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Westport Reports Third Quarter Fiscal 2012 Results

~ Strong Balance Sheet Provides Solid Foundation for a Range of Product Launches on Deck ~

VANCOUVER, Nov. 8, 2012 /PRNewswire/ - Westport Innovations Inc. (TSX:WPT / NASDAQ:WPRT), the global leader in natural gas engines, today reported financial results for the third quarter ended September 30, 2012 and provided an update on operations. All figures are in U.S. dollars unless otherwise stated.

"The overall market for natural gas transportation is developing with more infrastructure in place by the end of this year and key product launches for the industry, such as the Cummins Westport ISX12 G, edging closer," said David Demers, CEO of Westport Innovations Inc. "We expect to launch a portfolio of new products ranging from automotive and trucking to off-road applications over the next few quarters from a broad variety of OEMs. Our Ford F-250/350 program and Westport™ WiNG Power System is in full production now which positions us with a new product line with strong prospects for growth."

"We may have changed our near-term and annual revenue expectations, however, recent announcements to bring a new Cummins Westport 6.7 litre engine to market, targeting school buses, and an innovative new engine with Tata, also prove the thesis that virtually all segments of the transportation market will see significant opportunity for natural gas this decade," continued Demers. "While new markets evolve, our North American heavy-duty business is seeing repeat orders from customers such as UPS who've ordered 21 additional liquefied natural gas (LNG) tractors with Westport high pressure direct injection (HPDI). Finally, our programs with Caterpillar to jointly develop LNG as a fuel in mining truck and locomotive operations are off to a strong start. We are seeing high levels of interest from customers in these high fuel use industries."

"We have a strong balance sheet and our asset-light business model allows us to remain competitively positioned. We will continue to invest in key products and markets that will help provide new revenue streams and distribution channels to maintain our dominant market share."

Third Quarter and Year to Date (YTD) Highlights

  Quarter Ended September 30, % Change YTD Ended September 30, %
Change
($ in millions, except per share amounts) 2012 2011 2012 2011
Consolidated revenues $             76.1 $                81.0 (6%) $             270.8 $             164.0 65%
Consolidated gross margin 21.2                 25.8 (18%) 90.2 58.6 54%
Consolidated gross margin percentage 27.8% 31.8% - 33.3% 35.7% -
Operating expenses (Research and development, general and administrative and sales and marketing)             39.1 28.5 37% 115.8              76.5 51%
Consolidated adjusted EBITDA (The reconciliation of adjusted EBITDA is described below) (18.5)                 (5.4) (243%)            (28.1)             (21.9) (28%)
Cash and short-term investments balance 294.7               105.6 179%               294.7 105.6 179%
Cash used in operations                  3.6 21.8  (83%) 25.4 44.3  43%
Net loss*             32.5                 13.2 146%              61.2                45.7 34%
Net loss per share 0.59 0.27 119%                1.14 0.96 19%

* Included in the Company's net loss for the three months ended September 30, 2012 and September 30, 2011 is a $7.4 million net foreign exchange loss and a $2.0 million net foreign exchange gain, respectively. Included in the Company's net loss for the nine months ended September 30, 2012 and September 30, 2011 is a $2.9 million and a $1.3 million net foreign exchange loss, respectively. These foreign exchange gains/losses are attributed to the movement in the Canadian dollar relative to the U.S. dollar, which are unrealized.

  • Westport product revenue for the quarter ended September 30, 2012 was $65.1 million, a decrease of $7.1 million, or 9.8%, from $72.2 million for the three months ended September 30, 2011. Westport parts revenue for the quarter ended September 30, 2012 was $9.7 million, an increase of $1.2 million, or 14.1%, from $8.5 million for the three months ended September 30, 2011. The number of engines in the field, their age and their reliability all impacted parts revenue each period. Service and other revenue was $1.4 million for the quarter ended September 30, 2012 compared with $0.4 million for the same period last year.

  • Research and development (R&D) expenses focused primarily on new products and new technology were $20.0 million for the three months ended September 30, 2012, an increase of $6.1 million from $13.9 million in the same period last year.

    • CWI R&D expenses were $3.6 million compared with $2.3 million.

    • Westport HD R&D expenses were $7.3 million compared with $6.0 million. Of the $7.3 million, $3.6 million was related to efforts under OEM development programs, which will be recovered at the next milestone.

    • Westport LD R&D expenses were $2.7 million compared with $4.2 million.

    • Corporate R&D expenses were $6.3 million compared with $1.4 million primarily due to investments in new product development programs.

  • General and administrative expenses were $9.0 million for the three months ended September 30, 2012, an increase of $2.1 million from $6.9 million in the same period last year primarily due to the addition of Westport LD North American facilities and acquired operations, as well as costs related to an increase in headcount. As of September 30, 2012, Westport had 1,098 employees globally, compared with 769 employees on September 30, 2011.

  • Sales and marketing expenses were $10.0 million for the three months ended September 30, 2012, an increase of $2.3 million from $7.7 million in the same period last year primarily due to an increase in OEM development initiatives, North American trucking activities, and costs related to high-horsepower and other new business development initiatives.

  • For the three months ended September 30, 2012, Westport reported a consolidated adjusted EBITDA loss of $18.5 million compared with a loss of $5.4 million in the prior year period. The reconciliation of adjusted EBITDA is described below.

  • Westport consolidated net loss increased due to lower sales volume and an increase in key product development efforts, along with the timing of payments under various development agreements. Included in the Company's net loss for the three months ended September 30, 2012 is a $7.4 million net foreign exchange loss attributed to the movement in the Canadian dollar relative to the U.S. dollar, which is unrealized. Excluding this impact, the Company's net loss and net loss per share were $25.1 million and $0.46, respectively.

Financial Outlook for 2012
Based on recent feedback from OEM and fleet customers in North America and automotive OEM customers in Europe, Westport has proactively updated its 2012 financial outlook to reflect approximately 30% revenue growth year over year with the consolidated revenue expected to be between $340 and $350 million for the calendar year ended December 31, 2012.

Cummins Westport Inc. (CWI) Business Unit Highlights

  Quarter Ended September 30, %
Change
YTD Ended September 30, %
Change
($ in millions) 2012 2011 2012 2011
Units 1,588 1,625 (2%) 5,503 3,454 59%
Revenue $             45.5 $                49.2 (8%) $             155.1 $              106.2 46%
Gross margin 13.4                 20.7 (35%) 50.5 46.3 9%
Gross margin percentage 29.5% 42.1% - 32.6% 43.6% -
Operating expenses             6.4 5.8 10% 17.0 15.1 13%
Segment operating income / Adjusted EBITDA(1) 6.9 14.9 (54%) 33.4 31.2 7%

(1)  Segment operating income (loss) is based on segment net operating income (loss), which is before income taxes and does not include depreciation and amortization, foreign exchange gains and losses, bank charges, interest and other expenses, interest and other income, and gain on sale of long-term investments. The reconciliation of Segment adjusted EBITDA is described below.

  • CWI delivered four quarters of record sales to June 30, 2012, however, general slowdown in truck shipments and inventory reductions in the refuse segment have contributed to a decrease in ISL G sales in the third quarter. September 2012 market orders for Class 8 trucks were 35% below the same month last year, contributing to the weakest quarter in the industry since Q3 2010, as reported by FTR Associates.
  • CWI revenue for the nine months ended September 30, 2012 was up 46.1% to $155.1 million with 5,503 engines shipped, compared with $106.2 million with 3,454 engines shipped in the same period last year.
  • CWI parts revenue for the quarter ended September 30, 2012 was $8.7 million, an increase of $0.7 million from $8.0 million in the same period last year, driven by the number of engines in service.
  • The decrease in CWI gross margin percentage during the quarter was primarily due to warranty adjustments, extended coverage adjustments, and net extended coverage claims totalling $3.4 million, and mix of sales. Excluding the adjustments, CWI gross margin percentage was 36.9%.

Year to date shipments in North America have increased by 38% compared to the previous year, with growth in each of the transit, refuse and conventional truck segments. Year to date international shipments increased 131% over 2011 due to large transit bus engine orders for China, Peru and Venezuela. During the quarter there were several new CWI ISL G-powered fleets put into service, including new refuse truck fleets in Pomona, CA, and Winnipeg, MB, and new transit bus fleets in Long Beach, CA, and Guadalajara, Mexico.

CWI is continuing the development of the ISX12 G, a 12 litre heavy-duty natural gas engine for regional haul, vocational and refuse applications. Limited production of this engine will commence in early 2013 at Cummins' Jamestown, New York engine plant. CWI is working with OEM launch partners including Freightliner, Peterbilt, Kenworth, Volvo and Autocar, all of whom are participating in the field trials.

Westport Light-Duty (Westport LD) Business Unit Highlights

  Quarter Ended September 30, %
Change
YTD Ended September 30, %
Change
($ in millions) 2012 2011 2012 2011
Revenue $             25.6 $                25.7 (0.4%) $               82.9 $                44.0 88%
Gross margin 6.1                 5.3 15% 22.3 9.2 142%
Gross margin percentage 23.9% 20.6% - 26.9% 21.0% -
Operating expenses             7.7 7.8 (1%) 25.4 13.4 90%
Segment operating loss 1.6 2.5 (36%) 3.2 4.1 (22%)
Segment adjusted EBITDA (1.1)                 (2.3) 50% (1.8) (3.8) 53%
  • Westport LD revenue for the quarter ended September 30, 2012 decreased compared with the same period last year as a result of the economic conditions in key geographic markets including the Eurozone and weaker Euro to US dollar foreign exchange rate (an 11% decrease in exchange rate), offset by increases in industrial revenue of $0.8 million and North American revenue of $2.8 million attributed to deliveries of the Westport WiNG Power System. If foreign exchange was neutral, Westport LD revenue would have been $28.3 million or an increase of 10.1%.
  • Westport LD revenue for the nine months ended September 30, 2012 was up 88.2% to $82.9 million from $44.0 million in the same period last year primarily due to acquisitions. Westport is preparing for a variety of new product launches around the world in 2013 for automotive / light-duty vehicle applications.

During the quarter, Pioneer Natural Resources announced that it was adding 225 bi-fuel Westport WiNG natural gas powered Ford F-250 Super Duty trucks to its fleet. Pioneer has begun transitioning a number of its fleet vehicles from gasoline and diesel powered to those able to run on more cost-effective natural gas for light-duty and heavy-duty applications. Westport LD delivered 184 WiNG Power Systems to Pioneer during the quarter. Westport LD remains on track to deliver more than 500 units by the end of the year.

Westport LD in Sweden, the sole supplier of natural gas fuel systems to Volvo Car Corporation for the bi-fuel version of the popular V70 wagon, launched the 2013 model year V70. The 2.0-litre turbocharged V70 has improved fuel efficiency and extended range compared with the previous model. The manual transmission option is particularly popular for company cars in Sweden.

Westport Heavy-Duty (Westport HD) Business Unit Highlights

  Quarter Ended September 30, %
Change
YTD Ended September 30, %
Change
($ in millions) 2012 2011 2012 2011
Units 58 85 (32%) 284 104 173%
Product & parts revenue $             3.7 $                5.8 (36%) $               17.3 $                  9.4 84%
Gross margin 0.2                 (0.6) 133% 1.9 (1.3) 246%
Gross margin percentage 6.5% (9.7%) - 11.2% (13.5%) -
Operating expenses             12.0 10.0 20% 37.5 27.7 35%
Segment operating loss 11.8 10.2 16% 29.4 24.5 20%
Segment adjusted EBITDA (11.0) (9.4) (17%) (27.3) (23.8) (15%)
  • Westport HD (product and parts) revenue for the quarter ended September 30, 2012 was $3.7 million with 58 systems shipped, a decrease of $2.1 million from $5.8 million with 85 systems shipped. Westport HD average selling price (ASP) for the quarter ended September 30, 2012 was approximately $47,400 compared with $62,700 in the same period last year - a reduction of 24.4% while gross margin increased 133% compared to the same period last year.
  • Westport HD parts revenue for the quarter ended September 30, 2012 was $1.0 million, an increase of $0.5 million from $0.5 million in the same period last year.
  • Westport HD gross margin (excluding service revenue) and gross margin percentage for the quarter ended September 30, 2012 was $0.2 million and 6.5%, respectively, compared with negative $0.6 million and negative 9.7%, respectively, for the quarter ended September 30, 2011 - an improvement of 133% in gross margin.
  • Westport HD (product and parts) revenue for the nine months ended September 30, 2012 was up 83.8% to $17.3 million with 284 systems shipped, compared with $9.4 million with 104 systems shipped in the same period last year.

During the quarter, Westport HD shipped 58 HD Systems to Kenworth and Peterbilt for LNG truck production for customers such as City of Los Angeles, Basic Energy, Kenan Advantage and TransGas.

UPS has continued its commitment to building its natural gas powered fleet with an order for 21 Kenworth T800 LNG heavy-duty trucks. The T800s, powered by Westport HD, make UPS one of the largest fleet owners of LNG trucks in North America.

FortisBC, the gas distribution utility in British Columbia, Canada designed an incentive funding program to assist qualified medium and heavy-duty fleet owners to purchase natural gas vehicles in British Columbia and recently has notified successful applicants of their preliminary awards. The conditionally awarded recipients consist of 16 on-road-transportation fleets for 236 compressed natural gas (CNG) and 165 LNG vehicles. The final award details will be made public by FortisBC, which is expected to take place by the end of 2012 with vehicles being delivered in 2013.

According to Clean Energy Fuels' America's Natural Gas Highway deployment plan, 48 LNG stations have been built to date and Clean Energy expects to be on track to complete its goal of approximately 70 stations by year end.  As announced during its quarterly conference call, Clean Energy has 21 LNG stations under construction, 12 in various stages in entitlement, design, and permitting process, and 64 stations in process for next year.  By the end of 2014, Westport is confident that infrastructure will likely not be a material barrier to any fleet in the U.S. that wants to move to natural gas.

As announced at the Atlantic Provinces Trucking Association Transportation Summit in October, Irving Oil plans to open five LNG stations in Eastern Canada commencing in late 2013. Irving Oil is planning to make LNG available at five of its existing fuelling stations in Nova Scotia, New Brunswick and Quebec.

In August, a Shaanxi truck powered by the Weichai Westport 12L HPDI engine conquered 4,767 meter (or 15,640 feet) altitude testing for the first time on China's Kunlun Mountain. This marked a significant milestone as it was the highest altitude that natural gas trucks had ever reached, proving HPDI's comparable performance to diesel. The Weichai Westport HPDI engine will be undergoing cold testing through the winter months to prepare for commercial launch in 2013.

Weichai Westport Inc. (WWI) Highlights

   Quarter Ended September 30,  %
 Change 
YTD Ended September 30, %
 Change 
($ in millions) 2012 2011 2012 2011
Units 4,825 2,272 112% 12,884 5,697 126%
Revenue $             58.7 $                29.9 96%  $             164.7  $                77.2 113%
Gross margin 4.6 4.7 (2%) 20.3 13.3 53%
Gross margin percentage  7.8% 15.7% - 12.3% 17.2% -
Operating expenses 2.3 2.9 (21%) 12.1 8.8 38%
Operating income 2.3 1.8 28% 8.2 4.6 78%
Westport's 35% interest 0.7 0.4 75% 2.3 1.3 77%
  • Although not consolidated, Weichai Westport revenue increased to $58.7 million on 4,825 engines for the quarter ended September 30, 2012 compared with $29.9 million on 2,272 engines for the quarter ended September 30, 2011. Weichai Westport revenue for the nine months ended September 30, 2012 was up 113.3% to $164.7 million with 12,884 engines compared with $77.2 million with 5,697 engines.
  • Income from investment accounted for by the equity method for the three months ended September 30, 2012 was $0.7 million, which related to Westport's 35% interest, compared with Westport's $0.4 million in the prior year period.
  • Gross margins for Weichai Westport remain discounted as the company penetrates new markets and builds market share in China.

High-Horsepower (HHP) Highlights

The off-road development program with Caterpillar was launched in June 2012. In September, Westport attended the first-ever HHP Summit in Houston, which brought together delegates from key industries (e.g. rail, mining, marine, drilling, agriculture, construction, and on-site power generation) to discuss the use of natural gas for HHP applications. At the Summit, Joel Feucht, Caterpillar's newly appointed Director of Gas Engine Strategy, underlined the economic advantages of moving to natural gas and confirmed Caterpillar's intentions to go "all-in on natural gas" as quickly as possible. Feucht confirmed that Caterpillar, who is working closely with Westport, is committed to a long-term investment to provide natural gas fueled equipment and engines across its product lines. Furthermore, Caterpillar announced at September's MinExpo that its first expected LNG-powered products will likely include Cat® 793, 795 and 797 mining trucks.

CN is presently running two of its diesel-fired locomotives on natural gas as part of an evaluation program. This test also involves a longer term demonstration project with Westport, Electro-Motive Diesel (a Caterpillar subsidiary), and Quebec gas distributor Gaz Metro, with funding from Sustainable Development Technology Canada to develop a natural gas locomotive engine and LNG tender car to carry the fuel. Westport anticipates the first results from the test engine in mid-2013.

Non-GAAP Financial Measure; Adjusted EBITDA Results

Adjusted EBITDA is used by management to review operational progress of its business units and investment programs over successive periods and as a long-term indicator of operational success since it ties closely to the unit's ability to generate sustained cash flows. Westport defines Adjusted EBITDA as net loss attributed to the Company before (a) income taxes, (b) depreciation and amortization, (c) interest expense, net, (d) amortization of stock-based compensation, (e) unrealized foreign exchange loss (gain), (f) income (loss) from unconsolidated joint ventures and (g) gains and other. The term Adjusted EBITDA is not defined under U.S. generally accepted accounting principles, or U.S. GAAP, and is not a measure of operating income, operating performance or liquidity presented in accordance with U.S. GAAP. Adjusted EBITDA has limitations as an analytical tool, and when assessing Westport's operating performance, investors should not consider Adjusted EBITDA in isolation, or as a substitute for net loss or other consolidated statement of operations data prepared in accordance with U.S. GAAP. Among other things, Adjusted EBITDA does not reflect Westport's actual cash expenditures. Other companies may calculate similar measures differently than Westport, limiting their usefulness as comparative tools. Westport compensates for these limitations by relying primarily on its GAAP results and using Adjusted EBITDA only supplementally.

          Three Months Ended   Nine Months Ended
          September 30,   September 30,
          2012   2011   2012   2011
Net loss attributed to the Company       $   (32,487)   $   (13,162)   $   (61,171)   $   (45,652)
  Provision for income taxes           (54)       5,020       11,245       11,060
  Depreciation and amortization           2,964       2,683       8,249       4,543
  Interest expense, net           1,424       475       3,618       2,312
  Amortization of stock-based compensation           2,924       1,993       9,217       5,631
  Unrealized foreign exchange loss (gain)           7,371       (2,011)       2,878       1,318
                                       
EBITDA           (17,858)       (5,002)       (25,964)       (20,788)
                                     
Less: Gains (loss) and other           87       76       305       141
Less: Income from unconsolidated
joint ventures
          (715)       (436)       (2,430)       (1,254)
                                       
Adjusted EBITDA       $   (18,486)   $   (5,362)   $   (28,089)   $   (21,901)
                                     

Non-GAAP Financial Measure; Segment Adjusted EBITDA Results

  Cummins Westport Inc. (CWI)       Three Months Ended   Nine Months Ended
          September 30,   September 30,
          2012   2011   2012   2011
Segment operating income       $   6,922   $   14,920   $   33,404   $   31,170
  Amortization of stock-based compensation           -       -       -       -
                                       
Segment Adjusted EBITDA       $   6,922   $   14,920   $   33,404   $   31,170
                                       
  Westport Light-Duty (Westport LD)       Three Months Ended   Nine Months Ended
          September 30,   September 30,
          2012   2011   2012   2011
Segment operating loss       $   (1,555)   $   (2,520)   $   (3,168)   $   (4,118)
  Amortization of stock-based compensation           426       259       1,391       323
                                       
Segment Adjusted EBITDA       $   (1,129)   $   (2,261)   $   (1,777)   $   (3,795)
                                     
  Westport Heavy-Duty (Westport HD)       Three Months Ended   Nine Months Ended
          September 30,   September 30,
          2012   2011   2012   2011
Segment operating loss       $   (11,774)   $   (10,182)   $   (29,392)   $   (24,539)
  Amortization of stock-based compensation           741       788       2,094       788
                                       
Segment Adjusted EBITDA       $   (11,033)   $   (9,394)   $   (27,296)   $   (23,751)
                                     

Outlook
This press release includes financial outlook information for Westport and such information is being provided for the purpose of updating prior revenue disclosure and may not be appropriate for, and should not be relied upon for, other purposes.

Financial Statements & Management's Discussion and Analysis
To view Westport's full financials for the quarter ended September 30, 2012, please point your browser to the following link: http://www.westport.com/investors/financial

Live Conference Call & Webcast
Westport has scheduled a conference call for today, Thursday, November 8, 2012 at 2:00 pm Pacific Time (5:00 pm Eastern Time) to discuss these results. The public is invited to listen to the conference call in real time by telephone or webcast. To access the conference call by telephone, please dial: 1-800-319-4610 (Canada & USA toll-free) or 604-638-5340. The live webcast of the conference call can be accessed through the Westport website at www.westport.com/investors.

Replay Conference Call & Webcast
To access the conference call replay, please dial 1-800-319-6413 (Canada & USA toll-free) or 604-638-9010 using the pass code 1847. The replay will be available until November 15, 2012. Shortly after the conference call, the webcast will be archived on the Company's website and replay will be available in streaming audio.

About Westport Innovations Inc.
Westport Innovations Inc. is a leading global supplier of proprietary solutions that allow engines to operate on clean-burning fuels such as compressed natural gas (CNG), liquefied natural gas (LNG), hydrogen, and renewable natural gas (RNG) fuels such as landfill gas and help reduce greenhouse gas emissions (GHG). Westport technology offers advanced LNG fueling systems with direct injection natural gas engine technology for heavy-duty vehicles such as highway trucks and off-road applications such as mining and rail.  Westport's joint venture with Cummins Inc., Cummins Westport Inc. designs, engineers and markets spark-ignited natural gas engines for North American transportation applications such as trucks and buses. Westport LD division is one of the global leaders for natural gas and liquefied petroleum gas (LPG) fuel in passenger cars, light-duty trucks and industrial applications such as forklifts. To learn more about our business, visit our website or subscribe to our RSS feed at www.westport.com, or follow us on Twitter @WestportDotCom.

This press release contains forward-looking statements, including statements regarding the consolidated revenue and revenue growth of Westport for calendar year 2012, timing for launch and completion of milestones related to the engine products referenced herein, including the CWI ISX12 G, Weichai Westport HPDI engine and EMD locomotive engines, projected Westport engine unit sales in the fourth quarter of 2012, timing for opening of LNG retail plazas and development of refueling infrastructure, results of FortisBC incentive program, timing and expectations for future cash flows, the demand for our products, the future success of our business and technology strategies, investment in new product and technology development and otherwise, cash and capital requirements, intentions of partners and potential customers, the performance and competitiveness of Westport's products and expansion of product coverage, future market opportunities, speed of adoption of natural gas for transportation and terms of future agreements as well as Westport management's response to any of the aforementioned factors. These statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties and are based on both the views of management and assumptions that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activities, performance or achievements expressed in or implied by these forward looking statements. These risks and uncertainties include risks and assumptions related to our revenue growth, operating results, industry and products, the general economy, conditions of and access to the capital and debt markets, governmental policies and regulation, technology innovations, fluctuations in foreign exchange rates,  the availability and price of natural gas,  global government stimulus packages, the acceptance of and shift to natural gas vehicles, the relaxation or waiver of fuel emission standards, the inability of fleets to access capital or government funding to purchase natural gas vehicles, the sufficiency of bio methane for use in our vehicles, the development of competing technologies, our ability to adequately develop and deploy our technology as well as other risk factors and assumptions that may affect our actual results, performance or achievements or financial position discussed in our most recent Annual Information Form and other filings with securities regulators. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they were made. We disclaim any obligation to publicly update or revise such statements to reflect any change in our expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in these forward looking statements except as required by National Instrument 51-102. The contents of any website, RSS feed or twitter account referenced in this press release are not incorporated by reference herein.

 

 

 

SOURCE Westport Innovations Inc.

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SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential.
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nigeria has the largest economy in Africa, at more than US$500 billion, and ranks 23rd in the world. A recent re-evaluation of Nigeria's true economic size doubled the previous estimate, and brought it well ahead of South Africa, which is a member (unlike Nigeria) of the G20 club for political as well as economic reasons. Nigeria's economy can be said to be quite diverse from one point of view, but heavily dependent on oil and gas at the same time. Oil and natural gas account for about 15% of Nigera's overall economy, but traditionally represent more than 90% of the country's exports and as...
The Internet of Things is a misnomer. That implies that everything is on the Internet, and that simply should not be - especially for things that are blurring the line between medical devices that stimulate like a pacemaker and quantified self-sensors like a pedometer or pulse tracker. The mesh of things that we manage must be segmented into zones of trust for sensing data, transmitting data, receiving command and control administrative changes, and peer-to-peer mesh messaging. In his session at @ThingsExpo, Ryan Bagnulo, Solution Architect / Software Engineer at SOA Software, focused on desi...
"At our booth we are showing how to provide trust in the Internet of Things. Trust is where everything starts to become secure and trustworthy. Now with the scaling of the Internet of Things it becomes an interesting question – I've heard numbers from 200 billion devices next year up to a trillion in the next 10 to 15 years," explained Johannes Lintzen, Vice President of Sales at Utimaco, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"For over 25 years we have been working with a lot of enterprise customers and we have seen how companies create applications. And now that we have moved to cloud computing, mobile, social and the Internet of Things, we see that the market needs a new way of creating applications," stated Jesse Shiah, CEO, President and Co-Founder of AgilePoint Inc., in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the industry’s first all flash version of HyperConverged Appliances that include both compute and storag...
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
Code Halos - aka "digital fingerprints" - are the key organizing principle to understand a) how dumb things become smart and b) how to monetize this dynamic. In his session at @ThingsExpo, Robert Brown, AVP, Center for the Future of Work at Cognizant Technology Solutions, outlined research, analysis and recommendations from his recently published book on this phenomena on the way leading edge organizations like GE and Disney are unlocking the Internet of Things opportunity and what steps your organization should be taking to position itself for the next platform of digital competition.
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal Systems Group, discussed how key attributes of mobile technology – touch input, sensors, social, and ...
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial Cloud.