Prominent Surrogacy Center Announces Key Steps to Help Couples Struggling with Infertility Jul 23, 2014 02:01AM

Chicago, IL (PRWEB) July 23, 2014

Immersed in excruciating pain, approximately one in eight American couples experience infertility. As a prominent leader in the fertility industry, CARE Surrogacy Center is devoted to helping couples struggling with infertility overcome the feelings of despair and loss that you simply can't quantify.

The caring and compassionate team at the leading surrogacy center in Mexico understands infertility can introduce fear -- fear that life will be eternally empty. They understand that infertility can elude to a sense of destruction and brokenness; and infiltrate into the overwhelming majority of everyday life -- and ultimately affect those around them.

A survey by GfK Roper states that 71 percent of women feel flawed by infertility, while 50 percent of men say it intrudes a feeling of inadequateness. The struggle of infertility can lead to isolation, with nearly 61 percent of couples stating that they try to hide their fertility difficulties from family and friends.

"It's nearly impossible to entirely convey what couples struggling with infertility are going through, unless you have gone through it. The desire to start a family is an overwhelming sensation, and failing to achieve that can impact everything from marital relationships to career choices," states Ivan Davydov, Reproductive Lawyer at the CARE Surrogacy Center. "Our goal is to provide these loving couples with the resources they need to understand their fertility risk factors, and incorporate treatment options and our pregnancy guarantee program to overcome these detouring obstacles."

Breaking the Silence --

How can a health issue that pains so many couples worldwide be shrouded in silence? Month after month, infertility couples are faced with life-altering decisions and distress.

Submerged in the heartache of infertility, the CARE Surrogacy Center in Mexico is helping couples break the silence and grasp the different options for parenthood. With an array of invaluable IVF program options, the center is driven by the joy millions of couples seeking parenthood gain through surrogacy in Mexico.

"We educate intended parents on the different paths to parenthood, including IVF, egg donation and surrogacy to achieve fertility," states Tolga Umar, CEO and Founder of CARE. "Even if intended parents decide not to work with CARE, we wholeheartedly want intended parents to make the right choice for their future. Infertility desperately needs the kind of attention and awareness effort as cancer or heart disease."

Dynamic Growth Strategy --

Infertility is defined as the inability to conceive after one year of suitably timed, unprotected intercourse in women under 35 years of age, and after six months of unprotected intercourse for women 35 and older.

The CARE Surrogacy Center provides the following insight for couples struggling with infertility:

   •  Ask questions and become aware of your medical options
   •  Seek out psychological support to help eradicate distress
   •  Explore blogs and support groups for empathy, support, and friendship
   •  Refrain from isolation and disconnecting from your spouse, family and friends
   •  Resist the temptation that infertility is a punishment or fate -- or that pregnancy is not achievable
   •  Become an advocate -- infertility should be recognized as a serious health issue
   •  Fight to avoid the pressure infertility can lead to in your marriage; as your relationship may begin to weaken or become fragile if you lose sight of your loved ones
   •  Decide with your spouse how much you're willing to pay for infertility treatment; sit down and develop a financial plan.
   •  Balance optimism and realism -- staying realistic can help you make better choices as you work your way through the emotional obstacles of infertility.
   •  Take care of yourself and each other -- emotionally and physically.

Today, the leading surrogacy center in Mexico is helping educate couples from the USA, Mexico, Australia, France, Spain, Canada, the UK and more -- and providing valuable devotion on their journey to parenthood. Embraced by honest, uncompromising services, the center delivers the ultimate family building experience, for intended parents and surrogates alike.

About CARE Surrogacy Center Mexico
The CARE Surrogacy Center in Mexico provides incomparable experiences for intended parents, encompassed by enhanced clinical pregnancy outcomes, abridged costs and a wide-ranging continuum of care. The vision of CARE is to represent and assist individuals and couples all over the world who want to build a family, regardless of sexual orientation or marital status. The Center embraces a positive approach to surrogacy with compassionate journey coordinators, expert IVF medical specialists using the latest technologies, and the expertise of the CARE surrogacy legal team.

Read the full story at http://www.prweb.com/releases/care-surrogacy-center/couples-infertility/prweb12038031.htm


Readers Learn to Tackle Spiritual Strongholds in New Book by Carolyn Dupuy Jul 23, 2014 02:00AM

Berwick, LA (PRWEB) July 23, 2014

Author Carolyn Dupuy outlines the path to spiritual wholeness in her new guidebook, "Identifying and Tearing Down Strongholds: A Journey to Wholeness" (published by WestBow Press).

"After attending a Christian ladies seminar taught by a Christian psychologist," explains Dupuy, "I realized how emotional destitute I was due to unprocessed pain from birth to the present. Therefore, I set out to glean information from as many Christian books, tapes, the Bible, etc. as possible so I could recover from painful relationships and not continue to repeat the same mistakes I had made in the past."

Written for readers suffering from dysfunctional behavior patterns, "Identifying and Tearing Down Strongholds" identifies the answers to spiritual strongholds found in the Gospels. Dupuy includes personal stories of her own journey of healing to further connect with her readers.

Throughout her study, Dupuy offers reader various ways to break down these strongholds and become closer with the Holy Spirit and God himself, thereby ridding themselves of destructive behaviors such as alcohol and drug addiction. She aims to instill a feeling of hope in her readers.

"This book was written from my own journey and personal experience toward wholeness," says Dupuy. "Therefore, it should be easy for everyone to understand, regardless of education."

"Identifying and Tearing Down Strongholds"
By Carolyn Dupuy
Hardcover | 6 x 9 in | 184 pages | ISBN 9781490828602
Softcover | 6 x 9 in | 184 pages | ISBN 9781490828626
E-Book | 184 pages | ISBN 9781490828619
Available at Amazon and Barnes & Noble

About the Author:

Carolyn Dupuy is a graduate of Therapon Institute and is a certified belief therapist. She founded the Recovery Outreach Ministry in 1991 in an effort to find healing and wholeness in her life. She has ministered in jails and at the Fairview Chemical Dependency Unit, led weekly prayer and Bible study groups, as well as conducted numerous seminars.

WestBow Press is a strategic supported self-publishing alliance between HarperCollins Christian Publishing and Author Solutions, LLC -- the world leader in supported self-publishing. Titles published through WestBow Press are evaluated for sales potential and considered for publication through Thomas Nelson and Zondervan. For more information, visit westbowpress.com or call (866)-928-1240. For WestBow Press news, click "Like" at facebook.com/WestBowPress and follow @westbowpress on Twitter.

Read the full story at http://www.prweb.com/releases/CarolynDupuy/07/prweb12039828.htm


B/E Aerospace Record Second Quarter 2014 Financial Results Exceed Expectations; Second Quarter Revenues of $1.1 Billion up 28%; EPS of $1.13, Excluding Items, Up 27% Jul 23, 2014 02:00AM

WELLINGTON, Fla.--(BUSINESS WIRE)-- B/E Aerospace, Inc. (NASDAQ: BEAV), the world's leading manufacturer of aircraft cabin interior products and the world's leading provider of aerospace fasteners, consumables and logistics services, today announced its second quarter 2014 financial results. Except as otherwise noted, the second quarter 2014 and six month 2014 results and commentary in this release are adjusted to exclude acquisition and strategic review related costs aggregating $12.8 million in the second quarter 2014, and $15.0 million in the six month 2014 period, as described in "Reconciliation of Non-GAAP Measures."

SECOND QUARTER 2014 HIGHLIGHTS COMPARED WITH SECOND QUARTER 2013

  • Revenues increased 28 percent.
  • Operating earnings increased 25 percent.
  • Earnings before income taxes increased 30 percent.
  • Earnings per diluted share increased 27 percent.

SECOND QUARTER CONSOLIDATED RESULTS

Second quarter 2014 revenues of $1.09 billion increased 28.1 percent as compared with the prior year period.

Second quarter 2014 operating earnings were $198.1 million, an increase of 24.8 percent, and operating margin was 18.2 percent. On a GAAP basis, operating earnings were $185.3 million.

Second quarter 2014 earnings before income taxes were $166.4 million, an increase of 29.8 percent. On a GAAP basis, earnings before income taxes were $153.6 million.

Second quarter 2014 net earnings and earnings per diluted share were $117.6 million and $1.13 per share, representing increases of 27.3 percent and 27.0 percent, respectively, as compared with the prior year period. On a GAAP basis, net earnings and earnings per diluted share were $108.6 million and $1.04 per share.

Commenting on the Company's recent performance, Amin J. Khoury, Chairman and Chief Executive Officer of B/E Aerospace said, "I am pleased to report that our second quarter 2014 results were the best quarterly results in the Company's history. Our results included record quarterly revenues, operating earnings, net earnings and earnings per share."

"During the quarter, we announced plans to create two separate, independent, publicly traded, industry-leading companies; one focused on aircraft cabin interior equipment design, development, manufacturing, certification and direct sales on a global basis ("Manufacturing Co."); and the other focused on distribution, logistics and technical services for the aerospace and energy services markets ("Services Co."). Separating these highly successful businesses into two industry-leading independent companies will allow each to benefit from increased management focus and operational flexibility, as well as allow the management teams and boards of directors of each business to determine the optimal capital structure, free cash flow allocation policy, growth strategy, compensation system and performance measurement metrics. This decision reflects our ongoing commitment to address the distinct needs of each of our businesses and the Company's strategic priorities, all consistent with our focus on further optimizing shareholder value."

"The Company anticipates filing its Form 10 Registration Statement with the Securities and Exchange Commission in September of 2014, and subject to customary conditions, expects to be able to effect a distribution of the shares of Services Co. to B/E Aerospace shareholders by the end of the first quarter of 2015. Our team of advisors includes Citigroup, Goldman, Sachs & Co., J.P. Morgan Securities LLC, and Shearman & Sterling LLP."

SECOND QUARTER SEGMENT RESULTS

The following is a tabular summary and commentary of revenues and operating earnings by segment for the three months ended June 30, 2014 and 2013:

REVENUES
($ in millions)
Segment   2014   2013   % Change  
Commercial aircraft $ 541.1 $ 431.2 25.5 %
Consumables management 426.7 312.7 36.5 %
Business jet   121.7   106.4 14.4 %
Total $ 1,089.5 $ 850.3 28.1 %
 
ADJUSTED OPERATING EARNINGS
($ in millions)
Segment 2014 2013 % Change  
Commercial aircraft * $ 99.2 $ 79.7 24.5 %
Consumables management ** 78.3 61.3 27.7 %
Business jet ***   20.6   17.7 16.4 %
Total $ 198.1 $ 158.7 24.8 %
 
* CAS operating earnings, including $0.9 million of 2014 second quarter items, were $98.3 million
** CMS operating earnings, including $7.2 million of 2014 second quarter items, were $71.1 million
*** BJS operating earnings, including $4.7 million of 2014 second quarter items, were $15.9 million

Second quarter 2014 commercial aircraft segment (CAS) revenues increased 25.5 percent while operating earnings of $99.2 million increased 24.5 percent as compared with the prior year period and operating margin was 18.3 percent.

Second quarter 2014 consumables management segment (CMS) revenues increased 36.5 percent. The consumables distribution business delivered high single-digit organic revenue growth. On a pro-forma basis as though all acquisitions had been completed on January 1, 2013, CMS revenue growth was 12.0 percent. Operating earnings were $78.3 million, an increase of 27.7 percent, and operating margin was 18.4 percent.

Second quarter 2014 business jet segment (BJS) revenues increased 14.4 percent. Operating earnings were $20.6 million, an increase of 16.4 percent. Operating margin of 16.9 percent expanded by 30 basis points as compared with the prior year period.

SIX MONTH CONSOLIDATED RESULTS

For the six months ended June 30, 2014, revenues of $2.1 billion increased 24.1 percent as compared with the prior year period.

For the six months ended June 30, 2014, operating earnings were $383.3 million, an increase of 22.7 percent. Operating margin was 18.2 percent. On a GAAP basis, operating earnings were $368.3 million.

For the six months ended June 30, 2014, net earnings and earnings per diluted share were $228.3 million and $2.19 per share, representing increases of 25.2 percent and 24.4 percent, respectively, as compared with the prior year period. On a GAAP basis, net earnings and earnings per diluted share were $217.6 million and $2.08 per share, representing increases of 19.4 percent and 18.2 percent, respectively.

SIX MONTH SEGMENT RESULTS

The following is a tabular summary and commentary of revenues and operating earnings by segment for the six months ended June 30, 2014 and 2013:

REVENUES
($ in millions)
Segment   2014   2013   % Change  
Commercial aircraft $ 1,064.5 $ 851.2 25.1 %
Consumables management 793.3 639.4 24.1 %
Business jet   242.9   201.9 20.3 %
Total $ 2,100.7 $ 1,692.5 24.1 %
 
ADJUSTED OPERATING EARNINGS
($ in millions)
Segment 2014 2013 % Change  
Commercial aircraft * $ 192.3 $ 153.9 25.0 %
Consumables management ** 149.3 126.1 18.4 %
Business jet ***   41.7   32.3 29.1 %
Total $ 383.3 $ 312.3 22.7 %
 
* CAS operating earnings, including $0.9 million of 2014 first half items, were $191.4 million
** CMS operating earnings, including $9.4 million of 2014 first half items, were $139.9 million
*** BJS operating earnings, including $4.7 million of 2014 first half items, were $37.0 million

For the six months ended June 30, 2014, CAS revenues increased 25.1 percent while operating earnings of $192.3 million increased 25.0 percent and operating margin of 18.1 percent was flat as compared with prior year period.

For the six months ended June 30, 2014, CMS revenues increased 24.1 percent. On a pro-forma basis as though all acquisitions had been completed on January 1, 2013, revenue growth was 8.3 percent. Operating earnings were $149.3 million, an increase of 18.4 percent, and operating margin was 18.8 percent.

For the six months ended June 30, 2014, BJS revenues increased 20.3 percent. Operating earnings and operating margin were $41.7 million and 17.2 percent and increased 29.1 percent and 120 basis points, respectively.

RECENT ACQUISITION ACTIVITY

During the quarter, the Company completed the previously announced acquisitions of EMTEQ, Fischer + Entwicklungen, and a small bolt-on transaction for an aggregate purchase price of approximately $539 million in cash, and which are reported as part of the business jet segment. Also during the quarter, the Company completed the earlier announced Vision Oil Tools transaction and two additional bolt-on transactions for an aggregate purchase price of approximately $256 million in cash, and which are reported as part of the consumables management segment. The Company does not anticipate any further acquisition activity during the remainder of 2014.

CASH FLOW, LIQUIDITY AND BALANCE SHEET

Cash flow from operations in the second quarter of 2014 of $11.4 million reflected a 28.1 percent increase in revenues and a corresponding 17.3 percent increase in working capital as compared with the prior year period, exclusive of cash and the impact of acquisitions. Capital expenditures to support recent acquisitions as well as long-term customer programs were $66.5 million. During the second quarter of 2014 the Company paid approximately $795 million for the aforementioned recently completed acquisitions. The Company expects substantially stronger free cash flow in the second half of 2014 and now expects a full year 2014 free cash flow conversion ratio of approximately 60 percent of net earnings reflecting a higher level of capital expenditures to support capital expenditure requirements of the acquired businesses.

As of June 30, 2014, cash was $216.5 million, net debt, which represents total long-term debt of $2.6 billion less cash, was $2.4 billion, and the Company's net debt-to-net capital ratio was 45.7 percent. During the quarter the Company increased its revolving credit facility by $450 million to $1.4 billion of which approximately $668 million was drawn.

BOOKINGS/BACKLOG

Bookings during the second quarter of 2014 were approximately $1.06 billion, an increase of approximately 20 percent as compared with the prior year period. Bookings for the first six months of 2014 increased 29 percent as compared to the prior year period. During the first six months of 2014, aircraft cabin interior products awards increased approximately 175 percent as compared with the prior year period, and were a record for any six month period. Backlog as of June 30, 2014 was approximately $3.9 billion, while awarded but unbooked backlog was approximately $5.0 billion, bringing total backlog, both booked and awarded but unbooked, to approximately $8.9 billion.

OUTLOOK

Commenting on the Company's outlook, Mr. Khoury concluded, "Our total backlog, both booked and awarded but unbooked, of approximately $8.9 billion, our expectation for robust wide-body aircraft deliveries, our expectation of strong revenue growth from our SFE program deliveries, and the expectation for continued growth in global passenger travel, all provide a basis for our expectation of continued strong revenue growth."

The Company's 2014 financial guidance is as follows:

  • The Company expects continued strong bookings in 2014 driven by the Company's record backlog, the robust wide-body aircraft delivery outlook, bookings from prior SFE awarded programs, and a continuing improvement in aftermarket demand.
  • 2014 revenues are expected to be approximately $4.3 billion.
  • The Company raised guidance on March 31, 2014 and again on June 10, 2014, and now expects 2014 earnings per share of approximately $4.35 per diluted share, exclusive of 2014 acquisition and strategic review related costs, representing an increase of approximately 23 percent as compared to 2013 earnings per diluted share, similarly adjusted to exclude 2013 acquisition expenses.
  • 2014 free cash flow conversion ratio is expected to be approximately 60 percent of net earnings reflecting a higher level of capital expenditures to support capital expenditure requirements of the acquired businesses.

Net earnings, diluted net earnings per common share, earnings before income tax, operating earnings, operating margin, CAS operating earnings, CAS operating margin, CMS operating earnings, CMS operating margin, BJS operating earnings, BJS operating margin in each case excluding acquisition and strategic review related costs, free cash flow, and free cash flow conversion ratio are presented in this press release and are non-GAAP financial measures. For more information see "Reconciliation of Non-GAAP Financial Measures."

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements involve risks and uncertainties. The Company's actual experience and results may differ materially from the experience and results anticipated in such statements. Factors that might cause such a difference include those discussed in the Company's filings with the Securities and Exchange Commission (SEC), which include its Proxy Statement, Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. For more information, see the section entitled "Forward-Looking Statements" contained in the Company's Annual Report on Form 10-K and in other filings. The forward-looking statements included in this news release are made only as of the date of this news release and, except as required by federal securities laws and rules and regulations of the SEC, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About B/E Aerospace, Inc.

B/E Aerospace is the world's leading manufacturer of aircraft cabin interior products and the world's leading provider of aerospace fasteners, consumables and logistics services. B/E Aerospace designs, develops and manufactures a broad range of products for both commercial aircraft and business jets. B/E Aerospace manufactured products include aircraft cabin seating, lighting systems, oxygen systems, food and beverage preparation and storage equipment, galley systems, and modular lavatory systems. The Company also provides cabin interior reconfiguration, program management and certification services. The Company provides aerospace fasteners, consumables and logistics services as well as oilfield services and associated rental equipment. B/E Aerospace sells and supports its products through its own global direct sales and product support organization. For more information, visit the B/E Aerospace website at www.beaerospace.com.

B/E AEROSPACE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)

(In Millions, Except Per Share Data)

     
THREE MONTHS ENDED SIX MONTHS ENDED
June 30, June 30, June 30, June 30,
2014   2013   2014   2013  
 
Revenues $ 1,089.5 $ 850.3 $ 2,100.7 $ 1,692.5
Cost of sales 682.9 523.5 1,317.4 1,046.6
Selling, general and administrative 150.3 117.3 273.3 229.5
Research, development and engineering   71.0     50.8     141.7     104.1  
 
Operating earnings 185.3 158.7 368.3 312.3
 
Operating earnings, as a percentage
of revenues 17.0 % 18.7 % 17.5 % 18.5 %
 
Interest expense   31.7     30.5     62.3     61.1  
 
Earnings before income taxes 153.6 128.2 306.0 251.2
 
Income taxes   45.0     35.8     88.4     68.9  
 
Net earnings $ 108.6   $ 92.4   $ 217.6   $ 182.3  
 
Net earnings per common share:
Basic $ 1.05   $ 0.90   $ 2.09   $ 1.77  
Diluted $ 1.04   $ 0.89   $ 2.08   $ 1.76  
 
Weighted average common shares:
Basic 103.9 103.1 103.9 103.1
Diluted 104.5 103.9 104.4 103.8

B/E AEROSPACE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In Millions)

 
June 30, December 31,
2014 2013
ASSETS
 
Current assets:
Cash and cash equivalents $ 216.5 $ 637.8
Accounts receivable 676.2 484.1
Inventories 2,133.1 1,943.8
Deferred income taxes 31.5 29.4
Other current assets   91.8   64.6
Total current assets 3,149.1 3,159.7
Long-term assets   3,699.3   2,536.5
$ 6,848.4 $ 5,696.2
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
Total current liabilities $ 1,094.5 $ 879.1
Total long-term liabilities 2,895.3 2,207.9
Total stockholders' equity   2,858.6   2,609.2
$ 6,848.4 $ 5,696.2

B/E AEROSPACE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(In Millions)

 
Six Months Ended
June 30,
2014   2013  
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 217.6 $ 182.3
Adjustments to reconcile net earnings to
net cash flows provided by operating activities, net of
effects from acquisitions:
Depreciation and amortization 63.0 42.5
Deferred income taxes 7.3 18.6
Non-cash compensation 14.2 11.8
Tax benefits realized from prior exercises of employee
stock options and restricted stock (4.8 ) (3.8 )
Provision for doubtful accounts 0.6 0.9
Loss on disposal of property and equipment 0.1 0.8
Changes in operating assets and liabilities:
Accounts receivable (128.1 ) (68.7 )
Inventories (158.6 ) (124.5 )
Other current and non-current assets (30.3 ) (3.9 )
Accounts payable and accrued liabilities   86.7     73.4  
Net cash flows provided by operating activities   67.7     129.4  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (122.7 ) (67.8 )
Acquisitions, net of cash acquired   (1,042.7 )   (3.5 )
Net cash flows used in investing activities   (1,165.4 )   (71.3 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from common stock issued 3.7 3.3
Purchase of treasury stock (0.1 ) (0.4 )
Principal payments on long-term debt - (0.3 )
Tax benefits realized from prior exercises of employee
stock options and restricted stock 4.8 3.8
Borrowings on line of credit 668.0 -
Debt origination costs   (1.9 )   -  
Net cash flows provided by financing activities   674.5     6.4  

 

Effect of foreign exchange rate changes on cash and

cash equivalents   1.9     (5.8 )
 
Net (decrease) increase in cash and cash equivalents (421.3 ) 58.7
Cash and cash equivalents, beginning of period   637.8     513.7  
Cash and cash equivalents, end of period $ 216.5   $ 572.4  

B/E AEROSPACE, INC.RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

This release includes "net earnings," "net earnings per diluted share," "earnings before income tax," "operating earnings," "earnings before income tax," "operating margin," "CAS operating earnings," "CAS operating margin," "CMS operating earnings," "CMS operating margin," "BJS operating earnings," "BJS operating margin," in each case excluding acquisition and strategic review related costs, "free cash flow," and "free cash flow conversion ratio," each of which are "non-GAAP financial measures" as defined in Regulation G of the Securities Exchange Act of 1934, as amended (Exchange Act).

The Company uses the above described adjusted measures to evaluate and assess the operational strength and performance of the business and of particular segments of the business. The Company believes these financial measures are relevant and useful for investors because it allows investors to have a better understanding of the Company's actual operating performance unaffected by the 2014 acquisitions and strategic review related costs. These financial measures should not be viewed as a substitute for, or superior to, operating earnings, earnings before income tax, or net earnings (each as defined under GAAP), the most directly comparable GAAP measures, as a measure of the Company's operating performance.

The Company defines "free cash flow" as net cash flows provided by operating activities less capital expenditures. The Company uses free cash flow to provide investors with an additional perspective on the Company's cash flow provided by operating activities after taking into account reinvestments. Free cash flow does not take into account debt service requirements and therefore does not reflect an amount available for discretionary purposes. The Company defines "free cash flow conversion ratio" as free cash flow expressed as a percentage of the Company's net earnings. The Company uses free cash flow conversion ratio to provide investors with a measurement of its ability to convert net earnings into free cash flow. These financial measures should not be viewed as a substitute for, or superior to, net cash flows provided by operating activities, the most directly comparable GAAP measure, as a measure of the Company's liquidity or operating performance.

Pursuant to the requirements of Regulation G of the Exchange Act, we are providing the following tables that reconcile the above mentioned non-GAAP financial measures to the most directly comparable GAAP financial measures:

RECONCILIATION OF NET EARNINGS PER DILUTED SHARE
TO ADJUSTED NET EARNINGS PER DILUTED SHARE
(In Millions, Except Per Share Data)
     
 
Three Months Ended Six Months Ended
June 30, June 30,
2014   2013 2014   2013
Net earnings, as reported $ 108.6 $ 92.4 $ 217.6 $ 182.3
2014 acquisition and strategic
review related costs 12.8 - 15.0 -
Adjustment to income taxes¹   (3.8 )   -   (4.3 )   -
Adjusted net earnings $ 117.6   $ 92.4 $ 228.3   $ 182.3
Adjusted net earnings
per diluted share $ 1.13   $ 0.89 $ 2.19   $ 1.76
 
Diluted weighted average
shares 104.5 103.9 104.4 103.8
 

¹Adjustments to income taxes are based on an effective tax rate of 29.3% for three months ended June 30, 2014 and 28.9% for six months ended June 30, 2014

RECONCILIATION OF EARNINGS BEFORE INCOME TAX
TO ADJUSTED EARNINGS BEFORE INCOME TAX
(In Millions)
     
Three Months Ended Six Months Ended
June 30, June 30,
2014 2013 2014 2013
Earnings before income tax $ 153.6 $ 128.2 $ 306.0 $ 251.2
2014 acquisition and strategic
review related costs   12.8   -   15.0   -
Adjusted earnings before
income tax $ 166.4 $ 128.2 $ 321.0 $ 251.2
 
RECONCILIATION OF OPERATING EARNINGS
TO ADJUSTED OPERATING EARNINGS
(In Millions)
 
Three Months Ended Six Months Ended
June 30, June 30,
2014 2013 2014 2013
Operating earnings $ 185.3 $ 158.7 $ 368.3 $ 312.3
2014 acquisition and strategic
review related costs   12.8   -   15.0   -
Adjusted operating earnings $ 198.1 $ 158.7 $ 383.3 $ 312.3
 
RECONCILIATION OF COMMERCIAL AIRCRAFT SEGMENT
OPERATING EARNINGS TO ADJUSTED CAS OPERATING EARNINGS
(In Millions)
 
Three Months Ended Six Months Ended
June 30, June 30,
2014 2013 2014 2013
CAS operating earnings $ 98.3 $ 79.7 $ 191.4 $ 153.9
2014 acquisition and strategic
review related costs   0.9   -   0.9   -

Adjusted CAS operating earnings

$ 99.2 $ 79.7 $ 192.3 $ 153.9
 
RECONCILIATION OF CONSUMABLES MANAGEMENT SEGMENT
OPERATING EARNINGS TO ADJUSTED CMS OPERATING EARNINGS
(In Millions)
 
Three Months Ended Six Months Ended
June 30, June 30,
2014 2013 2014 2013
CMS operating earnings $ 71.1 $ 61.3 $ 139.9 $ 126.1
2014 acquisition and strategic
review related costs   7.2   -   9.4   -
Adjusted CMS operating earnings $ 78.3 $ 61.3 $ 149.3 $ 126.1
 
RECONCILIATION OF BUSINESS JET SEGMENT
OPERATING EARNINGS TO ADJUSTED BJS OPERATING EARNINGS
(In Millions)
 
Three Months Ended Six Months Ended
June 30, June 30,
2014 2013 2014 2013
BJS operating earnings $ 15.9 $ 17.7 $ 37.0 $ 32.3
2014 acquisition and strategic
review related costs   4.7   -   4.7   -
Adjusted BJS operating earnings $ 20.6 $ 17.7 $ 41.7 $ 32.3

B/E Aerospace, Inc.

Greg Powell, 561-791-5000 ext. 1450

Vice President, Investor Relations

Source: B/E Aerospace, Inc.


ARM Mali Video and Display Technology to Power Next Generation of Atmel Devices Jul 23, 2014 02:00AM

Leading MCU provider to deploy a range of ARM Cortex processor and ARM Mali IP in industrial, consumer applications

CAMBRIDGE, U.K.--(BUSINESS WIRE)-- ARM announced today it has licensed processor and security IP to Atmel Corporation for use in a wide array of devices requiring image, video and display capabilities. Atmel plans to integrate the newly licensed ARM® technology into silicon targeted at wearable devices and automated factory tasks reliant on image processing such as the identification of faulty products. The license includes the ARM Cortex®-A7 processor, ARM Mali™-V500 video accelerator, Mali-DP500 display processor, and ARM TrustZone® technology.

“Atmel and ARM have a successful history of collaboration,” said Pete Hutton, executive vice president and president of product groups, ARM. “That partnership continues to build with Atmel now expanding its ARM IP portfolio to include even stronger security and richer media processing technology that prepares the way for new and exciting products in emerging markets such as IoT, wearables and factory automation.”

The energy efficiency and small die area advantages of ARM Mali-V500 and Mali-DP500 enables full HD 1080p60 resolution capabilities on a single core, which is ideally suited for cost-conscious applications. Additionally, both the ARM Mali-V500 and Mali-DP500 incorporate support for ARM TrustZone technology for hardware-backed content security from download to display.

“As IoT and wearable devices become smaller, more sophisticated and integrated, the SoCs used in the devices will need to offer more features and functionality in smaller packages,” said Reza Kazerounian, senior vice president and general manager, microcontroller business unit at Atmel. “The small area footprint of the ARM Cortex and Mali multimedia solutions will allow us to offer HD video and display processing in unprecedented sizes.”

With Mali-DP500, Atmel SoCs will have the capability to deliver UI functionality such as multi-layer composition, scaling and post-processing with support from ARM’s Frame Buffer Compression (AFBC) protocol. This technology is unique to ARM and is capable of delivering a 60 percent reduction in system bandwidth for video playback.

About ARM

ARM is at the heart of the world's most advanced digital products. Our technology enables the creation of new markets and transformation of industries and society. We design scalable, energy-efficient processors and related technologies to deliver the intelligence in applications ranging from sensors to servers, including smartphones, tablets, enterprise infrastructure and the Internet of Things.

Our innovative technology is licensed by ARM Partners who have shipped more than 50 billion Systems on Chip (SoCs) containing our intellectual property since the company began in 1990. Together with our Connected Community, we are breaking down barriers to innovation for developers, designers and engineers, ensuring a fast, reliable route to market for leading electronics companies. Learn more and join the conversation at http://community.arm.com.

Legal

ARM, Trustzone and Cortex are registered trademarks of ARM Limited (or its subsidiaries) in the EU and/or elsewhere. All rights reserved. Mali is a trademark of ARM Limited (or its subsidiaries) in the EU and/or elsewhere. All rights reserved. All other brands or product names are the property of their respective holders. All other brands or product names are the property of their respective holders. "ARM" refers to ARM Holdings plc (LSE: ARM and NASDAQ: ARMH) and members of its corporate group as constituted from time to time.

None of the information contained in this document may be adapted, republished, or reproduced in any form except with the prior written permission of the copyright holder, but links may be posted directly to this document from other websites, and the whole of the document correctly attributed and unmodified may be shared freely, unless the copyright holder at any time withdraws these permissions. This document is intended only to provide information to the reader about the relevant product(s) described or mentioned. All information is provided "as is" and without warranty. ARM makes no representation as to the product(s), and ARM shall not be liable for any loss or damage arising from the use of any information in this document or any error or omission in such information.

ARM

Phil Hughes, 512-330-1844 / 512-694-7382

Senior PR Manager, ARM

phil.hughes@arm.com

Source: ARM


Canadian Overseas Petroleum Ltd Announces Corporate & Operational Update Jul 23, 2014 02:00AM

CALGARY, AB -- (Marketwired) -- 07/23/14 --  Canadian Overseas Petroleum Limited ("COPL" or "the Company") (TSX VENTURE: XOP) (LSE: COPL), the offshore West Africa focused oil exploration and development company, is pleased to provide a corporate and operational update.

Highlights

As part of COPL's strategy in West Africa the company is providing an update on some of its activities as it expands its regional footprint:

Liberia

  • COPL and its partner continue to advance the LB-13 project with recent technical work adding substantially to the geologic model of the block
  • New prospects have been mapped and identified by the partnership
  • Drilling on Block LB-13 has been delayed due to the recent Ebola virus outbreak in the region resulting in a reduced presence of expatriates in country

West Africa Transform Margin (WATM)

  • COPL has submitted a bid, as the operator of a consortium for a block in the WATM
  • Partners in the consortium include a prominent producing independent African energy company
  • COPL expects to be able to provide a further update on this process in Q3 2014

Nigeria

  • The Option on OPL 2010 has expired and the Company continues to evaluate the block
  • The Company is evaluating and negotiating on several other assets in Nigeria
  • COPL is in concurrent discussions to acquire two offshore blocks each with appraised oil discoveries with contingent resources based on historic drilling results
  • Opportunities play to management's asset development experience
  • COPL invited to participate in G&G study/evaluation for a deep water offshore block

Arthur Millholland, Chief Executive Officer, commented:

"The Company continues to be motivated by the opportunity that exists in West Africa for exploration and development of the WATM as regional companies look to partner with experienced management teams.

The COPL team has been part of the evaluation of deep water prospects and the development of midwater production schemes over the last 30 years. It is this combination of experience and access to undeveloped assets that are creating these opportunities.

We continue to make significant progress with the technical evaluation of Liberia. Whilst the possible delay in the commencement of drilling is regrettable, the safety of the partnership's staff is paramount and we are confident that staff numbers in country will return to normal levels in the near future."

About the Company
COPL is an international oil and gas exploration and development company focused in the offshore West Africa. The Company holds a 17% working interest in Block LB-13, offshore Liberia, with ExxonMobil the operator holding an 83% working interest. COPL is actively pursuing opportunities in Nigeria as part of its strategy to generate stable cash flow from secure offshore assets.

For Further Information Please Contact:

COPL

Mr. Arthur Millholland, President and CEO
Phone: +1 403 262 5441

Investor and Public Relations
Bell Pottinger
Mark Antelme or Henry Lerwill
North America Toll Free: +1 866 834 8330
Phone: +44 (0) 207 861

Joint Brokers
GMP Securities Europe
Phone: +44 (0)20 7647 2800

finnCap
Phone: +44 (0)20 7220 0500

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This information is provided by RNS
The company news service from the London Stock Exchange

   Contact:RNSCustomer Services0044-207797-4400rns@londonstockexchange.comhttp://www.rns.com  

Source: Canadian Overseas Petroleum Ltd


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