Click here to close now.

Welcome!

Open Web Authors: Liz McMillan, Lori MacVittie, Gilad Parann-Nissany, Carmen Gonzalez, Mark R. Hinkle

News Feed Item

Cubic Corporation Reports Financial Results for Fiscal Year Ended September 30, 2012

Completes Restatement for Fiscal Years 2009, 2010 and 2011 and Interim Periods

SAN DIEGO, CA -- (Marketwire) -- 12/14/12 -- Cubic Corporation (NYSE: CUB) today reported higher sales and earnings for the fiscal year ended September 30, 2012. Sales in fiscal year 2012 were $1.381 billion, an increase of 7 percent over sales of $1.296 billion in the restated prior year. Net income attributable to Cubic shareholders increased to $91.9 million, or $3.44 per share, from $83.6 million, or $3.13 per share, last year, as restated. Sales and net income were both record highs.

The company filed with the Securities and Exchange Commission (SEC) its financial statements for the quarter ended June 30, 2012 and the fiscal year ended September 30, 2012. In addition, Cubic filed its restated financial statements for the fiscal years ended September 30, 2011, 2010 and 2009, the quarters ended March 31, 2012 and December 31, 2011, and each of the prior quarters of 2011 and 2010. The restatement resulted in a cumulative increase in equity of $26.9 million through March 31, 2012.

Fiscal Year 2012 Financial Review

  • Sales increased 7 percent to $1.381 billion in fiscal 2012 from $1.296 billion in the restated prior year. The increase was primarily due to growth of 20 percent in Cubic Transportation Systems (CTS), and in particular from our contracts in Sydney, Australia and Vancouver, B.C. Growth in 2012 sales from Mission Support Services (MSS) was nearly offset by a decrease in Cubic Defense Systems (CDS) sales.

  • Operating income increased 13 percent to $128.0 million in 2012 compared to $113.5 million in the restated prior year. CTS and CDS each contributed to the growth in operating income in 2012, while MSS operating income was down in 2012 from 2011. Growth in CTS sales was the primary reason for the increase in operating income. CDS operating income grew primarily due to a decrease in our investment in cross domain and global asset tracking products in 2012 compared to 2011. Operating results for MSS include an operating loss from Abraxas of $1.3 million in 2012, including amortization of intangible assets of $9.3 million, compared to a loss of $3.5 million in 2011, which included amortization of intangible assets of $8.2 million and acquisition costs of $0.7 million.

  • Selling, general and administrative (SG&A) expenses increased to $163.7 million or 12 percent of sales in 2012, compared to $159.8 million or 12 percent of sales in the restated prior year. The increase in SG&A expenses in 2012 reflects the overall growth of the business.

  • Company-sponsored research and development (R&D) spending totaled $28.7 million in 2012 compared to $25.3 million in the restated prior year. The increase in R&D expenditures in 2012 came from the transportation systems business, which increased R&D spending from $4.0 million in 2011 to $8.3 million in 2012.

  • Our effective tax rate for 2012 was 29 percent of pretax income compared to 28 percent in 2011, as restated, primarily because of the expiration of the U.S. R&D credit on December 31, 2011.

  • Net income attributable to Cubic increased to $91.9 million, or $3.44 per share, in 2012 from $83.6 million, or $3.13 per share, in the restated prior year. Higher net income year-over-year resulted primarily from the improvements in operating income.

  • While CDS and CTS both generated negative operating cash flows in 2012, MSS contributed positive operating cash flows. Operating activities used cash of $54.7 million in 2012, compared to providing cash of $129.1 million in the prior year. In 2012, cash generated by earnings was offset by increases in accounts receivable of $118.2 million and inventories of $13.6 million, and a net decrease in customer advances of $38.0 million. In addition, the company incurred $26.9 million in costs to build a new open payment fare collection system for Chicago. The growth in accounts receivable and reduction of customer advances related to several large transportation systems and defense systems contracts the company worked on in 2012. Negative cash flows on these contracts at this stage of their completion are in accordance with contract terms. The company expects cash flows from these contracts to improve as deliveries are made and milestones are reached on these contracts.

  • Total backlog increased $50.2 million from $2.781 billion, as restated at September 30, 2011, to $2.832 billion at September 30, 2012. The majority of the CTS backlog increase was related to a new contract in Chicago, which added $454 million. Backlog for CDA and MSS decreased from September 30, 2011, as restated, to September 30, 2012. In 2013 the amount of sales from backlog are expected to be approximately $1 billion, which historically has represented 70 to 73 percent of the company's revenues for the following year. The U.S. Department of Defense (DoD) has been issuing shorter duration contract awards for both product and services and this has resulted in decreased backlog for the company's defense businesses.

Financial Restatement Summary

  • Cubic today also filed its restated financial statements for the fiscal years ended September 30, 2011, 2010 and 2009, the quarters ended March 31, 2012 and December 31, 2011, and each of the quarters of 2011 and 2010.

  • The restatement resulted in a cumulative increase in retained earnings of $18.3 million as of September 30, 2007, and changes in revenues and net income for 2008 through 2011 as shown in the table below.




September 30,                   2011         2010        2009        2008
                            -----------  ----------- ----------- -----------

Sales (previously reported) $ 1,285,203  $ 1,194,189 $ 1,016,657 $   881,135
  Adjustments                    10,378        4,003       9,267      11,499
                            -----------  ----------- ----------- -----------
Sales (as restated)         $ 1,295,581  $ 1,198,192 $ 1,025,924 $   892,634
                            ===========  =========== =========== ===========

Operating income
 (previously reported)      $   112,335  $   105,525 $    84,708 $    53,264
  Adjustments                     1,173        1,108      11,159       9,256
                            -----------  ----------- ----------- -----------
Operating income (as
 restated)                  $   113,508  $   106,633 $    95,867 $    62,520
                            ===========  =========== =========== ===========

Net income (previously
 reported)                  $    84,768  $    70,636 $    55,686 $    36,854
  Adjustments                    (1,174)       1,458       7,459       4,638
                            -----------  ----------- ----------- -----------
Net income (as restated)    $    83,594  $    72,094 $    63,145 $    41,492
                            ===========  =========== =========== ===========

Earnings per share
 (previously reported)      $      3.17  $      2.64 $      2.08 $      1.38
  Adjustments                     (0.04)        0.06        0.28        0.17
                            -----------  ----------- ----------- -----------
Earnings per share (as
 restated)                  $      3.13  $      2.70 $      2.36 $      1.55
                            ===========  =========== =========== ===========



  • Fiscal year 2012 was a very good year for the corporation in terms of performance. In comparison, the company anticipates that 2013 will be a challenging year. The company's defense businesses, like all companies in the defense industry, continue to face uncertainties related to DoD budget cuts. These cuts, if implemented, could trigger across-the-board spending reductions scheduled to go into effect in 2013.

  • Additionally, the defense services market is becoming increasingly competitive. As a result of this market environment, the company's defense services business may experience lower profit margins in 2013 compared to 2012. While the company believes its training services and systems are essential to the U.S. military, Cubic, and the defense industry as a whole, is uncertain as to which programs and technologies could be most affected. Approximately 50 percent of sales in our defense systems business have been international in recent years, which should help mitigate an anticipated slowdown in U.S. spending.

  • In 2013 the company expects its transportation business to complete the design/build phase on major automated fare collection projects. During this phase, the transportation business may also face margin pressure until the new systems are operational.

  • Although 2013 is anticipated to be a transition year, the company remains confident in its long-term prospects for growth. The company has a diverse portfolio of market leading businesses which provide systems and services to a global customer base. The company plans to leverage and build upon its market leading positions and find additional opportunities for growth in adjacent markets by leveraging both research and development, and acquisitions.

The Company filed its Form 10-Q for the quarter ended June 30, 2012 and its Form 10-K for the year ended September 30, 2012 with the Securities and Exchange Commission today. These reports may be found at www.cubic.com under "Investor Info." Shareholders may also receive a free copy of these reports upon written request to the Company or by e-mail to [email protected].

Cubic Corporation is the parent company of three major business segments: Defense Systems, Mission Support Services and Transportation Systems. Cubic Defense Systems is a leading provider of realistic combat training systems and defense electronics. Mission Support Services is a leading provider of training, operations, maintenance, technical and other support services. Cubic Transportation Systems is the world's leading provider of automated fare collection systems and services for public transit authorities. For more information about Cubic, see the Company's Web site at www.cubic.com.

In addition to historical matters, this release contains forward-looking statements which are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These forward-looking statements involve predictions of future results. Investors are cautioned that forward-looking statements involve risks and uncertainties which may affect the Company's business and prospects. These include uncertainties related to possible Department of Defense budget cuts, any unanticipated issues related to the restatement of the Company's financial statements, any additional issues or matters arising from a potential review of the Company's periodic reports by the SEC, the Company's ability to develop and implement new processes and procedures to remediate the material weakness that existed in its internal control over financial reporting, the effects of politics on negotiations and business dealings with government entities, economic conditions in the various countries in which the Company does or hopes to do business, competition and technology changes in the defense and transit industries, and other competitive and technological factors.

Any statements about the Company's expectations, beliefs, plans, objectives, assumptions or future events or future financial and/or operating performance are not historical and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as "may," "will," "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "believe," "intend," "predict," "potential," "opportunity" and similar words or phrases or the negatives of these words or phrases. These statements involve estimates, assumptions and uncertainties.

Since actual results or outcomes may differ materially from those expressed in any forward-looking statements made by the Company, investors should not place undue reliance on any forward-looking statements. In addition, past financial and/or operating performance is not necessarily a reliable indicator of future performance and investors should not use the Company's historical performance to anticipate results or future period trends. Further, any forward-looking statement speaks only as of the date on which it is made, and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for the Company to predict which factors will arise. In addition, the Company cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.




                             CUBIC CORPORATION

                     CONSOLIDATED STATEMENTS OF INCOME
               (amounts in thousands, except per share data)


                                      Years Ended September 30,
                             2012         2011         2010         2009
                         -----------  -----------  -----------  -----------
                                           (As          (As          (As
                                        Restated)    Restated)    Restated)
Net sales:
  Products               $   663,287  $   600,933  $   607,756  $   508,167
  Services                   718,208      694,648      590,436      517,757
                         -----------  -----------  -----------  -----------
                           1,381,495    1,295,581    1,198,192    1,025,924
Costs and expenses:
  Products                   451,573      418,279      430,417      378,052
  Services                   594,662      564,062      511,014      418,292
  Selling, general and
   administrative
   expenses                  163,688      159,791      124,306      119,108
  Research and
   development                28,722       25,260       18,976        8,173
  Amortization of
   purchased intangibles      14,828       14,681        6,846        6,432
                         -----------  -----------  -----------  -----------
                           1,253,473    1,182,073    1,091,559      930,057
                         -----------  -----------  -----------  -----------

Operating income             128,022      113,508      106,633       95,867

Other income (expenses):
  Interest and dividend
   income                      2,994        2,568        1,590        1,664
  Interest expense            (1,550)      (1,461)      (1,755)      (2,031)
  Other income - net             821        1,662        3,637          661
                         -----------  -----------  -----------  -----------

Income before income
 taxes                       130,287      116,277      110,105       96,161

Income taxes                  38,183       32,373       38,011       33,016
                         -----------  -----------  -----------  -----------

Net income                    92,104       83,904       72,094       63,145

Less noncontrolling
 interest in income of
 VIE                             204          310            -            -
                         -----------  -----------  -----------  -----------

Net income attributable
 to Cubic                $    91,900  $    83,594  $    72,094  $    63,145
                         ===========  ===========  ===========  ===========

Basic and diluted net
 income per common share $      3.44  $      3.13  $      2.70  $      2.36
                         ===========  ===========  ===========  ===========

Average number of common
 shares outstanding           26,736       26,736       26,735       26,731
                         ===========  ===========  ===========  ===========



                             CUBIC CORPORATION

                        CONSOLIDATED BALANCE SHEETS
                               (in thousands)

                                            September 30,
                             2012         2011         2010         2009
                         -----------  -----------  -----------  -----------
                                          (As          (As          (As
                                       Restated)    Restated)    Restated)
ASSETS

Current assets:
  Cash and cash
   equivalents           $   212,267  $   329,148  $   295,434  $   244,074
  Restricted cash             68,749            -            -            -
  Short-term investments           -       25,829       84,081        8,127
  Accounts receivable:
    Trade and other
     receivables              17,543       20,259       11,594       12,833
    Long-term contracts      333,617      207,426      201,898      222,709
    Allowance for
     doubtful accounts          (463)        (395)        (663)      (4,558)
                         -----------  -----------  -----------  -----------
                             350,697      227,290      212,829      230,984

  Recoverable income
   taxes                       7,083       24,917        6,810          249
  Inventories                 52,366       38,359       40,653       57,605
  Deferred income taxes        7,587        9,483       14,290       20,191
  Prepaid expenses and
   other current assets       13,977       21,080       26,127       29,957
                         -----------  -----------  -----------  -----------
Total current assets         712,726      676,106      680,224      591,187
                         -----------  -----------  -----------  -----------

Long-term contract
 receivables                  22,070       23,700       28,080       13,400
Long-term capitalized
 contract costs               26,875            -            -            -
Property, plant and
 equipment - net              55,327       48,467       47,469       48,895
Deferred income taxes         16,364       12,824       19,288       14,504
Goodwill                     146,933      146,355       64,142       59,433
Purchased intangibles -
 net                          39,374       54,139       26,295       28,618
Miscellaneous other
 assets                        6,648        4,933        6,021        7,536
                         -----------  -----------  -----------  -----------

Total assets             $ 1,026,317  $   966,524  $   871,519  $   763,573
                         ===========  ===========  ===========  ===========



                             CUBIC CORPORATION

                   CONSOLIDATED BALANCE SHEETS-continued
                               (in thousands)

                                            September 30,
                             2012         2011         2010         2009
                         -----------  -----------  -----------  -----------
                                          (As          (As          (As
                                       Restated)    Restated)    Restated)
LIABILITIES AND
 SHAREHOLDERS' EQUITY

Current liabilities:
  Trade accounts payable $    47,917  $    43,984  $    39,085  $    32,542
  Customer advances          100,764      134,316       98,515       83,978
  Accrued compensation        52,680       49,513       48,994       49,134
  Other current
   liabilities                55,988       57,006       61,091       59,644
  Income taxes payable        20,733       18,716       27,219       12,099
  Current maturities of
   long-term debt              4,561        4,541        4,545        4,554
                         -----------  -----------  -----------  -----------
Total current
 liabilities                 282,643      308,076      279,449      241,951
                         -----------  -----------  -----------  -----------

Long-term debt                 6,942       11,377       15,949       20,570
Accrued pension
 liability                    46,382       41,166       39,855       33,762
Deferred compensation          8,619        7,884        8,508        7,902
Income taxes payable           4,862       12,129        9,961       11,001
Other non-current
 liabilities                   6,527        6,582        4,748            -

Commitments and
 contingencies

Shareholders' equity:
  Preferred stock, no
   par value: Authorized
   -- 5,000 shares
   Issued and
   outstanding -- none             -            -            -            -
  Common stock, no par
   value: Authorized--
   50,000 shares 2012,
   2011 and 2010 --
   Issued 35,682 shares,
   outstanding--26,736
   shares 2009 -- Issued
   35,677 shares,
   outstanding--26,732
   shares                     12,574       12,574       12,574       12,530
  Retained earnings          715,043      629,560      553,452      486,170
  Accumulated other
   comprehensive loss        (21,148)     (26,493)     (16,340)     (14,242)
  Treasury stock at cost
   - 8,945 shares            (36,078)     (36,078)     (36,074)     (36,071)
                         -----------  -----------  -----------  -----------
Shareholders' equity
 related to Cubic            670,391      579,563      513,612      448,387
  Noncontrolling
   interest in variable
   interest entity               (49)        (253)        (563)           -
                         -----------  -----------  -----------  -----------
Total shareholders'
 equity                      670,342      579,310      513,049      448,387
                         -----------  -----------  -----------  -----------

Total liabilities and
 shareholders' equity    $ 1,026,317  $   966,524  $   871,519  $   763,573
                         ===========  ===========  ===========  ===========



                             CUBIC CORPORATION

                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                               (in thousands)

                                  Years Ended September 30,
                                2012        2011        2010        2009
                             ----------  ----------  ----------  ----------
                                             (As         (As         (As
                                          Restated)   Restated)   Restated)
Operating Activities:
  Net income                 $   92,104  $   83,904  $   72,094  $   63,145
    Adjustments to reconcile
     net income to net cash
     provided by (used in)
     operating activities:
      Depreciation and
       amortization              22,857      22,341      14,469      15,586
      Deferred income taxes      (1,486)      2,512       1,130       5,320
      Provision for doubtful
       accounts                       -           -      (3,889)      3,038
      Changes in operating
       assets and
       liabilities, net of
       effects from
       acquisitions:
        Accounts receivable    (118,164)      3,566      25,225      41,077
        Inventories             (13,636)      2,442      17,304      (7,734)
        Prepaid expenses and
         other current
         assets                   7,574       5,122       4,167       5,751
        Long-term
         capitalized
         contract costs         (26,875)          -           -           -
        Accounts payable and
         other current
         liabilities              8,525      (1,547)    (24,141)     15,083
        Customer advances       (37,999)     37,143      18,462      34,619
        Income taxes             11,929     (23,713)    (13,628)       (675)
        Other items - net           494      (2,676)      3,799       1,614
                             ----------  ----------  ----------  ----------
NET CASH PROVIDED BY (USED
 IN) OPERATING ACTIVITIES       (54,677)    129,094     114,992     176,824
                             ----------  ----------  ----------  ----------

Investing Activities:
  Acquisition of businesses,
   net of cash acquired               -    (126,825)     (8,250)    (19,965)
  Consolidation of variable
   interest entity                    -           -      38,264           -
  Proceeds from sales or
   maturities of short-term
   investments                   25,829      58,252      82,992           -
  Purchases of short-term
   investments                        -           -    (158,946)     (8,127)
  Purchases of property,
   plant and equipment          (14,226)     (8,728)     (6,878)     (5,332)
  Other items - net                   -           -           -          41
                             ----------  ----------  ----------  ----------
NET CASH PROVIDED BY (USED
 IN) INVESTING ACTIVITIES        11,603     (77,301)    (52,818)    (33,383)
                             ----------  ----------  ----------  ----------

Financing Activities:
  Principal payments on
   long-term debt                (4,549)     (4,555)     (4,541)     (5,970)
  Proceeds from issuance of
   common stock                       -           -          44          45
  Purchases of treasury
   stock                              -          (4)         (3)          -
  Net change in restricted
   cash                         (68,584)          -           -           -
  Dividends paid to
   shareholders                  (6,417)     (7,486)     (4,812)     (4,811)
                             ----------  ----------  ----------  ----------
NET CASH USED IN FINANCING
 ACTIVITIES                     (79,550)    (12,045)     (9,312)    (10,736)
                             ----------  ----------  ----------  ----------

Effect of exchange rates on
 cash                             5,743      (6,034)     (1,502)     (1,327)
                             ----------  ----------  ----------  ----------

NET INCREASE (DECREASE) IN
 CASH AND CASH EQUIVALENTS     (116,881)     33,714      51,360     131,378

Cash and cash equivalents at
 the beginning of the year      329,148     295,434     244,074     112,696
                             ----------  ----------  ----------  ----------

CASH AND CASH EQUIVALENTS AT
 THE END OF THE YEAR         $  212,267  $  329,148  $  295,434  $  244,074
                             ==========  ==========  ==========  ==========

More Stories By Marketwired .

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

@ThingsExpo Stories
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focused on understanding how industrial data can create intelligence for industrial operations. Imagine ...
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, representing a model of how to analyze rea...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
When it comes to the Internet of Things, hooking up will get you only so far. If you want customers to commit, you need to go beyond simply connecting products. You need to use the devices themselves to transform how you engage with every customer and how you manage the entire product lifecycle. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, will show how “product relationship management” can help you leverage your connected devices and the data they generate about customer usage and product performance to deliver extremely compelling and reliabl...
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
SYS-CON Events announced today that Open Data Centers (ODC), a carrier-neutral colocation provider, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Open Data Centers is a carrier-neutral data center operator in New Jersey and New York City offering alternative connectivity options for carriers, service providers and enterprise customers.
The IoT market is projected to be $1.9 trillion tidal wave that’s bigger than the combined market for smartphones, tablets and PCs. While IoT is widely discussed, what not being talked about are the monetization opportunities that are created from ubiquitous connectivity and the ensuing avalanche of data. While we cannot foresee every service that the IoT will enable, we should future-proof operations by preparing to monetize them with extremely agile systems.
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. Learn about IoT, Big Data and deployments processing massive data volumes from wearables, utilities and other machines.
SYS-CON Events announced today that CodeFutures, a leading supplier of database performance tools, has been named a “Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. CodeFutures is an independent software vendor focused on providing tools that deliver database performance tools that increase productivity during database development and increase database performance and scalability during production.
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
PubNub on Monday has announced that it is partnering with IBM to bring its sophisticated real-time data streaming and messaging capabilities to Bluemix, IBM’s cloud development platform. “Today’s app and connected devices require an always-on connection, but building a secure, scalable solution from the ground up is time consuming, resource intensive, and error-prone,” said Todd Greene, CEO of PubNub. “PubNub enables web, mobile and IoT developers building apps on IBM Bluemix to quickly add scalable realtime functionality with minimal effort and cost.”
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Intelligent Systems Services will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Established in 1994, Intelligent Systems Services Inc. is located near Washington, DC, with representatives and partners nationwide. ISS’s well-established track record is based on the continuous pursuit of excellence in designing, implementing and supporting nationwide clients’ mission-critical systems. ISS has completed many successful projects in Healthcare, Commercial, Manufacturing, ...
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, including what it is today, what it might ultimately be, the role of wearable tech, and technology gaps stil...
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
For years, we’ve relied too heavily on individual network functions or simplistic cloud controllers. However, they are no longer enough for today’s modern cloud data center. Businesses need a comprehensive platform architecture in order to deliver a complete networking suite for IoT environment based on OpenStack. In his session at @ThingsExpo, Dhiraj Sehgal from PLUMgrid will discuss what a holistic networking solution should really entail, and how to build a complete platform that is scalable, secure, agile and automated.
We’re no longer looking to the future for the IoT wave. It’s no longer a distant dream but a reality that has arrived. It’s now time to make sure the industry is in alignment to meet the IoT growing pains – cooperate and collaborate as well as innovate. In his session at @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, will examine the key ingredients to IoT success and identify solutions to challenges the industry is facing. The deep industry expertise behind this presentation will provide attendees with a leading edge view of rapidly emerging IoT oppor...
In the consumer IoT, everything is new, and the IT world of bits and bytes holds sway. But industrial and commercial realms encompass operational technology (OT) that has been around for 25 or 50 years. This grittier, pre-IP, more hands-on world has much to gain from Industrial IoT (IIoT) applications and principles. But adding sensors and wireless connectivity won’t work in environments that demand unwavering reliability and performance. In his session at @ThingsExpo, Ron Sege, CEO of Echelon, will discuss how as enterprise IT embraces other IoT-related technology trends, enterprises with i...
When it comes to the Internet of Things, hooking up will get you only so far. If you want customers to commit, you need to go beyond simply connecting products. You need to use the devices themselves to transform how you engage with every customer and how you manage the entire product lifecycle. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, will show how “product relationship management” can help you leverage your connected devices and the data they generate about customer usage and product performance to deliver extremely compelling and reliabl...