4Q11 Net Revenues Up 61.3% YOY to RMB318.3 Million

4Q11 Adjusted EBITDA Up 73.0% YOY to RMB65.1 Million

4Q11 Adjusted Net Profit Up 52.5% YOY to RMB46.3 Million

BEIJING, Feb. 27, 2012 (CRWENEWSWIRE) — 21Vianet Group, Inc. (Nasdaq:VNET) (”21Vianet” or the “Company”), the largest carrier-neutral Internet data center services provider in China, today announced its unaudited financial results for the fourth quarter of 2011. The Company will hold a conference call at 8:00 a.m. Eastern Time on February 28, 2012. Dial-in details are provided at the end of the release.

Fourth Quarter 2011 Financial Highlights

* Net revenues increased by 61.3% to RMB318.3 million (US$50.6 million) from RMB197.3 million in the comparative period in 2010.
* Adjusted EBITDA1 increased by 73.0% to RMB65.1 million (US$10.3 million) from RMB37.6 million in the comparative period in 2010.
* Adjusted EBITDA margin2 increased to 20.5% from 19.1% in the comparative period in 2010.
* Adjusted net profit3 increased by 52.5% to RMB46.3 million (US$7.4 million) from RMB30.4 million in the comparative period in 2010.

Full Year 2011 Financial Highlights

* Net revenues increased by 94.4% to RMB1.0 billion (US$162.2 million) from RMB525.2 million in 2010.
* Adjusted EBITDA increased by 149.9% to RMB209.0 million (US$33.2 million) from RMB83.7 million in 2010.
* Adjusted EBITDA margin increased to 20.5% from 15.9% in 2010.
* Adjusted net profit increased by 185.9% to RMB170.0 million (US$27.0 million) from RMB59.5 million in 2010.

Mr. Josh Chen, Founder, Chairman and Chief Executive Officer of the Company, stated, “We are excited to announce that for the full year 2011, and for the first time in our company’s history, our annual net revenues exceeded the RMB1 billion milestone. Our success in the fourth quarter and full year of 2011 was led by solid financial and operational results across the board. This growth was driven by surging demand for both hosting and managed network services. With our diverse base of over 1,500 customers, demand for our services continued to grow, which was characterized by an increase in demand from customers conducting online video, online gaming and e-Commerce businesses.

“We remain committed to further expanding our services and capacity as well as streamlining our business operations. During the quarter, we enhanced our revenue growth capabilities by further increasing our hosting capacity as well as network service capacity with the acquisition of Guangzhou Gehua Network Technology and Development Co., Ltd. (”Gehua”). Going forward, through leveraging our core Internet infrastructure platform, we are confident to remain a leading Internet infrastructure services provider throughout China.”

Mr. Shang Hsiao, President and Chief Financial Officer of the Company, commented, “Not only did our revenue growth exceed our expectations, but we were also able to expand our adjusted EBITDA margins by 4.6% year over year. Going into 2012, we are well-positioned to benefit from the significant growth in Internet usage on multiple devices in China as well as from increasing demand for reliable interconnectivity services from our core content customers.”

Fourth Quarter 2011 Financial Results

REVENUES: Net revenues for the fourth quarter of 2011 increased by 61.3% to RMB318.3 million (US$50.6 million) from RMB197.3 million in the comparative period in 2010. Net revenue increased by 21.6% sequentially from the third quarter of 2011.

Net revenues from hosting and related services increased by 57.2% to RMB175.2 million (US$27.8 million) in the fourth quarter of 2011 from RMB111.5 million in the comparative period in 2010, primarily due to an increase in the total number of cabinets under management in both our self-built and partnered data centers, which was attributable to growing customer demand.

Net revenues from managed network services increased by 66.6% to RMB143.0 million (US$22.7 million) in the fourth quarter of 2011 from RMB85.8 million in the comparative period in 2010, primarily driven by an increase in network capacity demand for data transmission services. Net revenues from managed network services included the effects of acquiring Gehua, which generated RMB21.5 million (US$3.4 million) in net revenues during the fourth quarter of 2011.

GROSS PROFIT: For the fourth quarter of 2011, gross profit increased by 82.6% to RMB88.1 million (US$14.0 million) from RMB48.2 million in the comparative period in 2010. Gross margin for the fourth quarter of 2011 increased to 27.7% from 24.4% in the comparative period in 2010.

Adjusted gross profit, which excludes share-based compensation expenses of RMB0.6 million (US$0.1 million) and amortization of intangible assets derived from acquisitions of RMB7.3 million, increased by 70.9% to RMB96.0 million (US$15.3 million) from RMB56.2 million in the comparative period in 2010.

Adjusted gross margin increased to 30.2%, compared to 28.5% in the comparative period in 2010. The increase in adjusted gross margin was primarily due to the continued revenue mix shift towards a higher percentage of self-built data centers, which carry slightly higher gross margins relative to partnered data centers.

OPERATING EXPENSES: Total operating expenses were RMB79.9 (US$12.7 million) compared with RMB246.8 million in the comparative period in 2010.

Sales and marketing expenses increased to RMB25.5 million (US$4.0 million) from RMB16.4 million in the comparative period in 2010. Adjusted sales and marketing expenses, which excludes share-based compensation expenses of RMB1.5 million (US$0.2 million) in the fourth quarter of 2011 and RMB1.4 million in the comparative period in 2010, increased to RMB24.0 million (US$3.8 million) from RMB15.0 million in the comparative period in 2010 primarily due to the expansion of the Company’s sales and service support team.

General and administrative expenses decreased to RMB24.4 million (US$3.9 million) from RMB217.0 million in the comparative period in 2010. Adjusted general and administrative expenses, which exclude share-based compensation expenses of RMB7.7 million (US$1.2 million) in the fourth quarter of 2011 and RMB211.5 million in the comparative period in 2010, increased to RMB16.7 million (US$2.7 million) from RMB5.5 million primarily due to headcount increases, office rental and other expansion related expenses.

Research and development expenses increased to RMB10.0 million (US$1.6 million) from RMB5.8 million in the comparative period in 2010. Adjusted research and development expenses, which exclude share-based compensation expenses of RMB0.7 million (US$0.1 million) in the fourth quarter of 2011 and RMB0.6 million in the comparative period in 2010, increased to RMB9.3 million (US$1.5 million) from RMB5.2 million, which reflected the Company’s efforts to further strengthen its research and development capabilities and expand and improve its service offerings.

Change in the fair value of contingent purchase consideration payable was RMB20.0 million (US$3.2 million) during the fourth quarter of 2011. This expense was primarily due to an increase in the present value of estimated cash and share considerations as of December 31, 2011 associated with the Company’s acquisitions of the Managed Network Entities and Gehua.

Adjusted operating expenses, which excludes share-based compensation expenses and the changes in the fair value of contingent purchase consideration payable, increased to RMB50.0 million (US$7.9 million) from RMB25.8 million in the comparative period in 2010. As a percentage of net revenue, adjusted operating expenses was 15.7%, compared with 13.1% in the comparative period in 2010.

ADJUSTED EBITDA: Adjusted EBITDA for the fourth quarter of 2011 increased by 73.0% to RMB65.1 million (US$10.3 million) from RMB37.6 million in the comparative period in 2010. Adjusted EBITDA margin for the quarter increased to 20.5% from 19.1% in the comparative period in 2010. Adjusted EBITDA in the fourth quarter of 2011 excludes share-based compensation expenses of RMB10.5 million (US$1.7 million) and changes in the fair value of contingent purchase consideration payable of RMB20.0 million (US$3.2 million).

NET PROFIT/LOSS: Net profit for the fourth quarter of 2011 was RMB11.5 million (US$1.8 million) compared to a net loss of RMB198.8 million in the comparative period in 2010.

Adjusted net profit for the fourth quarter of 2011 increased by 52.5% to RMB46.3 million (US$7.4 million) from RMB30.4 million in the comparative period in 2010. Adjusted net profit in the fourth quarter of 2011 excludes the share-based compensation expenses of RMB10.5 million, amortization of intangible assets derived from acquisitions of RMB7.3 million, changes in the fair value of contingent purchase consideration payable and related deferred tax impact of RMB17.0 million in the aggregate. Adjusted net margin was 14.6%, compared with 15.4% in the comparative period in 2010.

EARNING/LOSS PER SHARE: Diluted earnings per ordinary share for the fourth quarter of 2011 were RMB0.01, which represents the equivalent of RMB0.06 (US$0.01) per American Depositary Share (”ADS”). Each ADS represents six ordinary shares. Adjusted diluted earnings per share for the fourth quarter of 2011 were RMB0.12, which represents the equivalent of RMB0.72 (US$0.12) per ADS4. Adjusted earnings per share are calculated using adjusted net profit as discussed above to divide the weighted average shares number.

As of December 31, 2011, the Company had a total of 335.6 million basic ordinary shares outstanding or the equivalents of 55.9 million ADSs outstanding.

Adjusted earnings per share is calculated using adjusted net profit, which excludes share-based compensation expenses, amortization of intangible assets derived from acquisitions, change in the fair value of contingent purchase consideration payable and related deferred tax impact, reversal of unrecognized tax benefit and outside tax basis difference as discussed above to divide the weighted average shares number.

BALANCE SHEET: As of December 31, 2011, the Company’s cash and cash equivalents and short term investment were RMB1.3 billion (US$207.3 million), compared to RMB83.3 million as of December 31, 2010.

Fourth Quarter 2011 Operational Highlights

* Monthly Recurring Revenues (”MRR”) per cabinet increased to RMB9,700 from RMB9,400 in the third quarter of 2011.
* Total cabinets under management increased to 7,816 as of December 31, 2011 from 7,335 as of September 30, 2011, with 4,055 cabinets in the Company’s self-built data centers and 3,761 cabinets in its partnered data centers.
* Utilization rate was stable at 80.7% in the fourth quarter 2011 compared to 81.5% in the third quarter of 2011.
* Churn rate was 0.85% in the fourth quarter of 2011, compared to 0.80% in the third quarter of 2011. Top 20 customers’ churn rate remained at 0%.
* The largest customer represented 4.1% of total net revenues.

Full Year 2011 Financial Performance

For the full year of 2011, net revenue increased by 94.4% to RMB1.0 billion (US$162.2 million) from RMB525.2 million in 2010. Adjusted EBITDA for the full year increased by 149.9% to RMB209.0 million (US$33.2 million) from RMB83.7 million in 2010. Adjusted EBITDA margin increased to 20.5% from 15.9% in 2010. Adjusted EBITDA for the full year excludes share-based compensation expenses of RMB42.0 million (US$6.7 million) and changes in the fair value of contingent purchase consideration payable of RMB63.2 million (US$10.0 million). Adjusted net profit for the full year increased by 185.9% to RMB170.0 million (US$27.0 million) from RMB59.5 million in 2010. Adjusted net profit for the full year excludes share-based compensation expenses of RMB42.0 million (US$6.7 million), amortization of intangible assets derived from acquisitions of RMB28.4 million (US$4.5 million), and changes in the fair value of contingent purchase consideration payable and related deferred tax impact of RMB53.7 million (US$8.5 million).

Financial Outlook

For the first quarter of 2012, the Company expects net revenues to be in the range of RMB340 million to RMB345 million. Adjusted EBITDA is expected to be in the range of RMB68.5 million to RMB70.5 million. These forecasts reflect the Company’s current and preliminary view, which is subject to change.

Conference Call

The Company will hold a conference call on Tuesday, February 28, 2012 at 8:00 a.m. Eastern Time to discuss the financial results. Listeners may access the call by dialing the following numbers:
United States: +1-646-254-3515
International Toll Free: +1-855-500-8701
China Domestic: 400-1200654
Hong Kong: +852-3051-2745
Conference ID: # 48256412

The replay will be accessible through March 6, 2012 by dialing the following numbers:
United States: +1-718-354-1232
International Toll Free: +1-866-214-5335
Conference ID: # 48256412

A webcast of the conference call will be available through the Company’s investor relations website at http://ir.21vianet.com.

Non-GAAP Disclosure

In evaluating its business, 21Vianet considers and uses the following non-GAAP measures defined as non-GAAP financial measures by the SEC as supplemental measure to review and assess its operating performance: adjusted gross profit, adjusted gross margin, adjusted operating expenses, adjusted net profit, adjusted net margin, adjusted EBITDA, adjusted EBITDA margin, adjusted basic earnings per share, adjusted diluted earnings per share, adjusted basic earnings per ADS and adjusted diluted earnings per ADS. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this press release.

The non-GAAP financial measures are provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors’ overall understanding of the Company’s current financial performance and prospects for the future. These non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for, or superior to, U.S. GAAP results. In addition, the Company’s calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.

Exchange Rate

This press release contains translations of certain Renminbi amounts into US dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to US dollars, in this press release, were made at a rate of RMB6.2939 to US$1.00, the noon buying rate in effect on December 30, 2011 in the City of New York for cable transfers in Renminbi per US dollar as certified for customs purposes by the Federal Reserve Bank of New York.

About 21Vianet

21Vianet Group, Inc. is the largest carrier-neutral Internet data center services provider in China. 21Vianet provides hosting and related services, managed network services and cloud computing infrastructure services, improving the reliability, security and speed of its customers’ Internet connections through 21Vianet’s Internet infrastructure. Customers may locate their servers and networking equipment in 21Vianet’s data centers and connect to China’s Internet backbone through 21Vianet’s extensive fiber optic network. In addition, 21Vianet’s proprietary smart routing technology, BroadEx, enables customers’ data to be delivered across the Internet in a faster and more reliable manner. 21Vianet operates in 33 cities throughout China, servicing a diversified and loyal base of more than 1,500 customers that span many industries ranging from Internet companies to government entities and blue-chip enterprises to small- to mid-sized enterprises.

Safe Harbor Statement

This announcement contains forward-looking statements. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the outlook for the first quarter of 2012 and quotations from management in this announcement, as well as 21Vianet’s strategic and operational plans, contain forward-looking statements. 21Vianet may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about 21Vianet’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: 21Vianet’s goals and strategies; 21Vianet’s expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, 21Vianet’s services; 21Vianet’s expectations regarding keeping and strengthening its relationships with customers; 21Vianet’s plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where 21Vianet provides solutions and services. Further information regarding these and other risks is included in 21Vianet’s reports filed with, or furnished to the Securities and Exchange Commission. 21Vianet does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and 21Vianet undertakes no duty to update such information, except as required under applicable law.

1 Adjusted EBITDA is non-GAAP financial measure, which is defined as EBITDA excluding share-based compensation expenses and changes in the fair value of contingent purchase consideration payable.

2 Adjusted EBITDA margin is non-GAAP financial measure, which is defined as adjusted EBITDA as a percentage of total net revenues.

3 Adjusted net profit/loss is non-GAAP financial measure, which is defined as net profit/loss from continuing operations excluding share-based compensation expenses, amortization of intangible assets derived from acquisitions, changes in the fair value of contingent purchase consideration payable and related deferred tax impact, and reversal of unrecognized tax benefits and outside tax basis difference.

4 Due to the Company’s IPO on April 21, 2011, the diluted shares used in adjusted earnings per share computation represented the weighted average number of the Company’s ordinary shares.

Source: 21Vianet Group, Inc.

Contact:

Investor Relations Contact:
ICR, Inc.
Jeremy Peruski
+1 (646) 405-4922
IR@21Vianet.com

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THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY!

Disclaimer: Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. CRWENewswire.com publisher and its affiliates and contractors are not registered investment advisers or broker/dealers. Our disclaimer is to be read and fully understood before using our site, reading our newsletter or joining our email list. Release of Liability: Through use of this website viewing or using, you agree to hold CRWENewswire.com report and Crown Equity Holdings Inc. CRWE, its operators, shareholders, employees and/or contractors harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damages (monetary or otherwise) that you may occur. (Read more at http://crwenewswire.com/disclaimer). Rule 17B requires disclosure of payment for investor relations. Crown Equity Holdings Inc. (CRWE.OB) is a media-advertisement and newswire company. Crown Equity Holdings Inc. (CRWE.OB), in some cases, provides media advertising and public awareness for both public and private companies, as well as disseminating news. As such, in some cases, when Crown Equity Holdings Inc. (CRWE.OB) advertises for a particular client, Crown Equity Holdings Inc. (CRWE.OB) charges an advertising fee which it must disclose under 17B. The fee may be in cash, in free trading stock or in restricted stock. Crown Equity Holdings Inc. (CRWE.OB), if paid in stock, can and may sell those securities during the advertising period.

Fourth Quarter 2011:

* Revenue: $53.2 million, an increase of 40% year-over-year
* Adjusted Net Income: $7.6 million, or $0.25 per diluted share

Full Year 2011:

* Revenue: $165.6 million, an increase of 27% year-over-year
* Adjusted Net Income: $16.8 million, or $0.57 per diluted share

COLUMBIA, MD — 02/21/2012 (CRWENEWSWIRE) — Sourcefire, Inc. (Nasdaq:FIRE), a leader in intelligent cybersecurity solutions, today announced financial results for its fiscal fourth quarter and full year ended December 31, 2011.

“The investments we have made in our expanded product offering and go-to-market strategy drove record quarterly and full year revenue and adjusted net income,” said John Burris, CEO of Sourcefire. “As we look to 2012, we enter the year with an unmatched set of solutions, a cohesive message based on our Agile SecurityTM vision and a highly efficient direct and indirect sales force who are excited to go to market with our offerings. We will continue to invest in all areas of the business in order to drive innovation and take market share across our expanded opportunity.”

Financial Summary

* Total Revenue - Revenue for the fourth quarter of 2011 was $53.2 million compared to $38.0 million in the fourth quarter of 2010, an increase of 40%. Revenue for the year ended December 31, 2011 was $165.6 million compared to $130.6 million for 2010, an increase of 27%.
* GAAP Net Income - Net income was $4.1 million for the fourth quarter of 2011, or $0.14 per diluted share, on the basis of generally accepted accounting principles (GAAP), compared with GAAP net income of $4.4 million, or $0.15 per diluted share, in the fourth quarter of 2010. GAAP net income for the year ended December 31, 2011 was $6.2 million, or $0.21 per diluted share, compared with GAAP net income of $20.0 million, or $0.69 per diluted share, for 2010.
* Adjusted Net Income - Adjusted net income for the fourth quarter of 2011, which excludes stock-based compensation expense and costs related to the Immunet acquisition and includes an assumed tax rate of 35%, was $7.6 million, or $0.25 per diluted share. This compares to adjusted net income of $5.0 million, or $0.17 per diluted share, in the fourth quarter of 2010, which excludes stock-based compensation expense and costs related to the Immunet acquisition and includes an assumed tax rate of 35%. Adjusted net income for the year ended December 31, 2011, which excludes stock-based compensation expense and costs related to the Immunet acquisition and includes an assumed tax rate of 35%, was $16.8 million, or $0.57 per diluted share. This compares to adjusted net income for 2010, which excludes stock-based compensation expense, costs related to the Immunet acquisition and the benefit from the release of the valuation allowance on the Company’s deferred tax asset and includes an assumed tax rate of 35%, of $15.4 million, or $0.53 per diluted share.
* Balance Sheet - As of December 31, 2011, the Company’s cash, cash equivalents and investments totaled $157.8 million. The Company generated free cash flow of $12.9 million in the fourth quarter of 2011 and $8.1 million for the full year 2011.

Recent Company Highlights

Global Expansion & Channel Development

* Increased 2011 channel-influenced sales worldwide to 51%, up from 39% in 2010.
* Increased 2011 U.S. commercial revenue to $88.5 million, up 36% over 2010.
* Increased 2011 international revenue to $42.1 million, up 28% over 2010.
* Increased 2011 U.S. federal sector revenue to $35.0 million, up 7% over 2010.

Innovation & Recognition

* Announced its latest innovation, the Sourcefire Next-Generation Firewall (NGFW). Building on Sourcefire’s Next-Generation IPS (NGIPS) technology leadership and leveraging its high-performance FirePOWER(TM) platform, the Sourcefire Next-Generation Firewall combines the world’s most powerful IPS threat prevention, integrated application control and firewall capabilities in a high-performance security appliance. By combining NGIPS and NGFW, Sourcefire has created the first enterprise firewall solution with comprehensive enterprise visibility, adaptive security and advanced threat protection
* Introduced FireAMP™ advanced malware protection, a malware discovery and analysis solution that analyzes and blocks malware by utilizing big data analytics. Designed for large enterprises, FireAMP delivers unprecedented visibility and the control needed to block threats missed by other security layers. FireAMP is the latest fulfillment of Sourcefire’s Agile Security vision for context-aware, adaptive and automated security solutions.
* Announced that Sourcefire has been named to the Deloitte Technology Fast 500TM for the fifth consecutive year. The Deloitte Fast 500 program lists the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America based on their percentage revenue growth over a five-year period. Sourcefire ranked 402.

First Quarter 2012 Outlook

Based on information as of February 21, 2012, Sourcefire expects revenue for the first quarter of 2012 in the range of $40.0 million to $42.0 million, net loss per share in the range of ($0.05) to ($0.03) and, on an adjusted basis, net income per diluted share in the range of $0.06 to $0.08. Sourcefire’s expectation of adjusted net income per diluted share excludes stock-based compensation expense of $4.2 million to $4.4 million and amortization of acquired intangible assets and other acquisition-related expenses of approximately $1.0 million and includes an assumed 35% tax rate.

Non-GAAP Measures

Adjusted Net Income, Adjusted Net Income per Share, Adjusted Income from Operations and Adjusted Income from Operations as a Percentage of Revenue: In evaluating the operating performance of our business, Sourcefire excludes certain charges and credits that are required by GAAP. Sourcefire believes these non-GAAP results provide useful information to both management and investors by excluding (i) stock-based compensation, which does not involve the expenditure of cash, (ii) amortization of acquisition-related intangible assets, which does not involve the expenditure of cash, and (iii) other acquisition–related expenses, which are unrelated to the ongoing operation of the Company’s business in the ordinary course. For 2012, based on our current tax structure, Sourcefire expects non-GAAP results to be adjusted to reflect the effect of an assumed tax rate of 35%. Sourcefire believes this adjustment provides useful information to both management and investors.

Free Cash Flow: Sourcefire defines free cash flow as net cash provided by operating activities minus capital expenditures. The Company considers free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after the purchase of property and equipment, can be used for strategic opportunities, including investing in the business, making strategic acquisitions and strengthening the balance sheet.

These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. The non-GAAP measures included in this press release have been reconciled to the nearest GAAP measure in the table following the financial statements attached to this press release.

Conference Call and Webcast

On Tuesday, February 21, 2012 at 5:00 p.m. Eastern Time, Sourcefire will host a conference call to review these results. A listen-only web cast of the session will be available at http://investor.sourcefire.com.

Those wishing to participate in the live session should use the following numbers to dial in:

Calling from the United States or Canada: 877-712-7037

Calling from other countries: 253-237-1122

Pass code: 41458615

An online replay will be available at http://investor.sourcefire.com following the completion of the live call and will remain available for at least 90 days.

About Sourcefire

Sourcefire, Inc., a world leader in intelligent cybersecurity solutions, is transforming the way global large- to mid-size organizations and government agencies manage and minimize network security risks. With solutions from a next-generation network security platform to advanced malware protection, Sourcefire provides customers with Agile Security™ that is as dynamic as the real world it protects and the attackers against which it defends. Trusted for more than 10 years, Sourcefire has been consistently recognized for its innovation and industry leadership with numerous patents, world-class research, and award-winning technology. Today, the name Sourcefire has grown synonymous with innovation, security intelligence and agile end-to-end security protection. For more information about Sourcefire, please visit www.sourcefire.com.

Sourcefire, the Sourcefire logo, Snort, the Snort and Pig logo, ClamAV, FireAMP, FirePOWER, FireSIGHT and certain other trademarks and logos are trademarks or registered trademarks of Sourcefire, Inc. in the United States and other countries. Other company, product and service names may be trademarks or service marks of others.

Cautionary Language Concerning Forward-Looking Statements

The statements contained in this release that are not historical facts are “forward-looking statements” (as such term is defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties. These statements include expectations regarding financial results for the first quarter and full year of 2012, the Company’s future profitability and the Company’s plans for the introduction of new products.

Management cautions the reader that these forward-looking statements are only predictions and are subject to a number of both known and unknown risks and uncertainties, and actual results, performance, and/or achievements of Sourcefire, Inc. may differ materially from the future results, performance, and/or achievements expressed or implied by these forward-looking statements as a result of a number of factors. These factors include, without limitation, the fact that the outlook for the first quarter and full year of 2012 could change, and also include, without limitation, those risks and uncertainties described from time to time in the reports filed by Sourcefire, Inc. with the U.S. Securities and Exchange Commission. Sourcefire, Inc. undertakes no obligation to update any forward-looking statements.

Source: Sourcefire, Inc.

Contact:
Media Contact:
Sourcefire
Jennifer Leggio, 650-260-4025
jleggio@sourcefire.com
or
Investor Contact:
ICR
Staci Mortenson, 203-682-8273
Staci.Mortenson@icrinc.com

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THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY!

Disclaimer: Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. CRWENewswire.com publisher and its affiliates and contractors are not registered investment advisers or broker/dealers. Our disclaimer is to be read and fully understood before using our site, reading our newsletter or joining our email list. Release of Liability: Through use of this website viewing or using, you agree to hold CRWENewswire.com report and Crown Equity Holdings Inc. CRWE, its operators, shareholders, employees and/or contractors harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damages (monetary or otherwise) that you may occur. (Read more at http://crwenewswire.com/disclaimer). Rule 17B requires disclosure of payment for investor relations. Crown Equity Holdings Inc. (CRWE.OB) is a media-advertisement and newswire company. Crown Equity Holdings Inc. (CRWE.OB), in some cases, provides media advertising and public awareness for both public and private companies, as well as disseminating news. As such, in some cases, when Crown Equity Holdings Inc. (CRWE.OB) advertises for a particular client, Crown Equity Holdings Inc. (CRWE.OB) charges an advertising fee which it must disclose under 17B. The fee may be in cash, in free trading stock or in restricted stock. Crown Equity Holdings Inc. (CRWE.OB), if paid in stock, can and may sell those securities during the advertising period.

HAUPPAUGE, NY — 02/08/2012 (CRWENEWSWIRE) — Globecomm Systems Inc. (NASDAQ:GCOM), a leading global provider of communications solutions and services, today announced financial results for the fiscal 2012 second quarter and six months ended December 31, 2011. Globecomm is reporting its financial results on a generally accepted accounting principles (GAAP) basis as well as adjusted EBITDA and adjusted diluted net income per common share, both non-GAAP financial measures, for which the Company provides detailed reconciliations on the attached tables. The following are highlights:

* Service revenues for the quarter increased 15.6% to a record $54.7 million as compared to $47.3 million in the same period last year. For the six months ended December 31, 2011, service revenues increased 16.3% to a record $104.9 million as compared to $90.2 million in the same period last year.
* Infrastructure revenues for the quarter increased 76.4% to $40.5 million as compared to $23.0 million in the same period last year.
* Consolidated revenues for the quarter increased 35.5% to a record $95.2 million as compared to $70.2 million in the same period last year.
* GAAP diluted net income per common share of $0.41 for the quarter as compared to $0.08 in the same period last year. Adjusted diluted net income per common share for the quarter increased 53.3% to $0.23 as compared to $0.15 in the same period last year.
* Adjusted EBITDA for the quarter increased 47.5% to a record $12.0 million as compared to $8.1 million in the same period last year.

Fiscal Year 2012 Second Quarter Results

Revenues for the Company’s fiscal 2012 second quarter increased 35.5% to a record $95.2 million as compared to $70.2 million in the same period last year. Revenues from service increased 15.6% to a record $54.7 million, as compared to $47.3 million in the same period last year. The increase in service revenue was primarily driven by the Company’s acquisition of ComSource, completed on April 8th, 2011, which contributed $6.4 million, coupled with an increase in scope on a major government program in the Middle East. Revenue from infrastructure solutions increased 76.4% to $40.5 million, as compared to $23.0 million in the same period last year. The increase in infrastructure solutions revenues was primarily driven by revenues on a major government contract announced on September 8th 2011, which carries lower than traditional infrastructure margins and a revenue milestone achieved on a major wireless infrastructure contract.

Net income for the Company’s fiscal 2012 second quarter increased to $9.3 million or $0.41 per diluted share as compared to net income of $1.7 million, or $0.08 per diluted share in the same period last year. During the second quarter of fiscal 2012, the Company recorded a gain for the change in fair value of the earn-out as a result of recent changes in the forecasted performance of the previously announced acquisition of ComSource. In accordance with GAAP, this change in the fair value of the earn-out resulted in a $4.1 million ($0.18 per diluted share) gain to net income. In the same period last year, the Company recorded a $2.0 million charge ($0.09 per diluted share) relating to the previously announced acquisition of C2C and Evocomm and non-recurring tax adjustments benefit of $0.3 million ($0.02 per diluted share). Excluding these charges, adjusted net income per diluted share increased 53.3% to $0.23 as compared to $0.15 in the same period last year. Adjusted EBITDA for the Company’s fiscal 2012 second quarter increased to a record $12.0 million as compared to $8.1 million in the same period last year. The increase in adjusted EBITDA is primarily attributable to the operating leverage the Company is currently experiencing in the service segment as economies of scale are being recognized on a higher revenue base.

Fiscal Year 2012 Six Month Results

Revenues for the Company’s fiscal 2012 six months ended December 31, 2011 increased 34.6% to a record $166.2 million as compared to $123.4 million in the same period last year. Revenues from services increased 16.3% to a record $104.9 million as compared to $90.2 million in the same period last year. The increase in service revenue was primarily driven by the Company’s acquisition of ComSource, which contributed $10.6 million, coupled with an increase in scope on a major government program in the Middle East. Revenues from infrastructure solutions increased 84.3% to $61.3 million as compared to $33.3 million in the same period last year. The increase in infrastructure solutions revenues was primarily driven by revenues on the aforementioned major contract announced on September 8th 2011, which carries lower than traditional margins and a revenue milestone achieved on a major wireless infrastructure contract.

Net income for the Company’s fiscal 2012 six months ended December 31, 2011 increased to $18.6 million or $0.82 per diluted share as compared to net income of $3.8 million, or $0.18 per diluted share in the same period last year. During the Company’s fiscal 2012 six months ended December 31, 2011, the Company recorded gains for the change in fair value of the earn-out as a result of recent changes in the forecasted performance of the previously announced acquisition of ComSource. In accordance with GAAP, the changes in fair value of the earn-out resulted in $10.6 million ($0.47 per diluted share) of gain to net income. In the same period last year, the Company recorded a $2.1 million charge ($0.10 per diluted share) relating to the previously announced acquisition of C2C and Evocomm and a non-recurring tax benefit of $0.3 million ($0.02 per diluted share). Excluding these net adjustments, the Company’s adjusted diluted net income per common share for the fiscal year 2012 six months ended December 31, 2011 increased 34.6% to $0.35 from $0.26 in the same period last year. Adjusted EBITDA for fiscal 2012 six months ended December 31, 2011 increased to a record $20.2 million as compared to $14.5 in the same period last year. The increase in adjusted EBITDA is primarily attributable to the operating leverage the Company is currently experiencing in the service segment as economies of scale are being recognized on a higher revenue base.

Management’s Review of Results and Expectations

David Hershberg, Chairman and CEO, said “Globecomm continues to invest in R&D projects supporting emerging market trends such as enterprise private cloud-based applications, robust hybrid networks on maritime vessels and machine-to-machine networks. The backdrop of record second quarter revenues and operating cash flow is supporting these continued investments as we build for our future. As we look forward to the remainder of the year, the Company is poised to break revenue, adjusted EBITDA and operating cash flow records. We are proud of these achievements despite the pressure that the infrastructure segment of the business has been experiencing over the past few years in the face of a massive economic downturn.”

Keith Hall, President and COO, added “We are very excited about the growing number of market opportunities that leverage our global network. We continue to strengthen our value proposition within this global network by developing application-based solutions that apply to a wide range of existing and emerging market verticals. This next generation network vision has allowed us to diversify our customer base, which is prudent with the looming uncertainty in US Government budgets. I look forward to the back half of the year with record fiscal performance and setting the stage for fiscal 2013.”

Management’s Current Expectations for the Fiscal Year Ending June 30, 2012

Globecomm currently expects the following financial results for the fiscal year 2012:

* Consolidated revenues to be between $370 and $400 million.
* Service segment revenues to be between $220 and $230 million.
* GAAP diluted net income per common share to be between $1.20 and $1.25 (updated for the gain for the adjustment of the fair value of the earn-out). GAAP diluted net income per common share is subject to fluctuation due to adjustments of the fair value of the earn-out, specifically the finalization of the first year earn-out for the ComSource acquisition which ends March 31, 2012.
* Adjusted diluted net income per common share to be between $0.73 and $0.78, down from $0.73 to $0.83.
* Adjusted EBITDA to be between $42.5 and $44.0 million, down from $42.5 to $46.0 million.

Non-GAAP Measures

Adjusted EBITDA is a non-GAAP measure which represents net income before interest income, interest expense, provision for income taxes, depreciation, amortization expense, non-cash stock compensation expense, acquisition costs and earn-out fair value adjustments. Globecomm believes this provides greater transparency by helping illustrate comparability between current and prior periods. Under the accounting pronouncement on business combinations, effective in fiscal 2010 for the Company, acquisition related costs are required to be expensed rather than capitalized, and changes to the fair value of earn-out payments must be recognized in earnings. Therefore, the exclusion of acquisition related costs and the earn-out fair value adjustments in the adjusted EBITDA calculation provides better comparability.

Adjusted EBITDA does not represent cash flows as defined by GAAP. Globecomm discloses adjusted EBITDA since it is a financial measure commonly used in its industry. Because adjusted EBITDA facilitates internal comparisons of our historical financial position and operating performance on a more consistent basis, the Company also uses adjusted EBITDA in measuring performance relative to that of our competitors and in evaluating acquisition opportunities. The Company’s management regularly uses supplemental non-GAAP financial measures internally to understand, manage and evaluate the Company’s business and make operating decisions. Adjusted EBITDA is not meant to be considered a substitute or replacement for net income as prepared in accordance with GAAP. Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Reconciliation between GAAP diluted net income and adjusted EBITDA is provided in a table immediately following the Condensed Consolidated Balance Sheets.

Reconciliation of adjusted diluted net income per common share excludes earn-out fair value adjustments. These amounts are not in accordance with GAAP. However, Globecomm believes this measure provides greater transparency by helping illustrate comparability between current and prior periods. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP. The Company’s management regularly uses supplemental non-GAAP financial measures internally to understand, manage and evaluate the Company’s business and make operating decisions. Reconciliation between GAAP diluted net income per common share to adjusted diluted net income per share is provided in a table immediately following the Condensed Consolidated Balance Sheets.

About Globecomm Systems

Globecomm Systems Inc., or Globecomm, is a leading global provider of satellite-based managed network solutions. Employing our expertise in emerging communication technologies we are able to offer a comprehensive suite of system integration, system products, and network services enabling a complete end-to-end solution for our customers. We believe our integrated approach of in-house design and engineering expertise combined with a world-class global network and our 24 by 7 network operating centers provides us a unique competitive advantage. We are now taking this value proposition to selective vertical markets, including government, wireless, media, enterprise and maritime. As a network solution provider we leverage our global network to provide customers managed access services to the United States Internet backbone, video content, the public switched telephone network or their corporate headquarters, or government offices. We currently have customers for which we are providing such services in the United States, Europe, South America, Africa, the Middle East, and Asia.

Based in Hauppauge, New York, Globecomm also maintains offices in Maryland, New Jersey, Virginia, the Netherlands, South Africa, Hong Kong, Germany, Singapore, the United Arab Emirates and Afghanistan.

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward looking statements are based on management’s current expectations and observations. You should not place undue reliance on our forward-looking statements because the matters they describe are subject to certain risks, uncertainties and assumptions that are difficult to predict. Our forward-looking statements are based on the information currently available to us and speak only as of the date of this press release. Over time, our actual results, performance or achievements may differ from those expressed or implied by our forward-looking statements, and such differences might be significant and materially adverse to our security holders.

We have identified some of the important factors that could cause future events to differ from our current expectations and they are described in our most recent Annual Report on Form 10-K, and Quarterly Report on Form 10-Q, including without limitation under the captions ”Risk Factors” and ”Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and in other documents that we may file with the SEC, all of which you should review carefully. Please consider our forward-looking statements in light of those risks as you read this press release.

Source: Globecomm Systems Inc.

Contact:
For Globecomm Investor Relations information:
Matthew Byron, 631-457-1301
Senior Vice President, Corporate Office IR/M&A
ir@globecommsystems.com
or
Globecomm Systems Inc.
45 Oser Avenue
Hauppauge, NY 11788
Phone: 631-231-9800; Fax: 631-231-1557
Web: http://www.globecommsystems.com

(A) Amount represents non-recurring tax adjustment related to research and development tax credits for fiscal year 2010.

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ABB and Thomas & Betts announce agreement pursuant to which ABB will acquire Thomas & Betts for $72 per share in cash
ABB gains access to Thomas & Betts network of more than 6,000 distributor locations and wholesalers in North America
Transaction doubles ABB’s addressable low-voltage products market to approximately $24 billion in North America and enables distribution of Thomas & Betts products through ABB’s extensive global network
Furthers ABB’s 2015 strategy to expand its geographic and product scope in one of its most profitable businesses
Approximately $200 million in expected annual synergies by 2016

ZURICH, Switzerland & MEMPHIS, Tenn — (CRWENEWSWIRE) — ABB (NYSE:ABB), the leading power and automation technology group, and Thomas & Betts Corporation (NYSE:TNB), a North American leader in low voltage products, today announced that both companies’ boards of directors have agreed to a transaction in which ABB will acquire Thomas & Betts for $72 per share in cash or approximately $3.9 billion.

The acquisition price represents a 24 percent premium to Thomas & Betts’ closing stock price on Jan. 27, 2012 and a 35 percent premium to the volume weighted average stock price over the past 60 trading days. The transaction is subject to approval by Thomas & Betts shareholders as well as to customary regulatory approvals, and is expected to close by the middle of 2012.

The complementary combination of Thomas & Betts’ electrical components and ABB’s low-voltage protection, control and measurement products would create a broader low voltage portfolio that can be distributed through Thomas & Betts’ network of more than 6,000 distributor locations and wholesalers in North America, and through ABB’s well established distribution channels in Europe and Asia. The combined product portfolio and enhanced distribution network will enable ABB to double its addressable market in North America to approximately $24 billion.

“Thomas & Betts is a well-run company with strong brands and excellent distribution channels in the world’s largest low-voltage products market,” said Joe Hogan, ABB’s CEO. “Because our products are complementary, we’ll go to market with one of the broadest offerings in the industry. That creates strong growth opportunities for both ABB and Thomas & Betts, and gives customers and distributors one-stop access to one of the widest ranges of low voltage products.

“Strategically, it’s a great fit,” Hogan added. “This is another big step toward our goal of expanding our presence in the key North American market. The transaction clearly supports our 2015 growth and profitability targets, and meets all of our return-on-investment criteria for creating shareholder value.”

“This transaction delivers significant value to our shareholders and will enable Thomas & Betts to accelerate our global growth strategy,” said Thomas & Betts Chairman and CEO Dominic J. Pileggi. “The combination will also enable us to provide our North American customers and distributor network with a broader portfolio of products and will provide long-term opportunities to our employees. This is the right time for this transaction and I believe strongly that ABB is the right partner for our business going forward.”

Thomas & Betts, combined with ABB’s North American low-voltage products business, will become a new global business unit led out of Memphis, TN, under the leadership of Pileggi.

Thomas & Betts employs approximately 9,400 people and is estimated to report 2011 revenues of approximately $2.3 billion and earnings before interest, taxes, depreciation and amortization of approximately $390 million. The company will report its full-year results later today Central European Time. Its main business is the manufacture of low-voltage and ultralow-voltage electrical products such as connectors, conduits and fittings as well as wiring management products for the construction, industrial and utilities markets. These are complementary to the offering of ABB’s Low Voltage Products division, which includes products such as breakers and switches. In addition, Thomas & Betts has a leading logistics model with its distributors that allows simple, single invoicing and fast delivery of its full product scope. Thomas & Betts also supplies towers for electrical power transmission and has a business that produces heating, ventilation and air conditioning units, both new to ABB but related to its core power and automation focus.

ABB has secured a $4 billion, fully underwritten bridge financing commitment from Bank of America Merrill Lynch which will be repaid through a combination of cash and the issuance of debt. The transaction is expected to be accretive within the first year after it closes prior to one-time charges and implementation costs. ABB expects the transaction will deliver approximately $200 million in annual synergies by 2016. The majority of cost synergies are expected to come from sourcing and purchasing efficiencies.

“This is a unique opportunity for ABB to grow in the largely untapped North American low-voltage products market,” said Tarak Mehta, Executive Committee member responsible for ABB’s Low Voltage Products division, into which Thomas & Betts will be integrated as a stand-alone unit. “We plan to keep and build on Thomas & Betts’ strong brand and product names. We have complementary products that can be sold together already today and other products that will take some time to introduce to customers.”

“ABB and Thomas & Betts share a common culture. We admire the in-depth industry expertise and enthusiasm of the Thomas & Betts team and their excellent long-term relationship with distributors and wholesalers,” Mehta said. “We will continue Thomas & Betts’ successful business model with its distribution, wholesalers and OEM customers and the Thomas & Betts executive team will lead and drive the successful development of the new business unit.”

Under the terms of the agreement, the transaction is structured as a merger requiring approval of a majority of Thomas & Betts shareholders at a special meeting, which is expected to take place in the second quarter. Closure of the transaction is also conditioned on customary regulatory approvals, including in both North America and Europe.

Bank of America Merrill Lynch acted as financial adviser to ABB and will provide the bridge financing facility and Kirkland & Ellis LLP acted as legal advisor. Deutsche Bank Securities Inc. acted as financial adviser to Thomas & Betts and Davis Polk & Wardwell LLP as legal advisor.

ABB (www.abb.com) is a leader in power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 130,000 people. The company’s North American operations, headquartered in Cary, North Carolina, employ over 18,000 people in multiple manufacturing, service and other major facilities and reported approximately $5 billion in revenue for the first nine months of 2011.

Thomas & Betts is a global leader in the design, manufacture and marketing of essential components used to manage the connection, distribution, transmission and reliability of electrical power in industrial, construction and utility applications. With a portfolio of over 200,000 products marketed under more than 45 premium brand names, Thomas & Betts products are found wherever electricity is used. Headquartered in Memphis, TN, Thomas & Betts has manufacturing facilities in 20 countries and approximately 9,400 employees. For more information, please visit www.tnb.com.

More information

ABB and Thomas & Betts will host an analyst, investors and media conference call starting at 09:00 a.m. Central European Time (CET) (08.00 a.m. in the UK, 03.00 a.m. EST, 02.00 a.m. CST). UK callers should dial +44 203 059 5862. From Sweden, +46(0) 85 051 0031, and from the rest of Europe, +41 91 610 5600. Lines will be open 15 minutes before the start of the conference. Audio playback of the call will start one hour after the call ends and will be available for 24 hours: Playback numbers: +44 207 108 6233 (UK), +41 91 612 4330 (rest of Europe) or +1 866 416 2558 (US/Canada). The code is 17475 followed by the # key. A podcast of the call will be available on www.abb.com/news.

A further conference call for US analysts, investors and media is scheduled to begin today at 14:30 p.m. CET (13:30 p.m. in the UK, 08:30 a.m. EST, 07.30 a.m. CST). Callers should dial +1 866 291 4166 (from the US/Canada) or +41 91 610 5600 (Europe and the rest of the world). Callers are requested to phone in 15 minutes before the start of the call. The audio playback of the call will start one hour after the end of the call and be available for 24 hours commencing one hour after the conference call. Playback numbers: +1 866 416 2558 (US/Canada) or +41 91 612 4330 (Europe and the rest of the world). The code is 19163, followed by the # key. A podcast of the call will be available on www.abb.com/news.

Pictures are available at www.abb.com/news

ABB forward-looking statements

This press release contains “forward-looking statements” relating to the acquisition of Thomas & Betts by ABB. Such forward-looking statements are based on current expectations but are subject to risks and uncertainties, many of which are difficult to predict and are beyond the control of ABB, which could cause actual outcomes and results to differ materially from current expectations. No forward-looking statement can be guaranteed. Among other risks and uncertainties, there can be no guarantee that the acquisition will be completed, or if it is completed, that it will close within the anticipated time frame. Additional risks and uncertainties relating to the acquisition include: required regulatory approvals may not be obtained in a timely manner, if at all; the anticipated benefits of the acquisition, including synergies, may not be realized; and the integration of Thomas & Betts operations with those of ABB may be materially delayed or more costly or difficult than expected. Forward-looking statements in the press release should be evaluated together with the many uncertainties that affect ABB’s business, particularly those identified in the cautionary factors discussion in ABB’s Annual Report on Form 20-F for the year ended Dec. 31, 2010. ABB undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

Thomas & Betts forward-looking statements

This press release includes forward-looking statements which make assumptions regarding the company’s operations, business, economic and political environment. Actual results may be materially different from any future results expressed or implied by such forward-looking statements. The company undertakes no obligation to publicly release any revisions to any forward-looking statements contained in this press release to reflect events or circumstances occurring after the date of this release or to reflect the occurrence of unanticipated events.

Additional information

In connection with the meeting of Thomas & Betts shareholders to be held with respect to the proposed merger, Thomas & Betts will file a proxy statement with the Securities and Exchange Commission (the “SEC”). INVESTORS AND SECURITYHOLDERS ARE ADVISED TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE PROPOSED MERGER BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain a free copy of the proxy statement (when available) and other relevant documents filed by Thomas & Betts with the SEC from the SEC’s website at http://www.sec.gov and from Thomas & Betts by directing a request to Thomas & Betts, 8155 T&B Boulevard, Memphis, TN 38125. Attention: Investor Relations.

Thomas & Betts and its directors, executive officers and certain other employees may be deemed to be participants in the solicitation of proxies of Thomas & Betts shareholders in connection with the proposed merger. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of Thomas & Betts directors and executive officers by reading Thomas & Betts’ proxy statement for its 2011 annual meeting of shareholders, which was filed with the SEC on March 11, 2011. Additional information regarding potential participants in such proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the proxy statement and other relevant materials filed by Thomas & Betts with the SEC in connection with the proposed merger when they become available.

Source: Thomas & Betts Corporation

Contact:
ABB Media Relations:
Thomas Schmidt, Antonio Ligi
(Zurich, Switzerland)
Tel. +41 43 317 6568
media.relations@ch.abb.com
or
ABB Investor Relations:
Switzerland: Tel. +41 43 317 7111
USA: Tel. +1 203 750 7743
investor.relations@ch.abb.com
or
Thomas & Betts Media and Investor Relations:
Tricia Bergeron, Tel. +1 (901) 252 8266
tricia.bergeron@tnb.com

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SAN JOSE, Calif., Nov. 30, 2011 (CRWENEWSWIRE) — Magma Design Automation Inc. (Nasdaq:LAVA), a provider of chip design software, today announced the company has entered into a definitive agreement to be acquired by Synopsys (Nasdaq:SNPS), a world leader in software and IP used in the design, verification and manufacture of electronic components and systems headquartered in Mountain View, Calif. The combination of the two companies’ technologies, development capabilities, support teams and sales channels will provide chip designers with greater access to state-of-the art electronic design automation (EDA) solutions that enable more profitable silicon.

Under the terms of the merger agreement, Synopsys will acquire Magma for $7.35 per Magma share in cash, resulting in a transaction value of approximately $507 million net of cash and debt acquired. The closing of the merger is subject to customary conditions, including approval by Magma stockholders as well as U.S. regulators.

“Magma and Synopsys have always shared a common goal of enabling chip designers to improve performance, area and power while reducing turnaround time and costs on complex ICs,” said Rajeev Madhavan, CEO of Magma. “By joining forces now we can ensure that chip designers have access to the advanced technology they need for silicon success at 28, 20 nanometer and below.”

About Magma

Leading semiconductor companies worldwide use Magma’s electronic design automation (EDA) software to produce chips for a wide variety of vertical markets including tablet computing, mobile devices, electronic games, digital video, networking, military/aerospace and memory. Silicon One, Magma’s technology solutions for emerging silicon, address time to market, product differentiation, cost and performance while making silicon more profitable. Magma products include software for digital design, analog implementation, mixed-signal design, physical verification, circuit simulation, characterization and yield management. The company maintains headquarters in San Jose, Calif., and offices throughout North America, Europe, Japan, Asia and India. Magma’s stock trades on Nasdaq under the ticker symbol LAVA. Follow Magma on Twitter at www.Twitter.com/MagmaEDA and on Facebook at www.Facebook.com/Magma. Visit Magma Design Automation on the Web at www.magma-da.com.

Magma is a registered trademark of Magma Design Automation Inc. All other product and company names are trademarks or registered trademarks of their respective companies.

Forward-Looking Statements:

Except for the historical information contained herein, the matters set forth in this press release, including statements about the expected benefits of the proposed transaction and the anticipated product plans and strategies for the combined company, are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially including, but not limited to delays in or failure to satisfy required closing conditions, including the receipt of required regulatory approvals with respect to the transaction; failure to consummate or delay in consummating the transaction for other reasons; the possibility that the expected benefits may not materialize as expected; failure to successfully integrate the products, infrastructure and employees of Magma and Synopsys; and the companies’ abilities to keep pace with rapidly changing technology and their products’ abilities to produce desired results. Further discussion of these and other potential risk factors may be found in Magma’s public filings with the Securities and Exchange Commission (www.sec.gov). The forward-looking statements set forth in this press release speak only as of the date hereof and Magma undertakes no obligation to update these forward-looking statements due to subsequent events or circumstances.

Additional Information and Where to Find It

In connection with the proposed merger, Magma Design Automation, Inc. (”Magma”) will file a proxy statement and other relevant documents concerning the transaction with the Securities and Exchange Commission (”SEC”). The definitive proxy statement will be mailed to stockholders of Magma. Investors and stockholders of Magma are urged to read the definitive proxy statement and other relevant documents when they become available because they will contain important information about the transaction. Copies of these documents (when they become available) may be obtained free of charge by making a request to Magma’s Investor Relations Department either in writing to Magma Design Automation, Inc., 1650 Technology Drive, San Jose, California 95110 or by telephone to (408) 565-7799. In addition, documents filed with the SEC by Magma may be obtained free of charge at the SEC’s website at www.sec.gov or by clicking on “SEC Filings” in the “Investors” section of Magma’s website at www.magma-da.com.

Magma and its directors and executive officers may be deemed to be participants in the solicitation of proxies from Magma’s stockholders in respect of the transaction. Information regarding Magma’s directors and executive officers is contained in Magma’s proxy statement for its 2011 Annual Meeting of Stockholders filed with the SEC on August 29, 2011. Additional information regarding Magma’s directors, executive officers and other persons who may, under rules of the SEC, be considered participants in the solicitation of proxies in connection with the transaction, including their respective interest in the transaction by security holdings or otherwise, will be set forth in the definitive proxy statement concerning the transaction when it is filed with the SEC. Each of these documents is, or will be, available as described above.

Source: Magma Design Automation Inc.

Contact:

Magma Contacts:
Press Relations
Monica Marmie
Director, Corporate Marketing
(408) 565-7689
mmarmie@magma-da.com
Investor Relations
Greg Wagenhoffer
Vice President, Finance
(408) 565-7799
gregw@magma-da.com

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Disclaimer: Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. CRWENewswire.com publisher and its affiliates and contractors are not registered investment advisers or broker/dealers. Our disclaimer is to be read and fully understood before using our site, reading our newsletter or joining our email list. Release of Liability: Through use of this website viewing or using, you agree to hold CRWENewswire.com report and Crown Equity Holdings Inc. CRWE, its operators, shareholders, employees and/or contractors harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damages (monetary or otherwise) that you may occur. (Read more at http://crwenewswire.com/disclaimer). Rule 17B requires disclosure of payment for investor relations. Crown Equity Holdings Inc. (CRWE.OB) is a media-advertisement and newswire company. Crown Equity Holdings Inc. (CRWE.OB), in some cases, provides media advertising and public awareness for both public and private companies, as well as disseminating news. As such, in some cases, when Crown Equity Holdings Inc. (CRWE.OB) advertises for a particular client, Crown Equity Holdings Inc. (CRWE.OB) charges an advertising fee which it must disclose under 17B. The fee may be in cash, in free trading stock or in restricted stock. Crown Equity Holdings Inc. (CRWE.OB), if paid in stock, can and may sell those securities during the advertising period.