Press Releases

MORRISVILLE, N.C., Feb. 9, 2012 /PRNewswire/ -- Alliance One International, Inc. (NYSE: AOI) today announced results for its third fiscal quarter ended December 31, 2011.

Highlights

For the third quarter ended December 31, 2011, the Company reported net income of $11.8 million, or $0.13 per basic share, compared to a net loss of $2.0 million, or $0.02 per basic share, last year. Additionally, for the nine months ended December 31, 2011, the Company reported net income of $9.4 million, or $0.11 per basic share, compared to net income of $32.1 million or $0.36 per basic share for the same period of the prior fiscal year. Last year's nine month results included $37.5 million of gain on sale of certain Brazilian assets and this year only $13.1 million of gain on the exchange of certain Brazilian assets.

Mark W. Kehaya, Chief Executive Officer, said, "We believe our operational enhancements are delivering improved efficiencies and fiscal year 2012 is on track with our expectations. We have experienced significant shipment delays that caused our inventory to increase by $243.3 million to $1,063.3 million compared to last year while our uncommitted inventories are below the prior year. We are confident that these shipping delays will correct themselves in the last fiscal quarter and that our actions should deliver improved revenue and profitability from operations for the full year when compared to last year with emphasis now on fourth quarter shipping.  

Mr. Kehaya concluded, "We have a strong order book developing for next fiscal year and we have started purchasing the new crop in Brazil, which is smaller than last year. Combined with reduced crop sizes in other regions we believe the shift back towards market equilibrium is beginning. Our action steps to reduce costs have helped improve gross profit margin by 170 basis points compared to last year to 13.3% of sales this quarter. Further, SG&A decreased 9.4% from last year to $33.9 million for the quarter. Our strategic factory investments are reducing operating expenses and position our operations to handle increased volumes in future periods that should result from our enhanced business strategy as a low cost producer. Additionally, we will continue to deploy capital where our customers see value in grower sustainability and social responsibility."

J. Pieter Sikkel, President, remarked, "Logistics and shipping are the focus for the remainder of the fiscal year and we have a good plan to address the challenges that have surfaced. Our customer order book is building for next year and efficiency improvements are helping to reduce costs per kilo, while uncommitted inventory is beginning to tighten. Combined with improved shipping schedules we anticipate building on these positive trends as we move through the fourth quarter of this year and into the next fiscal year. Our industry remains dynamic and our position has improved over the last year."

Performance Summary for the Third Fiscal Quarter Ended December 31, 2011

Sales and other operating revenues decreased 5.4% to $493.9 million primarily due to the timing of shipments and the impact of lower green cost for the current crop that have been passed on to our customers.

Although revenues declined, gross profit increased 8.6% to $65.8 million and gross profit as a percentage of sales also increased from 11.6% to 13.3%, mainly due to product mix, lower processing cost per kilo and better efficiencies from factory capital investments. Selling, general and administrative expenses decreased 9.4% to $33.9 million. Our restructuring initiative that began last year is now nearing completion.

Other income last year included gains mainly from the sale of tobacco supplier contracts and other assets in Brazil to Philip Morris International ("PMI"). Other income in the current year is primarily from asset gains related to an exchange of our land and warehouses for similar property in Brazil. As a result of improved margins and the non-recurrence of prior year costs, our operating income increased this year by 45.4% to $43.9 million compared to last year. With relatively constant net interest costs, our pretax income increased $13.1 million compared to last year to $18.5 million. Tax expense decreased from $8.5 million last year to $5.7 million this year.

Performance Summary for the Nine Months Ended December 31, 2011

Sales and other operating revenues decreased 12.9%, when compared to last year to $1,370.0 million, mainly due to the impact of the assignment of tobacco supplier contracts to PMI in Brazil in the prior year, lower green costs for the current crop that have been passed on to the customer and opportunistic sales last year that did not recur.

As a result of reduced sales, gross profit decreased, while gross profit as a percentage of sales increased from 13.4% to 14.1% due to lower processing costs per kilo and product mix.  Selling, general and administrative expenses decreased 11.2% to $103.2 million primarily related to reduced compensation costs and a prior year reserve for a customer receivable partially offset by independent monitor costs of $2.1 million this year.

Other income in the prior year was mainly due to gains from the assignment of tobacco supplier contracts and other assets in Brazil to PMI, compared to reduced asset gains primarily from the exchange of property in Brazil this year. Further, our restructuring initiative that began last year is substantially complete.  Operating income decreased 13.1% compared to the prior year to $104.7 million driven by decreased Brazilian asset gains that were partially offset by the non-recurrence of prior year cost, as well as lower sales and margins. Pretax income decreased $13.2 million compared to the prior year to $29.2 million.

Tax expense increased from $12.8 million last year to $20.1 this year. The variance is primarily related to a specific event adjustment expense due to net exchange losses on income tax accounts. After absorption of discrete items, we expect the tax rate for the year will be approximately 32%.

Liquidity and Capital Resources

As of December 31, 2011, available credit lines and cash were $775.8 million, comprised of $150.6 million in cash and $625.2 million of credit lines, of which $205.0 million was available under the $290.0 million US revolving credit facility for general corporate purposes, $409.4 million of foreign seasonal credit lines and $10.8 million exclusively for letters of credit.

Additionally, from time to time in the future, we may elect to redeem, repay, make open market purchases, retire or cancel indebtedness prior to stated maturity under our various global bank facilities and outstanding public notes, as they may permit.

Effective December 31, 2011, the Company did not achieve a fixed charge ratio under the 10% senior notes indenture to access the restricted payments basket for the purchase of common stock, payment of dividends and other actions under that basket. From time to time the Company may not meet or exceed the ratio to utilize this basket.

Fiscal Year 2012 Third Quarter Financial Results Investor Call

The Company will hold a conference call to report financial results for its third fiscal quarter ended December 31, 2011, on February 10, 2012 at 8:00 A.M. ET. Those seeking to listen to the call may access a live broadcast on the Alliance One website. Please visit www.aointl.com fifteen minutes in advance to register.

For those who are unable to listen to the live event, a replay will be available by telephone from 11:00 A.M. ET, February 10th through 11:00 A.M. February 15th. To access the replay, dial (888) 203-1112 within the U.S., or (719) 457-0820 outside the U.S., and enter access code 8308470. Any replay, rebroadcast, transcript or other reproduction of this conference call, other than the replay accessible by calling the number above, has not been authorized by Alliance One and is strictly prohibited.  Investors should be aware that any unauthorized reproduction of this conference call may not be an accurate reflection of its contents.

This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations of future events. Such statements include, but are not limited to, statements about future financial and operating results, plans, objectives, expectations and intentions and other statements that are not historical facts.  Such statements are based on the current beliefs and expectations of management and are subject to significant risks and uncertainties.  If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results may differ materially from those currently anticipated expected or projected. The following factors, among others, could cause actual results to differ from those expressed or implied by the forward-looking statements:  changes in the timing of anticipated shipments, changes in anticipated geographic product sourcing, political instability in sourcing locations, currency and interest rate fluctuations, shifts in the global supply and demand position for tobacco products, and the impact of regulation and litigation on customers. Additional factors that could cause AOI's results to differ materially from those expressed or implied by forward-looking statements can be found in AOI's most recent Annual Report on Form 10-K and the other filings with the Securities and Exchange Commission (the "SEC") which are available at the SEC's Internet site (http://www.sec.gov).

SOURCE Alliance One International, Inc.

PHILADELPHIA, Feb. 9, 2012 /PRNewswire/ -- The Board of Trustees of Thomas Jefferson University Hospitals (TJUH) today announced the retirement of President and CEO Thomas J. Lewis, effective June 30, 2012. The Boards of TJUH and Jefferson Health System also have affirmed David McQuaid to continue in his current role as Chief Operating Officer and assume the title of President of Thomas Jefferson University Hospitals, effective July 1, 2012.  

"I have been afforded the unique opportunity to lead a world-class academic medical center for more than 20 years," said Thomas J. Lewis.  "Throughout my tenure, the hard work, dedication and devotion of our physicians and employees have helped Jefferson become a leader in healthcare enabling it to increase its ability to treat the most complex healthcare needs as well as treat many of the most medically underserved in our region."

Mr. Lewis began his career as an administrative resident after receiving his MHA from Duke University.  Named President in 1990, Mr. Lewis has led Jefferson to the accomplishment of significant milestones, including:

• Continually improving the US News and World Report ranking of TJUH's programs with  11 Hospital specialties ranked among the best in the nation last year;
• Leading the acquisition of the Wills Eye Hospital to create the Jefferson Hospital for Neuroscience;
• Leading the transition, in 1995, of TJUH from the University into the Jefferson Health System;
• Merging Methodist Hospital with TJUH in 1996 to provide residents of South Philadelphia with a broader range of healthcare services;
• Providing for the development and growth of several premier clinical programs, including the Rothman Institute at Jefferson, the Jefferson Heart Institute, the Jefferson Gastrointestinal Disease Center, the Jefferson Epilepsy Center, JeffNOW, and the NCI-designated Kimmel Cancer Center.

"Tom's true impact can be felt daily walking the halls of our hospitals," said William A. Landman, Chairman of the Board of Thomas Jefferson University Hospitals. "His dedication to the physicians, staff and ultimately, our patients, is best exemplified through his steadfast commitment that patients and their families come first.  His leadership, knowledge and experience will be missed, but we are pleased that he leaves the hospital in good hands."

Mr. Lewis also serves as the Chairman of the Board for the Health Care Improvement Foundation (HCIF), a nonprofit organization that leads healthcare initiatives aimed at improving the safety, outcomes, and care experiences of all patients across the Delaware Valley.  Additionally, he chairs the Board of Philadelphia International Medicine (PIM) and serves on the Boards of Beneficial Savings Bank and The Food Trust. 

David McQuaid has served as the Executive Vice President and Chief Operating Officer of Thomas Jefferson University Hospitals since September 2007, and in that position has been responsible for all day-to-day operations and many of Jefferson's recent strategic initiatives. He previously served as CEO of Durham Regional Hospital, part of the Duke University Health System, and Executive Vice President and COO of Johns Hopkins Bayview Medical Center, part of the Johns Hopkins Health System. Mr. McQuaid holds an MBA from the University of New Hampshire and is a Fellow of the American College of Healthcare Executives.

About Thomas Jefferson University Hospitals Thomas Jefferson University Hospitals (TJUH) are dedicated to excellence in patient care and education.  It is consistently ranked by US News and World Report among the nation's top hospitals.  It has over 950 licensed acute care beds with a wide range of clinical specialties.  TJUH is one of the few hospitals in the U.S. that is both a level 1 Trauma Center and a federally-designated regional spinal cord injury center.  TJUH patient facilities include: Jefferson Hospital , Jefferson Hospital for Neuroscience and the Methodist Division in South Philadelphia.  Additional out-patient sites are located throughout Pennsylvania and New Jersey. TJUH is a part of Jefferson Health system and a partner of Thomas Jefferson University.

About Jefferson Health System Headquartered in Radnor, Pennsylvania, Jefferson Health System's Members have more than 11,300 full-time employees, 2,300 beds and 2,500 medical staff members. Among other accolades, JHS Member hospitals have received national recognition as being among America's best hospitals by U.S. News & World Report and have earned Magnet® recognition for nursing excellence. Additionally, JHS was named by Thomson Reuters as one of the top five large health systems in the United States.  Physicians affiliated with JHS Member hospitals are included in Philadelphia Magazine's annual list of the best local doctors. 

SOURCE Thomas Jefferson University Hospitals

EAGAN, Minn., Feb. 9, 2012 /PRNewswire/ -- Continuing its initiative to meet the growing need for managed services support, solutions integration expert NACR has enhanced the NACR Customer Center website to empower businesses in their efforts to more effectively manage their voice communications networks.

(Logo: http://photos.prnewswire.com/prnh/20070809/AQTH118LOGO)

"NACR is committed to investing in managed services resources that help businesses maximize the value and performance of their communications networks," according to Bruce Johnson, Vice President of Managed Services Delivery for NACR. "Our enhanced web portal — the NACR Customer Center — provides customers with a real-time window into their voice environment and the tools to easily access, track, and manage their Maintenance and Managed Services relationship with NACR."

As one of the largest Avaya channel partners worldwide, NACR (www.nacr.com) is the leading independent integrator of best-in-class communications, collaboration, and customer interaction solutions — delivering comprehensive sales, consultation, training, and technical support, as well as managed services, maintenance, and repairs. The company works closely with Avaya and other technology innovators to integrate the latest hardware, software, and applications into end-to-end multivendor solutions for diverse markets.

The NACR Customer Center provides managed services customers with live access to detailed incident tracking and flexible reporting tools for:

• Viewing real-time voice network information, including site- and equipment-level details
• Creating trouble tickets and tracking their status (open/closed)
• Monitoring alarms and managing alerts
• Running reports with granular detail and precise incident categories

The NACR Customer Center also provides customers with links to the latest training videos and supplemental training guides, and details on the offers and options available to them through NACR Managed Services.

"Using the tool in the NACR Customer Center, our customers can more easily identify security risks and network vulnerabilities, as well as areas where voice resources can be used more efficiently — improving network performance and reliability," added Johnson.

NACR's comprehensive services portfolio provides one source for customizable and prepackaged managed solutions that support the evolving communications needs of today's businesses. The company's managed services proactively support complex communications infrastructures by leveraging a proven methodology, two high-tech Network Operations Centers (NOCs), expert tools, and the skills of highly trained, certified professionals in every region of the United States.

To learn more about the NACR services portfolio, contact your NACR representative or call the company at 1-888-321-NACR (6227).

About NACRWith offices nationwide, industry award-winning NACR (Eagan, MN) is a certified Avaya Platinum Channel Partner, eight-time Avaya Business Partner of the Year, and the leading independent integrator of best-in-class communications, collaboration, and customer interaction solutions for businesses. Its highly trained and experienced team, with more than 600 industry-recognized certifications, delivers proven, scalable, cost-effective solutions tailored to a customer's end-to-end needs, from sales through ongoing support. Using sophisticated processes, advanced tools, and two high-tech Network Operations Centers (NOCs), NACR provides comprehensive monitoring and managed services for multivendor infrastructures. And to help customers keep pace with changing technology and business needs, the NACR Center of Excellence for Learning and Development provides training and educational opportunities. For more information, call 1-888-321-NACR (6227) or visit www.nacr.com.

SOURCE NACR

CARLSBAD, Calif., Feb. 9, 2012 /PRNewswire/ -- Patriot Scientific Corporation (OTCBB: PTSC - News) today announced that Tyco International Ltd. has purchased an MMP™ Portfolio license. Tyco is a leading provider of security products and services, fire protection and detection products and services, and industrial valves and controls to customers worldwide.

About Patriot Scientific Corporation

Headquartered in Carlsbad, California, Patriot Scientific Corporation (PTSC) is the co-owner of the Moore Microprocessor Patent Portfolio™ licensing partnership, and is the parent of the wholly owned subsidiary, PDSG. For more information on PTSC, visit www.ptsc.com. 

About the MMP Portfolio™

The MMP Portfolio includes seven US patents as well as their European and Japanese counterparts, which cover techniques that enable higher performance and lower cost designs essential to consumer and commercial digital systems ranging from PCs, cell phones and portable music players to communications infrastructure, medical equipment and automobiles.

Contact:Patriot Investor Relations                       ir@ptsc.com 760-547-2700

SOURCE Patriot Scientific Corporation