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Monday, September 21, 2009

Music Industry News - More Declines For Music Ringtones

More Declines For Music Ringtones: IBISWorld Forecasts Revenue To Drop For Second Consecutive Year, Skipping Mature Phase Of Life Cycle

LOS ANGELES- Sept 21 --The music ringtone market is within the decline stage of its short life cycle, according to industry research firm IBISWorld. The company forecasts industry revenue to decline for the second consecutive year - down 15 percent from its $880 million peak in 2007 - totalling just $750 million in 2009.
“Music ringtones practically boomed overnight, but with two consecutive years of decline it seems the industry is exiting just as rapidly as it entered,” said Toon van Beeck, senior analyst with IBISWorld. “And with the ringtone market already reaching its decline stage, its life cycle is only expected to last about 15 years.”

Normal life cycles consist of three phases: growth, mature and decline. Data indicates that the music ringtone market may have gone directly from growth to decline. If industry revenue peaked only two years ago and is already in decline, the mature phase was completely skipped or lasted for such a short period that it went unnoticed by most observers.

Surging demand of digital albums and singles, worth an estimated $1.94 billion, are the reason behind the eroding mobile ringtone market. Early ringtones were bought via text and cost consumers up to $5 a song. Today songs can be purchased for less than a dollar now that mobile phones can connect to the Internet and music can be stored on memory like a computer.

“Mobile Phones are now truly wireless Internet devices and allow consumers to download full songs for ringtones rather than the 30-second versions available in the past,” said van Beeck. “Providers like iTunes and Amazon.com have revolutionized the way we buy and use music, driving consumers to hang-up on ringtones.”

Related Reports:

Wireless Telecommunication Carriers: http://ibisworld.com/industry/retail.aspx?indid=1267&chid=1

Major Label Music Production: http://ibisworld.com/industry/default.aspx?indid=1004

Music Publishing: http://ibisworld.com/industry/summary.aspx?indid=1253&highlight=ringtone

Global Music Production & Distribution: http://ibisworld.com/globalindustry/retail.aspx?indid=2160&chid=1&rcid=0

Related Links:

Twitter: http://twitter.com/IBISWorld

Facebook: http://www.facebook.com/pages/Santa-Monica-CA/IBISWorld/121347533189

About IBISWorld, Inc.

Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every U.S. industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information visit www.ibisworld.com or call 1-800-330-3772.

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Tuesday, July 21, 2009

Apple Inc. (NasdaqNM:AAPL) Reports Third Quarter Results-Best Non-Holiday Quarter Revenue and Earnings in Apple History

Apple Inc. (NasdaqNM:AAPL) Reports Third Quarter Results-Best Non-Holiday Quarter Revenue and Earnings in Apple History

CUPERTINO, Calif., July 21 2009 -- Apple Inc. (NasdaqNM:AAPL) today announced financial results for its fiscal 2009 third quarter ended June 27, 2009. The Company posted revenue of $8.34 billion and a net quarterly profit of $1.23 billion, or $1.35 per diluted share. These results compare to revenue of $7.46 billion and net quarterly profit of $1.07 billion, or $1.19 per diluted share, in the year-ago quarter. Gross margin was 36.3 percent, up from 34.8 percent in the year-ago quarter. International sales accounted for 44 percent of the quarter's revenue. In accordance with the subscription accounting treatment required by GAAP, the Company recognizes revenue and cost of goods sold for iPhone(TM) and Apple TV® over their estimated economic lives. Adjusting GAAP sales and product costs to eliminate the impact of subscription accounting, the corresponding non-GAAP measures* for the quarter are $9.74 billion of "Adjusted Sales" and $1.94 billion of "Adjusted Net Income."

Apple sold 2.6 million Macintosh® computers during the quarter, representing a four percent unit increase over the year-ago quarter. The Company sold 10.2 million iPods during the quarter, representing a seven percent unit decline from the year-ago quarter. Quarterly iPhones sold were 5.2 million, representing 626 percent unit growth over the year-ago quarter.

"We're making our most innovative products ever and our customers are responding," said Steve Jobs, Apple's CEO. "We're thrilled to have sold over 5.2 million iPhones during the quarter and users have downloaded more than 1.5 billion applications from our App Store in its first year."

"We're extremely pleased to report record non-holiday quarter revenue and earnings and quarterly cash flow from operations of $2.3 billion," said Peter Oppenheimer, Apple's CFO. "Looking ahead to the fourth fiscal quarter of 2009, we expect revenue in the range of about $8.7 billion to $8.9 billion and we expect diluted earnings per share in the range of about $1.18 to $1.23."

Apple will provide live streaming of its Q3 2009 financial results conference call utilizing QuickTime®, Apple's standards-based technology for live and on-demand audio and video streaming. The live webcast will begin at 2:00 p.m. PDT on July 21, 2009 at http://www.apple.com/quicktime/qtv/earningsq309/ and will also be available for replay for approximately two weeks thereafter.

*Non-GAAP Financial Measures

During fiscal 2007, the Company began selling iPhone and Apple TV. Because the Company may provide unspecified features and additional software products to iPhone and Apple TV customers in the future free of charge, in accordance with GAAP the Company recognizes revenue and cost of goods sold for these products on a straight-line basis over their economic lives, with any loss recognized at the time of sale. Currently, the economic lives of these products are estimated to be 24 months. This accounting treatment, referred to as subscription accounting, results in the deferral of almost all of the revenue and cost of goods sold during the quarter in which the products are sold to the customer. Other costs related to these products, including costs for engineering, sales, marketing and warranty, are expensed as incurred. Further, the costs to develop any future unspecified features and additional software products that may eventually be provided to customers also are expensed as incurred. In contrast, the Company generally recognizes revenue and cost of goods sold for its other products, such as Macs and iPods, at the time of sale, as the Company does not provide future unspecified features or additional software products to those customers free of charge.

In July 2008, the Company began selling iPhone 3G, the second-generation iPhone, and at that time significantly expanded distribution by establishing carrier relationships in over 70 countries. Unit sales of iPhone 3G have been significantly greater than sales of the first-generation iPhone. During the first quarter of iPhone 3G availability ended September 27, 2008, 6.9 million units were sold, exceeding the 6.1 million first-generation iPhone units sold in the prior five quarters combined.

In June 2009, the Company began selling iPhone 3GS, the third-generation iPhone. Unit sales of iPhones continued to be significant in the quarter ended June 27, 2009, with 5.2 million iPhones sold. As a result, the amount of revenue and product cost related to those iPhone sales that the Company deferred for recognition in future periods under subscription accounting was substantial. While the GAAP results provide significant insight into the Company's operations and financial position, management continues to supplement its analysis of the business using financial measures that look at the total sales, related product costs and resulting income for iPhones and Apple TVs sold to customers during the period. The presentation at the end of this press release includes the following non-GAAP measures: "Adjusted Sales," "Adjusted Cost of Sales," "Adjusted Gross Margin," "Adjusted Operating Margin," "Adjusted Net Income" and "Adjusted Diluted Earnings per Share." These financial measures are not consistent with GAAP because they do not reflect the deferral of revenue and product costs for recognition in later periods. The above-mentioned non-GAAP measures are generated by adjusting the related GAAP measures solely to reverse the effect of subscription accounting. The Company uses these financial measures, along with other measures discussed below, to provide additional insight into current operating and business trends not readily apparent from the GAAP results.

Management uses Adjusted Sales to evaluate the Company's growth rate, revenue mix and performance relative to competitors. Given the impact of iPhone unit sales during the quarter ended June 27, 2009, Adjusted Sales provides a meaningful measurement of the Company's growth by reflecting amounts generally due to Apple at the time of sale related to products sold within the period. Further, eliminating the effects of deferred revenue (current sales deferred to future periods and prior sales being recognized currently) provides more transparency into the Company's underlying sales trends. Management uses the non-GAAP measures of "Adjusted Cost of Sales," "Adjusted Gross Margin" and "Adjusted Operating Margin" to measure the Company's operating performance based on current period iPhone and Apple TV sales and to facilitate ongoing operating decisions. Additionally, because the Company recognizes engineering, sales, and marketing expenses as incurred, including expenses related to iPhone and Apple TV, management uses Adjusted Sales to evaluate returns on those costs, to manage year-over-year operating expense growth, and to budget future expenses. Furthermore, because they are considered meaningful indicators of current business performance, the non-GAAP measures "Adjusted Sales" and "Adjusted Operating Margin" are metrics that factor into the determination of management compensation beginning in fiscal year 2009. Finally, management uses the non-GAAP measures of "Adjusted Net Income" and "Adjusted Diluted Earnings per Share" to measure the Company's operating performance based on current period iPhone and Apple TV sales, to facilitate ongoing operating decisions, and compare performance relative to competitors.

Management believes that these non-GAAP financial measures, when taken together with the corresponding consolidated GAAP measures and related segment information, provide incremental insight into the underlying factors and trends affecting both the Company's performance and its cash generating potential. Management believes these non-GAAP measures increase the transparency of the Company's current results and enable investors to more fully understand trends in its current and future performance.

Cautions on Use of Non-GAAP Measures

As noted previously, these non-GAAP financial measures are not consistent with GAAP because they do not reflect the deferral of revenue and product costs for recognition in later periods. These non-GAAP financial measures do not adjust for the costs associated with the Company's intention to provide unspecified new features and software to purchasers of iPhone and Apple TV products. These costs are expensed as incurred under GAAP's subscription accounting model, and are not adjusted in these non-GAAP financial measures. As such, these non-GAAP financial measures are not intended to reflect in a given period all of the costs of sales made in that period. Rather, the non-GAAP financial measures presented below are intended for the limited purpose of presenting performance measures that include the total sales, related product costs, and resulting income for iPhones and Apple TVs in the period those products are sold to customers.

Management believes investors will benefit from greater transparency in referring to these non-GAAP financial measures when assessing the Company's operating results, as well as when forecasting and analyzing future periods. However, management recognizes that:

these non-GAAP financial measures are limited in their usefulness and should be considered only as a supplement to the Company's GAAP financial measures;these non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Company's GAAP financial measures; these non-GAAP financial measures should not be considered to be superior to the Company's GAAP financial measures; these non-GAAP financial measures were not prepared in accordance with GAAP and investors should not assume that the non-GAAP financial measures presented in this earnings release were prepared under a comprehensive set of rules or principles;these non-GAAP financial measures are not presented with comparable non-GAAP financial measures for prior periods, although management intends to continue to track and present these non-GAAP financial measures for future periods; anduntil management presents comparable non-GAAP financial measures for additional periods, these non-GAAP financial measures do not provide any information regarding trends in the Company's performance and, as such, investors should not assume that the presentation of these non-GAAP financial measures reflects any positive or negative trends in the Company's performance.Further, these non-GAAP financial measures may be unique to the Company, as they may be different from non-GAAP financial measures used by other companies. As such, this presentation of non-GAAP financial measures may not enhance the comparability of the Company's results to the results of other companies.

A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure or measures appears at the end of this press release.

This press release contains forward-looking statements including without limitation those about the Company's estimated revenue and earnings per share. These statements involve risks and uncertainties, and actual results may differ. Risks and uncertainties include without limitation the effect of competitive and economic factors, and the Company's reaction to those factors, on consumer and business buying decisions with respect to the Company's products; potential litigation from the matters investigated by the special committee of the board of directors and the restatement of the Company's consolidated financial statements; continued competitive pressures in the marketplace; the ability of the Company to deliver to the marketplace and stimulate customer demand for new programs, products, and technological innovations on a timely basis; the effect that product transitions, changes in product pricing or mix, and/or increases in component costs could have on the Company's gross margin; the inventory risk associated with the Company's need to order or commit to order product components in advance of customer orders; the continued availability on acceptable terms, or at all, of certain components and services essential to the Company's business currently obtained by the Company from sole or limited sources; the effect that the Company's dependency on manufacturing and logistics services provided by third parties may have on the quality, quantity or cost of products manufactured or services rendered; the Company's reliance on the availability of third-party digital content and applications; the potential impact of a finding that the Company has infringed on the intellectual property rights of others; the effect that product and service quality problems could have on the Company's sales and operating profits; the Company's reliance on sole service providers for iPhone in certain countries; war, terrorism, public health issues, and other circumstances that could disrupt supply, delivery, or demand of products; the continued service and availability of key executives and employees; unfavorable results of other legal proceedings; and the Company's dependency on the performance of distributors and other resellers of the Company's products. More information on potential factors that could affect the Company's financial results is included from time to time in the Company's public reports filed with the SEC, including the Company's Form 10-K for the fiscal year ended September 27, 2008, its Form 10-Q for the quarter ended December 27, 2008, its Form 10-Q for the quarter ended March 28, 2009, and its Form 10-Q for the quarter ended June 27, 2009 to be filed with the SEC. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

Apple ignited the personal computer revolution in the 1970s with the Apple II and reinvented the personal computer in the 1980s with the Macintosh. Today, Apple continues to lead the industry in innovation with its award-winning computers, OS X operating system and iLife and professional applications. Apple is also spearheading the digital media revolution with its iPod portable music and video players and iTunes online store, and has entered the mobile phone market with its revolutionary iPhone.

© 2009 Apple Inc. All rights reserved. Apple, the Apple logo, Mac, Mac OS, Macintosh, iPhone, Apple TV and QuickTime are trademarks of Apple. Other company and product names may be trademarks of their respective owners.

full financial tables see at http://www.apple.com

Monday, February 09, 2009

New singer/songwriter launches website

New singer/songwriter launches website

ALLOWAY, NEW JERSEY February 9, 2009, 2009.
Guitarist/singer/songwriter Zach Caruso will be launching his new website which will offer viewers a variety of information about the new, young artist. The site, http://www.zachcaruso.com, includes a biography and news updates, photos, video, and listings of upcoming performances, as well as streaming audio clips of Zachs music. In addition, the site will also feature merchandise including t-shirts and stickers.

Viewers can also visit Zachs MySpace page for more information at http://www.myspace.com/zachcarusomusic.


The 22-year-old south Jersey native began playing and writing music at an early age, and pulls from a wide-range of influences to create his own eclectic style. His passion for music and penchant for variety has led him to incorporate acoustic, electric, and slide guitar-infused melodies with strong vocals and mature songwriting to produce a sound that stands out among his peers.


The site will be updated regularly, with new photos being added, as well as information on where and when Zach will be playing live shows in the area. Zach also just wrapped up the recording of five new songs. These five tracks, plus four more songs recorded in late 2007, will appear on his new album Body and Soul, slated for release in October of this year. The album will be on sale at http://www.zachcaruso.com .


The nine songs comprising Body and Soul will also be available for individual download on ITunes and MSN Rhapsody, as well as http://cdbaby.com/cd/zachcaruso


In addition, Zach recently wrapped up filming on the music video for his single Jesus Walks, a controversial song that is a call to action for all listeners, and deals with the record-breaking murder rates in Philadelphia, PA. The video should be completed and available to view on his website, http://www.zachcaruso.com, as well as youtube.com, by early 2009.


Contact:
Zach Caruso
zach@zachcaruso.com

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