Autobytel to Report 2013 First Quarter Financial Results on Thursday, May 2, 2013

IRVINE, Calif.--(BUSINESS WIRE)-- Autobytel Inc. (NAS: ABTL) , a leading provider of online consumer leads and marketing resources for the automotive industry, will report its 2013 first quarter financial results after the market closes on Thursday, May 2, 2013. Autobytel management will host a conference call later that day at 5:00 p.m. ET (2:00 p.m. PT) to discuss its financial results and answer questions.

Interested parties may access the call by dialing (877) 852-2929, passcode 36684188. The conference call will also be broadcast live at www.autobytel.com (click on "Investor Relations" and then click on "Events & Presentations"). In conjunction with the call, slides will be made available on Autobytel's website. Please visit the website at least 15 minutes prior to the start of the call to register and download any necessary software. For those unable to listen to the live broadcast, a replay will be available through May 9, 2013 by dialing (855) 859-2056, passcode 36684188. The call will also be archived in the Investor Relations section of Autobytel's website for one year.

About Autobytel Inc.
Autobytel Inc., an online leader offering consumer purchase requests and marketing resources to car dealers and manufacturers and providing consumers with the information they need to purchase new and used cars, pioneered the automotive Internet when it launched its flagship website, www.autobytel.com, in 1995. Autobytel continues to offer innovative products and services to help consumers buy, and auto dealers and manufacturers sell, more used and new cars. Autobytel has helped tens of millions of automotive consumers research vehicles; connected thousands of dealers nationwide with motivated car buyers; and helped every major automaker market its brand online. Through its flagship website, network of automotive sites and respected online affiliates, Autobytel continues its dedication to innovating the industry's highest quality Internet programs to provide consumers with a comprehensive and positive automotive research and purchasing experience, and auto dealers, dealer groups and auto manufacturers with some of the industry's most productive and cost-effective customer referral and marketing programs.

Investors and other interested parties can receive Autobytel news releases and invitations to special events by accessing the online registration form at http://investor.autobytel.com/alerts.cfm.

Investor Relations:
Autobytel Inc.
Curtis E. DeWalt
SVP, Chief Financial Officer
949-437-4694
curtisd@autobytel.com
or
PondelWilkinson Inc.
Roger Pondel/Laurie Berman
310-279-5980
pwinvestor@pondel.com

KEYWORDS:   United States  North America  California

INDUSTRY KEYWORDS:

Customers Deploying Verint Solutions to Help With Business "Gamification"

Customer-Centric Workforce Optimization Software Used to Improve Engagement and Business Results

MELVILLE, N.Y.--(BUSINESS WIRE)-- Verint^® Systems Inc. (NAS: VRNT) today announced that customers are using its Impact 360^® Workforce Optimization^™ (WFO) software as part of their business gamification initiatives in order to encourage specific agent behaviors and achieve targeted customer experience and revenue goals. Early results show WFO solutions can play an important role in tying gamification to specific business processes, making them more fun by encouraging success and assisting the companies' overarching customer strategies.

Organizations worldwide are asking themselves: What kind of customer experience do they provide? Are customers pleased? Do internal processes help or hinder service delivery? Are processes intimidating or fun? And how can they perform better and more cost effectively across their contact center, branch environments, and marketing and customer care, as well as back-office operations?

According to Ovum's March 2013 report titled Gamification: A New Approach to Tracking and Improving Agent Performance, "Gamification will be a growth market among contact centers, which can use scoreboards and badges to track agent behavior and performance with a higher degree of clarity. Agents can view their own progress and have more visibility into their own performance scores. They are motivated by healthy competition, team challenges, and incentives to carry out certain tasks. Gamification should enable agents to carry out customer transactions more effectively, with a higher level of confidence, which will ultimately improve customer satisfaction levels."

Examples of how Verint customers are using its Impact 360 software to support business gamification include:

• Points and "badges"—Performance Management Scorecards define, calculate and display "award points" for employees with customer-configurable scores with icons that can be used as "badges." Desktop and Process Analytics then collects the data that drives award points (e.g., closed tickets, closed contracts, etc.). The result can help organizations achieve greater morale and excitement around these tasks.
• Scoreboards and leaderboards—Impact 360's dashboard displays the "points scorecards" for employees. Scorecards can also show "leader boards," all updated in real time to motivate employees.
• Closed-loop feedback—Using the KPI gadget, employees get daily or intraday feedback on their "points" or "badge" status delivered directly to their desktops. The competition can help drive both motivation and excitement.
• Social collaboration and teams-setting goals—Scorecards can roll-up the individual "points" earned by employees to team points (or scores), thus driving greater collaboration and teamwork.
• Notifications and alerts—Users can receive alerts when they (or their team, or other teams) reach certain "levels" (or are falling behind reaching their level). This helps track behaviors and rewards achievements when goals are met.
• Incentives and awards—Users can automatically populate points awarded within the Workforce Management software to provide "winning" employees with desirable schedules/shifts. Impact 360 can also integrate with the customer's incentive/benefits system to reward employees with tangible awards, helping boost sales.

Ovum's Aphrodite Brinsmead, senior analyst, customer experience and interaction, shares, "Contact centers that are looking for ways to improve agent retention should consider revamping their incentivization and performance management systems by adding aspects of gamification. Although gamification is not a fix-all solution for agent motivation, it does provide an opportunity to improve business processes and collaboration."

"Gamification should be closely aligned with existing scheduling and performance tools," Brinsmead adds. "Enterprises are already monitoring performance for agents, but gamification scores and badges provide additional visibility for both agents and managers."

Thousands of organizations around the world rely on Verint WFO solutions to help increase customer satisfaction and loyalty, enhance products and services, reduce operating costs, and drive revenue and competitive advantage. Learn more at www.verint.com.

About Verint Enterprise Intelligence Solutions

Verint^® Enterprise Intelligence Solutions^™ help organizations of all sizes capture and analyze customer interactions, sentiments and trends across multiple channels, improve performance and optimize the customer experience. The solution portfolio includes the Impact 360^® Workforce Optimization^™ suite and Voice of the Customer software, which serve as strategic enterprise assets for increasing customer satisfaction and loyalty, enhancing products and services, reducing operating costs and driving revenue.

About Verint Systems

Verint^® (NAS: VRNT) is a global leader in Actionable Intelligence^® solutions. Its portfolio of Enterprise Intelligence Solutions^™ and Security Intelligence Solutions^™ helps organizations Make Big Data Actionable^™ through the ability to capture, analyze and act on large volumes of rich, complex and often underused information sources—such as voice, video and unstructured text. With Verint solutions and value-added services, organizations of all sizes can make more timely and effective decisions. Today, more than 10,000 organizations in 150 countries, including over 80 percent of the Fortune 100, count on Verint solutions to improve enterprise performance and make the world a safer place. Headquartered in NY, Verint has offices worldwide and an extensive global partner network. Learn more at www.verint.com.

This press release contains forward-looking statements, including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management's expectations that involve a number of risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2013 and other filings we make with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, the Company assumes no obligation to update or revise them or to provide reasons why actual results may differ.

VERINT, ACTIONABLE INTELLIGENCE, MAKE BIG DATA ACTIONABLE, CUSTOMER-INSPIRED EXCELLENCE, INTELLIGENCE IN ACTION, IMPACT 360, WITNESS, VERINT VERIFIED, VOVICI, GMT, AUDIOLOG, ENTERPRISE INTELLIGENCE SOLUTIONS, SECURITY INTELLIGENCE SOLUTIONS, VOICE OF THE CUSTOMER ANALYTICS, NEXTIVA, EDGEVR, RELIANT, VANTAGE, STAR-GATE, ENGAGE, CYBERVISION, FOCALINFO, SUNTECH, and VIGIA are trademarks or registered trademarks of Verint Systems Inc. or its subsidiaries. Other trademarks mentioned are the property of their respective owners.

Industry Information
Verint Systems
Candace Flynn
303-254-7152
candace.flynn@verint.com
or
Investor Relations
Verint Systems
Alan Roden
631-962-9304
alan.roden@verint.com

KEYWORDS:   United States  North America  New York

INDUSTRY KEYWORDS:

IXYS Integrated Circuits Division Introduces New 350V Solid State Relay in a Miniature 8-Pin SOIC Package

The 350V CPC2030 Solid State Relay, offered in a package that is 40% smaller than the standard 8-Lead SOIC, specifically targets telecom switching and instrumentation applications

BEVERLY, Mass.--(BUSINESS WIRE)-- IXYS Integrated Circuits Division (("IXYS ICD") formerly Clare, Inc.), a wholly owned subsidiary of IXYS Corporation (NAS: IXYS) , announced the availability of the miniature 350V, 8-pin narrow SOIC, Dual 1-Form-A (2 Single-Pole, Normally Open switches in a single package) Solid State Relay (SSR).

The CPC2030 is 40% smaller compared to the popular standard 8-lead SOIC, thus enabling significant board space savings. The CPC2030N uses IXYS Integrated Circuits Division's state of the art, double-molded vertical construction packaging to produce one of the world's smallest relays, and is a drop-in replacement for the Panasonic AQW210SX.

The CPC2030 features 120mA maximum load current and 30 Ohms of maximum on-resistance with 2mA of input trigger control current. The reduction of input current allows for the direct drive of these SSRs directly from our Zilog MCUs. Input to output isolation voltage is 1500Vrms. The 350V blocking voltage of the relay is ideal for use in telecom switching systems and instrumentation. Approvals include UL Certified Component: File E76270, CSA Certified Component: Certificate 1172007, EN/IEC 60950-1 Certified Component, and TUV Certificate B 10 05 49410 006.

The small size of this SSR and its low input power drive requirement makes it ideal for portable instruments and remote applications enabling automation control of industrial systems.

Availability

The CPC2030, 350V Dual 1-Form-A, normally open, SSR is in full production with a lead time of 4 weeks. For additional information, please contact your local sales representative: http://www.ixysic.com/home/pages.nsf/locate.rep or visit http://www.ixysic.com/home/pdfs.nsf/www/CPC2030N.pdf/$file/CPC2030N.pdf for the datasheet.

About IXYS Integrated Circuits Division and IXYS Corporation

IXYS Integrated Circuits Division (formerly Clare, Inc.), a leader in the design and manufacture of solid state relays and high voltage integrated circuits, is a wholly owned subsidiary of IXYS Corporation. IXYS Corporation develops and markets primarily high performance power semiconductor devices that are used in controlling and converting electrical power efficiently in power systems for the telecommunication and internet infrastructure, motor drives, medical systems and transportation. IXYS also serves its markets with a combination of digital and analog integrated circuits. Additional information about IXYS Integrated Circuits Division and IXYS may be found at www.ixysic.com and www.ixys.com.

Safe Harbor Statement

Any statements contained in this press release that are not statements of historical fact, including the performance, rating, availability, reliability, operation and suitability of products for various applications, may be deemed to be forward-looking statements. There are a number of important factors that could cause the results of IXYS to differ materially from those indicated by these forward-looking statements, including, among others, risks detailed from time to time in the Company's SEC reports, including its Form 10-Q for the fiscal quarter ended December 31, 2012. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements.

IXYS Integrated Circuits Division
Catherine Austin, 978-524-6823
Fax: 978-524-4900

KEYWORDS:   United States  North America  California  Massachusetts

INDUSTRY KEYWORDS:

First Internet Bancorp Reports First Quarter Financial Results

INDIANAPOLIS, Ind.--(BUSINESS WIRE)-- First Internet Bancorp (NAS: INBK) , parent company of First Internet Bank of Indiana (www.firstib.com), a premier nationwide provider of online retail banking services and commercial banking services, today announced unaudited financial results for the quarter ended March 31, 2013.

"We are pleased to report another quarter of solid profitability and growth," said David Becker, Chairman and CEO. "Year over year, first quarter net income rose 30%, our commercial loan portfolio grew 62%, and increased retained earnings boosted shareholders' equity to $62.76 million, up 10% from first quarter 2012."

Highlights for the quarter ended March 31, 2013:

• Net income was $1.49 million or $0.77 per diluted share in first quarter 2013 compared with $1.15 million or $0.60 per diluted share in first quarter 2012.
• Return on average assets in first quarter 2013 increased to 0.94% from 0.77% in the prior year's first quarter, and return on average equity rose to 9.64% compared with 8.12% in first quarter 2012.
• Total assets increased to a record $650.84 at March 31, 2013, compared with $611.84 million at March 31, 2012, and $636.37 million at December 31, 2012.
• Commercial real estate and commercial & industrial loan portfolios grew to $109.09 million compared with $67.33 million at March 31, 2012.
• Net interest income after provision for loan loss, reflecting retained mortgage and commercial loan growth and lower interest expense, was $3.68 million in first quarter 2013 compared with $3.36 million in first quarter 2012.
• Non-interest income for the quarter ended March 31, 2013 was $3.15 million, compared with $2.04 million for the quarter ended March 31, 2012.
• The company's tangible book value increased to $30.17 per share in first quarter 2013, compared with $27.30 per share in first quarter 2012.
• In first quarter 2013, First Internet became an SEC-reporting corporation, and its common stock began trading on the NASDAQ Capital Market.
• The company paid its first quarterly cash dividend of $0.06 per share of common stock on April 15, 2013

"First Internet's strong financial performance continues to validate our actions on several fronts to invest in a company capable of considerable growth in assets, earnings, productivity, and efficiency," Becker commented. "We've demonstrated continued success in building our nationwide mortgage origination business, while also building a more diversified revenue stream, including specialty consumer lending and a rapidly growing commercial banking business. We have made meaningful progress over the past few years, with substantial opportunity ahead of us. We expect, and consistently receive, high performance from our team, which is working in unison to build the First Internet brand."

Becker noted the commercial lending pipeline continues to grow, and that treasury management, ACH services and a corporate credit card were added to product offerings to attract not only loans, but expand commercial banking relationships. "This will enable us to boost fee income sources and grow non-interest bearing commercial deposits, which we anticipate will contribute to a lower cost of funds over time. We expect to demonstrate further gains in non-interest bearing deposits in future periods," he stated.

Income Statement Reflects Growth in Interest and Non-interest Income Businesses

For the quarter ended March 31, 2013, net income was $1.49 million or $0.77 per diluted share - the highest first quarter earnings in First Internet's history - compared with net income for the quarter ended March 31, 2012 of $1.15 million or $0.60 per diluted share. Net interest income after provision for loan losses was $3.68 million in first quarter 2013 compared with $3.36 million in first quarter 2012. Loan income rose to $4.97 million in first quarter 2013 compared with $4.73 million in first quarter 2012. The 2013 results reflected a reduction in the company's loan loss provision to $134,000 compared with $570,000 for the same period in 2012 due to lower delinquency levels.

Total interest expense in first quarter 2013 declined to $1.94 million compared with $2.16 million, reflecting ongoing efforts to re-price interest-bearing accounts as appropriate in the continued low-interest rate environment, and reduced use of higher-cost wholesale funding sources. The ability to grow core deposits to fund lending activity continues to drive a declining use of Federal Home Loan Bank borrowings.

The average cost of funds was 1.39% in first quarter 2013, compared with 1.45% in fourth quarter 2012, and 1.63% in first quarter 2012.

Total non-interest income in first quarter 2013 increased 54.3% to $3.15 million compared with $2.04 million in first quarter 2012. Gains on loans sold drove this growth, up 72% to $3.01 million in first quarter 2013 compared with $1.75 million in first quarter 2012. First quarter 2013 results included a $185,000 one-time loss related to the rebalancing of the mortgage backed securities portfolio. The company ended first quarter 2013 with $61.60 million in loans held for sale, reflecting a continuing strong pipeline of originated loans.

Total non-interest expense in first quarter 2013 was $4.65 million compared with $3.88 million in first quarter 2012. The increase primarily reflected increased salaries and benefits as the year-over year employee count increased from 76 to 105 individuals, primarily in mortgage lending and commercial banking. First quarter 2013 non-interest expense included a one-time $193,000 expense related to listing the company's common stock on NASDAQ.

Net interest margin was 2.55% at March 31, 2013, compared with 2.77% at March 31, 2012. An improved securities yield as a result of the restructured investment portfolio is expected to positively impact the net interest margin in future periods.

Kay Whitaker, Senior Vice President and CFO, explained, "During the quarter, we seized an opportunity to mitigate cash flow and interest rate risk within our investment portfolio while improving its overall yield. We regularly and actively review our investment strategy and portfolio and are responding to the challenges the continued low interest rate environment provides. First Internet differs from many banking competitors in that we look at our lending and fee-based business lines holistically. The banking industry operates in cycles, and when low rates challenge one business area, they may provide a clear opportunity in another. We look for opportunities to succeed regardless of the interest rate environment, as evidenced by our strong mortgage operation."

Balance Sheet, Deposit Growth and Asset Quality

The company's total assets of $650.84 million at March 31, 2013 represented an all-time high for First Internet. Net loans after allowance for loan losses were $352.62 million, compared with $337.04 million at March 31, 2012. The company grew total deposits to $546.67 million at March 31, 2013, compared with $511.37 million at March 31, 2012, primarily reflecting growth in interest-bearing core deposits.

A primary driver of loan growth continued to be the commercial lending team. CRE loans increased 46% to $89.35 million at March 31, 2013, compared with $61.41 million in first quarter 2012. C&I lending grew to $19.74 compared with $5.92 million at March 31, 2012.

"Our commercial banking business has added depth and diversity to First Internet's loan portfolio mix," said Ed Roebuck, Senior Vice President and Chief Credit Officer. "In first quarter 2013, commercial real estate loans comprised 25% of our portfolio compared with 18% the year before, while commercial lending grew to 6% of the total portfolio compared with about 2% the year before. We expect continued asset diversification in all areas of our lending business."

The company's loan and asset quality remained strong, with non-performing loans at March 31, 2013 declining to $3.73 million compared with $8.72 million at March 31, 2012. The ratio of non-performing loans to total assets was 0.57% in first quarter 2013 compared with 1.42% in first quarter 2012, reflecting a focus on maintaining asset quality. The allowance for loans and lease losses as a percent of total loans was 1.38% at March 31, 2013, compared with 1.60% at March 31, 2012.

Non-interest bearing demand deposit accounts grew to $16.05 million compared with $12.61 million in first quarter 2012, reflecting more relationship banking business with commercial customers. While the company is focused on building non-interest bearing deposits to bring its overall cost of deposits down, the absence of a traditional bricks and mortar branch structure permits it to offer higher rates for interest-bearing accounts, as needed, in order to fund loan growth.

Capital Position

First Internet exceeds all regulatory capital requirements, with a tier 1 capital to average assets ratio of 8.92% at the bank, which exceeds the level to be considered well capitalized under regulatory capital guidelines, and 9.03% at the holding company, with no TARP or SBLF obligations.

Outlook

Becker concluded: "We anticipate further success in our national residential mortgage origination business in 2013. We are seeing promising signs of accelerated new housing starts in the markets we serve, and this is a positive for mortgage or construction lending, as appropriate. The Federal Reserve has indicated its policy is to maintain a low interest rate environment for a prolonged period, so we expect to see strength in our refinance and purchase mortgage volumes for some time. We also continue to win new loans in our specialty vehicle lending business, in which we have demonstrable expertise.

"Despite increasing local competition for quality commercial lending relationships, our commercial loan pipeline moving into the second quarter is robust. We are also beginning to make a name for ourselves in the credit tenant lease financing space with high-quality CRE credit opportunities nationally. We have also partnered with BancAlliance, a national organization that has paired healthy banks together to Identify, evaluate, and refer C&I loan and lease opportunities.

"We continue to maintain a laser-like focus on building shareholder value through our quarterly cash dividends, continued growth, and prudent risk management practices. We believe becoming an SEC-reporting company and joining the NASDAQ Capital Market will complement our financial outreach and communications, and help support increased investor awareness of our company."

About First Internet Bancorp

First Internet Bancorp (NASDAQ Capital Market: INBK) is the parent company of First Internet Bank of Indiana. First Internet Bank opened for business in 1999. The Bancorp became the parent of the Bank effective March 21, 2006.

About First Internet Bank

First Internet Bank of Indiana is the first state-chartered, FDIC-insured institution to operate solely via the Internet and has customers in all 50 states. Deposit services include checking accounts, regular and money market savings accounts with industry-leading interest rates, CDs and IRAs. First Internet Bank also offers consumer loans, conforming mortgages, jumbo mortgages, home equity loans and lines of credit, and commercial loans. The bank is a wholly owned subsidiary of First Internet Bancorp.

Safe Harbor Statement

This press release may contain forward-looking statements with respect to the financial condition, results of operations, plans, objectives, future performance or business of the company. Forward-looking statements are generally identifiable by the use of words such as "believe," "expect," "anticipate," "plan," "intend," "estimate," "may," "will," "would," "could," "should" or other similar expressions. Forward-looking statements are not a guarantee of future performance or results, are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the information in the forward-looking statements. Factors that may cause such differences include: changes in interest rates; risks associated with the regulation of financial institutions and holding companies, including capital requirements and the costs of regulatory compliance; failures or interruptions in communications and information systems; general economic conditions and conditions in the lending markets; competition; the plans to grow commercial lending; the loss of key members of management and other matters discussed in the press release. For a further list and description of such risks and uncertainties, see our periodic reports filed with the U.S. Securities and Exchange Commission. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be set forth in our periodic reports.

Financial Tables Follow

First Internet Bancorp
Nicole Lorch, 317-532-7906

KEYWORDS:   United States  North America  Indiana

INDUSTRY KEYWORDS:

Former Ford Motor Executive and Hershey Co. Chairman Lead Chairman & CEO Peer Forum Speaker Line-up

NEW YORK--(BUSINESS WIRE)-- Corporate Board Member and NYSE Euronext's 4^th annual Chairman & CEO Peer Forum on June 11, 2013 will feature Hershey Co's Chairman Jim Nevels talking about changes impacting board leadership over the past two decades, and Clifton Lambreth, former Ford Motor Co. executive and author, Ford and the American Dream, Return to Greatness: Driving the American Dream, and The Ad Man, sharing how Ford transformed from near-bankruptcy to profitability and what leadership lessons boards can take away.

The Chairman & CEO Peer Forum, to be held at the New York Stock Exchange, was developed to address the top concerns and issues facing today's CEOs, independent chairmen and lead directors.

"Effective board leadership is what separates great boards from adequate boards," said TK Kerstetter, chairman of Corporate Board Member, an NYSE Euronext Company. "From building a better board and executive compensation to M&A, shareholder relations and effective information technology oversight, this is event will arm participants with the knowledge needed to respond appropriately to changing trends and lead their boards in today's challenging business environment."

All attendees will receive a complimentary board compliance oversight and governance diagnostic reviewing their board practices against their peers, provide by Corpedia, an NYSE Euronext Company. Upon conclusion of the event, all attendees will be invited to tour the NYSE trading floor.

In addition to Lambreth and Nevels, other confirmed speakers include:

• Michael Del Giudice, Lead Director, Consolidated Edison Inc.; Director, Reis Inc.
• James McTaggart, Retired Founding Partner, Marakon Associates; Director, Blyth Inc.
• J. Thomas Presby, Lead Director, World Fuel Services Corp.; Director, ExamWorks Group Inc., First Solar Inc. and Invesco Ltd.
• James Kackley, Chairman of the Board, Orion Energy Systems Inc. and Perficient Inc.; Director, Herman Miller Inc.
• John Scribante, Chief Executive Officer, Orion Energy Systems Inc.
• Lopa Zielinski, Director and Senior Counsel, Corporate Governance, TIAA-CREF
• Board advisers from Bass Berry & Sims, MacKenzie Partners, Meridian Compensation Partners, PwC, Spencer Stuart, and Sullivan & Cromwell.

For more information on the 2013 Chairmen & CEO Peer Forum and to view the complete event agenda, visit https://www.boardmember.com/2013chairpeerforum.aspx

About Corporate Board Member

Corporate Board Member, an NYSE Euronext company, is the leading information resource for senior officers and directors of publicly traded corporations, large private companies and Global 1000 firms. The quarterly publication, Corporate Board Member magazine, provides readers with decision-making tools to deal with the strategic and corporate governance challenges confronting their boards. Corporate Board Member further extends its governance leadership through an online resource center, conferences, roundtables and timely research. The magazine maintains the most comprehensive, up-to-date database of directors and officers serving on boards of publicly traded companies listed with NYSE Euronext and The NASDAQ OMX Group Inc. stock exchanges. www.boardmember.com

Jamie Tassa
Corporate Board Member
(615) 309-3200 x247
jtassa@boardmember.com

KEYWORDS:   United States  Europe  North America  New York

INDUSTRY KEYWORDS:

Cypress TrueTouch ^® Touchscreen Solution Enables "Magic Touch" Feature for the 6.1-Inch Display in New Ascend Mate Smartphone from HUAWEI

Gen4 TrueTouch Controller Also Offers Industry Leading Water Rejection and Outstanding Performance in Noisy Environments

SAN JOSE, Calif.--(BUSINESS WIRE)-- Cypress Semiconductor Corp. (NAS: CY) today announced that its TrueTouch^® Gen4 controllers enable the "Magic Touch" feature in the new Ascend Mate smartphone from HUAWEI, which boasts one of the world's largest smartphone touchscreens at 6.1 inches. Magic Touch lets users accurately navigate the touchscreen even with thick gloves on, solving a persistent problem for customers in cold-weather climates. The Gen4 TrueTouch controller also enables the Ascend Mate to offer outstanding water rejection and unmatched touchscreen performance in the presence of electronic noise sources.

The Magic Touch feature is enabled with patent-pending technology from Cypress available on Gen4 that is unavailable from other suppliers. The Gen4 family delivers an array of technologies the competition cannot match. It is the world's only controller family with built-in 10V Tx to drive the touch panel at 10V. Because SNR is directly proportional to the voltage at which the panel is driven, this feature allows Cypress to sense smaller signals than the competitors in the presence of high noise sources. The Gen4 family also makes use of Cypress's patented self plus mutual capacitance sensing technology. TrueTouch is the only solution with the ability to execute both self-capacitance and mutual-capacitance measurements in the same device—and switch dynamically between the two in application. These capabilities enable both the Magic Touch and water rejection features on the Ascend Mate.

The HUAWEI Ascend Mate combines superior performance with a unique set of features, ensuring end customers have an optimal touchscreen user experience. Its screen-to-body ratio is 73%, one of the highest in the industry, maximizing viewing pleasure for emails, video and games. The 6.1-inch HD IPS+ LCD screen has a resolution of 1280 x 720 for unsurpassed clarity and color accuracy. The Ascend Mate is also very slim, with a thickness of just 6.5 mm at its narrowest part.

"We're excited to team with HUAWEI on this outstanding smartphone," said John Carey, Senior Director of TrueTouch Marketing at Cypress. "The Ascend Mate showcases many of the reasons that TrueTouch is the premier touchscreen solution in the industry."

Touch Leadership

Cypress's touch-sensing portfolio is the industry's broadest and most well-adopted, encompassing TrueTouch, CapSense^®, and TrackPad solutions. The company's IP portfolio is unmatched, including true, single-layer sensor solutions for dramatically reduced touchscreen costs and self and mutual capacitance sensing on the same chip that enables advanced features such as waterproofing, proximity sensing, support for 1-mm stylus, and hover.

About TrueTouch

Cypress's TrueTouch technology provides the industry's best noise immunity, highest signal to noise ratio (SNR), fastest refresh rates, lowest power consumption, and world's best accuracy and linearity. The flexible TrueTouch solution allows customers to rapidly develop leading-edge solutions without having to buy turnkey modules. They have a choice of using touch sensors (glass or film) and LCDs from preferred partners, and can develop innovative mechanical designs ranging from flat to curved surfaces of varying thickness. In addition, TrueTouch devices offer Cypress's legendary noise immunity with patented capacitive sensing technology that enables flawless operation in noisy RF and LCD environments. Additional TrueTouch information is available at touch.cypress.com.

About Cypress

Cypress delivers high-performance, mixed-signal, programmable solutions that provide customers with rapid time-to-market and exceptional system value. Cypress offerings include the flagship PSoC^® 1, PSoC 3, PSoC 4, and PSoC 5 programmable system-on-chip families. Cypress is the world leader in capacitive user interface solutions including CapSense touch sensing, TrueTouch touchscreens, and trackpad solutions for notebook PCs and peripherals. Cypress is the world leader in USB controllers, which enhance connectivity and performance in a wide range of consumer and industrial products. Cypress is also the world leader in SRAM and nonvolatile RAM memories. Cypress serves numerous major markets, including consumer, mobile handsets, computation, data communications, automotive, industrial, and military. Cypress trades on the NASDAQ Global Select Market under the ticker symbol CY. Visit Cypress online at www.cypress.com.

Cypress, the Cypress logo, TrueTouch, PSoC, and CapSense are registered trademarks of Cypress Semiconductor Corp. All other trademarks are property of their owners.

Cypress PR
Samer Bahou, 408-232-4552
samer.bahou@cypress.com

KEYWORDS:   United States  North America  California  Minnesota

INDUSTRY KEYWORDS:

East West Bancorp Reports Net Income for First Quarter 2013 of $72.1 Million, up 6% from Prior Year and Earnings Per Share of $0.50, up 11% from Prior Year

PASADENA, Calif.--(BUSINESS WIRE)-- East West Bancorp, Inc. ("East West") (NAS: EWBC) , parent company of East West Bank, the financial bridge between the United States and Greater China, today reported financial results for the first quarter of 2013. For the first quarter of 2013, net income was $72.1 million or $0.50 per dilutive share.

"East West is pleased to report solid earnings of $72.1 million or $0.50 per share for the first quarter of 2013, an increase in earnings per share of 11% from the prior year period," stated Dominic Ng, Chairman and Chief Executive Officer of East West. "This is the 8^th consecutive quarter we have increased both net income and earnings per share. This strong operating performance is due to our healthy balance sheet, solid loan and deposit growth, reduced credit costs and strong expense control. Quarter to date, we increased total loans by $285.1 million or 8% annualized to a record $15.4 billion and grew total deposits by $626.3 million or 14% annualized to a record $18.9 billion while achieving strong expense control with an efficiency ratio of 43.28%. The quarter to date loan growth was fueled by strong demand for single family loans, commercial real estate loans and commercial and industrial loans."

Ng continued, "For the first quarter of 2013, East West achieved a return on average assets of 1.30%, and a return on average common equity of 12.45%, both increases from the prior quarter and the prior year periods and higher than many of our peers. Our solid balance sheet growth and strong earnings are complemented by our capital management activities, which included the buyback of $87.0 million of our common stock in the first quarter of 2013."

"2013 marks the 40^th anniversary of East West Bank. Throughout our history, we have sought to outperform our peers, even in challenging operating environments. With our ability to grow our market share, find new business opportunities, operate our business efficiently, and meet and exceed the needs of our customers and employees, we are confident that we will continue to deliver strong financial results for the remainder of 2013 and beyond," concluded Ng.

First Quarter 2013 Highlights

• Strong First Quarter Earnings - For the first quarter of 2013, net income was $72.1 million or $0.50 per dilutive share. Net income grew $191 thousand from the fourth quarter of 2012 and $4.0 million or 6% from the first quarter of 2012. Earnings per dilutive share grew 2% or $0.01 from the fourth quarter of 2012 and 11% or $0.05 from the first quarter of 2012.
• Solid Return of Capital to Shareholders - During the first quarter 2013, we repurchased 3.5 million shares of our common stock for a total cost of $87.0 million. This capital action was in conjunction with the previously announced 50% increase in the quarterly common stock cash dividend from $0.10 to $0.15 per share.
• Strong Capital Levels - Capital levels for East West remain high. As of March 31, 2013, East West's Tier 1 risk-based capital and total risk-based ratios were 14.1% and 15.6%, respectively, over $800 million greater than the well capitalized requirements of 6% and 10%, respectively.
• Strong Loan Growth - Quarter to date, total loans (including both covered and non-covered loans) grew $285.1 million to a record $15.4 billion as of March 31, 2013. This growth was largely due to increases in non-covered single-family real estate loans, non-covered commercial real estate loans and non-covered commercial and industrial loans, which grew 7% or $147.6 million, 3% or $110.4 million, and 1% or $49.5 million, respectively. This growth in non-covered loans was partially offset by a decrease in loans covered under loss-share agreements of 6% or $183.3 million quarter to date.
• Strong Deposit Growth - Total deposits increased to record levels, increasing 3% or $626.3 million to a record $18.9 billion as of March 31, 2013, driven by strong growth in core deposits. During the first quarter, core deposits increased by 6% or $713.3 million to a record $12.9 billion. The strong growth in core deposits was fueled by a 7% or $302.6 million increase in noninterest-bearing demand deposit accounts quarter to date to a record $4.8 billion as of March 31, 2013.
• Reduction in Provision for Loan Loss and Net Charge-Offs - Net charge-offs on non-covered loans declined in the first quarter 2013 to $540 thousand, a 94% or $9.1 million decrease as compared to the fourth quarter of 2012. The total provision for loan losses was $4.3 million for the first quarter of 2013, a decrease of 67% or $8.8 million as compared to the fourth quarter of 2012.
• Reduction in Noninterest Expense - Noninterest expense, net of FDIC reimbursement items totaled $96.4 million for the first quarter of 2013, down 2% or $1.7 million from the fourth quarter of 2012.¹

Management Guidance

The Company is providing guidance for the second quarter and full year of 2013. Management is reaffirming the guidance provided earlier in the year, and estimates that fully diluted earnings per share for the full year of 2013 will range from $2.00 to $2.04, an increase of $0.11 to $0.15 or 6% to 8% from $1.89 from the full year 2012. This EPS guidance for the remainder of 2013 is based on a stablebalance sheet, total loan growth of approximately $200 million per quarter (including both covered and noncovered loans), an adjusted net interest margin ranging from 3.50% to 3.60%¹, provision for loan losses of approximately $2.5 million to $5.0 million per quarter, noninterest expense, adjusted for FDIC reimbursements, of approximately $95.0 million to $100.0 million per quarter, and an effective tax rate of 35%.

Management currently estimates that fully diluted earnings per share for the second quarter of 2013 will range from $0.50 to $0.51 per dilutive share, based on the assumptions stated above. Management has reduced the net interest margin guidance for 2013 from the previously released guidance due to the continued net interest margin compression resulting from the low interest rate environment. However, at this point, given our loan growth, reduced credit costs and ability to control funding and operating expenses, management believes that both net income and earnings per share growth for 2013 are achievable.

Balance Sheet Summary

At March 31, 2013, total assets increased $565.8 million or 3% to $23.1 billion compared to $22.5 billion at December 31, 2012. Average earning assets also increased during the first quarter, up 1% or $144.6 million to $20.7 billion compared to the prior quarter. The increase in average earning assets during the first quarter was primarily attributable to increases in average balances for non-covered loans.

Total loans receivable increased to $15.4 billion at March 31, 2013, compared to $15.1 billion at December 31 2012. This increase in loans receivable for quarter to date was due to growth in the non-covered loan portfolio, partially offset by a decrease in the covered loan portfolio.

Covered Loans

Covered loans, net totaled $2.8 billion as of March 31, 2013, a decrease of $183.3 million or 6% from December 31, 2012. The decrease in the covered loan portfolio was primarily due to payoffs and paydown activity, as well as charge-offs.

The covered loan portfolio is comprised of loans acquired from the FDIC-assisted acquisitions of United Commercial Bank (UCB) and Washington First International Bank (WFIB) which are covered under loss-share agreements with the FDIC. During the first quarter of 2013, we recorded a net decrease in the FDIC indemnification asset and receivable included in noninterest (loss)/income of ($31.9) million, largely due to the continuing payoffs and the continuing improved credit performance of the UCB portfolio as compared to our original estimate.

Deposits

At March 31, 2013, total deposits equaled a record $18.9 billion an increase of 3% or $626.3 million from $18.3 billion at December 31, 2012. In the first quarter of 2013, we continued to execute our strategy to grow low-cost, commercial deposits while reducing our reliance on time deposits. Core deposits increased to a record $12.9 billion at March 31, 2013, or an increase of $713.3 million or 6% from December 31, 2012. The strong increase in core deposits during the first quarter of 2013 was largely driven by an increase in noninterest-bearing demand deposits which increased by $302.6 million or 7% to a record $4.8 billion. Time deposits decreased by $87.0 million or 1% from December 31, 2012 to $6.0 billion at March 31, 2013.

First Quarter 2013 Operating Results

Net Interest Income

Net interest income, adjusted for the net impact of covered loan dispositions, totaled $184.6 million for the first quarter of 2013, as compared to $198.4 million for the fourth quarter of 2012 and $204.2 million for the first quarter of 2012. The core net interest margin, excluding the net impact to interest income of $24.7 million resulting from covered loan activity and amortization of the FDIC indemnification asset, totaled 3.62% for the first quarter of 2013. This compares to a core net interest margin of 3.84% and 4.21%, excluding the net impact to interest income of $46.5 million and $14.7 million resulting from covered loan activity and amortization of the FDIC indemnification asset, for the fourth quarter of 2012 and first quarter of 2012, respectively.¹

The decrease in the core net interest margin and net interest income in the first quarter of 2013 compared to the fourth quarter of 2012 is due to a decrease in accretable income from covered loans, the continued downward repricing of the investment securities and loan portfolios and the additional deposit growth, and resulting excess liquidity. East West and the rest of the banking industry continue to be challenged by the extended low interest rate environment, resulting in downward pressure on the net interest margin. East West actively looks for opportunities to minimize our cost of funds and maximize our asset yields, while also ensuring prudent interest rate risk management.

The cost of funds decreased 4 basis points from 0.64% in the fourth quarter of 2012 to 0.60% in the first quarter of 2013. The reduction in the cost of funds and interest expense is primarily due to management's ongoing actions to reduce higher cost funding and time deposits, and grow core deposits. The Company increased core deposit balances by 6%, quarter over quarter. These combined actions resulted in an overall reduction in the cost of deposits of 3 basis point to 0.37% for the first quarter of 2013 from 0.40% in the prior quarter.

Noninterest (Loss)/ Income & Expense

The Company reported total noninterest (loss)/income for the first quarter of 2013 of ($2.1) million, an improvement from a noninterest loss of ($18.5) million in the fourth quarter of 2012 and a decrease from noninterest income of $21.7 million in the first quarter of 2012. The improvement of the noninterest (loss) from the prior quarter and the decrease from noninterest income for the prior year is primarily attributable to changes in the net reduction of the FDIC indemnification asset and FDIC receivable.

Branch fees, letter of credit and foreign exchange income, ancillary loan fees and other operating income totaled $24.0 million in the first quarter of 2013, a decrease of $2.9 million from $26.9 million in the fourth quarter of 2012 and an increase of $2.4 million from $21.6 million in the first quarter of 2012. In addition, included in noninterest income for the first quarter of 2013 were net gains on sales of investment securities of $5.6 million. A summary of fees and other operating income for the first quarter of 2013, compared to the fourth quarter of 2012 and first quarter of 2012 is detailed below:

							Quarter Ended															% Change
			($ in thousands)				March 31, 2013					December 31, 2012					March 31, 2012					(Yr/Yr)
			Branch fees				$	7,654				$	7,702				$	7,662				0	%
			Letters of credit fees and foreign exchange income					7,398					7,932					6,071				22	%
			Ancillary loan fees					2,052					2,818					2,008				2	%
			Other operating income					6,901					8,408					5,818				19	%
			Total fees & other operating income				$	24,005				$	26,860				$	21,559				11	%

Noninterest expense totaled $96.4 million for the first quarter of 2013, a decrease of 8% or $8.9 million from the fourth quarter of 2012 and a decrease of 16% or $18.4 million from the first quarter of 2012.

Noninterest expense, excluding the impact of reimbursable (payable) amounts with the FDIC on covered assets and prepayment penalties for FHLB advances and other borrowings, totaled $96.4 million for the first quarter of 2013.¹ A summary of noninterest expense for the first quarter of 2012, compared to the fourth quarter of 2012 and first quarter of 2012 is detailed below:

			($ in thousands)				Quarter Ended
							March 31, 2013						December 31, 2012					March 31, 2012
			Total noninterest expense				$	96,355					$	105,206				$	114,763
			Amounts to be reimbursed by the FDIC on covered assets (80% of actual expense amount)*					(61	)					3,920					12,122
			Prepayment penalties for FHLB advances					-						3,161					1,321
			Noninterest expense excluding reimbursable amounts and prepayment penalties for FHLB advances				$	96,416					$	98,125				$	101,320

*			Pursuant to the shared-loss agreements, the FDIC reimburses the Company 80% of eligible losses with respect to covered assets. The FDIC also shares in 80% of the recoveries or gains with respect to covered assets. During the three months ended March 31, 2013, the Company had a net $61 thousand payable to the FDIC, mainly due to a net gain on sale of OREOs.

Total noninterest expense for the first quarter, excluding the impact of reimbursable (payable) amounts with the FDIC on covered assets and prepayment penalties for FHLB advances and other borrowings, decreased 2% or $1.7 million from the prior quarter to $96.4 million. The decrease in noninterest expense, quarter over quarter excluding the impact of reimbursable (payable) amounts with the FDIC on covered assets and prepayment penalties for FHLB advances and other borrowings, was due to a decrease in consulting expenses, amortization of investments in affordable housing partnerships, and credit cycle costs, offset by an increase in compensation and employee benefits. Credit cycle costs, which include other real estate owned expense, loan related expense, and legal expense decreased, totaling $7.0 million for the first quarter of 2013, as compared to $12.5 million for the fourth quarter of 2012.

The effective tax rate for the first quarter was 32.3% as compared to 33.5% in the prior quarter. The effective tax rate was reduced from the statutory tax rate primarily due to the utilization of tax credits related to affordable housing investments. Additionally, in the first quarter of 2013, the effective tax rate was reduced by the impact of $1.6 million due to the retroactive extension of certain exemptions as part of the American Taxpayer Relief Act of 2012 which was signed into law in 2013. Management expects that the tax rate for the remainder of 2013 will be approximately 35%.

Credit Quality

Non-covered Loans

For the first quarter of 2013, there was a reversal of provision for loan losses for non-covered loans of $762 thousand. This compares to a provision for loan losses of $13.8 million for the fourth quarter of 2012, and $16.5 million for the first quarter of 2012. Nonaccrual loans, excluding covered loans, totaled $127.2 million or 0.83% of total loans as of March 31, 2013, an increase of 18% or $19.1 million from the previous quarter and an increase of 5% or $6.4 million from the prior year. Correspondingly, nonperforming assets as of March 31, 2013, also increased from December 31, 2012, up 13% or $18.5 million to $159.5 million. The increase in nonaccrual loans from December 31, 2012 is largely due to one commercial and industrial loan which was matured and delinquent as of March 31, 2013. Management expects full payment of both principal and interest on this fully collateralized loan and expects it to be resolved in the second quarter of 2013.

Total net charge-offs on non-covered loans decreased to $540 thousand for the first quarter of 2013, down from $9.6 million in the fourth quarter of 2012. The allowance for non-covered loan losses was $228.8 million or 1.85% of non-covered loans receivable at March 31, 2013. This compares to an allowance for non-covered loan losses of $229.4 million or 1.92% of non-covered loans at December 31, 2012 and $214.3 million or 2.04% of non-covered loans at March 31, 2012. The total nonperforming assets, excluding covered assets, to total assets ratio has been under 1.0% for over three consecutive years with nonperforming assets of $159.5 million or 0.69% of total assets at March 31, 2013.

Covered Loans

During the first quarter of 2013, the Company recorded a provision for loan losses of $3.1 million, on covered loans outside of the scope of ASC 310-30 and $2.0 million on covered loans within the scope of ASC 310-30. As these loans are covered under loss-sharing agreements with the FDIC, for any charge-offs, the Company records income of 80% of the charge-off amount in noninterest income as a net increase in the FDIC receivable, resulting in a net impact to earnings of 20% of the charge-off amount.

Capital Strength
(Dollars in millions)
				March 31, 2013					Well Capitalized Regulatory Requirement					Total Excess Above Well Capitalized Requirement
Tier 1 leverage capital ratio				9.2	%				5.00	%				$	937
Tier 1 risk-based capital ratio				14.1	%				6.00	%					1,176
Total risk-based capital ratio				15.6	%				10.00	%					812
Tangible common equity to tangible assets ratio				8.2	%				N/A						N/A
Tangible common equity to risk weighted assets ratio				12.9	%				N/A						N/A

Our capital ratios remain very strong. As of March 31, 2013, our Tier 1 leverage capital ratio totaled 9.2%, our Tier 1 risk-based capital ratio totaled 14.1% and our total risk-based capital ratio totaled 15.6%.

The Company is focused on active capital management and is committed to maintaining strong capital levels that exceed regulatory requirements while also supporting balance sheet growth and providing a strong return to our shareholders. During the first quarter of 2013, the Company repurchased 3.5 million shares of common stock at an average price of $24.53 per share or $87.0 million in total cost. Under the stock repurchase program authorized by East West's Board of Directors earlier in the year, management has the authority to repurchase up to a total of $200.0 million of the Company's common stock.

Dividend Payout and Capital Actions

East West's Board of Directors has declared the second quarter dividends for the common stock and for the Series A Preferred Stock. The common stock cash dividend of $0.15 is payable on or about May 13, 2013 to shareholders of record on April 26, 2013. The dividend on the Series A Preferred Stock of $20.00 per share is payable on May 1, 2013 to shareholders of record on April 15, 2013. Today, East West has announced the mandatory conversion of all Series A Preferred Stock as of May 1, 2013, at the option of the Company. The Series A Preferred Stock will be converted into approximately 5.6 million shares of common stock.

Conference Call

East West will host a conference call to discuss first quarter 2013 earnings with the public on Thursday, April 18, 2013 at 8:30 a.m. PDT/11:30 a.m. EDT. The public and investment community are invited to listen as management discusses first quarter results and operating developments. The following dial-in information is provided for participation in the conference call: Calls within the US - (877) 317-6789; Calls within Canada - (866) 605-3852; International calls - (412) 317-6789. A listen-only live broadcast of the call also will be available on the investor relations page of the Company's website at www.eastwestbank.com.

About East West

East West Bancorp is a publicly owned company with $23.1 billion in assets and is traded on the Nasdaq Global Select Market under the symbol "EWBC." The Company's wholly owned subsidiary, East West Bank, is one of the largest independent banks headquartered in California. East West is a premier bank focused exclusively on the United States and Greater China markets and operates over 120 locations worldwide, including in the United States markets of California, New York, Georgia, Massachusetts, Texas and Washington. In Greater China, East West's presence includes a full service branch in Hong Kong and representative offices in Beijing, Shenzhen and Taipei. Through a wholly owned subsidiary bank, East West's presence in Greater China also includes full service branches in Shanghai and Shantou and a representative office in Guangzhou. For more information on East West Bancorp, visit the Company's website at www.eastwestbank.com.

Forward-Looking Statements

Certain matters set forth herein (including any exhibits hereto) constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to the Company's current business plans and expectations regarding future operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, local, regional, national and international economic, political or industry conditions and events and the impact they may have on us and our customers; our ability to attract deposits and other sources of liquidity; continued deterioration in values of real estate in California and other states where our bank makes loans, both residential and commercial; our ability to manage the loan portfolios acquired from FDIC-assisted acquisitions within the limits of the loss protection provided by the FDIC; changes in the financial performance and/or condition of our borrowers; changes in the level of nonperforming assets, reserve requirements, and charge-offs; the effect of changes in laws, regulations, and accounting standards, and related costs of these changes; inflation, interest rate, securities market and monetary fluctuations; changes in the competitive environment among financial and bank holding companies and other financial service providers; changes in our organization, management; the adequacy of our enterprise risk management framework; the ability to manage our growth and the effect of acquisitions we may make and the integration of acquired businesses and branching efforts; our success at managing the risks involved in the foregoing items and other factors set forth in the Company's public reports including its Annual Report on Form 10-K for the year ended December 31, 2012, and particularly the discussion of risk factors within that document.

¹ See reconciliation of the GAAP financial measure to the non-GAAP financial measure in the tables attached.

EAST WEST BANCORP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
(unaudited)
					March 31, 2013						December 31, 2012						March 31, 2012
Assets
	Cash and cash equivalents				$	1,736,865					$	1,323,106					$	1,665,854
	Short-term investments					379,029						366,378						177,576
	Securities purchased under resale agreements					1,400,000						1,450,000						650,000
	Investment securities					2,588,993						2,607,029						2,706,720
	Loans receivable, excluding covered loans (net of allowance for loan losses of $228,796, $229,382 and $214,253)					12,346,538						11,884,507						10,545,656
	Covered loans, net					2,752,269						2,935,595		Read | Permalink | Email this | Comments ]]>Business Wirevia The Motley FoolWed, 17 Apr 2013 17:05:00 ESThttp://www.dailyfinance.com/2013/04/17/new-source-energy-partners-reports-year-end-2012-r/http://www.dailyfinance.com/2013/04/17/new-source-energy-partners-reports-year-end-2012-r/http://www.dailyfinance.com/2013/04/17/new-source-energy-partners-reports-year-end-2012-r/#commentsFiled under: Investing New Source Energy Partners Reports Year-End 2012 Results, Reiterates 2013 Guidance OKLAHOMA CITY--(BUSINESS WIRE)-- New Source Energy Partners L.P., a Delaware limited partnership (NYS: NSLP) (the "Partnership" or "New Source"), today announced financial and operating results for the year ended December 31, 2012. New Source closed its initial public offering of common units on February 13, 2013, and the results expressed herein are those attributable to the properties contributed to New Source in connection with its initial public offering. 2012 Highlights Average net daily production during the year ended December 31, 2012 was 3,147 Boe/d. Average daily oil production was 167 Bbl/d during the year ended December 31, 2012, an increase of 25% from the year ended December 31, 2011 Estimated proved reserves were approximately 14.2 MMBoe as of December 31, 2012, an increase of 3% from the year ended December 31, 2011 Production costs decreased on an equivalent basis from $6.76 per Boe in 2011 to $5.40 per Boe in 2012 Net income was $3.1 million for the year ended December 31, 2012, compared to a loss of $1.1 million reported for the year ended December 31, 2011 Adjusted EBITDA (as defined below) was $29.8 million for the year ended December 31, 2012"We are pleased with the successful completion of our initial public offering in February and are encouraged by our rapid progress to grow the partnership since that time," said Kristian Kos, President and Chief Executive Officer of New Source Energy GP, LLC, the general partner of the Partnership. "We have a solid asset base in the Hunton reservoir and multiple growth opportunities in front of us. We look forward to continuing to grow and shape our partnership for the benefit of our unit holders." 2013 Guidance Highlights The second quarter 2013 guidance included below is subject to the cautionary statements and limitations described under the "Forward-Looking Statements" caption at the end of this press release. The Partnership's second quarter 2013 guidance for production levels is based on assumptions of capital expenditure levels and the assumption that market demand and prices for oil and natural gas will continue at levels that allow for economic production of these products. New Source is reiterating guidance of Second quarter production in a range of 3,900 Boe/d to 4,100 Boe/d Second quarter maintenance capital expenditures of $2.6 million Recommendation to increase second quarter distribution to $0.55 per unit, and third quarter distribution to $.575 per unit, or $2.30 per year on an annualized basis, for all outstanding units, following the completion of the acquisition announced on April 1, 2013 2012 Results Adjusted EBITDA was $29.8 million for the year ended December 31, 2012 as compared to $32.3 million for the year ended December 31, 2011. Net income was $3.1 million for the year ended December 31, 2012 compared to a loss of $1.1 million for the year ended December 31, 2011. Net income in 2012 was primarily due to derivative gains, partially offset by lower revenues and by higher administrative costs. For the year ended December 31, 2012, revenues from oil and natural gas operations were approximately $35.6 million, a decrease of 23% compared to the year ended December 31, 2011. The decrease in revenues during 2012 was largely the result of significantly lower average prices of natural gas and NGLs, which were 28% and 26% lower, respectively, than those for 2011. Crude oil production was 61,010 Bbls per day during the year ended December 31, 2012, an increase of 25% from the year ended December 31, 2011, primarily as a result of development and production from a portion of the Hunton reservoir containing a higher concentration of oil . Natural gas production amounted to 2.3 Bcf during the year ended December 31, 2012, a decrease of 4% from the year ended December 31, 2011. Natural gas liquids production was 711,195 Bbls for the year ended December 31, 2012, a decrease of 1% from the year ended December 31, 2011. Production costs decreased on an equivalent basis from $6.76 per Boe to $5.40 per Boe primarily as a result of fewer required workovers in 2012. Cash Distributions The Board of Directors has declared a prorated cash distribution for the first quarter of 2013 of $0.27417 per unit. This distribution is the first declared by the partnership and corresponds to the minimum quarterly distribution of $0.525 per unit, or $2.10 on an annualized basis, prorated from the February 13, 2013 closing of the Partnership's initial public offering through March 31, 2013. The distribution will be paid on May 15, 2013 to all unit holders of record on May 1, 2013. In addition, following completion of the acquisition announced on April 1, 2013, management intends to recommend to the Board of Directors of the general partner to increase the second quarter 2013 distribution to $0.55 per unit, or $2.20 per year on an annualized basis, for all outstanding units and the third quarter 2013 distribution to $0.575 per unit, or $2.30 per year on an annualized basis, for all outstanding units. Conference Call A conference call for investors will be held today at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) to discuss New Source's fourth quarter and year-end 2012 results. Hosting the call will be Kristian B. Kos, President and Chief Executive Officer and Richard D. Finley, Treasurer and Chief Financial Officer. The call can be accessed live over the telephone by dialing (877) 407-0789, or for international callers, (201) 689-8562. A replay will be available shortly after the call and can be accessed by dialing (877) 870-5176, or for international callers, (858) 384-5517. The passcode for the replay is 412222. The replay will be available until April 24, 2013. Interested parties may also listen to a simultaneous webcast of the conference call by logging onto New Source's website at www.newsource.com in the Investors-Presentations section. A replay of the webcast will also be available for approximately 30 days following the call. About New Source Energy Partners L.P. New Source Energy Partners L.P. is an independent energy company focusing on delivery through streamlined operations and vertically integrated infrastructure. The Partnership is actively engaged in the development and production of our onshore oil and liquids-rich portfolio that extends across conventional resource reservoirs in east-central Oklahoma. For more information on the Partnership please visit www.newsource.com. Forward-Looking Statements This news release contains "forward-looking statements" which are based on current plans and expectations and involve a number of risks and uncertainties that could cause actual results and events to vary materially from the results and other statements contained in this press release. For a full discussion of these risks and uncertainties, please refer to the "Risk Factors" section of the Partnership's Annual Report on Form 10-K for the year ended December 31, 2012 and the information included in the Partnership's quarterly and current reports and other public filings. These forward-looking statements are based on and include the Partnership's expectations as of the date hereof. Subsequent events and market developments could cause the Partnership's expectations to change. While the Partnership may elect to update these forward-looking statements at some point in the future, the Partnership specifically disclaims any obligation to do so, even if new information becomes available, except as may be required by applicable law. The SEC permits oil and gas companies, in their filings with the SEC, to disclose only "reserves" as defined by SEC rules. Estimates of reserves in this press release are based on various assumptions, including assumptions related to oil and natural gas prices, drilling and operating expenses, capital expenditures, taxes and availability of funds. Use of Non-GAAP Financial Measures New Source reports its financial results in accordance with generally accepted accounting principles in the United States, or GAAP. New Source also presents the non-GAAP financial measures of Adjusted EBITDA. New Source defines Adjusted EBITDA as earnings before interest expense, income taxes, depreciation, depletion and amortization, accretion expense, non-cash compensation expense and unrealized derivative gains and losses. New Source believes that the presentation of these non-GAAP financial measures will provide useful information to investors in assessing our results of operations. A reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP measure, is included in this release. Adjusted EBITDA should not be considered as an alternative to the most directly comparable GAAP financial measure, because it excludes some but not all items that affect the most directly comparable GAAP financial measure, net income. You should not consider Adjusted EBITDA or distributable cash flow in isolation or as a substitute for analysis of our results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in our industry, New Source's definition may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.     Properties Contributed to New Source Energy Partners, L.P. Results of Operations (in thousands)       Year Ended December 31, 2011     2012 Statement of Operations   Oil sales $ 4,489 $ 5,570 Natural gas sales 8,713 6,030 Natural gas liquids sales   33,058     23,996   Total revenues   46,260     35,596   Lease operating expenses 5,551 4,965 Workover expenses 2,324 1,252 Production taxes   2,155     1,144   Total production expenses 10,030 7,361 General and administrative 6,928 12,660 Depreciation, depletion, and amortization 14,738 14,409 Accretion expense   55     116   Total operating expenses   31,751     34,546   Operating income 14,509 1,050   Other income (expense): Interest expense (3,735 ) (3,202 ) Realized and unrealized gains (losses) from derivatives   (1,349 )   7,057   Income before income taxes 9,425 4,905 Income tax expense   (10,502 )   (1,796 ) Net income (loss) $ (1,077 ) $ 3,109       Properties Contributed to New Source Energy Partners L.P. Summary of Balance Sheet Data (in thousands)       Year Ended December 31, 2011     2012   Balance Sheet Data: Oil and natural gas sales receivables $ 6,544 $ 5,663 Other current assets 1,134 25 Total property and equipment, net 94,468 91,423 Other assets   2,674   2,823 Total assets $ 104,820   99,934   Current liabilities $ 4,076 $ 1,973 Long-term debt 68,500 68,000 Other long-term liabilities 13,824 13,986 Total parent net investment   18,420   15,975 Total liabilities and parent net investment $ 104,820 $ 99,934     Properties Contributed to New Source Energy Partners L.P. Summary of Cash Flow Data (in thousands)       Year Ended December 31, 2011     2012   Cash Flow Data: Net cash provided by operating activities $ 30,133 $ 27,799 Net cash used in investing activities $ (23,818 ) $ (12,162 ) Net cash used in financing activities $ (6,315 ) $ (15,637 )     Reconciliation of Non-GAAP Financial Measures       Year Ended December 31, 2011     2012 (in thousands) Adjusted EBITDA Reconciliation to Net Income (loss): Net income (loss) $ (1,077 ) $ 3,109 Unrealized (gain) loss on derivatives (150 ) (1,070 ) Non-cash compensation expense 4,470 8,204 Accretion expense 55 116 Interest expense 3,735 3,202 Depreciation, depletion and amortization 14,738 14,409 Income tax expense   10,502     1,796   Adjusted EBITDA $ 32,273   $ 29,766     Adjusted EBITDA Reconciliation to Net Cash Provided By Operating Activities: Net cash provided by operating activities $ 30,133 $ 27,799 Cash interest expense 2,250 2,553 Current income tax liability assumed by parent -   172 Changes in operating assets and liabilities   (110 )   (758 ) Adjusted EBITDA $ 32,273   $ 29,766       Properties Contributed to New Source Energy Partners, L.P. Total Proved Reserves                   Oil Natural Gas Liquids Total (Bbls)     (Mcf)     (Bbls)     (Boe) Balance, January 1, 2011 286,260 21,549,260 7,487,970 11,365,773 Revisions 88,170 (4,568,868 ) (562,175 ) (1,235,483 ) Extensions and discoveries 627,770 7,003,650 3,102,760 4,897,805 Production (48,770 ) (2,378,232 ) (720,615 ) (1,165,757 ) Balance, December 31, 2011 953,430   21,605,810   9,307,940   13,862,338     Proved developed reserves 276,240 11,125,330 5,323,650 7,454,112 Proved undeveloped reserves 677,190   10,480,480   3,984,290   6,408,227   Total proved reserves 953,430   21,605,810   9,307,940   13,862,339     Balance, January 1, 2012 953,430 21,605,810 9,307,940 13,862,339 Revisions (469,630 ) 1,295,502 57,825 (195,888 ) Extensions and discoveries 106,400 3,512,130 1,049,350 1,741,105 Production (61,010 ) (2,278,342 ) (711,195 ) (1,151,929 ) Balance, December 31, 2012 529,190   24,135,100   9,703,920   14,255,627     Proved developed reserves 249,140 11,980,390 6,182,620 8,428,492 Proved undeveloped reserves 280,050   12,154,710   3,521,300   5,827,135   Total proved reserves 529,190   24,135,100   9,703,920   14,255,627     New Source Energy Partners L.P. - Investor & Media Contact Nick Hodapp, Director of Investor Relations, 405-272-3028 nhodapp@newsource.com KEYWORDS:   United States  North America  Oklahoma INDUSTRY KEYWORDS: The article New Source Energy Partners Reports Year-End 2012 Results, Reiterates 2013 Guidance originally appeared on Fool.com. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy. Read | Permalink | Email this | Comments ]]>Seth Jayson, The Motley FoolMon, 15 Apr 2013 01:01:00 ESThttp://www.dailyfinance.com/2013/04/15/1-reason-crown-holdings-may-be-headed-for-a-slowd/http://www.dailyfinance.com/2013/04/15/1-reason-crown-holdings-may-be-headed-for-a-slowd/http://www.dailyfinance.com/2013/04/15/1-reason-crown-holdings-may-be-headed-for-a-slowd/#commentsFiled under: Investing Here at The Motley Fool, I've long cautioned investors to keep a close eye on inventory levels. It's a part of my standard diligence when searching for the market's best stocks. I think a quarterly checkup can help you spot potential problems. For many companies, products that sit on the shelves too long can become big trouble. Stale inventory may be sold for lower prices, hurting profitability. In extreme cases, it may be written off completely and sent to the shredder. Basic guidelines In this series, I examine inventory using a simple rule of thumb: Inventory increases ought to roughly parallel revenue increases. If inventory bloats more quickly than sales grow, this might be a sign that expected sales haven't materialized. Is the current inventory situation at Crown Holdings (NYS: CCK) out of line? To figure that out, start by comparing the company's inventory growth to sales growth. How is Crown Holdings doing by this quick checkup? At first glance, OK, it seems. Trailing-12-month revenue decreased 2.0%, and inventory increased 1.6%. Comparing the latest quarter to the prior-year quarter, the story looks decent. Revenue dropped 1.0%, and inventory grew 1.6%. Over the sequential quarterly period, the trend looks worrisome. Revenue dropped 11.5%, and inventory dropped 3.4%. Advanced inventory I don't stop my checkup there, because the type of inventory can matter even more than the overall quantity. There's even one type of inventory bulge we sometimes like to see. You can check for it by examining the quarterly filings to evaluate the different kinds of inventory: raw materials, work-in-progress inventory, and finished goods. (Some companies report the first two types as a single category.) A company ramping up for increased demand may increase raw materials and work-in-progress inventory at a faster rate when it expects robust future growth. As such, we might consider oversized growth in those categories to offer a clue to a brighter future, and a clue that most other investors will miss. We call it "positive inventory divergence." On the other hand, if we see a big increase in finished goods, that often means product isn't moving as well as expected, and it's time to hunker down with the filings and conference calls to find out why. What's going on with the inventory at Crown Holdings? I chart the details below for both quarterly and 12-month periods. Source: S&P Capital IQ. Data is current as of latest fully reported quarter. Dollar amounts in millions. FY = fiscal year. TTM = trailing 12 months. Source: S&P Capital IQ. Data is current as of latest fully reported quarter. Dollar amounts in millions. FQ = fiscal quarter. Let's dig into the inventory specifics. On a trailing-12-month basis, finished goods inventory was the fastest-growing segment, up 6.3%. That can be a warning sign, so investors should check in with Crown Holdings's filings to make sure there's a good reason for packing the storeroom for this period. On a sequential-quarter basis, raw materials inventory was the fastest-growing segment, up 6.2%. Foolish bottom line When you're doing your research, remember that aggregate numbers such as inventory balances often mask situations that are more complex than they appear. Even the detailed numbers don't give us the final word. When in doubt, listen to the conference call, or contact investor relations. What at first looks like a problem may actually signal a stock that will provide great returns. And what might look hunky-dory at first glance could actually be warning you to cut your losses before the rest of the Street wises up. Looking for alternatives to Crown Holdings? It takes more than great companies to build a fortune for the future. Learn the basic financial habits of millionaires next door and get focused stock ideas in our free report, "3 Stocks That Will Help You Retire Rich." Click here for instant access to this free report. Add Crown Holdings  to My Watchlist. The article 1 Reason Crown Holdings May Be Headed for a Slowdown originally appeared on Fool.com. Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor of Motley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy. Read | Permalink | Email this | Comments ]]>Seth Jayson, The Motley FoolMon, 15 Apr 2013 01:01:00 ESThttp://www.dailyfinance.com/2013/04/15/a-hidden-reason-jakks-pacifics-future-looks-bright/http://www.dailyfinance.com/2013/04/15/a-hidden-reason-jakks-pacifics-future-looks-bright/http://www.dailyfinance.com/2013/04/15/a-hidden-reason-jakks-pacifics-future-looks-bright/#commentsFiled under: Investing Here at The Motley Fool, I've long cautioned investors to keep a close eye on inventory levels. It's a part of my standard diligence when searching for the market's best stocks. I think a quarterly checkup can help you spot potential problems. For many companies, products that sit on the shelves too long can become big trouble. Stale inventory may be sold for lower prices, hurting profitability. In extreme cases, it may be written off completely and sent to the shredder. Basic guidelines In this series, I examine inventory using a simple rule of thumb: Inventory increases ought to roughly parallel revenue increases. If inventory bloats more quickly than sales grow, this might be a sign that expected sales haven't materialized. Is the current inventory situation at JAKKS Pacific (NAS: JAKK) out of line? To figure that out, start by comparing the company's inventory growth to sales growth. How is JAKKS Pacific doing by this quick checkup? At first glance, not so great. Trailing-12-month revenue decreased 1.6%, and inventory increased 26.9%. Comparing the latest quarter to the prior-year quarter, the story looks potentially problematic. Revenue contracted 5.4%, and inventory increased 26.9%. Over the sequential quarterly period, the trend looks worrisome. Revenue dropped 57.5%, and inventory dropped 18.5%. Advanced inventory I don't stop my checkup there, because the type of inventory can matter even more than the overall quantity. There's even one type of inventory bulge we sometimes like to see. You can check for it by examining the quarterly filings to evaluate the different kinds of inventory: raw materials, work-in-progress inventory, and finished goods. (Some companies report the first two types as a single category.) A company ramping up for increased demand may increase raw materials and work-in-progress inventory at a faster rate when it expects robust future growth. As such, we might consider oversized growth in those categories to offer a clue to a brighter future, and a clue that most other investors will miss. We call it "positive inventory divergence." On the other hand, if we see a big increase in finished goods, that often means product isn't moving as well as expected, and it's time to hunker down with the filings and conference calls to find out why. What's going on with the inventory at JAKKS Pacific? I chart the details below for both quarterly and 12-month periods. (JAKKS Pacific reports raw materials and work-in-progress inventory combined.) Source: S&P Capital IQ. Data is current as of latest fully reported quarter. Dollar amounts in millions. FY = fiscal year. TTM = trailing 12 months. Source: S&P Capital IQ. Data is current as of latest fully reported quarter. Dollar amounts in millions. FQ = fiscal quarter. Let's dig into the inventory specifics. On a trailing-12-month basis, raw materials inventory was the fastest-growing segment, up 35.7%. On a sequential-quarter basis, raw materials inventory was also the fastest-growing segment, up 1.3%. Although JAKKS Pacific shows inventory growth that outpaces revenue growth, the company may also display positive inventory divergence, suggesting that management sees increased demand on the horizon. Foolish bottom line When you're doing your research, remember that aggregate numbers such as inventory balances often mask situations that are more complex than they appear. Even the detailed numbers don't give us the final word. When in doubt, listen to the conference call, or contact investor relations. What at first looks like a problem may actually signal a stock that will provide great returns. And what might look hunky-dory at first glance could actually be warning you to cut your losses before the rest of the Street wises up. Looking for alternatives to JAKKS Pacific? It takes more than great companies to build a fortune for the future. Learn the basic financial habits of millionaires next door and get focused stock ideas in our free report, "3 Stocks That Will Help You Retire Rich." Click here for instant access to this free report. Add JAKKS Pacific  to My Watchlist. The article A Hidden Reason JAKKS Pacific's Future Looks Bright originally appeared on Fool.com. Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor of Motley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy. Read | Permalink | Email this | Comments ]]>Seth Jayson, The Motley FoolMon, 15 Apr 2013 01:01:00 ESThttp://www.dailyfinance.com/2013/04/15/the-secret-reason-mistras-groups-earnings-are-awe/http://www.dailyfinance.com/2013/04/15/the-secret-reason-mistras-groups-earnings-are-awe/http://www.dailyfinance.com/2013/04/15/the-secret-reason-mistras-groups-earnings-are-awe/#commentsFiled under: Investing It takes money to make money. Most investors know that, but with business media so focused on the "how much," very few investors bother to ask, "How fast?" When judging a company's prospects, how quickly it turns cash outflows into cash inflows can be just as important as how much profit it's booking in the accounting fantasy world we call "earnings." This is one of the first metrics I check when I'm hunting for the market's best stocks. Today, we'll see how it applies to Mistras Group (NYS: MG) . Let's break this down In this series, we measure how swiftly a company turns cash into goods or services and back into cash. We'll use a quick, relatively foolproof tool known as the cash conversion cycle, or CCC for short. Why does the CCC matter? The less time it takes a firm to convert outgoing cash into incoming cash, the more powerful and flexible its profit engine is. The less money tied up in inventory and accounts receivable, the more available to grow the company, pay investors, or both. To calculate the cash conversion cycle, add days inventory outstanding to days sales outstanding, then subtract days payable outstanding. Like golf, the lower your score here, the better. The CCC figure for Mistras Group for the trailing 12 months is 77.9. For younger, fast-growth companies, the CCC can give you valuable insight into the sustainability of that growth. A company that's taking longer to make cash may need to tap financing to keep its momentum. For older, mature companies, the CCC can tell you how well the company is managed. Firms that begin to lose control of the CCC may be losing their clout with their suppliers (who might be demanding stricter payment terms) and customers (who might be demanding more generous terms). This can sometimes be an important signal of future distress -- one most investors are likely to miss. In this series, I'm most interested in comparing a company's CCC to its prior performance. Here's where I believe all investors need to become trend-watchers. Sure, there may be legitimate reasons for an increase in the CCC, but all things being equal, I want to see this number stay steady or move downward over time. Source: S&P Capital IQ. Dollar amounts in millions. FY = fiscal year. TTM = trailing 12 months. Because of the seasonality in some businesses, the CCC for the TTM period may not be strictly comparable to the fiscal-year periods shown in the chart. Even the steadiest-looking businesses on an annual basis will experience some quarterly fluctuations in the CCC. To get an understanding of the usual ebb and flow at Mistras Group, consult the quarterly-period chart below. Source: S&P Capital IQ. Dollar amounts in millions. FQ = fiscal quarter. On a 12-month basis, the trend at Mistras Group looks good. At 77.9 days, it is 1.7 days better than the five-year average of 79.5 days. The biggest contributor to that improvement was DIO, which improved 8.5 days compared to the five-year average. That was partially offset by a 4.3-day increase in DSO. Considering the numbers on a quarterly basis, the CCC trend at Mistras Group looks good. At 75.4 days, it is little changed from the average of the past eight quarters. With both 12-month and quarterly CCC running better than average, Mistras Group gets high marks in this cash-conversion checkup. Though the CCC can take a little work to calculate, it's definitely worth watching every quarter. You'll be better informed about potential problems, and you'll improve your odds of finding underappreciated home run stocks. Looking for alternatives to Mistras Group? It takes more than great companies to build a fortune for the future. Learn the basic financial habits of millionaires next door and get focused stock ideas in our free report, "3 Stocks That Will Help You Retire Rich." Click here for instant access to this free report. Add Mistras Group to My Watchlist. The article The Secret Reason Mistras Group's Earnings are Awesome originally appeared on Fool.com. Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor of Motley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy. Read | Permalink | Email this | Comments ]]>Seth Jayson, The Motley FoolMon, 15 Apr 2013 01:00:00 ESThttp://www.dailyfinance.com/2013/04/15/is-furmanites-cash-machine-slowing-down/http://www.dailyfinance.com/2013/04/15/is-furmanites-cash-machine-slowing-down/http://www.dailyfinance.com/2013/04/15/is-furmanites-cash-machine-slowing-down/#commentsFiled under: Investing It takes money to make money. Most investors know that, but with business media so focused on the "how much," very few investors bother to ask, "How fast?" When judging a company's prospects, how quickly it turns cash outflows into cash inflows can be just as important as how much profit it's booking in the accounting fantasy world we call "earnings." This is one of the first metrics I check when I'm hunting for the market's best stocks. Today, we'll see how it applies to Furmanite (NYS: FRM) . Let's break this down In this series, we measure how swiftly a company turns cash into goods or services and back into cash. We'll use a quick, relatively foolproof tool known as the cash conversion cycle, or CCC for short. Why does the CCC matter? The less time it takes a firm to convert outgoing cash into incoming cash, the more powerful and flexible its profit engine is. The less money tied up in inventory and accounts receivable, the more available to grow the company, pay investors, or both. To calculate the cash conversion cycle, add days inventory outstanding to days sales outstanding, then subtract days payable outstanding. Like golf, the lower your score here, the better. The CCC figure for Furmanite for the trailing 12 months is 99.2. For younger, fast-growth companies, the CCC can give you valuable insight into the sustainability of that growth. A company that's taking longer to make cash may need to tap financing to keep its momentum. For older, mature companies, the CCC can tell you how well the company is managed. Firms that begin to lose control of the CCC may be losing their clout with their suppliers (who might be demanding stricter payment terms) and customers (who might be demanding more generous terms). This can sometimes be an important signal of future distress -- one most investors are likely to miss. In this series, I'm most interested in comparing a company's CCC to its prior performance. Here's where I believe all investors need to become trend-watchers. Sure, there may be legitimate reasons for an increase in the CCC, but all things being equal, I want to see this number stay steady or move downward over time. Source: S&P Capital IQ. Dollar amounts in millions. FY = fiscal year. TTM = trailing 12 months. Because of the seasonality in some businesses, the CCC for the TTM period may not be strictly comparable to the fiscal-year periods shown in the chart. Even the steadiest-looking businesses on an annual basis will experience some quarterly fluctuations in the CCC. To get an understanding of the usual ebb and flow at Furmanite, consult the quarterly-period chart below. Source: S&P Capital IQ. Dollar amounts in millions. FQ = fiscal quarter. On a 12-month basis, the trend at Furmanite looks less than great. At 99.2 days, it is 8.9 days worse than the five-year average of 90.3 days. The biggest contributor to that degradation was DSO, which worsened 7.6 days when compared to the five-year average. Considering the numbers on a quarterly basis, the CCC trend at Furmanite looks good. At 88.7 days, it is 10.9 days better than the average of the past eight quarters. With quarterly CCC doing better than average and the latest 12-month CCC coming in worse, Furmanite gets a mixed review in this cash-conversion checkup. Though the CCC can take a little work to calculate, it's definitely worth watching every quarter. You'll be better informed about potential problems, and you'll improve your odds of finding underappreciated home run stocks. If you're interested in companies like Furmanite, you might want to check out the jaw-dropping technology that's about to put 100 million Chinese factory workers out on the street - and the 3 companies that control it. We'll tell you all about them in "The Future is Made in America." Click here for instant access to this free report. Add Furmanite to My Watchlist. The article Is Furmanite's Cash Machine Slowing Down? originally appeared on Fool.com. Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor of Motley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy. Read | Permalink | Email this | Comments ]]>Seth Jayson, The Motley FoolMon, 15 Apr 2013 01:00:00 ESThttp://www.dailyfinance.com/2013/04/15/why-schnitzer-steel-industriess-earnings-may-be-l/http://www.dailyfinance.com/2013/04/15/why-schnitzer-steel-industriess-earnings-may-be-l/http://www.dailyfinance.com/2013/04/15/why-schnitzer-steel-industriess-earnings-may-be-l/#commentsFiled under: Investing It takes money to make money. Most investors know that, but with business media so focused on the "how much," very few investors bother to ask, "How fast?" When judging a company's prospects, how quickly it turns cash outflows into cash inflows can be just as important as how much profit it's booking in the accounting fantasy world we call "earnings." This is one of the first metrics I check when I'm hunting for the market's best stocks. Today, we'll see how it applies to Schnitzer Steel Industries (NAS: SCHN) . Let's break this down In this series, we measure how swiftly a company turns cash into goods or services and back into cash. We'll use a quick, relatively foolproof tool known as the cash conversion cycle, or CCC for short. Why does the CCC matter? The less time it takes a firm to convert outgoing cash into incoming cash, the more powerful and flexible its profit engine is. The less money tied up in inventory and accounts receivable, the more available to grow the company, pay investors, or both. To calculate the cash conversion cycle, add days inventory outstanding to days sales outstanding, then subtract days payable outstanding. Like golf, the lower your score here, the better. The CCC figure for Schnitzer Steel Industries for the trailing 12 months is 54.2. For younger, fast-growth companies, the CCC can give you valuable insight into the sustainability of that growth. A company that's taking longer to make cash may need to tap financing to keep its momentum. For older, mature companies, the CCC can tell you how well the company is managed. Firms that begin to lose control of the CCC may be losing their clout with their suppliers (who might be demanding stricter payment terms) and customers (who might be demanding more generous terms). This can sometimes be an important signal of future distress -- one most investors are likely to miss. In this series, I'm most interested in comparing a company's CCC to its prior performance. Here's where I believe all investors need to become trend-watchers. Sure, there may be legitimate reasons for an increase in the CCC, but all things being equal, I want to see this number stay steady or move downward over time. Source: S&P Capital IQ. Dollar amounts in millions. FY = fiscal year. TTM = trailing 12 months. Because of the seasonality in some businesses, the CCC for the TTM period may not be strictly comparable to the fiscal-year periods shown in the chart. Even the steadiest-looking businesses on an annual basis will experience some quarterly fluctuations in the CCC. To get an understanding of the usual ebb and flow at Schnitzer Steel Industries, consult the quarterly-period chart below. Source: S&P Capital IQ. Dollar amounts in millions. FQ = fiscal quarter. On a 12-month basis, the trend at Schnitzer Steel Industries looks OK. At 54.2 days, it is barely changed from the five-year average of 53.9 days. The biggest contributor to that degradation was DPO, which worsened 3.7 days when compared to the five-year average. Considering the numbers on a quarterly basis, the CCC trend at Schnitzer Steel Industries looks OK. At 52.3 days, it is 3.1 days worse than the average of the past eight quarters. Investors will want to keep an eye on this for the future to make sure it doesn't stray too far in the wrong direction. With both 12-month and quarterly CCC running worse than average, Schnitzer Steel Industries gets low marks in this cash-conversion checkup. Though the CCC can take a little work to calculate, it's definitely worth watching every quarter. You'll be better informed about potential problems, and you'll improve your odds of finding underappreciated home run stocks. Can your retirement portfolio provide you with enough income to last? You'll need more than Schnitzer Steel Industries. Learn about crafting a smarter retirement plan in "The Shocking Can't-Miss Truth About Your Retirement." Click here for instant access to this free report. Add Schnitzer Steel Industries to My Watchlist. The article Why Schnitzer Steel Industries's Earnings May Be Less Than Awesome originally appeared on Fool.com. Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor of Motley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy. Read | Permalink | Email this | Comments ]]>Seth Jayson, The Motley FoolMon, 15 Apr 2013 01:00:00 EST