News Article | May 15, 2017
Online phishing scams are mainly distributed via emails and/or social networks. Some phishing scams are targeting large and small companies. This cyber threat is called business email compromise (BEC). According to the FBI, since January 2015, there has been a 1300% increase in losses, now totaling over $3 billions of dollars and climbing. On 21 March 2017, the US Department of Justice published an indictment against Evaldas Rimasauskas, for theft of over $100 million In fraudulent email compromise scheme against multinational internet companies. On 27 April 2017, Fortune reported that Facebook and Google fell victim to a phishing scam. Over the course of two years, Google and Facebook wired $100 million to an imposter. Other phishing scams try to attack everyone. On 3 May 2017, over a million Gmail users got hit by a phishing scam called the Google Docs Phishing Scam. It was an OAuth attack. In the Google Docs Scam, the attacker created a fake version of Google Docs and asked for permission to read, write and access the victim's emails. Scam-Block-Plus can be used by businesses for protecting their staff from phishing scams. Scam-Block-Plus can also be used by private people for protecting themselves from phishing scams while reading their emails or visiting their preferred social networks. Scam-Block-Plus prevents phishing scams from stealing private data. When a link in an email is clicked, a new tab is opened in which the linked page is displayed. If the linked page belongs to a website that is not listed on the global trust-list and not listed on the user's private trust-list, then the tab is opened in an incognito mode. The website thinks that the user is logged-out everywhere, including Gmail, Facebook, Twitter, PayPal, etc'. The user can't enter textual data while visiting incognito tabs, and thus can't sign-in or sign-up to Gmail, Facebook, etc'. This blocks phishing scams from doing operations like buying, sharing, and retweeting on behalf of their victims. Scam-Block-Plus also prevents untrusted websites from downloading files, to protect its users from virus injections. Scam-Block-Plus notifies its users when it blocks untrusted websites from doing actions that may compromise their security. You can also download the extension directly from Chrome Web Store
News Article | May 18, 2017
Distribution systems are becoming more complex, and with the addition of numerous distributed generators, the energy supply can be intermittent and challenging to manage. Utilizing BEC's fiber optic network for automation allows for a standardized approach to provide for the reliability, efficiency, safety and cost effectiveness of the power system as well as enhancing grid security. Distribution system automation also allows BEC to better quantify the value of solar during peak conditions. The smart grid automation will eventually lead to predictive strategies; problems can be managed before failure occurs. "This project involved the integration of a wide-range of electric equipment, apparatus and residential solar resources, along with real-time communications for the operation of the electric system. Having access to this data will help us design and plan for more efficient distribution systems, saving members money," said BEC CEO/General Manager William Hetherington. BEC is committed to improving the overall efficiency of the electrical system to provide members with the best possible electric service. With BEC Fiber, and the advances in communication, there has never been a better time to implement automation and integrate data into BEC's operations. About Bandera Electric Bandera Electric Cooperative currently serves more than 25,000 members and provides electric service to more than 34,000 meters in a seven county territory in the Texas Hill Country. As a member-owned cooperative, BEC continually searches for new, innovative programs to promote energy efficiency and quality service. Find more information about BEC at BanderaElectric.com or by calling (866) 226-3372. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/rural-texas-co-op-bec-modernizes-electric-grid-with-distribution-automation-300459773.html
News Article | May 19, 2017
"Apolloware benefits all parties because it provides financial benefits that are correlated directly to the wholesale energy market," said William Hetherington, BEC CEO/general manager. "Since it is a cloud based solution, it is independent from the utility allowing autonomy and transparency of the data." Hetherington says that this transparency of data allows for sophisticated analytics to optimize distribution systems design and operation. Utilities will be able to aggregate solar installations throughout their system and use that information to sell back into the wholesale market. BEC Commercial and residential members will be able to see their system impacts and receive financial benefits by earning capacity reduction credits for production during electrical usage peak times. Commercial and residential members will have a better understanding of when to sell into the market when the price is high, and when to store energy when the price is low. An Apolloware pilot program is underway through the end of 2017. The data obtained will help close the gap between predicted and actual models enabling a quantifiable determination of the benefit of solar production. "This software will be applicable to anyone who generates or stores energy because it allows them to reconcile and capture the full value of their investment," said Hetherington. About BEC Solar BEC Solar is a subsidiary of Bandera Electric Cooperative that has served the Texas Hill Country for more than 79 years. BEC Solar was developed to help members make informed energy decisions. Find more information about BEC Solar at BanderaElectric.com or by calling (866) 226-3372. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/texas-co-op-bec-develops-innovative-software-to-enhance-solar-installations-300460570.html
News Article | May 19, 2017
In this book, Jean Bricmont aims to challenge Richard Feynman’s famous statement that “nobody understands quantum mechanics” and discusses some of the issues that have surrounded this field of theoretical physics since its inception. Bricmont starts by strongly criticising the “establishment” view of quantum mechanics (QM), known as the Copenhagen interpretation, which attributes a key role to the observer in a quantum measurement. The quantum-mechanical wavefunction, indeed, predicts the possible outcomes of a quantum measurement, but not which one of these actually occurs. The author opposes the idea that a conscious human mind is an essential part of the process of determining what outcome is obtained. This interpretation was proposed by some of the early thinkers on the subject, although I believe Bricmont is wrong to associate it with Niels Bohr, who relates the measurement with irreversible changes in the measuring apparatus, rather than in the mind of the human observer. The second chapter deals with the nature of the quantum state, illustrated with discussions of the Stern–Gerlach experiment to measure spin and the Mach–Zender interferometer to emphasise the importance of interference. During the last 20 years or so, much work has been done on “decoherence”. This has shown that the interaction of the quantum system with its environment, which may include the measuring apparatus, prevents any detectable interference between the states associated with different possible measurement outcomes. Bricmont correctly emphasises that this still does not result in a particular outcome being realised. The author’s central argument is presented in chapter five, where he discusses the de Broglie–Bohm hidden-variable theory. At its simplest, it proposes that there are two components to the quantum-mechanical state: the wavefunction and an actual point particle that always has a definite position, although this is hidden from observation until its position is measured. This model claims to resolve many of the conceptual problems thrown up by orthodox QM: in particular, the outcome of a measurement is determined by the position of the particle being measured, while the other possibilities implied by the wavefunction can be ignored because they are associated with “empty waves”. Bricmont shows how all the results of standard QM – particularly the statistical probabilities of different measurement outcomes – are faithfully reproduced by the de Broglie–Bohm theory. This is probably the clearest account of this theorem that I have come across. So why is the de Broglie–Bohm theory not generally accepted as the correct way to understand quantum physics? One reason follows from the work of John Bell, who showed that no hidden-variable theory can reproduce the quantum predictions (now thoroughly verified by experiment) for systems consisting of two or more particles in an entangled state unless the theory includes non-locality – i.e. a faster-than-light communication between the component particles and/or their associated wavefunctions. As this is clearly inconsistent with special relativity, many thinkers (including Bell himself) have looked elsewhere for a realistic interpretation of quantum phenomena. Not so Jean Bricmont: along with other contemporary supporters of the de Broglie–Bohm theory, he embraces non-locality and looks to use the idea to enhance our understanding of the reality he believes underlies quantum physics. In fact he devotes a whole chapter to this topic and claims that non-locality is an essential feature of quantum physics and not just of models based on hidden variables. Other problems with the de Broglie–Bohm theory are discussed and resolved – to the author’s satisfaction at least. These include how the de Broglie–Bohm model can be consistent with the Heisenberg uncertainty principle when it appears to assume that the particle always has a definite position and momentum; he points out that the statistical results of a large number of measurements always agree with conventional predictions, and these include the uncertainty principle. Alternative ways to interpret QM are presented, but the author does not find in them the same advantages as in the de Broglie–Bohm theory. In particular, he discusses the many-worlds interpretation, which assumes that the only reality is the wavefunction and that, rather than collapsing at a measurement, this produces branches that correspond to all measurement outcomes. One of the consequences of decoherence is that there can be no interaction between the possible measurements, and this means that no branch can be aware of any other. It follows that, even if a human observer is involved, each branch can contain a copy of him or her who is unaware of the others’ presence. From this point of view, all the possible measurement outcomes co-exist – hence the term “many worlds”. Apart from its ontological extravagance, the main difficulty with many-worlds theory is that it is very hard to see how the separate outcomes can have different probabilities when they all occur simultaneously. Many-worlds supporters have proposed solutions to this problem, which do not satisfy Bricmont (and, indeed, myself), who emphasises that this is not a problem for the de Broglie–Bohm theory. A chapter is also dedicated to a brief discussion of philosophy, concentrating on the concept of realism and how it contrasts with idealism. Unsurprisingly, it concludes that realists want a theory describing what happens at the micro scale that accounts for predictions made at the macro scale – and that de Broglie–Bohm provide just such a theory. The book concludes with an interesting account of the history of QM, including the famous Bohr–Einstein debate, the struggle of de Broglie and Bohm for recognition, and the influence of the politics of the time. This is a clearly written and interesting book. It has been very well researched, containing more than 500 references, and I would thoroughly recommend it to anyone who has an undergraduate knowledge of physics and mathematics and an interest in foundational questions. Whether it actually lives up to its title is for each reader to judge. This book deals with the fascinating topics of Bose–Einstein condensation (BEC) and superfluidity. The main emphasis is on providing the formalism to describe these phases of matter as observed in the laboratory. This is far from the idealised studies that originally predicted BEC and are essential to interpret the experimental observations. BEC was predicted in 1925 by Einstein, based on the ideas of Satyendra Nath Bose. It corresponds to a new phase of matter where bosons accumulate at the lowest energy level and develop coherent quantum properties at a macroscopic scale. These properties may correspond to phenomena that seem impossible from an everyday perspective. In particular, BEC lies behind the theory of superfluids, which are fluids that flow without dissipating energy and rotate without generating vorticity – if we except quantised vortices, which are a sort of topological defect. Experimentally, the first BEC from dilute gases was observed in the laboratory in 1995, recognised by the 2001 Nobel Prize in Physics. Since then, there has been an explosion of interest and new results in the field. It is thus timely that two of its leading experts have updated and extended their volume on BEC to summarise the theoretical aspects of this phase of matter. The authors also describe in detail how superfluid phenomena can occur for Fermi gases in the presence of interactions. The book is relatively heavy in formalism, which is justified by the wide range of phenomena covered in a relatively concise volume. It starts with some basics about correlation functions, condensation and statistical mechanics. Next, it delves into the simplest systems for which BEC can occur: weakly coupled dilute gases of bosonic particles. The authors describe different approaches to the BEC phase, including the works of Landau and Bogoliubov. They also introduce the Gross–Pitaevskii equation and show its importance in the description of superfluids. Superfluidity is explained in great detail, in particular the occurrence of quantised vortices. The second part describes how to adapt the theoretical formalism introduced in the first part to realistic traps where BEC is observed. This is very important to connect theoretical descriptions to laboratory research, for instance to predict in which experimental configurations a BEC will appear and how to characterise it. Part three deals with BEC in fermionic systems, which is possible if the fermions interact and pair-up into bosonic structures. These fermionic phases exhibit superfluid properties and have been created in the laboratory, and the authors consider fermionic condensates in realistic traps. The final part is devoted to new phenomena appearing in mixed bosonic–fermionic systems. The book is a good resource for the theoretical description of BEC beyond the idealised configurations that are described in many texts. The concise style and large amount of notation requires constant effort from the reader, but seems inevitable to explain many of the surprising phenomena appearing in BECs. The book, perhaps combined with others, will provide the reader with a clear overview of the topic and latest theoretical developments in the field. The text is enhanced by the many figures and plots presenting experimental data. This book contains the proceedings of the Thorium Energy Conference (ThEC13), held in October 2013 at CERN, which brought together some of the world’s leading experts on thorium technologies. According to them, nuclear energy based on a thorium fuel cycle is safer and cleaner than the one generated from uranium. In addition, long-lived waste from existing power plants could be retrieved and integrated into the thorium fuel cycle to be transformed into a stable material while generating electricity. The technology required to implement this type of fuel cycle is already being developed, nevertheless much effort and time is still needed. The ThEC13 conference saw the participation of high-level speakers from 30 countries, such as the Nobel prize laureates Carlo Rubbia and Jack Steinberger, the then CERN Director-General Rolf Heuer, and Hans Blix, former director-general of the International Atomic Energy Agency (IAEA), to name a few. Collecting the contributions of the speakers, this book offers a detailed technical review of thorium-energy technologies from basic R&D to industrial developments, and is thus a tool for informed debates on the future of energy production and, in particular, on the advantages and disadvantages of different nuclear technologies. The aim of this book is to provide undergraduate students taking classes in the physical sciences with the fundamental-mathematics tools they need to proceed with their studies. In the first part the author introduces core mathematics, starting from basic concepts such as functions of one variable and complex numbers, and moving to more advanced topics including vector spaces, fields and operators, and functions of a complex variable. The second part shows some of the copious applications of these mathematics tools to physics. When introducing complex physics laws and theories, including Maxwell’s equations, special relativity and quantum theory, the author tries to present the material in an easily intelligible way. The author also emphasises the direct connection between the conceptual basis of these physics topics and the mathematical tools provided in the first part of the text. Two appendices of formulas conclude the book. A large number of problems are included but the solutions are only made available on a password-protected website for lecturers.
News Article | April 27, 2017
Falling for an impostor's email is easier than you might think. Imagine this scenario: You work for a large company that has been involved in acquisitions. Your job is to pay the bills. One morning, you get an email from your CEO who’s travelling. He wants you to do a wire transfer so that he can start the process of acquiring another company. And he doesn’t want you to tell anyone until the deal is done. It’s not uncommon for your CEO to email you about wiring money. And it makes sense that he doesn’t want the news to leak. This is an example of business email compromise (BEC), an attack that has hit more than 22,000 organisations around the world and cost an estimated $3.08 billion since the FBI began tracking it in January 2015. BEC attacks use email to trick people into wiring money or sending sensitive corporate information such as employees’ personal data. Fortunately, you can prevent BEC attacks from succeeding. Consider this guide a starting point. Learn about the factors behind the surge of BEC attacks, what to do if it happens to you, and most important, how to how to avoid falling victim in the first place.
News Article | May 4, 2017
IRONSCALES, the leader in anti email phishing technologies, today announced that it successfully detected and remediated yesterday’s Gmail and Google Docs phishing attack for its customers across four continents. The complex phishing event, which is projected to have compromised millions of Google apps users worldwide, was reported by several employees of IRONSCALES’ customers in real-time, which triggered IronTraps, its automatic email phishing remediation solution. Once reported, the email was removed from infected mailboxes and attack intelligence was automatically shared with IRONSCALES’ customers via Federation, its global email phishing intelligence network, which prevented the malicious email from affecting other organizations. The time from the first email landing in an employee mailbox until enterprise-wide remediation of all infected mailboxes was under 10 minutes. “Yesterday’s attack is another example of how sophisticated attackers have become with using phishing campaigns to bypass cyber defenses,” said Eyal Benishti, founder and CEO of IRONSCALES. “Organizations are currently spending millions of dollars on cybersecurity solutions that neglect to combat the root cause of breaches - phishing emails. IRONSCALES automated email phishing response technologies are uniquely suited to identify and remediate all types of phishing and email spoofing /impersonation (BEC) attacks before damages can occur.” IRONSCALES customers on four continents spanning the logistics, manufacturing, agriculture, energy, education and satellite services industries, among others, were targeted by yesterday’s phishing attack. In total, several hundred mailboxes were remediated. “Even though this specific attack made waves in the media, IRONSCALES is spotting and responding to similar attacks on a daily basis,” added Benishti. IRONSCALES provides a multi-layered approach to prevent, detect and respond to today’s sophisticated email phishing attacks. By combining human awareness training with automatic incident response, automatic remediation and real-time actionable intelligence sharing, IRONSCALES reduces the time from phishing attack discovery to enterprise-wide remediation from months to seconds, without requiring any SOC team involvement. For more information on IRONSCALES, visit http://www.ironscales.com and follow @ironscales on Twitter. About IRONSCALES IRONSCALES is the leader in anti email phishing technologies. Using a multi-layered approach to prevent, detect and respond to today’s sophisticated email phishing attacks expedites the time from phishing attack to remediation from weeks to seconds, without ever needing the SOC team's involvement. Headquartered in Raanana, Israel, IRONSCALES was founded by a team of security researchers, IT and penetration testing experts, as well as specialists in the field of effective interactive training, in response to the increasing phishing epidemic that today costs companies millions of dollars annually. It was incubated in the 8200 EISP, the top program for cyber security ventures, founded by alumni of the Israel Defense Forces’ elite Intelligence Technology unit.
News Article | April 21, 2017
Graphene - Here's What You Should Know Negative mass, a concept that mostly remained in the realm of speculative theories, has been physically observed by scientists from the Washington State University. The concept got traction by enthusiasts who argue that since electric charges can be positive or negative, then the matter can also take up positive or negative mass. Proponents of the existence of negative mass were using it as a tool for interpreting wormholes, which are cosmological tunnels supposed to exist between two points of the universe. The conceptual patronage for wormholes came from physicists such as Ludwig Flamm, Albert Einstein, and Nathan Rosen, who believed that black holes are stretchable and envisaged their inter-linkages with implications of negative mass properties for such transits. A wormhole has no observational evidence to back it. In theory, it is considered the medium of intergalactic travel. However, negative mass completely overturns the conventional laws of motion. The Newton's laws of motion state that when an object is pushed, acceleration works in the direction to which the object has been shoved. "With negative mass, if you push something, it accelerates toward you," said Michael Forbes, a physicist at Washington State University and co-author of the paper. That means an object with negative mass is defying laws of motion, which hold force as a product of mass multiplied by the acceleration (F=ma) of the object, and acting in the reverse direction. The concept of negative mass was fist propounded by physicist Hermann Bondi in a paper published in 1957. He argued that negative mass is a possibility given that there are negative electric charges. In creating the preliminary conditions required for observing negative mass, the team led by Peter Engels of Washington State University (WSU) cooled rubidium atoms just above the temperature of absolute zero, close to -273C for making the Bose-Einstein Condensate. In the BEC state, the particles will move slowly and act like waves in accordance with quantum mechanics. In the superfluid state, the flow will be without loss of energy. In the next step, the researchers used lasers to kick the rubidium atoms back and forth for making changes in the way they were spinning. The BEC, when agitated by lasers showed a tendency to rush out of the web with negative mass. "Once you push, it accelerates backward," said Forbes and noted the rubidium was behaving as if it was hitting an invisible wall. After releasing atoms from the laser trap, they were found expanding and displaying negative mass properties. In the experiment, the WSU researchers made sure that past defects did not constrain the experiment as in previous attempts while trying to understand negative mass. "What's a first here is the exquisite control we have over the nature of this negative mass, without any other complications," said Forbes. The new research is expected to trigger more studies in astrophysics, neutron stars, dark energy, and black holes. Forbes said the experiment will provide the right guidance for environments in studying the peculiar phenomenon. The study has been published in the Physical Review Letters. © 2017 Tech Times, All rights reserved. Do not reproduce without permission.
News Article | May 2, 2017
OTTAWA, ONTARIO--(Marketwired - 2 mai 2017) - Don Head, commissaire du Service correctionnel du Canada (SCC), a fait la déclaration suivante au sujet du dépôt du rapport intitulé Issue fatale : Enquête sur le décès évitable de Matthew Ryan Hines, du Bureau de l'enquêteur correctionnel (BEC). « Au nom du Service correctionnel du Canada (SCC), je tiens à exprimer nos plus profondes et sincères condoléances à la famille et aux amis de Matthew Hines relativement au décès tragique de leur être cher. Je tiens aussi à présenter nos excuses à la famille de M. Hines pour l'inexactitude de l'information transmise au moment de son décès. Nos pensées restent avec eux tandis que nous nous efforçons d'apporter des changements importants en réaction aux enjeux qui ont contribué au décès de M. Hines. Nous reconnaissons qu'il y avait des questions très préoccupantes en ce qui a trait au recours à la force contre M. Hines et à l'ensemble de la réaction à la situation d'urgence médicale qui a entraîné son décès. Le décès de M. Hines, comme tous les décès en établissement, est une tragédie, qui dans son cas aurait pu être évitée s'il y avait eu une série d'interventions différentes le 26 mai 2015. Nous tenons à assurer à la famille et aux amis de M. Hines, et à tous les Canadiens, que le SCC prend tous les cas de décès en établissement au sérieux et que nous avons à cœur de faire en sorte que les leçons importantes tirées de son décès soient dorénavant intégrées à notre réaction à des situations semblables. Le rapport de l'enquêteur correctionnel fournit des renseignements supplémentaires et des recommandations qui viendront s'ajouter à notre plan d'action continu et aux mesures correctives que nous avons déjà prises à la suite du dépôt du rapport du comité d'enquête sur le décès de M. Hines. Au nom du SCC, j'accepte les recommandations formulées par le BEC. Notre réponse rend compte de notre détermination à tirer des leçons du décès de M. Hines et à constamment nous efforcer d'améliorer nos interventions en cas d'urgence médicale. Mon équipe de la haute direction et moi-même continuons de travailler en collaboration à l'échelle nationale, régionale et des établissements pour respecter les engagements cernés dans notre plan d'action sur le décès de M. Hines. Par exemple, nous avons mis à jour nos politiques et amélioré nos programmes de formation, y compris l'ajout de nouveaux exercices de simulation fondés sur certains facteurs précis du dossier. Nous savons qu'il reste du travail à faire pour prévenir les décès en établissement. Notre réponse au rapport du BEC nous permettra, concrètement, de voir à ce que les réactions aux situations d'urgence médicale soient plus rapides et appropriées et à ce qu'elles visent avant tout à protéger la vie. Le SCC continuera de faire tout ce qui est en son pouvoir pour apporter les améliorations nécessaires et de veiller à ce que tous les membres du personnel et les nouveaux employés comprennent bien les obligations que leur imposent la loi et les politiques. » Réponse du Service correctionnel du Canada au rapport Issue fatale : Enquête sur le décès évitable de Matthew Ryan Hines Issue fatale : Enquête sur le décès évitable de Matthew Ryan Hines Compte Flickr du SCC - Pénitencier de Dorchester Suivez le Service correctionnel du Canada (@SCC_CSC_fr) sur Twitter. Pour plus d'information, visitez le site Web suivant : www.csc-scc.gc.ca.
News Article | May 4, 2017
SAN JOSE, Calif., May 04, 2017 (GLOBE NEWSWIRE) -- Ubiquiti Networks, Inc. (NASDAQ:UBNT) (“Ubiquiti” or the “Company”) today announced results for its fiscal 2017 third quarter ended March 31, 2017. Financial Highlights ($, in millions, except per share data) Balance Sheet Highlights Total cash and cash equivalents as of March 31, 2017 were $533.9 million, compared with $612.7 million as of December 31, 2016. The Company held $511.8 million of cash and cash equivalents in accounts of the Company’s subsidiaries outside of the United States. We repurchased $96.3 million of common stock during the quarter, repurchasing 1,932,411 shares at an average price of $49.82 per share. Additionally, we amended the Company’s Credit Agreement, providing an additional $100 million of availability under our revolving credit facility, effective as of April 14, 2017. This quarter the Company experienced an increase in days sales outstanding in accounts receivable ("DSO") to 52 days, compared with 50 days in the prior quarter. DSO’s have increased over time and we expect this increase to continue as the mix of the Company’s distributors evolves toward larger volumes of products moving through large distributors who qualify for credit terms. Enabling these distributors to purchase higher volumes of products on credit terms allows them to shorten the cash conversion cycle and has helped enable Ubiquiti to significantly expand its market share while maintaining a conservative customer credit profile. Ubiquiti has invested in inventory to reduce lead times, meet increasing demand and support the commensurate growth of the Company’s customers. The Company is committed to optimizing inventory to correspond with end-market demand. Finished goods inventory at the end of the quarter increased $27.5 million to $122.8 million, primarily driven by increased inventory of our newer products. The Company expects to hold 8 to 12 weeks of previously introduced product inventory in warehouses going forward, in addition to new product inventory and selected raw materials. Business Outlook Based on recent business trends, the Company believes the demand environment in its end markets supports the following forecast for the Company's fiscal fourth quarter ending June 30, 2017: Conference Call Information Ubiquiti Networks will host a Q&A-only call to discuss the Company’s financial results at 5:30 p.m. Eastern Time (2:30 p.m. Pacific Time) today. Management’s prepared remarks can be found on the Investor Relations section of the Ubiquiti Networks website, http://ir.ubnt.com/results.cfm. To listen to the Q&A call via telephone, dial (877) 291-1296 (U.S. toll-free) or (720) 259-9209 (International) Conference ID: 97551818. Participants should dial in at least 10 minutes prior to the start of the call. Investors may also listen to a live webcast of the Q&A conference call by visiting the Investor Relations section of the Ubiquiti Networks website at http://ir.ubnt.com. A recording of the Q&A call will be available approximately two hours after the call concludes and will be accessible on the Investor Relations section of the Ubiquiti Networks website, http://ir.ubnt.com. About Ubiquiti Networks Ubiquiti Networks, Inc. (Nasdaq:UBNT) eliminates barriers to connectivity for under-networked enterprises, communities and consumers with its leading-edge platforms that connect hundreds of millions of people throughout the world. With over 60 million devices sold worldwide, through a network of over 100 distributors, to customers in more than 180 countries and territories, Ubiquiti has maintained an industry-leading financial profile by leveraging a unique business model to develop products that combine innovative technology with disruptive price-to-performance characteristics. Our growth is supported by the Ubiquiti Community, a global grass-roots community of 4 million entrepreneurial operators and systems integrators who engage in thousands of forums. For more information, join our community at http://www.ubnt.com. Ubiquiti, Ubiquiti Networks, the U logo, UBNT, airMAX, UniFi, airFiber, mFi, EdgeMAX and AmpliFi are registered trademarks or trademarks of Ubiquiti Networks, Inc. in the United States and other countries. Safe Harbor for Forward Looking Statements Certain statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements other than statements of historical fact including words such as “look”, "will", “anticipate”, “believe”, “estimate”, “expect”, "forecast", “consider” and “plan” and statements in the future tense are forward looking statements. The statements in this press release that could be deemed forward-looking statements include statements regarding our expectations for our financial results for the fourth fiscal quarter and full fiscal year and statements regarding expectations related to our cash position, expenses, DSO, number of distributors and resellers, shipments, the roll-out of our consumer retail channel, the introduction of new consumer products, Gross Margins, R&D, SG&A, tax rates, inventory turns, growth opportunities, demand and long term global environment for our products, new products, and financial performance estimates including revenues, GAAP diluted EPS and non-GAAP diluted EPS for the Company's third fiscal quarter, fourth fiscal quarter and full fiscal year, and any statements or assumptions underlying any of the foregoing. Forward-looking statements are subject to certain risks and uncertainties that could cause our actual future results to differ materially, or cause a material adverse impact on our results. Potential risks and uncertainties include, but are not limited to, fluctuations in our operating results; varying demand for our products due to the financial and operating condition of our distributors and their customers, and distributors' inventory management practices; political and economic conditions and volatility affecting the stability of business environments, economic growth, currency values, commodity prices and other factors that may influence the ultimate demand for our products in particular geographies or globally; impact of counterfeiting and our ability to contain such impact; our reliance on a limited number of distributors; inability of our contract manufacturers and suppliers to meet our demand; our dependence on Qualcomm Atheros for chipsets without a short-term alternative; as we move into new markets competition from certain of our current or potential competitors who may be more established in such markets; our ability to keep pace with technological and market developments; success and timing of new product introductions by us and the performance of our products generally; our ability to effectively manage the significant increase in our transactional sales volumes; we may become subject to warranty claims, product liability and product recalls; that a substantial majority of our sales are into countries outside the United States and we are subject to numerous U.S. export control and economic sanctions laws; costs related to responding to government inquiries related to regulatory compliance; our reliance on the Ubiquiti Community; our reliance on certain key members of our management team, including our founder and chief executive officer, Robert J. Pera; adverse tax-related matters such as tax audits, changes in our effective tax rate or new tax legislative proposals; whether the final determination of our income tax liability may be materially different from our income tax provisions; the impact of any intellectual property litigation and claims for indemnification; litigation related to U.S. Securities laws; and economic and political conditions in the United States and abroad. We discuss these risks in greater detail under the heading “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended June 30, 2016, and subsequent filings filed with the U.S. Securities and Exchange Commission (the “SEC”), which are available at the SEC's website at www.sec.gov. Copies may also be obtained by contacting the Ubiquiti Networks Investor Relations Department, by email at IR@ubnt.com or by visiting the Investor Relations section of the Ubiquiti Networks website, http://ir.ubnt.com. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Also, forward-looking statements represent our management's beliefs and assumptions only as of the date made. Except as required by law, Ubiquiti Networks undertakes no obligation to update information contained herein. You should review our SEC filings carefully and with the understanding that our actual future results may be materially different from what we expect. Use of Non-GAAP Financial Information To supplement our condensed consolidated financial results prepared under generally accepted accounting principles, or GAAP, we use non-GAAP measures of net income and earnings per diluted share that are adjusted to exclude certain costs, expenses and gains such as stock based compensation expense, Business e-mail compromise ("BEC") fraud loss/(recovery), implementation of overhead capitalization, the adoption of ASU 2016-09 Improvements to Employee Share-Based Payments Accounting and the tax effects of these non-GAAP adjustments. Reconciliations of the adjustments to GAAP results for the three and nine month periods ended March 31, 2017 and 2016 are provided below. In addition, an explanation of the ways in which management uses non-GAAP financial information to evaluate its business, the substance behind management's decision to use this non-GAAP financial information, material limitations associated with the use of non-GAAP financial information, the manner in which management compensates for those limitations, and the substantive reasons management believes that this non-GAAP financial information provides useful information to investors is included under "About our Non-GAAP Net Income and Adjustments" after the tables below. (1) Derived from audited consolidated financial statements as of and for the year ended June 30, 2016. About our Non-GAAP Net Income and Adjustments Use of Non-GAAP Financial Information To supplement our condensed consolidated financial results prepared under generally accepted accounting principles, or GAAP, we use non-GAAP measures of net income and earnings per diluted share that are GAAP net income and GAAP earnings per diluted share adjusted to exclude certain costs, expenses and gains/losses. We believe that the presentation of non-GAAP net income and non-GAAP earnings per diluted share provides important supplemental information regarding non-cash expenses, significant items that we believe are important to understanding our financial, and business trends relating to our financial condition and results of operations. Non-GAAP net income and non-GAAP earnings per diluted share are among the primary indicators used by management as a basis for planning and forecasting future periods and by management and our board of directors to determine whether our operating performance has met specified targets and thresholds. Management uses non-GAAP net income and non-GAAP earnings per diluted share when evaluating operating performance because it believes that the exclusion of the items described below, for which the amounts or timing may vary significantly depending upon the Company's activities and other factors, facilitates comparability of the Company's operating performance from period to period. We have chosen to provide this information to investors so they can analyze our operating results in the same way that management does and use this information in their assessment of our business and the valuation of our Company. Use and Economic Substance of Non-GAAP Financial Measures used by Ubiquiti Networks We compute non-GAAP net income and non-GAAP earnings per diluted share by adjusting GAAP net income and GAAP earnings per diluted share to remove the impact of certain adjustments and the tax effect of those adjustments. Items excluded from net income are: Usefulness of Non-GAAP Financial Information to Investors These non-GAAP measures are not in accordance with, or an alternative to, GAAP and may be materially different from other non-GAAP measures, including similarly titled non-GAAP measures used by other companies. The presentation of this additional information should not be considered in isolation from, as a substitute for, or superior to, net income or earnings per diluted share prepared in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect certain items that may have a material impact upon our reported financial results. We expect to continue to incur expenses of a nature similar to the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP net income and non-GAAP earnings per diluted share should not be construed as an inference that these costs are unusual, infrequent or non-recurring. For more information on the non-GAAP adjustments, please see the table captioned “Reconciliation of GAAP Net Income to Non-GAAP Net Income” included in this press release.
News Article | June 14, 2017
BEC (Systems Integration) Ltd, a leading provider of automated data capture and voice solutions for use within the supply chain, logistics and manufacturing industries, has formed a partnership with Kellton Tech, a global leader in digital transformation with astrongexpertise in enterprise solutions. The partnership will help infuse SAP’s latest capabilities into BEC’s solutions, enabling them to successfullyimplement S/4 HANA migration. Based on its eSmart® Data Capture software suite, BEC’s innovative solutions leverage the power of ERP to deliver improved accuracy and productivity within its clients’warehouse, distribution centre and manufacturing departments. With a strong emphasis on voice-based technology, BEC’s solutions are totally flexible andare able to accommodate the specific data capture needs of any business, helping to streamline processes, increase accuracy and efficiency and ultimately cut costs. Established almost 25 years ago, BEC’s consultative approach and strong industry knowledge have enabled its customers to leverage the latest best-of-breed products, software and services to maximise their output; a skill which has harnessed an impressive list of clients which includes Raleigh, Haribo, Estee Lauder, Malcolm Group, Baxters and Kerrygold. BEC is also a member of GS1, the global standards agency for barcoding, and boasts a team of GS1-certified consultants, encompassing decades of experience in seamlessly integrating and developing data capture software solutionsto various business hosts, including SAP. Tony Hampson, Managing Director at BEC, comments, “Kellton Tech is a pioneer in the SAP services space due to its breadth and depth of services and global leadership in digital transformation. We look forward to harnessing Kellton Tech’s SAP expertise and global footprint to enhance our implementation services and solution delivery to our clients.” Kellton Tech’s expertise in SAP continues to grow from strength to strength. A certified SAP Gold Partner, it ranks among the top 3% of partners in North America to earn re-certification as a SAP Partner Center of Expertise. In a development that is representative of its cutting-edge expertise in SAP, Kellton Tech was selected to develop a video serieson migration, from SAP ECC to S/4HANA 1610. As one of the first organisations to implement S/4 HANA when it was released in 2015, and among the few to possess SAP Hybris expertise, Kellton Tech is uniquely-qualified in the SAP implementation business. Expressing his delight on the partnership, Gerard Eivers, General Manager – Europe at Kellton Tech, comments, “We have always admired BEC’s innovative solutions and are happy to thus empower their ability to deliver better strategic value to their customers. Kellton Tech’s SAP implementation capabilities have been the key pillar for many enterprises, from startups to Fortune 500 companies for driving digital transformation of their systems.We are committed to leveraging SAP’s innovations, including S/4 HANA and Hybris, to enable enterprises to benefit from operational synergies and real-time insights through enterprise-wide integration.” About Kellton Tech Solutions Ltd. Kellton Tech Solutions Limited is a public listed (BSE& NSE: KELLTONTEC), CMMi Level 3 and ISO 9001:2008 certified global IT services organization. It is headquartered in Hyderabad, India and has development centers in the United States, Europe and India. For two innovative decades, Kellton Tech has put into practice the vision upon which it was founded viz. "to offer infinite possibilities with technology". The company is committed to providing end-to-end IT solutions, strategic technology consulting, and offshore product development services. Kellton Tech serves the full gamut of customers including startups, SMBs, enterprises, and Fortune 500 businesses. The organization has serviced customers representing a wide range of verticals including retail, travel, e-commerce, education, hospitality, advertising, market research, manufacturing, consumer goods, logistics, SCM, and non-profits. Kellton Tech is also a global leader in providing Enterprise Mobility Solutions, Mobile Application Development, Enterprise Solutions &Internet of Things. About BEC (Systems Integration) Ltd. BEC (Systems Integration) Ltd is a specialist provider of Automated Data Capture solutions for use in the supply chain and manufacturing industry. With the aim of removing costs from your businesses, BEC offers a comprehensive set of services from initial consultation, advice and design, through to delivery, implementation and after-sales support. Offering access to a range of cutting-edge data collection products, including voice-directed technologies, BEC’s future-proof solutions integrate seamlessly into any host system to fulfil business and commercial requirements. Having delivered the first integrated voice-directed picking solution for Lawson/Info M3, BEC is also a Total Solutions Partner of Vocollect, the world leader in voice-based solutions for mobile workers. Through the development of impressive and innovative product handling solutions with voice technology at their core, BEC has helped businesses within the manufacturing, engineering and food and beverage industries improve upon their accuracy, productivity and customer service. For more information about BEC please visit http://www.becsi.co.uk