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Mitcham Industries Reports Fiscal 2013 Third Quarter Results

HUNTSVILLE, Texas, Dec. 4, 2012 /PRNewswire/ -- Mitcham Industries, Inc. (NASDAQ: MIND) (the "Company") today announced financial results for its fiscal 2013 third quarter ended October 31, 2012.

Total revenues for the third quarter were $18.6 million compared to $28.0 million in the third quarter of fiscal 2012.  Equipment leasing revenues were $11.1 million in the third quarter compared to $17.4 million in the same period last year.  Seamap sales were $4.5 million compared to $6.2 million a year ago.  The Company reported a net loss for the third quarter of $1.2 million, or $(0.10) per share, compared to net income of $6.8 million, or $0.52 per diluted share, in the third quarter of fiscal 2012.  EBITDA (earnings before interest, taxes, depreciation and amortization) for the third quarter of fiscal 2013 was $6.4 million, or 35% of revenues, compared to $16.6 million, or 59% of revenues, in the same period last year.  EBITDA, which is not a measure determined in accordance with United States generally accepted accounting principles ("GAAP"), is defined and reconciled to reported net income and cash provided by operating activities, the most comparable GAAP measures, in the accompanying financial tables.

Bill Mitcham, President and CEO, stated, "Our third quarter results primarily reflect the impact of lower activity in certain geographic areas.  While we had expected continued softness in the leasing business this quarter and anticipated that leasing revenues would be significantly below last year's record third quarter, it is fair to say that the level of activity was less than we had expected.  Activity levels in Latin America in the third quarter did increase over the second quarter of this year, yet the pick-up was less than we expected. Ongoing project delays, due in large part to permitting issues, continued to impact our results in that region. We saw decreased activity levels in North America during the third quarter due to what we believe is a temporary slow-down in activity as some of our customers completed certain projects and began transitioning to new ones.  European activity levels remain subdued, with no pick-up yet in that region, although we are beginning to see improved bid activity there.  Marine leasing activity remained solid, continuing its steady performance since the beginning of the current fiscal year.  As anticipated, Seamap revenues were lower compared to the second quarter and to last year's third quarter due to equipment delivery schedules, with no large systems delivered during the quarter.

"We currently expect to see a stronger fourth quarter and first quarter of fiscal 2014 in our leasing business.  In Latin America, while activity has not picked up as quickly as expected, we are seeing additional jobs begin and have contracted for a few large projects scheduled to begin in the first quarter of fiscal 2014. We are also seeing demand for additional types of equipment in Latin America, including three-component digital and cable-free recording systems.

"We anticipate strong winter seasons in Canada and Russia this year.  In Canada, we are seeing substantial demand for conventional cabled systems as well as for three-component digital recording equipment.  As a result of the purchase of used three-component equipment we made earlier this year and purchases of new equipment we have scheduled for the fourth quarter, we expect to have significantly more equipment deployed in Canada this winter season as compared to last year.  Demand in Russia also appears to be stronger this winter compared to last year.  Therefore, we have repositioned some equipment from other geographic regions into the Russian market for the winter season.

"We anticipate marine leasing activity to remain solid, driven by continued overall strength in the marine seismic market.  As we stated last quarter, we expect a good fourth quarter at Seamap as a result of scheduled deliveries and new orders from marine contractors, who continue to expand the technical capabilities of their vessels.  The marine seismic market is active, with numerous new vessels announced for the next 12 to 36 months, which bodes well for both Seamap sales and marine leasing going forward.

"Despite a decline in operating income in the first nine months of this fiscal year as compared to last, we have generated significant cash flow from operations and free cash flow. We believe that we have considerable financial resources on hand and access to additional capital, when needed, and believe this financial strength allows us to take advantage of new business opportunities as they arise. 

"In November, we continued our long-standing relationship with Sercel by entering into two new equipment purchase agreements. Under the terms of the agreements, we are the exclusive authorized third-party lessor for the DSU3 three-component digital product through December 31, 2013 and for the Unite cable-free  product through September 30, 2014.  We have agreed to purchase certain quantities of each of the products during the term of the agreements and are very pleased to continue our 16-year relationship with Sercel and with the opportunity to expand our DSU3 and Unite product offerings."

FISCAL 2013 THIRD QUARTER RESULTS
Total revenues for the third quarter of fiscal 2013 were $18.6 million compared to $28.0 million a year ago.  A significant portion of the Company's revenues are typically generated from geographic areas outside the United States, and during the third quarter of fiscal 2013, the percentage of revenues from international customers was approximately 81% compared to 71% in the third quarter of fiscal 2012. 

Equipment leasing revenues, excluding equipment sales, were $11.1 million compared to $17.4 million in the same period a year ago.  The decline in equipment leasing revenues was primarily attributable to lower land leasing activity levels in the United States and in Europe.  Lease pool equipment sales were $1.9 million for the third quarter of fiscal 2013 compared to $2.4 million in the third quarter a year ago.  Sales of new seismic, hydrographic and oceanographic equipment were $1.1 million as compared to $2.0 million in the same period a year ago.

Seamap equipment sales for the third quarter of fiscal 2013 were $4.5 million compared to $6.2 million in the same period a year ago, consisting of after-market business including replacement parts, engineering services and ongoing support and repair services.  As expected, based on delivery schedules, there were no large GunLink or BuoyLink system deliveries in this year's third quarter as compared to the sale of one GunLink 4000 system and one BuoyLink system in the third quarter a year ago.

Lease pool depreciation expense in the third quarter of fiscal 2013 was $8.3 million compared to $7.2 million in the same period a year ago, representing a 15% increase.  This increase resulted from additions made to the Company's lease pool during fiscal 2012 and the first nine months of fiscal 2013 of approximately $69 million and $27 million, respectively.

Gross profit in the third quarter of fiscal 2013 was $4.4 million compared to $14.3 million a year ago primarily due to lower equipment leasing revenues and higher depreciation expense. 

General and administrative expenses for the third quarter of fiscal 2013 were $5.9 million compared to $5.0 million in the same period a year ago due to costs associated with expanded operations in Colombia, Singapore and Hungary.  Included in fiscal 2013 third quarter results are approximately $400,000 in foreign exchange losses incurred by the Company's foreign subsidiaries due to strength of the U.S. dollar compared to local currencies.  The Company reported an income tax benefit in the third quarter of fiscal 2013 of approximately $1.0 million

FISCAL 2013 FIRST NINE MONTHS RESULTS
Total revenues for the first nine months of fiscal 2013 were $76.3 million compared to $75.8 million for the first nine months of fiscal 2012.  Equipment leasing revenues were $43.0 million in the first nine months of fiscal 2013 compared to $46.5 million in the same period a year ago.  Lease pool equipment sales in the first nine months of fiscal 2013 were $7.4 million versus $3.1 million in the first nine months of fiscal 2012. Sales of new seismic, hydrographic and oceanographic equipment for the first nine months of fiscal 2013 were $3.6 million compared to $5.2 million in the comparable period of fiscal 2012.  Seamap equipment sales for the first nine months of fiscal 2013 were $22.3 million compared to $21.1 million in the same period of last year.

Gross profit for the first nine months of fiscal 2013 was $28.6 million compared to $36.5 million in the first nine months of fiscal 2012.  Net income was $13.6 million, or $1.03 per diluted share, compared to $14.2 million, or $1.21 per diluted share, for the first nine months of fiscal 2012. Results for the first nine months of fiscal 2013 include a tax benefit of approximately $5.3 million resulting from the settlement of outstanding tax issues in the second quarter of fiscal 2013.  Without this benefit, net income for the first nine months of fiscal 2013 would have been approximately $0.63 per diluted share.  EBITDA for the first nine months of fiscal 2013 was $36.5 million, or 48% of total revenues, compared to $41.0 million, or 54% of total revenues, in the first nine months of fiscal 2012. 

CONFERENCE CALL
The Company has scheduled a conference call for Wednesday, December 5, 2012 at 9:00 a.m., Eastern Time, to discuss its fiscal 2013 third quarter results.  To access the call, please dial (888) 450-9962 and ask for the Mitcham Industries call at least 10 minutes prior to the start time.  Investors may also listen to the conference live on the Mitcham Industries corporate website, http://www.mitchamindustries.com, by logging on that site and clicking "Investors."  A telephonic replay of the conference call will be available through December 12, 2012 and may be accessed by calling (866) 949-7821.  A web cast archive will also be available at http://www.mitchamindustries.com shortly after the call and will be accessible for approximately 90 days.   For more information, please contact Donna Washburn at DRG&L at (713) 529‑6600 or email [email protected].

Mitcham Industries, Inc., a geophysical equipment supplier, offers for lease or sale, new and "experienced" seismic equipment to the oil and gas industry, seismic contractors, environmental agencies, government agencies and universities. Headquartered in Texas, with sales and services offices in Calgary, Canada; Brisbane, Australia; Singapore; Ufa, Bashkortostan, Russia; Budapest, Hungary; Lima, Peru; Bogota, Colombia and the United Kingdom, Mitcham conducts operations on a global scale and is the largest independent exploration equipment lessor in the industry.  Through its Seamap business, the Company designs, manufactures and sells specialized seismic marine equipment.

Certain statements and information in this press release concerning results for the quarter ended October 31, 2012 may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  The words "believe," "expect," "anticipate," "plan," "intend," "should," "would," "could" or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature.  These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us.  While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate.  All comments concerning our expectations for future revenues and operating results are based on our forecasts of our existing operations and do not include the potential impact of any future acquisitions.  Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections.

For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof.  We undertake no obligation to publically update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
 

Contacts:

Billy F. Mitcham, Jr., President & CEO


Mitcham Industries, Inc.


936-291-2277




Jack Lascar / Karen Roan


DRG&L


713-529-6600

 


Tables to follow


MITCHAM INDUSTRIES, INC

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

(unaudited)






October 31, 2012


January 31, 2012

ASSETS




Current assets:




Cash and cash equivalents

23,990


$ 15,287

Restricted cash

96


98

Accounts receivable, net

18,627


35,788

Current portion of contracts and notes receivable

2,661


2,273

Inventories, net

7,524


6,708

Deferred tax asset

1,771


2,594

Prepaid income taxes

5,294


-

Prepaid expenses and other current assets

4,072


2,530

Total current assets

64,035


65,278

Seismic equipment lease pool and property and equipment, net

117,388


120,377

Intangible assets, net

4,185


4,696

Goodwill

4,320


4,320

Prepaid foreign income tax

-


3,519

Deferred tax asset

3,381


-

Other assets

412


39

Total assets 

$193,721


$198,229

LIABILITIES AND SHAREHOLDERS' EQUITY




Current liabilities:




Accounts payable

$  3,976


$  13,037

Current maturities – long-term debt 

142


1,399

Income taxes payable

-


2,419

Deferred revenue

925


543

Accrued expenses and other current liabilities

2,743


6,583

Total current liabilities

7,786


23,981

Non-current income taxes payable

417


5,435

Deferred tax liability

-


595

Long-term debt, net of current maturities 

13,474


12,784

Total liabilities

21,677


42,795

Shareholders' equity:




Preferred stock, $1.00 par value; 1,000  shares authorized; none issued and outstanding             

-


-

Common stock, $0.01 par value; 20,000 shares authorized;  13,763 and 13,556 shares issued at October 31, 2012 and January 31, 2012, respectively

138


136

Additional paid-in capital

116,264


113,654

Treasury stock, at cost (925 shares at October 31, 2012 and January 31, 2012)

(4,857)


(4,857)

Retained earnings

52,932


39,297

Accumulated other comprehensive income

7,567


7,204

Total shareholders' equity 

172,044


155,434

Total liabilities and shareholders' equity

$193,721


$ 198,229

 

 

 

MITCHAM INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

(unaudited)






For the Three Months Ended

 October 31,


For the Nine Months

 Ended October 31,


2012


2011


2012


2011

Revenues:








Equipment leasing

$ 11,062


$ 17,411


$ 42,952


$ 46,458

Lease pool equipment sales

1,873


2,442


7,409


3,103

Seamap equipment sales

4,495


6,198


22,301


21,081

Other equipment sales

1,143


1,969


3,622


5,158

 Total revenues

18,573


28,020


76,284


75,800









Cost of sales:








Direct costs - equipment leasing

1,663


2,365


6,308


6,348

Direct costs - lease pool depreciation

8,308


7,223


25,139


20,016

Cost of lease pool equipment sales

1,341


519


3,752


723

Cost of Seamap and other equipment sales

2,907


3,568


12,445


12,230

Total cost of sales

14,219


13,675


47,644


39,317

Gross profit

4,354


14,345


28,640


36,483









Operating expenses:








General and administrative

5,854


4,961


16,907


15,403

Provision for (recovery of) doubtful accounts

-


679


(443)


187

Depreciation and amortization

362


304


1,031


921

Total operating expenses

6,216


5,944


17,495


16,511









Operating (loss) income

(1,862)


8,401


11,145


19,972









Other income (expenses):








Interest, net

79


(25)


(22)


(295)

Other, net

(395)


680


(964)


8

Total other income (expenses)

(316)


655


(986)


(287)









(Loss) income before income taxes

(2,178)


9,056


10,159


19,685









Benefit (provision) for income taxes

956


(2,293)


3,477


(5,529)









Net (loss) income

$ (1,222)


$ 6,763


$ 13,636


$ 14,156









Net (loss) income per common share:








Basic

$ (0.10)


$ 0.55


$ 1.07


$ 1.28

Diluted

$ (0.10)


$ 0.52


$ 1.03


$ 1.21









Shares used in computing net income per common share:








Basic

12,771


12,381


12,687


11,091

Diluted

12,771


12,982


13,264


11,689

 

 

 

MITCHAM INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)






For the Nine Months

Ended October 31,



2012


2011

Cash flows from operating activities:





Net income


$         13,636


$         14,156

Adjustments to reconcile net income to net cash provided by operating activities:





Depreciation and amortization


26,270


21,038

Stock-based compensation


1,323


1,133

Provision for doubtful accounts, net of charge offs


(636)


1,281

Provision for inventory obsolescence


178


73

Gross profit from sale of lease pool equipment


(3,657)


(2,380)

Excess tax benefit from exercise of non-qualified stock options and restricted shares


(441)


(394)

Deferred tax benefit


(3,524)


(763)

Changes in non-current income taxes payable


(5,003)


822

Changes in working capital items:





Accounts receivable


17,662


(10,794)

Contracts and notes receivable


(761)


2,590

Inventories


(623)


(972)

Prepaid expenses and other current assets


(1,341)


(625)

Income taxes receivable and payable


(7,672)


1,167

Prepaid foreign income tax


3,519


(419)

Accounts payable, accrued expenses, other current liabilities and deferred revenue


(2,801)


2,447

Net cash provided by operating activities


36,129


28,360

Cash flows from investing activities:





Purchases of seismic equipment held for lease


(35,531)


(40,957)

Purchases of property and equipment


(795)


(1,084)

Sale of used lease pool equipment


7,409


3,103

Payment for earn-out provision


-


(148)

Net cash used in investing activities


(28,917)


(39,086)

Cash flows from financing activities:





Net payments on line of credit


650


(17,700)

Proceeds from equipment notes


180


37

Payments on borrowings


(1,528)


(2,647)

Net purchases of short-term investments


-


(101)

Proceeds from issuance of common stock upon exercise of options


331


788

Net proceeds from public offering of common stock


-


31,028

Excess tax benefit from exercise of non-qualified stock options and restricted shares


441


394

Net cash provided by (used in) financing activities


74


11,799

Effect of changes in foreign exchange rates on cash and cash equivalents


1,417


186

Net change in cash and cash equivalents


8,703


1,259

Cash and cash equivalents, beginning of period


15,287


14,647

Cash and cash equivalents, beginning of period


$       23,990


$        15,906

 

 

Mitcham Industries, Inc.

Reconciliation of Net Income and Net Cash Provided by Operating Activities to EBITDA






For the Three Months Ended

October 31, 


For the Nine Months Ended

October 31,


2012


2011


2012


2011


(in thousands)


(in thousands)

Reconciliation of Net income to EBITDA and Adjusted EBITDA








Net (loss) income

$    (1,222)


$    6,763


$   13,636


$   14,156

Interest (income) expense, net

(79)


25


22


295

Depreciation and amortization

8,703


7,559


26,270


21,038

(Benefit) provision for income taxes

(956)


2,293


(3,477)


5,529

EBITDA (1)

6,446


16,640


36,451


41,018

Stock-based compensation

259


196


1,323


1,133

Adjusted EBITDA (1)

$  6,705


$  16,836


$ 37,774


$ 42,151









Reconciliation of Net cash provided by operating activities to EBITDA








Net cash provided by operating activities

$ 6,849


$ 8,722


$ 36,129


$ 28,360

Stock-based compensation

(259)


(196)


(1,323)


(1,133)

Changes in trade accounts,  contracts and notes receivable

(6,029)


7,169


(16,901)


8,204

Interest paid

122


77


447


574

Taxes paid , net of refunds

1,187


677


8,222


4,206

Gross profit from sale of lease pool equipment

532


1,923


3,657


2,380

Changes in inventory

253


407


623


972

Changes in accounts payable, accrued expenses and other current liabilities and deferred revenue

758


(424)


2,801


(2,447)

Other

3,033


(1,715)


2,796


(98)

EBITDA (1)

$ 6,446


$ 16,640


$ 36,451


$ 41,018













 

(1)

EBITDA is defined as net income before (a) interest expense, net of interest income, (b) provision for (or benefit from) income taxes  and  (c) depreciation, amortization and impairment. Adjusted EBITDA excludes stock-based compensation.  We consider EBITDA and Adjusted EBITDA to be important indicators for the performance of our business, but not measures of performance calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"). We have included these non-GAAP financial measures because management utilizes this information for assessing our performance and liquidity and as indicators of our ability to make capital expenditures, service debt and finance working capital requirements. The covenants of our revolving credit agreement require us to maintain a minimum level of EBITDA. Management believes that EBITDA and Adjusted EBITDA are measurements that are commonly used by analysts and some investors in evaluating the performance and liquidity of companies such as us. In particular, we believe that it is useful to our analysts and investors to understand this relationship because it excludes transactions not related to our core cash operating activities.  We believe that excluding these transactions allows investors to meaningfully trend and analyze the performance and liquidity of our core cash operations. EBITDA and Adjusted EBITDA are not measures of financial performance or liquidity under GAAP and should not be considered in isolation or as alternatives to cash flow from operating activities or as alternatives to net income as indicators of operating performance or any other measures of performance derived in accordance with GAAP. In evaluating our performance as measured by EBITDA, management recognizes and considers the limitations of this measurement. EBITDA and Adjusted EBITDA do not reflect our obligations for the payment of income taxes, interest expense or other obligations such as capital expenditures. Accordingly, EBITDA and Adjusted EBITDA are only two of the measurements that management utilizes.   Other companies in our industry may calculate EBITDA or Adjusted EBITDA differently than we do and EBITDA and Adjusted EBITDA may not be comparable with similarly titled measures reported by other companies.

 

 

Mitcham Industries, Inc.

Segment Operating Results

(unaudited)






For the Three Months Ended

October 31, 


For the Nine Months Ended

October 31,


2012


2011


2012


2011


(in thousands)


(in thousands)

Revenues:








Equipment Leasing

$  14,078


$  21,822


$ 53,983


$ 54,719

Seamap

4,839


6,743


23,134


22,009

Inter-segment sales

(344)


(545)


(833)


(928)

     Total revenues

18,573


28,020


76,284


75,800

Cost of sales:








Equipment Leasing

12,177


11,636


38,193


30,972

Seamap

2,052


2,485


10,065


9,041

Inter-segment costs

(10)


(446)


(614)


(696)

Total cost of sales

14,219


13,675


47,644


39,317

Gross profit

4,354


14,345


28,640


36,483

Operating expenses:








General and administrative

5,854


4,961


16,907


15,403

Provision for (recovery of) doubtful accounts

-


679


(443)


187

Depreciation and amortization

362


304


1,031


921

     Total operating expenses

6,216


5,944


17,495


16,511

Operating (loss) income

$    (1,862)


$    8,401


$ 11,145


$ 19,972









Equipment Leasing Segment:








Revenue:








Equipment leasing

$   11,062


$   17,411


$  42,952


$  46,458

Lease pool equipment sales

1,873


2,442


7,409


3,103

New seismic equipment sales

181


611


619


1,013

SAP equipment sales

962


1,358


3,003


4,145


14,078


21,822


53,983


54,719









Cost of sales:








Direct costs-equipment leasing

1,664


2,365


6,546


6,348

Lease pool depreciation

8,314


7,404


25,276


20,217

Cost of lease pool equipment sales

1,341


519


3,752


723

Cost of new seismic equipment sales

111


336


358


559

Cost of SAP equipment sales

747


1,012


2,261


3,125


12,177


11,636


38,193


30,972

Gross profit

$     1,901


$  10,186


$ 15,790


$ 23,747

Gross profit %

14%


47%


29%


43%









Seamap Segment:








Equipment sales

$ 4,839


$  6,743


$ 23,134


$ 22,009

Cost of equipment sales

2,052


2,485


10,065


9,041

Gross profit

$  2,787


$  4,258


$   13,069


$   12,968

Gross profit %

58%


63%


56%


59%













 

 

SOURCE Mitcham Industries, Inc.

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SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic • Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happens, where data lives and where the interface lies. For instance, it’s a mix of architectural style...
SYS-CON Events announced today that SOA Software, an API management leader, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. SOA Software is a leading provider of API Management and SOA Governance products that equip business to deliver APIs and SOA together to drive their company to meet its business strategy quickly and effectively. SOA Software’s technology helps businesses to accelerate their digital channels with APIs, drive partner adoption, monetize their assets, and achieve a...
From a software development perspective IoT is about programming "things," about connecting them with each other or integrating them with existing applications. In his session at @ThingsExpo, Yakov Fain, co-founder of Farata Systems and SuranceBay, will show you how small IoT-enabled devices from multiple manufacturers can be integrated into the workflow of an enterprise application. This is a practical demo of building a framework and components in HTML/Java/Mobile technologies to serve as a platform that can integrate new devices as they become available on the market.
SYS-CON Events announced today that Utimaco will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Utimaco is a leading manufacturer of hardware based security solutions that provide the root of trust to keep cryptographic keys safe, secure critical digital infrastructures and protect high value data assets. Only Utimaco delivers a general-purpose hardware security module (HSM) as a customizable platform to easily integrate into existing software solutions, embed business logic and build s...
Connected devices are changing the way we go about our everyday life, from wearables to driverless cars, to smart grids and entire industries revolutionizing business opportunities through smart objects, capable of two-way communication. But what happens when objects are given an IP-address, and we rely on that connection, sometimes with our lives? How do we secure those vast data infrastructures and safe-keep the privacy of sensitive information? This session will outline how each and every connected device can uphold a core root of trust via a unique cryptographic signature – a “bir...
Internet of @ThingsExpo Silicon Valley announced on Thursday its first 12 all-star speakers and sessions for its upcoming event, which will take place November 4-6, 2014, at the Santa Clara Convention Center in California. @ThingsExpo, the first and largest IoT event in the world, debuted at the Javits Center in New York City in June 10-12, 2014 with over 6,000 delegates attending the conference. Among the first 12 announced world class speakers, IBM will present two highly popular IoT sessions, which will take place November 4-6, 2014 at the Santa Clara Convention Center in Santa Clara, Calif...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at Internet of @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, will discuss how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.

SUNNYVALE, Calif., Oct. 20, 2014 /PRNewswire/ -- Spansion Inc. (NYSE: CODE), a global leader in embedded systems, today added 96 new products to the Spansion® FM4 Family of flexible microcontrollers (MCUs). Based on the ARM® Cortex®-M4F core, the new MCUs boast a 200 MHz operating frequency and support a diverse set of on-chip peripherals for enhanced human machine interfaces (HMIs) and machine-to-machine (M2M) communications. The rich set of periphera...

SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue business and deliver exceptional experiences to their customers.
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
The Internet of Things (IoT) is making everything it touches smarter – smart devices, smart cars and smart cities. And lucky us, we’re just beginning to reap the benefits as we work toward a networked society. However, this technology-driven innovation is impacting more than just individuals. The IoT has an environmental impact as well, which brings us to the theme of this month’s #IoTuesday Twitter chat. The ability to remove inefficiencies through connected objects is driving change throughout every sector, including waste management. BigBelly Solar, located just outside of Boston, is trans...
SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.
Predicted by Gartner to add $1.9 trillion to the global economy by 2020, the Internet of Everything (IoE) is based on the idea that devices, systems and services will connect in simple, transparent ways, enabling seamless interactions among devices across brands and sectors. As this vision unfolds, it is clear that no single company can accomplish the level of interoperability required to support the horizontal aspects of the IoE. The AllSeen Alliance, announced in December 2013, was formed with the goal to advance IoE adoption and innovation in the connected home, healthcare, education, aut...