General Imaging, the worldwide exclusive licensee for GE digital cameras, announced the next generation of GE digital cameras for 2008. Nine all-new models will offer an exciting assortment of additional features, including smile detection, blink detection, upgraded lenses, and LCD screens that adjust to changes in ambient light. One new model, the E1050, makes photography even more fun, adding HDTV, touch-screen and GPS capability.
The 2008 GE models are among the first cameras on the market to offer smile detection and blink detection, two separate functions that allow users to capture their subjects at exactly the right moment.e
Unveiled at the 2008 PMA trade show, the new offerings bring to 15 the total number of cameras in the GE-branded digital camera line. Last year's most popular features - panorama stitching, face detection, in-camera red-eye removal - are all back for 2008, combined with slimmer camera bodies.
Setting a new standard for the term "feature-rich" is the new E1050, which boasts a number of innovative attributes, including:
-- high-definition movie recording
-- HDTV playback capability for both movies and stills
-- User-friendly touch-screen controls to access more features with fewer buttons
-- GPS receiver that allows busy photographers to keep track of exactly where they were when they shot their favorite scenes
Such features are usually found only in higher-priced SLR cameras or camcorders rather than a point-and-shoot digicam like the E1050. And unlike most cameras with HDTV capability, the E1050 does not require an additional "cradle" to support it.
Considering that it also has a 28mm equivalent wide-angle lens, the 10-megapixel, 5X zoom E1050 has everything today's digital camera enthusiast could want - for only $249.99 MSRP.
"For our second year we have retained all the most popular features from the first year, added a long list of exciting new ones, and enhanced overall performance," said Hiroshi "Hugh" Komiya, chairman and CEO of General Imaging.
The new models span the entry-level A series, the ultra-compact G series with folded optics (non-protruding lens), and the mid-priced E series. Many of the new models will begin reaching store shelves by early spring.
All 2008 models will include smile detection and blink detection (two separate functions). The smile detection feature automatically detects when subjects are smiling and captures the photo at that point. The blink detection feature alerts the user if the subjects are blinking, immediately after the photo is captured, allowing the photo to be retaken.
New cameras in the E and G series will also include aspheric, all-glass lenses for sharper images and truer color reproduction, along with auto-adjust LCD screens that adapt to changing light conditions.
Many of the new GE cameras are slimmer than their 2007 counterparts, with the G2 and G3 each measuring a mere 18 mm thick (just under 3/4 of an inch). In some cases, the flash was moved so it would be out of the way of the user's shooting fingers. These changes came in response to consumer feedback to the 2007 models.
"We have said from the beginning that we would be a nimble company that responds to consumer needs, and our new cameras reflect that philosophy," said Rene Buhay, General Imaging's senior vice president for marketing and sales in the Americas. "We think people are going to like what they see."
General Imaging was formed in 2006 when Komiya, who had retired as president of Olympus Imaging Corporation a year earlier, recruited a group of industry veterans to start a new camera company. Komiya first recruited Buhay, whose experience in electronics included work for Ricoh and ArcSoft. He also enlisted the services of a highly respected design team to create a sophisticated camera line loaded with all the best features in the industry.
At the same time, General Electric, which Fortune magazine consistently ranks as the most admired company in the world, was considering entry into the digital camera market and looking for the right licensee to carry the GE brand. General Imaging's vision for developing a high-quality, distinctively designed and technologically advanced line of cameras was a great fit for GE's goals, and a licensing agreement was signed in September 2006.
The first GE digital cameras went on sale on HSN on May 1, with Sears, Kmart and Radio Shack quickly following suit. Numerous other retailers (both online and on land) and distributors have signed on since then. GE digital cameras are now available throughout the U.S., Canada, Latin America, Europe and Asia.
"We have come quite far in a year, that is for certain," Komiya said. "But this is only the beginning for GE digital cameras. We are here for the long term."
Friday, February 1, 2008
A.M. Best Revises Outlook to Stable for The New India Assurance Company Limited
A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating (ICR) of "a-"of The New India Assurance Company Limited (New India) (India). The outlook on both ratings has been revised to stable from negative.
The rating action follows the revision of India's Country Risk Tier by A.M. Best. The ratings also reflect New India's strong risk-adjusted capitalization and leading business position in the Indian market.
A.M. Best has revised the Country Risk Tier of India to Tier III from Tier IV. The revision reflects that A.M. Best has an improved opinion of the potential impact of country-specific factors on New India's financial strength and ability to meet its financial obligations.
New India's risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio, remained strong in 2006-2007. However, the company's risk-adjusted capitalization is highly exposed to the Indian equity market, given 48% of its invested assets are in Indian equities. Adverse movements in the domestic equity market will exert pressure on New India's risk-adjusted capitalization.
New India's business profile remains strong, with the company maintaining its leading business position in the domestic market. However, competitive pressures from other government-owned and private insurers are increasing with New India growing at slower rates than the market for the 12 months to March 2007.
Offsetting factors are the company's continued poor underwriting performance, its heavy reliance on investment income and high investment exposure to the Indian equity market.
New India's underwriting performance remained unfavorable in 2006-2007. However, underwriting losses decreased to INR 6.5 billion (USD 150 million) in 2006-2007 from INR 11.9 billion (USD 275 million) in 2005-2006. New India's combined ratio improved to 112.8% in 2006-2007 (126.9% in 2005-2006) due to reduced underwriting expenses and higher net premium retention. The company expects the ratio to fall below 100% by 2010, led by improvements in claims experience.
As a result of unfavorable underwriting performance, New India has relied heavily on investment income to offset its underwriting losses. A.M. Best remains cautious on the performance of New India's investment portfolio.
Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.
The rating action follows the revision of India's Country Risk Tier by A.M. Best. The ratings also reflect New India's strong risk-adjusted capitalization and leading business position in the Indian market.
A.M. Best has revised the Country Risk Tier of India to Tier III from Tier IV. The revision reflects that A.M. Best has an improved opinion of the potential impact of country-specific factors on New India's financial strength and ability to meet its financial obligations.
New India's risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio, remained strong in 2006-2007. However, the company's risk-adjusted capitalization is highly exposed to the Indian equity market, given 48% of its invested assets are in Indian equities. Adverse movements in the domestic equity market will exert pressure on New India's risk-adjusted capitalization.
New India's business profile remains strong, with the company maintaining its leading business position in the domestic market. However, competitive pressures from other government-owned and private insurers are increasing with New India growing at slower rates than the market for the 12 months to March 2007.
Offsetting factors are the company's continued poor underwriting performance, its heavy reliance on investment income and high investment exposure to the Indian equity market.
New India's underwriting performance remained unfavorable in 2006-2007. However, underwriting losses decreased to INR 6.5 billion (USD 150 million) in 2006-2007 from INR 11.9 billion (USD 275 million) in 2005-2006. New India's combined ratio improved to 112.8% in 2006-2007 (126.9% in 2005-2006) due to reduced underwriting expenses and higher net premium retention. The company expects the ratio to fall below 100% by 2010, led by improvements in claims experience.
As a result of unfavorable underwriting performance, New India has relied heavily on investment income to offset its underwriting losses. A.M. Best remains cautious on the performance of New India's investment portfolio.
Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.
David Gillingham Appointed Dean of Holborn College
Professor David Gillingham has been appointed as the new Dean of Faculty at Holborn College, part of Kaplan's international Higher Education business. David, a leader in business education, will also become an Academic Director within Kaplan Higher Education International (KHEI) and join the KHEI Academic Board.
David is currently Pro-Vice-Chancellor and Director of Entrepreneurship, Education and Internationalisation at Coventry University. Previously, David was Director of Academic Affairs at Dublin Institute of Technology and Dean and Vice-President, Academic and International at ESC Rennes, one of France's 'grand ecoles' where he founded The Network of International Business Schools.
Joining London-based Holborn 1 April, 2008, David will be responsible for directing new programme developments and quality initiatives that will seek to enhance the position of Holborn College as one of the leading independent Higher Education providers in the UK.
Charles Hall, President of Kaplan Higher Education International, said: "We are delighted to welcome David, a widely respected academic and leader in business education. His long and distinguished experience in higher education will further strengthen our Academic Board and management team."
David said: "I am very excited to be joining Holborn College at this stage in its development. I have a clear vision of a strong and vibrant college which will be recruiting new academic staff to support new courses designed to meet the needs of our international students. As we take advantage of the resources of Kaplan Higher Education, we will be introducing new learning technologies and developing new opportunities for students to progress to rewarding professional careers. My first year at Holborn will be spent on strengthening the academic team and developing new courses so that the College can move confidently into the future as one of the major private education providers in the UK higher education sector."
Born in Southampton and educated in England, David has also published widely on business, entrepreneurship, higher education, and human error management. He has taught marketing, particularly industrial and international marketing, and business strategy. David is a Fellow of The Chartered Institute of Marketing and holds Visiting Professorships in Finland and France. He continues to be active in human error research.
Holborn College, in southeast London, offers pre-university entry programmes and specialist law and business degree courses that include among others: LLM in International Trade Law, LLM in Business and Commercial Law, BA in Business Administration, BA in Accountancy, MBA and MSc in International Business Management and specialised MBAs in Marketing, Finance and HRM. Holborn works in partnership with the University of Wales, the University of Huddersfield and Liverpool John Moores University in addition to providing tuition for The University of London external LLB. For more information, please visit: www.holborncollege.ac.uk.
Kaplan's international Higher Education business also operates Kaplan International Colleges in partnership with UK-based universities including the University of Sheffield, the University of Glasgow, Nottingham Trent University, and The University of Liverpool to provide programmes to international students; Dublin Business School, Irelands largest independent college which offers undergraduate and postgraduate degree programmes in business, law and arts; and Kaplan Open Learning, which provides fully online Foundation Degree courses. Parent company Kaplan Inc. was founded 70 years ago and has since become a leading global education company. Kaplan is a subsidiary of The Washington Post Company (NYSE:WPO).
David is currently Pro-Vice-Chancellor and Director of Entrepreneurship, Education and Internationalisation at Coventry University. Previously, David was Director of Academic Affairs at Dublin Institute of Technology and Dean and Vice-President, Academic and International at ESC Rennes, one of France's 'grand ecoles' where he founded The Network of International Business Schools.
Joining London-based Holborn 1 April, 2008, David will be responsible for directing new programme developments and quality initiatives that will seek to enhance the position of Holborn College as one of the leading independent Higher Education providers in the UK.
Charles Hall, President of Kaplan Higher Education International, said: "We are delighted to welcome David, a widely respected academic and leader in business education. His long and distinguished experience in higher education will further strengthen our Academic Board and management team."
David said: "I am very excited to be joining Holborn College at this stage in its development. I have a clear vision of a strong and vibrant college which will be recruiting new academic staff to support new courses designed to meet the needs of our international students. As we take advantage of the resources of Kaplan Higher Education, we will be introducing new learning technologies and developing new opportunities for students to progress to rewarding professional careers. My first year at Holborn will be spent on strengthening the academic team and developing new courses so that the College can move confidently into the future as one of the major private education providers in the UK higher education sector."
Born in Southampton and educated in England, David has also published widely on business, entrepreneurship, higher education, and human error management. He has taught marketing, particularly industrial and international marketing, and business strategy. David is a Fellow of The Chartered Institute of Marketing and holds Visiting Professorships in Finland and France. He continues to be active in human error research.
Holborn College, in southeast London, offers pre-university entry programmes and specialist law and business degree courses that include among others: LLM in International Trade Law, LLM in Business and Commercial Law, BA in Business Administration, BA in Accountancy, MBA and MSc in International Business Management and specialised MBAs in Marketing, Finance and HRM. Holborn works in partnership with the University of Wales, the University of Huddersfield and Liverpool John Moores University in addition to providing tuition for The University of London external LLB. For more information, please visit: www.holborncollege.ac.uk.
Kaplan's international Higher Education business also operates Kaplan International Colleges in partnership with UK-based universities including the University of Sheffield, the University of Glasgow, Nottingham Trent University, and The University of Liverpool to provide programmes to international students; Dublin Business School, Irelands largest independent college which offers undergraduate and postgraduate degree programmes in business, law and arts; and Kaplan Open Learning, which provides fully online Foundation Degree courses. Parent company Kaplan Inc. was founded 70 years ago and has since become a leading global education company. Kaplan is a subsidiary of The Washington Post Company (NYSE:WPO).
Intel and Micron Develop the World's Fastest NAND Flash Memory with 5X Faster Performance
Intel Corporation and Micron Technology Inc. (NYSE:MU) today unveiled a high speed NAND flash memory technology that can greatly enhance the access and transfer of data in devices that use silicon for storage. The new technology -- developed jointly by Intel and Micron and manufactured by the companies' NAND flash joint venture, IM Flash Technologies (IMFT) -- is five times faster than conventional NAND, allowing data to be transferred in a fraction of the time for computing, video, photography and other consumer applications.
The new high speed NAND can reach speeds up to 200 megabytes per second (MB/s) for reading data and 100 MB/s for writing data, achieved by leveraging the new ONFI 2.0 specification and a four-plane architecture with higher clock speeds. In comparison, conventional single level cell NAND is limited to 40 MB/s for reading data and less than 20 MB/s for writing data.
"Micron looks forward to unlocking the possibilities with high speed NAND," said Frankie Roohparvar, Micron vice president of NAND development. "We are working with an ecosystem of key enablers and partners to build and optimize corresponding system technologies that take advantage of its improved performance capabilities. Micron is committed to NAND innovation and designing new features into the technology that create a powerful data storage solution for today's most popular consumer electronic and computing devices."
"The computing market is embracing NAND-based solutions to accelerate system performance through the use of caching and solid-state drives," said Pete Hazen, director of marketing, Intel NAND Products Group. "At up to five times the performance over conventional NAND, the high speed NAND from Intel and Micron, based on the ONFi 2.0 industry standard, will enable new embedded solutions and removable solutions that take advantage of high-performance system interfaces, including PCIe and upcoming standards such as USB 3.0."
For example, the specific performance advantages of high speed NAND in today's most popular devices include:
-- When used in a hybrid hard drive, high speed NAND can allow the system to read and write data anywhere between two or four times the speed when compared to conventional hard drives.
-- With the popularity of digital video cameras and video on demand services, high speed NAND can enable a high-definition movie to be transferred five times faster than conventional NAND.
-- With the pending USB 3.0 interface, high speed NAND is expected to effectively deliver on the increased data transfer rates of the new specification, where conventional NAND would act as the bottleneck in system performance. USB 3.0 is aiming for 10 times the bandwidth of current USB 2.0 solutions, or approximately achieving 4.8 gigabits per second.
-- As NAND continues to move into the PC platform, the Non-Volatile Memory Host Controller Interface (NVMHCI) can take advantage of high speed NAND in solutions such as Intel(R) Turbo Memory, allowing for even better system performance. NVMHCI is designed to provide a standard software programming interface allowing operating system drivers to access NAND flash memory storage in applications such as hard drive caching and solid-state drives.
Additional information on high speed NAND, the applications and opportunities for the technology can be found on Micron's Web site at www.micron.com/highspeednand.
About Intel
Intel, the world leader in silicon innovation, develops technologies, products and initiatives to continually advance how people work and live. Additional information about Intel is available at www.intel.com/pressroom.
About Micron
Micron Technology Inc. is one of the world's leading providers of advanced semiconductor solutions. Through its worldwide operations, Micron manufactures and markets DRAMs, NAND flash memory, CMOS image sensors, other semiconductor components, and memory modules for use in leading-edge computing, consumer, networking, and mobile products. Micron's common stock is traded on the New York Stock Exchange (NYSE) under the MU symbol. To learn more about Micron Technology, Inc., visit www.micron.com.
The new high speed NAND can reach speeds up to 200 megabytes per second (MB/s) for reading data and 100 MB/s for writing data, achieved by leveraging the new ONFI 2.0 specification and a four-plane architecture with higher clock speeds. In comparison, conventional single level cell NAND is limited to 40 MB/s for reading data and less than 20 MB/s for writing data.
"Micron looks forward to unlocking the possibilities with high speed NAND," said Frankie Roohparvar, Micron vice president of NAND development. "We are working with an ecosystem of key enablers and partners to build and optimize corresponding system technologies that take advantage of its improved performance capabilities. Micron is committed to NAND innovation and designing new features into the technology that create a powerful data storage solution for today's most popular consumer electronic and computing devices."
"The computing market is embracing NAND-based solutions to accelerate system performance through the use of caching and solid-state drives," said Pete Hazen, director of marketing, Intel NAND Products Group. "At up to five times the performance over conventional NAND, the high speed NAND from Intel and Micron, based on the ONFi 2.0 industry standard, will enable new embedded solutions and removable solutions that take advantage of high-performance system interfaces, including PCIe and upcoming standards such as USB 3.0."
For example, the specific performance advantages of high speed NAND in today's most popular devices include:
-- When used in a hybrid hard drive, high speed NAND can allow the system to read and write data anywhere between two or four times the speed when compared to conventional hard drives.
-- With the popularity of digital video cameras and video on demand services, high speed NAND can enable a high-definition movie to be transferred five times faster than conventional NAND.
-- With the pending USB 3.0 interface, high speed NAND is expected to effectively deliver on the increased data transfer rates of the new specification, where conventional NAND would act as the bottleneck in system performance. USB 3.0 is aiming for 10 times the bandwidth of current USB 2.0 solutions, or approximately achieving 4.8 gigabits per second.
-- As NAND continues to move into the PC platform, the Non-Volatile Memory Host Controller Interface (NVMHCI) can take advantage of high speed NAND in solutions such as Intel(R) Turbo Memory, allowing for even better system performance. NVMHCI is designed to provide a standard software programming interface allowing operating system drivers to access NAND flash memory storage in applications such as hard drive caching and solid-state drives.
Additional information on high speed NAND, the applications and opportunities for the technology can be found on Micron's Web site at www.micron.com/highspeednand.
About Intel
Intel, the world leader in silicon innovation, develops technologies, products and initiatives to continually advance how people work and live. Additional information about Intel is available at www.intel.com/pressroom.
About Micron
Micron Technology Inc. is one of the world's leading providers of advanced semiconductor solutions. Through its worldwide operations, Micron manufactures and markets DRAMs, NAND flash memory, CMOS image sensors, other semiconductor components, and memory modules for use in leading-edge computing, consumer, networking, and mobile products. Micron's common stock is traded on the New York Stock Exchange (NYSE) under the MU symbol. To learn more about Micron Technology, Inc., visit www.micron.com.
Monster Worldwide Reports Fourth Quarter and Full Year 2007 Results
Monster Worldwide, Inc. (NASDAQ: MNST) reported financial results for the fourth quarter and year ended December 31, 2007.
Total revenue grew 19% to $354 million in the fourth quarter of 2007 from $299 million in the comparable quarter of 2006.
Monster Worldwide, Inc. (NASDAQ: MNST):
-- Total Revenue Increases 19% to $354 Million with Careers International Revenue Growth of 59%
-- Diluted Earnings Per Share from Continuing Operations at $0.36, Including $0.05 Per Share of Pro Forma Adjustments
-- Restructuring Efficiencies Drive Operating Margin Expansion to 18%, Compared with 15% and 13% in the Third and Second Quarters, Respectively
-- Cash Generated from Operating Activities of $64 Million
-- Stock Buyback Authorization Increased by Additional $100 Million
Monster Careers revenue increased 23% to $317 million, compared with $258 million in last year's fourth quarter, led by International revenue growth of 59% to $143 million. North American Careers revenue increased 3% to $174 million in the fourth quarter of 2007. Internet Advertising & Fees revenue was $37 million compared with $40 million in last year's comparable quarter. Consolidated operating income was aided by a $3 million benefit from foreign exchange rates.
Monster Worldwide's deferred revenue balance at December 31, 2007 grew 18% to $524 million over last year's fourth quarter balance of $444 million.
Income from continuing operations was $45 million, or $0.36 per diluted share, in the fourth quarter of 2007, compared to $40 million or $0.31 per diluted share in the 2006 period. Included in income from continuing operations for the three months ended December 31, 2007 is a $0.05 per diluted share impact from costs associated with the restructuring plan, the ongoing stock option investigation and the security breach of the Company's resume database in August. These pro forma adjustments are described in the "Notes Regarding the Use of Non-GAAP Financial Measures" and are reconciled to the nearest GAAP measure in the accompanying tables. Excluding these costs, income from continuing operations in the fourth quarter of 2007 was $52 million, or $0.41 per diluted share, compared to $49 million, or $0.37 per diluted share in the prior year.
At December 31, 2007, the Company's net cash position was $578 million compared with $573 million at December 31, 2006. Cash generated from operating activities was $64 million compared to $45 million in the fourth quarter of 2006. Capital expenditures totaled $16 million in the fourth quarter of 2007. During the quarter, the Company repurchased 2.8 million shares of its common stock for an aggregate cost of $97 million. For the year ended December 31, 2007, the Company repurchased 7.3 million shares of common stock for a total cost of $252 million.
The Company also announced that its Board of Directors increased the Company's current stock repurchase authorization by an additional $100 million, bringing the total authorization to $450 million. Giving effect to the increased authorization and repurchases to date, the Company currently has $253 million remaining under the program.
Sal Iannuzzi, Chairman and Chief Executive Officer of Monster Worldwide, said "We are pleased with our strong fourth quarter operating and financial performance in the face of more challenging domestic conditions in the employment market. During the quarter, we continued the aggressive strategic investment program which we initiated early in the third quarter of 2007. This program was designed to re-energize the Monster brand and foster product innovation and enhanced technology. Monster's strong 19% global revenue growth, combined with the savings generated from the restructuring plan that has funded investments, has allowed us to significantly expand our operating margin since implementing the program."
Mr. Iannuzzi added, "We are encouraged by the early progress we have made in transforming Monster into a company focused on life improvement. We have taken significant steps to enhance our customers' interaction with Monster by providing better and more timely solutions to meet their changing needs. Despite the current weaker economic environment, we are optimistic about our longer-term growth prospects and believe our strategic investments will position Monster to benefit as market conditions improve over time, further strengthening Monster's industry leadership position. Our goal is to build a solid foundation to foster long-term sustainable value for our customers, shareholders and global associates."
Full Year Results
Monster Worldwide reported total revenue of $1,351 million for the year ended December 31, 2007 compared to $1,117 million in 2006, a 21% increase, or 18% before the benefit of foreign exchange rates. Monster Careers revenue grew 24% to $1,195 million compared with $964 million in 2006. Internet Advertising & Fees reported revenue of $156 million, an increase of 2% over the prior year. The Company reported income from continuing operations of $147 million, or $1.13 per diluted share, compared to $154 million or $1.17 per diluted share in the prior year.
Supplemental Financial Information
The Company has made available certain supplemental financial information, in a separate document that can be accessed directly at http://www.monsterworldwide.com/Q407.pdf or through the Company's Investor Relations website at http://ir.monsterworldwide.com.
Conference Call Information
Fourth quarter 2007 results will be discussed on Monster Worldwide's quarterly conference call taking place on January 31, 2008 at 5:00 PM EST. To join the conference call, please dial (888) 551-5973 at 4:50 PM EDT and reference conference ID# 31117131. For those outside the United States, please dial (706) 643-3467 and reference the same conference ID#. The call will begin promptly at 5:00 PM EST. Individuals can also access Monster Worldwide's quarterly conference call online through the Investor Relations section of the Company's website at www.monsterworldwide.com. For a replay of the call, please dial (800) 642-1687 or outside the United States dial (706) 645-9291 and reference ID #31117131. This number is valid until midnight on February 7, 2008.
About Monster Worldwide
Monster Worldwide, Inc. (NASDAQ: MNST), parent company of Monster(R), the premier global online employment solution for more than a decade, strives to bring people together to advance their lives. With a local presence in key markets in North America, Europe, and Asia, Monster works for everyone by connecting employers with quality job seekers at all levels and by providing personalized career advice to consumers globally. Through online media sites and services, Monster delivers vast, highly targeted audiences to advertisers. Monster Worldwide is a member of the S&P 500 Index and the NASDAQ 100. To learn more about Monster's industry-leading products and services, visit www.monster.com. More information about Monster Worldwide is available at www.monsterworldwide.com.
Total revenue grew 19% to $354 million in the fourth quarter of 2007 from $299 million in the comparable quarter of 2006.
Monster Worldwide, Inc. (NASDAQ: MNST):
-- Total Revenue Increases 19% to $354 Million with Careers International Revenue Growth of 59%
-- Diluted Earnings Per Share from Continuing Operations at $0.36, Including $0.05 Per Share of Pro Forma Adjustments
-- Restructuring Efficiencies Drive Operating Margin Expansion to 18%, Compared with 15% and 13% in the Third and Second Quarters, Respectively
-- Cash Generated from Operating Activities of $64 Million
-- Stock Buyback Authorization Increased by Additional $100 Million
Monster Careers revenue increased 23% to $317 million, compared with $258 million in last year's fourth quarter, led by International revenue growth of 59% to $143 million. North American Careers revenue increased 3% to $174 million in the fourth quarter of 2007. Internet Advertising & Fees revenue was $37 million compared with $40 million in last year's comparable quarter. Consolidated operating income was aided by a $3 million benefit from foreign exchange rates.
Monster Worldwide's deferred revenue balance at December 31, 2007 grew 18% to $524 million over last year's fourth quarter balance of $444 million.
Income from continuing operations was $45 million, or $0.36 per diluted share, in the fourth quarter of 2007, compared to $40 million or $0.31 per diluted share in the 2006 period. Included in income from continuing operations for the three months ended December 31, 2007 is a $0.05 per diluted share impact from costs associated with the restructuring plan, the ongoing stock option investigation and the security breach of the Company's resume database in August. These pro forma adjustments are described in the "Notes Regarding the Use of Non-GAAP Financial Measures" and are reconciled to the nearest GAAP measure in the accompanying tables. Excluding these costs, income from continuing operations in the fourth quarter of 2007 was $52 million, or $0.41 per diluted share, compared to $49 million, or $0.37 per diluted share in the prior year.
At December 31, 2007, the Company's net cash position was $578 million compared with $573 million at December 31, 2006. Cash generated from operating activities was $64 million compared to $45 million in the fourth quarter of 2006. Capital expenditures totaled $16 million in the fourth quarter of 2007. During the quarter, the Company repurchased 2.8 million shares of its common stock for an aggregate cost of $97 million. For the year ended December 31, 2007, the Company repurchased 7.3 million shares of common stock for a total cost of $252 million.
The Company also announced that its Board of Directors increased the Company's current stock repurchase authorization by an additional $100 million, bringing the total authorization to $450 million. Giving effect to the increased authorization and repurchases to date, the Company currently has $253 million remaining under the program.
Sal Iannuzzi, Chairman and Chief Executive Officer of Monster Worldwide, said "We are pleased with our strong fourth quarter operating and financial performance in the face of more challenging domestic conditions in the employment market. During the quarter, we continued the aggressive strategic investment program which we initiated early in the third quarter of 2007. This program was designed to re-energize the Monster brand and foster product innovation and enhanced technology. Monster's strong 19% global revenue growth, combined with the savings generated from the restructuring plan that has funded investments, has allowed us to significantly expand our operating margin since implementing the program."
Mr. Iannuzzi added, "We are encouraged by the early progress we have made in transforming Monster into a company focused on life improvement. We have taken significant steps to enhance our customers' interaction with Monster by providing better and more timely solutions to meet their changing needs. Despite the current weaker economic environment, we are optimistic about our longer-term growth prospects and believe our strategic investments will position Monster to benefit as market conditions improve over time, further strengthening Monster's industry leadership position. Our goal is to build a solid foundation to foster long-term sustainable value for our customers, shareholders and global associates."
Full Year Results
Monster Worldwide reported total revenue of $1,351 million for the year ended December 31, 2007 compared to $1,117 million in 2006, a 21% increase, or 18% before the benefit of foreign exchange rates. Monster Careers revenue grew 24% to $1,195 million compared with $964 million in 2006. Internet Advertising & Fees reported revenue of $156 million, an increase of 2% over the prior year. The Company reported income from continuing operations of $147 million, or $1.13 per diluted share, compared to $154 million or $1.17 per diluted share in the prior year.
Supplemental Financial Information
The Company has made available certain supplemental financial information, in a separate document that can be accessed directly at http://www.monsterworldwide.com/Q407.pdf or through the Company's Investor Relations website at http://ir.monsterworldwide.com.
Conference Call Information
Fourth quarter 2007 results will be discussed on Monster Worldwide's quarterly conference call taking place on January 31, 2008 at 5:00 PM EST. To join the conference call, please dial (888) 551-5973 at 4:50 PM EDT and reference conference ID# 31117131. For those outside the United States, please dial (706) 643-3467 and reference the same conference ID#. The call will begin promptly at 5:00 PM EST. Individuals can also access Monster Worldwide's quarterly conference call online through the Investor Relations section of the Company's website at www.monsterworldwide.com. For a replay of the call, please dial (800) 642-1687 or outside the United States dial (706) 645-9291 and reference ID #31117131. This number is valid until midnight on February 7, 2008.
About Monster Worldwide
Monster Worldwide, Inc. (NASDAQ: MNST), parent company of Monster(R), the premier global online employment solution for more than a decade, strives to bring people together to advance their lives. With a local presence in key markets in North America, Europe, and Asia, Monster works for everyone by connecting employers with quality job seekers at all levels and by providing personalized career advice to consumers globally. Through online media sites and services, Monster delivers vast, highly targeted audiences to advertisers. Monster Worldwide is a member of the S&P 500 Index and the NASDAQ 100. To learn more about Monster's industry-leading products and services, visit www.monster.com. More information about Monster Worldwide is available at www.monsterworldwide.com.
Cambridge Technology Enterprises Ltd (CTE) Records Q on Q 277% Growth in Revenue and 192% Growth in Profit Before Tax
Cambridge Technology Enterprises, a global IT services provider recognized as a leading provider of SOA-based solutions and enterprise transformation applications to midsize enterprises and the midsize units of Global 2000 enterprises, announced its Q3 results for the fiscal 2007-2008.
Highlights
Consolidated Results for October to December (Q3-08) quarter ending December 31, 2007:
-- Total revenue on consolidated basis for CTE was Rs 22.31 crores, compared to Rs 5.75 crores of revenue for the quarter ended December 31, 2006, which translates to 277% growth over previous year Q3. With respect to the revenue of Rs 13.29 crores for Q2-FY2007-08 (July-September 2007 quarter); the sequential growth in revenue on QoQ was 67%.
-- Profit before tax was Rs 4.32 crores, compared to Rs 1.48 crores of profit before tax for the quarter ended December 31, 2006, which translates to 192% growth in profit. With respect to the PBT of Rs 2.48 crores for Q2-FY2007-08 (July - September 2007 quarter), the sequential growth in profit QoQ was over 74%.
-- EPS for the period is Rs 2.12 on a paid up capital of Rs 1.58 crores, compared to Rs 1.56 for the quarter ended December 31, 2006, on a paid up capital of Rs 0.951 crores.
-- In this quarter, the company added 17 new customers to its customer base. The number of customers stands at 100.
Others
-- During this quarter, CTE completed acquisition of Q-Soft Systems and Solutions. This strategic acquisition will add an offshore Oracle services portfolio to CTE's service offering in the ERP segment and bring the combined entity closer to CTE's vision of being a 'one-stop shop for IT services for mid-sized enterprises'.
-- The head count of the company stands at 521, compared to 291 on September 30, 2007, reflecting a growth rate of 79%.
Mr. Bhaskar Panigrahi, CEO of Cambridge Technology Enterprises Ltd (CTE), said, "We are very pleased with the third quarter results. With another quarter of solid growth and profitability, we're seeing continued progress operationally, strategically and financially. We remain committed to improving business agility and thereby enhancing customer service. A balanced combination of organic growth and a synergistic acquisition strategy has been the key reason for our sustained profitability and growth. The acquisition of Q-Soft Systems & Solutions will augment CTE's offerings and help CTE move up the value chain."
Ramesh Reddy, Chief Financial Officer, commenting on the results said "We are continuing the trend of significant growth quarter on quarter and are on track to realize our goal to be the leading player in the midsize segment through a balanced mix of inorganic and organic growth oriented strategy. This strategy would help us to acquire larger customer base and broader services capability, while sustaining margins through investments in IP creation and Innovation centers to improve rates and productivity efficiency."
About Cambridge Technology Enterprises
Cambridge Technology Enterprises (CTE) is a global services provider dedicated to serving the midsize market of enterprises and the midsize units of Global 2000 enterprises across the spectrum of business industries. Recognized as a thought leader and innovator of comprehensive Service Oriented Architecture (SOA)-based enterprise transformation and integration solutions and services, CTE provides solutions for all business challenges. A CMMI Level 5 business innovator, CTE offers the same level of expertise to IT as it does to product development, business process outsourcing, and innovation consulting. CTE leverages its dedicated pool of talented professionals and its deep partner network and acts as a general contractor to help midsize enterprises meet today's increased challenges and makes them future ready. CTE is a one-stop-shop for all global service needs. With offices throughout the US and the world, Cambridge Technology Enterprises focuses on local collaboration and global execution.
Highlights
Consolidated Results for October to December (Q3-08) quarter ending December 31, 2007:
-- Total revenue on consolidated basis for CTE was Rs 22.31 crores, compared to Rs 5.75 crores of revenue for the quarter ended December 31, 2006, which translates to 277% growth over previous year Q3. With respect to the revenue of Rs 13.29 crores for Q2-FY2007-08 (July-September 2007 quarter); the sequential growth in revenue on QoQ was 67%.
-- Profit before tax was Rs 4.32 crores, compared to Rs 1.48 crores of profit before tax for the quarter ended December 31, 2006, which translates to 192% growth in profit. With respect to the PBT of Rs 2.48 crores for Q2-FY2007-08 (July - September 2007 quarter), the sequential growth in profit QoQ was over 74%.
-- EPS for the period is Rs 2.12 on a paid up capital of Rs 1.58 crores, compared to Rs 1.56 for the quarter ended December 31, 2006, on a paid up capital of Rs 0.951 crores.
-- In this quarter, the company added 17 new customers to its customer base. The number of customers stands at 100.
Others
-- During this quarter, CTE completed acquisition of Q-Soft Systems and Solutions. This strategic acquisition will add an offshore Oracle services portfolio to CTE's service offering in the ERP segment and bring the combined entity closer to CTE's vision of being a 'one-stop shop for IT services for mid-sized enterprises'.
-- The head count of the company stands at 521, compared to 291 on September 30, 2007, reflecting a growth rate of 79%.
Mr. Bhaskar Panigrahi, CEO of Cambridge Technology Enterprises Ltd (CTE), said, "We are very pleased with the third quarter results. With another quarter of solid growth and profitability, we're seeing continued progress operationally, strategically and financially. We remain committed to improving business agility and thereby enhancing customer service. A balanced combination of organic growth and a synergistic acquisition strategy has been the key reason for our sustained profitability and growth. The acquisition of Q-Soft Systems & Solutions will augment CTE's offerings and help CTE move up the value chain."
Ramesh Reddy, Chief Financial Officer, commenting on the results said "We are continuing the trend of significant growth quarter on quarter and are on track to realize our goal to be the leading player in the midsize segment through a balanced mix of inorganic and organic growth oriented strategy. This strategy would help us to acquire larger customer base and broader services capability, while sustaining margins through investments in IP creation and Innovation centers to improve rates and productivity efficiency."
About Cambridge Technology Enterprises
Cambridge Technology Enterprises (CTE) is a global services provider dedicated to serving the midsize market of enterprises and the midsize units of Global 2000 enterprises across the spectrum of business industries. Recognized as a thought leader and innovator of comprehensive Service Oriented Architecture (SOA)-based enterprise transformation and integration solutions and services, CTE provides solutions for all business challenges. A CMMI Level 5 business innovator, CTE offers the same level of expertise to IT as it does to product development, business process outsourcing, and innovation consulting. CTE leverages its dedicated pool of talented professionals and its deep partner network and acts as a general contractor to help midsize enterprises meet today's increased challenges and makes them future ready. CTE is a one-stop-shop for all global service needs. With offices throughout the US and the world, Cambridge Technology Enterprises focuses on local collaboration and global execution.
Cable Break Causes Wide Internet Outage
At least for a while, the World Wide Web wasn't so worldwide.
Two cables that carry Internet traffic deep under the Mediterranean Sea snapped, disrupting service Thursday across a swath of Asia and the Middle East.
India took one of the biggest hits, and the damage from its slowdowns and outages rippled to some U.S. and European companies that rely on its lucrative outsourcing industry to handle customer service calls and other operations.
"There's definitely been a slowdown," said Anurag Kuthiala, a system engineer at the New Delhi office of Symantec Corp., a security software maker based in California. "We're able to work, but the system is very slow."
While the cause of the damage was not yet known, the scope was wide: Traffic slowed on the Dubai stock exchange, and there was concern that workers who labor for the well-off in the Mideast might not be able to send money home to poor relatives.
Although disruptions to larger U.S. firms were not widespread, the outage raised questions about the vulnerability of the infrastructure of the Internet. One analyst called it a "wake-up call," and another cautioned that no one was immune.
The cables, which lie undersea north of the Egyptian port of Alexandria, were snapped Wednesday just as the working day was ending in India, so the full impact was not apparent until Thursday.
There was speculation a ship's anchor might be to blame. The two cables, named FLAG Europe Asia and SEA-ME-WE 4, are in close proximity.
Egyptian officials said initial attempts to reach the cables were stymied by poor weather. Repairs could take a week once workers arrive at the site, and engineers were scrambling to reroute traffic to satellites and to other cables.
The Egyptian minister of communications and information technology said Internet service in that country had been restored to about 45 percent and would be up to 80 percent by Friday, the state news agency reported.
The snapped cables -- which lie on the sea floor and at some points are no thicker than the average human thumb -- caused problems across an area thousands of miles wide. Bangladesh, Pakistan, Egypt, Qatar, Saudi Arabia, the United Arab Emirates, Kuwait and Bahrain all reported trouble.
But in India, which earns billions of dollars a year from outsourcing, the loss of Internet access was potentially disastrous. The Internet Service Providers' Association of India said the country had lost half its capacity.
TeleGeography, a U.S. research group that tracks submarine cables, said the disruption cut capacity by 75 percent on the route from the Mideast to Europe.
Such large-scale disruptions are rare but not unheard of. East Asia suffered nearly two months of outages and slow service after an earthquake damaged undersea cables near Taiwan in 2006.
In the Mideast, outages caused a slowdown in traffic on Dubai's stock exchange late Wednesday. The exchange was back up by Thursday, but many Middle Eastern businesses were still experiencing difficulties.
There was concern for millions of South Asians who send money home. They do everything from construction to child care for the wealthy and are paid little by local standards -- but their income is often a lifeline for poorer families back in India, Pakistan, Bangladesh and Sri Lanka.
"The system is a bit slow today, but we have not experienced a total breakdown," said Sudhir Kumar Shetty, who runs Abu Dhabi's UAE Exchange, a money transfer firm.
The major test will come Friday, the first day of the month, when thousands of foreign workers are expected to descend on the company's 53 branches to send money home.
With two of the three cables that pass through the Suez Canal cut, Internet traffic from the Middle East and India intended for Europe was forced to reroute eastward, around most of the globe.
In India, the Internet was sluggish, with some users unable to connect at all and others left frustrated by spotty service.
Analysts said India had built up massive amounts of bandwidth in recent years and would likely recover without major economic losses. Larger companies with sophisticated backups appeared equipped to weather the outages well -- but smaller firms said they could lose business if full Internet access was not quickly restored.
"Telecom and bandwidth are the bedrocks of the IT (information-technology) industry," said Ajit Ranade, the chief economist at the Aditya Birla Group, an international manufacturing and services company. "If something happens to the bedrock, obviously the IT industry will suffer."
Many larger U.S. companies said the effect was minimal, partly because the data routes that head east from Asia, under the Pacific Ocean, were intact.
Citigroup Inc. spokesman Samuel Wang said some of his company's customer-service system was affected, but only minimally. He said the bank relied on backup systems and was "back to business as usual."
Intel Corp. said its Indian operation, which employs about 3,000 people and is focused on research and development, has a system with many safeguards built in.
"When one of the nodes goes down, the network is able to reroute itself," said Rahul Bedi, who heads Intel's South Asia business operations.
Mustafa Alani, an analyst at the Dubai-based Gulf Research Center, said the outage should be a "wake-up call" about the need to better protect vital infrastructure.
"This shows how easy it would be to attack" vital networks, such as the Internet, mobile phones and electronic banking and government services.
Wednesday's damage wasn't terrorism -- but it could have been, he said, adding that "when it comes to great technology, it's not about building it, it's how to protect it."
Credits:AP
Two cables that carry Internet traffic deep under the Mediterranean Sea snapped, disrupting service Thursday across a swath of Asia and the Middle East.
India took one of the biggest hits, and the damage from its slowdowns and outages rippled to some U.S. and European companies that rely on its lucrative outsourcing industry to handle customer service calls and other operations.
"There's definitely been a slowdown," said Anurag Kuthiala, a system engineer at the New Delhi office of Symantec Corp., a security software maker based in California. "We're able to work, but the system is very slow."
While the cause of the damage was not yet known, the scope was wide: Traffic slowed on the Dubai stock exchange, and there was concern that workers who labor for the well-off in the Mideast might not be able to send money home to poor relatives.
Although disruptions to larger U.S. firms were not widespread, the outage raised questions about the vulnerability of the infrastructure of the Internet. One analyst called it a "wake-up call," and another cautioned that no one was immune.
The cables, which lie undersea north of the Egyptian port of Alexandria, were snapped Wednesday just as the working day was ending in India, so the full impact was not apparent until Thursday.
There was speculation a ship's anchor might be to blame. The two cables, named FLAG Europe Asia and SEA-ME-WE 4, are in close proximity.
Egyptian officials said initial attempts to reach the cables were stymied by poor weather. Repairs could take a week once workers arrive at the site, and engineers were scrambling to reroute traffic to satellites and to other cables.
The Egyptian minister of communications and information technology said Internet service in that country had been restored to about 45 percent and would be up to 80 percent by Friday, the state news agency reported.
The snapped cables -- which lie on the sea floor and at some points are no thicker than the average human thumb -- caused problems across an area thousands of miles wide. Bangladesh, Pakistan, Egypt, Qatar, Saudi Arabia, the United Arab Emirates, Kuwait and Bahrain all reported trouble.
But in India, which earns billions of dollars a year from outsourcing, the loss of Internet access was potentially disastrous. The Internet Service Providers' Association of India said the country had lost half its capacity.
TeleGeography, a U.S. research group that tracks submarine cables, said the disruption cut capacity by 75 percent on the route from the Mideast to Europe.
Such large-scale disruptions are rare but not unheard of. East Asia suffered nearly two months of outages and slow service after an earthquake damaged undersea cables near Taiwan in 2006.
In the Mideast, outages caused a slowdown in traffic on Dubai's stock exchange late Wednesday. The exchange was back up by Thursday, but many Middle Eastern businesses were still experiencing difficulties.
There was concern for millions of South Asians who send money home. They do everything from construction to child care for the wealthy and are paid little by local standards -- but their income is often a lifeline for poorer families back in India, Pakistan, Bangladesh and Sri Lanka.
"The system is a bit slow today, but we have not experienced a total breakdown," said Sudhir Kumar Shetty, who runs Abu Dhabi's UAE Exchange, a money transfer firm.
The major test will come Friday, the first day of the month, when thousands of foreign workers are expected to descend on the company's 53 branches to send money home.
With two of the three cables that pass through the Suez Canal cut, Internet traffic from the Middle East and India intended for Europe was forced to reroute eastward, around most of the globe.
In India, the Internet was sluggish, with some users unable to connect at all and others left frustrated by spotty service.
Analysts said India had built up massive amounts of bandwidth in recent years and would likely recover without major economic losses. Larger companies with sophisticated backups appeared equipped to weather the outages well -- but smaller firms said they could lose business if full Internet access was not quickly restored.
"Telecom and bandwidth are the bedrocks of the IT (information-technology) industry," said Ajit Ranade, the chief economist at the Aditya Birla Group, an international manufacturing and services company. "If something happens to the bedrock, obviously the IT industry will suffer."
Many larger U.S. companies said the effect was minimal, partly because the data routes that head east from Asia, under the Pacific Ocean, were intact.
Citigroup Inc. spokesman Samuel Wang said some of his company's customer-service system was affected, but only minimally. He said the bank relied on backup systems and was "back to business as usual."
Intel Corp. said its Indian operation, which employs about 3,000 people and is focused on research and development, has a system with many safeguards built in.
"When one of the nodes goes down, the network is able to reroute itself," said Rahul Bedi, who heads Intel's South Asia business operations.
Mustafa Alani, an analyst at the Dubai-based Gulf Research Center, said the outage should be a "wake-up call" about the need to better protect vital infrastructure.
"This shows how easy it would be to attack" vital networks, such as the Internet, mobile phones and electronic banking and government services.
Wednesday's damage wasn't terrorism -- but it could have been, he said, adding that "when it comes to great technology, it's not about building it, it's how to protect it."
Credits:AP
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