GENEVA -- (MARKET WIRE) -- 02/10/12 -- Addex Pharmaceuticals (SWISS: ADXN), a leading biopharmaceutical company pioneering allosteric modulation-based drug discovery and development, announced today that Dr. Bharatt Chowrira, CEO of Addex, will present at 9am EST on February 14, 2012, at the BIO CEO & Investor Conference in New York City. Dr. Chowrira will highlight the Company's oral small molecule drug discovery and development platform and provide a review of its pipeline, including two lead products in Phase IIa testing for Parkinson's disease and schizophrenia. The presentation, live webcast and webcast replay will be available via the Internet at:
http://www.veracast.com/webcasts/bio/ceoinvestor2012/08203366.cfm
Addex Pharmaceuticals (www.addexpharma.com) discovers and develops an emerging class of small molecule drugs, called allosteric modulators, which have the potential to be more specific and confer significant therapeutic advantages over conventional "orthosteric" small molecule or biological drugs. The Company uses its proprietary discovery platform to address receptors and other proteins that are recognized as attractive targets for modulation of important diseases with unmet medical needs. The Company's two lead products are being investigated in Phase IIa clinical testing: dipraglurant (ADX48621, an mGluR5 negative allosteric modulator or NAM) is being developed by Addex to treat Parkinson's disease levodopa-induced dyskinesia (PD-LID); and ADX71149 (mGluR2 positive allosteric modulator or PAM) is being developed by our partner Janssen Pharmaceuticals Inc. to treat schizophrenia. Addex also is advancing several preclinical programs including: GABA-BR PAM for pain, overactive bladder and other disorders; mGluR4 PAM for Parkinson's, anxiety and other diseases; GLP1R PAM for type 2 diabetes; mGluR2 NAM for treating Alzheimer's disease and depression; and FSHR/LHR NAM for sex hormone dependent tumors & reproductive system disorders. In addition, Addex has discovery programs to identify allosteric modulators of: receptor tyrosine kinase (RTK) superfamily, including TrkB PAM for treating neurodegenerative diseases (e.g. Alzheimer's, Parkinson's and Huntington's diseases); and TNF receptor superfamily, including TNFR1 NAM for inflammation (e.g. rheumatoid arthritis) and other diseases.
Disclaimer: The foregoing release may contain forward-looking statements that can be identified by terminology such as "not approvable", "continue", "believes", "believe", "will", "remained open to exploring", "would", "could", or similar expressions, or by express or implied discussions regarding Addex Pharmaceuticals Ltd, its business, the potential approval of its products by regulatory authorities, or regarding potential future revenues from such products. Such forward-looking statements reflect the current views of Addex Pharmaceuticals Ltd regarding future events, future economic performance or prospects, and, by their very nature, involve inherent risks and uncertainties, both general and specific, whether known or unknown, and/or any other factor that may materially differ from the plans, objectives, expectations, estimates and intentions expressed or implied in such forward-looking statements. Such may in particular cause actual results with allosteric modulators of mGluR2, mGluR4, mGluR5, mGluR7, GABA-BR, FSHR/LHR, GLP1R, TNFR1, RTK, TrkB or other therapeutic targets to be materially different from any future results, performance or achievements expressed or implied by such statements. There can be no guarantee that allosteric modulators of mGluR2, mGluR4, mGluR5, mGluR7, GABA-BR, FSHR/LHR, GLP1R, TNFR1, RTK, TrkB or other therapeutics targets will be approved for sale in any market or by any regulatory authority. Nor can there be any guarantee that allosteric modulators of mGluR2, mGluR4, mGluR5, mGluR7, GABA-BR, FSHR/LHR, GLP1R, TNFR1, RTK, TrkB or other therapeutic targets will achieve any particular levels of revenue (if any) in the future. In particular, management's expectations regarding allosteric modulators of mGluR2, mGluR4, mGluR5, mGluR7, GABA-BR, FSHR/LHR, GLP1R, TNFR1, RTK, TrkB or other therapeutic targets could be affected by, among other things, unexpected actions by our partners, unexpected regulatory actions or delays or government regulation generally; unexpected clinical trial results, including unexpected new clinical data and unexpected additional analysis of existing clinical data; competition in general; government, industry and general public pricing pressures; the company's ability to obtain or maintain patent or other proprietary intellectual property protection. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. Addex Pharmaceuticals Ltd is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise, except as may be required by applicable laws.
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(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Addex Pharmaceuticals via Thomson Reuters ONE
[HUG#1584450]
Chris Maggos Business Development & Communication Addex Pharmaceuticals +41 22 884 15 11 chris.maggos(at)addexpharma.com
Source: Addex Pharmaceuticals
WASHINGTON, Feb. 10, 2012 /PRNewswire-USNewswire/ -- Following is a schedule of upcoming luncheons at the National Press Club. National Press Club events are open to NPC members and their guests only. Credentialed press may cover Luncheons and Newsmakers. Events listed are subject to last-minute changes. Space may be reserved at any NPC Luncheon by calling 202-662-7501. To save time and avoid waiting in line, tickets can be paid for in advance by using a credit card or putting tickets on a house account if there is a credit card on file with the Club. Reservations are not required for Newsmakers, unless otherwise noted.
(Logo: http://photos.prnewswire.com/prnh/20080917/NPCLOGO )
To find out more about what's happening at the National Press Club, check out the National Press Club's Web site at http://npc.press.org.
New events or updated information indicated by ******
February 21, 2012Danica Patrick, NASCAR DriverTOPIC: TBA
******March 14, 2012THIS EVENT WILL TAKE PLACE IN THE HOLEMAN LOUNGEFormer Reps. Patrick Kennedy (D-RI) and Jim Ramstad (R-MN) TOPIC: the Mental Health Parity Act
******April 4, 2012Dr. Deepak Chopra, Deepak Chopra, Founder of The Chopra Foundation and Founder and Chairman of The Chopra Center TOPIC: TBA
*****April 19, 2012 – This is a members only event. Reservations are members and one guest only.Alec Baldwin, Actor and spokesperson for Americans for the ArtsTOPIC: TBA
National Press Club Luncheons are webcast live on press.org. Follow the conversation on Twitter using the hashtag #NPCLunch, or on Facebook at (facebook.com/PressClubDC) and Twitter (@PressClubDC). Submit questions for speakers in advance and during the live event by sending them to @QNPCLunch on Twitter.
SOURCE National Press Club
FRANKFURT, Germany, February 10, 2012 /PRNewswire/ --
Fraport AG welcomed 4.1 million passengers at Frankfurt Airport (FRA) in the first month of the New Year - resulting in a 5.5 percent traffic jump year-on-year at Germany's largest airport. Reasons for this growth included the favorable winter weather conditions (absence of snow) which contributed to optimum operations in January 2012. FRA's strong punctuality figure of 85.1 percent in January 2012 was also positively affected by the favorable weather, in combination with increased capacity and operational flexibility created by the new Runway Northwest inaugurated in October 2011.
Aircraft movements at Frankfurt Airport rose slightly by 0.7 percent to 37,651 takeoffs and landings year-on-year. In comparison, total accumulated maximum takeoff weights (MTOWs) slipped by 1.6 percent to approximately 2.2 million metric tons. In the airfreight segment, traffic dropped by 16.8 percent to 141,340 metric tons year-on-year. Factors contributing to this decline included uncertainty in the global economy as well as the existing nighttime flight curfew imposed at the beginning of FRA's Winter Timetable 2011/2012. Another factor was the impact on Far East traffic of the production slowdown during the two-week-long Chinese New Year's festival that started on January 23rd - whereas last year it fell completely in the month of February. Airmail posted a visible gain of 3.0 percent to about 6,900 metric tons year-on-year.
Fraport's five majority-owned airports (AYT, FRA, BOJ, LIM, VAR) served a total of 5.7 million passengers in the reporting month - growing by 6.6 percent year-on-year. Increasing by 8.0 percent year-on-year, traffic at Peru's Lima Airport (LIM) exceeded the one million passenger mark in January 2012. Antalya Airport (AYT) on the Turkish Riviera recorded nearly 600,000 passengers, representing double-digit growth of 14.5 percent year-on-year.
On the Bulgaria Black Sea coast, traffic surged at Burgas Airport (BOJ) by more than 150 percent to some 21,000 passengers. This rise can be attributed partially to the diversion of traffic from Varna Airport (VAR), which has been temporarily closed for reconstruction work from October 15, 2011, to February 28, 2012.
Frankfurt Airport - Traffic Figures for January 2012
Change [2]
Jan. 12/
January 2012 Jan. 11
Passengers [1] 4,076,629 5.5 %
Airfreight [1]
in metric tons 141,340 -16.8 %
Airmail
in metric tons 6,901 3.0 %
Aircraft Movements 37,651 0.7 %
MTOWs
in metric tons 2,235,775 -1.6 %
Punctuality
share of punctual
arrivals
and departures in
percent 85.1
1. Total traffic (including General Aviation)
2. Change over previous year
Fraport Group - Traffic Figures for January 2012
Cargo in
metric Aircraft
Passengers[1] Change tons abs. Change Movements Change
(+
Airports absolute in % airmail) in % absolute in %
Frankfurt
(FRA) 4,076,310 5.5 146,074 -15.9 37,651 0.7
Antalya
(AYT) 594,328 14.5 n.a. n.a. 4,908 6.2
Burgas
(BOJ)[2] 21,043 152.8 4 -99.3 442 79.7
Lima
(LIM)[3] 1,057,671 8.0 21,337 6.4 11,745 8.1
Varna
(VAR)[2] 0 -100.0 0 -100.0 14 -96.5
Fraport
Group 5,749,352 6.6 167,415 -13.8 54,760 2.3
1. Passengers (commercial traffic: arrivals + departures + transit)
2. VAR is closed from 15.10.2011 to 28.02.2012; VAR flights are being handled by BOJ.
3. Figures provided by LIM
For Further Information, Please Contact:
Fraport AG Frankfurt Airport Services Worldwide
Robert A. Payne, B.A.A. - Senior Mgr. International Press & PR
International Spokesman, Press Office (Dept. UKM-PS),
Corporate Communications, 60547 Frankfurt am Main, Germany
Tel.: +49-69-690-78547; E-mail: r.payne@fraport.de; Internet: http://www.fraport.com
SOURCE Fraport AG
TAIPEI, Taiwan, Feb. 10, 2012 /PRNewswire-Asia-FirstCall/ -- Advanced Semiconductor Engineering, Inc. (TAIEX: 2311, NYSE: ASX) ("We", "ASE", or the "Company"), the world's largest independent provider of IC packaging and testing services, today reported unaudited net revenue (Note 1) of NT$46,390 million for the fourth quarter of 2011 (4Q11), down by 13% year-over-year and down by 1% sequentially. Net income for the quarter totaled NT$2,639 million, down from a net income of NT$4,870 million in 4Q10 and down from a net income of NT$3,468 million in 3Q11. Diluted earnings per share for the quarter were NT$0.40 (or US$0.066 per ADS), compared to diluted earnings per share of NT$0.72 for 4Q10 and NT$0.52 for 3Q11.
For the full year of 2011, the Company reported net revenues of NT$185,347 million and net income of NT$13,726 million. Diluted earnings per share for the full year of 2011 was NT$2.03 or US$0.346 per ADS.
Note 1: | All financial information presented in this press release is unaudited, consolidated and prepared in accordance with accounting principles generally accepted in the Republic of China, or ROC GAAP. Such financial information is generated internally by us, and has not been subjected to the same review and scrutiny, including internal auditing procedures and audit by our independent auditors, to which we subject our audited consolidated financial statements, and may vary materially from the audited consolidated financial information for the same period. Any evaluation of the financial information presented in this press release should also take into account our published audited consolidated financial statements and the notes to those statements. In addition, the financial information presented is not necessarily indicative of our results of operations for any future period. | |
RESULTS OF OPERATIONS
4Q11 Results Highlights -- Consolidated
- Net revenue contribution from IC packaging operations, testing operations, EMS operations, substrates sold to third parties and others was NT$25,543 million, NT$5,603 million, NT$14,527 million, NT$668 million, and NT$49 million, respectively, and each represented approximately 55%, 12%, 31%, 2% and 0%, respectively, of total net revenues for the quarter.
- Cost of revenue was NT$37,915 million, down by 8% year-over-year and up from NT$37,786 million.
- Raw material cost totaled NT$21,707 million during the quarter, representing 47% of total net revenue, compared with NT$21,550 million and 46% of total net revenue in the previous quarter.
- Labor cost totaled NT$5,735 million during the quarter, representing 12% of total net revenue, compared with NT$5,726 million and 12% of total net revenue in the previous quarter.
- Depreciation, amortization and rental expenses totaled NT$5,491 million during the quarter, up by 6% year-over-year and up by 2% sequentially.
- Gross margin decreased to 18.3% in 4Q11 from 19.1% in 3Q11.
- Total operating expenses during 4Q11 were NT$4,974 million, including NT$1,954 million in R&D and NT$3,020 million in SG&A, compared with total operating expenses of NT$4,600 million in 3Q11. Total operating expenses as a percentage of net revenue for the current quarter were 11%, up from 9% in 4Q10 and 10% in 3Q11.
- Operating income for the quarter totaled NT$3,501 million, down from NT$4,312 million in the previous quarter. Operating margin decreased to 7.5% in 4Q11 from 9.2% in 3Q11.
- In terms of non-operating items:
- Net interest expense was NT$404 million, up from NT$334 million a quarter ago.
- Net foreign exchange gain of NT$348 million was primarily attributable to the appreciation of the U.S. dollar against N.T. dollar and depreciation of the U.S. dollar against Renminbi("RMB").
- Loss on equity-method investments of NT$25 million was primarily attributable to our investment on Hung Ching Development & Construction Co. and StarChips Technology Inc.
- Loss on valuation of financial assets and liabilities was NT$72 million.
- Other net non-operating expenses of NT$396 million were primarily related to impairment loss. Total non-operating expenses for the quarter were NT$549 million, compared to total non-operating expenses of NT$500 million for 4Q10 and total non-operating expenses of NT$112 million for 3Q11.
- Income before tax was NT$2,952 million for 4Q11, compared to NT$4,200 million in the previous quarter. We recorded income tax expense of NT$340 million during the quarter, compared to NT$717 million in 3Q11.
- In 4Q11, net income was NT$2,639 million, compared to net income of NT$4,870 million for 4Q10 and net income of NT$3,468 million for 3Q11.
- Our total number of shares outstanding at the end of the quarter was 6,755,707,472, including treasury stock owned by our subsidiaries and shares bought back from the open market. We bought back treasury stock of 14,987,000 shares from the open market during the quarter. Our 4Q11 diluted earnings per share of NT$0.40 (or US$0.066 per ADS) were based on 6,589,701,493 weighted average number of shares outstanding in 4Q11.
4Q11 Results Highlights -- IC ATM (Note 2)
- Net revenue from IC ATM was NT$31,908 million for the fourth quarter of 2011, down 2% year-over-year and sequentially. Net revenue contribution from IC packaging operations, testing operations, EMS operations, and substrates sold to third parties was NT$25,557 million, NT$5,603 million, NT$80 million and NT$668 million, respectively, and each represented approximately 80%, 18%, 0% and 2%, respectively, of total net revenues for the quarter.
- Cost of revenues was NT$25,118 million, up by 3% year-over-year and down by 1% sequentially.
- Raw material cost totaled NT$10,215 million during the quarter, representing 32% of total net revenue, compared with NT$10,395 million and 32% of total net revenue in the previous quarter.
- Labor cost totaled NT$5,131 million during the quarter, representing 16% of total net revenue, compared with NT$5,148 million and 16% of total net revenue in the previous quarter.
- Depreciation, amortization and rental expenses totaled NT$5,174 million during the quarter, up by 8% year-over-year and up by 2% sequentially.
- Gross margin decreased to 21.3% in 4Q11 from 22.5% in 3Q11.
- Total operating expenses during 4Q11 were NT$3,634 million, including NT$1,494 million in R&D and NT$2,140 million in SG&A, compared with total operating expenses of NT$3,453 million in 3Q11. Total operating expenses as a percentage of net revenue for the current quarter were 11%, up from 10% in 4Q10 and remained the same as 3Q11.
- Operating income for the quarter totaled NT$3,156 million, down from NT$3,866 million in the previous quarter. Operating margin decreased to 9.9% in 4Q11 from 11.9% in 3Q11.
Note 2: | ATM stands for Semiconductor Assembly, Testing and Material. | |
4Q11 Results Highlights -- EMS
- Net revenue contribution from EMS operations was NT$14,447 million, down by 16% year-over-year and up by 2% sequentially.
- Cost of revenues was NT$12,667 million, down by 18% year-over-year and up by 2% sequentially.
- Raw material cost totaled NT$11,505 million during the quarter, representing 80% of total net revenue, compared with NT$11,168 million and 79% of total net revenue in the previous quarter.
- Labor cost totaled NT$603 million during the quarter, representing 4% of total net revenue, compared with NT$578 million and 4% of total net revenue in the previous quarter.
- Depreciation, amortization and rental expenses totaled NT$192 million during the quarter, down by 6% year-over-year and up by 3% sequentially.
- Gross margin increased to 12.3% in 4Q11 from 12.2% in 3Q11.
- Total operating expenses during 4Q11 were NT$1,295 million, including NT$467 million in R&D and NT$828 million in SG&A, compared with total operating expenses of NT$1,113 million in 3Q11. Total operating expenses as a percentage of net revenue for the current quarter were 9%, up from 7% in 4Q10 and 8% in 3Q11.
- Operating income for the quarter totaled NT$485 million, down from NT$605 million in the previous quarter. Operating margin decreased to 3.4% in 4Q11 from 4.3% in 3Q11.
2011 Full-Year Results -- Consolidated
- Net revenues for the full year of 2011 amounted to NT$185,347 million, down by 2% from 2010. The revenue contribution from IC packaging operations, testing operations, EMS operations, substrates sold to third parties and others was NT$102,677 million, NT$21,932 million, NT$57,850 million, NT$2,678 million, and NT$210 million, respectively, and each represented approximately 55%, 12%, 31%, 2% and 0%, respectively, of total net revenues for the year.
- Cost of revenues for the full year of 2011 were NT$150,338 million, compared with NT$148,198 million in 2010.
- Raw material cost totaled NT$86,919 million during the year, representing 47% of total net revenues, compared with NT$88,556 million and 47% of total net revenues in 2010.
- Labor cost totaled NT$22,380 million during the year, representing 12% of total net revenues, compared with NT$20,395 million and 11% of total net revenues in 2010.
- Depreciation, amortization and rental expenses totaled NT$21,536 million during the year, representing 12% of total net revenues, compared with NT$18,584 million and 10% of total net revenues in 2010.
- Gross margin decreased to 18.9% in 2011 from 21.5% in 2010.
- Total operating expenses during 2011 were NT$18,188 million, including NT$7,118 million in R&D and NT$11,070 million in SG&A. Total operating expenses as a percentage of net revenues were 10% in 2011, up from 9% in 2010.
- Operating income for the year was NT$16,821 million, compared to operating income of NT$24,099 for the previous year. Operating margin decreased to 9.1% in 2011 from 12.8% in 2010.
- Total non-operating income for the year were NT$176 million, compared to total non-operating expenses of NT$1,275 million for 2010.
- Income before tax was NT$16,997 million for 2011. We recognized an income tax expense of NT$3,018 million during the year.
- In 2011, net income amounted to NT$13,726 million, compared with a net income of NT$18,338 million in 2010.
- Our total number of shares outstanding at the end of the year was 6,755,707,472, including treasury stock owned by our subsidiaries and shares bought back from the open market. We bought back treasury stock of 105,475,000 shares from the open market during the year. Our diluted earnings per share for 2011 were NT$2.03 (or US$0.346 per ADS), based on 6,755,116,730 weighted average number of shares outstanding.
2011 Full-Year Results -- IC ATM (Note 3)
- Net revenues for the full year of 2011 amounted to NT$127,623 million, up by 1% from 2010. The revenue contribution from IC packaging operations, testing operations, EMS operations and substrates sold to third parties was NT$102,747 million, NT$21,946 million, NT$252 million, and NT$2,678 million, respectively, and each represented approximately 81%, 17%, 0% and 2% respectively, of total net revenues for the year.
- Cost of revenues for the full year of 2011 was NT$98,885 million, compared with NT$93,673 million in 2010.
- Raw material cost totaled NT$40,762 million during the year, representing 32% of total net revenues, compared with NT$40,214 million and 32% of total net revenues in 2010.
- Labor cost totaled NT$20,023 million during the year, representing 16% of total net revenues, compared with NT$18,417 million and 15% of total net revenues in 2010.
- Depreciation, amortization and rental expenses totaled NT$20,261 million during the year, representing 16% of total net revenues, compared with NT$17,363 million and 14% of total net revenues in 2010.
- Gross margin decreased to 22.5% in 2011 from 25.5% in 2010.
- Total operating expenses during 2011 were NT$13,410 million, including NT$5,425 million in R&D and NT$7,985 million in SG&A. Total operating expenses as a percentage of net revenues were 11% in 2011, up from 10% in 2010.
- Operating income for the year was NT$15,328 million, compared to operating income of NT$20,054 for the previous year. Operating margin decreased to 12.0% in 2011 from 15.9% in 2010.
Note 3: | ATM stands for Semiconductor Assembly, Testing and Material. | |
2011 Full-Year Results -- EMS
- Net revenues contribution from EMS operations for the full year of 2011 amounted to NT$57,645 million, down by 10% from 2010.
- Cost of revenues was NT$50,983 million, down by 10% from 2010.
- Raw material cost totaled NT$46,285 million during the year, representing 80% of total net revenues, compared with NT$51,921 million and 81% of total net revenues in 2010.
- Labor cost totaled NT$2,357 million during the year, representing 4% of total net revenues, compared with NT$2,123 million and 3% of total net revenues in 2010.
- Depreciation, amortization and rental expenses totaled NT$765 million during the year, representing 1% of total net revenues, compared with NT$923 million and 1% of total net revenues in 2010.
- Gross margin increased to 11.6% in 2011 from 11.4% in 2010.
- Total operating expenses during 2011 were NT$4,610 million, including NT$1,706 million in R&D and NT$2,904 million in SG&A. Total operating expenses as a percentage of net revenues was 8% in 2011, up from 7% in 2010.
- Operating income for the year was NT$2,052 million, compared to operating income of NT$2,811 for the previous year. Operating margin decreased to 3.6% in 2011 from 4.4% in 2010.
LIQUIdiTY AND CAPITAL RESOURCES
- As of December 31, 2011, our cash and current financial assets totaled NT$25,268 million, compared to NT$33,180 million as of September 30, 2011.
- Capital expenditures in 4Q11 totaled US$128 million, of which US$81 million was used for IC packaging, US$33 million for testing, US$8 million for EMS and US$6 million for interconnect materials.
- For the full year 2011, we spent US$780 million for capital expenditures, including US$555 million for IC packaging, US$172 million for testing, US$24 million for EMS and US$29 million for interconnect materials.
- As of December 31, 2011, we had total bank debt of NT$76,593 million, compared to NT$85,904 million as of September 30, 2011. Total bank debt consisted of NT$22,965 million of revolving working capital loans, NT$3,461 million of the current portion of long-term debt, and NT$50,167 million of long-term debt. Total unused credit lines amounted to NT$85,908 million.
- Current ratio as of December 31, 2011 was 1.35, compared to 1.32 as of September 30, 2011. Net debt to equity ratio was 0.50 as of December 31, 2011.
- Total number of employees was 51,411 as of December 31, 2011, compared to 48,901 as of December 31, 2010 and 52,312 as of September 30, 2011.
Business Review
IC Packaging Operations (Note 4)
- Net revenues generated from our IC packaging operations were NT$25,557 million during the quarter, down by NT$468 million, or by 2% year-over-year, and down by NT$787 million, or by 3% sequentially.
- Net revenues from advanced substrate and leadframe-based packaging accounted for 81% of total IC packaging net revenues during the quarter, down by 1 percentage point from the previous quarter.
- Gross margin for our IC packaging operations during the quarter was 18.6%, down by 2.2 percentage points year-over-year and down by 0.9 percentage point from the previous quarter.
- Capital expenditures for our IC packaging operations amounted to US$81 million during the quarter, of which US$59 million was used for wirebonding packaging capacity and US$22 million for wafer bumping and flip chip packaging equipment.
- As of December 31, 2011, there were 13,846 wirebonders in operation. 316 wirebonders were added and 5 wirebonders were disposed of during the quarter.
- Net revenues from flip chip packages and wafer bumping services accounted for 24% of total packaging net revenues, up by 5 percentage points from the previous quarter.
Note 4: | IC packaging services include module assembly services. | |
Testing Operations
- Net revenues generated from our testing operations were NT$5,603 million, down by NT$391 million, or by 7% year-over-year, and up by NT$105 million, or by 2% sequentially.
- Final testing contributed 84% to total testing net revenues, down by 1 percentage point from the previous quarter. Wafer sort contributed 14% to total testing net revenues, up by 1 percentage point from the previous quarter. Engineering testing contributed 2% to total testing net revenues, which remained the same as the previous quarter.
- Depreciation, amortization and rental expense associated with our testing operations amounted to NT$1,644 million, down from NT$1,706 million in 4Q10 and up from NT$1,617 million in 3Q11.
- In 4Q11, gross margin for our testing operations was 33.7%, down by 3.4 percentage points year-over-year and up by 1.2 percentage points from the previous quarter.
- Capital spending on our testing operations amounted to US$33 million during the quarter.
- As of December 31, 2011, there were 2,585 testers in operation. 74 testers were added and 25 testers were disposed of during the quarter.
EMS Operations
- Net revenues generated from our EMS operations were NT$14,447 million, down by NT$2,781 million, or by 16% year-over-year, and up by NT$331 million, or by 2% sequentially.
- Communications products contributed 37% to total EMS net revenues, up by 4 percentage points from the previous quarter. Computing products contributed 24% to total EMS net revenues, up by 3 percentage points from the previous quarter. Consumer products contributed 15% to total EMS net revenues, down by 5 percentage points from the previous quarter. Industrial products contributed 15% to total EMS net revenues, down by 1 percentage point from the previous quarter. Car products contributed 9% to total EMS net revenues, down by 1 percentage point from the previous quarter.
- In 4Q11, gross margin for our EMS operations was 12.3%, up by 1.8 percentage points year-over-year and up by 0.1 percentage point from the previous quarter.
- Capital spending on our EMS operations amounted to US$8 million during the quarter.
Substrate Operations
- PBGA substrate manufactured by ASE amounted to NT$1,812 million during the quarter, down by NT$633 million, or by 26% year-over-year, and down by NT$601 million, or by 25% from the previous quarter. Of the total output of NT$1,812 million, NT$668 million was from sales to external customers.
- Gross margin for substrate operations was 8.3% during the quarter, down by 14.4 percentage points year-over-year and down by 6.7 percentage points from the previous quarter.
- In 4Q11, our internal substrate manufacturing operations supplied 29% (by value) of our total substrate requirements.
Customers
IC ATM consolidated Basis
- Our five largest customers together accounted for approximately 37% of our total net revenues in 4Q11, compared to 30% in 4Q10 and 32% in 3Q11. There was one customer which accounted for more than 10% of our total net revenues.
- Our top 10 customers contributed 51% of our total net revenues during the quarter, compared to 46% in 4Q10 and 47% in 3Q11.
- Our customers that are integrated device manufacturers, or IDMs, accounted for 31% of our total net revenues during the quarter, compared to 42% in 4Q10 and 34% in 3Q11.
EMS Basis
- Our five largest customers together accounted for approximately 57% of our total net revenues in 4Q11, compared to 65% in 4Q10 and 56% in 3Q11. There was one customer which accounted for more than 10% of our total net revenues.
- Our top 10 customers contributed 80% of our total net revenues during the quarter, compared to 81% in 4Q10 and 78% in 3Q11.
About ASE, Inc.
ASE, Inc. is the world's largest independent provider of IC packaging services and testing services, including front-end engineering testing, wafer probing and final testing services. ASE, Inc.'s international customer base of more than 200 customers includes such leading names as ATI Technologies Inc., MediaTek Inc., NEC Electronics Corporation, NVIDIA Corporation, NXP Semiconductors, Qualcomm Incorporated, RF Micro Devices Inc. and STMicroelectronics N.V. With advanced technological capabilities and a global presence spanning Taiwan, China, Korea, Japan, Singapore, Malaysia and the United States, ASE, Inc. has established a reputation for reliable, high quality products and services. For more information, visit our website at http://www.aseglobal.com.
Safe Harbor Notice
This press release contains "forward-looking statements" within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended, including statements regarding our future results of operations and business prospects. Although these forward-looking statements, which may include statements regarding our future results of operations, financial condition or business prospects, are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on these forward-looking statements, which apply only as of the date of this presentation. The words "anticipate", "believe", "estimate", "expect", "intend", "plan" and similar expressions, as they relate to us, are intended to identify these forward-looking statements in this presentation. Our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons, including risks associated with cyclicality and market conditions in the semiconductor industry; demand for the outsourced semiconductor packaging and testing services we offer and for such outsourced services generally; the highly competitive semiconductor industry; our ability to introduce new packaging, interconnect materials and testing technologies in order to remain competitive; our ability to successfully integrate pending and future mergers and acquisitions; international business activities; our business strategy; general economic and political conditions, including the recent global financial crisis; possible disruptions in commercial activities caused by natural or human-induced disasters; our future expansion plans and capital expenditures; the strained relationship between the Republic of China and the People's Republic of China; fluctuations in foreign currency exchange rates; and other factors. For a discussion of these risks and other factors, please see the documents we file from time to time with the Securities and Exchange Commission, including our 2010 Annual Report on Form 20-F filed on June 17, 2011.
Supplemental Financial Information
IC ATM Consolidated Operations | ||||
Amounts in NT$ Millions | 4Q/11 | 3Q/11 | 4Q/10 | |
Net Revenues | 31,908 | 32,581 | 32,602 | |
Revenues by End Application | ||||
Communications | 56% | 53% | 50% | |
Computers | 12% | 14% | 15% | |
Automotive and Consumer | 32% | 32% | 34% | |
Others | 0% | 1% | 1% | |
Revenues by Region | ||||
North America | 58% | 56% | 53% | |
Europe | 12% | 11% | 14% | |
Taiwan | 20% | 19% | 17% | |
Japan | 5% | 7% | 9% | |
Other Asia | 5% | 7% | 7% | |
IC Packaging Operations | ||||
Amounts in NT$ Millions | 4Q/11 | 3Q/11 | 4Q/10 | |
Net Revenues | 25,557 | 26,344 | 26,025 | |
Revenues by Packaging Type | ||||
Advanced substrate & leadframe based | 81% | 82% | 83% | |
Traditional leadframe based | 8% | 9% | 9% | |
Module assembly | 6% | 5% | 5% | |
Others | 5% | 4% | 3% | |
Capacity | ||||
CapEx (US$ Millions)* | 81 | 140 | 72 | |
Number of Wirebonders | 13,846 | 13,535 | 10,903 | |
* Capital expenditure amounts exclude building construction costs. | ||||
Testing Operations | ||||
Amounts in NT$ Millions | 4Q/11 | 3Q/11 | 4Q/10 | |
Net Revenues | 5,603 | 5,498 | 5,994 | |
Revenues by Testing Type | ||||
Final test | 84% | 85% | 84% | |
Wafer sort | 14% | 13% | 14% | |
Engineering test | 2% | 2% | 2% | |
Capacity | ||||
CapEx (US$ Millions)* | 33 | 44 | 47 | |
Number of Testers | 2,585 | 2,536 | 2,191 | |
* Capital expenditure amounts exclude building construction costs. | ||||
EMS Operations | ||||
Amounts in NT$ Millions | 4Q/11 | 3Q/11 | 4Q/10 | |
Net Revenues | 14,447 | 14,116 | 17,228 | |
Revenues by End Application | ||||
Communications | 37% | 33% | 43% | |
Computing | 24% | 21% | 20% | |
Consumer | 15% | 20% | 18% | |
Industrial | 15% | 16% | 11% | |
Car | 9% | 10% | 7% | |
Others | 0% | 0% | 1% | |
Capacity | ||||
CapEx (US$ Millions)* | 8 | 8 | 11 | |
* Capital expenditure amounts exclude building construction costs. | ||||
Advanced Semiconductor Engineering, Inc. Summary of Consolidated Income Statements Data * (In NT$ millions, except per share data) (Unaudited) | ||||||||||
For the three months ended | For the period ended | |||||||||
Dec. 31 2011 | Sep. 30 2011 | Dec. 31 2010 | Dec. 31 2011 | Dec. 31 2010 | ||||||
Net revenues: | ||||||||||
IC Packaging | 25,543 | 26,331 | 26,003 | 102,677 | 101,071 | |||||
Testing | 5,603 | 5,498 | 5,989 | 21,932 | 21,957 | |||||
Direct Material | 668 | 645 | 583 | 2,678 | 2,656 | |||||
EMS | 14,527 | 14,210 | 17,226 | 57,850 | 59,577 | |||||
Others | 49 | 14 | 3,482 | 210 | 3,482 | |||||
Total net revenues | 46,390 | 46,698 | 53,283 | 185,347 | 188,743 | |||||
Cost of revenues | (37,915) | (37,786) | (41,316) | (150,338) | (148,198) | |||||
Gross profit | 8,475 | 8,912 | 11,967 | 35,009 | 40,545 | |||||
Operating expenses: | ||||||||||
Research and development | (1,954) | (1,830) | (1,633) | (7,118) | (6,162) | |||||
Selling, general and administrative | (3,020) | (2,770) | (2,942) | (11,070) | (10,284) | |||||
Total operating expenses | (4,974) | (4,600) | (4,575) | (18,188) | (16,446) | |||||
Operating income (loss) | 3,501 | 4,312 | 7,392 | 16,821 | 24,099 | |||||
Net non-operating (expenses) income: | ||||||||||
Interest expense - net | (404) | (334) | (316) | (1,336) | (1,171) | |||||
Foreign exchange gain (loss) | 348 | (579) | 256 | 36 | 318 | |||||
Gain (loss) on equity-method investments | (25) | (9) | (7) | 97 | 73 | |||||
Gain (loss) on valuation of financial assets and liabilities | (72) | 904 | (164) | 908 | 96 | |||||
Others | (396) | (94) | (269) | 471 | (591) | |||||
Total non-operating (expenses) income | (549) | (112) | (500) | 176 | (1,275) | |||||
Income (loss) before tax | 2,952 | 4,200 | 6,892 | 16,997 | 22,824 | |||||
Income tax benefit (expense) | (340) | (717) | (1,791) | (3,018) | (3,629) | |||||
(Loss) income from continuing operations and before minority interest | 2,612 | 3,483 | 5,101 | 13,979 | 19,195 | |||||
Minority interest | 27 | (15) | (231) | (253) | (857) | |||||
Net income (loss) | 2,639 | 3,468 | 4,870 | 13,726 | 18,338 | |||||
Per share data: | ||||||||||
Earnings (losses) per share | ||||||||||
- Basic | NT$0.40 | NT$0.52 | NT$0.74 | NT$2.08 | NT$2.78 | |||||
- Diluted | NT$0.40 | NT$0.52 | NT$0.72 | NT$2.03 | NT$2.73 | |||||
Earnings (losses) per equivalent ADS | ||||||||||
- Basic | US$0.067 | US$0.091 | US$0.121 | US$0.355 | US$0.441 | |||||
- Diluted | US$0.066 | US$0.089 | US$0.118 | US$0.346 | US$0.432 | |||||
Number of weighted average shares used in diluted EPS calculation (in thousands) | 6,589,701 | 6,696,545 | 6,684,226 | 6,755,117 | 6,669,067 | |||||
Exchange rate (NT$ per US$1) | 30.24 | 28.94 | 30.51 | 29.34 | 31.55 | |||||
* Figures above reflect consolidation of USI starting in February 2010. | ||||||||||
Advanced Semiconductor Engineering, Inc. Summary of Consolidated Income Statements Data - IC ATM (In NT$ millions, except per share data) (Unaudited) | ||||||||||
For the three months ended | For the period ended | |||||||||
Dec. 31 2011 | Sep. 30 2011 | Dec. 31 2010 | Dec. 31 2011 | Dec. 31 2010 | ||||||
Net revenues: | ||||||||||
IC Packaging | 25,557 | 26,344 | 26,025 | 102,747 | 101,119 | |||||
Testing | 5,603 | 5,498 | 5,994 | 21,946 | 21,962 | |||||
Direct Material | 668 | 645 | 583 | 2,678 | 2,656 | |||||
EMS | 80 | 94 | - | 252 | - | |||||
Total net revenues | 31,908 | 32,581 | 32,602 | 127,623 | 125,737 | |||||
Cost of revenues | (25,118) | (25,262) | (24,391) | (98,885) | (93,673) | |||||
Gross profit | 6,790 | 7,319 | 8,211 | 28,738 | 32,064 | |||||
Operating expenses: | ||||||||||
Research and development | (1,494) | (1,408) | (1,232) | (5,425) | (4,670) | |||||
Selling, general and administrative | (2,140) | (2,045) | (2,000) | (7,985) | (7,340) | |||||
Total operating expenses | (3,634) | (3,453) | (3,232) | (13,410) | (12,010) | |||||
Operating income (loss) | 3,156 | 3,866 | 4,979 | 15,328 | 20,054 | |||||
Net non-operating (expenses) income: | ||||||||||
Interest expense - net | (346) | (282) | (292) | (1,174) | (1,139) | |||||
Foreign exchange gain (loss) | 301 | (572) | 317 | (3) | 431 | |||||
Gain (loss) on equity-method investments | 369 | 290 | 1,098 | 1,122 | 2,371 | |||||
Gain (loss) on valuation of financial assets and liabilities | (84) | 804 | (185) | 792 | 41 | |||||
Others | (459) | (102) | (265) | 232 | (787) | |||||
Total non-operating (expenses) income | (219) | 138 | 673 | 969 | 917 | |||||
Income (loss) before tax | 2,937 | 4,004 | 5,652 | 16,297 | 20,971 | |||||
Income tax benefit (expense) | (329) | (523) | (655) | (2,330) | (2,171) | |||||
(Loss) income from continuing operations and before minority interest | 2,608 | 3,481 | 4,997 | 13,967 | 18,800 | |||||
Minority interest | 31 | (13) | (127) | (241) | (462) | |||||
Net income (loss) | 2,639 | 3,468 | 4,870 | 13,726 | 18,338 | |||||
Per share data: | ||||||||||
Earnings (losses) per share | ||||||||||
- Basic | NT$0.40 | NT$0.52 | NT$0.74 | NT$2.08 | NT$2.78 | |||||
- Diluted | NT$0.40 | NT$0.52 | NT$0.72 | NT$2.03 | NT$2.73 | |||||
Number of weighted average shares used in diluted EPS calculation (in thousands) | 6,589,701 | 6,696,545 | 6,684,226 | 6,755,117 | 6,669,067 | |||||
Universal Scientific Industrial Co., Ltd. Summary of Consolidated Income Statements Data – EMS (In NT$ millions, except per share data) (Unaudited) | ||||||||||
For the three months ended | For the period ended | |||||||||
Dec. 31 2011 | Sep. 30 2011 | Dec. 31 2010 | Dec. 31 2011 | Dec. 31 2010 | ||||||
Net revenues: | ||||||||||
Total net revenues | 14,447 | 14,116 | 17,228 | 57,645 | 63,946 | |||||
Cost of revenues | (12,667) | (12,398) | (15,424) | (50,983) | (56,667) | |||||
Gross profit | 1,780 | 1,718 | 1,804 | 6,662 | 7,279 | |||||
Operating expenses: | ||||||||||
Research and development | (467) | (426) | (401) | (1,706) | (1,623) | |||||
Selling, general and administrative | (828) | (687) | (732) | (2,904) | (2,845) | |||||
Total operating expenses | (1,295) | (1,113) | (1,133) | (4,610) | (4,468) | |||||
Operating income (loss) | 485 | 605 | 671 | 2,052 | 2,811 | |||||
Net non-operating (expenses) income: | ||||||||||
Total non-operating (expenses) income | 115 | 85 | (39) | 359 | 145 | |||||
Income (loss) before tax | 600 | 690 | 632 | 2,411 | 2,956 | |||||
Income tax benefit (expense) | (7) | (194) | (219) | (651) | (552) | |||||
(Loss) income from continuing operations and before minority interest | 593 | 496 | 413 | 1,760 | 2,404 | |||||
Minority interest | (6) | (5) | (2) | (17) | (8) | |||||
Net income (loss) | 587 | 491 | 411 | 1,743 | 2,396 | |||||
Advanced Semiconductor Engineering, Inc. Summary of Consolidated Balance Sheet Data - Actual Basis* (In NT$ millions) (Unaudited) | ||||||||
As of Dec. 31, 2011 | As of Sep. 30, 2011 | |||||||
Current assets: | ||||||||
Cash and cash equivalents | 24,422 | 32,089 | ||||||
Financial assets - current | 846 | 1,091 | ||||||
Notes and accounts receivable | 30,476 | 34,613 | ||||||
Inventories | 30,070 | 26,813 | ||||||
Others | 4,318 | 6,387 | ||||||
Total current assets | 90,132 | 100,993 | ||||||
Financial assets - non current | 2,221 | 2,640 | ||||||
Properties - net | 111,779 | 110,653 | ||||||
Intangible assets | 15,772 | 14,901 | ||||||
Others | 3,974 | 4,514 | ||||||
Total assets | 223,878 | 233,701 | ||||||
Current liabilities: | ||||||||
Short-term debts - revolving credit | 22,965 | 31,334 | ||||||
Current portion of long-term debts | 3,461 | 3,542 | ||||||
Notes and accounts payable | 21,192 | 24,082 | ||||||
Others | 19,143 | 17,472 | ||||||
Total current liabilities | 66,761 | 76,430 | ||||||
Long-term debts | 50,167 | 51,028 | ||||||
Other liabilities | 4,667 | 4,135 | ||||||
Total liabilities | 121,595 | 131,593 | ||||||
Minority interest | 1,113 | 3,262 | ||||||
Shareholders' equity | 101,170 | 98,846 | ||||||
Total liabilities & shareholders' equity | 223,878 | 233,701 | ||||||
Current Ratio | 1.35 | 1.32 | ||||||
Net Debt to Equity | 0.50 | 0.52 | ||||||
* Figures above reflect consolidation of USI starting in February 2010. | ||||||||
Universal Scientific Industrial Co., Ltd. Summary of Consolidated Balance Sheet Data (In NT$ millions) (Unaudited) | ||||||||
As of Dec. 31, 2011 | As of Sep. 30, 2011 | |||||||
Current assets: | ||||||||
Cash and cash equivalents | 10,125 | 10,836 | ||||||
Financial assets - current | 50 | 136 | ||||||
Notes and accounts receivable | 11,958 | 12,263 | ||||||
Inventories | 6,626 | 7,216 | ||||||
Others | 3,658 | 3,774 | ||||||
Total current assets | 32,417 | 34,225 | ||||||
Financial assets - non current | 441 | 439 | ||||||
Properties - net | 4,845 | 4,850 | ||||||
Intangible assets | 202 | 153 | ||||||
Others | 697 | 824 | ||||||
Total assets | 38,602 | 40,491 | ||||||
Current liabilities: | ||||||||
Short-term debts - revolving credit | 4,409 | 5,748 | ||||||
Current portion of long-term debts | 559 | 648 | ||||||
Notes and accounts payable | 11,090 | 12,636 | ||||||
Others | 2,637 | 2,181 | ||||||
Total current liabilities | 18,695 | 21,213 | ||||||
Long-term debts | 2,753 | 2,732 | ||||||
Other liabilities | 512 | 478 | ||||||
Total liabilities | 21,960 | 24,423 | ||||||
Minority interest | 101 | 94 | ||||||
Shareholders' equity | 16,541 | 15,974 | ||||||
Total liabilities & shareholders' equity | 38,602 | 40,491 | ||||||
Contact:
ASE, Inc. | Joseph Tung, CFO / Vice President | |
Room 1901, No. 333, Section 1 | Allen Kan, Director | |
Keelung Road, Taipei, Taiwan, 110 | ||
Tel: +886-2-6636-5678 | Clare Lin, Senior Director (US Contact) | |
Fax: +886-2-2757-6121 | ||
Tel: +1-408-636-9524 | ||
SOURCE Advanced Semiconductor Engineering, Inc.
VANCOUVER, Feb. 9, 2012 /PRNewswire/ - Capstone Mining Corp. ("Capstone") (TSX: CS) today announced that Mr. Jan Castro has tendered his resignation as a Director of the Company.
"Jan's counsel has been invaluable to the Board of Capstone and we appreciate the assistance he has provided as we have advanced the company over this past year," said Darren Pylot, President and CEO of Capstone.
SOURCE Capstone Mining Corp.
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