Welcome!

News Feed Item

Teledyne Technologies Reports Second Quarter Results

Teledyne Technologies Incorporated (NYSE:TDY):

  • All-time record quarterly sales of $601.0 million
  • Record second quarter earnings per share of $1.13
  • Instrumentation segment operating profit increased 33.9%
  • Raising full year 2013 GAAP earnings outlook to $4.50 to $4.55 per share from $4.47 to $4.51

Teledyne today reported second quarter 2013 sales of $601.0 million, compared with sales of $518.5 million for the second quarter of 2012, an increase of 15.9%. Net income attributable to Teledyne was $42.9 million ($1.13 per diluted share) for the second quarter of 2013, compared with $39.5 million ($1.06 per diluted share) for the second quarter of 2012, an increase of 8.6%.

“Quarterly sales were an all-time record and increased 15.9% compared to last year. Due to record sales to commercial and international customers, we also achieved reasonable organic growth of 2.9% in the quarter,” said Robert Mehrabian, chairman, president and chief executive officer. “Largely due to recent acquisitions and charges associated with cost reduction efforts, margins declined compared to last year. However, overall operating margin increased 45 basis points sequentially from the first quarter of 2013. Quarter-end backlog remained over $1.0 billion, and free cash flow of $92.8 million was very strong. Given the challenging global economy, we remain very focused on keeping our cost structure low. Year to date, we have incurred $4.2 million in pretax charges related to severance and facility consolidations, but have been able to cover such costs with increased earnings. Finally, integration of our recent acquisitions is progressing very well. Yesterday, we announced that Teledyne LeCroy demonstrated the world’s first 100 GHz oscilloscope. The ability to capture real-time electronic signals at a bandwidth of over 100 GHz is truly an industry milestone, one of many for Teledyne LeCroy over the years.”

Review of Operations (Comparisons are with the second quarter of 2012, unless noted otherwise. The 2012 results reflect a revised segment reporting structure.)

Instrumentation

The Instrumentation segment’s second quarter 2013 sales were $257.7 million, compared with $179.6 million, an increase of 43.5%. Second quarter 2013 operating profit was $41.1 million, compared with $30.7 million, an increase of 33.9%.

The second quarter 2013 sales increase resulted from higher sales of both marine and electronic test and measurement instrumentation. The higher sales of $31.7 million for marine instrumentation reflected increased sales of marine acoustic sensors and systems, as well as interconnect systems used in offshore energy production, and also included a total of $20.7 million in incremental revenue from recent acquisitions including the March 2013 acquisition of RESON A/S (“RESON”). Sales of $46.4 million for electronic test and measurement instrumentation resulted from the August 2012 acquisition of LeCroy Corporation (“LeCroy”). Sales for environmental instrumentation were $65.7 million for both quarters. The increase in operating profit reflected the impact of higher sales, partially offset by $2.0 million in additional intangible asset amortization.

Digital Imaging

The Digital Imaging segment’s second quarter 2013 sales were $104.3 million, compared with $110.9 million, a decrease of 6.0%. Operating profit was $7.9 million for the second quarter of 2013, compared with $7.5 million, an increase of 5.3%.

The 2013 sales decrease primarily reflected lower sales of imagers for remote sensing, LIDAR systems and MEMS products, partially offset by increased sales of infrared sensors and optics. Operating profit in 2013 primarily reflected improved profitability for LIDAR systems, partially offset by $0.4 million in severance costs.

Aerospace and Defense Electronics

The Aerospace and Defense Electronics segment’s second quarter 2013 sales were $169.5 million, compared with $151.6 million, an increase of 11.8%. Operating profit was $20.6 million for the second quarter of 2013, compared with $21.8 million, a decrease of 5.5%.

The 2013 sales increase reflected higher sales of $11.3 million from microwave and interconnect systems. The increase also resulted from increased sales of $6.2 million from avionics products and electronic relays and $0.4 million of greater sales of electronic manufacturing service products. Operating profit in 2013 decreased and reflected $1.5 million for severance and facility consolidation costs associated with certain defense electronics businesses and $0.4 million in higher net pension expense, partially offset by the impact of higher sales.

Engineered Systems

The Engineered Systems segment’s second quarter 2013 sales were $69.5 million compared with $76.4 million, a decrease of 9.0%. Operating profit was $5.7 million for the second quarter 2013, compared with $7.4 million, a decrease of 23.0%.

The second quarter 2013 sales decrease reflected lower sales of engineered products and services of $7.0 million and lower energy systems sales of $2.6 million, partially offset by higher sales of $2.7 million related to turbine engines. Operating profit in the second quarter of 2013 reflected the impact of lower sales and $1.1 million in higher net pension expense.

Additional Financial Information

Cash Flow

Cash provided by operating activities was $112.8 million for the second quarter of 2013, compared with $69.0 million. The higher cash provided by operating activities in the second quarter of 2013 primarily reflected the timing of accounts receivable collections, cash provided from the 2012 LeCroy acquisition, partially offset by higher income tax payments. Free cash flow (cash provided by operating activities less capital expenditures) was $92.8 million for the second quarter of 2013, compared with $51.9 million and reflected higher cash provided by operating activities. At June 30, 2013, total debt was $628.1 million, which included $151.4 million drawn on the $750.0 million credit facility, $250.0 million in senior notes, $200.0 million in term loans, $13.8 million in other debt and $12.9 million in capital lease obligations. Cash and cash equivalents were $70.1 million at June 30, 2013. The company received $2.4 million from the exercise of employee stock options in the second quarter of 2013, compared with $1.7 million. Capital expenditures for the second quarter of 2013 were $20.0 million, compared with $17.1 million. Depreciation and amortization expense for the second quarter of 2013 was $22.1 million, compared with $18.1 million.

On May 8, 2013, a subsidiary of Teledyne acquired Axiom IC B.V., for an initial payment of $4.0 million, net of cash acquired, with an additional $1.3 million expected to be paid in equal installments over three years. The acquisition was funded from borrowings under the credit facility.

Free Cash Flow(a)         Second Quarter
(in millions, brackets indicate use of funds) 2013         2012
Cash provided by operating activities $ 112.8 $ 69.0
Capital expenditures for property, plant and equipment (20.0 ) (17.1 )
Free cash flow $ 92.8   $ 51.9  
(a) The company defines free cash flow as cash provided by operating activities (a measure prescribed by generally accepted accounting principles) less capital expenditures for property, plant and equipment. Adjusted free cash flow eliminates the impact of pension contributions on a net of tax basis. The company believes that this supplemental non-GAAP information is useful to assist management and the investment community in analyzing the company’s ability to generate cash flow, including the impact of voluntary and required pension contributions.

Pension

Pension expense was $4.4 million for the second quarter of 2013 compared with $1.6 million. The increase in pension expense primarily reflected the impact of using a 4.4% discount rate to determine the benefit obligation for the domestic plan in 2013 compared with a 5.5% discount rate used in 2012. Pension expense allocated to contracts pursuant to U.S. Government Cost Accounting Standards (“CAS”) was $3.6 million for the second quarter of 2013 compared with $2.7 million. Pension expense determined allowable under CAS can generally be recovered through the pricing of products and services sold to the U.S. Government.

Income Taxes

The effective tax rate for the second quarter of 2013 was 27.6% compared with 30.5%. The decrease reflected a change in the proportion of domestic and international income, as well as $0.9 million in net tax benefits for discrete items in the second quarter of 2013. Excluding the net tax benefits in the second quarter of 2013, the effective tax rate would have been 29.1%.

Stock Option Compensation Expense

For the second quarter of 2013, the company recorded a total of $2.8 million in stock option expense, of which $1.8 million was recorded in the operating segment results and $1.0 million was recorded as corporate expense. For the second quarter of 2012, the company recorded a total of $2.0 million in stock option expense, of which $1.4 million was recorded in the operating segment results and $0.6 million was recorded as corporate expense.

Other

In the second quarter of 2013, the company incurred total severance and facility consolidation costs of $2.1 million. Interest expense, net of interest income, was $5.1 million for the second quarter of 2013, compared with $4.1 million, and primarily reflected higher debt levels. Corporate expense was $10.4 million for the second quarter of 2013, compared with $7.7 million and reflected higher compensation and professional fees expense. Other income and expense was less than $0.1 million for the second quarter of 2013, compared with income of $1.4 million. Other income and expense in the second quarter of 2012 included a $0.6 million gain on the purchase of the majority interest in the parent company of Optech Incorporated.

Outlook

Based on its current outlook, the company’s management believes that third quarter 2013 earnings per diluted share will be in the range of approximately $1.10 to $1.15, inclusive of estimated pretax severance and facility consolidation costs of $3.2 million, partially offset by $1.9 million of anticipated net tax benefits. The full year 2013 earnings per diluted share outlook is expected to be in the range of approximately $4.50 to $4.55, inclusive of estimated pretax severance and facility consolidation costs during full year 2013 of $9.1 million. The company’s effective tax rate for 2013 is expected to be 29.5%, before discrete items.

Forward-Looking Statements Cautionary Notice

This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, relating to earnings, growth opportunities, product sales, capital expenditures, pension matters, stock option compensation expense, interest expense, severance and facility consolidation costs, taxes, and strategic plans. Forward-looking statements are generally accompanied by words such as “estimate,” “project,” “predict,” “believes,” or “expect,” that convey the uncertainty of future events or outcomes. All statements made in this press release that are not historical in nature should be considered forward-looking.

Actual results could differ materially from these forward-looking statements. Many factors could change the anticipated results, including: disruptions in the global economy; changes in demand for products sold to the defense electronics, instrumentation, digital imaging, energy exploration and production, commercial aviation, semiconductor and communications markets; funding, continuation and award of government programs; and cuts to defense spending resulting from future deficit reduction measures, including potential automatic cuts to defense spending that have been triggered by the Budget Control Act of 2011. Increasing fuel costs could negatively affect the markets of our commercial aviation businesses. Lower oil and natural gas prices, as well as instability in the Middle East or other oil producing regions, and new regulations or restrictions relating to energy production, including with respect to hydraulic fracturing, could negatively affect the company’s businesses that supply the oil and gas industry. In addition, financial market fluctuations affect the value of the company’s pension assets.

Changes in the policies of U.S. and foreign governments could result, over time, in reductions and realignment in defense or other government spending and further changes in programs in which the company participates.

While the company’s growth strategy includes possible acquisitions, we cannot provide any assurance as to when, if or on what terms any acquisitions will be made. Acquisitions involve various inherent risks, such as, among others, our ability to integrate acquired businesses, retain customers and achieve identified financial and operating synergies. There are additional risks associated with acquiring, owning and operating businesses internationally, including those arising from U.S. and foreign policy changes and exchange rate fluctuations.

While the company believes its internal and disclosure control systems are effective, there are inherent limitations in all control systems, and misstatements due to error or fraud may occur and may not be detected.

Readers are urged to read the company’s periodic reports filed with the Securities and Exchange Commission (“SEC”) for a more complete description of the company, its businesses, its strategies and the various risks that the company faces. Various risks are identified in Teledyne’s 2012 Annual Report on Form 10-K and subsequent Quarterly Form 10-Q. The company assumes no duty to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise.

A live webcast of Teledyne’s second quarter earnings conference call will be held at 11:00 a.m. (Eastern) on Thursday, July 25, 2013. To access the call, go to www.teledyne.com approximately ten minutes before the scheduled start time. A replay will also be available for one month starting at 12:00 p.m. (Eastern) on Thursday, July 25, 2013.

 

TELEDYNE TECHNOLOGIES INCORPORATED

CONSOLIDATED STATEMENTS OF INCOME

FOR THE SECOND QUARTER AND SIX MONTHS ENDED

JUNE 30, 2013 AND JULY 1, 2012

(Unaudited, - in millions, except per share amounts)

 
      Second       Second       Six       Six
Quarter Quarter Months Months
2013 2012 2013 2012
Net sales $ 601.0 $ 518.5 $ 1,170.4 $ 1,012.5
Costs and expenses:
Costs of sales 383.6 343.0 749.0 671.1
Selling, general and administrative expenses 152.5   115.8   297.6   226.2  
Total costs and expenses 536.1   458.8   1,046.6   897.3  
Income before other expense and income taxes 64.9 59.7 123.8 115.2
Other income/(expense), net 1.4 (0.5 ) 1.0
Interest and debt expense, net (5.1 ) (4.1 ) (10.5 ) (8.1 )
Income before income taxes 59.8 57.0 112.8 108.1
Provision for income taxes 16.5   17.4   29.7   32.9  
Net income 43.3 39.6 83.1 75.2
Noncontrolling interest (0.4 ) (0.1 ) 0.2    
Net income attributable to Teledyne $ 42.9   $ 39.5   $ 83.3   $ 75.2  
       
Diluted earnings per common share $ 1.13   $ 1.06   $ 2.20   $ 2.02  
Weighted average diluted common shares outstanding 38.0   37.3   37.9   37.3  
 
 
 

TELEDYNE TECHNOLOGIES INCORPORATED

SUMMARY OF SEGMENT NET SALES AND OPERATING PROFIT (a)

FOR THE SECOND QUARTER AND SIX MONTHS ENDED

JUNE 30, 2013 AND JULY 1, 2012

(Unaudited, - in millions)

 
     

Second
Quarter

     

Second
Quarter

     

% Change

     

Six
Months

     

Six
Months

      % Change
2013 2012 2013 2012
Net sales:
Instrumentation $ 257.7 $ 179.6 43.5 % $ 490.4 $ 354.8 38.2 %
Digital Imaging 104.3 110.9 (6.0 )% 206.7 205.1 0.8 %
Aerospace and Defense Electronics 169.5 151.6 11.8 % 332.6 301.8 10.2 %
Engineered Systems 69.5   76.4   (9.0 )% 140.7   150.8   (6.7 )%
Total net sales $ 601.0   $ 518.5   15.9 % $ 1,170.4   $ 1,012.5   15.6 %
Operating profit and other segment income:
Instrumentation $ 41.1 $ 30.7 33.9 % $ 77.7 $ 66.3 17.2 %
Digital Imaging 7.9 7.5 5.3 % 13.1 11.8 11.0 %
Aerospace and Defense Electronics 20.6 21.8 (5.5 )% 40.8 40.7 0.2 %
Engineered Systems 5.7   7.4   (23.0 )% 12.1   13.6   (11.0 )%
Segment operating profit and other segment income 75.3 67.4 11.7 % 143.7 132.4 8.5 %
Corporate expense (10.4 ) (7.7 ) 35.1 % (19.9 ) (17.2 ) 15.7 %
Other income/(expense), net 1.4 (100.0 )% (0.5 ) 1.0 *
Interest and debt expense, net (5.1 ) (4.1 ) 24.4 % (10.5 ) (8.1 ) 29.6 %
Income before income taxes 59.8 57.0 4.9 % 112.8 108.1 4.3 %
Provision for income taxes 16.5   17.4   (5.2 )% 29.7   32.9   (9.7 )%
Net income 43.3 39.6 9.3 % 83.1 75.2 10.5 %
Noncontrolling interest (0.4 ) (0.1 ) 300.0 % 0.2     *
Net income attributable to Teledyne $ 42.9   $ 39.5   8.6 % $ 83.3   $ 75.2   10.8 %

*

     

not meaningful

(a) Our previously reported 2012 fiscal year segment data has been restated to reflect a revised segment reporting structure adopted in the second quarter of 2013.
 
 
TELEDYNE TECHNOLOGIES INCORPORATED
CONSOLIDATED CONDENSED BALANCE SHEETS
(Current period unaudited – in millions)
 
      June 30, 2013       December 30, 2012
ASSETS
Cash and cash equivalents $ 70.1 $ 45.8
Accounts receivable, net 346.7 350.3
Inventories, net 293.7 281.2
Deferred income taxes, net 33.9 39.8
Prepaid expenses and other assets 33.9   27.7
Total current assets 778.3 744.8
Property, plant and equipment, net 354.4 349.5
Goodwill and acquired intangible assets, net 1,277.2 1,255.9
Other assets, net 104.2   56.2
Total assets $ 2,514.1   $ 2,406.4
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable $ 156.5 $ 148.6
Accrued liabilities 244.5 256.7
Current portion of long-term debt and capital leases 1.9   2.0
Total current liabilities 402.9 407.3
Long-term debt and capital lease obligations 626.2 556.2
Other long-term liabilities 204.4   239.5
Total liabilities 1,233.5 1,203.0
Total stockholders’ equity 1,280.6   1,203.4
Total liabilities and stockholders’ equity $ 2,514.1   $ 2,406.4
 
 
 
TELEDYNE TECHNOLOGIES INCORPORATED
SUMMARY OF QUARTERLY SEGMENT NET SALES AND OPERATING PROFIT
FOR FISCAL YEARS 2012 AND 2011
REFLECTS THE REVISED SEGMENT REPORTING STRUCTURE(a)
(Unaudited, - in millions)
 
      First Quarter       Second       Third Quarter       Fourth       Total Year
2012       Quarter 2012       2012       Quarter 2012       2012
Net sales:
Instrumentation $ 175.2 $ 179.6 $ 206.3 $ 243.6 $ 804.7
Digital Imaging 94.2 110.9 108.1 102.7 415.9
Aerospace and Defense Electronics 150.2 151.6 151.7 151.8 605.3
Engineered Systems 74.4         76.4         81.3        

69.3

        301.4
Total Net Sales $ 494.0         $ 518.5         $ 547.4         $ 567.4         $ 2,127.3
 
Operating profit and other segment income:
Instrumentation $ 35.6 $ 30.7 $ 31.8 $ 47.9 $ 146.0
Digital Imaging 4.3 7.5 7.6 5.4 24.8
Aerospace and Defense Electronics 18.9 21.8 22.2 17.6 80.5
Engineered Systems 6.2         7.4         8.3         6.6         28.5
Segment operating profit and other segment income $ 65.0         $ 67.4         $ 69.9         $ 77.5         $ 279.8
 
 
 
 
First Quarter Second Third Quarter Fourth Total Year
2011       Quarter 2011       2011       Quarter 2011       2011
Net sales:
Instrumentation $ 165.2 $ 160.9 $ 165.4 $ 156.7 $ 648.2
Digital Imaging 66.2 96.2 95.0 92.5 349.9
Aerospace and Defense Electronics 159.6 161.4 162.9 155.3 639.2
Engineered Systems 77.1         84.4         73.1         70.0         304.6
Total Net Sales $ 468.1         $ 502.9         $ 496.4         $ 474.5         $ 1,941.9
 
Operating profit and other segment income:
Instrumentation $ 33.5 $ 32.3 $ 33.8 $ 29.7 $ 129.3
Digital Imaging 3.9 7.6 2.3 2.3 16.1
Aerospace and Defense Electronics 20.1 22.5 23.2 21.6 87.4
Engineered Systems 6.6         8.6         6.4         6.5         28.1
Segment operating profit and other segment income $ 64.1         $ 71.0         $ 65.7         $ 60.1         $ 260.9
(a)     Our previously reported segment data has been restated to reflect a revised segment reporting structure adopted in the second quarter of 2013. Two business units that were formally part of the Aerospace and Defense Electronics segment are now reported as part of the Instrumentation segment.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
Is advanced scheduling in Kubernetes achievable?Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, answered these questions and demonstrated techniques for implementing advanced scheduling. For example, using spot instances and co...
Blockchain. A day doesn’t seem to go by without seeing articles and discussions about the technology. According to PwC executive Seamus Cushley, approximately $1.4B has been invested in blockchain just last year. In Gartner’s recent hype cycle for emerging technologies, blockchain is approaching the peak. It is considered by Gartner as one of the ‘Key platform-enabling technologies to track.’ While there is a lot of ‘hype vs reality’ discussions going on, there is no arguing that blockchain is b...
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
The need for greater agility and scalability necessitated the digital transformation in the form of following equation: monolithic to microservices to serverless architecture (FaaS). To keep up with the cut-throat competition, the organisations need to update their technology stack to make software development their differentiating factor. Thus microservices architecture emerged as a potential method to provide development teams with greater flexibility and other advantages, such as the abili...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
"As we've gone out into the public cloud we've seen that over time we may have lost a few things - we've lost control, we've given up cost to a certain extent, and then security, flexibility," explained Steve Conner, VP of Sales at Cloudistics,in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the way. And so it goes with container orchestration and automation solutions, which are rapidly emerging as the means to maintain the bliss between rapid container adoption and broad container use among multiple cloud host...
In his session at 21st Cloud Expo, Michael Burley, a Senior Business Development Executive in IT Services at NetApp, described how NetApp designed a three-year program of work to migrate 25PB of a major telco's enterprise data to a new STaaS platform, and then secured a long-term contract to manage and operate the platform. This significant program blended the best of NetApp’s solutions and services capabilities to enable this telco’s successful adoption of private cloud storage and launching ...
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.
"Since we launched LinuxONE we learned a lot from our customers. More than anything what they responded to were some very unique security capabilities that we have," explained Mark Figley, Director of LinuxONE Offerings at IBM, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.