NEW YORK STATE AND CITY OF NEW YORK TO HONOR NYC LATIN MUSIC LEGEND AND KING IN CEREMONY
MAJOR ANNOUNCEMENT OF TRIBUTE CONCERT IN MAMBO KING'S MEMORY
New York State Senate President Malcolm A. Smith, Assemblywoman Carmen E. Arroyo and William Ferro of 1800-Cantaso will join Tito Puente, Jr. in a special ceremony and press conference honoring Latin music king and legend Tito Puente tomorrow, Thursday, July 15 at 4:00 PM at 424 W. 33rd St., Suite 440 in Manhattan, NY. They will be announcing a major tribute concert for Tito Puente featuring some of the nation's best performers will be announced.
City of New York officials will be making a special presentation. Hundreds of Latino government, civic, community and business leaders will be attending as well. It has been a decade since the music icon has passed away.
Tito Puente was born on April 20, 1923, in New York City. He is best known for the dance-oriented mambo and Latin jazz music he created throughout a musical career spanning over 50 years, during which he recorded 120 albums, composed more than 450 compositions, and had over 2,000 arrangements to his credit. He performed in over 10,000 events around the world. Puente received numerous awards for his work, including five Grammy Awards. He was popularly referred to as "The King of Latin Music" or "El Rey" ("The King"). Tito Puente was featured in the film "The Mambo Kings" as himself.
WHEN: Thursday, July 15 at 4:00 PM
WHERE: 424 W. 33rd St., Suite 440 in Manhattan, NY
Contact Sharon David
212-244-7676 (Office) 973-204-6412 (Cell)
Wednesday, July 14, 2010
Sunday, July 04, 2010
Deepwater Rising ; Calling out to Nations to Make a Clean Start ...
Deepwater Rising ; Calling out to Nations to Make a Clean Start ...
Deepwater Rising; Original Acoustic by Taylor Van Zant about the Gulf Coast Oil Spill and cry out to nations to make a clean start ...
We can all walk on water
If the Oil gets too thick
Ain't the work of heavens
Its just an oil slick
As the water runs darker
The ocean cries out
It sends back our Karma
What's this all about?
Chorus -
Deepwater keeps rising
WIth a black broken heart
Calling out to Nations
To make a clean start
repeat chorus
We can all walk on water
As the tears hit our feet
As we look below us
Its our souls we meet
Tell the life we've poisoned
With toxins and oil
We'll bury your sorrow
In the deepwater soil
more....
http://www.youtube.com/watch?v=esb7Z1irazo
Copyright June 2010
... (more info)
(less info)
Tuesday, April 20, 2010
Manufactured Music - Where are the purists ?
Manufactured Music - Where are the purists ?
I don’t think I can survive watching another Music Award Show with Taylor Swift singing live. No offense, she seems like a nice kid , but to anyone who loves music this generation of manufactured music from Taylor Swift to Justin Bieber to Miley Cyrus or the Jonas Brothers is enough to have Townes Van Zandt turn over in his grave .
I was lucky enough to be a teenager in the 70’s and grew up listening to some of the best rock music of all time . I ate real food, was active, did not have a cell phone or Facebook and listened to real music. We loved music and the love affair never stopped.
The world today is run by 12 year old girls following manufactured music , eating manufactured and processes food and living their lives online.
It’s a sad state of our society. Where are the purists of today? Bruce Springsteen, who is one of the greatest songwriters of my era and today never had a number one song…
The world has gone crazy. My hope for this generation is that they can grow up to one day listen to Bob Dylan , while eating raw or organic food , drinking a great glass of red wine discussing his lyrics with real friends , in person, face to face .
If society is historically judged by its culture and arts – what are we saying today ?
I don’t think I can survive watching another Music Award Show with Taylor Swift singing live. No offense, she seems like a nice kid , but to anyone who loves music this generation of manufactured music from Taylor Swift to Justin Bieber to Miley Cyrus or the Jonas Brothers is enough to have Townes Van Zandt turn over in his grave .
I was lucky enough to be a teenager in the 70’s and grew up listening to some of the best rock music of all time . I ate real food, was active, did not have a cell phone or Facebook and listened to real music. We loved music and the love affair never stopped.
The world today is run by 12 year old girls following manufactured music , eating manufactured and processes food and living their lives online.
It’s a sad state of our society. Where are the purists of today? Bruce Springsteen, who is one of the greatest songwriters of my era and today never had a number one song…
The world has gone crazy. My hope for this generation is that they can grow up to one day listen to Bob Dylan , while eating raw or organic food , drinking a great glass of red wine discussing his lyrics with real friends , in person, face to face .
If society is historically judged by its culture and arts – what are we saying today ?
Monday, February 22, 2010
ASCAP Elevates Nashville to Regional Office to Serve all Musical Genres
ASCAP Elevates Nashville to Regional Office to Serve all Musical Genres
Industry Veteran Tim DuBois to Lead Expanded Nashville Office
ASCAP CEO John LoFrumento announced a major expansion of the company’s Nashville operations which will be elevated to a Regional Office serving all genres of music.
“The City of Nashville commends ASCAP for recognizing Music City’s evolution into a vibrant mecca, known worldwide for developing musical talent of all genres”
.Effective immediately, the newly established ASCAP Nashville Regional Office will be overseen by Nashville-based industry veteran Tim DuBois, who has been appointed Vice-President and Managing Executive of the operations, reporting to ASCAP Senior Vice-President and head of Domestic Membership Randy Grimmett. Connie Bradley, Senior Vice-President of ASCAP Nashville, will continue to serve the company as a Senior Advisor, reporting to Grimmett, in a role she had been discussing with LoFrumento for some time. In her new role, Bradley will advise the organization on trends and developments, travel on behalf of ASCAP and work closely with high-profile writers on special projects.
As a result of ASCAP’s expanded emphasis and investment in Nashville, the new Regional Office will now serve a broader array of members across musical genres and a multi-state geographic footprint while bolstering its services to new and existing members, according to LoFrumento.
“The City of Nashville commends ASCAP for recognizing Music City’s evolution into a vibrant mecca, known worldwide for developing musical talent of all genres,” Nashville Mayor Karl Dean said. “As the 2010 Grammys indicated, Nashville is producing today’s most popular music, and boasts one of the most energetic and talented pools of writers and performers in the country.”
The expansion reflects Nashville’s growing importance as a global music capital that is a magnet for songwriters and publishers in a spectrum of genres. Nashville is today the launching pad for many of the most talented writers and performers in all genres of music and the ASCAP office will respond to this growth and change in the marketplace by taking on a regional approach to its core mission in Nashville. ASCAP also expects to expand the geographic region the office serves, serving other parts of Tennessee, as well as Texas, Alabama, Georgia, Mississippi, Oklahoma, the Carolinas, Florida and Virginia, among others, LoFrumento said.
“From Brad Paisley to Paramore, from the Kings of Leon to Alan Jackson, Nashville is the home to many of the most exciting developments in today’s music industry,” said LoFrumento. “Our office, while continuing to serve the needs of Country and Christian music’s greatest writers and publishers, will expand our vision and strategy to also meet the needs of the Pop, International, Urban and Folk writers, as well as film and television composers, who work, live and thrive in this region.”
In announcing DuBois’ appointment, Grimmett said, “ASCAP is privileged that an executive of Tim’s stature has joined us in this leadership role. Tim’s vision of the music industry and of Nashville’s prominent role dovetail perfectly with our expanded focus in Nashville. He will direct the daily operations of our team and office here, while assuring that ASCAP’s importance and impact grow even greater. We look forward to helping Tim fulfill that mission during this exciting time of expansion for ASCAP.”
DuBois stated, “I am excited about this opportunity to lead ASCAP’s Nashville Regional office. I believe ASCAP’s recognition of the influx and development of other successful genres of music in Nashville speaks volumes about the company’s commitment to our whole community. In addition, I hope to be able to address the growing needs of the business professionals who represent all genres of music here and to align the mission, goals and business strategies of this office with those of ASCAP’s Domestic Membership.”
DuBois has had a long career as one of the most successful executives in the recording industry having led both Arista Records and Universal South Records. A Clinical Professor of Management at Vanderbilt’s Owen School of Management and long-time ASCAP member, DuBois’ storied career has included recognition as a songwriter, manager, record executive and producer. Five songs that he has co-written have been No. 1 hits. DuBois’ songs have received numerous awards, and two Grammy Award nominations. As a producer, his accolades have included over twenty No. 1 and top 5 singles and more than a dozen gold, platinum, and double platinum albums. Tapped to open a Nashville division of Arista Records in 1989, DuBois discovered and signed Alan Jackson, Brooks & Dunn, Brad Paisley, BlackHawk, Pam Tillis and Diamond Rio. DuBois quickly turned the new label into one of the most successful in country music history, selling more than 75 million records worldwide in just four years.
After serving as president of Gaylord Entertainment’s Creative Content Group in 2001, DuBois went on to head Universal South Records with producer Tony Brown in 2002, a position he held until 2006. DuBois was recognized as the most powerful person in the music industry by Business Nashville in 1996, Record Executive of the year in 1992 by Pollstar, and was included in Entertainment Weekly’s list of 101 Most Powerful People in Entertainment in 1994 and 1995.
DuBois currently sits on the Board of Directors of the Country Music Association and the Academy of Country Music, and has served as a board member of the Country Music Foundation, Nashville Songwriters Association International, Leadership Music, and the National Academy of Recording Arts and Sciences. He is a co-founder and board member of MyWerx LLC, the former chairman of the Nashville Convention and Visitors Bureau, and is a board member of Sun Trust Bank in Nashville.
“We applaud Connie Bradley’s contributions to ASCAP over her 34 years with our organization,” said LoFrumento. “Her name will always be synonymous with ASCAP Nashville. She is a dedicated and hardworking executive, and we are thrilled that her vast knowledge base will continue to inform our strategic plans as an advisor for us.”
“John LoFrumento and I have been discussing this transition and new role for some time and I am pleased that these changes have come to fruition,” Bradley said. “After 34 years, this new role as a Strategic Advisor is an exciting change for me. I can focus on the strategic direction and vision for ASCAP, an organization I have loved for my entire career. I am also looking forward to having a bit more time to spend with my family. I am delighted to welcome my good friend Tim DuBois to ASCAP and to work with him during such a dynamic time of change as our organization broadens to meet the expanded role of Nashville as a music capital.”
About ASCAP
ASCAP is a membership association of more than 370,000 U.S. composers, songwriters, lyricists, and music publishers of every kind of music. Through agreements with affiliated international societies, ASCAP also represents hundreds of thousands of music creators worldwide. ASCAP is the only U.S. performing rights organization created and controlled by composers, songwriters and music publishers, with a Board of Directors elected by and from the membership. ASCAP protects the rights of its members by licensing and distributing royalties for the non-dramatic public performances of their copyrighted works. ASCAP's licensees encompass all who want to perform copyrighted music publicly. ASCAP makes giving and obtaining permission to perform music simple for both creators and users of music.
Industry Veteran Tim DuBois to Lead Expanded Nashville Office
ASCAP CEO John LoFrumento announced a major expansion of the company’s Nashville operations which will be elevated to a Regional Office serving all genres of music.
“The City of Nashville commends ASCAP for recognizing Music City’s evolution into a vibrant mecca, known worldwide for developing musical talent of all genres”
.Effective immediately, the newly established ASCAP Nashville Regional Office will be overseen by Nashville-based industry veteran Tim DuBois, who has been appointed Vice-President and Managing Executive of the operations, reporting to ASCAP Senior Vice-President and head of Domestic Membership Randy Grimmett. Connie Bradley, Senior Vice-President of ASCAP Nashville, will continue to serve the company as a Senior Advisor, reporting to Grimmett, in a role she had been discussing with LoFrumento for some time. In her new role, Bradley will advise the organization on trends and developments, travel on behalf of ASCAP and work closely with high-profile writers on special projects.
As a result of ASCAP’s expanded emphasis and investment in Nashville, the new Regional Office will now serve a broader array of members across musical genres and a multi-state geographic footprint while bolstering its services to new and existing members, according to LoFrumento.
“The City of Nashville commends ASCAP for recognizing Music City’s evolution into a vibrant mecca, known worldwide for developing musical talent of all genres,” Nashville Mayor Karl Dean said. “As the 2010 Grammys indicated, Nashville is producing today’s most popular music, and boasts one of the most energetic and talented pools of writers and performers in the country.”
The expansion reflects Nashville’s growing importance as a global music capital that is a magnet for songwriters and publishers in a spectrum of genres. Nashville is today the launching pad for many of the most talented writers and performers in all genres of music and the ASCAP office will respond to this growth and change in the marketplace by taking on a regional approach to its core mission in Nashville. ASCAP also expects to expand the geographic region the office serves, serving other parts of Tennessee, as well as Texas, Alabama, Georgia, Mississippi, Oklahoma, the Carolinas, Florida and Virginia, among others, LoFrumento said.
“From Brad Paisley to Paramore, from the Kings of Leon to Alan Jackson, Nashville is the home to many of the most exciting developments in today’s music industry,” said LoFrumento. “Our office, while continuing to serve the needs of Country and Christian music’s greatest writers and publishers, will expand our vision and strategy to also meet the needs of the Pop, International, Urban and Folk writers, as well as film and television composers, who work, live and thrive in this region.”
In announcing DuBois’ appointment, Grimmett said, “ASCAP is privileged that an executive of Tim’s stature has joined us in this leadership role. Tim’s vision of the music industry and of Nashville’s prominent role dovetail perfectly with our expanded focus in Nashville. He will direct the daily operations of our team and office here, while assuring that ASCAP’s importance and impact grow even greater. We look forward to helping Tim fulfill that mission during this exciting time of expansion for ASCAP.”
DuBois stated, “I am excited about this opportunity to lead ASCAP’s Nashville Regional office. I believe ASCAP’s recognition of the influx and development of other successful genres of music in Nashville speaks volumes about the company’s commitment to our whole community. In addition, I hope to be able to address the growing needs of the business professionals who represent all genres of music here and to align the mission, goals and business strategies of this office with those of ASCAP’s Domestic Membership.”
DuBois has had a long career as one of the most successful executives in the recording industry having led both Arista Records and Universal South Records. A Clinical Professor of Management at Vanderbilt’s Owen School of Management and long-time ASCAP member, DuBois’ storied career has included recognition as a songwriter, manager, record executive and producer. Five songs that he has co-written have been No. 1 hits. DuBois’ songs have received numerous awards, and two Grammy Award nominations. As a producer, his accolades have included over twenty No. 1 and top 5 singles and more than a dozen gold, platinum, and double platinum albums. Tapped to open a Nashville division of Arista Records in 1989, DuBois discovered and signed Alan Jackson, Brooks & Dunn, Brad Paisley, BlackHawk, Pam Tillis and Diamond Rio. DuBois quickly turned the new label into one of the most successful in country music history, selling more than 75 million records worldwide in just four years.
After serving as president of Gaylord Entertainment’s Creative Content Group in 2001, DuBois went on to head Universal South Records with producer Tony Brown in 2002, a position he held until 2006. DuBois was recognized as the most powerful person in the music industry by Business Nashville in 1996, Record Executive of the year in 1992 by Pollstar, and was included in Entertainment Weekly’s list of 101 Most Powerful People in Entertainment in 1994 and 1995.
DuBois currently sits on the Board of Directors of the Country Music Association and the Academy of Country Music, and has served as a board member of the Country Music Foundation, Nashville Songwriters Association International, Leadership Music, and the National Academy of Recording Arts and Sciences. He is a co-founder and board member of MyWerx LLC, the former chairman of the Nashville Convention and Visitors Bureau, and is a board member of Sun Trust Bank in Nashville.
“We applaud Connie Bradley’s contributions to ASCAP over her 34 years with our organization,” said LoFrumento. “Her name will always be synonymous with ASCAP Nashville. She is a dedicated and hardworking executive, and we are thrilled that her vast knowledge base will continue to inform our strategic plans as an advisor for us.”
“John LoFrumento and I have been discussing this transition and new role for some time and I am pleased that these changes have come to fruition,” Bradley said. “After 34 years, this new role as a Strategic Advisor is an exciting change for me. I can focus on the strategic direction and vision for ASCAP, an organization I have loved for my entire career. I am also looking forward to having a bit more time to spend with my family. I am delighted to welcome my good friend Tim DuBois to ASCAP and to work with him during such a dynamic time of change as our organization broadens to meet the expanded role of Nashville as a music capital.”
About ASCAP
ASCAP is a membership association of more than 370,000 U.S. composers, songwriters, lyricists, and music publishers of every kind of music. Through agreements with affiliated international societies, ASCAP also represents hundreds of thousands of music creators worldwide. ASCAP is the only U.S. performing rights organization created and controlled by composers, songwriters and music publishers, with a Board of Directors elected by and from the membership. ASCAP protects the rights of its members by licensing and distributing royalties for the non-dramatic public performances of their copyrighted works. ASCAP's licensees encompass all who want to perform copyrighted music publicly. ASCAP makes giving and obtaining permission to perform music simple for both creators and users of music.
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.
Published on Investorideas.com and Musicindustrystocks.comResearch music stocks - Music Industry Stocks Directory Investorideas.com Membership- Research Green Stocks Directory, Energy Stocks, Investors Newsletter and more… Helping find your best stock pick with our stock directories -Get Members only Restricted Content including the complete renewable energy stocks directory, water stocks directory, natural gas, oil and gas, biotech, defense and more coming soon. Members get access to 8 stock directories and the well known investor newsletter, the Insiders Corner. Coming soon – gold stocks directory.http://www.investorideas.com/membership/
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.
Published on Investorideas.com and Musicindustrystocks.comResearch music stocks - Music Industry Stocks Directory Investorideas.com Membership- Research Green Stocks Directory, Energy Stocks, Investors Newsletter and more… Helping find your best stock pick with our stock directories -Get Members only Restricted Content including the complete renewable energy stocks directory, water stocks directory, natural gas, oil and gas, biotech, defense and more coming soon. Members get access to 8 stock directories and the well known investor newsletter, the Insiders Corner. Coming soon – gold stocks directory.http://www.investorideas.com/membership/
Investors and Traders - Publish Your Best Music Stock Picks and Stock Profiles On Investorideas.com
Investors and Traders - Publish Your Best Music Stock Picks and Stock Profiles On Investorideas.com
“Big Ideas for the Small Cap Investor "; Sharing Trading Ideas and Investor Ideas
Delta B.C., September 21, 2009 - www.InvestorIdeas.com, a leading investor research portal specialized in sector investing announces a new content submission service for investors and traders to publish and share their stock picks and stock profiles. True to the Investor Ideas theme and logo- “Big Ideas for the Small Cap Investor”, the new content submission gives investors direct access to other investors on the site.
The Stock profiles and stock picks include the company’s name, symbol, exchange, sector, current stock price and a profile written by investors. Investorideas.com covers multiple sectors from renewable energy, to water, to mining ,tech, digital media and music stocks.
The new content, entitled, "Your Best Investor Ideas at Investorideas.com" Stock Picks from Investors. The free content publishing service for investors gives investors a platform to showcase their stock picking expertise and share results with other online traders and investors .
Publish Your Stock Profile – Tell other investors about your best stock pick!
http://www.investorideas.com/membership/investor-ideas-stocks-submission.asp
Terms and Conditions of Use: Please review the following terms and conditions before submitting.
*For Investors use only - no PR, IR Firms or Company IR
*Stocks must trade at a minimum of $0.15
*No Pink Sheet Stocks
Investorideas.com Additional Publishing Services:
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Article Submission - Submit articles and research reports online
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Investorideas.com Membership- Research Green Stocks Directory, Energy Stocks, Investors Newsletter and more…
Helping find your best stock pick with our stock directories -
Get Members only Restricted Content including the complete renewable energy stocks directory, water stocks directory, natural gas, oil and gas, biotech, defense and more coming soon. Members get access to 8 stock directories and the well known investor newsletter, the Insiders Corner. Coming soon – gold stocks directory.
http://www.investorideas.com/membership/
About Our Green Investor Portals:
www.RenewableEnergyStocks.com® is one of several green investor portals within Investorideas.com and provides investors with stock news, exclusive articles and financial columnists, audio interviews, investor conferences, Blogs, and a directory of stocks within the renewable energy sector.
Visit the Investorideas.com Green Investor Portals: www.RenewableEnergyStocks.com ®, www.FuelCellCarNews.com ®, www.EnvironmentStocks.com, www.Water-Stocks.com and www.GreentechInvestor.com all within the Investorideas.com hub.
About InvestorIdeas.com:
Investorideas.com creates a meeting place for investing ideas to take form and come to life in an entrepreneurial environment, servicing the needs of small investors and start- up companies to large conglomerates! We cover multiple industry sectors but specialize in environmental and water.
Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. Disclosure: Investorideas is compensated by featured companies, news submissions and online advertising.
Disclosure - www.InvestorIdeas.com/About/Disclaimer.asp, http://www.investorideas.com/About/News/Clientspecifics.asp
For more information contact:
Dawn Van Zant 800.665.0411
Email: dvanzant@investorideas.com or Cali at cvanzant@investorideas.com
“Big Ideas for the Small Cap Investor "; Sharing Trading Ideas and Investor Ideas
Delta B.C., September 21, 2009 - www.InvestorIdeas.com, a leading investor research portal specialized in sector investing announces a new content submission service for investors and traders to publish and share their stock picks and stock profiles. True to the Investor Ideas theme and logo- “Big Ideas for the Small Cap Investor”, the new content submission gives investors direct access to other investors on the site.
The Stock profiles and stock picks include the company’s name, symbol, exchange, sector, current stock price and a profile written by investors. Investorideas.com covers multiple sectors from renewable energy, to water, to mining ,tech, digital media and music stocks.
The new content, entitled, "Your Best Investor Ideas at Investorideas.com" Stock Picks from Investors. The free content publishing service for investors gives investors a platform to showcase their stock picking expertise and share results with other online traders and investors .
Publish Your Stock Profile – Tell other investors about your best stock pick!
http://www.investorideas.com/membership/investor-ideas-stocks-submission.asp
Terms and Conditions of Use: Please review the following terms and conditions before submitting.
*For Investors use only - no PR, IR Firms or Company IR
*Stocks must trade at a minimum of $0.15
*No Pink Sheet Stocks
Investorideas.com Additional Publishing Services:
News Release Submission – Publish your news release on our site and news RSS feeds – have your news read by thousand of investors each day! http://www1.investorideas.com/NewsUploader/Default.aspx
Company Profile Submission – Publish your company profile by industry sector
http://www.investorideas.com/Profile/Submission.asp
Article Submission - Submit articles and research reports online
http://www1.investorideas.com/NewsUploader/Submit_Article/Default.aspx
Investorideas.com Membership- Research Green Stocks Directory, Energy Stocks, Investors Newsletter and more…
Helping find your best stock pick with our stock directories -
Get Members only Restricted Content including the complete renewable energy stocks directory, water stocks directory, natural gas, oil and gas, biotech, defense and more coming soon. Members get access to 8 stock directories and the well known investor newsletter, the Insiders Corner. Coming soon – gold stocks directory.
http://www.investorideas.com/membership/
About Our Green Investor Portals:
www.RenewableEnergyStocks.com® is one of several green investor portals within Investorideas.com and provides investors with stock news, exclusive articles and financial columnists, audio interviews, investor conferences, Blogs, and a directory of stocks within the renewable energy sector.
Visit the Investorideas.com Green Investor Portals: www.RenewableEnergyStocks.com ®, www.FuelCellCarNews.com ®, www.EnvironmentStocks.com, www.Water-Stocks.com and www.GreentechInvestor.com all within the Investorideas.com hub.
About InvestorIdeas.com:
Investorideas.com creates a meeting place for investing ideas to take form and come to life in an entrepreneurial environment, servicing the needs of small investors and start- up companies to large conglomerates! We cover multiple industry sectors but specialize in environmental and water.
Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. Disclosure: Investorideas is compensated by featured companies, news submissions and online advertising.
Disclosure - www.InvestorIdeas.com/About/Disclaimer.asp, http://www.investorideas.com/About/News/Clientspecifics.asp
For more information contact:
Dawn Van Zant 800.665.0411
Email: dvanzant@investorideas.com or Cali at cvanzant@investorideas.com
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
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
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
Thursday, October 23, 2008
Investorideas.com Launches “News of the Day” for Music Stocks and Industry
Investorideas.com Launches “News of the Day” for Food and Beverage,
Organics, Homebuilding Stocks, Toy Industry or Music Industry Stocks and other Leading Sectors
POINT ROBERTS, WA – October 23, 2008, Investorideas.com, a leading global investor and industry research resource reports the InvestorIdeas.com newswire has added new options and upgrades to the Investorideas.com Newswire for public and private companies to gain enhanced market exposure and online visibility on a day- to- day basis to investors and industry following their sector. Companies and publicly traded stocks in food and beverage, organics, homebuilding, music and the toy industry can be featured as the sector news of the day.
With markets and investor sentiment changing daily Investorideas.com new service creates an online venue targeted to global investors for Story of the day, Sector News of the Day and Audio of the day in over 30 sectors including Oil and Gas Stocks, Tech Stocks, Telecom, Digital Media, China Stocks, renewable energy/cleantech, water, mining, biotech, nanotech, coal, natural gas, Homeland Security and more.
InvestorIdeas.com currently attracts a global investor audience averaging 15,000 unique visitors per day (and growing), made up of investors, brokers, analysts, media, industry peers, institutions and government seeking news and research on over 30 sectors and global markets. Additionally, InvestorIdeas.com and its related sector portals are visible multiple financial and news sites and blogs globally via the Investorideas.com RSS feeds and syndication partners.
About the Investorideas.com Newswire:
Investor Ideas Newswire is fast becoming a valuable news source for investors and industry leaders. Readers can subscribe to the feed, companies can submit news to the feed and investment and news sites can add the RSS feed for free. Investor Ideas Newswire is indexed by Google News, My Yahoo! and other leading news sources.
Newswire RSS Feed: http://www.investorideas.com/RSS/feeds/IIMAIN.xml
Companies can submit Stock, Investing and Financial News or Industry News: Target Your News to Investors, Investment Industry and Industry Eyeballs Following Your Specific Sector (Choose up to 3 Industry Portals). Submit your news release to our Investor Ideas Newswire, RSS Feed and sector portals covering the Environment, Homeland Security, Tech, Digital Media, Renewable Energy, Greentech, Oil and Gas, Nanotech, Biotech, Gold, Mining, China, India, Middle East and other leading sectors and global markets. The Investorideas.com newswire uploader: http://www1.investorideas.com/NewsUploader/Default.aspx
New Investorideas.com Upgrade Options for news release or announcements:
Do you have a great news release or announcement that you want to gain extra eyeballs and ear-balls for? With markets and investor sentiment changing daily- Be the Story of the day!
To accommodate short term targeted news distribution programs on a budget we have now added the following upgrades to give you multiple options at an affordable price!
In addition to the basis news distribution the $75 Investorideas.com newswire service provides – companies can now choose one or more of the following:
Be the Sector news of the day- Be the featured news story of the day on the sector home page of your choice and have your news sent to our subscribers!
Be the Investorideas.com home page top news story of the day – Be directly visible to 10-15,000 visitors a day! We will also send your news as the story of the day to our subscribers following your sector!
Be the Featured Podcast - audio news story of the day – We will read your news or announcement and create an audio file and add to our Podcast RSS feeds and your audio will be the featured audio on Investorideas.com home page for the day!
News uploader: http://www1.investorideas.com/NewsUploader/Default.aspx
About InvestorIdeas.com:
"One of the first online investor resources providing in-depth information on renewable energy, greentech and water sectors." InvestorIdeas.com is a leading global investor and industry research resource portal specialized in sector investing covering over thirty industry sectors and global markets including China, India, Middle East and Australia.
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For more information contact:
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Or cvanzant@investorideas.com
Organics, Homebuilding Stocks, Toy Industry or Music Industry Stocks and other Leading Sectors
POINT ROBERTS, WA – October 23, 2008, Investorideas.com, a leading global investor and industry research resource reports the InvestorIdeas.com newswire has added new options and upgrades to the Investorideas.com Newswire for public and private companies to gain enhanced market exposure and online visibility on a day- to- day basis to investors and industry following their sector. Companies and publicly traded stocks in food and beverage, organics, homebuilding, music and the toy industry can be featured as the sector news of the day.
With markets and investor sentiment changing daily Investorideas.com new service creates an online venue targeted to global investors for Story of the day, Sector News of the Day and Audio of the day in over 30 sectors including Oil and Gas Stocks, Tech Stocks, Telecom, Digital Media, China Stocks, renewable energy/cleantech, water, mining, biotech, nanotech, coal, natural gas, Homeland Security and more.
InvestorIdeas.com currently attracts a global investor audience averaging 15,000 unique visitors per day (and growing), made up of investors, brokers, analysts, media, industry peers, institutions and government seeking news and research on over 30 sectors and global markets. Additionally, InvestorIdeas.com and its related sector portals are visible multiple financial and news sites and blogs globally via the Investorideas.com RSS feeds and syndication partners.
About the Investorideas.com Newswire:
Investor Ideas Newswire is fast becoming a valuable news source for investors and industry leaders. Readers can subscribe to the feed, companies can submit news to the feed and investment and news sites can add the RSS feed for free. Investor Ideas Newswire is indexed by Google News, My Yahoo! and other leading news sources.
Newswire RSS Feed: http://www.investorideas.com/RSS/feeds/IIMAIN.xml
Companies can submit Stock, Investing and Financial News or Industry News: Target Your News to Investors, Investment Industry and Industry Eyeballs Following Your Specific Sector (Choose up to 3 Industry Portals). Submit your news release to our Investor Ideas Newswire, RSS Feed and sector portals covering the Environment, Homeland Security, Tech, Digital Media, Renewable Energy, Greentech, Oil and Gas, Nanotech, Biotech, Gold, Mining, China, India, Middle East and other leading sectors and global markets. The Investorideas.com newswire uploader: http://www1.investorideas.com/NewsUploader/Default.aspx
New Investorideas.com Upgrade Options for news release or announcements:
Do you have a great news release or announcement that you want to gain extra eyeballs and ear-balls for? With markets and investor sentiment changing daily- Be the Story of the day!
To accommodate short term targeted news distribution programs on a budget we have now added the following upgrades to give you multiple options at an affordable price!
In addition to the basis news distribution the $75 Investorideas.com newswire service provides – companies can now choose one or more of the following:
Be the Sector news of the day- Be the featured news story of the day on the sector home page of your choice and have your news sent to our subscribers!
Be the Investorideas.com home page top news story of the day – Be directly visible to 10-15,000 visitors a day! We will also send your news as the story of the day to our subscribers following your sector!
Be the Featured Podcast - audio news story of the day – We will read your news or announcement and create an audio file and add to our Podcast RSS feeds and your audio will be the featured audio on Investorideas.com home page for the day!
News uploader: http://www1.investorideas.com/NewsUploader/Default.aspx
About InvestorIdeas.com:
"One of the first online investor resources providing in-depth information on renewable energy, greentech and water sectors." InvestorIdeas.com is a leading global investor and industry research resource portal specialized in sector investing covering over thirty industry sectors and global markets including China, India, Middle East and Australia.
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Disclaimer: Our sites do not make recommendations, but offer information portals to research news, articles, stock lists and recent research. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured companies, news submissions and online advertising.
For more information contact:
Dawn Van Zant: 800-665-0411 - dvanzant@investorideas.com
Or cvanzant@investorideas.com
Monday, September 15, 2008
Marketplace Update- Connecting Business and Investors in Music Industry, Cleantech and Organics
InvestorIdeas.com Global Marketplace Update- Connecting Business and Investors in Music Industry, Cleantech and Organics
POINT ROBERTS, Wash., Delta B.C., 08 - www.InvestorIdeas.com, a leading online global investor resource, updates the Investor Ideas Global Marketplace connecting business and investors in the music, cleantech and organics sectors.
Other industries include the water industry, Homeland Security, Oil and gas, Real Estate and other leading sectors.
The Marketplace is a meeting place created for connecting global companies in leading sectors, seeking strategic partnerships, funding, mergers and acquisitions, licensing or branding. Investorideas.com is building a growing a global network of green and renewable energy companies both seeking funding, partners or management as well as funds, small public companies and Fortune 500 companies seeking investment opportunities.
http://www.investorideas.com/marketplace
To register and sign up as an accredited investor or business: http://www.investorideas.com/marketplace/signup.asp
The Global Green Marketplace
The marketplace fastest growing segments include cleantech, renewable and organics sector. Sector: Sector: Cleantech & Renewable Energy Seeking: Funding/Partners
We currently have green companies for review to accredited investors: small wind turbine, carbon capture, PV installer service company, green building and housing , agri-waste to marketable bi-product, waste to energy, China Fiber fuel- Jatropha, green automotive engine, environmental technology safely removes mercury from light bulbs and other green companies added regularly.
Investorideas.com was one of the first online investor resources providing in-depth information on renewable energy and water – with its Renewableenergystocks.com portal and Water-stocks.com portal.
About InvestorIdeas.com:
"One of the first online investor resources providing in-depth information on renewable energy, greentech and water sectors." InvestorIdeas.com is a leading global investor and industry research resource portal specialized in sector investing covering over thirty industry sectors and global markets including China, India, Middle East and Australia.
MusicIndustryStocks.com Portal is a global meeting place for investors and industry following the music sector, within Investorideas.com. Global visitors use the site daily to research the latest news, articles, audio, research reports and our stock directories.
Disclaimer: Our sites do not make recommendations, but offer information portals to research news, articles, stock lists and recent research. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured companies, news submissions and online advertising.
For more information contact:
Dawn Van Zant: 800-665-0411 - dvanzant@investorideas.com
POINT ROBERTS, Wash., Delta B.C., 08 - www.InvestorIdeas.com, a leading online global investor resource, updates the Investor Ideas Global Marketplace connecting business and investors in the music, cleantech and organics sectors.
Other industries include the water industry, Homeland Security, Oil and gas, Real Estate and other leading sectors.
The Marketplace is a meeting place created for connecting global companies in leading sectors, seeking strategic partnerships, funding, mergers and acquisitions, licensing or branding. Investorideas.com is building a growing a global network of green and renewable energy companies both seeking funding, partners or management as well as funds, small public companies and Fortune 500 companies seeking investment opportunities.
http://www.investorideas.com/marketplace
To register and sign up as an accredited investor or business: http://www.investorideas.com/marketplace/signup.asp
The Global Green Marketplace
The marketplace fastest growing segments include cleantech, renewable and organics sector. Sector: Sector: Cleantech & Renewable Energy Seeking: Funding/Partners
We currently have green companies for review to accredited investors: small wind turbine, carbon capture, PV installer service company, green building and housing , agri-waste to marketable bi-product, waste to energy, China Fiber fuel- Jatropha, green automotive engine, environmental technology safely removes mercury from light bulbs and other green companies added regularly.
Investorideas.com was one of the first online investor resources providing in-depth information on renewable energy and water – with its Renewableenergystocks.com portal and Water-stocks.com portal.
About InvestorIdeas.com:
"One of the first online investor resources providing in-depth information on renewable energy, greentech and water sectors." InvestorIdeas.com is a leading global investor and industry research resource portal specialized in sector investing covering over thirty industry sectors and global markets including China, India, Middle East and Australia.
MusicIndustryStocks.com Portal is a global meeting place for investors and industry following the music sector, within Investorideas.com. Global visitors use the site daily to research the latest news, articles, audio, research reports and our stock directories.
Disclaimer: Our sites do not make recommendations, but offer information portals to research news, articles, stock lists and recent research. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured companies, news submissions and online advertising.
For more information contact:
Dawn Van Zant: 800-665-0411 - dvanzant@investorideas.com
Best Buy to Acquire Napster
Best Buy to Acquire Napster
Email Story IM Story Printable View MINNEAPOLIS & LOS ANGELES--September 15 2008 -Best Buy Co., Inc. (NYSE: BBY) and Napster Inc. (NASDAQ: NAPS) announced today that the two companies have entered into a definitive merger agreement for Best Buy to commence a tender offer for all outstanding Napster shares at a price of $2.65 per share in cash. The transaction, with an aggregate purchase price of approximately $121 million (or $54 million net of approximately $67 million in cash and short term investments of Napster as of June 30, 2008), is subject to customary closing conditions, including the tender of a number of Napster shares that constitutes a majority of Napster’s outstanding shares of common stock (on a fully-diluted basis). The transaction is expected to close during the fourth calendar quarter. The transaction has been unanimously approved by the board of directors of Napster, and Napster’s directors and executive officers have agreed, in their capacities as stockholders, to tender their Napster shares and otherwise support the transaction.
The proposed acquisition includes Napster’s approximately 700,000 digital entertainment subscribers, its Web-based customer service platform, and innovative mobile capabilities. In conjunction with the definitive merger agreement, Napster CEO Chris Gorog and key members of senior management of Napster have entered into employment agreements, effective at closing, pursuant to which they have agreed to continue as the Napster leadership post-acquisition.
Best Buy believes that Napster has one of the most comprehensive and easy-to-use music offerings in the industry, including streaming music, music subscriptions, the ability to purchase individual tracks, albums and mobile offers. Napster has approximately 140 employees, with its headquarters in Los Angeles. At this time, Best Buy does not plan to relocate Napster’s headquarters or to make significant changes in personnel.
“This transaction offers Best Buy a recognized platform for enhancing our capabilities in the digital media space and building new, recurring relationships with customers,” said Brian Dunn, President and COO of Best Buy. “Over time we hope to strengthen our offerings to consumers, who we believe will increasingly seek devices and solutions that enable them to access their content wherever, whenever and however they want.”
Best Buy intends to use Napster’s capabilities and digital subscriber base to reach new customers with an enhanced experience for exploring and selecting music and other digital entertainment products over an increasing array of devices. Best Buy believes the combined capabilities of the two companies will allow it to build stronger relationships with customers, expand the number of subscribers, and capture recurring revenue by offering ongoing value over a mobile digital platform.
“We believe Napster brings us excellent capabilities in the mobility space, as well as international operations and an established team of technology experts,” said Dave Morrish, Executive Vice President – Connected Digital Solutions of Best Buy. “We can foresee Napster acting as a platform for accelerating our growth in the emerging industry of digital entertainment, beyond music subscriptions. We’re very excited to add these capabilities to leverage our existing relationships with the labels, the studios, and the hardware providers. We believe Napster will be an outstanding addition to our already robust portfolio of partners and offerings in the digital music space.”
“We believe Best Buy will be an ideal partner for Napster and are very excited by the benefits that this transaction delivers to our shareholders, partners and employees. Best Buy is uniquely positioned to benefit from Napster’s digital entertainment distribution platform. We are looking forward to combining our digital media capabilities with Best Buy’s resources and global network to extend our digital content platforms,” said Chris Gorog, chairman and CEO of Napster.
Under the terms of the definitive merger agreement, Best Buy will commence a cash tender offer to purchase all of the outstanding shares of Napster common stock for $2.65 per share in cash, with a supporting recommendation from the Napster Board of Directors. The closing of the tender offer is subject to customary terms and conditions, including the tender of a number of shares that constitutes a majority of Napster's outstanding shares of common stock (on a fully diluted basis) and expiration or termination of the waiting period under the Hart Scott Rodino Antitrust Improvement Act. The agreement also provides for the parties to effect, subject to customary conditions, a merger to be completed following the completion of the tender offer which would result in all shares not tendered in the tender offer (other than shares held by Best Buy, treasury shares, and shares held by Napster shareholders, if any, who properly exercise appraisal rights) being converted into the right to receive $2.65 per share in cash. The directors and certain officers of Napster have entered into agreements with Best Buy pursuant to which they have agreed to tender their shares in connection with the tender offer contemplated by the merger agreement and otherwise support the transaction.
Napster, which recently launched one of the world’s largest MP3 stores, had fiscal 2008 revenue of $127.5 million, an increase of 15 percent over the prior fiscal year; a loss of $16.5 million, an improvement compared with a loss of $36.8 million the prior fiscal year; and positive cash flow for the fiscal year ended March 31, 2008.
Best Buy intends to complete the acquisition using available cash. UBS Investment Bank served as the exclusive financial advisor to Napster, and Napster is represented by O’Melveny & Myers LLP. Best Buy is represented by Robins, Kaplan, Miller & Ciresi L.L.P.
About Best Buy
With operations in the United States, Canada, Europe and China, Best Buy (NYSE: BBY) is a multinational retailer of technology and entertainment products and services with a commitment to growth and innovation. The Best Buy family of brands and partnerships collectively generates more than $40 billion annual revenue and includes brands such as Best Buy, Audiovisions, The Carphone Warehouse, Future Shop, Geek Squad, Jiangsu Five Star, Magnolia Audio Video, Pacific Sales Kitchen and Bath Centers, and Speakeasy. Approximately 150,000 employees apply their talents to help bring the benefits of these brands to life for customers through retail locations, multiple call centers and web sites, in-home solutions, product delivery and in our communities. Community partnership is central to the way we do business at Best Buy. In fiscal 2008, we donated a combined $31.8 million to improve the vitality of the communities where our employees and customers live and work. For more information about Best Buy, visit www.bestbuy.com.
About Napster
Napster, the pioneer of digital music, offers the ultimate in interactive music experiences, creating better ways to discover, share, acquire and enjoy music -- anytime, anywhere. The Company's offerings include "Napster" (www.napster.com) -- the premier online music destination featuring the most popular on-demand music subscription service in the world and the largest, most comprehensive MP3 download store on the market; "FreeNapster" (www.freeNapster.com) -- a unique Web experience offering free on demand music legally; and "Napster Mobile" -- one of the industry's fastest growing mobile music platforms. Headquartered in Los Angeles, Napster's services are available in markets across the Americas, Europe and Japan.
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the U.S. Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that reflect Best Buy and Napster managements’ current views and estimates regarding future market conditions, company performance and financial results, business prospects, new strategies, the competitive environment and other events. You can identify these statements by the fact that they use words such as "anticipate," "believe," "estimate," "expect," "intend," "project," "plan," "outlook," and other words and terms of similar meaning. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. Among the factors that could cause actual results and outcomes to differ materially from those contained in such forward-looking statements are the following: failure to meet the minimum tender condition or obtain any required stockholder or regulatory approvals or satisfy other conditions to the transaction; failure to achieve anticipated benefits of the transaction; and integration challenges relating to the acquisition. Other factors include the following: general economic conditions, acquisitions and development of new businesses, divestitures, product availability, sales volumes, pricing actions and promotional activities of competitors, profit margins, weather, changes in law or regulations, foreign currency fluctuation, availability of suitable real estate locations, Best Buy's and Napster’s ability to react to a disaster recovery situation, and the impact of labor markets and new product introductions on overall profitability. A further list and description of risks, uncertainties and other matters can be found in Best Buy’s and Napster’s annual reports and other reports filed from time to time with the U.S. Securities and Exchange Commission ("SEC"), including, but not limited to, Best Buy's Annual Report on Form 10-K filed with the SEC on April 30, 2008, and Napster’s Annual Report on Form 10-K filed with the SEC on June 11, 2008. Best Buy and Napster caution that the foregoing list of important factors is not complete and assume no obligation to update any forward-looking statement that it may make.
Additional Information and Where to Find it
The tender offer for the outstanding common stock of Napster has not yet commenced. This document is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any securities. The solicitation and the offer to buy shares of Napster common stock will be made only pursuant to an offer to purchase and related materials that Best Buy intends to file with the SEC on Schedule TO. Napster also intends to file a solicitation/recommendation statement on Schedule 14D-9 with respect to the offer. Napster stockholders and other investors should read these materials carefully because they contain important information, including the terms and conditions of the offer. Napster stockholders and other investors will be able to obtain copies of these materials without charge from the SEC through the SEC’s Web site at www.sec.gov, from the Information Agent named in the tender offer documents, from Best Buy (with respect to documents filed by Best Buy with the SEC), or from Napster (with respect to documents filed by Napster with the SEC).
MULTIMEDIA AVAILABLE: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=5777533
Best Buy
Media Contacts:
Susan Busch, 612-291-6114
Director, Corporate PR
susan.busch@bestbuy.com
Email Story IM Story Printable View MINNEAPOLIS & LOS ANGELES--September 15 2008 -Best Buy Co., Inc. (NYSE: BBY) and Napster Inc. (NASDAQ: NAPS) announced today that the two companies have entered into a definitive merger agreement for Best Buy to commence a tender offer for all outstanding Napster shares at a price of $2.65 per share in cash. The transaction, with an aggregate purchase price of approximately $121 million (or $54 million net of approximately $67 million in cash and short term investments of Napster as of June 30, 2008), is subject to customary closing conditions, including the tender of a number of Napster shares that constitutes a majority of Napster’s outstanding shares of common stock (on a fully-diluted basis). The transaction is expected to close during the fourth calendar quarter. The transaction has been unanimously approved by the board of directors of Napster, and Napster’s directors and executive officers have agreed, in their capacities as stockholders, to tender their Napster shares and otherwise support the transaction.
The proposed acquisition includes Napster’s approximately 700,000 digital entertainment subscribers, its Web-based customer service platform, and innovative mobile capabilities. In conjunction with the definitive merger agreement, Napster CEO Chris Gorog and key members of senior management of Napster have entered into employment agreements, effective at closing, pursuant to which they have agreed to continue as the Napster leadership post-acquisition.
Best Buy believes that Napster has one of the most comprehensive and easy-to-use music offerings in the industry, including streaming music, music subscriptions, the ability to purchase individual tracks, albums and mobile offers. Napster has approximately 140 employees, with its headquarters in Los Angeles. At this time, Best Buy does not plan to relocate Napster’s headquarters or to make significant changes in personnel.
“This transaction offers Best Buy a recognized platform for enhancing our capabilities in the digital media space and building new, recurring relationships with customers,” said Brian Dunn, President and COO of Best Buy. “Over time we hope to strengthen our offerings to consumers, who we believe will increasingly seek devices and solutions that enable them to access their content wherever, whenever and however they want.”
Best Buy intends to use Napster’s capabilities and digital subscriber base to reach new customers with an enhanced experience for exploring and selecting music and other digital entertainment products over an increasing array of devices. Best Buy believes the combined capabilities of the two companies will allow it to build stronger relationships with customers, expand the number of subscribers, and capture recurring revenue by offering ongoing value over a mobile digital platform.
“We believe Napster brings us excellent capabilities in the mobility space, as well as international operations and an established team of technology experts,” said Dave Morrish, Executive Vice President – Connected Digital Solutions of Best Buy. “We can foresee Napster acting as a platform for accelerating our growth in the emerging industry of digital entertainment, beyond music subscriptions. We’re very excited to add these capabilities to leverage our existing relationships with the labels, the studios, and the hardware providers. We believe Napster will be an outstanding addition to our already robust portfolio of partners and offerings in the digital music space.”
“We believe Best Buy will be an ideal partner for Napster and are very excited by the benefits that this transaction delivers to our shareholders, partners and employees. Best Buy is uniquely positioned to benefit from Napster’s digital entertainment distribution platform. We are looking forward to combining our digital media capabilities with Best Buy’s resources and global network to extend our digital content platforms,” said Chris Gorog, chairman and CEO of Napster.
Under the terms of the definitive merger agreement, Best Buy will commence a cash tender offer to purchase all of the outstanding shares of Napster common stock for $2.65 per share in cash, with a supporting recommendation from the Napster Board of Directors. The closing of the tender offer is subject to customary terms and conditions, including the tender of a number of shares that constitutes a majority of Napster's outstanding shares of common stock (on a fully diluted basis) and expiration or termination of the waiting period under the Hart Scott Rodino Antitrust Improvement Act. The agreement also provides for the parties to effect, subject to customary conditions, a merger to be completed following the completion of the tender offer which would result in all shares not tendered in the tender offer (other than shares held by Best Buy, treasury shares, and shares held by Napster shareholders, if any, who properly exercise appraisal rights) being converted into the right to receive $2.65 per share in cash. The directors and certain officers of Napster have entered into agreements with Best Buy pursuant to which they have agreed to tender their shares in connection with the tender offer contemplated by the merger agreement and otherwise support the transaction.
Napster, which recently launched one of the world’s largest MP3 stores, had fiscal 2008 revenue of $127.5 million, an increase of 15 percent over the prior fiscal year; a loss of $16.5 million, an improvement compared with a loss of $36.8 million the prior fiscal year; and positive cash flow for the fiscal year ended March 31, 2008.
Best Buy intends to complete the acquisition using available cash. UBS Investment Bank served as the exclusive financial advisor to Napster, and Napster is represented by O’Melveny & Myers LLP. Best Buy is represented by Robins, Kaplan, Miller & Ciresi L.L.P.
About Best Buy
With operations in the United States, Canada, Europe and China, Best Buy (NYSE: BBY) is a multinational retailer of technology and entertainment products and services with a commitment to growth and innovation. The Best Buy family of brands and partnerships collectively generates more than $40 billion annual revenue and includes brands such as Best Buy, Audiovisions, The Carphone Warehouse, Future Shop, Geek Squad, Jiangsu Five Star, Magnolia Audio Video, Pacific Sales Kitchen and Bath Centers, and Speakeasy. Approximately 150,000 employees apply their talents to help bring the benefits of these brands to life for customers through retail locations, multiple call centers and web sites, in-home solutions, product delivery and in our communities. Community partnership is central to the way we do business at Best Buy. In fiscal 2008, we donated a combined $31.8 million to improve the vitality of the communities where our employees and customers live and work. For more information about Best Buy, visit www.bestbuy.com.
About Napster
Napster, the pioneer of digital music, offers the ultimate in interactive music experiences, creating better ways to discover, share, acquire and enjoy music -- anytime, anywhere. The Company's offerings include "Napster" (www.napster.com) -- the premier online music destination featuring the most popular on-demand music subscription service in the world and the largest, most comprehensive MP3 download store on the market; "FreeNapster" (www.freeNapster.com) -- a unique Web experience offering free on demand music legally; and "Napster Mobile" -- one of the industry's fastest growing mobile music platforms. Headquartered in Los Angeles, Napster's services are available in markets across the Americas, Europe and Japan.
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the U.S. Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that reflect Best Buy and Napster managements’ current views and estimates regarding future market conditions, company performance and financial results, business prospects, new strategies, the competitive environment and other events. You can identify these statements by the fact that they use words such as "anticipate," "believe," "estimate," "expect," "intend," "project," "plan," "outlook," and other words and terms of similar meaning. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. Among the factors that could cause actual results and outcomes to differ materially from those contained in such forward-looking statements are the following: failure to meet the minimum tender condition or obtain any required stockholder or regulatory approvals or satisfy other conditions to the transaction; failure to achieve anticipated benefits of the transaction; and integration challenges relating to the acquisition. Other factors include the following: general economic conditions, acquisitions and development of new businesses, divestitures, product availability, sales volumes, pricing actions and promotional activities of competitors, profit margins, weather, changes in law or regulations, foreign currency fluctuation, availability of suitable real estate locations, Best Buy's and Napster’s ability to react to a disaster recovery situation, and the impact of labor markets and new product introductions on overall profitability. A further list and description of risks, uncertainties and other matters can be found in Best Buy’s and Napster’s annual reports and other reports filed from time to time with the U.S. Securities and Exchange Commission ("SEC"), including, but not limited to, Best Buy's Annual Report on Form 10-K filed with the SEC on April 30, 2008, and Napster’s Annual Report on Form 10-K filed with the SEC on June 11, 2008. Best Buy and Napster caution that the foregoing list of important factors is not complete and assume no obligation to update any forward-looking statement that it may make.
Additional Information and Where to Find it
The tender offer for the outstanding common stock of Napster has not yet commenced. This document is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any securities. The solicitation and the offer to buy shares of Napster common stock will be made only pursuant to an offer to purchase and related materials that Best Buy intends to file with the SEC on Schedule TO. Napster also intends to file a solicitation/recommendation statement on Schedule 14D-9 with respect to the offer. Napster stockholders and other investors should read these materials carefully because they contain important information, including the terms and conditions of the offer. Napster stockholders and other investors will be able to obtain copies of these materials without charge from the SEC through the SEC’s Web site at www.sec.gov, from the Information Agent named in the tender offer documents, from Best Buy (with respect to documents filed by Best Buy with the SEC), or from Napster (with respect to documents filed by Napster with the SEC).
MULTIMEDIA AVAILABLE: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=5777533
Best Buy
Media Contacts:
Susan Busch, 612-291-6114
Director, Corporate PR
susan.busch@bestbuy.com
Friday, July 11, 2008
Local teen gets strong start to indie music sharing site
Local teen gets strong start to indie music sharing site
By Kathy Michaels - Kelowna Capital News
Published: July 01, 2008 10:00 PM It’s only been a year since 19-year-old Taylor Van Zant started up a website dedicated to promoting new bands, and in that time thousands have had a chance to get their fill of indie music.
“It’s something we started up awhile ago,” said the UBC Okanagan student. “Basically, my mum used to have an greeting card company and I was into music, so I started writing my own stuff, and compiling music so we could send out music on a greeting card.”
With time, that developed into a site where indie bands could send out their music to multiple sources, almost effortlessly.
Van Sant explained that the service, at this point, isn’t income generating so much as it is a free way for up and coming bands to advertise and promote their own sound.
Bands can upload their music—so long as it’s in MP3 format— and they can send it up to 10 people at a time.
“It’s a good way to spread around what you are doing with your music. All the indie bands can send their music out without having to sending out huge files—and it’s free.”
For the past year, Van Sant and his mother have been working on building up the network, which at this time is 2,000 members strong.
“We have a band of the week and we promote anyone who sends their music out the most,” he explained.
“We keep a daily post of what bands are sending out their music, and we update our Myspace page to have more bands sign up and check it out.”
Once they’re better established they intend to make the service membership driven with ties to other music sites and labels, as well as some advertisement links.
Van Sant said that the types of music on the site vary from acoustic to hip hop, rap and dance.
“We have pretty much whatever you can think of— there are underground bands for every style of music.”\
To see what the site is all about, go to www.mp3musicgrams.com
kmichaels@kelownacapnews.com
By Kathy Michaels - Kelowna Capital News
Published: July 01, 2008 10:00 PM It’s only been a year since 19-year-old Taylor Van Zant started up a website dedicated to promoting new bands, and in that time thousands have had a chance to get their fill of indie music.
“It’s something we started up awhile ago,” said the UBC Okanagan student. “Basically, my mum used to have an greeting card company and I was into music, so I started writing my own stuff, and compiling music so we could send out music on a greeting card.”
With time, that developed into a site where indie bands could send out their music to multiple sources, almost effortlessly.
Van Sant explained that the service, at this point, isn’t income generating so much as it is a free way for up and coming bands to advertise and promote their own sound.
Bands can upload their music—so long as it’s in MP3 format— and they can send it up to 10 people at a time.
“It’s a good way to spread around what you are doing with your music. All the indie bands can send their music out without having to sending out huge files—and it’s free.”
For the past year, Van Sant and his mother have been working on building up the network, which at this time is 2,000 members strong.
“We have a band of the week and we promote anyone who sends their music out the most,” he explained.
“We keep a daily post of what bands are sending out their music, and we update our Myspace page to have more bands sign up and check it out.”
Once they’re better established they intend to make the service membership driven with ties to other music sites and labels, as well as some advertisement links.
Van Sant said that the types of music on the site vary from acoustic to hip hop, rap and dance.
“We have pretty much whatever you can think of— there are underground bands for every style of music.”\
To see what the site is all about, go to www.mp3musicgrams.com
kmichaels@kelownacapnews.com
Thursday, February 28, 2008
Forrester: Digital Music To Surpass CD Sales By 2012
Forrester: Digital Music To Surpass CD Sales By 2012
Cambridge, Mass., February 19, 2008 . . . Half of all music sold in the US will be digital in 2011 and sales of digitally downloaded music will surpass physical CD sales in 2012, according to a new report by Forrester Research, Inc. (Nasdaq: FORR). Digital music sales will grow at a compound annual growth rate of 23 percent over the next five years, reaching $4.8 billion in revenue by 2012, but will fail to make up for the continuing steady decline in CD sales. In 2012, CD sales will be reduced to just $3.8 billion.
"This is the end of the music industry as we know it," said Forrester Research Vice President and Principal Analyst James L. McQuivey. "Media executives eager to stay afloat in this receding tide must clear the path of discovery and purchase, but only hardware and software providers can ultimately make listening to music as easy as turning on the radio."
The Forrester report is based in part on a survey of more than 5,000 consumers in the US and Canada. Among the drivers of Forrester's five-year forecast for music sales:
MP3 player adoption. The average MP3 player is only 57 percent full, suggesting that the devices are underutilized, while more of the devices are being bought by households with more than one MP3 player. Moving forward, a majority of MP3 players will be sold to households that already have one. DRM-free music. With the four big music labels now committed to eliminating digital rights management (DRM), DRM-free music will extend beyond pioneer Amazon.com to Apple iTunes and the other major online music sites. Social networks. DRM-free music enables every profile page on MySpace.com or Facebook to immediately become a music store where friends sell friends their favorite tracks. Forrester believes digital downloads are the logistical mass market for the future, satisfying all the needs that people have when it comes to music — easy to find, easy to buy, and easy to listen to, regardless of the device. On the other hand, subscription music services will show modest growth, reaching just $459 million in revenue in 2012 according to Forrester's projections, while experiments in ad-supported downloads will be silenced by the powerful combination of DRM-free music and on-demand music streaming on sites like imeem.com.
"The industry has to redefine what its product is," said McQuivey. "Music executives have spent years tracking CD sales. But the artist is the product — not just the source of it. New forms of revenue will come from unexpected sources. For example, the industry has failed to capitalize on the growing popularity of video games such as Guitar Hero and Rock Band. In a market where musicians are happy to sell a million copies of a CD, a video game market where titles can sell five million copies is enough to motivate even the most depressed music executive."
"The End Of The Music Industry As We Know It" is currently available to Forrester RoleView™ clients and can also be purchased directly at www.forrester.com.
About Forrester Research
Forrester Research, Inc. (Nasdaq: FORR) is an independent technology and market research company that provides pragmatic and forward-thinking advice to global leaders in business and technology. For more than 24 years, Forrester has been making leaders successful every day through its proprietary research, consulting, events, and peer-to-peer executive programs. For more information, visit www.forrester.com.
Contact:
Tracy SullivanSenior Public Relations SpecialistForrester Research, Inc.+1 617.613.6023press@forrester.com
Cambridge, Mass., February 19, 2008 . . . Half of all music sold in the US will be digital in 2011 and sales of digitally downloaded music will surpass physical CD sales in 2012, according to a new report by Forrester Research, Inc. (Nasdaq: FORR). Digital music sales will grow at a compound annual growth rate of 23 percent over the next five years, reaching $4.8 billion in revenue by 2012, but will fail to make up for the continuing steady decline in CD sales. In 2012, CD sales will be reduced to just $3.8 billion.
"This is the end of the music industry as we know it," said Forrester Research Vice President and Principal Analyst James L. McQuivey. "Media executives eager to stay afloat in this receding tide must clear the path of discovery and purchase, but only hardware and software providers can ultimately make listening to music as easy as turning on the radio."
The Forrester report is based in part on a survey of more than 5,000 consumers in the US and Canada. Among the drivers of Forrester's five-year forecast for music sales:
MP3 player adoption. The average MP3 player is only 57 percent full, suggesting that the devices are underutilized, while more of the devices are being bought by households with more than one MP3 player. Moving forward, a majority of MP3 players will be sold to households that already have one. DRM-free music. With the four big music labels now committed to eliminating digital rights management (DRM), DRM-free music will extend beyond pioneer Amazon.com to Apple iTunes and the other major online music sites. Social networks. DRM-free music enables every profile page on MySpace.com or Facebook to immediately become a music store where friends sell friends their favorite tracks. Forrester believes digital downloads are the logistical mass market for the future, satisfying all the needs that people have when it comes to music — easy to find, easy to buy, and easy to listen to, regardless of the device. On the other hand, subscription music services will show modest growth, reaching just $459 million in revenue in 2012 according to Forrester's projections, while experiments in ad-supported downloads will be silenced by the powerful combination of DRM-free music and on-demand music streaming on sites like imeem.com.
"The industry has to redefine what its product is," said McQuivey. "Music executives have spent years tracking CD sales. But the artist is the product — not just the source of it. New forms of revenue will come from unexpected sources. For example, the industry has failed to capitalize on the growing popularity of video games such as Guitar Hero and Rock Band. In a market where musicians are happy to sell a million copies of a CD, a video game market where titles can sell five million copies is enough to motivate even the most depressed music executive."
"The End Of The Music Industry As We Know It" is currently available to Forrester RoleView™ clients and can also be purchased directly at www.forrester.com.
About Forrester Research
Forrester Research, Inc. (Nasdaq: FORR) is an independent technology and market research company that provides pragmatic and forward-thinking advice to global leaders in business and technology. For more than 24 years, Forrester has been making leaders successful every day through its proprietary research, consulting, events, and peer-to-peer executive programs. For more information, visit www.forrester.com.
Contact:
Tracy SullivanSenior Public Relations SpecialistForrester Research, Inc.+1 617.613.6023press@forrester.com
Monday, February 25, 2008
Global Online Music Sales to Total US$8.9 Billion By 2010, According to a New Report by Global Industry Analysts, Inc.
Global Online Music Sales to Total US$8.9 Billion By 2010, According to a New Report by Global Industry Analysts, Inc.
The growing popularity, deployment and acceptance of digital music continues to contribute to the substantial growth in the online music industry. The epic dimensions of worldwide digital music industry continue to evolve as the highly touted 3G mobile phones, portable digital music players and broadband Internet finally see the light of day, throwing up opportunities for further growth in the market.
San Jose, California -February 25, 2008 -- As Internet gains popularity, a new strain of market forces emerged to shape growth and success in the now altered marketplace. In this regard, technology, and business models are being transformed, and developed to complement, and foster the take up of new services. The swift and enthusiastic uptake of downloading music directly onto mobile phone or PC has provided a cushion against ebbing revenues in retail music industry worldwide. The worldwide Online Music market is expected to witness rapid growth over the review period to reach US$8.9 billion in sales by 2010. The extent of growth in the worldwide online music industry can be gauzed from the fact that downloaded music revenues exceeded online sales of physical media during 2006. The widespread availability of legal web sites is a major factor contributing to the increased sales in this industry. The advent of new and sophisticated technologies and devices such as portable digital devices are expected to bolster sales in the online music industry. Growing penetration of Internet services and broadband among household consumers is also expected to push up the revenue generation capabilities of the online music industry.
Despite the strong growth, the online music industry faces challenges in the form of illegal file swapping services, price erosion due to intense competition and infrastructure hurdles. Uncontrolled growth of digital industry poses several challenges for the music industry. Extensive violation of copyright, poor interoperability of devices and files, and digital stream ripping are some problems faced in the online music industry.
Online Music: A Global Strategic Business Report The worldwide music industry was dominated by the presence of large labels such as Warners, Universal, EMI and Sony BMG, which captured a large chuck of the overall industry sales. However, the advent of Internet and online music has transformed the scenario, thereby contributing to proliferation of diverse worldwide music. Greater accessibility through Internet allowed independent and foreign artists to come close and compete with well-established music brands. The online music industry is currently witnessing increased consolidation activity, as existing players seek to fortify their presence through acquisitions, mergers or strategic collaborations. To deal with the intense competition, market participants are forging marketing alliances across diverse sectors.
The US dominates the global online music industry, which can be attributed to high levels of Internet penetration and availability of advanced digital technologies and devices. Adoption of broadband services and digitization of music with introduction of portable digital music players, represent two of the industry's major push factors. The US generated about US$2.7 billion in sales for 2007, as stated by Global Industry Analysts, Inc. Asia-Pacific is, however, expected to drive future growth in the global market, increasing at a compounded annual growth rate of 48% over the forecast period. In the United States, hard format segment is projected to dominate the market, capturing over 44% share of the sales by 2010. The European online music market witnessed a major turnaround in 2006 as the consumer spending increased by more than 100% during the year. Though piracy is the prime factor for ebbing retail music sales, replacement of shelf space dedicated for music with DVDs, games, mobile phones and books in major retailers also had a significant impact. one-off downloads segment dominates sales in the Asia-Pacific region reaching US$533 million in 2007.
The report titled "Online Music: A Global Strategic Business Report" published by Global Industry Analysts, Inc., offers a comprehensive analysis of the industry structure, market drivers, issues, trends and competition. The study analyzes recent past, current and future market data and analytics over the period 2004-2010 and long term projections (2011-2015) for regions such as the United States, Canada, Japan, Europe, Asia-Pacific and Rest of World.
The report reviews key players in the global and regional online music participants including Buongiorno Vitaminic SpA, eMusic.com Inc., iTunes, RealNetworks, Inc., Musicmatch, MusicNet, Inc., MTV Networks, OD2, Napster, Ecast, Inc. and Yahoo! Music Unlimited.
For more details about this research report, please http://www.strategyr.com/Online_Music_Market_Report.asp
About Global Industry Analysts, Inc.Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs over 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of over 60,000 smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.Telephone 408-528-9966Fax 408-528-9977 Email press@StrategyR.comWeb Site www.StrategyR.com
The growing popularity, deployment and acceptance of digital music continues to contribute to the substantial growth in the online music industry. The epic dimensions of worldwide digital music industry continue to evolve as the highly touted 3G mobile phones, portable digital music players and broadband Internet finally see the light of day, throwing up opportunities for further growth in the market.
San Jose, California -February 25, 2008 -- As Internet gains popularity, a new strain of market forces emerged to shape growth and success in the now altered marketplace. In this regard, technology, and business models are being transformed, and developed to complement, and foster the take up of new services. The swift and enthusiastic uptake of downloading music directly onto mobile phone or PC has provided a cushion against ebbing revenues in retail music industry worldwide. The worldwide Online Music market is expected to witness rapid growth over the review period to reach US$8.9 billion in sales by 2010. The extent of growth in the worldwide online music industry can be gauzed from the fact that downloaded music revenues exceeded online sales of physical media during 2006. The widespread availability of legal web sites is a major factor contributing to the increased sales in this industry. The advent of new and sophisticated technologies and devices such as portable digital devices are expected to bolster sales in the online music industry. Growing penetration of Internet services and broadband among household consumers is also expected to push up the revenue generation capabilities of the online music industry.
Despite the strong growth, the online music industry faces challenges in the form of illegal file swapping services, price erosion due to intense competition and infrastructure hurdles. Uncontrolled growth of digital industry poses several challenges for the music industry. Extensive violation of copyright, poor interoperability of devices and files, and digital stream ripping are some problems faced in the online music industry.
Online Music: A Global Strategic Business Report The worldwide music industry was dominated by the presence of large labels such as Warners, Universal, EMI and Sony BMG, which captured a large chuck of the overall industry sales. However, the advent of Internet and online music has transformed the scenario, thereby contributing to proliferation of diverse worldwide music. Greater accessibility through Internet allowed independent and foreign artists to come close and compete with well-established music brands. The online music industry is currently witnessing increased consolidation activity, as existing players seek to fortify their presence through acquisitions, mergers or strategic collaborations. To deal with the intense competition, market participants are forging marketing alliances across diverse sectors.
The US dominates the global online music industry, which can be attributed to high levels of Internet penetration and availability of advanced digital technologies and devices. Adoption of broadband services and digitization of music with introduction of portable digital music players, represent two of the industry's major push factors. The US generated about US$2.7 billion in sales for 2007, as stated by Global Industry Analysts, Inc. Asia-Pacific is, however, expected to drive future growth in the global market, increasing at a compounded annual growth rate of 48% over the forecast period. In the United States, hard format segment is projected to dominate the market, capturing over 44% share of the sales by 2010. The European online music market witnessed a major turnaround in 2006 as the consumer spending increased by more than 100% during the year. Though piracy is the prime factor for ebbing retail music sales, replacement of shelf space dedicated for music with DVDs, games, mobile phones and books in major retailers also had a significant impact. one-off downloads segment dominates sales in the Asia-Pacific region reaching US$533 million in 2007.
The report titled "Online Music: A Global Strategic Business Report" published by Global Industry Analysts, Inc., offers a comprehensive analysis of the industry structure, market drivers, issues, trends and competition. The study analyzes recent past, current and future market data and analytics over the period 2004-2010 and long term projections (2011-2015) for regions such as the United States, Canada, Japan, Europe, Asia-Pacific and Rest of World.
The report reviews key players in the global and regional online music participants including Buongiorno Vitaminic SpA, eMusic.com Inc., iTunes, RealNetworks, Inc., Musicmatch, MusicNet, Inc., MTV Networks, OD2, Napster, Ecast, Inc. and Yahoo! Music Unlimited.
For more details about this research report, please http://www.strategyr.com/Online_Music_Market_Report.asp
About Global Industry Analysts, Inc.Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs over 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of over 60,000 smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.Telephone 408-528-9966Fax 408-528-9977 Email press@StrategyR.comWeb Site www.StrategyR.com
Wednesday, January 30, 2008
“High School Musical” Video Game Franchise Coming This Spring
Disney Interactive Studios Invites Fans to “Work This Out” With the Latest Addition to Its Successful “High School Musical” Video Game Franchise Coming This Spring Disney Has Shipped 3.8 Million Units of “High School Musical” Themed Video Games Worldwide
BURBANK, Calif.--January 30, 2008 --Disney Interactive Studios, the interactive entertainment affiliate of The Walt Disney Company (NYSE:DIS), announced today that the newest video game in the “High School Musical” franchise – High School Musical: Work This Out! for Nintendo DS™ will be available April 2008. High School Musical: Work This Out! allows fans of the popular Disney Channel movies to dive into the world of the Lava Springs Resort in an all new musical adventure game, featuring storylines extending beyond “High School Musical 2.” For the first time on Nintendo DS, High School Musical: Work This Out! features all 10 songs from the movie, and allows players to take their favorite songs from the film on-the-go by using the Nintendo DS as a music player. This unique feature lets players listen to their favorite “High School Musical 2” songs even while the Nintendo DS is closed.
High School Musical: Work This Out! follows the extremely successful launch of High School Musical: Sing It!, High School Musical: Makin’ the Cut and High School Musical: Living the Dream this past holiday season. Across all titles and platforms in the franchise, Disney Interactive Studios has shipped 3.8 million copies of the video games worldwide. According to NPD data for the U.S., the “High School Musical” video games achieved Top 20 positions on each published platform for the month of December 2007. High School Musical: Sing It!, a karaoke-themed video game featuring songs from both “High School Musical” films, ranked as the #6 top selling Wii™ home video game system title and #11 selling PlayStation®2 computer entertainment system title. High School Musical: Makin’ the Cut, a rhythm-based music and adventure game, ranked #10 for Nintendo DS. High School Musical: Living the Dream ranked #5 among the GameBoy® Advance titles for the same month.
“The phenomenon of ‘High School Musical’ goes beyond simply watching the movies,” said Craig Relyea, senior vice president, global marketing, Disney Interactive Studios. “The success of the video game franchise proves that fans want to immerse themselves in the world of ‘High School Musical,’ whether they are singing the songs or embarking on adventures with the cast. This new experience once again underscores Disney’s passion to provide fans with unparalleled entertainment as they wait for ‘High School Musical 3’ to arrive, which will also usher in a new generation of video games this holiday season.”
High School Musical: Work This Out!, due out in April, is the only musical adventure game allowing fans to immerse themselves in the world of “High School Musical 2.” Fans can play as their favorite High School Musical characters Troy, Gabriella, Sharpay, Ryan, Chad and Taylor to explore the Lava Springs Resort as seen in the movie. Throughout the game, players go on various adventures at the resort, compete in time-based challenges and play different rhythm games, all while listening to the hit songs from “High School Musical 2.”
High School Musical: Work This Out!, rated E for Everyone, will be available in April 2008 exclusively for Nintendo DS for $29.99.
About Disney Interactive Studios
Disney Interactive Studios is the interactive entertainment affiliate of The Walt Disney Company (NYSE:DIS). Disney Interactive Studios self publishes and distributes a broad portfolio of multi-platform video games and interactive entertainment worldwide. The company also licenses properties and works directly with other interactive game publishers to bring products for all ages to market. Disney Interactive Studios is based in Glendale, California and has five internal game development studios around the world including Avalanche Software, Fall Line Studio, Propaganda Games, Black Rock Studio and Junction Point Studios.
Contacts Disney Interactive StudiosMichelle Jacob, 818-553-6877michelle.jacob@disney.comorAccess Communications for Disney Interactive StudiosKatie Pagliara, 917-522-3531kpagliara@accesspr.com
BURBANK, Calif.--January 30, 2008 --Disney Interactive Studios, the interactive entertainment affiliate of The Walt Disney Company (NYSE:DIS), announced today that the newest video game in the “High School Musical” franchise – High School Musical: Work This Out! for Nintendo DS™ will be available April 2008. High School Musical: Work This Out! allows fans of the popular Disney Channel movies to dive into the world of the Lava Springs Resort in an all new musical adventure game, featuring storylines extending beyond “High School Musical 2.” For the first time on Nintendo DS, High School Musical: Work This Out! features all 10 songs from the movie, and allows players to take their favorite songs from the film on-the-go by using the Nintendo DS as a music player. This unique feature lets players listen to their favorite “High School Musical 2” songs even while the Nintendo DS is closed.
High School Musical: Work This Out! follows the extremely successful launch of High School Musical: Sing It!, High School Musical: Makin’ the Cut and High School Musical: Living the Dream this past holiday season. Across all titles and platforms in the franchise, Disney Interactive Studios has shipped 3.8 million copies of the video games worldwide. According to NPD data for the U.S., the “High School Musical” video games achieved Top 20 positions on each published platform for the month of December 2007. High School Musical: Sing It!, a karaoke-themed video game featuring songs from both “High School Musical” films, ranked as the #6 top selling Wii™ home video game system title and #11 selling PlayStation®2 computer entertainment system title. High School Musical: Makin’ the Cut, a rhythm-based music and adventure game, ranked #10 for Nintendo DS. High School Musical: Living the Dream ranked #5 among the GameBoy® Advance titles for the same month.
“The phenomenon of ‘High School Musical’ goes beyond simply watching the movies,” said Craig Relyea, senior vice president, global marketing, Disney Interactive Studios. “The success of the video game franchise proves that fans want to immerse themselves in the world of ‘High School Musical,’ whether they are singing the songs or embarking on adventures with the cast. This new experience once again underscores Disney’s passion to provide fans with unparalleled entertainment as they wait for ‘High School Musical 3’ to arrive, which will also usher in a new generation of video games this holiday season.”
High School Musical: Work This Out!, due out in April, is the only musical adventure game allowing fans to immerse themselves in the world of “High School Musical 2.” Fans can play as their favorite High School Musical characters Troy, Gabriella, Sharpay, Ryan, Chad and Taylor to explore the Lava Springs Resort as seen in the movie. Throughout the game, players go on various adventures at the resort, compete in time-based challenges and play different rhythm games, all while listening to the hit songs from “High School Musical 2.”
High School Musical: Work This Out!, rated E for Everyone, will be available in April 2008 exclusively for Nintendo DS for $29.99.
About Disney Interactive Studios
Disney Interactive Studios is the interactive entertainment affiliate of The Walt Disney Company (NYSE:DIS). Disney Interactive Studios self publishes and distributes a broad portfolio of multi-platform video games and interactive entertainment worldwide. The company also licenses properties and works directly with other interactive game publishers to bring products for all ages to market. Disney Interactive Studios is based in Glendale, California and has five internal game development studios around the world including Avalanche Software, Fall Line Studio, Propaganda Games, Black Rock Studio and Junction Point Studios.
Contacts Disney Interactive StudiosMichelle Jacob, 818-553-6877michelle.jacob@disney.comorAccess Communications for Disney Interactive StudiosKatie Pagliara, 917-522-3531kpagliara@accesspr.com
Tuesday, January 22, 2008
Apple Reports First Quarter Results
Apple Reports First Quarter Results
Best Quarterly Revenue & Earnings in Apple History Mac, iPod & iPhone Sales Break Previous Records
CUPERTINO, Calif., Jan. 22 2008 -- Apple® today announced financial results for its fiscal 2008 first quarter ended December 29, 2007. The Company posted revenue of $9.6 billion and net quarterly profit of $1.58 billion, or $1.76 per diluted share. These results compare to revenue of $7.1 billion and net quarterly profit of $1 billion, or $1.14 per diluted share, in the year-ago quarter. Gross margin was 34.7 percent, up from 31.2 percent in the year-ago quarter. International sales accounted for 45 percent of the quarter's revenue. Apple shipped 2,319,000 Macintosh® computers, representing 44 percent unit growth and 47 percent revenue growth over the year-ago quarter. The Company sold 22,121,000 iPods during the quarter, representing five percent unit growth and 17 percent revenue growth over the year-ago quarter. Quarterly iPhone(TM) sales were 2,315,000.
"We're thrilled to report our best quarter ever, with the highest revenue and earnings in Apple's history," said Steve Jobs, Apple's CEO. "We have an incredibly strong new product pipeline for 2008, starting with MacBook Air, Mac Pro and iTunes Movie Rentals in the first two weeks."
"Apple's revenue grew 35 percent year-over-year to $9.6 billion, an increase of almost $2.5 billion over the previous December quarter's record-breaking results," said Peter Oppenheimer, Apple's CFO. "Our strong results produced cash flow from operations of over $2.7 billion during the quarter, yielding an ending cash balance of over $18.4 billion. Looking ahead to the second quarter of fiscal 2008, we expect revenue of about $6.8 billion and earnings per diluted share of about $.94."
Apple will provide live streaming of its Q1 2008 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. PST on Tuesday, January 22, 2008 at http://www.apple.com/quicktime/qtv/earningsq108/ and will also be available for replay.
This press release contains forward-looking statements 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 potential litigation and government enforcement actions that may result from the matters investigated by the special committee of the board of directors and the restatement of the Company's consolidated financial statements; unfavorable results of legal proceedings; 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; war, terrorism, public health issues, and other circumstances that could disrupt supply, delivery, or demand of products; continued competitive pressures in the marketplace; the Company's reliance on sole service providers for iPhone in the US, UK, Germany and France; the continued availability on acceptable terms of certain components and services essential to the Company's business currently obtained by the Company from sole or limited sources; 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 effect that product quality problems could have on the Company's sales and operating profits; the inventory risk associated with the Company's need to order or commit to order product components in advance of customer orders; 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 dependency on the performance of distributors and other resellers of the Company's products; the Company's reliance on the availability of third-party digital content; and the potential impact of a finding that the Company has infringed on the intellectual property rights of others. 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 29, 2007 and its Form 10-Q for the quarter ended December 29, 2007 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.
© 2008 Apple Inc. All rights reserved. Apple, the Apple logo, Mac, Mac OS, Macintosh, iPhone and QuickTime are trademarks of Apple. Other company and product names may be trademarks of their respective owners.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except share and per share amounts)
Three Months Ended December 29, 2007 December 30, 2006
Net sales $9,608 $7,115 Cost of sales (1) 6,276 4,895 Gross margin 3,332 2,220 Operating expenses: Research and development (1) 246 184 Selling, general and administrative (1) 960 714
Total operating expenses 1,206 898
Operating income 2,126 1,322
Other income and expense 200 126
Income before provision for income taxes 2,326 1,448
Provision for income taxes 745 444
Net income $1,581 $1,004
Earnings per common share: Basic $1.81 $1.17 Diluted $1.76 $1.14
Shares used in computing earnings per share (in thousands): Basic 875,860 857,691 Diluted 900,054 883,297
(1) Includes stock-based compensation expense as follows: Cost of sales $18 $6 Research and development $39 $16 Selling, general and administrative $53 $24
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share amounts)
December 29, 2007 September 29, 2007
ASSETS:
Current assets: Cash and cash equivalents $9,162 $9,352 Short-term investments 9,286 6,034 Accounts receivable, less allowances of $45 and $47, respectively 1,939 1,637 Inventories 459 346 Deferred tax assets 993 782 Other current assets 4,350 3,805 Total current assets 26,189 21,956
Property, plant and equipment, net 1,870 1,832 Goodwill 38 38 Acquired intangible assets, net 311 299 Other assets 1,631 1,222
Total assets $30,039 $25,347
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities: Accounts payable $5,366 $4,970 Accrued expenses 5,169 4,329 Total current liabilities 10,535 9,299 Non-current liabilities 2,700 1,516 Total liabilities 13,235 10,815
Commitments and contingencies
Shareholders' equity: Common stock, no par value; 1,800,000,000 shares authorized; 878,628,867 and 872,328,972 shares issued and outstanding, respectively 6,046 5,368 Retained earnings 10,684 9,101 Accumulated other comprehensive income 74 63
Total shareholders' equity 16,804 14,532
Total liabilities and shareholders' equity $30,039 $25,347
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Three Months Ended December 29, 2007 December 30, 2006
Cash and cash equivalents, beginning of the period $9,352 $6,392 Operating Activities: Net income 1,581 1,004 Adjustments to reconcile net income to cash generated by operating activities: Depreciation, amortization, and accretion 106 74 Stock-based compensation expense 110 46 Provision for deferred income taxes 22 73 Loss on disposition of property, plant, and equipment 14 5 Changes in operating assets and liabilities: Accounts receivable, net (302) (369) Inventories (113) (33) Other current assets (550) 36 Other assets (253) 28 Accounts payable 484 495 Deferred revenue 1,048 199 Other liabilities 640 255
Cash generated by operating activities 2,787 1,813
Investing Activities: Purchases of short-term investments (6,127) (2,581) Proceeds from maturities of short-term investments 2,129 934 Proceeds from sales of investments 758 655 Purchases of long-term investments (9) - Payment for acquisition of property, plant, and equipment (224) (142) Payment for acquisition of intangible assets (8) (115) Other 19 15
Cash used in investing activities (3,462) (1,234)
Financing Activities: Proceeds from issuance of common stock 179 101 Excess tax benefits from stock-based compensation 315 87 Cash used to net share settle equity awards (9) -
Cash generated by financing activities 485 188
(Decrease) increase in cash and cash equivalents (190) 767
Cash and cash equivalents, end of the period $9,162 $7,159
Supplemental cash flow disclosure: Cash paid for income taxes, net $251 $114
UNAUDITED CONSOLIDATED SCHEDULE OF DEFERRED REVENUE
(in millions)
December 29, 2007 September 29, 2007
Deferred revenue-current: iPhone and Apple TV $816 $346 AppleCare 467 430 Other 812 634 Total deferred revenue-current 2,095 1,410
Deferred revenue-non-current: iPhone and Apple TV 624 290 AppleCare 529 495 Other 40 45 Total deferred revenue-non-current 1,193 830
Total deferred revenue $3,288 $2,240
Apple Inc. Q1 2008 Unaudited Summary Data
Q4 2007 Q1 2007 Q1 2008 CPU Rev CPU Rev CPU Rev Operating Segments Units K $M Units K $M Units K $M Americas 965 $2,928 625 $3,521 841 $4,298 Europe 499 1,339 491 1,712 705 2,471 Japan 72 255 70 285 91 400 Retail 473 1,251 308 1,115 504 1,701 Other Segments (1) 155 444 112 482 178 738
Total Operating Segments 2,164 $6,217 1,606 $7,115 2,319 $9,608
Rev Rev Rev Units K $M Units K $M Units K $M Product Summary Desktops (2) 817 $1,195 637 $955 977 $1,515 Portables (3) 1,347 1,908 969 1,455 1,342 2,037 Subtotal CPUs 2,164 3,103 1,606 2,410 2,319 3,552 iPod 10,200 1,619 21,066 3,427 22,121 3,997 Other Music Related Products and Services (4) 601 634 808 iPhone and Related Products & Services (5) 1,119 118 - - 2,315 241 Peripherals and Other Hardware 346 297 382 Software, Service and Other Sales 430 347 628 Total Apple $6,217 $7,115 $9,608
Sequential Change Year/Year Change CPU CPU Operating Segments Units Revenue Units Revenue Americas -13% 47% 35% 22% Europe 41% 85% 44% 44% Japan 26% 57% 30% 40% Retail 7% 36% 64% 53% Other Segments (1) 15% 66% 59% 53% Total Operating Segments 7% 55% 44% 35%
Sequential Change Year/Year Change Units Revenue Units Revenue
Product Summary Desktops (2) 20% 27% 53% 59% Portables (3) - 0% 7% 38% 40% Subtotal CPUs 7% 14% 44% 47% iPod 117% 147% 5% 17% Other Music Related Products and Services (4) 34% 27% iPhone and Related Products & Services (5) 107% 104% NM NM Peripherals and Other Hardware 10% 29% Software, Service and Other Sales 46% 81% Total Apple 55% 35%
(1) Other Segments include Asia Pacific and FileMaker. (2) Includes iMac, eMac, Mac mini, Mac Pro, PowerMac and Xserve product lines. (3) Includes MacBook, iBook, MacBook Pro and PowerBook product lines. (4) Consists of iTunes Store sales, iPod services, and Apple-branded and third-party iPod accessories. (5) Units consist of iPhone handset sales; Revenue is derived from handset sales, carrier agreements, and Apple-branded and third-party iPhone accessories.
NM: Not Meaningful
--Source: Apple
Best Quarterly Revenue & Earnings in Apple History Mac, iPod & iPhone Sales Break Previous Records
CUPERTINO, Calif., Jan. 22 2008 -- Apple® today announced financial results for its fiscal 2008 first quarter ended December 29, 2007. The Company posted revenue of $9.6 billion and net quarterly profit of $1.58 billion, or $1.76 per diluted share. These results compare to revenue of $7.1 billion and net quarterly profit of $1 billion, or $1.14 per diluted share, in the year-ago quarter. Gross margin was 34.7 percent, up from 31.2 percent in the year-ago quarter. International sales accounted for 45 percent of the quarter's revenue. Apple shipped 2,319,000 Macintosh® computers, representing 44 percent unit growth and 47 percent revenue growth over the year-ago quarter. The Company sold 22,121,000 iPods during the quarter, representing five percent unit growth and 17 percent revenue growth over the year-ago quarter. Quarterly iPhone(TM) sales were 2,315,000.
"We're thrilled to report our best quarter ever, with the highest revenue and earnings in Apple's history," said Steve Jobs, Apple's CEO. "We have an incredibly strong new product pipeline for 2008, starting with MacBook Air, Mac Pro and iTunes Movie Rentals in the first two weeks."
"Apple's revenue grew 35 percent year-over-year to $9.6 billion, an increase of almost $2.5 billion over the previous December quarter's record-breaking results," said Peter Oppenheimer, Apple's CFO. "Our strong results produced cash flow from operations of over $2.7 billion during the quarter, yielding an ending cash balance of over $18.4 billion. Looking ahead to the second quarter of fiscal 2008, we expect revenue of about $6.8 billion and earnings per diluted share of about $.94."
Apple will provide live streaming of its Q1 2008 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. PST on Tuesday, January 22, 2008 at http://www.apple.com/quicktime/qtv/earningsq108/ and will also be available for replay.
This press release contains forward-looking statements 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 potential litigation and government enforcement actions that may result from the matters investigated by the special committee of the board of directors and the restatement of the Company's consolidated financial statements; unfavorable results of legal proceedings; 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; war, terrorism, public health issues, and other circumstances that could disrupt supply, delivery, or demand of products; continued competitive pressures in the marketplace; the Company's reliance on sole service providers for iPhone in the US, UK, Germany and France; the continued availability on acceptable terms of certain components and services essential to the Company's business currently obtained by the Company from sole or limited sources; 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 effect that product quality problems could have on the Company's sales and operating profits; the inventory risk associated with the Company's need to order or commit to order product components in advance of customer orders; 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 dependency on the performance of distributors and other resellers of the Company's products; the Company's reliance on the availability of third-party digital content; and the potential impact of a finding that the Company has infringed on the intellectual property rights of others. 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 29, 2007 and its Form 10-Q for the quarter ended December 29, 2007 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.
© 2008 Apple Inc. All rights reserved. Apple, the Apple logo, Mac, Mac OS, Macintosh, iPhone and QuickTime are trademarks of Apple. Other company and product names may be trademarks of their respective owners.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except share and per share amounts)
Three Months Ended December 29, 2007 December 30, 2006
Net sales $9,608 $7,115 Cost of sales (1) 6,276 4,895 Gross margin 3,332 2,220 Operating expenses: Research and development (1) 246 184 Selling, general and administrative (1) 960 714
Total operating expenses 1,206 898
Operating income 2,126 1,322
Other income and expense 200 126
Income before provision for income taxes 2,326 1,448
Provision for income taxes 745 444
Net income $1,581 $1,004
Earnings per common share: Basic $1.81 $1.17 Diluted $1.76 $1.14
Shares used in computing earnings per share (in thousands): Basic 875,860 857,691 Diluted 900,054 883,297
(1) Includes stock-based compensation expense as follows: Cost of sales $18 $6 Research and development $39 $16 Selling, general and administrative $53 $24
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share amounts)
December 29, 2007 September 29, 2007
ASSETS:
Current assets: Cash and cash equivalents $9,162 $9,352 Short-term investments 9,286 6,034 Accounts receivable, less allowances of $45 and $47, respectively 1,939 1,637 Inventories 459 346 Deferred tax assets 993 782 Other current assets 4,350 3,805 Total current assets 26,189 21,956
Property, plant and equipment, net 1,870 1,832 Goodwill 38 38 Acquired intangible assets, net 311 299 Other assets 1,631 1,222
Total assets $30,039 $25,347
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities: Accounts payable $5,366 $4,970 Accrued expenses 5,169 4,329 Total current liabilities 10,535 9,299 Non-current liabilities 2,700 1,516 Total liabilities 13,235 10,815
Commitments and contingencies
Shareholders' equity: Common stock, no par value; 1,800,000,000 shares authorized; 878,628,867 and 872,328,972 shares issued and outstanding, respectively 6,046 5,368 Retained earnings 10,684 9,101 Accumulated other comprehensive income 74 63
Total shareholders' equity 16,804 14,532
Total liabilities and shareholders' equity $30,039 $25,347
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Three Months Ended December 29, 2007 December 30, 2006
Cash and cash equivalents, beginning of the period $9,352 $6,392 Operating Activities: Net income 1,581 1,004 Adjustments to reconcile net income to cash generated by operating activities: Depreciation, amortization, and accretion 106 74 Stock-based compensation expense 110 46 Provision for deferred income taxes 22 73 Loss on disposition of property, plant, and equipment 14 5 Changes in operating assets and liabilities: Accounts receivable, net (302) (369) Inventories (113) (33) Other current assets (550) 36 Other assets (253) 28 Accounts payable 484 495 Deferred revenue 1,048 199 Other liabilities 640 255
Cash generated by operating activities 2,787 1,813
Investing Activities: Purchases of short-term investments (6,127) (2,581) Proceeds from maturities of short-term investments 2,129 934 Proceeds from sales of investments 758 655 Purchases of long-term investments (9) - Payment for acquisition of property, plant, and equipment (224) (142) Payment for acquisition of intangible assets (8) (115) Other 19 15
Cash used in investing activities (3,462) (1,234)
Financing Activities: Proceeds from issuance of common stock 179 101 Excess tax benefits from stock-based compensation 315 87 Cash used to net share settle equity awards (9) -
Cash generated by financing activities 485 188
(Decrease) increase in cash and cash equivalents (190) 767
Cash and cash equivalents, end of the period $9,162 $7,159
Supplemental cash flow disclosure: Cash paid for income taxes, net $251 $114
UNAUDITED CONSOLIDATED SCHEDULE OF DEFERRED REVENUE
(in millions)
December 29, 2007 September 29, 2007
Deferred revenue-current: iPhone and Apple TV $816 $346 AppleCare 467 430 Other 812 634 Total deferred revenue-current 2,095 1,410
Deferred revenue-non-current: iPhone and Apple TV 624 290 AppleCare 529 495 Other 40 45 Total deferred revenue-non-current 1,193 830
Total deferred revenue $3,288 $2,240
Apple Inc. Q1 2008 Unaudited Summary Data
Q4 2007 Q1 2007 Q1 2008 CPU Rev CPU Rev CPU Rev Operating Segments Units K $M Units K $M Units K $M Americas 965 $2,928 625 $3,521 841 $4,298 Europe 499 1,339 491 1,712 705 2,471 Japan 72 255 70 285 91 400 Retail 473 1,251 308 1,115 504 1,701 Other Segments (1) 155 444 112 482 178 738
Total Operating Segments 2,164 $6,217 1,606 $7,115 2,319 $9,608
Rev Rev Rev Units K $M Units K $M Units K $M Product Summary Desktops (2) 817 $1,195 637 $955 977 $1,515 Portables (3) 1,347 1,908 969 1,455 1,342 2,037 Subtotal CPUs 2,164 3,103 1,606 2,410 2,319 3,552 iPod 10,200 1,619 21,066 3,427 22,121 3,997 Other Music Related Products and Services (4) 601 634 808 iPhone and Related Products & Services (5) 1,119 118 - - 2,315 241 Peripherals and Other Hardware 346 297 382 Software, Service and Other Sales 430 347 628 Total Apple $6,217 $7,115 $9,608
Sequential Change Year/Year Change CPU CPU Operating Segments Units Revenue Units Revenue Americas -13% 47% 35% 22% Europe 41% 85% 44% 44% Japan 26% 57% 30% 40% Retail 7% 36% 64% 53% Other Segments (1) 15% 66% 59% 53% Total Operating Segments 7% 55% 44% 35%
Sequential Change Year/Year Change Units Revenue Units Revenue
Product Summary Desktops (2) 20% 27% 53% 59% Portables (3) - 0% 7% 38% 40% Subtotal CPUs 7% 14% 44% 47% iPod 117% 147% 5% 17% Other Music Related Products and Services (4) 34% 27% iPhone and Related Products & Services (5) 107% 104% NM NM Peripherals and Other Hardware 10% 29% Software, Service and Other Sales 46% 81% Total Apple 55% 35%
(1) Other Segments include Asia Pacific and FileMaker. (2) Includes iMac, eMac, Mac mini, Mac Pro, PowerMac and Xserve product lines. (3) Includes MacBook, iBook, MacBook Pro and PowerBook product lines. (4) Consists of iTunes Store sales, iPod services, and Apple-branded and third-party iPod accessories. (5) Units consist of iPhone handset sales; Revenue is derived from handset sales, carrier agreements, and Apple-branded and third-party iPhone accessories.
NM: Not Meaningful
--Source: Apple
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