News Article | May 5, 2017
Mutual trust does not appear on the ledger sheets of buyers and suppliers, but researchers suggest that levels of trust between companies may be an important influence on how they operate and perform. "In business settings, we tend to believe that the more that a business trusts the other, that business will be perceived as less opportunistic, in other words, the higher the level of trust, the lower the opportunistic behavior," said Veronica Villena, assistant professor of supply chain management, Penn State. "In this study, we actually show that it doesn't work like that. It's not about the level of trust, though. It's about the asymmetry, or the difference between the levels of trust." In a study, the researchers, who released their findings in a recent issue of Production and Operations Management, found that trust reduces opportunistic behavior only when both sides have similar levels of trust. However, a buyer or supplier with a higher level of trust than its counterpart is more likely to be perceived as being more opportunistic, not less opportunistic. Business experts tend to focus on size differences in firms as the primary driver of opportunism in buyer-supplier relationships. For example, big buyers, which have more employees, larger sales, or both, are perceived as being more likely to take advantage of their smaller-sized suppliers. "One example of this might be if you're a smaller supplier working with a company that has big purchasing power," said Villena. "Obviously, that company can press the smaller supplier to do things for it. But what if it's the other way around? These kinds of asymmetries happen all the time." The researchers found that the size asymmetry -- and, thus, power asymmetry -- influence the perceptions of opportunism. For example, bigger buyers tend to perceive smaller suppliers as less opportunistic while smaller suppliers perceive their bigger buyers as more opportunistic. On the other hand, bigger suppliers are not necessarily perceived as opportunistic by their smaller buyers. Suppliers may feel they have more to lose from future dealings than buyers, according to Villena, who worked with Christopher W. Craighead, Dove Professor of Supply Chain Management, University of Tennessee. She added that while supply chain management is often viewed as solely a statistical endeavor, soft skills are often required in maintaining buyer and supplier relationships. "In supply chain, we particularly talk about the hard skills -- the size and power of a firm -- and we tend to overlook the soft side, which is trust, reciprocity, interpersonal relationships," said Villena. "In this case, we show both are important, but the one with the higher impact is these softer skills." The researchers collected survey and archival data from 106 buying companies and their matched suppliers from Spain during 2011 to 2012. The survey asked how long the companies worked together and the perception of trust of companies on their counterparts. Questions also asked whether the companies believed their counterparts engaged in opportunistic behaviors, such as hiding information or exaggerating their needs to further their own interests. The archival data was collected from the SABI database, which contains business information from companies in Spain and Portugal.
News Article | May 8, 2017
Prior to working at General Electric, Paul spent over eight years in a variety of executive roles overseeing manufacturing and operations strategy at SAP. Paul was the dynamic force behind the Perfect Plant initiatives at SAP where he was Global Vice President, Enterprise Operations Management. He served as director at the National Association of Manufacturers (NAM), the US's largest industrial trade association for just under five years to 2014. Mr. Boris' breadth of manufacturing operations and technology-related capabilities and experiences enable him to bring significant value to Vuzix. "Paul Boris has been an active and contributing member of the Vuzix Board of Directors for the past year and I've known Paul for several years dating back to his time as an executive at SAP," said Paul J Travers, President and CEO of Vuzix. "As Vuzix business continues to expand the importance of adding a seasoned and well respected sales and manufacturing executive became paramount and to that end, I am excited to announce Paul Boris as our Chief Operating Officer. Vuzix looks forward to leveraging Mr. Boris's unique skill set and leadership abilities to help carry Vuzix to the next level of excellence as an industry leader in augmented reality and wearable display technology." "Vuzix is in a position to help drive the digital transformation that is starting to accelerate for manufacturers, field engineering services and any number of use cases where data-driven decisions and real-time support are critical to effective operations and a successful outcome. By being the solution closest to the operator or technician, the eyepiece, Vuzix is a critical component of the digital thread that is emerging," Paul Boris Vuzix's new COO said. Mr. Boris continued, "I am excited to join a proven and innovative team to help drive Augmented Reality and smart glasses solutions that can produce the largest impact in the shortest possible time. The market is ripe for disruption and we intend to be at the leading edge." Vuzix is a leading supplier of Smart-Glasses, Augmented Reality (AR) and Virtual Reality (VR) technologies and products for the consumer and enterprise markets. The Company's products include personal display and wearable computing devices that offer users a portable high quality viewing experience, provide solutions for mobility, wearable displays and virtual and augmented reality. Vuzix holds 51 patents and 39 additional patents pending and numerous IP licenses in the Video Eyewear field. The Company has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2017 and several wireless technology innovation awards among others. Founded in 1997, Vuzix is a public company (NASDAQ: VUZI) with offices in Rochester, NY, Oxford, UK and Tokyo, Japan. Certain statements contained in this news release are "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Forward looking statements contained in this release relate to the appointment of Paul Boris as COO and his impact on Vuzix, and among other things, the Company's leadership in the Video Eyewear, VR and AR display industry. They are generally identified by words such as "believes," "may," "expects," "anticipates," "should" and similar expressions. Readers should not place undue reliance on such forward-looking statements, which are based upon the Company's beliefs and assumptions as of the date of this release. The Company's actual results could differ materially due to risk factors and other items described in more detail in the "Risk Factors" section of the Company's Annual Reports and MD&A filed with the United States Securities and Exchange Commission and applicable Canadian securities regulators (copies of which may be obtained at www.sedar.com or www.sec.gov). Subsequent events and developments may cause these forward-looking statements to change. The Company specifically disclaims any obligation or intention to update or revise these forward-looking statements as a result of changed events or circumstances that occur after the date of this release, except as required by applicable law. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/vuzix-appoints-paul-boris-former-vp-of-manufacturing-industries-at-ge-digital-to-the-new-role-of-chief-operating-officer-300453181.html
News Article | April 20, 2017
CINCINNATI--(BUSINESS WIRE)--RoundTower Technologies, LLC announced that Consulting Security Engineer, Robert Hill, recently attained the ServiceNow accreditation in Security Operations Management; establishing RoundTower as one of the select few ServiceNow implementers with this accreditation combined with the added distinction of a dedicated CISSP resources on-staff. The accreditation ensures partners can install, configure, and use the ServiceNow Security Operations tools to identify and counter threats and vulnerabilities within any organization. Using a comprehensive tool such as ServiceNow for security response management is critical for organizations because it creates a safety net that mitigates the risk of human error. Cyberthreats can strike anytime without warning but ServiceNow can automatically trigger a series of escalating alerts and responses, based on the preferences of the customer. “The ServiceNow Security Operations module fills an important need for our customers,” says Andrew Gallimore, RoundTower’s Practice Manager for ServiceNow. “In the 21st century, it seems like a new threat is emerging nearly every minute of the day. The global cost to business is expected to top $4 Trillion by 2021 but the real costs can’t be measured in money. How do you put a price on your reputation or the trust of customers? Every company needs a thorough, proactive security response and ServiceNow is the best solution available.” ServiceNow accelerates enterprise security response by connecting workflow and systems management with security data from leading vendors. This provides a single platform that can be shared between security and IT. Better visibility, predefined workflows, and automated threat intelligence allows teams to spend less time managing simple tasks and more on preventing advanced attacks. Customizable reports and dashboards display current security status, and allow prioritizing of incidents by business impact, specific to the customer’s environment. Automated task hand-off and alert channeling reduces the risk that issues will be accidentally dropped or overlooked. These features, along with many others, make ServiceNow one of the strongest possible approaches to Security Operations Management. Inquire here for further information. RoundTower Technologies is a systems integrator that provides innovative solutions and services in the areas of data center infrastructure, converged platforms, cloud automation and orchestration, DevOps, and data analytics. RoundTower is helping enable its customers to drive positive business outcomes by becoming more agile and efficient through the use of technology.
News Article | May 4, 2017
Treasure Data, the leading cloud platform to make all data connected, current, and easily accessible, today announced the second generation Enterprise Edition for Fluentd, its sponsored Cloud Native Computing Foundation (CNCF) open source project for unified log management. Following massive growth in both the open source community and in paid subscriptions, Fluentd Enterprise Edition now features enhanced security, enterprise certified connectors, and monitoring and management to help enterprises keep up with the rapid evolution of infrastructure technology and turn log data into a strategic business asset. “Among large enterprises, cloud has very quickly become necessary in order to stay competitive. Now hybrid, multi-cloud environments present an increasing challenge to unify data securely,” said Hiro Yoshikawa, CEO and co-founder of Treasure Data. “Fluentd’s open source roots keep us agile and responsive to the users’ needs. Today, we’re providing Enterprise Certified Connectors for the most demanded tools like Splunk, Apache Hadoop, Apache Kafka, and Amazon S3, along with the ability to rapidly introduce new Enterprise Certified Connectors as the ecosystem evolves.” Fluentd has grown its user base over the last five years and have been adopted by Red Hat’s Openshift, Microsoft’s Operations Management Suite (OMS), and Google Cloud Platform. With more than 5,000 GitHub stars, one million downloads on Rubygems, and one million pulls on Docker Hub, Fluentd has become the eighth most deployed software on Docker, and the most deployed log management software, according to a study by cloud monitoring platform DataDog. Fluentd Enterprise, created by Treasure Data, solves many of the problems faced with building a unified logging layer with a modular architecture, an extensible plugin model, and a performance optimized engine. Now, in response to massive adoption and increasing enterprise demand, Treasure Data will offer Fluentd Enterprise as a subscription with the following features: Next-Level Security In order to enable enterprises using Fluentd to collect critical logs and meet security and compliance standards across cloud applications, Treasure Data implements the state-of-the-art, end-to-end data security measures, such as AES-256 security encryption at rest and centralized data streaming from firewalls, network devices, applications, web servers, and generic log files. Now, this security will include an encrypted buffer, allowing enterprise customers to transport logs securely at scale, without worrying about data breaches. Additionally, Fluentd Enterprise ensures that all downstream dependencies including the runtime (Ruby), protocol (MessagePack) and evented I/O engine (Cool.io) are scanned and fixed for vulnerabilities and compatibilities. Enterprise Connectors Fluentd boasts more than 700 community-contributed plugins, many of which are essential to large enterprises routing data to the destination they need without being locked into a single vendor. With Enterprise Edition, customers can receive quality and compatibility assurance, as well as performance and security support for key plugins through certified connectors, which have been optimized according to backend, tested, and benchmarked for maximum performance. Certified connectors for Splunk, Apache Kafka, Amazon S3, Treasure Data, Apache Hadoop Filesystem, and more will run smoothly even as adjacent ecosystems evolve over time. White Glove Support As Fluentd is a critical part of data pipelines for enterprises, Treasure Data will ensure it adheres to high uptime requirements large organizations need. In addition to enterprise support up to 24/7 coverage and training and deployment support, Fluentd Enterprise Edition will offer monitoring and management as an enterprise add-on, including real-time metrics and alerting. These metrics can be integrated and configured within cloud services and open source tools such as DataDog, Puppet, Chef, Ansible, Terraform and Prometheus to alert enterprise customers of any issues. With monitoring and management services, enterprises will be able to manage Fluentd more easily and scalably than ever. "Fluentd is a popular stream-based log collector and aggregator, open sourced under the auspices of the Cloud Native Computing Foundation," said James Governor, RedMonk analyst. "With Fluentd Enterprise Edition, Treasure Data is providing the kind of services that mainstream IT organisations expect from a product or service." Fluentd Enterprise is available in two editions: Gold or Platinum. To learn more about how Fluentd can help with your enterprise data needs, please visit http://fluentd.treasuredata.com/. About Treasure Data Treasure Data is the live customer data platform - making all your organization's data connected, current, and easily accessible to the people and algorithms that drive your business success. With a global customer base including Mitsubishi Heavy Industries, Pioneer, Subaru, Wish, and GE Healthcare, Treasure Data's clients generate more than two million events every second and make nearly seven million data queries monthly, resulting in more predictable and profitable business results. Founded in 2011 in Mountain View, California, with offices in Japan and Korea, Treasure Data is backed by Sierra Ventures, Scale Venture Partners, IT Farm, SBI, INCJ, Bill Tai, and Jerry Yang's AME Cloud Ventures, among others. For more information, visit http://www.treasuredata.com.
News Article | May 5, 2017
HOUSTON--(BUSINESS WIRE)--PROS® (NYSE: PRO), a cloud software company powering the shift to modern commerce, today announced that Ravi Kumar, Ph.D., a member of the company’s Science and Research team, will deliver a revenue management research presentation at the 28th Annual Production and Operations Management Society (POMS) Conference. Scheduled for May 5-8 in Seattle, the event will be held at the Hyatt Regency Bellevue. Kumar’s presentation – A Dynamic Pricing Model with Capacity Sharing for Airline Revenue Management – was developed in collaboration with Darius Walczak, Ph.D., and Ang Li, Ph.D. Kumar will consider revenue management settings for airlines where limited business compartment capacity can be shared with the economy class for each flight. The model jointly controls real-time prices for business and economy compartments, based on the bookings in each. The PROS Science & Research team developed algorithms for dynamic pricing to address challenges that are computationally efficient and lead to improved profitability for airlines. “At PROS, we’re seeing a consistent increase in customers looking to move to a modern commerce strategy,” said PROS Senior Vice President for Science and User Experience Jeff Robinson. “Our decades of market experience, combined with advances in machine learning and cognitive computing, fuel a powerful forecasting and optimization science platform. We’re enabling next-generation dynamic pricing, making it possible for companies to price and sell their products and services with speed, precision and consistency. We’re honored that Ravi Kumar will present next-generation revenue management research based on his collaboration with PROS Science & Research team members.” POMS is an international organization that represents the interests of operations management and research professionals from around the world. To learn more about the conference, visit www.pros.com or follow PROS on Twitter at @PROS_Inc. PROS Holdings, Inc. (NYSE: PROS) is a cloud software company powering the shift to modern commerce by helping companies create personalized and frictionless buying experiences for their customers. Fueled by dynamic pricing science and machine learning, PROS solutions make it possible for companies to price, configure and sell their products and services in an omnichannel environment with speed, precision and consistency. Our customers, who are leaders in their markets, benefit from decades of data science expertise infused into our industry solutions. To learn more, visit pros.com. This press release contains forward-looking statements, including statements about the functionality and benefits of revenue and profit realization software to organizations generally as well as the functionality and benefits of PROS software products. The forward-looking statements contained in this press release are based upon PROS historical experience with revenue and profit realization software and its current expectations of the benefits of revenue and profit realization software for organizations that implement and utilize such software. Factors that could cause actual results to differ materially from those described herein include the addressability of an organization’s revenue and profit realization software needs, the risks associated with PROS developing and enhancing products with the functionality necessary to deliver the stated results and the risks associated with the complex implementation and maintenance of revenue and profit realization software such as PROS software products. Additional information relating to the uncertainty affecting the PROS business is contained in PROS filings with the Securities and Exchange Commission. These forward-looking statements represent PROS expectations as of the date of this press release. Subsequent events may cause these expectations to change, and PROS disclaims any obligations to update or alter these forward-looking statements in the future whether as a result of new information, future events or otherwise.
News Article | May 2, 2017
"With more than 10,000 Americans turning 65 every day, we know that our current healthcare system and our country as a whole are not at all prepared for this dramatic demographic shift. It already creates a tremendous need for skilled labor inputs and exponentially accelerating clinical care costs. We must, therefore, look at innovative technologies as a way to mitigate these personal care challenges and help more Americans safely age in place whenever they wish that," said Summit Co-chair Abraham (Avi) Seidmann, Xerox Professor of Computers & Information Systems, Electronic Commerce; and Operations Management at the Simon Business School. For the first time, the University of Rochester-developed Summit will be co-hosted by West Health, a nationally recognized nonprofit organization dedicated to enabling seniors to successfully age in place, with access to high-quality, affordable health and support services that preserve and protect their dignity, quality of life and independence. Delivering this year's keynote address is Dr. David Blumenthal, President and CEO of The Commonwealth Fund and former National Coordinator for Health Information Technology (2009-2011). Dr. Blumenthal will share his insights on The Future of Aging: Optimizing Healthcare Systems from the dual-perspective of an academic physician and healthcare policy expert. World-renowned thought leaders, including Terry Fulmer, PhD, RN, FAAN, President of the John A. Hartford Foundation; Joanne Kenen, Executive Editor of Health for Politico and Mark E. Miller, PhD, Executive Director of the Medicare Payment Advisory Commission will share the work they are doing to disrupt and optimize the future of aging within the healthcare, finance, technology and policy spaces. Several of our speakers straddle more than one of these sectors, representing the exciting and necessary collaboration that is already underway. Panel discussions include: An addition to this year's d.health Summit is West Health's visioning session in advance of the conference, which will bring together healthcare leaders and experts at a first-of-its-kind workgroup to develop a roadmap for improving the patient experience, based on a senior's personal goals and preferences. West Health will present key takeaways from the session during a panel at the Summit and explore the ideal healthcare system that will incorporate technology innovations, social supportive services, care coordination, community assets and more to enable older adults to age in place with dignity, quality of life and independence. "It will take new thinking, more collaboration and deliberate action by a wide range of stakeholders to ensure successful aging in America," said Summit Co-chair Shelley Lyford, President and CEO of West Health. "Effective, low-cost senior-specific models of holistic care are urgently needed and must be widely available. Some of them exist today, but are limited in scale and scope. We hope to change that." "Aging Americans and their 40 million care givers need new care models. We hope this Summit will foster novel partnerships, disseminate thoughtful ideas, and lead to new care models that address the unique and specific healthcare needs of seniors by 2030," added Summit Co-chair Ray Dorsey, Professor of Neurology at the University of Rochester Medical Center. The d.health Summit 2017 will take place on Wednesday, May 10 at the New York Academy of Sciences, 7 World Trade Center (250 Greenwich St., 40th Floor), New York, NY. Visit the d.health Summit website for more information and registration; and follow on Twitter @dhealth2017 or #dhealth2017. About the d.health Summit 2017 Bringing together world-class healthcare leaders, entrepreneurs, technology firms, policy makers, financiers and forward thinkers, the third annual d.health Summit will discuss and foster the adoption of technology-enabled solutions to dramatically improve the health of aging Americans. By focusing on high engagement and networking, attendees will learn, share and evaluate transformative approaches, as well as create new partnerships to improve care and generate economic value for one of the country's largest industries, in one of its most vibrant cities. Visit the d.health Summit website for more information and registration; and follow on Twitter @dhealth2017 or #dhealth2017. Registration Information To register, click here. Requests for complimentary press registration can be directed to Anna Stevenson. d.health Summit 2017 Sponsors Grand Rounds, Home Instead Senior Care, Pfizer, Simon Business School, VNA Health Group, and Welltower. Organized by the University of Rochester in collaboration with West Health. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/dhealth-summit-showcases-disruptive-innovations-to-support-successful-aging-now-and-into-the-future-300449727.html
News Article | April 24, 2017
Global Healthcare Mobility Solutions market is accounted for $24.3 billion in 2015 and is expected to reach $144.8 billion by 2022 growing at a CAGR of 29.04% from 2015 to 2022Pune , India - April 24, 2017 /MarketersMedia/ — Healthcare Mobility Solutions Industry Description According to Stratistics MRC, the Global Healthcare Mobility Solutions market is accounted for $24.3 billion in 2015 and is expected to reach $144.8 billion by 2022 growing at a CAGR of 29.04% from 2015 to 2022. Improving various technological advancements in wireless network connectivity, growing adoption of electronic gadgets are the major drivers favoring the market growth. The factors such as growing usage of wireless networks i.e (3G and 4G) & patient centric mobility applications and low cost efficiency are some of the factors driving the market. However, data security concerns, cost issues and less data ability are the major restraints hampering the market growth. Expansion of healthcare industry in emerging regions such as Asia Pacific acts as opportunity for healthcare mobility solution market. Request for Sample Report @ https://www.wiseguyreports.com/sample-request/562726-healthcare-mobility-solutions-global-market-outlook-2015-2022 In enterprise solution, patient care management segment is anticipated to have the largest share and is poised to grow at a strong CAGR during the forecast period owing to improved workflow efficiency and response time. North America accounted for the largest share of the healthcare mobility solutions market during the forecast period due to increasing adoption of gadgets, growing number of chronic diseases and advanced connectivity. Some of the key players in this market include Omron Corporation, IBM Corporation, Airstrip Technologies, Inc., McKesson Corporation, Qualcomm, Inc., AT & T, Inc., GE Healthcare, Apple, Inc., Cisco Systems, Inc., Zebra Technologies Corporation, Hewlett-Packard (HP) Inc., Cerner Corporation, Philips Healthcare, Microsoft, Inc., SAP SE and Oracle Corporation. Application Covered • Mhealth Application o Women’s Health o Chronic Care Management o Medication Management o Weight Loss o Sleep Monitoring o Other Mhealth Application Leave a Query @ https://www.wiseguyreports.com/enquiry/562726-healthcare-mobility-solutions-global-market-outlook-2015-2022 • Enterprise Solutions o Operations Management o Patient Care Management o Workforce Management Product Covered • Mobile Applications (Apps) • Mobile Devices o Barcode Scanners o Mobile Computers o RFID Scanners o Other Mobile Devices • Enterprise Mobility Platforms End User Covered • Providers o Laboratories o Hospitals o Other Providers • Patients • Payers Regions Covered • North America o US o Canada o Mexico • Europe o Germany o France o Italy o UK o Spain o Rest of Europe • Asia Pacific o Japan o China o India o Australia o New Zealand o Rest of Asia Pacific • Rest of the World o Middle East o Brazil o Argentina o South Africa o Egypt Buy now @ https://www.wiseguyreports.com/checkout?currency=one_user-USD&report_id=562726 What our report offers: - Market share assessments for the regional and country level segments - Market share analysis of the top industry players - Strategic recommendations for the new entrants - Market forecasts for a minimum of 7 years of all the mentioned segments, sub segments and the regional markets - Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations) - Strategic recommendations in key business segments based on the market estimations - Competitive landscaping mapping the key common trends - Company profiling with detailed strategies, financials, and recent developments - Supply chain trends mapping the latest technological advancements Continued... Contact Us: Sales@Wiseguyreports.Com Ph: +1-646-845-9349 (US) Ph: +44 208 133 9349 (UK) Contact Info:Name: NORAH TRENTEmail: firstname.lastname@example.orgOrganization: WISE GUY RESEARCH CONSULTANTS PVT LTDAddress: Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar Pune - 411028Phone: +91 841 198 5042Source URL: http://marketersmedia.com/healthcare-mobility-solutions-market-2017-global-analysis-opportunities-and-forecast-to-2022/189443For more information, please visit https://www.wiseguyreports.com/sample-request/562726-healthcare-mobility-solutions-global-market-outlook-2015-2022Source: MarketersMediaRelease ID: 189443
News Article | February 23, 2017
MELBOURNE, Australia, Feb. 24, 2017 /PRNewswire/ -- The latest Military organisation to procure FlightPro(R) is the Belgian Air Component, who will be using the software to manage all aspects of their military flying operations, including training. FlightPro'(R) selection, after a rigorous competitive tender process, is evidence of the critical nature of the capability sought by the Belgian MoD. The deal with the Belgian Air Component secures Ocean Software's dominant global position in the Enterprise Aviation Operations Management Software space, particularly across Europe, as Belgium joins Ocean's rapidly expanding European customer list which includes the European Defence Agency, the Royal Air Force, the Finnish Air Force, Lufthansa, BAE Systems, and ST Aero. Ocean Software originally developed FlightPro(R) in 1993 for the Royal Australian Air Force, where it is still relied upon to ensure the day-to-day operations of flying squadrons are handled efficiently and safely. FlightPro(R) was designed to simplify the multi-dimensional, challenging task of getting correctly qualified pilots into the right aircraft at the right time for both training and military operations purposes. Historically this has required highly skilled and experienced operations personnel, usually flying instructors, to manage multiple manual processes and legacy systems in order to achieve the end goal. FlightPro(R) simplifies and automates many of the tasks associated with this, and brings all the necessary data together within a single system, to handle everything from scheduling, training, qualification and currency management, to maintenance and reporting, as well as everything in between. Ocean Software's General Manager, Bruce Moors says, "The hard work of the Belgian Air Component and Ocean Software's team to make this happen has assured recognition of the principles behind everything we do; that is to build and deliver high quality systems. FlightPro(R) is a proven and highly regarded product that has been developed and enhanced over more than 20 years by people who understand the extreme complexities of Aviation Operations, particularly within Military environments." The Belgian Air Component seeks to have the FlightPro(R) Software up and running by the end of this year. The Belgian Project Officer, Steven Van der Vorst, says, "Future challenges such as 'do more with less' and increasingly complex weapon systems including the A400M, NH90 and future fighters will require ever more efficient tools such as FlightPro(R) in order for the weapon systems to be employed effectively." Ocean Software designs, develops, and delivers Enterprise Software solutions for military, government, and corporate customers around the world. Ocean's solutions are widely regarded as the gold standard in their respective classes due to their completeness, levels of support, ongoing development, training and documentation. Our products form the core systems behind highly complex operating environments including: Command and Control, Operations & Training Management Healthcare, Supply Chain Management, and eCommerce. For more information, visit www.ocean.software. The Belgian Air Component celebrated last year its 70th anniversary, but its roots can be traced back to 1907. Today, the Belgian Air Component, is considered as one of the most active Air Forces in the world with a pivotal role in NATO. The Belgian Air Component is a small but reliable partner for its allies, active in homeland and abroad. Besides its national duties like QRA and SAR, the Belgian Air Component participates in a broad range of operations. Outstanding technology and equipment is mandatory to achieve this.
News Article | February 27, 2017
Transformation Well Under Way SINGAPORE, SINGAPORE--(Marketwired - Feb. 27, 2017) - Jadestone Energy Inc. (TSX VENTURE:JSE) ("Jadestone" or the "Company"), formerly Mitra Energy Inc., reported third quarter 2017 operating and financial results for the period to December 31, 2016, on February 24, 2017. "Our Q3 results present and reflect a critical turning point for the Company as it transforms to a balanced portfolio with an emphasis on production, providing a more sustainable business foundation, and near term development, to deliver exceptional returns to shareholders. For the first time in the Company's history, we are pleased to report crude oil production from operations, underpinned by a strong and resilient Balance Sheet. We have stabilised our financial position with a non-brokered fund raising of US$40 million common equity, and with the Stag Oilfield generating operating free cashflow with an oil price as low as US$38/barrel (at planned production rate). In addition, we have constrained our spending, both capital and operational, to live within our means, and continue our efforts to address general and administrative expenses", said Paul Blakeley, Executive Chairman. "We are also making good progress on our work with the Australian offshore petroleum regulator NOPSEMA, seeking customary clearances for the Company's Safety Case, Environmental Plan and Well Operations Management Plan. In the meantime, operations at Stag continue to be provided by Quadrant Energy under the transitional services agreement put in place at the time of the sale. We look forward to concluding this work with NOPSEMA, facilitated by the excellent cooperation with Quadrant Energy, in the second quarter of calendar year 2017, so that we can take charge of operations and accelerate efforts to unlock value with the benefit of management's second phase operating capabilities. We see a number of opportunities to achieve cost reductions almost immediately". Production at the Stag Oilfield has been negatively impacted in the quarter by downtime associated with workover repairs on the 21H well and a temporary shut-in of the 36H well, a significant producing well, while waiting on equipment for a workover. There was also a two-day suspension of operational activities due to Cyclone Yvette at Christmas. Production is running at 3,125 barrels a day as of February 26, 2017, with the 36H well expected back on-line in the second quarter of calendar year 2017. Efforts to accelerate portfolio management of the remainder of the portfolio have intensified. ODPs for the Nam Du and U Minh gas fields, in Blocks 46/07 and 51 respectively, were submitted to PVN and PVEP on November 8, 2016 for endorsement and approval. Pending approval of the ODPs, Jadestone is now preparing to enter the define phase of the project, including Front End Engineering & Design, Field Development Plan studies, and preparation for a Gas Sales Agreement. On the western side of the Block 51 license, the Tho Chu discovery was granted a five-year suspended development status by the Prime Minister on December 26, 2016, which will give us time to delineate what we believe to be a far more material gas resource. Relinquishment of the Sibaru PSC in Indonesia was approved by MIGAS on December 29, 2016. Closing of the Company's purchase of a 30% working interest in Vietnam Block 05-1b&c PSC from Teikoku Oil (Con Son) Co., Ltd, a wholly owned subsidiary of Inpex Corporation, remains subject to certain conditions precedent, most notably the statutory pre-emption right held by PVN. JSE reported an operating loss for the quarter of US$8.6 million compared to an operating loss of US$1.8 million for the same quarter in the 2016 financial year. We remain subject to Quadrant Energy's Stag allocated operating costs until NOPSEMA regulatory approval, while the Company invests in its own team in Perth ready to take operatorship of the asset in the coming months. In addition, the Company incurred elevated workover costs during the quarter of US$16.70/barrel, due to a more intensive level of activity in November and December, as well as non-cash depletion costs of US$10.21/barrel. The results also reflect one-off restructuring charges including US$2.4 million of termination payments, and other sundry items arising from the strategic shift under the new management. Headcount has been reduced from 59 in June 2016 to 39, with a plan for further reduction to 32 in the second quarter of calendar year 2017 (on a like-for-like basis and excluding the Stag field operating team). Investing activities in the third quarter amounted to a cash outflow of US$19.8 million, largely due to the US$10 million acquisition of the Stag Oilfield plus customary working capital adjustments which included US$8.9 million of crude oil inventory. Financing activities for the quarter totaled US$39.5 million cash inflow, arising from the November 2016 non-brokered private placement of US$40 million. The Company has US$26.2 million cash, plus an undrawn US$28 million convertible bond facility. The Stag Oilfield is expected to be operating free cashflow positive in 2017, while the funding of infill drilling will require utilising some of the cash on hand and/or convertible bond. At the current strip prices, we do not anticipate drawing on the convertible bond until closing of the 05-1b&c PSC acquisition and/or as part of the Stag Oilfield infill well programme. "We are very excited about taking control of operations at Stag in the coming months, together with the potential closing of the 05-1b&c acquisition. Meanwhile, we continue to more actively manage our existing portfolio, including restructuring the business to lower our general and administrative expense burden, accelerate development of our discovered gas resources and selectively relinquish non-core exploration licenses. Furthermore, the M&A opportunities for a capable and efficient second phase operating company in the region, like Jadestone, grow ever more attractive, both in 2017 and in the medium to longer term," said Paul Blakeley. The following table provides selected financial information of the Company, which was derived from, and should be read in conjunction with, the unaudited financial statements for the 9-months ended December 31, 2016: 1 Excludes US$18.5 million for the acquisition of the Stag Oilfield including US$8.9 million working capital adjustments for crude oil on hand. Jadestone Energy Inc. is TSX-V listed oil and gas company headquartered in Singapore. The Company is currently engaged in exploration, appraisal and pre-development activities in Southeast Asia (Vietnam, the Philippines and Indonesia) and production and appraisal activity in the Carnarvon Basin, Australia. Following a recent strategic review, the Company is focusing on acquiring assets with production in the near term, and where significant follow-on reinvestment opportunities exist to enhance value, as well as undeveloped discoveries which may be rapidly brought to production. This press release contains certain forward-looking information and forward-looking statements (collectively, "forward-looking information") that involves various risks, uncertainties and other factors. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "should", "believe", "plans", and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains forward-looking information pertaining to the potential acquisition of Block 05-01b&c. With respect to forward-looking information contained in this news release, assumptions have been made regarding, among other things: satisfaction of the conditions to closing of the Block 05-01b&c acquisition and the Company's ability to obtain all required approvals for the acquisition. Actual results could differ materially from those anticipated in the forward-looking information as a result of the possible failure of the Company to complete the Block 05-01b&c acquisition and/or to realize the anticipated benefits of the Block 05-01b&c acquisition and other risks including volatility in market prices and demand for oil, natural gas liquids and natural gas and hedging activities related thereto; general economic, business and industry conditions; variance of the Company's actual capital costs, operating costs and economic returns from those anticipated; risks related to the exploration, development and production of oil and natural gas reserves and resources; negative public perception of oil and natural gas development and transportation, hydraulic fracturing and fossil fuels; actions by governmental authorities, including changes in government regulation, royalties and taxation; the management of the Company's growth; the availability, cost or shortage of rigs, equipment, raw materials, supplies or qualified personnel; the absence or loss of key employees; uncertainty associated with estimates of oil, natural gas liquids and natural gas reserves and resources and the variance of such estimates from actual future production; dependence upon compressors, gathering lines, pipelines and other facilities, certain of which the Company does not control; failure to accurately estimate abandonment and reclamation costs; changes in the interpretation and enforcement of applicable laws and regulations; terrorist attacks or armed conflicts; natural disasters; reassessment by taxing authorities of the Company's prior transactions and filings; variations in foreign exchange rates and interest rates; third-party credit risk including risk associated with counterparties in risk management activities related to commodity prices and foreign exchange rates; sufficiency of insurance policies; potential for litigation; variation in future calculations of certain financial measures; and potential competition in the Company's industry. The forward-looking information and statements contained in this news release speak only as of the date hereof, and the Company does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
News Article | February 28, 2017
2016 Fourth Quarter Revenues of $177.3 Million, up 6.9% year over year 4Q Diluted EPS (GAAP) of $0.45, up from $0.43 in Q4 of 2015 4Q Adjusted Diluted EPS (Non-GAAP) of $0.61, up from $0.56 in Q4 of 2015 2016 Revenues of $686.0 Million, up 9.1% year over year 2016 Diluted EPS (GAAP) of $1.79, up from $1.51 in 2015 2016 Adjusted Diluted EPS (Non-GAAP) of $2.33, up from $2.03 in 2015 NEW YORK, Feb. 28, 2017 (GLOBE NEWSWIRE) -- ExlService Holdings, Inc. (NASDAQ:EXLS), a leading operations management and analytics company, today announced its financial results for the quarter ended December 31, 2016 and the full year 2016. Rohit Kapoor, Vice Chairman and CEO, commented, “Our fourth quarter 2016 revenues beat expectations, and for the full year 2016 revenues increased 9.1% year over year or 10.9% in constant currency (non-GAAP) to $686.0 million. We achieved an 18.4% increase in diluted EPS to $1.79 and a 14.8% increase in adjusted diluted EPS to $2.33 for the full year 2016. Our revenues growth this year was led by our Analytics segment which grew 35.7% for the full year. Our Operations Management segment revenues growth was 2.7% for the full year driven by new and existing clients offset by weakness in our consulting business. “Our growth was broad-based, the result of our driving superior customer experiences and our investments in automation and robotics including the Business EXLerator Framework™. The integrated selling of our business process management and analytics solutions continues to strengthen our competitive positioning with our clients and prospects. Our three acquisitions in 2016 have been assimilated and are performing at or above expectations. I believe our market position is strong, and we have great momentum to execute our growth plans in 2017.” Vishal Chhibbar, CFO, commented, “In 2016, we generated $100.3 million of cash flow from operations and ended the year with $226.6 million in cash and short term investments. For 2017, we are providing revenue guidance of $735 million to $760 million, representing annual revenue growth of 8% to11% in constant currency. Our adjusted diluted earnings per share guidance is $2.50 to $2.60, representing an increase of 7% to 12%.” We have two reportable segments: Operations Management and Analytics. Reconciliations of adjusted (non-GAAP) financial measures, including those reflecting constant currency, to GAAP measures are included at the end of this release. Today, we announced that our Board of Directors authorized an additional $100 million common stock repurchase program, effective immediately. The approval increases the 2017 authorization from $20 million to $40 million and authorizes stock repurchases of up to $40 million in 2018 and 2019. The shares may be purchased through December 31, 2019 by the Company on the open market and through private transactions as determined by EXL’s management. Based on current visibility and a U.S. Dollar to Indian rupee exchange rate of 67.0, British Pound to U.S. Dollar exchange rate at 1.25, U.S. Dollar to the Philippine Peso exchange rate of 50.0 and all other currencies at current exchange rates, the Company is providing the following guidance for the calendar year 2017: ExlService Holdings, Inc. will host a conference call on Tuesday, February 28, 2017 at 8:00 A.M. ET to discuss the Company’s quarterly operating and financial results. The conference call will be available live via the internet by accessing the investor relations section of EXL’s website at ir.exlservice.com, where an accompanying investor-friendly spreadsheet of historical operating and financial data can also be accessed. Please access the website at least fifteen minutes prior to the call to register, download and install any necessary audio software. To listen to the conference call via phone, please dial 1-877-303-6384, or if dialing internationally, 1-224-357-2191 and an operator will assist you. For those who cannot access the live broadcast, a replay will be available on the EXL website ir.exlservice.com. EXL (NASDAQ:EXLS) is a leading operations management and analytics company that designs and enables agile, customer-centric operating models to help clients improve their revenue growth and profitability. Our delivery model provides market-leading business outcomes using EXL’s proprietary Business EXLerator Framework™, cutting-edge analytics, digital transformation and domain expertise. At EXL, we look deeper to help companies improve global operations, enhance data-driven insights, increase customer satisfaction, and manage risk and compliance. EXL serves the insurance, healthcare, banking and financial services, utilities, travel, transportation and logistics industries. Headquartered in New York, New York, EXL has more than 26,000 professionals in locations throughout the United States, Europe, Asia (primarily India and Philippines), South America, Australia and South Africa. For more information, visit www.exlservice.com. Continuing Statement Regarding Forward-Looking Statements This press release contains forward-looking statements. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL's operations and business environment, all of which are difficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management's experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report on Form 10-K for the year ended December 31, 2015. These risks could cause actual results to differ materially from those implied by forward-looking statements in this release. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws. Reconciliation of Adjusted Financial Measures to GAAP Measures In addition to its reported operating results in accordance with U.S. generally accepted accounting principles (GAAP), EXL has included in this release adjusted financial measures (adjusted operating income, adjusted operating income margin, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted diluted earnings per share and information on a constant currency basis) that the Securities and Exchange Commission defines as “non-GAAP financial measures.” The adjusted financial measures disclosed by EXL should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations from those financial statements should be carefully evaluated. EXL believes that providing these adjusted measures may help investors better understand EXL’s underlying financial performance. Management also believes that these adjusted financial measures, when read in conjunction with EXL’s reported results, can provide useful supplemental information for investors analyzing period to period comparisons of the Company’s results and comparisons of the Company’s results with the results of other companies. Additionally, management considers some of these adjusted financial measures to determine variable compensation of its employees. EXL believes that it is unreasonably difficult to provide its earnings per share financial guidance in accordance with GAAP for a number of reasons including, without limitation, EXL’s inability to predict its future stock-based compensation expense under ASC Topic 718, the amortization of intangibles associated with further acquisitions and the currency fluctuations. EXL also incurs significant non-cash charges for depreciation that may not be indicative of the Company’s ability to generate cash flow. Additionally, EXL provides certain information on a constant currency basis, which reflects a comparison of current period results translated at the prior period currency rates. EXL primary exchange rate exposure is with the Indian Rupee, the U.K. pound sterling and the Philippine peso. The average exchange rate of the U.S. dollar against the Indian rupee increased from 66.08 during the quarter ended December 31, 2015 to 67.70 during the quarter ended December 31, 2016, representing a depreciation of 2.5%. The average exchange rate of the U.S. dollar against the Philippine peso increased from 47.01 during the quarter ended December 31, 2015 to 49.29 during the quarter ended December 31, 2016, representing a depreciation of 4.9%. The average exchange rate of the British Pound against the U.S. dollar decreased from 1.51 during the quarter ended December 31, 2015 to 1.23 during the quarter ended December 31, 2016, representing a depreciation of 18.5%. This information is provided because EXL believes that it provides useful comparative incremental information to investors regarding EXL’s operating performance. The following table shows the reconciliation of these adjusted financial measures from GAAP measures for the year ended December 31, 2016 and December 31, 2015, the three months ended December 31, 2016 and December 31, 2015 and for the three months ended September 30, 2016: (a) To exclude stock-based compensation expense under ASC Topic 718. (b) To exclude amortization of acquisition-related intangibles. (c) To exclude change in fair value of earn-out consideration related to the RPM acquisition.