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Primary Energy Reports Fourth Quarter and Fiscal 2013 Results and an increase to its quarterly dividend

OAK BROOK, IL, March 17, 2014 /PRNewswire/ - Primary Energy Recycling Corporation (TSX: PRI), a clean energy company that generates revenue from capturing and recycling recoverable heat and byproduct fuels from industrial processes, today announced its financial and operational results for the fourth quarter and year ended December 31, 2013.

Financial Results                          
(in 000's of US$)                          
      Three Months Ended December 31,    For the Years Ended December 31,
      2013     2012     2013     2012
                         
Revenues    $   13,848   $   13,852    $ 56,144    $ 54,299
Operations and maintenance expense     7,278     4,709     21,880     17,507
Operating income (loss)     1,160     976     2,268     (907)
Net (loss) income  and comprehensive (loss) income     (174)     12,399     (1,905)     7,285
EBITDA (1)     4,716     7,206     25,030     24,228
Adjusted EBITDA (2)     8,160     8,835     34,266     36,212
Net cash provided by operating activities     4,344     7,487     23,346     19,541
Free Cash Flow (3)     2,538     5,253     14,628     5,585
Cash and cash equivalents     21,226     30,101     -     -
Credit facility debt balance     65,215     80,048     -     -

 

Fourth Quarter and 2013 Highlights

  • The Company's revenue of $56.1 million in 2013 increased $1.8 million, or 3.4%, compared with revenue of $54.3 million in 2012.  The increase in revenue for the year is primarily due to the successful operation of the condensing economizer and the boiler turndown upgrade projects at the Company's Portside facility.   The total investment in the Portside upgrade was $8.4 million.

  • Today, the Company is announcing a 40% increase in its quarterly dividend rate from $0.05 to $0.07 or from $0.20 to $0.28 annually due to confidence in the long-term stability in the cash flows from operations.  The expected normalized payout ratio range with this dividend increase is 45% to 55% while the all in cash payout ratio will remain high while the Company executes the Cokenergy upgrade.  Additionally, the Company accelerated Cokenergy retubing within the quarter ahead of plan and has further accelerated the retube work into 2014.

  • Subsequent to the end of the quarter, announced the signing of a new 10-year tolling agreement between Cokenergy and its site host. With the completion of the Cokenergy contract renewal, the weighted average contract life of the Company's five facilities is now 14 years and its next contract expiration is not until 2020.

"With the Cokenergy agreement completed, we are beginning the next stage of value building for our shareholders," said John Prunkl, President and Chief Executive Officer of Primary Energy. "The financial consistency provided by our Waste Heat to Power and Combined Heat and Power assets coupled with long contract life gives us options. The first option we are executing on is the increase to our dividend.  Second, we are highly focused on executing on the Cokenergy capital upgrade program and accelerating this work using operating cash flow.  Third, we remain focused on disciplined capital allocation to grow shareholder value."

Operational Highlights                
    Three Months Ending December 31,   For the Years Ending December 31,
    2013   2012   2013   2012
                 
Total Gross Electric Production Megawatt Hours (MWh) (4)   315,515   335,418   1,341,408   1,340,511
Total Thermal Energy Delivered (MMBtu) (5)   660,625   1,164,314   3,361,899   4,590,147
Harbor Coal Utilization (%) (6)   64.5%   63.9%   57.3%   69.3%

 

Fourth Quarter 2013 Financial Results

The Company's revenue totaled $13.8 million for the fourth quarter of 2013 and was flat when compared to the fourth quarter of 2012. The Company's revenue of $56.1 million in 2013 increased $1.8 million, or 3.4%, compared with revenue of $54.3 million in 2012.  Revenue at the Portside facility increased by a total of $2.2 million during 2013 primarily due to $1.8 million of fuel cost savings generated from the condensing economizer and boiler turndown capability and $0.4 million related to increased host operating levels.  Revenue at the North Lake facility increased by $0.4 million primarily due to being fully operational for the twelve months in 2013 compared to only eleven months of operation in 2012.  Revenue at the Ironside facility was impacted by a net decrease of $0.7 million due to an unplanned outage starting in May of 2013 and a decrease of $0.1 million due to reduced host operating levels.

Operations and maintenance expense for the fourth quarter of 2013 was $7.3 million compared to $4.7 million for the fourth quarter of 2012, an increase of $2.6 million or 54.5%. Operations and maintenance expense in 2013 was $21.9 million compared to $17.5 million in 2012, an increase of $4.4 million or 24.9%.  The Company incurred periodic costs for the year ended December 31, 2013 comprised of $8.1 million for boiler retubing work, $0.6 million for an emergency boiler repair and $0.1 million for ductwork repairs compared to periodic costs for the year ended December 31, 2012 of 3.9 million for boiler retubing work and $1.5 million for ductwork repairs.

General and administrative expense for the fourth quarter of 2013 was $1.9 million compared to $2.1 million for the fourth quarter of 2012, a decrease of $0.2 million or 7.5%.  General and administrative expense in 2013 was $8.0 million compared to $8.8 million in 2012, a decrease of $0.8 million or 9.3%.  The Company did not incur management fees for the year ended December 31, 2013 resulting in a net cost savings totaling $1.1 million when compared to the same period in 2012.

Employee benefits expense for the fourth quarter of 2013 was $1.4 million compared to $1.3 million for the fourth quarter of 2012, an increase of $0.1 million.  Employee benefits expense in 2013 was $6.4 million compared to $4.0 million in 2012, an increase of $2.4 million.  The increase is due to additional compensation cost of $1.1 million primarily associated with transferred employees hired by the Company upon termination of the Management Agreement, $0.4 million related to dividends paid on stock options, $0.4 million of cost recovery provided to the Company under the Management Agreement in 2012 that did not recur in 2013 and $0.5 million of stock based compensation inclusive of a one-time board compensation award.  Prior to June 1, 2012, the transferred employees were employees of the Company's former manager who previously provided operational and administrative services to the Company under the Management Agreement.  For the year ended December 31, 2012, management fees incurred by the Company of $1.1 million were recorded as general and administrative expenses.

On a combined basis, general and administrative expense and employee benefits expense for the fourth quarter of 2013 was $3.3 million compared to $3.4 million for the fourth quarter of 2012, a decrease of $0.1 million.  The Company had reduced accrued property taxes of $0.3 million, corporate compensation expense of $0.1 million and other general and administrative expenses of $0.1 million.  This reduction in expenses was offset by increased stock based compensation of $0.1 million, plant employee cost of $0.1 million, plant and liability insurance of $0.1 million and professional fees of $0.1 million.

On a combined basis, general and administrative expense and employee benefits expense in 2013 was $14.4 million compared to $12.8 million in 2012, an increase of $1.6 million.  The increase in expenses is comprised of $0.5 million of stock based compensation inclusive of a one-time board compensation award, $0.4 million related to dividends paid on stock options, $0.3 million of plant employee cost, $0.3 million of plant and liability insurance, $0.2 million of IT expenses, $0.1 million of corporate compensation expense and $0.1 million of professional fees. The increase in expenses was offset by reduced accrued property taxes of $0.2 million and other general and administrative expenses of $0.1 million.

Equity in earnings of the Harbor Coal joint venture totaled $0.4 million for the fourth quarter of 2013 and was flat when compared to the fourth quarter of 2012. Equity in earnings of the Harbor Coal joint venture in 2013 was $1.1 million compared to $2.2 million in 2012, a decrease of $1.1 million.  The decrease is the result of reduced revenue based on increased natural gas injection and reductions to coal through-put for the current year as well as blast furnace operation that began in the second quarter of 2013.

Operating income for the fourth quarter of 2013 was $1.2 million compared to $1.0 million for the fourth quarter of 2012, an increase of $0.2 million. Operating income in 2013 was $2.3 million compared to an operating loss of $0.9 million in 2012, an improvement of $3.2 million.

Net loss and comprehensive loss for the fourth quarter of 2013 was $0.2 million compared to net income and comprehensive income of $12.4 million for the fourth quarter of 2012, a decrease of $12.6 million. Net loss and comprehensive loss in 2013 was $1.9 million compared to net income and comprehensive income of $7.3 million in 2012, a decrease of $9.2 million.  The decreases are primarily due to an income tax benefit of $12.8 million recorded in 2012 related to the cancellation of debt gain from the Company's 2009 recapitalization.

Conference Call and Webcast

Management will host a conference call to discuss the fourth quarter results on Tuesday, March 18, 2014 at 10 am ET. Following management's presentation, there will be a question and answer session.  To participate in the conference call, please dial (888) 231-8191 or (647) 427-7450.

A digital conference call replay will be available until midnight on April 1, 2014 (ET) by calling (855) 859-2056 or (416) 849-0833. Please enter the password 2138234 when instructed. A webcast replay will be available for 365 days by accessing a link through the Events section at www.primaryenergyrecycling.com.

Forward-Looking Statements

When used in this news release, the words "intend", "likely", "anticipate", "expect", "project", "believe", "estimate", "forecast", "outlook" and similar expressions, are intended to identify forward-looking statements, including statements regarding maintenance and capital expenditures and the acquisition of the minority interest in PERH and the termination of Primary Energy's management agreement. Such statements are subject to certain risks, uncertainties and assumptions pertaining, but not limited, to recovery in the steel industry, continued strong performance from the mills we serve consistent with historical patterns, timely renewal of contracts at the Company's facilities, no protracted outages (planned or unplanned) for any of our facilities, operating and maintenance costs and general and administrative costs being similar to recent years except as described in this press release, regulatory parameters, weather and economic conditions and other factors discussed in the Company's public filings available on SEDAR at www.sedar.com. Additional risks and uncertainties not currently known or that are currently deemed to be immaterial may also materially and adversely affect the Company's business operations and outlook. Any of the matters highlighted in the Company's risk factor disclosure could have a material adverse effect on the Company's results of operations, business prospects and outlook, financial condition or cash flow, in which case, the market price or value of the Company's Common Shares could be adversely affected. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by applicable securities laws.

About Primary Energy Recycling Corporation

Primary Energy Recycling Corporation, headquartered in Oak Brook, Illinois, owns and operates four recycled energy projects and a 50 percent interest in a pulverized coal facility (collectively, the "Projects"). The Projects have a combined electrical generating capacity of 298 megawatts and a combined steam generating capacity of 1.8M lbs/hour. Primary Energy Recycling Corporation creates value for its customers by capturing and recycling waste energy from industrial and electric generation processes and converting it into reliable and economical electricity and thermal energy for resale back to its customers. For more information, please see www.primaryenergy.com.

1As used herein, EBITDA means earnings before interest, taxes, depreciation and amortization and certain other adjustments.   EBITDA is reconciled to net (loss) income and comprehensive (loss) income in the table below.  EBITDA is not a recognized measure under IFRS and does not have a standardized meaning prescribed by IFRS. Therefore, EBITDA may not be comparable to similar measures presented by other companies.
2As used herein, references to Adjusted EBITDA are to EBITDA as adjusted for certain non-recurring adjustments for major maintenance/outage work expenses, professional fees and other general and administrative expenses related to the buyout of the non-controlling interest and internalization of management and stock based compensation that represent recorded expenses based on specific circumstances and are not expected to be part of the Company's ongoing business activity. Adjusted EBITDA is reconciled to net income (loss) and comprehensive income (loss) in the table below. Adjusted EBITDA is not a recognized measure under IFRS and does not have a standardized meaning prescribed by IFRS. Therefore, Adjusted EBITDA may not be comparable to similar measures presented by other companies.
3As used herein, Free Cash Flow means net cash provided by operating activities as adjusted for capital expenditures.  Free Cash Flow is not a recognized measure under IFRS and does not have a standardized meaning prescribed by IFRS. Therefore, Free Cash Flow may not be comparable to similar measures presented by other companies.
4Total Gross Electric Production means the aggregate amount of electricity produced by all of the Company's facilities during the period. The amount is gross generation and is not reduced by internal electric usage of the facilities' auxiliary equipment. The unit of measure is megawatt hours (MWh).  Due to the fixed and variable nature of customer contracts, MWh production cannot be directly tied to financial performance.
5Total Thermal Energy Delivered means the aggregate amount of heat energy contained in the steam and heated water delivered to customers by all of the Company's facilities during the period. The unit of measure is million of British Thermal Units (MMBTU). Due to the fixed and variable nature of customer contracts, MMBTU production cannot be directly tied to financial performance.
6Harbor Coal Utilization is a factor that incorporates the production level of a blast furnace and the amount of coal utilization per unit of blast furnace production as compared to a reference blast furnace production level and coal utilization rate per unit of blast furnace production. The measurement unit is a ratio expressed as a percentage.



Management believes that EBITDA, Adjusted EBITDA, Free Cash Flow, Total Gross Electric Production, Total Thermal Energy Delivered and Harbor Coal Utilization provide useful supplemental information regarding the performance of the Company, facilitate comparisons of historical periods and are indicative of the Company's operating results.  Note however, that these items are performance measures only, and do not provide any measure of the Company's cash flow or liquidity, and are not a substitute for IFRS financial measures.

Non-IFRS Measures

The Company reports its financial results in accordance with IFRS. The Company's management also evaluates and makes operating decisions using various other measures.  Three such measures are EBITDA, Adjusted EBITDA and Free Cash Flow, which are non-IFRS financial measures. We believe these measures provide useful supplemental information regarding the performance of Company's business.

                         
Reconcilation of Net (Loss) Income and Comprehensive (Loss) Income                         
  to Adjusted EBITDA                        
(in 000's of US$)       Three Months Ended December 31,     For the Years Ended December 31,
      2013     2012     2013     2012
                             
Net (loss) income and comprehensive (loss) income   $ (174)   $ 12,399   $ (1,905)   $ 7,285
Adjustment to net (loss) income and comprehensive (loss) income:                        
  Depreciation and amortization     2,547     5,221     18,609     21,053
  Depreciation and amortization included in equity in                         
     earnings of Harbor Coal joint venture     1,009     1,009     4,036     4,036
  Interest expense       1,176     1,450     4,939     5,690
  Deferred finance fees expensed upon extinguishment of debt     -     -     -     765
  Realized and unrealized loss (gain) on derivative contracts     56     (18)     (24)     554
  Loss on derecognition     -     -     117     46
  Income tax expense (benefit)     102     (12,855)     (742)     (15,201)
EBITDA   $       4,716   $ 7,206   $ 25,030   $ 24,228
                               
Adjustments to EBITDA:                          
  Major maintenance (1)       3,371     1,475     8,729     5,432
  Management Agreement termination fee     -     -     -     6,000
  Professional fees and other general and administrative expenses related to                        
     the buyout of the non-controlling interest and internalization of management     -     76     -     369
  Stock based compensation (2)     73     78     507     183
Adjusted EBITDA    $     8,160   $ 8,835   $ 34,266   $ 36,212

 

1) Represents nonrecurring major maintenance expenditures for such items as boiler retubing work and other related maintenance expenditures and ductwork repairs.  
2) The year ended December 31, 2013 is inclusive of a one-time board compensation award.

Reconcilation of Net Cash Provided by Operating Activities                           
   to Free Cash Flow                          
(in 000's of US$)       Three Months Ended December 31,   For the Years Ended December 31,
        2013     2012     2013     2012
                             
Net cash provided by operating activities     $ 4,344   $ 7,487   $ 23,346   $ 19,541
                               
Less: Capital expenditures       (1,806)     (2,234)     (8,718)     (13,956)
Free Cash Flow      $ 2,538    $ 5,253    $ 14,628    $ 5,585

 

Primary Energy Recycling Corporation
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(In thousands of U.S. dollars)
                         
                         
ASSETS         December 31, 2013     December 31, 2012
                         
Current assets:            
  Cash and cash equivalents   $ 21,226   $ 30,101
  Accounts receivable      8,120     8,266
  Inventory, net     1,455     1,126
  Tax receivable     118     691
  Prepaid expenses     1,200     987
  Other current assets     -     336
Total current assets     32,119     41,507
                         
Non-current assets:            
  Property, plant and equipment, net      183,249     185,355
  Intangible assets, net     3,101     12,321
  Restricted cash     3,175     3,445
  Interest rate cap      105     85
  Investment in Harbor Coal joint venture     54,615     58,600
Total assets   $ 276,364   $ 301,313
                         
LIABILITIES AND EQUITY            
                         
Current liabilities:            
  Accounts payable   $ 1,195   $ 971
  Short-term debt      7,624     11,133
  Accrued property taxes     1,522     1,725
  Accrued expenses     6,892     6,558
Total current liabilities     17,233     20,387
                         
Non-current liabilities:            
  Long-term debt      54,684     64,913
  Deferred income tax liability, net     979     1,753
  Interest rate swap      76     155
  Asset retirement obligations      2,938     3,063
Total liabilities     75,910     90,271
                         
                         
Equity                  
Common stock: no par value, unlimited shares authorized;             
  44,706,186 issued and outstanding      274,479     274,479
Contributed surplus     37,723     37,466
Accumulated shareholders' deficit     (111,748)     (100,903)
Total equity     200,454     211,042
Total liabilities and equity   $ 276,364   $ 301,313

 




 

 

Primary Energy Recycling Corporation
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands of U.S. dollars, except share and per share amounts)
                     
                     
            For the Years Ended December 31,
              2013     2012
                     
Revenue:                  
  Capacity         $ 36,071   $ 36,071
  Energy service         20,073     18,228
              56,144     54,299
Expenses:                  
  Operations and maintenance       21,880     17,507
  General and administrative       7,961     8,778
  Management Agreement termination fee      -     6,000
  Employee benefits          6,404     4,023
  Depreciation and amortization       18,609     21,053
  Loss on derecognition        117     46
Total operating expenses       54,971     57,407
                     
Equity in earnings of Harbor Coal joint venture      1,095     2,201
                     
Operating income (loss)       2,268     (907)
                     
Other expense                 
  Interest expense         (4,939)     (5,690)
  Deferred finance fees expensed upon extinguishment of debt      -     (765)
  Realized and unrealized gain (loss) on derivative            
    contracts          24     (554)
                     
Loss before income taxes       (2,647)     (7,916)
Income tax benefit          742     15,201
Net (loss) income and comprehensive (loss) income    $ (1,905)    $ 7,285
                     
Net (loss) income and comprehensive (loss) income attributable to:            
  Owners of the Company     $ (1,905)   $ 9,080
  Non-controlling interest       -     (1,795)
             $ (1,905)    $ 7,285
                     
Net (loss) income per share attributable             
  to owners of the Company:              
Weighted average number of shares outstanding - basic      44,706,186     44,706,186
Weighted average number of shares outstanding - diluted      44,706,186     44,706,186
Basic and diluted net (loss) income per share attributable to owners of the Company     $ (0.04)    $ 0.20

 




Primary Energy Recycling Corporation
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands of U.S. dollars)
                                     
                                     
      Common     Contributed     Accumulated           Non-controlling     Total
      stock     surplus     deficit     Total     interest     equity
Balance - January 1, 2012   $   274,479   $ 3,316   $ (107,748)   $ 170,047   79,502   $  249,549
                                     
Net income and comprehensive income                                     
  for the year ended December 31, 2012     -     -     9,080     9,080     (1,795)     7,285
Dividends on Common Shares     -     -     (2,235)     (2,235)     -     (2,235)
Buyout of non-controlling interest     -     33,967     -     33,967     (77,707)     (43,740)
Stock-based compensation     -     183     -     183     -     183
Balance - December 31, 2012   $  274,479   $ 37,466   $ (100,903)   $  211,042    $ -   $  211,042
                                     
Balance - January 1, 2013   $ 274,479   $ 37,466   $ (100,903)   $ 211,042    $ -   $  211,042
                                     
Net loss and comprehensive loss                                    
  for the year ended December 31, 2013     -     -     (1,905)     (1,905)     -     (1,905)
Dividends on Common Shares     -     -     (8,940)     (8,940)     -     (8,940)
Stock-based compensation     -     257     -     257     -     257
Balance - December 31, 2013   $  274,479   $ 37,723   $ (111,748)   $  200,454    $ -   $ 200,454

 




Primary Energy Recycling Corporation
CONSOLIDATED STATEMENTS OF CASH FLOWS  
(In thousands of U.S. dollars)  
                         
                For the Years Ended December 31,
                  2013     2012
                         
CASH FLOWS FROM OPERATING ACTIVITIES:            
Net loss and comprehensive loss for the period     $ (1,905)    $ 7,285
Adjustments for:            
Depreciation and amortization     18,609     21,053
Loss on derecognition     117     46
Unrealized loss (gain) on derivative contracts     (145)     320
Deferred finance fees expensed upon extinguishment of debt     -     765
Equity in earnings of Harbor Coal joint venture     (1,095)     (2,201)
Distributions from investment in Harbor Coal joint venture     5,080     6,790
Non-cash interest expense     1,563     2,221
Non-cash stock based compensation     257     183
Income tax        (774)     (15,243)
                  21,707     21,219
Net change in non-cash working capital balances     1,639     (1,678)
  Net cash provided by operating activities     23,346     19,541
                         
CASH FLOWS FROM INVESTING ACTIVITIES:            
Change in restricted cash     270     (1,515)
Capital expenditures     (8,718)     (13,956)
  Net cash used in investing activities     (8,448)     (15,471)
                         
CASH FLOWS FROM FINANCING ACTIVITIES:            
Proceeds from issuance of debt     -     85,000
Purchase of non-controlling interest     -     (24,225)
Payments of deferred financing costs     -     (5,351)
Repayment of debt     (14,833)     (47,725)
Dividends on Common Shares     (8,940)     (2,235)
  Net cash (used in) provided by financing activities     (23,773)     5,464
Net (decrease) increase in cash     (8,875)     9,534
                         
Cash and cash equivalents - beginning of period     30,101     20,567
Cash and cash equivalents - end of period    $ 21,226    $ 30,101
                         
Supplemental disclosure of cash flow information:            
Cash paid during the period for interest    $ 3,514    $ 3,510
Cash paid during the period for income taxes    $ 12    $ 168

 

 

 

 

SOURCE Primary Energy Recycling Corporation

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The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, will compare the Jevons Paradox to modern-day enterprise IT, e...
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SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...