
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.
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water, are pursuing SmartGrid initiatives that represent one of the more mature examples of SAE. We have spoken with, or attended presentations from, utilities in the United States, South America, Asia and Europe. This session will provide a look at the CREPE drivers for SmartGrids and the solution spaces used by SmartGrids today and planned for the near future. All organizations can learn from SmartGrid’s use of Predictive Maintenance, Demand Prediction, Cloud, Big Data and Customer-facing Dashboards...
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!
Noted IoT expert and researcher Joseph di Paolantonio (pictured below) has joined the @ThingsExpo faculty. Joseph, who describes himself as an “Independent Thinker” from DataArchon, will speak on the topic of “Smart Grids & Managing Big Utilities.” Over his career, Joseph di Paolantonio has worked in the energy, renewables, aerospace, telecommunications, and information technology industries. His expertise is in data analysis, system engineering, Bayesian statistics, data warehouses, business intelligence, data mining, predictive methods, and very large databases (VLDB). Prior to DataArchon, he served as a VP and Principal Analyst with Constellation Group. He is a member of the Boulder (Colo.) Brain Trust, an organization with a mission “to benefit the Business Intelligence and data management industry by providing pro bono exchange of information between vendors and independent analysts on new trends and technologies and to provide vendors with constructive feedback on their of...
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 these devices generate enough data to learn our behaviors and simplify/improve our lives. What if we could connect everything to everything? I'm not only talking about connecting things to things but also systems, cloud services, and people. Add in a little machine learning and artificial intelligence and now we have something interesting...
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) irreversibly encoded. In his session at Internet of @ThingsExpo, Peter Dunkley, Technical Director at Acision, will look at how this identity problem can be solved and discuss ways to use existing web identities for real-time communication.
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 real-world benefits of WebRTC and explore future possibilities, as WebRTC and IoT intersect to improve customer service.
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 of TeleStax, an Open Source Cloud Communications company that helps the shift from legacy IN/SS7 telco networks to IP-based cloud comms. An early investor in multiple start-ups, he still finds time to code for his companies and contribute to open source projects.
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 machines.
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 services to the modern P2P RTC era of OTT cloud assisted services.
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 comprehension and conference efficiency.
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 to explain some of these concepts including when to use different storage models.
SYS-CON Events announced today that Gridstore™, the leader in software-defined storage (SDS) purpose-built for Windows Servers and Hyper-V, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Gridstore™ is the leader in software-defined storage purpose built for virtualization that is designed to accelerate applications in virtualized environments. Using its patented Server-Side Virtual Controller™ Technology (SVCT) to eliminate the I/O blender effect and accelerate applications Gridstore delivers vmOptimized™ Storage that self-optimizes to each application or VM across both virtual and physical environments. Leveraging a grid architecture, Gridstore delivers the first end-to-end storage QoS to ensure the most important App or VM performance is never compromised. The storage grid, that uses Gridstore’s performance optimized nodes or capacity optimized nodes, starts with as few a...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace. These technological reforms have not only changed computers and smartphones, but are also changing the data processing model for all information devices. In particular, in the area known as M2M (Machine-To-Machine), there are great expectations that information with a new type of value can be produced using a variety of devices and sensors saving/sharing data via the network and through large-scale cloud-type data processing. This consortium believes that attaching a huge number of devic...