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Apollo Commercial Real Estate Finance, Inc. Reports Second Quarter 2014 Financial Results and Declares a Common Stock Quarterly Dividend of $0.40 per Share

35.5% Increase in Operating Earnings per Share

NEW YORK, NY -- (Marketwired) -- 07/29/14 -- Apollo Commercial Real Estate Finance, Inc. (the "Company" or "ARI") (NYSE: ARI) today reported financial results for the quarter and six month period ended June 30, 2014.

Second Quarter 2014 and Recent Highlights

  • Reported Operating Earnings (a non-GAAP financial measure defined below) per share of common stock of $0.42 for the quarter ended June 30, 2014, an increase of 35.5% as compared to Operating Earnings per share of common stock of $0.31 for the quarter ended June 30, 2013;
  • Generated $23.8 million of net interest income from the Company's $1.3 billion investment portfolio, which had a weighted average underwritten internal rate of return ("IRR") of approximately 13.6% and a levered weighted average underwritten IRR of approximately 13.9% at June 30, 2014;
  • Closed $402.3 million of commercial real estate loans and invested $34.7 million of equity into commercial mortgage-backed securities ("CMBS") with an aggregate purchase price of $173.6 million;
  • Amended the Company's master repurchase agreement with JPMorgan Chase Bank, N.A. ("JPM Facility") to increase the total borrowing capacity to $175 million from $100 million and amended the Company's master repurchase agreement with Deutsche Bank AG (the "Deutsche Bank Facility") to increase the total borrowing capacity to $200 million from $100 million;
  • Completed an underwritten public offering of 9,706,000 shares of common stock at a price of $16.35 per share, raising net proceeds of $158.4 million; and
  • Subsequent to quarter end, closed two additional commercial real estate loans totaling $54.5 million and invested $6.4 million of equity into CMBS with an aggregate purchase price of $31.8 million, bringing year to date investments to $733 million.

"ARI has had a great start to 2014, with over $733 million of commercial real estate debt investments closed year-to-date," said Stuart Rothstein, Chief Executive Officer of the Company. "Our Manager continues to invest in building out ARI's investment platform and we believe ARI has developed a reputation as a reliable, creative capital provider. The depth of ARI's platform was evidenced during the quarter, as the Company provided full financing solutions to commercial real estate developers and owners. We continue to see ample investment opportunities for the Company, both within the United States and internationally, and importantly, we believe the credit quality of the Company's investment portfolio remains stable."

Second Quarter 2014 Operating Results
The Company reported Operating Earnings of $18.0 million, or $0.42 per share, for the three months ended June 30, 2014, representing a per share increase of 35.5% as compared to Operating Earnings of $11.7 million, or $0.31 per share, for the three months ended June 30, 2013. Net income available to common stockholders for the three months ended June 30, 2014 was $22.1 million, or $0.51 per share, as compared to net income available to common stockholders of $9.9 million, or $0.27 per share, for the three months ended June 30, 2013.

For the six months ended June 30, 2014, the Company reported Operating Earnings of $32.0 million, or $0.80 per share, representing a 14.3% per share increase as compared to Operating Earnings of $23.7 million, or $0.70 per share, for the six months ended June 30, 2013. Net income available to common stockholders for the six months ended June 30, 2014 was $37.8 million, or $0.94 per share, as compared to net income available to common stockholders of $20.0 million, or $0.59 per share, for the six months ended June 30, 2013.

Second Quarter 2014 Investment and Portfolio Activity
New Investments - During the second quarter, ARI committed to invest $576.0 million.

Commenting on the investment activity, Scott Weiner, the Manager's Chief Investment Officer, said: "The second quarter of 2014 was ARI's most active in the Company's five-year history and our investments were diversified across our target asset classes, as well as across property types and geographies. In addition, as the Company expanded its capital base, during the quarter ARI was able to principal two larger loans and then syndicate portions of these loans to third parties."

ARI's second quarter investments included the following transactions:

  • $210.0 million fixed-rate, five-year first mortgage loan secured by a portfolio of 229 single-family and condominium homes located across North and Central America, the Caribbean and England. Simultaneously with closing, ARI syndicated $104.0 million of the loan to other funds managed by affiliates of Apollo Global Management, LLC and retained $106.0 million of the first mortgage loan. The first mortgage loan has an appraised loan-to-value ("LTV") of approximately 49% and was underwritten to generate an IRR of approximately 8.2% on an unlevered basis. ARI anticipates financing the investment and on a levered basis, the investment was underwritten to generate an IRR of approximately 15%;
  • $54.0 million (£ 32.1 million) fixed rate, nine-month mezzanine loan in connection with the purchase of an existing commercial building that is expected to be re-developed into a 173,000 salable square foot residential condominium in Central London. The mezzanine loan is part of a $126.1 million (£ 75 million) pre-development loan comprised of a $72.1 million (£ 42.9 million) first mortgage and ARI's $54.0 million (£ 32.1 million) mezzanine loan. In order to mitigate foreign currency exchange risk, ARI entered into a forward contract to fix the exchange rate. ARI will have the option, but not the obligation, to participate in the development financing. ARI's loan basis represents a 78% appraised LTV. The mezzanine loan has been underwritten to generate an IRR of approximately 12%;
  • $155.0 million floating-rate whole loan secured by the first mortgage and equity interests in an entity that owns a resort hotel in Aruba. The property consists of 442 hotels rooms, 114 timeshare units, two casinos and approximately 131,500 square feet of retail space. In June, ARI syndicated a $90.0 million senior participation in the loan and retained a $65.0 million junior participation in the loan. The whole loan has a three-year term with two one-year extension options and an appraised LTV of 60%. The junior participation was underwritten to generate an IRR of approximately 14%;
  • $34.0 million floating-rate first mortgage loan for the acquisition of a newly renovated 301-key hotel located in downtown Philadelphia. The first mortgage has a three-year term with two one-year extension options and an underwritten loan-to-cost of 58%. The first mortgage loan was underwritten to generate an IRR of approximately 13% on a levered basis;
  • $65.1 million floating-rate first mortgage loan ($20.0 million of which was funded at closing) for the development of a 40-unit luxury residential condominium in downtown Bethesda, Maryland. ARI's loan has a 30-month term with a six-month extension option. On a fully funded basis, the first mortgage loan has a projected appraised loan-to-net sellout of approximately 67% and has been underwritten to generate an IRR of approximately 14%;
  • $28.3 million fixed-rate mezzanine loan secured by the equity interest in a 795-key full-service hotel and 226,000 square foot office and retail condominium in the Times Square neighborhood of New York City. The mezzanine loan has a remaining six month term and an underwritten LTV of 67%. The mezzanine loan was underwritten to generate an IRR of approximately 8%;
  • $50.0 million floating-rate mezzanine loan secured by the equity interest in a portfolio of 167 wholly owned skilled nursing facilities located across 19 states. The mezzanine loan was issued in connection with the refinancing of the portfolio and paid off the existing $47.0 million mezzanine loan ARI acquired in 2013. The new mezzanine loan has a two-year initial term with three one-year extension options and an underwritten LTV of 62%. The mezzanine loan was underwritten to generate an IRR of approximately 12%; and
  • $34.7 million of equity for the acquisition of CMBS with an aggregate purchase price of $173.6 million. ARI financed the CMBS utilizing $138.9 million of borrowings under the Deutsche Bank Facility. The CMBS have a weighted average life of 2.8 years and have been underwritten to generate an IRR of approximately 17%.

Second Quarter 2014 Capital Markets Activity
Amendment of JP Morgan Facility and Deutsche Bank Facility - ARI amended the Company's JPMorgan Facility to expand the total borrowing capacity to $175 million from $100 million. The facility expires in January 2015. In addition, ARI amended the Company's Deutsche Bank Facility to expand the total borrowing capacity to $200 million from $100 million. The Deutsche Bank Facility expires in April 2018 and is used to finance the acquisition of CMBS. At June 30, 2014, the JPMorgan Facility had an outstanding balance of $146.7 million and the Deutsche Bank Facility had an outstanding balance of $138.9 million.

Common Stock Offering - In May, the Company completed a public offering of 9,706,000 shares of common stock at a price of $16.35 per share, including a portion of the underwriters' option to purchase additional shares, raising net proceeds of $158.4 million.

Quarter End Portfolio Summary
The following table sets forth certain information regarding the Company's investments at June 30, 2014 ($ amounts in thousands):



                                                            Current  Levered
                                                           Weighted Weighted
                                                            Average  Average
                         Weighted           Cost   Equity   Under-   Under-
              Amortized  Average             of      at     written  written
 Description    Cost      Yield     Debt    Funds  Cost(1)  IRR(2)   IRR(3)
------------ ---------- --------- -------- ------ -------- -------- --------
First
 mortgage
 loans       $  343,810      8.4% $146,698   2.7% $197,112    15.0%    16.4%
Subordinate
 loans(4)       659,045      11.9        -      -  659,045     12.8     12.8
CMBS            339,724       6.3  299,526    3.1   70,325     15.4     15.5
             ---------- --------- -------- ------ -------- -------- --------
Total/
 Weighted
 Average     $1,342,579      9.6% $446,224   2.9% $926,482    13.6%    13.9%
             ========== ========= ======== ====== ======== ======== ========


(1) Includes $30,127 of restricted cash related to the Company's repurchase facility with UBS AG (the "UBS Facility").

(2) The underwritten IRR for the investments shown in the above table and elsewhere in this press release reflect the returns underwritten by ACREFI Management, LLC, the Company's external manager (the "Manager"), calculated on a weighted average basis assuming no dispositions, early prepayments or defaults but assuming that extension options are exercised and that the cost of borrowings under the Wells Facility remains constant over the remaining term. With respect to certain loans, the underwritten IRR calculation assumes certain estimates with respect to the timing and magnitude of future fundings for the remaining commitments and associated loan repayments, and assumes no defaults. IRR is the annualized effective compounded return rate that accounts for the time-value of money and represents the rate of return on an investment over a holding period expressed as a percentage of the investment. It is the discount rate that makes the net present value of all cash outflows (the costs of investment) equal to the net present value of cash inflows (returns on investment). It is derived from the negative and positive cash flows resulting from or produced by each transaction (or for a transaction involving more than one investment, cash flows resulting from or produced by each of the investments), whether positive, such as investment returns, or negative, such as transaction expenses or other costs of investment, taking into account the dates on which such cash flows occurred or are expected to occur, and compounding interest accordingly. There can be no assurance that the actual IRRs will equal the underwritten IRRs shown in the table. See "Item 1A--Risk Factors--The Company may not achieve its underwritten internal rate of return on its investments which may lead to future returns that may be significantly lower than anticipated" included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 for a discussion of some of the factors that could adversely impact the returns received by the Company from the investments shown in the table over time.

(3) The Company's ability to achieve its underwritten levered weighted average IRR with regard to its portfolio of first mortgage loans is additionally dependent upon the Company utilizing the JPMorgan Facility or any replacement facility with similar terms and re-borrowing approximately $28,302 in total. Without such re-borrowing, the levered weighted average underwritten IRRs will be as indicated in the current weighted average underwritten IRR column above.

(4) Subordinate loans are net of a participation sold during June 2014. ARI presents the participation sold as both assets and non-recourse liabilities because the participation does not qualify as a sale according to GAAP. At June 30, 2014, ARI had one such participation sold with a carrying amount of $89,182.

Loan-to-Value
At June 30, 2014, the Company's commercial real estate loan portfolio, not including CMBS, had a weighted average LTV of 58%. Within the commercial real estate loan portfolio, the first mortgage loans had a weighted average LTV of 48% and the subordinate loans had a weighted average LTV of 64%.

Book Value
The Company's book value per share at June 30, 2014 was $16.30, as compared to book value per share of $16.21 at March 31, 2014. For purposes of GAAP accounting, the Company carries loans at amortized cost and its CMBS are marked to market. Management has estimated that the fair value of the Company's net assets at June 30, 2014 was approximately $9.8 million greater than the carrying value as of the same date, assuming debt is valued at its par settlement amount. This difference represents a premium of $0.21 per share over the Company's book value as of June 30, 2014, and results in an estimated market value per share of approximately $16.51.

Subsequent Events
New Investments - Subsequent to quarter end, ARI closed two commercial real estate loan transactions totaling approximately $54.5 million and invested $6.4 million of equity into CMBS with an aggregate purchase price of $31.8 million. The loan transactions include the following:

  • $20.0 million floating-rate mezzanine loan secured by the equity interest in a 280-key hotel in the NoMad neighborhood of New York City. The mezzanine loan has a two-year initial term and three one-year extension options and an appraised LTV of 61%. The mezzanine loan was underwritten to generate an IRR of approximately 12%; and
  • $34.5 million ($30.0 million of which was funded at closing) floating-rate, first mortgage loan secured by a newly constructed, Class-A, 63-unit multifamily property located in Brooklyn, New York, which also includes approximately 7,300 square feet of retail space and 31 parking spaces. The first mortgage loan has a two-year initial term with three one-year extension options and an appraised LTV of 63% based upon the initial funding. The future funding is contingent upon the property achieving certain occupancy and cash flow hurdles. ARI anticipates financing the loan, and on a levered basis, the loan was underwritten to generate an IRR of approximately 12%.

Dividend - ARI's Board of Directors declared a dividend of $0.40 per share of common stock, which is payable on October 15, 2014 to common stockholders of record on September 30, 2014.

Definition of Operating Earnings
Operating Earnings is a non-GAAP financial measure that is used by the Company to approximate cash available for distribution and is defined by the Company as net income available to common stockholders, computed in accordance with GAAP, adjusted for (i) equity-based compensation expense (a portion of which may become cash-based upon final vesting and settlement of awards should the holder elect net share settlement to satisfy income tax withholding), (ii) any unrealized gains or losses or other non-cash items included in net income available to common stockholders and (iii) the non-cash amortization expense related to the reclassification of a portion of the senior convertible notes to stockholders' equity in accordance with GAAP.

Reconciliation of Operating Earnings to Net Income Available to Common Stockholders
The tables below reconcile Operating Earnings and Operating Earnings per share with net income available to common stockholders and net income available to common stockholders per share for the three and six month periods ended June 30, 2014 and June 30, 2013 ($ amounts in thousands, except share and per share data):



                                 Three                   Three
                                 Months                  Months
                                 Ended      Earnings     Ended      Earnings
                                June 30,   Per Share    June 30,   Per Share
                                  2014     (Diluted)      2013     (Diluted)
                              -----------  ---------  -----------  ---------
Operating Earnings:
Net income available to
 common stockholders          $    22,098  $    0.51  $     9,929  $    0.27
Adjustments:
 Unrealized (gain)/loss on
  securities                       (4,749)     (0.11)       1,421       0.03
 Unrealized (gain)/loss on
  derivative instruments            1,093       0.03          (57)         -
 Foreign currency gain               (959)     (0.02)           -          -
 Equity-based compensation
  expense                             362       0.01          428       0.01
 Amortization of convertible
  notes related to equity
  reclassification                    200          -            -          -
                              -----------  ---------  -----------  ---------
Total adjustments:                 (4,053)     (0.09)       1,792       0.04
                              -----------  ---------  -----------  ---------
Operating Earnings            $    18,045  $    0.42  $    11,721  $    0.31
                              ===========  =========  ===========  =========

Basic weighted average shares
 ofcommon stock outstanding:   42,888,747              36,880,410
Diluted weighted average
 shares ofcommon stock
 outstanding:                  43,099,354              37,373,885




                               Six Months              Six Months
                                 Ended      Earnings     Ended      Earnings
                                June 30,   Per Share    June 30,   Per Share
                                  2014     (Diluted)      2013     (Diluted)
                              -----------  ---------  -----------  ---------
Operating Earnings:
Net income available to
 common stockholders          $    37,819  $    0.94  $    20,001  $    0.59
Adjustments:
 Unrealized (gain)/loss on
  securities                       (6,934)     (0.17)       2,500       0.07
 Unrealized (gain)/loss on
  derivative instruments            1,093       0.03         (130)         -
 Foreign currency gain               (959)     (0.02)           -          -
 Equity-based compensation
  expense                             788       0.02        1,311       0.04
 Amortization of convertible
  notes related to equity
  reclassification                    229          -            -          -
                              -----------  ---------  -----------  ---------
Total adjustments:                 (5,783)     (0.14)       3,681       0.11
                              -----------  ---------  -----------  ---------
Operating Earnings            $    32,036  $    0.80  $    23,682  $    0.70
                              ===========  =========  ===========  =========

Basic weighted average shares
 ofcommon stock outstanding:   40,021,722              33,511,889
Diluted weighted average
 shares ofcommon stock
 outstanding:                  40,236,109              33,946,329


Teleconference Details:
The Company will host a conference call to discuss its financial results on Wednesday, July 30, 2014 at 10:00 a.m. Eastern Time. Members of the public who are interested in participating in the Company's second quarter 2014 earnings teleconference call should dial from the U.S., (877) 331-6553, or from outside the U.S., (760) 666-3769, shortly before 10:00 a.m. and reference the Apollo Commercial Real Estate Finance, Inc. Teleconference Call (number 69283340). Please note the teleconference call will be available for replay beginning at 1:00 p.m. on Wednesday, July 30, 2014, and ending at midnight on Wednesday, August 6, 2014. To access the replay, callers from the U.S. should dial (855) 859-2056 and callers from outside the U.S. should dial (404) 537-3406, and enter conference identification number 69283340.

Webcast:
The conference call will also be available on the Company's website at www.apolloreit.com. To listen to a live broadcast, please go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. A replay of the call will also be available for 30 days on the Company's website.

Supplemental Information
The Company provides supplemental financial information to offer more transparency into its results and make its reporting more informative and easier to follow. The supplemental financial information is available in the investor relations section of the Company's website at www.apolloreit.com.

About Apollo Commercial Real Estate Finance, Inc.
Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) is a real estate investment trust that primarily originates, invests in, acquires and manages performing commercial real estate mortgage loans, subordinate financings, CMBS and other commercial real estate-related debt investments. The Company is externally managed and advised by ACREFI Management, LLC, a Delaware limited liability company and an indirect subsidiary of Apollo Global Management, LLC, a leading global alternative investment manager with approximately $159.3 billion of assets under management at March 31, 2014.

Additional information can be found on the Company's website at www.apolloreit.com.

Dividend Reinvestment Plan
The Company adopted a Direct Stock Purchase and Dividend Reinvestment Plan (the "Plan"). The Plan provides new investors and existing holders of the Company's common stock with a convenient and economical method to purchase shares of its common stock. By participating in the Plan, participants may purchase additional shares of the Company's common stock by reinvesting some or all of the cash dividends received on their shares of the Company's common stock. In addition, the Plan permits participants to make optional cash investments of up to $10,000 per month, and, with the Company's prior approval, optional cash investments in excess of $10,000 per month, for the purchase of additional shares of the Company's common stock.

The Plan is administered by a division of Wells Fargo Bank, N.A. ("Wells"). Stockholders and other persons may obtain a copy of the Plan prospectus and an enrollment form by contacting Wells at (800) 468-9716 or (651) 450-4064, if outside the United States, or visiting Wells' website at www.shareowneronline.com.

This communication does not constitute an offer to sell or the solicitation of an offer to buy securities.

Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. These forward-looking statements include information about possible or assumed future results of the Company's business, financial condition, liquidity, results of operations, plans and objectives. When used in this release, the words believe, expect, anticipate, estimate, plan, continue, intend, should, may or similar expressions, are intended to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: the return on equity; the yield on investments; the ability to borrow to finance assets; the Company's ability to deploy the proceeds of its capital raises or acquire its target assets; and risks associated with investing in real estate assets, including changes in business conditions and the general economy. For a further list and description of such risks and uncertainties, see the reports filed by the Company with the Securities and Exchange Commission. The forward-looking statements, and other risks, uncertainties and factors are based on the Company's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.



        Apollo Commercial Real Estate Finance, Inc. and Subsidiaries
             Condensed Consolidated Balance Sheets (Unaudited)
              (in thousands--except share and per share data)

---------------------------------------------------------------------------
                                                    June 30,   December 31,
                                                      2014         2013
                                                   ----------  ------------
Assets:
  Cash                                             $   63,335  $     20,096
  Restricted cash                                      30,127        30,127
  Securities available-for-sale, at estimated fair
   value                                               23,281        33,362
  Securities, at estimated fair value                 324,724       158,086
  Commercial mortgage loans, held for investment      343,810       161,099
  Subordinate loans, held for investment              748,227       497,484
  Interest receivable                                  15,183         6,022
  Deferred financing costs, net                         5,088           628
  Other assets                                            975           600
                                                   ----------  ------------
Total Assets                                       $1,554,750  $    907,504
                                                   ==========  ============

Liabilities and Stockholders' Equity
Liabilities:
  Borrowings under repurchase agreements           $  446,224  $    202,033
  Convertible senior notes, net                       139,362             -
  Participations sold                                  89,182             -
  Derivative instrument                                 1,093             -
  Accounts payable and accrued expenses                 5,260         2,660
  Payable to related party                              2,966         2,628
  Dividends payable                                    20,665        17,227
                                                   ----------  ------------
Total Liabilities                                     704,752       224,548

Stockholders' Equity:
  Preferred stock, $0.01 par value, 50,000,000
   shares authorized and 3,450,000 shares issued
   and outstanding in 2014 and 2013                        35            35
  Common stock, $0.01 par value, 450,000,000
   shares authorized, 46,848,675 and 36,888,467
   shares issued and outstanding in 2014 and 2013,
   respectively                                           468           369
  Additional paid-in-capital                          860,421       697,610
  Retained earnings (accumulated deficit)             (10,132)      (14,188)
  Accumulated other comprehensive loss                   (794)         (870)
                                                   ----------  ------------
Total Stockholders' Equity                            849,998       682,956
                                                   ----------  ------------
Total Liabilities and Stockholders' Equity         $1,554,750  $    907,504
                                                   ==========  ============




        Apollo Commercial Real Estate Finance, Inc. and Subsidiaries
         Condensed Consolidated Statement of Operations (Unaudited)
              (in thousands--except share and per share data)

                            Three months ended         Six months ended
                                 June 30,                  June 30,
                             2014         2013         2014         2013
                         -----------  -----------  -----------  -----------
Net interest income:
  Interest income from
   securities            $     4,366  $     3,014  $     6,785  $     6,101
  Interest income from
   commercial mortgage
   loans                       6,438        3,676       10,449        7,268
  Interest income from
   subordinate loans          18,238       11,498       32,968       22,953
  Interest income from
   repurchase agreements           -            -            -            2
  Interest expense            (5,258)        (955)      (7,015)      (2,024)
                         -----------  -----------  -----------  -----------
Net interest income           23,784       17,233       43,187       34,300

Operating expenses:
  General and
   administrative
   expenses (includes
   $362 and $788 of
   equity-based
   compensation in 2014
   and $428 and $1,311
   in 2013,
   respectively)              (1,479)      (1,437)      (2,921)      (3,333)
  Management fees to
   related party              (2,966)      (2,600)      (5,531)      (4,759)
                         -----------  -----------  -----------  -----------
Total operating expenses      (4,445)      (4,037)      (8,452)      (8,092)
  Interest income from
   cash balances                   4           16            4           16
  Unrealized gain/(loss)
   on securities               4,749       (1,421)       6,934       (2,500)
  Foreign currency gain          959            -          959            -
  Loss on derivative
   instruments (includes
   $1,093 and $1,093 of
   unrealized losses in
   2014 and $57 and $130
   of unrealized gains
   in 2013,
   respectively)              (1,093)          (2)      (1,093)          (3)
                         -----------  -----------  -----------  -----------
Net income                    23,958       11,798       41,539       23,721
                         -----------  -----------  -----------  -----------
Preferred dividend            (1,860)      (1,860)      (3,720)      (3,720)
                         -----------  -----------  -----------  -----------
Net income available to
 common stockholders     $    22,098  $     9,929  $    37,819  $    20,001
                         ===========  ===========  ===========  ===========

Basic and diluted net
 income per share of
 common stock            $      0.51  $      0.27  $      0.94  $      0.59
                         ===========  ===========  ===========  ===========

Basic weighted average
 shares of common stock
 outstanding              42,888,747   36,880,410   40,021,722   33,511,889
                         ===========  ===========  ===========  ===========
Diluted weighted average
 shares of common stock
 outstanding              43,099,354   37,373,885   40,236,109   33,946,329
                         ===========  ===========  ===========  ===========

Dividend declared per
 share of common stock   $      0.40  $      0.40  $      0.80  $      0.80
                         ===========  ===========  ===========  ===========


CONTACT:
Hilary Ginsberg
Investor Relations
(212) 822-0767


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The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com...
Verizon Enterprise Solutions is simplifying the cloud-purchasing experience for its clients, with the launch of Verizon Cloud Marketplace, a key foundational component of the company's robust ecosystem of enterprise-class technologies. The online storefront will initially feature pre-built cloud-based services from AppDynamics, Hitachi Data Systems, Juniper Networks, PfSense and Tervela. Available globally to enterprises using Verizon Cloud, Verizon Cloud Marketplace provides a one-stop shop fo...
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