Welcome!

News Feed Item

Velan Inc. Reports its Third Quarter 2016/17 Financial Results

MONTREAL, QUEBEC -- (Marketwired) -- 01/12/17 -- Velan Inc. (TSX: VLN) (the "Company"), a world-leading manufacturer of industrial valves, announced today its financial results for its third quarter ended November 30, 2016.

Highlights

--  Sales of US$80.4 million for the quarter
--  Net earnings(1) of US$1.5 million for the quarter
--  Order backlog of US$416.1 million at the end of the quarter
--  Net new orders received ("Bookings") of US$134.9 million for the quarter
--  Net cash(2) of US$72.5 million at the end of the quarter


                        Three-month periods ended  Nine-month periods ended
(millions of U.S.
 dollars, excluding per
 share                                November 30               November 30
                        ----------------------------------------------------
amounts)                        2016         2015         2016         2015
                        ----------------------------------------------------
Sales                   $       80.4 $      104.0 $      228.9 $      318.7
Gross Profit                    21.7         26.0         59.6         76.2
Gross profit %                  27.0%        25.0%        26.0%        23.9%
Net income attributable
 to Multiple and
  Subordinate Voting
   Shares                        1.5          3.6          4.0         11.5
Net income per share -
 basic and diluted              0.07         0.16         0.19         0.52

Third Quarter Fiscal 2017 (unless otherwise noted, all amounts are in U.S. dollars and all comparisons are to the third quarter of fiscal 2016):

--  Net earnings(1) amounted to $1.5 million or $0.07 per share compared to
    $3.6 million or $0.16 per share last year. Adjusted net earnings(2),
    which excludes from net earnings(1) the after-tax impact of the
    restructuring costs incurred in the prior year quarter, amounted to $1.5
    million or $0.07 per share compared to $5.2 million or $0.23 per share
    last year. The $3.7 million decrease in adjusted net earnings(2) is
    primarily attributable to a lower sales volume and an increase in costs
    recognized in connection with the Company's ongoing asbestos litigation,
    which were partially offset by gross margin improvements and mark to
    market foreign exchange gains on certain forward contracts.


--  Bookings amounted to $134.9 million, an increase of $45.4 million or
    50.7% compared to last year. This increase is due primarily to new large
    project orders booked by the Company's French operations, primarily in
    the nuclear sector, and by its German operations, primarily in the power
    sector.


--  Sales amounted to $80.4 million, a decrease of $23.6 million or 22.7%
    from the prior year. Sales were negatively impacted by the decreased
    bookings received over the last fiscal year as well as delays in
    shipments of certain large project orders caused by various customer-
    related, supply chain and internal operational issues.


--  Gross profit percentage increased by 200 basis points from 25.0% to
    27.0%. Despite the lower sales volume, the increase in the gross profit
    percentage was mainly attributable to a product mix with a greater
    proportion of higher margin product sales, material cost savings, as
    well as labour and overhead savings stemming from the restructuring
    initiatives implemented in the prior fiscal year.

First Nine Months Fiscal 2017 (unless otherwise noted, all amounts are in U.S. dollars and all comparisons are to the first nine- months of fiscal 2016):

--  Net earnings(1) amounted to $4.0 million or $0.19 per share compared to
    $11.5 million or $0.52 per share last year. Adjusted net earnings(2),
    which excludes from net earnings(1) the after-tax impact of the
    restructuring costs incurred in the prior year, amounted to $4.0 million
    or $0.19 per share compared to $13.1 million or $0.59 per share last
    year. The $9.1 million decrease in adjusted net earnings(2) is primarily
    attributable to a lower sales volume which was partially offset by gross
    margin improvements and decreased administration costs.


--  Bookings amounted to $322.3 million, an increase of $79.5 million or
    32.7% compared to last year. Excluding the effect of an order
    cancellation of $23.6 million in the prior year period, bookings would
    have increased by $55.9 million or 21.0%. This increase is due primarily
    to new large project orders booked by the Company's French, German and
    Italian operations, which was partially offset by a decrease in orders
    booked in the Company's North American operations.


--  Sales amounted to $228.9 million, a decrease of $89.8 million or 28.2%
    from the prior year. Sales were negatively impacted, particularly in our
    Italian and North American operations, by the decreased bookings
    received over the last fiscal year. Delays in shipments of certain large
    project orders caused by various customer-related, supply chain and
    internal operational issues, particularly in our North American
    operations, also had a negative impact on sales for the period.


--  As a result of bookings outpacing sales in the period, the Company ended
    the period with a backlog of $416.1 million, an increase of $84.9
    million or 25.6% since the beginning of the current fiscal year. This
    increase in backlog occurred despite the negative impact related to the
    weakening of the euro spot rate against the U.S. dollar over the course
    of the period.


--  Gross profit percentage increased by 210 basis points from 23.9% to
    26.0%. Despite the lower sales volume, the increase in the gross profit
    percentage was mainly attributable to a product mix with a greater
    proportion of higher margin product sales, material cost savings, as
    well as labour and overhead savings stemming from the restructuring
    initiatives implemented in the prior fiscal year.


--  Administration costs amounted to $56.9 million, a decrease of $0.7
    million or 1.2%. The decrease was achieved despite a $2.2 million
    increase in costs recognized in connection with the Company's ongoing
    asbestos litigation. The fluctuation in asbestos costs for the period is
    due more to the timing of settlement payments in these two periods
    rather than to changes in long-term trends.


--  The Company ended the period with net cash(2) of $72.5 million, a
    decrease of $9.5 million or 11.6% since the beginning of the year. This
    decrease is primarily attributable to long-term debt repayments and
    distributions to shareholders via dividends and share repurchases.


--  Foreign currency impacts:


    --  Based on average exchange rates, the euro strengthened 1.0% against
        the U.S. dollar when compared to the same period last year. This
        strengthening resulted in the Company's net profits and bookings
        from its European subsidiaries being reported as higher U.S. dollar
        amounts in the current period.


    --  Based on average exchange rates, the Canadian dollar weakened 2.2%
        against the U.S. dollar when compared to the same period last year.
        This weakening resulted in the Company's Canadian dollar expenses
        being reported as lower U.S. dollar amounts in the current period.


    --  The net impact of the above currency swings was generally favourable
        on the Company's net earnings(1).

"The Company continued to feel the impact on sales of a depleted backlog in Fiscal 2016," said John Ball, CFO of Velan Inc. "However, we were able to improve margin and maintain expenses, while our foreign currency hedging policy blunted the negative impact of currency swings."

Yves Leduc, President of Velan Inc., said, "The market downturn has continued to affect our performance in the third quarter, mainly in our North American division, hit by a lower backlog, customers postponing shipments, and large complex orders causing supply chain delays. Also, we are progressing with the deployment of our strategic plan, the first phase of which is heavily focused on driving efficiencies and reducing lead times through operational excellence; in parallel, we are planting the seeds to spark growth in several global markets where we are very well positioned. In summary, despite the turbulent industry environment, we have made the right moves to mitigate its effects and get ready to rebound once the market recovers."

Tom Velan, CEO of Velan Inc. said, "We are encouraged to see improvements in new order bookings in many overseas markets, with net new orders increasing by over 50% in the quarter over the same period last year, and over 30% on a year to date basis."

Dividend

The Board declared an eligible quarterly dividend of CDN$0.10 per share, payable on March 31, 2017, to all shareholders of record as at March 15, 2017.

Conference call

Financial analysts, shareholders, and other interested individuals are invited to attend the third quarter conference call to be held on Thursday, January 12, 2017, at 4:30 p.m. (EDT). The toll free call-in number is 1-800-672-3665, access code 21841522. A recording of this conference call will be available for seven days at 1-416-626-4100 or 1-800-558-5253, access code 21841522.

About Velan

Founded in Montreal in 1950, Velan Inc. (www.velan.com) is one of the world's leading manufacturers of industrial valves, with sales of US$426.9 million in its last reported fiscal year. The Company has manufacturing plants in 9 countries. Velan Inc. is a public company with its shares listed on the Toronto Stock Exchange under the symbol VLN.

Safe harbour statement

This news release may include forward-looking statements, which generally contain words like "should", "believe", "anticipate", "plan", "may", "will", "expect", "intend", "continue" or "estimate" or the negatives of these terms or variations of them or similar expressions, all of which are subject to risks and uncertainties, which are disclosed in the Company's filings with the appropriate securities commissions. While these statements are based on management's assumptions regarding historical trends, current conditions and expected future developments, as well as other factors that it believes are reasonable and appropriate in the circumstances, no forward-looking statement can be guaranteed and actual future results may differ materially from those expressed herein. The Company disclaims any intention or obligation to update or revise any forward-looking statements contained herein whether as a result of new information, future events or otherwise, except as required by the applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Non-IFRS measures

In this press release, the Company presented measures of performance and financial condition that are not defined under International Financial Reporting Standards ("non-IFRS measures") and are therefore unlikely to be comparable to similar measures presented by other companies. These measures are used by management in assessing the operating results and financial condition of the Company. In addition, they provide readers of the Company's consolidated financial statements with enhanced understanding of its results and financial condition, and increase transparency and clarity into the operating results of its core business.

The term "adjusted net earnings" is defined as net income attributable to Subordinate and Multiple Voting Shares plus restructuring costs less the income tax effect of the restructuring costs. Refer to the "Reconciliations of Non- IFRS Measures" section in the Company's Management Discussion and Analysis included in its Interim Report for the quarter ended November 30, 2016 for a detailed calculation of this measure.

The term "net cash" is defined as cash and cash equivalents plus short-term investments less bank indebtedness, short-term bank loans, and current portion of long-term bank borrowings. Refer to the "Reconciliations of Non-IFRS Measures" section in the Company's Management Discussion and Analysis included in its Interim Report for the quarter ended November 30, 2016 for a detailed calculation of this measure.


(1)  Net earnings refers to net income attributable to Subordinate and
     Multiple Voting Shares.
(2)  Non-IFRS measures - see explanation above.


Velan Inc.
Condensed Interim Consolidated Statements of Financial Position
(Unaudited)
(in thousands of U.S. dollars)
----------------------------------------------------------------------------

As At                                         November 30,     February 29,
                                                      2016             2016
                                                         $                $
Assets

Current assets
Cash and cash equivalents                           81,303           89,368
Short-term investments                                 149            3,225
Accounts receivable                                103,578          119,569
Income taxes recoverable                            11,455            5,674
Inventories                                        179,061          162,523
Deposits and prepaid expenses                        3,896            3,586
Derivative assets                                    1,142            1,598
                                          ----------------------------------
                                                   380,584          385,543
Non-current assets
Property, plant and equipment                       92,426           95,257
Intangible assets and goodwill                      18,728           20,352
Deferred income taxes                               14,069           13,537
Other assets                                           589              938
                                          ----------------------------------

                                                   125,812          130,084
                                          ----------------------------------
Total assets                                       506,396          515,627
                                          ----------------------------------
                                          ----------------------------------

Liabilities

Current liabilities
Bank indebtedness                                    4,960            5,028
Short-term bank loans                                1,313            1,319
Accounts payable and accrued liabilities            58,944           62,943
Income taxes payable                                 4,380            5,746
Dividend payable                                     1,619            1,606
Customer deposits                                   38,193           28,123
Provisions                                           9,731            9,333
Accrual for performance guarantees                  27,935           30,563
Derivative liabilities                                 132            2,945
Current portion of long-term debt                    6,210            7,978
                                          ----------------------------------
                                                   153,417          155,584
Non-current liabilities
Long-term debt                                      11,206           14,471
Deferred income taxes                                3,055            3,408
Other liabilities                                    8,904            9,045
                                          ----------------------------------

                                                    23,165           26,924
                                          ----------------------------------
Total liabilities                                  176,582          182,508
                                          ----------------------------------

Equity

Equity attributable to the Subordinate and
 Multiple Voting shareholders
Share capital                                       74,050           74,345
Contributed surplus                                  5,998            5,941
Retained earnings                                  279,386          280,380
Accumulated other comprehensive income
 (loss)                                            (35,566)         (33,089)
                                          ----------------------------------
                                                   323,868          327,577

Non-controlling interest                             5,946            5,542
                                          ----------------------------------
Total equity                                       329,814          333,119
                                          ----------------------------------

Total liabilities and equity                       506,396          515,627
                                          ----------------------------------
                                          ----------------------------------




Velan Inc.
Condensed Interim Consolidated Statements of Income (Loss)
(Unaudited)
(in thousands of U.S. dollars, excluding number of shares and per share
 amounts)
---------------------------------------------------------------------------

                        Three-month periods ended  Nine-month periods ended
                                      November 30               November 30
                              2016           2015       2016           2015
                                 $              $          $              $

Sales                       80,396        104,002    228,942        318,739

Cost of sales               58,664         77,988    169,305        242,527
                        ----------------------------------------------------

Gross profit                21,732         26,014     59,637         76,212

Administration costs        21,120         18,579     56,918         57,649
Restructuring costs              -          2,150          -          2,150
Other expense (income)      (1,189)           162       (987)           171
                        ----------------------------------------------------

Operating profit (loss)      1,801          5,123      3,706         16,242

Finance income                 184            213        664            713
Finance costs                  186            173        443            740
                        ----------------------------------------------------

Finance income (costs) -
 net                            (2)            40        221            (27)
                        ----------------------------------------------------
Income (Loss) before
 income taxes                1,799          5,163      3,927         16,215
Provision for (Recovery
 of) income taxes               25          1,496       (301)         4,020
                        ----------------------------------------------------

Net income (loss) for
 the period                  1,774          3,667      4,228         12,195
                        ----------------------------------------------------
                        ----------------------------------------------------

Net income (loss)
 attributable to:
Subordinate Voting
 Shares and Multiple
 Voting Shares               1,501          3,608      4,030         11,464
Non-controlling interest       273             59        198            731
                        ----------------------------------------------------
                             1,774          3,667      4,228         12,195
                        ----------------------------------------------------
                        ----------------------------------------------------

Net income (loss) per
 Subordinate and
 Multiple Voting Share
Basic                         0.07           0.16       0.19           0.52
Diluted                       0.07           0.16       0.19           0.52
                        ----------------------------------------------------
                        ----------------------------------------------------

Dividends declared per
 Subordinate and
 Multiple                     0.08           0.07       0.23           0.23
  Voting Share            (CA$0.10)      (CA$0.10)  (CA$0.30)      (CA$0.30)
                        ----------------------------------------------------
                        ----------------------------------------------------

Total weighted average
 number of Subordinate
 and
  Multiple Voting Shares
Basic                   21,720,445     21,839,960 21,724,891     21,861,664
Diluted                 21,725,673     21,839,960 21,731,029     21,861,664
                        ----------------------------------------------------
                        ----------------------------------------------------


Velan Inc.
Condensed Interim Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(in thousands of U.S. dollars)
----------------------------------------------------------------------------
                       Three-month periods ended   Nine-month periods ended
                                     November 30                November 30
                               2016         2015         2016          2015
                                  $            $            $             $

Comprehensive income
 (loss)

Net income (loss) for
 the period                   1,774        3,667        4,228        12,195

Other comprehensive
 income (loss)
Foreign currency
 translation adjustment
 on foreign operations
 whose functional
 currency is other than
 the reporting currency
 (U.S. dollar)               (5,283)      (5,910)      (2,222)       (7,598)
                       -----------------------------------------------------

Comprehensive income
 (loss)                      (3,509)      (2,243)       2,006         4,597
                       -----------------------------------------------------
                       -----------------------------------------------------

Comprehensive income
 (loss) attributable
 to:
Subordinate Voting
 Shares and Multiple
 Voting Shares               (3,539)      (2,423)       1,553         4,105
Non-controlling
 interest                        30          180          453           492
                       -----------------------------------------------------

                             (3,509)      (2,243)       2,006         4,597
                       -----------------------------------------------------
                       -----------------------------------------------------


Velan Inc.
Condensed Interim Consolidated Statements of Changes in Equity
(Unaudited)
(in thousands of U.S. dollars, excluding number of shares)
----------------------------------------------------------------------------

                         Equity attributable to the Subordinate and Multiple
                                         Voting shareholders
                         ---------------------------------------------------
                                                                Accumulated
                                                                      other
                            Number of       Share Contributed comprehensive
                               shares     capital     surplus income (loss)
                         ---------------------------------------------------
Balance - February 29,
 2016                      21,737,135      74,345       5,941       (33,089)

Net income (loss) for the
 period                             -           -           -             -
Other comprehensive
 income (loss)                      -           -           -        (2,477)
                         ---------------------------------------------------

                           21,737,135      74,345       5,941       (35,566)

Effect of share-based
 compensation                       -           -          57             -
Share repurchase              (27,100)       (295)          -             -
Dividends
  Multiple Voting Shares            -           -           -             -
  Subordinate Voting
   Shares                           -           -           -             -
  Non-controlling
   interest                         -           -           -             -
                         ---------------------------------------------------

Balance - November 30,
 2016                      21,710,035      74,050       5,998       (35,566)
                         ---------------------------------------------------
                         ---------------------------------------------------


Balance - February 28,
 2015                      21,939,168      76,475       6,064       (27,652)

Net income (loss) for the
 period                             -           -           -             -
Other comprehensive
 income (loss)                      -           -           -        (7,359)
                         ---------------------------------------------------

                           21,939,168      76,475       6,064       (35,011)

Effect of share-based
 compensation                       -           -          77             -
Shares issued under Share
 Option Plan                   14,267         227        (227)            -
Share repurchase             (179,600)     (1,957)          -             -
Acquisition of non-
 controlling interest               -           -           -             -
Dividends
  Multiple Voting Shares            -           -           -             -
  Subordinate Voting
   Shares                           -           -           -             -
  Non-controlling
   interest                         -           -           -             -
                         ---------------------------------------------------

Balance - November 30,
 2015                      21,773,835      74,745       5,914       (35,011)
                         ---------------------------------------------------
                         ---------------------------------------------------


                          Equity attributable to
                           the Subordinate and
                             Multiple Voting
                               shareholders
                         ------------------------
                                                        Non-
                            Retained             controlling        Total
                            earnings       Total    interest       equity
                         -------------------------------------------------
Balance - February 29,
 2016                        280,380     327,577       5,542      333,119

Net income (loss) for the
 period                        4,030       4,030         198        4,228
Other comprehensive
 income (loss)                     -      (2,477)        255       (2,222)
                         -------------------------------------------------

                             284,410     329,130       5,995      335,125

Effect of share-based
 compensation                      -          57           -           57
Share repurchase                 (59)       (354)          -         (354)
Dividends
  Multiple Voting Shares      (3,572)     (3,572)          -       (3,572)
  Subordinate Voting
   Shares                     (1,393)     (1,393)          -       (1,393)
  Non-controlling
   interest                        -           -         (49)         (49)
                         -------------------------------------------------

Balance - November 30,
 2016                        279,386     323,868       5,946      329,814
                         -------------------------------------------------
                         -------------------------------------------------


Balance - February 28,
 2015                        283,724     338,611       6,482      345,093

Net income (loss) for the
 period                       11,464      11,464         731       12,195
Other comprehensive
 income (loss)                     -      (7,359)       (239)      (7,598)
                         -------------------------------------------------

                             295,188     342,716       6,974      349,690

Effect of share-based
 compensation                      -          77           -           77
Shares issued under Share
 Option Plan                       -           -           -            -
Share repurchase                (414)     (2,371)          -       (2,371)
Acquisition of non-
 controlling interest              -           -        (890)        (890)
Dividends
  Multiple Voting Shares      (3,670)     (3,670)          -       (3,670)
  Subordinate Voting
   Shares                     (1,376)     (1,376)          -       (1,376)
  Non-controlling
   interest                        -           -        (139)        (139)
                         -------------------------------------------------

Balance - November 30,
 2015                        289,728     335,376       5,945      341,321
                         -------------------------------------------------
                         -------------------------------------------------

Velan Inc.
Condensed Interim Consolidated Statements of Cash Flow
(Unaudited)
(in thousands of U.S. dollars)
----------------------------------------------------------------------------

                        Three-month periods ended  Nine-month periods ended
                                      November 30               November 30
                              2016           2015        2016          2015
                                 $              $           $             $

Cash flows from

Operating activities
Net income for the
 period                      1,774          3,667       4,228        12,195
Adjustments to
 reconcile net income
 to cash provided by
operating activities         1,743          2,935       7,002         8,342
Changes in non-cash
 working capital items      (2,641)         8,480      (4,375)       (7,929)
                       -----------------------------------------------------
Cash provided (used) by
 operating activities          876         15,082       6,855        12,608
                       -----------------------------------------------------

Investing activities
Short-term investments       1,620           (969)      3,076        (1,786)
Additions to property,
 plant and equipment        (2,718)        (3,588)     (5,991)       (7,714)
Additions to intangible
 assets                        (19)           (53)        (79)         (180)
Proceeds on disposal of
 property, plant and
 equipment, and
intangible assets                -             60         179           150
Acquisition of non-
 controlling interest            -              -           -          (890)
Net change in other
 assets                        215           (940)        348        (1,448)
                       -----------------------------------------------------
Cash provided (used) by
 investing activities         (902)        (5,490)     (2,467)      (11,868)
                       -----------------------------------------------------

Financing activities
Dividends paid to
 Subordinate and
 Multiple Voting
 shareholders               (1,649)        (1,650)     (4,952)       (5,170)
Dividends paid to non-
 controlling interest          (49)             -         (49)         (139)
Repurchase of shares          (195)        (1,145)       (354)       (2,371)
Short-term bank loans          (31)          (302)         (6)         (930)
Increase in long-term
 debt                            -          1,125           -         7,134
Repayment of long-term
 debt                       (2,051)        (1,692)     (5,323)       (5,916)
                       -----------------------------------------------------
Cash provided (used) by
 financing activities       (3,975)        (3,664)    (10,684)       (7,392)
                       -----------------------------------------------------

Effect of exchange rate
 differences on cash        (2,532)        (4,488)     (1,701)       (3,626)
                       -----------------------------------------------------

Net change in cash
 during the period          (6,533)         1,440      (7,997)      (10,278)

Net cash - Beginning of
 the period                 82,876         72,244      84,340        83,962
                       -----------------------------------------------------

Net cash - End of the
 period                     76,343         73,684      76,343        73,684
                       -----------------------------------------------------
                       -----------------------------------------------------

Net cash is composed
 of:
  Cash and cash
   equivalents              81,303         81,392      81,303        81,392
  Bank indebtedness         (4,960)        (7,708)     (4,960)       (7,708)
                       -----------------------------------------------------

                            76,343         73,684      76,343        73,684
                       -----------------------------------------------------
                       -----------------------------------------------------

Supplementary
 information
Interest received
 (paid)                         64             99         288           100
Income taxes reimbursed
 (paid)                     (2,070)        (2,198)     (5,275)       (6,047)

Contacts:
VELAN Inc.
Tom Velan
Chief Executive Officer
(514) 748-7743
(514) 748-8635 (FAX)

VELAN Inc.
Yves Leduc
President
(514) 748-7743
(514) 748-8635 (FAX)

VELAN Inc.
John D. Ball
Chief Financial Officer
(514) 748-7743
(514) 748-8635 (FAX)
Web: www.velan.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
DX World EXPO, LLC, a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of the 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to gre...
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 Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, 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.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, 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.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...