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Almost Family Reports Fourth Quarter and Full Year 2012 Results

LOUISVILLE, Ky., Feb. 27, 2013 /PRNewswire/ -- Almost Family, Inc. (Nasdaq: AFAM), a leading regional provider of home health nursing and personal care services, announced today its financial results for the three months and full year ended December 31, 2012.

Fourth Quarter Highlights:

  • Net service revenues of $87 million for the quarter
  • Net income was $3.7 million, or $0.40 per diluted share
  • Diluted EPS includes $0.02 for the impact of Hurricane Sandy, excluding which diluted EPS would have been $0.42
  • Visiting Nurse segment net revenues were $67 million, on 1% admission growth overall

Full Year Highlights:

  • Net service revenues were $349 million
  • Net income was $17 million, or $1.85 per diluted share
  • Visiting Nurse segment net revenues were $271 million, on 2% admission growth overall
  • Personal Care segment net revenues grew to $77 million from a combination of the Cambridge acquisition and 5% organic volume growth

Comments on Results
William Yarmuth, Chief Executive Officer, commented on the results: "All things considered, we emerge from 2012 pleased with the progress we've made and the position we're in to capitalize on our future opportunities.  We weathered storms, both literally and figuratively, that have had an impact on our quarterly operating results.  We continued to make progress in our Florida operations while dealing with the ramifications of Medicare Advantage plan changes in our northern operations."

"Looking at the year as a whole, we weathered our second straight year of Medicare rate cuts in the neighborhood of 5% and, with a keen eye on cost controls, managed to offset a meaningful portion of those cuts.  Despite all this, we increased shareholder value by paying a $2 per share special dividend at the end of December without compromising our financial capability to pursue the opportunities we see coming our way.  We enter 2013 in a very strong position with one of the strongest balance sheets in the industry."

Fourth Quarter Financial Results
Almost Family reported fourth quarter results that included the impact of the 2012 Medicare reimbursement rate cut in the Visiting Nurse (VN) segment.  The Medicare rate cuts reduced revenue and operating income by $3.0 million and earnings per diluted share by $0.20. A change in certain Medicare Advantage contracts we chose to renew that pay on a per visit versus episodic basis reduced revenue by $0.7 million and earnings per diluted share by $0.03.  While total VN admissions increased approximately 1%, Medicare episodic admissions declined approximately 2% primarily as a result of those Medicare Advantage plans switching from episodic to per visit payment models. Admissions in 2011 included approximately 300 Medicare Advantage admissions under a contract that was terminated when payment switched from episodic to per visit.

Approximately 25% of our VN segment and 20% of our PC segment operations are located in the northeastern U.S. (New Jersey, Connecticut and Massachusetts), areas impacted by Hurricane Sandy which struck in late October 2012.  Earnings per share for the fourth quarter were reduced by $0.02 as a result of business disruptions due to Hurricane Sandy primarily in our New Jersey and Connecticut markets.

Net service revenues for the fourth quarter were $86.6 million, a 3% decrease from $89.3 million reported in the fourth quarter of 2011, primarily as a result of the VN segment's Medicare rate cut. 

Net income for the fourth quarter of 2012 was $3.7 million, or $0.40 per diluted share, down from fourth quarter of 2011 net income of $5.3 million, or $0.57 per diluted share.

The effective tax rate for the fourth quarter of 2012 increased to 40.1% from 38.0% for the fourth quarter of 2011, primarily as a result of the shift of earnings to states with higher tax rates and the absence of tax credits.

Fourth Quarter Segment Results
VN segment fourth quarter results include the unfavorable impact of the Medicare rate cuts as well as the change of certain Medicare Advantage payors to per visit reimbursement.  As a result, VN segment fourth quarter net service revenues declined 4% to $67.3 million, from $69.8 million in the fourth quarter of 2011, while operating income before corporate expenses for the fourth quarter of 2012 declined to $8.7 million from $10.7 million reported for the fourth quarter of 2011.  Total admissions grew 1%, substantially all organic.  Sequential VN segment sales force expansion decreased EPS by $0.03.

Personal Care (PC) segment net service revenues declined slightly to $19.3 million in the fourth quarter of 2012 from $19.5 million in 2011, due to a 4% decline in volumes which was partially offset by higher rates per hour.  Operating income before unallocated corporate expenses decreased 25% or $0.8 million to $2.4 million in the fourth quarter of 2012 due to a combination of lower volumes and wage increases.

Full Year Ended December 31, 2012
Almost Family reported full year results that included: i) the favorable impact of a full year of operations from our Cambridge acquisition, which closed in early August of 2011, ii) the unfavorable impact of the 2012 Medicare reimbursement rate cut and iii) the unfavorable impact of the change of certain Medicare Advantage payors to per visit reimbursement for contracts we chose to renew, which lowered EPS by $0.06.  The Medicare rate cuts reduced revenue and operating income by $12.3 million and earnings per diluted share by $0.80.

Net income for 2012 was $17.3 million, or $1.85 per diluted share, down from 2011 net income of $20.8 million, or $2.22 per diluted share.  Fees and expenses related to governmental inquiries did not impact 2012, while lowering 2011 EPS by approximately $0.08.  Deal costs lowered both 2012 and 2011 EPS by approximately $0.03 and $0.04, respectively.

Full Year Segment Results
Net service revenues in the VN segment for 2012 declined to $271.5 million, a 4.3% decrease from $283.6 million in 2011, after the effect of the previously mentioned Medicare rate cut.  Total admissions grew 2%, of which all was organic. 

Operating income before corporate expenses in the VN segment for 2012 was $39.4 million, a $6.3 million decrease from $45.7 million reported for 2011, primarily as a result of the impact of the Medicare rate cut, the shift of certain Medicare Advantage contracts we chose to renew to per visit reimbursement and a $0.9 million increase in bad debt provision, which were partially offset by a focused effort to reduce labor costs relative to patients served.

Primarily as a result of our Cambridge acquisition, net service revenues in the PC segment for 2012 grew 37% or $20.8 million to $77.0 million from $56.3 million 2011.  As a result, operating income before unallocated corporate expenses in the PC segment increased 16% to $10.0 million from $8.7 million 2011. 

Conference Call
A conference call to review the results will begin at 11:00 a.m. ET on February 27, 2013, and will be hosted by William Yarmuth, Chief Executive Officer, and Steve Guenthner, President and Principal Financial Officer. To participate in the conference call, please dial 1-877-407-4018 (USA) or 1-201-689-8471 (International).  In addition, a dial-up replay of the conference call will be available beginning February 27, 2013 at 2:00 p.m. ET and ending on March 13, 2013. The replay telephone number is 1-877-870-5176 (USA) or 1-858-384-5517 (International). Passcode 409361.  A live Web cast of the call will also be available from the Investor Relations section of the corporate Web site at http://www.almostfamily.com. A Web cast replay can be accessed on the corporate Web site beginning February 27, 2013 at approximately 2:00 p.m. ET and will remain available until March 27, 2013.

Almost Family, Inc.                       

Steve Guenthner

(502) 891-1000

 

The Ruth Group

Investor Relations

Nick Laudico/Zack Kubow

(646) 536-7030/7020

[email protected]

[email protected]

 


 ALMOST FAMILY, INC. AND SUBSIDIARIES 

 CONSOLIDATED STATEMENTS OF INCOME 

 (UNAUDITED) 

 (In thousands, except per share data) 










 Three Months Ended December 31, 


 Year Ended December 31, 


2012


2011


2012


2011

 Net service revenues 

$            86,554


$            89,331


$          348,524


$          339,853

 Cost of service revenues (excluding
      depreciation & amortization) 

45,252


45,126


180,824


167,066

 Gross margin 

41,302


44,205


167,700


172,787

 General and administrative expenses: 







 Salaries and benefits 

24,793


24,744


98,441


97,526

 Other 

10,305


10,869


40,715


40,700

 Total general and administrative
     expenses 

35,098


35,613


139,156


138,226

 Operating income 

6,204


8,592


28,544


34,561

 Interest expense, net 

(17)


(39)


(104)


(180)

 Income before income taxes 

6,187


8,553


28,440


34,381

 Income tax expense 

(2,482)


(3,248)


(11,156)


(13,579)

 Net income 

$              3,705


$              5,305


$            17,284


$            20,802









 Per share amounts-basic: 








 Average shares outstanding 

9,280


9,296


9,285


9,278

 Net income 

$                0.40


$                0.57


$                1.86


$                2.24









 Per share amounts-diluted: 








 Average shares outstanding 

9,313


9,328


9,324


9,360

 Net income 

$                0.40


$                0.57


$                1.85


$                2.22









 


 

 ALMOST FAMILY, INC. AND SUBSIDIARIES 

 CONSOLIDATED BALANCE SHEETS 

 (In thousands) 




December 31, 2012



 ASSETS 


(UNAUDITED)


December 31, 2011

 CURRENT ASSETS: 





 Cash and cash equivalents  


$                        26,120


$                    33,693

 Accounts receivable - net 


49,971


45,166

 Prepaid expenses and other current assets 


7,021


6,221

 Deferred tax assets 


6,580


7,470

 TOTAL CURRENT ASSETS 


89,692


92,550






 PROPERTY AND EQUIPMENT - NET 


5,401


5,229

 GOODWILL 


133,418


132,653

 OTHER INTANGIBLE ASSETS 


19,967


19,709

 OTHER ASSETS 


781


1,019



$                      249,259


$                  251,160






 LIABILITIES AND STOCKHOLDERS' EQUITY 





 CURRENT LIABILITIES: 





 Accounts payable 


$                          4,599


$                      6,489

 Accrued other liabilities 


21,874


21,467

 Current portion - capital leases and notes payable 


625


1,200

 TOTAL CURRENT LIABILITIES 


27,098


29,156






 LONG-TERM LIABILITIES: 





 Notes payable 


500


1,125

 Deferred tax liabilities 


16,785


13,630

 Other liabilities 


561


952

 TOTAL LONG-TERM LIABILITIES 


17,846


15,707

 TOTAL LIABILITIES 


44,944


44,863






 STOCKHOLDERS' EQUITY: 





 Preferred stock, par value $0.05; authorized 





 2,000 shares; none issued or outstanding 


-


-

 Common stock, par value $0.10; authorized 





 25,000; 9,421 and 9,381 





 issued and outstanding 


942


938

 Treasury stock, at cost, 91 and 13 shares 


(2,320)


(431)

 Additional paid-in capital 


101,945


100,678

 Retained earnings 


103,748


105,112

 TOTAL STOCKHOLDERS' EQUITY 


204,315


206,297



$                      249,259


$                  251,160






 


 ALMOST FAMILY, INC. AND SUBSIDIARIES 

 CONSOLIDATED STATEMENTS OF CASH FLOWS 

 (UNAUDITED) 

 (In thousands) 


 Year Ended December 31, 


2012


2011

 Cash flows from operating activities: 




 Net income  

$                 17,284


$                 20,802

 Adjustments to reconcile income to net cash provided by operating activities: 




 Depreciation and amortization 

2,578


2,816

 Provision for uncollectible accounts 

2,825


2,355

 Stock-based compensation 

1,473


1,422

 Deferred income taxes 

3,753


4,371


27,913


31,766

 Change in certain net assets and liabilities, net of the effects of acquisitions: 




 (Increase) decrease in:  




 Accounts receivable 

(8,228)


(1,641)

 Prepaid expenses and other current assets 

(1,137)


633

 Other assets 

236


252

 (Decrease) increase in: 




 Accounts payable and accrued expenses 

(1,751)


(5,075)

 Net cash provided by operating activities 

17,033


25,935





 Cash flows from investing activities: 




 Capital expenditures 

(2,487)


(2,890)

 Acquisitions, net of cash acquired 

(538)


(38,064)

 Net cash used in investing activities 

(3,025)


(40,954)





 Cash flows from financing activities: 




 Proceeds from exercise of stock options 

70


288

 Purchase of common stock in connection with share awards 

(1,889)


(440)

 Tax benefit from stock-based compensation 

-


1,614

 Payment of special dividend 

(18,562)


-

 Principal payments on notes payable 

(1,200)


(693)

 Net cash used in financing activities 

(21,581)


769





 Net change in cash and cash equivalents 

(7,573)


(14,250)

 Cash and cash equivalents at beginning of period 

33,693


47,943

 Cash and cash equivalents at end of period 

$                26,120


$                33,693





 Summary of non-cash investing and financing activities: 




 Settlement of Directors Deferred Compensation Plan 

$                          -


$                     501

 Acquisitions funded by notes payable 

$                          -


$                  1,000

 Dividends declared, not paid 

$                        86


$                          -





 



 ALMOST FAMILY, INC. AND SUBSIDIARIES 

 RESULTS OF OPERATIONS 

 (UNAUDITED) 

 (In thousands) 



 Three Months Ended December 31, 


2012


2011


 Change 


 Amount 

 % Rev 


 Amount 

 % Rev 


 Amount 

%

Net service revenues:









 Visiting Nurse 

$        67,279

77.7%


$        69,801

78.1%


$        (2,522)

-3.6%

 Personal Care 

19,275

22.3%


19,530

21.9%


(255)

-1.3%


86,554

100.0%


89,331

100.0%


(2,777)

-3.1%

Operating income before corporate

expenses:









Visiting Nurse 

8,726

13.0%


10,740

15.4%


(2,014)

-18.8%

 Personal Care 

2,446

12.7%


3,264

16.7%


(818)

-25.1%


11,172

12.9%


14,004

15.7%


(2,832)

-20.2%

Corporate expenses

4,968

5.7%


5,412

6.1%


(444)

-8.2%

Operating income

6,204

7.2%


8,592

9.6%


(2,388)

-27.8%

Interest expense, net

(17)

0.0%


(39)

0.0%


22

-56.4%

Income tax expense

(2,482)

-2.9%


(3,248)

-3.6%


766

-23.6%

Net income

$          3,705

4.3%


$          5,305

5.9%


$        (1,600)

-30.2%










EBITDA

$          7,217

8.3%


$          9,621

10.8%


$        (2,404)

-25.0%












 ALMOST FAMILY, INC. AND SUBSIDIARIES 

 RESULTS OF OPERATIONS 

 (UNAUDITED) 

 (In thousands) 



 Year Ended December 31, 


2012


2011


 Change 


 Amount 

 % Rev 


 Amount 

 % Rev 


 Amount 

%

Net service revenues:









 Visiting Nurse 

$      271,477

77.9%


$      283,596

83.4%


$      (12,119)

-4.3%

 Personal Care 

77,047

22.1%


56,257

16.6%


20,790

37.0%


348,524

100.0%


339,853

100.0%


8,671

2.6%

Operating income before corporate expenses:









 Visiting Nurse 

39,424

14.5%


45,744

16.1%


(6,320)

-13.8%

 Personal Care 

10,029

13.0%


8,682

15.4%


1,347

15.5%


49,453

14.2%


54,426

16.0%


(4,973)

-9.1%

Corporate expenses

20,909

6.0%


19,865

5.8%


1,044

5.3%

Operating income

28,544

8.2%


34,561

10.2%


(6,017)

-17.4%

Interest expense, net

(104)

0.0%


(180)

-0.1%


76

-42.2%

Income tax expense

(11,156)

-3.2%


(13,579)

-4.0%


2,423

-17.8%

Net income

$        17,284

5.0%


$        20,802

6.1%


$        (3,518)

-16.9%










EBITDA

$        32,595

9.4%


$        38,799

11.4%


$        (6,204)

-16.0%



















 


ALMOST FAMILY, INC. AND SUBSIDIARIES

VISITING NURSE SEGMENT OPERATING METRICS











Three Months Ended December 31,


2012


2011


Change


Amount

% Rev


Amount

% Rev


Amount

%

Average number of locations

106



106



-

0.0%










All payors:









Patients months

54,251



53,446



805

1.5%

Admissions

15,770



15,611



159

1.0%

Billable visits

474,340



475,097



(757)

-0.2%










Medicare Statistics (1):









Revenue (in thousands)

$       60,396

89.8%


$      64,393

92.3%


$   (3,997)

-6.2%

Billable visits

384,806



400,718



(15,912)

-4.0%

Admissions

13,668



13,995



(327)

-2.3%

Recertifications

7,994



8,238



(244)

-3.0%

Episodes completed

21,184



21,845



(661)

-3.0%










Revenue per completed episode

$         2,882



$        2,996



$      (114)

-3.8%

Visits per episode

17.8



18.2



(0.4)

-2.2%










(1)  Episodic data which includes Medicare Advantage plans that pay episodically






















PERSONAL CARE OPERATING METRICS











Three Months Ended December 31,


2012



2011



Change


Amount



Amount



Amount

%

Average number of locations

61



60



1

1.7%










Admissions

1,072



1,019



53

5.2%

Patient months of care

17,280



17,091



189

1.1%

Patient days of care

263,854



255,581



8,273

3.2%

Billable hours

1,044,996



1,093,408



(48,412)

-4.4%

Revenue per billable hour

$         18.44



$        17.86



$       0.58

3.2%










 

ALMOST FAMILY, INC. AND SUBSIDIARIES

VISITING NURSE SEGMENT OPERATING METRICS











Year Ended December 30,


2012


2011


Change


Amount

% Rev


Amount

% Rev


Amount

%

Average number of locations

108



98



10

10.2%










All payors:









Patients months

217,563



215,342



2,221

1.0%

Admissions

63,164



61,775



1,389

2.2%

Billable visits

1,890,103



1,935,967



(45,864)

-2.4%










Medicare Statistics (1):









Revenue (in thousands)

$     246,329

90.7%


$    261,960

92.4%


$  (15,631)

-6.0%

Billable visits

1,544,958



1,616,288



(71,330)

-4.4%

Admissions

55,369



56,007



(638)

-1.1%

Recertifications

31,862



32,549



(687)

-2.1%

Episodes completed

86,686



87,533



(847)

-1.0%










Revenue per completed episode

$         2,850



$        3,002



$       (152)

-5.1%

Visits per episode

17.5



18.1



(0.6)

-3.3%










(1)  Episodic data which includes Medicare Advantage plans that pay episodically






















PERSONAL CARE OPERATING METRICS











Year Ended December 30,


2012



2011



Change


Amount



Amount



Amount

%

Average number of locations

60



30



30

100.0%










Admissions

4,319



3,262



1,057

32.4%

Patient months of care

69,304



53,802



15,502

28.8%

Patient days of care

1,017,530



755,002



262,528

34.8%

Billable hours

4,202,386



3,120,715



1,081,671

34.7%

Revenue per billable hour

$         18.33



$        18.03



$        0.30

1.7%










Non-GAAP Financial Measure
The information provided in some of the tables in this release includes certain non-GAAP financial measures as defined under SEC rules.  In accordance with SEC rules, the Company has provided, in the supplemental information and the footnotes to the tables, a reconciliation of those measures to the most directly comparable GAAP measures.

EBITDA
Earnings before interest, income taxes, depreciation and amortization (EBITDA) is not a measure of financial performance under accounting principles generally accepted in the United States of America.  It should not be considered in isolation or as a substitute for net income, operating income, cash flows from operating, investing or financing activities, or any other measure calculated in accordance with generally accepted accounting principles. The items excluded from EBITDA are significant components in understanding and evaluating financial performance and liquidity. Management routinely calculates and communicates EBITDA and believes that it is useful to investors because it is commonly used as an analytical indicator within our industry to evaluate performance, measure leverage capacity and debt service ability, and to estimate current or prospective enterprise value. EBITDA is also used in certain covenants contained in our credit agreement.

The following tables set forth a reconciliation of net income to EBITDA:

ALMOST FAMILY, INC. AND SUBSIDIARIES

RECONCILIATION OF EBITDA

(In thousands)







Three Months Ended

December 31,


Year Ended December 31,


2012


2011


2012


2011

Net income

$           3,705


$           5,305


$        17,284


$        20,802

Add back:








Interest expense

17


39


104


180

Income tax expense

2,482


3,248


11,156


13,579

Depreciation and amortization

667


646


2,578


2,816

Amortization of stock-based
    compensation

346


383


1,473


1,422

Earnings before interest, income taxes, depreciation and amortization (EBITDA)

$           7,217


$           9,621


$        32,595


$        38,799









About Almost Family
Almost Family, Inc., founded in 1976, is a leading regional provider of home health nursing and personal care services with locations in Florida, Ohio, Kentucky, Connecticut, New Jersey, Massachusetts, Missouri, Alabama, Illinois, Pennsylvania and Indiana (in order of revenue significance).  Almost Family, Inc. and its subsidiaries operate a Medicare-certified segment and a personal care segment.  Altogether, Almost Family operates over 160 branch locations in 11 U.S. states. 

Forward Looking Statements
All statements, other than statements of historical facts, included in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terminology such as "may," "will," "expect," "believe," "estimate," "project," "anticipate," "continue," or similar terms, variations of those terms or the negative of those terms. These forward-looking statements are based on the Company's current plans, expectations and projections about future events.

Because forward-looking statements involve risks and uncertainties, the Company's actual results could differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. The potential risks and uncertainties which could cause actual results to differ materially include: regulatory approvals or Fourth party consents may not be obtained; the impact of further changes in healthcare reimbursement systems, including the ultimate outcome of potential changes to Medicare reimbursement for home health services and to Medicaid reimbursement due to state budget shortfalls; the ability of the Company to maintain its level of operating performance and achieve its cost control objectives; changes in our relationships with referral sources; the ability of the Company to integrate acquired operations including obtaining synergies, integration objectives and anticipated timelines; government regulation; health care reform; pricing pressures from Medicare, Medicaid and other Fourth-party payers; changes in laws and interpretations of laws relating to the healthcare industry; and the Company's self-insurance risks.  For a more complete discussion regarding these and other factors which could affect the Company's financial performance, refer to the Company's various filings with the Securities and Exchange Commission, including its filing on Form 10-K for the year ended December 31, 2012, in particular information under the headings "Special Caution Regarding Forward-Looking Statements" and "Risk Factors." The Company undertakes no obligation to update or revise its forward-looking statements.

SOURCE Almost Family, Inc.

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The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential.
“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.

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...

"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, 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 IDenticard 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. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nigeria has the largest economy in Africa, at more than US$500 billion, and ranks 23rd in the world. A recent re-evaluation of Nigeria's true economic size doubled the previous estimate, and brought it well ahead of South Africa, which is a member (unlike Nigeria) of the G20 club for political as well as economic reasons. Nigeria's economy can be said to be quite diverse from one point of view, but heavily dependent on oil and gas at the same time. Oil and natural gas account for about 15% of Nigera's overall economy, but traditionally represent more than 90% of the country's exports and as...
The Internet of Things is a misnomer. That implies that everything is on the Internet, and that simply should not be - especially for things that are blurring the line between medical devices that stimulate like a pacemaker and quantified self-sensors like a pedometer or pulse tracker. The mesh of things that we manage must be segmented into zones of trust for sensing data, transmitting data, receiving command and control administrative changes, and peer-to-peer mesh messaging. In his session at @ThingsExpo, Ryan Bagnulo, Solution Architect / Software Engineer at SOA Software, focused on desi...
"At our booth we are showing how to provide trust in the Internet of Things. Trust is where everything starts to become secure and trustworthy. Now with the scaling of the Internet of Things it becomes an interesting question – I've heard numbers from 200 billion devices next year up to a trillion in the next 10 to 15 years," explained Johannes Lintzen, Vice President of Sales at Utimaco, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"For over 25 years we have been working with a lot of enterprise customers and we have seen how companies create applications. And now that we have moved to cloud computing, mobile, social and the Internet of Things, we see that the market needs a new way of creating applications," stated Jesse Shiah, CEO, President and Co-Founder of AgilePoint Inc., in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, 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. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the industry’s first all flash version of HyperConverged Appliances that include both compute and storag...
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
Code Halos - aka "digital fingerprints" - are the key organizing principle to understand a) how dumb things become smart and b) how to monetize this dynamic. In his session at @ThingsExpo, Robert Brown, AVP, Center for the Future of Work at Cognizant Technology Solutions, outlined research, analysis and recommendations from his recently published book on this phenomena on the way leading edge organizations like GE and Disney are unlocking the Internet of Things opportunity and what steps your organization should be taking to position itself for the next platform of digital competition.
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal Systems Group, discussed how key attributes of mobile technology – touch input, sensors, social, and ...
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial Cloud.
Building low-cost wearable devices can enhance the quality of our lives. In his session at Internet of @ThingsExpo, Sai Yamanoor, Embedded Software Engineer at Altschool, provided an example of putting together a small keychain within a $50 budget that educates the user about the air quality in their surroundings. He also provided examples such as building a wearable device that provides transit or recreational information. He then reviewed the resources available to build wearable devices at home including open source hardware, the raw materials required and the options available to power s...
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, addressed the big issues involving these technologies and, more important, the results they will achieve. Rodney Rogers, chairman and CEO of Virtustream; Brendan O'Brien, co-founder of Aria Systems, Bart Copeland, president and CEO of ActiveState Software; Jim Cowie, chief scientist at Dyn; Dave Wagstaff, VP and chief architect at BSQUARE Corporation; Seth Proctor, CTO of NuoDB, Inc.; and Andris Gailitis, C...