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Mitcham Industries Reports Fiscal 2014 Fourth Quarter And Full Year Results

HUNTSVILLE, Texas, April 2, 2014 /PRNewswire/ -- Mitcham Industries, Inc. (NASDAQ: MIND) today announced financial results for its fiscal 2014 fourth quarter and year ended January 31, 2014.

Total revenues for the fourth quarter of fiscal 2014 were $23.6 million compared to $28.4 million in the fourth quarter of fiscal 2013.  Equipment leasing revenues, excluding equipment sales, increased to $12.3 million in the fourth quarter compared to $11.6 million in the same period last year.   Net income was $1.8 million, or $0.14 per diluted share, in the fourth quarter of fiscal 2014 compared to $3.4 million, or $0.26 per diluted share, in the fourth quarter of fiscal 2013.  EBITDA (earnings before interest, taxes, depreciation and amortization) for the fourth quarter of fiscal 2014 was $10.1 million, or 43% of revenues, compared to $12.0 million, or 42% 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 in the accompanying financial tables.

Total revenues for fiscal 2014 were $92.1 million compared to $104.7 million in fiscal 2013.  Net income in fiscal 2014 was $4.8 million, or $0.36 per diluted share, compared to $17.1 million, or $1.29 per diluted share, in fiscal 2013.  EBITDA in fiscal 2014 was $37.1 million, or 40% of total revenues, compared to $48.5 million, or 46% of total revenues, in fiscal 2013. 

Bill Mitcham, President and CEO, stated, "Our fourth quarter results generally unfolded as we had anticipated, with quarter to quarter sequential improvement and marginal year over year improvement in our core equipment leasing business.  Our equipment leasing revenues in the fourth quarter of fiscal 2014 rose 56% on a sequential basis and 6% from the fourth quarter of fiscal 2013.  We experienced renewed land leasing activity in Latin America, resulting in increased leasing revenues on both a sequential and year-over-year basis. In Russia, the winter season is proving to be stronger than last year.  We deployed additional equipment to that region in response to the increased demand, and in addition, some contracts in Russia started earlier than last year.  Europe continued to show improvement, with leasing revenues up compared to a year ago.  Leasing revenues in the U.S. for the fourth quarter of fiscal 2014 were also above the third quarter as well as one year ago; however, we don't think this is indicative of a trend as it was due to one large project that did not extend beyond the fourth quarter. 

"As expected, Seamap's fourth quarter results showed strong sequential improvement, with the delivery of one BuoyLink system, one GunLink 4000 system and the first PGS SourceLink.  We expected to ship another GunLink 4000 system in the fourth quarter, but that delivery was postponed by the customer until the first quarter of fiscal 2015 due to lack of vessel availability.   

"The winter season in Canada is turning out to be much weaker than last year.  Based on discussions with our customers and some published reports, we believe the overall seismic market in Canada is down approximately 40% from a year ago.  Despite this overall weakness, we have seen an increase in demand for wireless recording equipment in Canada and, as a result and as previously disclosed, we purchased wireless equipment in the fourth quarter for a specific project that began in the first quarter of fiscal 2015.

"Looking ahead, we expect modest improvement in our results for all of fiscal 2015.  We are seeing increasing levels of bidding activity in many parts of the world, even though there is not much improvement in activity in the U.S. and the outlook in Canada is uncertain.  Latin America looks more promising this year, with increasing levels of seismic exploration activity in Colombia, Bolivia, Peru, Brazil and potentially Mexico.  As we have discussed previously, we deployed a significant amount of newly-purchased wireless equipment into Latin America in the fourth quarter in response to specific customer demand.    

"In Europe, based on feedback from our customers, we expect continued improved leasing activity in fiscal 2015.  Accordingly, we have plans to redeploy some equipment to Europe in the coming months.  Russian seismic activity should continue through the first quarter, and we may see a few projects continue into the second quarter.  Leasing activity in the Asia Pacific region remains steady, and down hole tool leasing continues to improve.

"We believe Seamap will have improved results this year.  We expect to deliver additional source controller systems to PGS as well as to others, and we are seeing increasing interest for the latest version of our RGPS tracking system, BuoyLink 4DX, which we introduced in the second half of fiscal 2014.  We are also beginning to see indications of improvement in marine leasing.

"Despite uncertainties in the market, we remain cautiously optimistic that fiscal 2015 will bring a better operating environment and improved results compared to last year, although we may not see that improvement until after the first quarter.  In addition, we continue to maintain a strong financial position to support our leadership position in our markets."  

FISCAL 2014 FOURTH QUARTER RESULTS
Total revenues for the fourth quarter of fiscal 2014 were $23.6 million compared to $28.4 million in the same period last year.  A significant portion of our revenues are typically generated from geographic areas outside the United States, and during the fourth quarter of fiscal 2014, the percentage of revenues from international customers was approximately 86% compared to 79% in the fourth quarter of fiscal 2013. 

Equipment leasing revenues for the fourth quarter of fiscal 2014 excluding equipment sales increased 6% to $12.3 million from $11.6 million in the same period last year.  The year-over-year increase in fourth quarter equipment leasing revenues was primarily due to renewed land leasing activity in Latin America, continued improved activity in Europe, increased demand in Russia, as well as higher leasing revenues in the U.S. due to one particular project that did not extend beyond the fourth quarter. 

Lease pool equipment sales were $663,000 for the fourth quarter of fiscal 2014 compared to $4.0 million in the fourth quarter a year ago.  Sales of new seismic, hydrographic and oceanographic equipment were $2.0 million for the fourth quarter of fiscal 2014 compared to $3.9 million in the fourth quarter a year ago.

Seamap equipment sales for the fourth quarter of fiscal 2014 were $8.7 million compared to $8.9 million in the same period a year ago.  The fiscal 2014 fourth quarter included the delivery of one GunLink 4000 system, one BuoyLink RGPS system and one PGS SourceLink system, along with other equipment sales and after-market business.  The fourth quarter of last year included deliveries of one GunLink 4000 system and one BuoyLink RGPS system. 

Lease pool depreciation expense in the fourth quarter of fiscal 2014 declined to $7.4 million compared to $8.3 million in the same period a year ago, mainly due to certain equipment reaching the end of its depreciable life.  Lease pool additions in the fourth quarter of fiscal 2014 were approximately $34.6 million, largely comprised of new wireless equipment in response to specific requests from customers, compared to $12.6 million in the fourth quarter of fiscal 2013.  For the full year fiscal 2014, lease pool additions totaled approximately $49.0 million, which included approximately $37 million of new wireless equipment, compared to $39.1 million in fiscal 2013.                                                                                    

Gross profit in the fourth quarter of fiscal 2014 was $8.2 million compared to $8.8 million in the fourth quarter a year ago.  Gross profit margin in the fourth quarter of fiscal 2014 improved to 34.5% of revenue compared to 30.9% in fourth quarter of fiscal 2013.  EBITDA (earnings before interest, taxes, depreciation and amortization) for the fourth quarter of fiscal 2014 was $10.1 million, or 43% of revenues, compared to $12.0 million, or 42% of revenues, in the same period last year. 

FISCAL 2014 RESULTS
Total revenues for fiscal 2014 were $92.1 million compared to $104.7 million in fiscal 2013.  Equipment leasing revenues, excluding equipment sales, were $46.8 million in fiscal 2014 compared to $54.6 million a year ago. Lease pool equipment sales in fiscal 2014 were $6.9 million versus $11.4 million in fiscal 2013.  Other equipment sales, which consist of sales of new seismic, hydrographic and oceanographic equipment, in fiscal 2014 were $13.4 million compared to $7.5 million in fiscal 2013.  Seamap equipment sales in fiscal 2014 were $25.1 million compared to $31.2 million last year.

Gross profit in fiscal 2014 was $32.0 million compared to $37.4 million in fiscal 2013, with gross profit margin for the two years of 34.8% and 35.7%, respectively.  G&A expense rose to $23.7 million in fiscal 2014 from $22.5 million in fiscal 2013, primarily reflecting higher expenses related to personnel costs associated with increased headcount, especially in our expanded operations in Latin America and Europe.  Net income in fiscal 2014 was $4.8 million, or $0.36 per diluted share, compared to $17.1 million, or $1.29 per diluted share, in fiscal 2013.  Included in fiscal 2014 results is approximately $1.0 million for doubtful accounts pertaining to Latin America and Asia compared to a recovery of $428,000 that had previously been declared uncollectible in fiscal 2013.  The effective tax rate for fiscal 2014 was 21%, which is lower than the U.S. statutory rate primarily due to earnings that are taxed in foreign jurisdictions with lower tax rates.  EBITDA in fiscal 2014 was $37.1 million, or 40% of total revenues, compared to $48.5 million, or 46% of total revenues, in fiscal 2013. 

SHARE REPURCHASE PROGRAM
In April 2013, our Board of Directors authorized a share repurchase program for up to 1.0 million shares of common stock through December 31, 2014.  There were no share repurchases during the fiscal 2014 fourth quarter.  In fiscal 2014, we repurchased 147,900 shares of common stock at an average cost of approximately $14.82 per share.  These purchases were made in open market transactions. Future purchases may be made from time to time, based on market conditions, legal requirements and other corporate considerations, in the open market or otherwise on a discretionary basis.  We expect to finance any repurchases from a combination of cash on hand, cash provided by operating activities and proceeds from our revolving credit facility.

CONFERENCE CALL
We have scheduled a conference call for Thursday, April 3 at 9:00 a.m. Eastern Time to discuss our fiscal 2014 fourth quarter and full year results.  To access the call, please dial (480) 629-9835 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 onto the site and clicking "Investor Relations." A telephonic replay of the conference call will be available through April 17, 2014 and may be accessed by calling (303) 590-3030 and using passcode 4673994#. 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 Dennard ▪ Lascar Associates (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, Mitcham designs, manufactures and sells specialized seismic marine equipment.

Certain statements and information in this press release concerning results for the quarter ended January 31, 2014 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


Dennard ▪ Lascar Associates


713-529-6600

 

Tables to Follow

 

                                                                                                                               

MITCHAM INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

(unaudited)



January 31,


2014


2013

ASSETS

Current assets:




Cash and cash equivalents

$   15,162


$   15,150

Restricted cash

81


801

Accounts receivable, net of allowance for doubtful accounts of $3,833 and $3,374 at January 31, 2014 and 2013, respectively

29,514


23,131

Current portion of contracts and notes receivable

1,005


2,096

Inventories, net

8,338


6,188

Prepaid income taxes

2,177


5,591

Deferred tax asset

1,968


1,842

Prepaid expenses and other current assets

3,915


3,079

   Total current assets

62,160


57,878

Seismic equipment lease pool and property and equipment, net

129,573


119,608

Intangible assets, net

3,201


3,989

Goodwill

4,320


4,320

Deferred tax asset

6,133


4,296

Other assets

32


316

   Total assets

$205,419


$ 190,407

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:




Accounts payable

$   10,745


$    6,921

Current maturities – long-term debt

75


145

Deferred revenue

35


539

Accrued expenses and other current liabilities

1,583


1,875

   Total current liabilities

12,438


9,480

Non-current income taxes payable

408


376

Long-term debt, net of current maturities

22,125


4,238

   Total liabilities

34,971


14,094

Shareholders' equity:




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

-


-

Common stock $.01 par value; 20,000 shares authorized;13,907 and 13,763 shares issued at January 31, 2014 and 2013, respectively at January 31, 2014 and January 31, 2013, respectively

139


138

Additional paid-in capital

118,156


116,506

Treasury stock, at cost (1,075 and 926 shares at January 31, 2014 and 2013, respectively)

(7,075)


(4,860)

Retained earnings

61,116


56,348

Accumulated other comprehensive income

(1,888)


8,181

  Total shareholders' equity

170,448


176,313

      Total liabilities and shareholders' equity

$205,419


$ 190,407




MITCHAM INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

 (in thousands, except per share data)

(unaudited)



For the Three Months Ended January 31,


For the Twelve Months Ended January 31,


2014


2013


2014


2013

Revenues:








Equipment leasing

$  12,321


$ 11,640


$  46,756


$54,592

Lease pool equipment sales

663


4,003


6,851


11,412

Seamap equipment sales

8,664


8,868


25,086


31,169

Other equipment sales

1,999


3,890


13,415


7,512

 Total revenues

23,647


28,401


92,108


104,685









Cost of sales:








Direct costs - equipment leasing

1,660


1,655


5,517


7,963

Direct costs - lease pool depreciation

7,391


8,266


29,412


33,405

Cost of lease pool equipment sales

215


2,291


2,295


6,043

Cost of Seamap and other equipment sales

6,216


7,416


22,869


19,861

Total cost of sales

15,482


19,628


60,093


67,272

Gross profit

8,165


8,773


32,015


37,413









Operating expenses:








General and administrative

5,496


5,647


23,669


22,539

Provision for (recovery of) doubtful accounts

-


-


1,048


(428)

Depreciation and amortization

369


369


1,493


1,400

Total operating expenses

5,865


6,016


26,210


23,511









Operating income

2,300


2,757


5,805


13,902









Other income (expenses):








Interest, net

(130)


33


(10)


11

Other, net

9


575


231


(389)

Total other (expense) income

(121)


608


221


(378)









Income before income taxes

2,179


3,365


6,026


13,524









(Provision for) benefit from income taxes

(397)


50


(1,258)


3,527









Net income

$  1,782


$   3,415


$  4,768


$ 17,051









Net income per common share:








Basic

$    0.14


$    0.27


$    0.37


$1.34

Diluted

$    0.14


$    0.26


$    0.36


$1.29









Shares used in computing net income per common share:







Basic

12,752


12,799


12,763


12,715

Diluted

13,165


13,176


13,177


13,242

 




MITCHAM INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)



Years Ended January 31,


2014


2013





Cash flows from operating activities:




Net income

$   4,768


$   17,051

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




      Depreciation and amortization

31,037


34,939

      Stock-based compensation

1,143


1,586

      Provision for doubtful accounts, net of charge offs

1,048


(636)

      Provision for inventory obsolescence

(60)


163

      Gross profit from sale of lease pool equipment

(4,556)


(5,369)

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

5


(420)

      Deferred tax benefit

(2,204)


(4,450)

      Changes in non-current income taxes payable

32


(5,059)

   Changes in:




      Trade accounts and contracts receivable

(9,142)


13,331

      Inventories

(2,836)


718

      Income taxes payable and receivable

3,215


(6,718)

      Prepaid foreign income tax

-


3,519

      Accounts payable, accrued expenses and other current liabilities

100


(4,091)

      Prepaids and other, net

(1,335)


(307)

         Net cash provided by operating activities

21,215


44,257

Cash flows from investing activities:




   Purchases of seismic equipment held for lease

(43,509)


(44,694)

   Purchases of property and equipment

(549)


(965)

   Sales of used lease pool equipment

6,851


11,412

   Payment for earn-out provision

-


(450)

         Net cash used in investing activities

(37,207)


(34,697)

Cash flows from financing activities:




   Net  proceeds from (payments on) revolving line of credit

18,000


(8,550)

   Proceeds from equipment notes

-


147

   Payments on borrowings

(136)


(1,532)

   Net proceeds from (purchases of) short-term investment

652


(689)

   Proceeds from issuance of common stock upon exercise of options

498


329

Purchase of treasury stock

(2,200)



Net proceeds from public offering of common stock

-


-

   Excess tax benefit from exercise of non-qualified stock options

(5)


420

         Net cash provided by (used in) financing activities

16,809


(9,875)

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

(805)


178

Net  increase (decrease) in cash and cash equivalents

12


(137)

Cash and cash equivalents, beginning of year

15,150


15,287

Cash and cash equivalents, end of year

$ 15,162


$ 15,150

 



MITCHAM INDUSTRIES, INC.

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

 (Unaudited)



For the Three Months Ended

January 31,


For the Twelve Months Ended

January 31,


2014


2013


2014


2013

Reconciliation of Net Income to EBITDA and Adjusted EBITDA

(in thousands)

Net income

$    1,782


$    3,415


$4,768


$17,051

Interest  expense (income), net

110


(33)


(10)


(11)

Depreciation, amortization and  impairment

7,795


8,669


31,037


34,939

Provision for (benefit from) income taxes

397


(50)


1,258


(3,527)

EBITDA (1)

10,084


12,001


37,053


48,452

Stock-based compensation

304


263


1,143


1,586

Adjusted EBITDA (1)

$    10,388


$    12,264


$38,196


$50,038









Reconciliation of Net Cash Provided by Operating Activities to EBITDA








Net cash provided by operating activities

$2,525


$8,128


$21,215


$44,257

Stock-based compensation

(304)


(263)


(1,143)


(1,586)

Provision for (recovery of) doubtful accounts

-


-


(1,048)


636

Changes in trade accounts and contracts receivable

5,850


3,570


9,142


(13,331)

Interest paid

136


86


342


533

Taxes paid, net of refunds

289


955


215


9,177

Gross profit from sale of lease pool equipment

448


1,711


4,556


5,369

Changes in inventory

9


95


2,836


718

Changes in accounts payable, accrued expenses and other current liabilities

1,238


1,291


(100)


4,091

Changes in prepaid expenses and other current assets

(114)


(1,648)


1,335


(307)

Other

7


(1,924)


(297)


(1,105)

EBITDA (1)

$10,084


$12,001


$37,053


$48,452





(1)

EBITDA is defined as net income before (a) interest income and interest expense, (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 or liquidity calculated in accordance with 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 credit agreements contain financial covenants based on EBITDA or Adjusted 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 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

January 31,


For the Twelve Months Ended

January 31,


2014


2013


2014


2013


(in thousands)

Revenues:








Equipment Leasing

$  14,983


$  19,533


$67,022


$73,516

Seamap

8,668


9,076


25,252


32,210

Inter-segment  sales

(4)


(208)


(166)


(1,041)

     Total revenues

23,647


28,401


92,108


104,685

Cost of sales:








Equipment Leasing

10,879


15,127


47,825


53,320

Seamap

4,691


4,752


12,653


14,817

Inter-segment costs

(88)


(251)


(385)


(865)

Total cost of sales

15,482


19,628


60,093


67,272

Gross profit

8,165


8,773


32,015


37,413

Operating expenses:








General and administrative

5,496


5,647


23,669


22,539

Provision for (recovery of) doubtful accounts

-


-


1,048


(428)

Depreciation and amortization

369


369


1,493


1,400

     Total operating expenses

5,865


6,016


26,210


23,511

Operating income

$  2,300


$  2,757


$  5,805


$  13,902









 Equipment Leasing Segment:








Revenue:








Equipment leasing

$ 12,321


$ 11,640


$46,756


$54,592

Lease pool equipment sales

663


4,003


6,851


11,412

New seismic equipment sales

206


663


775


1,282

SAP equipment sales

1,793


3,227


12,640


6,230

     Total revenue

14,983


19,533


67,022


73,516

Cost of sales:








Lease pool depreciation

7,475


8,318


29,663


33,594

Direct costs-equipment leasing

1,660


1,654


5,517


8,200

Cost of lease pool equipment sales

215


2,291


2,295


6,043

Cost of new seismic equipment sales

182


297


616


655

Cost of SAP equipment sales

1,347


2,567


9,734


4,828

     Total cost of sales

10,879


15,127


47,825


53,320

Gross profit

$ 4,104


$ 4,406


$19,197


$20,196

Gross profit %

27%


23%


29%


27%

















 Seamap Segment:








Equipment sales

$ 8,668


$ 9,076


$25,252


$ 32,210

Cost of equipment sales

4,691


4,752


12,653


14,817

Gross profit

$ 3,977


$ 4,324


$12,599


$ 17,393

Gross profit %

46%


48%


50%


54%

SOURCE Mitcham Industries, Inc.

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SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
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There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
"We've just seen a huge influx of new partners coming into our ecosystem, and partners building unique offerings on top of our API set," explained Seth Bostock, Chief Executive Officer at IndependenceIT, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Digital Transformation is the ultimate goal of cloud computing and related initiatives. The phrase is certainly not a precise one, and as subject to hand-waving and distortion as any high-falutin' terminology in the world of information technology. Yet it is an excellent choice of words to describe what enterprise IT—and by extension, organizations in general—should be working to achieve. Digital Transformation means: handling all the data types being found and created in the organizat...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
With SaaS use rampant across organizations, how can IT departments track company data and maintain security? More and more departments are commissioning their own solutions and bypassing IT. A cloud environment is amorphous and powerful, allowing you to set up solutions for all of your user needs: document sharing and collaboration, mobile access, e-mail, even industry-specific applications. In his session at 16th Cloud Expo, Shawn Mills, President and a founder of Green House Data, discussed h...
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.