Press Releases

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings affirms St. Louis, Missouri's $805.5 million outstanding airport revenue bonds at 'BBB'. Lambert-St. Louis International Airport (the airport) also has $29.5 million of series 2011A&B refunding bonds that are not rated by Fitch.

The Rating Outlook is revised to Stable from Negative reflecting a building trend of stable traffic trends after a period of volatility due to combined effects of the service reductions from American Airlines and the economic downturn. The Outlook revision also reflects the strength of the new use and lease agreement which utilizes a hybrid rate methodology backstopped by full residual for revenue shortfalls.

KEY RATING DRIVERS:

SOLID UNDERLYING MARKET ANCHORS DEMAND DESPITE HUBBING CONTRACTION: Lambert-St. Louis International Airport is the primary air service provider for the St. Louis MSA with limited competition within the metropolitan area. The airport's traffic profile has shifted in recent years and currently serves primarily as an origination and destination (O&D) airport which represents 86% of their total enplanement with an enplanement base of 6.28 million.

STRONG AIRLINE USE AGREEMENT IN PLACE: The updated airline use agreement, which runs through 2016, provides a hybrid compensatory rate setting approach but also recovers all necessary operating and debt service costs through a residual-oriented financial backstop.

FINANCIAL FLEXIBILITY STABILIZING BUT LIMITED: Some financial limitations exist due to high leverage and modest coverage levels. Net debt to cash flow available for debt service (CFADS) equals to 9.38 times (x) while debt service coverage is maintained at 1.25x in FY2011. The airport has adequate liquidity with 489 days cash on hand (DCOH).

INFRASTRUCTURE DEVELOPMENT: Modest five-year capital improvement plan (2011-2016) totals $260.2 million, 46% of which is grant funded. No additional borrowing is needed, but Fitch anticipates some withdrawals from the airport development fund to complete projects which may potentially impact the airport's liquidity position.

WHAT CAN TRIGGER A RATING ACTION:

Management's inability to control expenses in the event that enplanement levels underperform updated forecasts.

Weaker trends in traffic levels, financial flexibility, or airline costs.

SECURITY:

The bonds are secured by the net revenues generated through the operations of the airport. In addition, the airport may pledge certain passenger facility charge (PFC) revenues for eligible projects.

CREDIT UPDATE:

Recent enplanement figures indicate improvement as noted by eight out of the last nine months of positive traffic growth when compared to the same period in 2010. Overall, traffic has grown 1.7% in calendar year 2011. While American Airlines has reduced service in recent years and is expected to continue that trend for at least through 2012, Southwest and Delta Airlines have continued to expand services at the airport. American Airline's market share has markedly decreased to 18% in 2011 from 44% in 2008. Southwest is currently the largest carrier with 45% market share while Delta has significant presence at 14%. Stability in enplanement levels may indicate the softening of American Airline's service reductions. Traffic consultant report expects a slight decrease in traffic for 2012 due to planned capacity cuts followed by slow growth thereafter.

The airport's new use and lease agreement, which went into effect on July 1, 2011, utilizes a hybrid rate methodology while allowing the airport to charge an 'additional airline requirement' to cover revenue shortfalls (or permits sharing of surpluses) necessary to meet rate covenant requirements. The additional airline requirement, which is expected under the airport's current financial forecast, is allocated 50% to the airfield cost center and 50% to the terminal cost centers. This methodology allows for full cost recovery and is viewed favorably from a credit perspective by Fitch. In addition, the new use agreement permits the airport to transfer up to approximately $13.7 million annually from the Debt Service Stabilization Fund (DSSF) to the revenue fund to mitigate rates and charges throughout the term of the use agreement (expires on June 30, 2016).

Under Fitch's base case scenario which assumes flat enplanement growth along with moderate expense growth, coverage is maintained at 1.25x while cost per enplanement (CPE) is kept in the $14 range after benefitting from the rate mitigation program. Fitch calculation of debt service coverage without the rate mitigation program is marginally above 1.0x. Prudent expense management is important to avoid an increase in CPE in the event that enplanement levels do not meet expectations.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Rating Criteria for Infrastructure and Project Finance' (Aug. 16, 2011);

--'Rating Criteria for Airports' (Nov. 28, 2011).

Applicable Criteria and Related Research:

Rating Criteria for Infrastructure and Project Financehttp://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648832

Rating Criteria for Airportshttp://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=656970

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Fitch RatingsPrimary AnalystRaymond Wu, +1-212-908-0845AnalystFitch, Inc.One State Street PlazaNew York, NY 10004orSecondary AnalystSeth Lehman, +1-212-908-0755Senior DirectororCommittee ChairpersonMike McDermott, +1-212-908-0605Senior DirectororMedia RelationsSandro Scenga, +1-212-908-0278 (New York)sandro.scenga@fitchratings.com

Source: Fitch Ratings

DALLAS--(BUSINESS WIRE)-- Consistent with long-term strategic plans, Westwood Holdings Group, Inc. (NYSE: WHG) today announced the appointment of Mark Freeman, CFA as Chief Investment Officer, having shared the role with Westwood’s founder, Susan M. Byrne, since January 2011. Mark has led the firm’s Income Opportunity team since its inception in 2003 and, together with Jay Singhania, Todd Williams, Lisa Dong, Scott Lawson and David Spika, Mark has been a key member of Westwood’s flagship LargeCap Value team for more than a decade.

Ms. Byrne, Founder and Chairman of the Board, will remain at Westwood, working with Westwood’s President & CEO, Brian Casey, and the Board of Directors on Westwood’s strategic global initiatives, and supporting the leadership of the investment area.

Mr. Casey commented, “Mark is uniquely qualified to lead the Westwood investment team. For the past 13 years, he has worked closely with Susan implementing our investment philosophy and overseeing our research process. We look forward to his leadership, well grounded in the past and fully prepared for the future.”

About Westwood

Westwood Holdings Group, Inc. manages investment assets and provides services for its clients through two subsidiaries, Westwood Management Corp. and Westwood Trust. Westwood Management Corp. is a registered investment advisor and provides investment advisory services to corporate pension funds, public retirement plans, endowments, foundations, the WHG Funds, other mutual funds, individuals and clients of Westwood Trust. Westwood Trust provides trust services and participation in common trust funds that it sponsors to institutions and high net worth individuals. Westwood Holdings Group, Inc. trades on the New York Stock Exchange under the symbol “WHG.”

For more information on Westwood, please visit our website at www.westwoodgroup.com.

For more information on the WHG Funds, please visit www.whgfunds.com.

Note on Forward-looking Statements

Statements in this press release that are not purely historical facts, including, without limitation, statements about our expected future financial position, results of operations or cash flows, as well as other statements including, without limitation, words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “should,” “could,” “goal,” “target,” “designed,” “on track,” “comfortable with,” “optimistic” and other similar expressions, constitute 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. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Actual results, our financial condition, and the timing of some events could differ materially from those projected in or contemplated by the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others: our ability to identify and successfully market services that appeal to our customers; the significant concentration of our revenues in four of our customers; our relationships with investment consulting firms; our relationships with current and potential customers; our ability to retain qualified personnel; our ability to successfully develop and market new asset classes; our ability to maintain our fee structure in light of competitive fee pressures; competition in the marketplace; downturns in the financial markets; new legislation adversely affecting the financial services industries; interest rates; changes in our effective tax rate; our ability to maintain an effective system of internal controls; and the other risks detailed from time to time in Westwood’s SEC filings, including but not limited to, its annual report on Form 10-K for the year ended December 31, 2010 and its quarterly report on Form 10-Q for the quarters ended March 31, June 30 and September 30, 2011. The forward-looking statements contained in this press release are based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time-to-time, whether as a result of new information, future developments or otherwise.

(WHG-G)

Westwood Holdings Group, Inc.Bill Hardcastle, 214-756-6900

Source: Westwood Holdings Group, Inc.

REDWOOD CITY, Calif.--(BUSINESS WIRE)-- Shutterfly, Inc. (NASDAQ: SFLY), a leading Internet-based social expression and personal publishing service, today announced that the company will be participating in the following events with the financial community. Live audio webcasts of each presentation will be available to the public on the Investor Relations section of the company's Web site at www.shutterfly.com. An archived replay will be available for approximately two weeks following the event.

Goldman Sachs Technology and Internet 2012 Conference

WHO: Jeffrey Housenbold, President and Chief Executive Officer

WHAT: Speaking at the Goldman Sachs Technology and Internet 2012 Conference

WHEN: Tuesday, February 14, 2012 – 5:40 p.m. Eastern Time

WHERE: San Francisco, CA

Morgan Stanley Technology, Media & Telecom Conference

WHO: Jeffrey Housenbold, President and Chief Executive Officer

WHAT: Speaking at the Morgan Stanley Technology, Media & Telecom Conference

WHEN: Monday, February 27, 2012 – 7:15 p.m. Eastern Time

WHERE: San Francisco, CA

Barclays Internet Connect Conference

WHO: Jeffrey Housenbold, President and Chief Executive Officer

WHAT: Speaking at the Barclays Internet Connect Conference

WHEN: Tuesday, March 13, 2012 – 9:25 a.m. Eastern Time

WHERE: New York, NY

About Shutterfly

Founded in 1999, Shutterfly, Inc. is an Internet-based social expression and personal publishing company and operates Shutterfly.com, Tiny Prints.com and Weddingpaperdivas.com. Shutterfly provides high quality products and world class services that make it easy, convenient and fun for consumers to preserve their digital photos in a creative and thoughtful manner. Shutterfly's flagship product is its award-winning photo book line, which helps consumers celebrate memories and tell their stories in professionally bound coffee table books. Shutterfly was recently named one of the top 25 Best Midsized Companies to Work For by the Great Place to Work Institute.

Shutterfly, Inc.Media Relations:Gretchen Sloan, 650-610-5276gsloan@shutterfly.comInvestor Relations:Michael Look, 650-610-5910mlook@shutterfly.com

Source: Shutterfly, Inc.