Archive for December, 2007
WOONSOCKET, R.I.–(BUSINESS WIRE)–CVS Caremark Corporation (NYSE: CVS) today announced that Tom Ryan, Chairman of the Board, President and Chief Executive Officer has initiated a 10b5-1 plan for pre-planned sales of stock. Mr. Ryan’s plan calls for the exercise of 1,500,000 soon-to-expire options to buy CVS Caremark shares. The exercise of the options and sale of the resulting stock are expected to take place during 2008.
As listed in the company’s proxy for its 2007 annual meeting of stockholders, Mr. Ryan beneficially owned approximately 8.1 million CVS Caremark shares as of March 30, 2007, and since that time has exercised 391,320 options and sold the resulting shares. The shares being sold under the 10b5-1 plan represent less than 20% of Mr. Ryan’s total holdings. They are being sold for tax and estate planning reasons.
Sam’s Notes
The exercising of options by a CEO or other high ranking company official can sometimes be a cause for alarm. I do not think there is any cause for alarm in this case. CVS shares were much higher several weeks ago (over $42 per share mid-November) and the options themselves will not be exercised until next year.
Most likely they were going to expire soon and to not exercise them would be to throw away money. No worries here, none at all.
ROUND ROCK, Texas–(BUSINESS WIRE)–Dell™ (NASDAQ:DELL) and Tesco today announced the availability of Dell notebook and desktop computers in Tesco, a premier international retailer with operations in Europe and Asia.
Beginning next month, customers will be able to purchase Dell XPS and Inspiron products in Tesco stores, primarily in the UK, with sales also in Ireland, Poland, Czech Republic, and Slovakia.
With Dell and Tesco’s proven expertise in both supply chain management and manufacturing execution, this agreement is the logical next step in Dell’s evolving global retail strategy.
“With over 13 million customers per week shopping at Tesco’s stores, this deal will result in substantial exposure for Dell’s brand and products,” said Mark Ormerod, Vice President and General Manager, Consumer business for Dell’s Europe, Middle East and Africa operations. “Customers like to experience technology first hand, and can now purchase Dell’s award winning products in a Tesco store convenient to them.”
“We are committed to helping our customers with the latest hi-tech products at great value prices, which makes teaming up with Dell a perfect fit,” said Graham Harris, Tesco Commercial Director. “We are excited to offer our customers in the UK and in Europe a new and award winning brand that was previously only available from the company direct.”
With this agreement, customers will be able to click call or visit to shop and purchase Dell products how they want. Dell products will soon be available in more than 10,000 stores and on-line around the globe. In the past several months Dell has announced relationships with Best Buy in the U.S., DSG International and Carrefour in Europe, Staples in the U.S., Courts stores in Singapore, Gome stores in China, Bic Camera Inc. in Japan, Carphone Warehouse in the UK and Wal-Mart in the U.S., Canada, Brazil and Mexico.
Sam’s Notes
Dell is one of those Christmas stocks that I just love. Last year I missed the boat on Dell stock when it went through it’s holiday surge but not this year.
I like to buy my Dell stock near Thanksgiving. Sometimes before the holiday weekend and sometimes after, it all depends on what the hot products are. This year it is still all about the Nintendo Wii so I figured after the Thanksgiving weekend Dell would drop a few points and be in a prime buying range. (It dropped into the low $23 range in the first week of December.)
Right now Dell is in the $25 price range with some more room to grow. I expect them to hit $30 very soon (hopefully before Mac World because I want to get in on the Apple Stock again before they make their new announcements in early January.)
I have Dell listed in my ticker block on the right side of the site because it is one of the stocks that I believe in. Do you believe in Dell?
DEERFIELD, Ill.–(BUSINESS WIRE)–Walgreens (NYSE:WAG)(NASDAQ:WAG):
- Diluted earnings per share increase to 46 cents from last year’s 43 cents
- Cost controls slow growth in expenses, despite a record 169 new store openings
Walgreens (NYSE, NASDAQ:WAG) today announced record sales and earnings for the first quarter of fiscal year 2008.
Net earnings for the quarter ended Nov. 30 were up 5.5 percent to $456 million or 46 cents per share (diluted), from $432 million or 43 cents per share (diluted) in the same quarter a year ago.
Sales for the first quarter increased 10.4 percent to a record $14.0 billion. Total sales in comparable stores (those open more than a year) were up 5.4 percent in the quarter, while front-end comparable drugstore sales rose 4.6 percent in the quarter.
Prescription sales, which accounted for 66.1 percent of sales in the quarter, climbed 11.1 percent. Prescription sales in comparable stores rose 5.9 percent in the quarter, while the number of prescriptions filled in comparable stores increased 3.7 percent. Third party plans now account for 95.1 percent of all prescription sales.
The company faced a tough comparison with the year-ago quarter’s 24.9 percent earnings increase, which resulted in part from the introductions of blockbuster generic versions of name brand drugs Zocor and Zoloft, and an influx of pharmacy patients after last year’s introduction of the Medicare Part D drug benefit.
To counter last year’s strong increase in gross profit dollars generated by generic introductions, the company focused on aggressively managing expenses, including store salaries. Selling, general and administrative expense dollars in the current quarter increased 9.5 percent over last year’s first quarter, less than the 10.4 percent sales increase. Meanwhile, gross profit dollars increased 9.3 percent in the quarter, slower than the year-ago quarter’s 19.1 percent increase that was aided by generic drug introductions.
“We brought stronger expense discipline into play across the company, while making investments that will build and enhance our competitive position,” said Walgreens Chairman and CEO Jeffrey A. Rein. “Our store managers and corporate folks did an excellent job of controlling expenses this quarter. We also improved advertising efficiencies while maintaining our weekly sales promotions at a comparable level.”
SG&A expenses as a percent to sales decreased 19 basis points versus the year-ago quarter to 22.66, primarily helped by lower legal, insurance and store closing costs. Meanwhile, gross profit margins dropped 29 basis points to 27.85. Lower-priced generic drugs helped increase pharmacy gross profit margins, but that benefit was offset by an overall shift toward the pharmacy business, which carries lower margins than front-end merchandise. Margins on the front end decreased as a result of a shift in mix toward lower margin items.
Walgreens opened a first-quarter record 169 new stores compared to 143 store openings in the year-ago quarter, for a net increase of 142 stores after relocations and closings. The company plans to open 550 new stores during fiscal 2008, for a net increase after relocations and closings of more than 475 stores. At Nov. 30, Walgreens operated 6,139 stores in 49 states and Puerto Rico, including 76 Happy Harry’s stores in Delaware and surrounding states.
“We’ve built a remarkable record of successful organic growth over the last 10 years, building more than 4,400 drugstores from the ground up while closing only six because of poor sales,” said Rein. “To meet the growing needs of an aging population, we are targeting store expansion that will increase our square footage at a rate of about 8 percent per year through fiscal 2009 and beyond. We’ll exceed our goal of operating 7,000 stores in 2010, and we see long-term potential for approximately 13,000 stores in the U.S.”
Walgreens has increased its store count by more than 1,500 since the end of fiscal 2004 and during that same time has seen its share of the retail prescription market increase from 14 percent to more than 17 percent today.
In front-end sales, Walgreens increased its market share during the most recently reported 52-week period in 59 of its top 60 product categories compared to food, drug and mass merchandise competitors, as measured by A.C. Nielsen.
“We’re seeing especially strong sales among our private-brand products as the economy softens and consumers search for more value,” said Walgreens President Gregory D. Wasson.
The company is expanding its Take Care Health Clinics, which are walk-in health care centers staffed by nationally certified and state licensed nurse practitioners and physician assistants who treat patients 18 months and older for common illnesses. Take Care Health Systems, a wholly owned subsidiary of Walgreens, manages 119 convenient care clinics inside Walgreens stores in 15 cities across 11 states. More than 400 Take Care Health Clinics are expected to be in operation by the end of calendar 2008.
Wasson said, “Not only do these clinics reduce health care costs, provide greater access to the health care system and bring new patients into our stores, they also will be our platform for additional health care services such as immunizations and wellness programs.
“Our prime locations provide 6,000 points of care – our biggest asset and one that can’t be easily replicated. For us, the sweet spot for future growth is where health care needs converge with these convenient locations.”
Walgreens will hold a one-hour conference call to discuss the quarter’s results beginning at 8:30 a.m. eastern time today, Dec. 21. The conference call will be simulcast through Walgreens investor relations Web site at: http://investor.walgreens.com. A replay of the conference call will be archived on the Web site for three months after the call.
The replay also will be available from 11:30 a.m. eastern time, Dec. 21, through Dec. 28. The replay can be accessed by calling 888-203-1112 within the U.S. and Canada, or 719-457-0820 outside the U.S. and Canada, using replay code 9564357.
This news release may contain forward-looking statements that involve risks and uncertainties. The following factors could cause results to differ materially from management expectations as projected in such forward-looking statements: seasonal variations, competition, risks of new business areas, the availability and cost of real estate and construction, and changes in federal or state legislation or regulations. Investors are referred to the “Cautionary Note Regarding Forward-Looking Statements” in the Company’s most recent Form 10-K, which Note is incorporated into this news release by reference.
| WALGREEN CO. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(UNAUDITED)
(In Millions, Except Per Share Amounts)
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
November 30, |
|
November 30, |
|
Percent |
|
|
2007 |
|
2006 |
|
Change |
|
|
|
|
|
|
|
| Net sales |
|
$ 14,027.9 |
|
|
$ 12,708.5 |
|
|
10.4 |
% |
|
|
|
|
|
|
|
| Costs and Deductions: |
|
|
|
|
|
|
| |
Cost of sales |
|
10,121.1 |
|
|
9,132.9 |
|
|
10.8 |
|
|
Selling, general and administrative expenses |
|
3,179.0 |
|
|
2,903.7 |
|
|
9.5 |
|
|
|
13,300.1 |
|
|
12,036.6 |
|
|
10.5 |
|
| Other Income: |
|
|
|
|
|
|
|
Interest income, net |
|
0.4 |
|
|
10.6 |
|
|
(96.2 |
) |
|
|
|
|
|
|
|
| Earnings before income tax provision |
|
728.2 |
|
|
682.5 |
|
|
6.7 |
|
| Income tax provision |
|
272.7 |
|
|
250.8 |
|
|
8.7 |
|
| Net earnings |
|
$ 455.5 |
|
|
$ 431.7 |
|
|
5.5 |
|
| Net earnings per common share: |
|
|
|
|
|
|
|
Basic |
|
$ .46 |
|
|
$ .43 |
|
|
7.0 |
|
|
Diluted |
|
$ .46 |
|
|
$ .43 |
|
|
7.0 |
|
|
|
|
|
|
|
|
|
Dividends declared |
|
$ .0950 |
|
|
$ .0775 |
|
|
22.6 |
|
|
|
|
|
|
|
|
| Average shares outstanding |
|
991.3 |
|
|
1,005.2 |
|
|
|
| Dilutive effect of stock options |
|
6.2 |
|
|
8.2 |
|
|
|
| Average shares outstanding assuming dilution |
|
997.5 |
|
|
1,013.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent to Sales |
|
|
|
|
2007 |
|
2006 |
|
|
|
|
|
|
|
|
|
| Net sales |
|
100.0 |
% |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
| Costs and Deductions: |
|
|
|
|
|
|
|
Cost of sales |
|
72.1 |
|
|
71.9 |
|
|
|
|
Selling, general and administrative expenses |
|
22.7 |
|
|
22.8 |
|
|
|
|
|
94.8 |
|
|
94.7 |
|
|
|
| Other Income: |
|
|
|
|
|
|
|
Interest income, net |
|
- |
|
|
0.1 |
|
|
|
|
|
|
|
|
|
|
| Earnings before income tax provision |
|
5.2 |
|
|
5.4 |
|
|
|
| Income tax provision |
|
2.0 |
|
|
2.0 |
|
|
|
| Net earnings |
|
3.2 |
|
|
3.4 |
|
|
|
| WALGREEN CO. AND SUBSIDIARIES |
| CONSOLIDATED CONDENSED BALANCE SHEETS |
| (UNAUDITED AND SUBJECT TO RECLASSIFICATION) |
| (In Millions, Except Shares and Per Share Amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
November 30, |
|
November 30, |
|
2007 |
|
2006 |
| Assets |
|
|
|
| Current Assets: |
|
|
|
| Cash and cash equivalents |
$ 295.1 |
|
$ 669.7 |
| Short term investments - available for sale |
-
|
|
99.7 |
| Accounts receivable, net |
2,247.0 |
|
2,304.3 |
| Inventories |
7,552.9 |
|
6,998.8 |
| Other current assets |
240.1 |
|
228.9 |
| Total Current Assets |
10,335.1 |
|
10,301.4 |
| Non-Current Assets: |
|
|
|
|
Property and Equipment, at cost, less accumulated depreciation and amortization
|
8,497.4 |
|
7,203.1 |
| Goodwill |
1,066.2 |
|
167.2 |
| Other non-current assets |
576.9 |
|
354.3 |
| Total Assets |
$ 20,475.6 |
|
$ 18,026.0 |
| Liabilities and Shareholders’ Equity |
|
|
|
| Current Liabilities: |
|
|
|
| Short-term borrowings |
$ 1,166.5 |
|
$ - |
| Trade accounts payable |
4,106.6 |
|
4,552.3 |
| Accrued expenses and other liabilities |
2,094.4 |
|
1,800.6 |
| Income taxes |
177.9 |
|
245.8 |
| Total Current Liabilities |
7,545.4 |
|
6,598.7 |
| Non-Current Liabilities: |
|
|
|
| Deferred income taxes |
106.5 |
|
107.7 |
| Other non-current liabilities |
1,333.6 |
|
1,165.1 |
| Total Non-Current Liabilities |
1,440.1 |
|
1,272.8 |
|
|
|
|
| Shareholders’ Equity |
11,490.1 |
|
10,154.5 |
|
|
|
|
| Total Liabilities and Shareholders’ Equity |
$ 20,475.6 |
|
$ 18,026.0 |
| WALGREEN CO. AND SUBSIDIARIES |
| CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS |
| (UNAUDITED AND SUBJECT TO RECLASSIFICATION) |
| (In Millions) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
| |
|
|
|
November 30, |
|
November 30, |
|
|
|
|
2007 |
|
2006 |
|
|
|
|
|
|
|
| Cash flows from operating activities: |
|
|
|
|
Net earnings |
$ 455.5 |
|
|
$ 431.7 |
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities -
|
|
|
|
|
|
Depreciation and amortization |
195.7 |
|
|
160.2 |
|
|
|
Deferred income taxes |
(71.9 |
) |
|
(23.9 |
) |
|
|
Stock compensation expense |
31.3 |
|
|
34.5 |
|
|
|
Income tax savings from employee stock plans |
1.0 |
|
|
1.6 |
|
|
|
Other |
3.0 |
|
|
0.9 |
|
|
|
Changes in operating assets and liabilities - |
|
|
|
|
|
|
Inventories |
(753.0 |
) |
|
(948.4 |
) |
|
|
|
Trade accounts payable |
373.4 |
|
|
727.1 |
|
|
|
|
Accounts receivable, net |
(157.9 |
) |
|
(242.5 |
) |
|
|
|
Accrued expenses and other liabilities |
2.0 |
|
|
86.6 |
|
|
|
|
Other assets |
(9.3 |
) |
|
(6.5 |
) |
|
|
|
Other non-current liabilities |
(1.3 |
) |
|
35.9 |
|
|
|
|
Income taxes |
321.8 |
|
|
243.0 |
|
| Net cash provided by operating activities |
390.3 |
|
|
500.2 |
|
|
|
|
|
|
|
| Cash flows from investing activities: |
|
|
|
|
Purchases of short term investments - available for sale |
- |
|
|
(2,340.5 |
) |
|
Proceeds from sale of short term investments - available for sale |
- |
|
|
2,660.4 |
|
|
Additions to property and equipment |
(490.4 |
) |
|
(418.2 |
) |
|
Proceeds from sale of assets |
5.4 |
|
|
14.0 |
|
|
Business and intangible asset acquisitions, net of cash received |
(48.0 |
) |
|
(34.0 |
) |
|
Net proceeds from corporate-owned life insurance policies |
1.7 |
|
|
- |
|
| Net cash used for investing activities |
(531.3 |
) |
|
(118.3 |
) |
|
|
|
|
|
|
| Cash flows from financing activities: |
|
|
|
|
Net proceeds from short term borrowings |
316.5 |
|
|
- |
|
|
Payments of debt |
(28.5 |
) |
|
- |
|
|
Stock purchases |
(78.4 |
) |
|
(433.9 |
) |
|
Proceeds related to employee stock plans |
68.4 |
|
|
83.7 |
|
|
Cash dividends paid |
(94.2 |
) |
|
(78.2 |
) |
|
Bank overdrafts |
- |
|
|
(213.9 |
) |
|
Other |
(2.5 |
) |
|
10.2 |
|
| Net cash provided by (used for) financing activities |
181.3 |
|
|
(632.1 |
) |
|
|
|
|
|
|
| Changes in cash and cash equivalents: |
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
40.3 |
|
|
(250.2 |
) |
|
Cash and cash equivalents at beginning of year |
254.8 |
|
|
919.9 |
|
| Cash and cash equivalents at end of period |
$ 295.1 |
|
|
$ 669.7 |
|
WILMINGTON, Del.–(BUSINESS WIRE)–Incyte Corporation today announced the receipt of approximately $8.5 million as a result of the sale of Velocity11, a privately-held life sciences technology company in which Incyte held an ownership position. Incyte may receive additional consideration of approximately $900,000 after a one year escrow period. As a result of the sale, Incyte will record a gain of approximately $8.5 million in the fourth quarter of 2007.
Incyte Corporation is a Wilmington, Delaware-based drug discovery and development company focused on developing proprietary small molecule drugs to treat serious unmet medical needs. Incyte’s pipeline includes multiple compounds in Phase I and Phase II development for HIV, diabetes, oncology and inflammation. For additional information on Incyte, visit the Company’s web site at www.incyte.com.
SAN DIEGO–(BUSINESS WIRE)–Illumina, Inc. (NASDAQ:ILMN) announced today that the United States Patent and Trademark office has ordered the re-examination of U.S. Patent Nos. 6,355,432 and 6,646,243. The serial numbers for the re-examinations are 90/008,885 and 90/008,889, respectively. They were assigned the same filing date of November 27, 2007. The 6,355,432 and 6,646,243 patents are two of the patents currently the subject of the infringement suit Affymetrix, Inc. filed against Illumina on July 26, 2004 in U.S. District Court for the District of Delaware under Civil Action No. 04-901-JJF.
Any person may at any time request that the U.S. Patent Office re-examine a patent on the basis of prior art. The request for re-examination must explain the relevance of the prior art being brought to the attention of the Patent Office, and the manner of applying the cited prior art to every claim for which reexamination is requested. In its request for re-examination of the ‘432 and 243 patents Illumina has asked the Patent Office to re-examine all of the patent claims. Once, as in this case, the Patent Office has found that the cited prior art raises a substantial new question of patentability, the re-examination process typically takes about one year.
Detailed information about these re-examinations can be found on the U.S. Patent Office website which can be accessed at http://portal.uspto.gov/external/portal/pair. The U.S. Patent Office has yet to rule on the other requests for re-examination filed by Illumina regarding the three other patents that are the subject of the 2004 suit.
“We are pleased to hear that the U.S. Patent Office has decided to re-examine the validity of these two patents. We expect the Patent Office to consider closely the applicability of the prior art in their evaluation of whether these patents should be amended or invalidated in their entirety,” said Jay Flatley, President and Chief Executive Officer of Illumina.
About Illumina
Illumina is a leading developer, manufacturer and marketer of next-generation life science tools and integrated systems for the large scale analysis of genetic variation and biological function. Using our proprietary technologies, we provide a comprehensive line of products and services that currently serve the sequencing, genotyping, and gene expression markets, and we expect to enter the market for molecular diagnostics. Our customers include leading genomic research centers, pharmaceutical companies, academic institutions, clinical research organizations and biotechnology companies. Our tools provide researchers around the world with the performance, throughput, cost effectiveness and flexibility necessary to perform the billions of genetic tests needed to extract valuable medical information from advances in genomics and proteomics. We believe this information will enable researchers to correlate genetic variation and biological function, which will enhance drug discovery and clinical research, allow diseases to be detected earlier and permit better choices of drugs for individual patients.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: this release may contain forward-looking statements that involve risks and uncertainties. Among the important factors that could cause actual results to differ materially from those in any forward-looking statements are the costs and outcome of Illumina’s litigation with Affymetrix and our ability (i) to integrate effectively our recent acquisition of Solexa, Inc., (ii) to develop and commercialize further our BeadArrayTM, VeraCodeTM and Solexa® technologies and to deploy new gene expression and genotyping products and applications for our technology platforms, (iii) to manufacture robust micro arrays and Oligator® oligonucleotides, (iv) to integrate and scale our VeraCode technology, (v) to scale further oligo synthesis output and technology to satisfy market demand derived from our collaboration with Invitrogen, together with other factors detailed in our filings with the Securities and Exchange Commission including our recent filings on Forms 10-K and 10-Q or in information disclosed in public conference calls, the date and time of which are released beforehand. We disclaim any intent or obligation to update these forward-looking statements beyond the date of this release.
FARMINGTON, N.M.–(BUSINESS WIRE)–WW Energy Inc. (Pink Sheets:WWNG) — a holding company that was created to acquire oil and gas service companies as well as oil and gas-related assets — announced that the Company has signed a Letter of Intent for the reworking of 3 wells located in Borden County and Snyder, Texas. The Borden County well was drilled to a depth of 4525 – 4600 feet with an initial rate of 65 bbls per day. WW Energy also has a well located in Snyder, Texas that the Company expects to drill on. The LOI also includes an additional well that has been permitted for disposal. The Texas located wells were shut in, in the early 1990s. WW Energy intends to begin reworking wells 1 and 2 in the Snyder located area. The Snyder properties represented one of the largest oil booms dating back to the 1940s and 1950s. Currently, the price of crude oil is approximately $90 per barrel. Management will report on the progress of the LOI as information becomes available.
WW Energy Inc. is a holding company that was created to acquire oil and gas service companies as well as oil and gas-related assets.
WW Trucking Inc., formed in 1999, is a leading oil and gas services company for the oil field services industry in Utah, Colorado, New Mexico and Arizona (The Four Corners Area). Their existing business operations are in transporting production water for oil drilling/exploration and waste water for disposal. They also provide services for heavy hauling of drilling and well equipment needed in the oil and gas production and exploration industry.
Forward-looking statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this release that are forward-looking statements are based on current expectations and assumptions that are subject to known and unknown risks, uncertainties, or other factors which may cause actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Actual results could differ materially because of factors such as the effect of general economic and market conditions, entry into markets with vigorous competition, market acceptance of new products and services, continued acceptance of existing products and services, technological shifts, and delays in product development and related product release schedules, any of which may cause revenues and income to fall short of anticipated levels. All information in this release is as of the date of this release. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company’s expectations.
CAMANO ISLAND, Wash.–(BUSINESS WIRE)–Camano Island, Wash.-based Espresso Americano International, LLC introduces its latest Master Licensee, Wealth By Health, Inc., dba Espresso Americano China. Wealth By Health plans to build 15 airport retail locations by the end of the first quarter of 2008. Airports include the International Concourse of the Beijing Airport, Shanghai, Guangzhou, Nanjing, Chengdu and 10 other major airports throughout China.
Espresso Americano will also shortly announce an agreement with a major Chinese airline to offer Espresso Americano-branded coffee in first and business class on its 852 daily flights. This marks the first time that a branded coffee has been available on a Chinese airline.
With the 2008 Summer Olympics in Beijing, Wealth By Health already has its airport location there and a second, prominent location in downtown Beijing under construction. Two more locations in Beijing are on schedule to begin construction in the next two weeks.
Espresso Americano provides its international licensees with substantial online training and operational tools. “We’re able to provide ongoing support on a global basis because of technology,” said Co-Owner Ron DeMiglio. “Our in-market support is backed by operations manuals and video training online. We help our business partners build the skills they’ll need to deliver the ambiance and quality focus their guests demand.”
EINDHOVEN, Netherlands & NEWPORT BEACH, Calif.–(BUSINESS WIRE)–NXP Semiconductors, the independent semiconductor company founded by Philips, announced it will acquire GloNav Inc., a US-based fabless semiconductor company developing single-chip solutions for global positioning systems (GPS) and other satellite navigation systems. NXP will purchase the company for US$85 million in cash plus up to US$25 million in cash contingent upon GloNav reaching certain revenue and product development milestones over the next two years. The transaction will give NXP immediate access to market-proven GPS products and technology. The deal is expected to close in the first quarter of 2008, subject to regulatory approvals.
“This is the second major acquisition that we have made this year to strengthen our Mobile and Personal Business Unit that quickly adds complementary technologies to our existing portfolio and meets our customers’ demands for innovative products. We are a leader in cellular system solutions. Combining GloNav’s GPS expertise with NXP’s FM Radio, Bluetooth, USB and NFC leadership, enables us to offer a broader connectivity suite to the mobile phone market,” commented Frans van Houten, Chief Executive Officer, NXP Semiconductors.
By 2010, approximately 40 percent (some 560 million) of mobile phones will be equipped with the GPS feature. “We already turned the cell phone into a multimedia wallet,” Frans van Houten commented. “It’s only natural that we also want to use our mobile phones to navigate and to find local goods and services. GPS integration allows us to create these and many more interesting and dynamic features, continuously enriching the cell phone in our pocket,” added van Houten.
“Becoming part of NXP allows us to achieve the required scale in innovation, and opens up many new markets and customers in order to exploit the significant market potential for GPS. Our engineers are excited to become part of ambitious leadership projects in state-of-the-art technologies and to join their expertise to one of the leaders in cellular system solutions,” commented Bill McLean, GloNav’s Chief Executive Officer. “We will have access to NXP’s impressive customer base, which includes all the leading handset and device manufacturers.”
GloNav has approximately 50 employees and contractors at locations in the US, UK, Ireland, and Taiwan. They will join NXP’s Mobile and Personal Business Unit.
GloNav has a significant intellectual property portfolio and over 20 years of technology heritage in developing silicon-based GPS solutions. Through this acquisition, NXP will be able to access GloNav’s single chip and 90nm capability to establish a strong presence in the fast growing GPS market in both personal navigation devices and mobile phones, and further strengthen its capability to offer functionally rich, integrated cellular solutions for its mobile customers.
BRACKNELL, U.K.–(BUSINESS WIRE)–Dell (NASDAQ:DELL) has signed an agreement to acquire privately held The Networked Storage Company (TNWSC), a leading IT consultancy, that specialises in transitioning customers to proven, simplified and cost-efficient IT data storage solutions.
Terms were not disclosed and the purchase will not be final until all closing conditions are met. TNWSC is based in Epsom, United Kingdom.
TNWSC’s unique Point of Proof® methodology provides an auditable end-to-end process to evaluate, select and implement proven solutions that deliver robust, simplified and cost-effective IT infrastructures. The approach, primarily implemented with storage networks, can be extended across the entire IT environment, helping to reduce overall costs and complexity of IT infrastructure maintenance and management. TNWSC has a blue chip customer base including several of Europe’s leading financial institutions.
“The Networked Storage Company has an extremely talented team that has developed an industry-leading approach enabling customers to simplify and validate their IT infrastructures. We plan to incorporate their expertise and world-class methodologies as part of our consulting offerings and scale globally,” said Stephen Murdoch, vice president, Global Infrastructure Consulting Services, Dell.
Simon Pennock, CEO and founder, TNWSC, comments, “The Networked Storage Company is driven by a passion for doing the right thing for clients. It was obvious from the start of our relationship that Dell shares not only this commitment to clients but also our belief that IT should be less complex and the costs more transparent. Dell’s global reach and depth of capability will enable us to deliver on this vision through the proven benefits of our Point of Proof® methodology.”
PORTLAND, Ore.–(BUSINESS WIRE)–Umpqua Holdings Corporation (NASDAQ:UMPQ), parent company of Umpqua Bank and Strand, Atkinson, Williams & York, Inc., today announced that its Board of Directors approved a quarterly cash dividend of $0.19 per common share. The dividend is payable on January 15, 2008 to shareholders of record as of December 31, 2007.
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