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Men's Wearhouse Reports Fiscal 2013 Results

- Fiscal 2013 GAAP diluted earnings per share were $1.70 and adjusted diluted earnings per share were $2.21

FREMONT, Calif., March 11, 2014 /PRNewswire/ -- The Men's Wearhouse (NYSE: MW) today announced consolidated financial results for the fiscal year ended February 1, 2014. 

Fiscal year 2013 had 52 weeks compared with 53 weeks in fiscal year 2012.  Consequently, results for the fourth quarter and fiscal year 2013 were negatively impacted by the additional week in 2012.  Comparable sales for the fourth quarter and fiscal year 2013 do not include an additional week in fiscal year 2012.

Total net sales for fiscal year 2013 decreased 0.6% to $2.5 billion, and total Men's Wearhouse brand revenues were up 1.6% over fiscal 2012 and up 3% on a 52 week fiscal comparison.  GAAP diluted EPS for fiscal year 2013 was $1.70 and adjusted EPS was $2.21 excluding one-time costs(1)

Total net sales for the fiscal 2013 13-week fourth quarter decreased 7.9% to $560.6 million from $608.4 million in last year's 14-week fourth quarter.  GAAP loss per share was $0.64 for the fourth quarter of 2013.  Adjusted loss per share was $0.38 excluding one-time costs(2)

Doug Ewert, Men's Wearhouse president and chief executive officer, commented, "We were not immune to the effects of weak consumer spending sentiments and severe weather disruption that impacted most retailers in December and January.  Tuxedo and corporate apparel sales were in-line with internal expectations, while clothing sales in all three retail chains were lower than expected.  Weather-related store closures and an aggressive promotional retail environment resulted in a traffic decline. We estimate that approximately one-quarter of the 2.5% comparable sales decrease in the fourth quarter at Men's Wearhouse was due to these closures."

Ewert added, "We executed an aggressive advertising and promotional plan, and made adjustments as the challenging retail environment unfolded during the quarter.  We proactively increased our promotional activity, including incremental advertising spending, and reduced our expenses accordingly. Subsequently, we have seen business improve significantly in February, as both Men's Wearhouse and Moores finished the month with approximately 3% and 9% comparable sales increases respectively, overcoming additional weather-related store closures.  Looking forward, we are excited about the rollout of our 'Made-in-America' Joseph Abboud® product into the Men's Wearhouse stores.  This product should be in all stores by the summer of 2014 and will be supported by brand advertising, which commenced in select markets on March 10th.

"We look forward to completing the combination of Men's Wearhouse and Jos. A. Bank, which we also announced today, and to achieving the benefits of the combination for our shareholders," concluded Ewert.

(1)

Adjusted net earnings exclude $41.1 million ($27.3 million after tax or $0.56 per diluted share) in costs related to the JA Holding, Inc. acquisition and integration, costs related to various strategic projects, separation costs associated with former executives, non-cash impairment of K&G goodwill, K&G ecommerce closure costs and a New York store related closure costs. Also excluded is a $2.2 million ($1.5 million after tax or $0.03 per diluted share) gain from the sale of an office building in Fremont, CA. Adjusted diluted earnings per share may not sum due to rounded numbers.



(2)

Adjusted net earnings exclude $19.0 million ($12.6 million after tax or $0.27 per diluted share) in costs related to the JA Holding, Inc. acquisition and integration, costs related to various strategic projects, separation costs associated with former executives, K&G ecommerce closure costs and certain asset impairment charges. Adjusted diluted earnings per share may not sum due to rounded numbers.

FOURTH QUARTER CONSOLIDATED RESULTS REVIEW
Please refer to the Consolidated Statements of Earnings table below that compare the results of the 2013 13-week fiscal quarter to the 2012 14-week fiscal quarter.  The following provides the comparable 13-week results for both fiscal fourth quarters.

Total net sales for the fiscal 2013 13-week fourth quarter decreased 2.6% or $14.8 million to $560.6 million from an adjusted $575.3 million.  Retail segment sales for the quarter decreased by 3.3% or $17.1 million and corporate apparel sales increased by 3.9% or $2.4 million as compared to the adjusted prior year quarter.

The consolidated total gross margin was down $17.6 million or 7.8% to the adjusted prior year quarter.  The total gross margin rate decreased 210 basis points primarily due to higher markdowns, deleveraging of occupancy costs and an expected decrease in tuxedo margin due to lower rental revenue and higher per unit rental costs.  The retail segment total gross margin was down 8.8% and the corporate apparel gross margin increased 4.3%.

Adjusted SG&A expenses of $239.6 million increased by $3.8 million from the adjusted prior year or 1.6% primarily due to an increase in advertising expense.  Adjusted SG&A expenses exclude $19.0 million in costs related to the JA Holding, Inc. acquisition and integration, costs related to various strategic projects, separation costs associated with former executives, K&G ecommerce closure costs and certain asset impairment charges. 

Adjusted net loss for the fiscal 2013 fourth quarter was $17.9 million, or $0.38 adjusted diluted loss per share compared to net loss of $4.9 million, or $0.10 diluted loss per share last year excluding the impact of the 53rd week.

FOURTH QUARTER AND FISCAL YEAR SALES REVIEW
The table that follows is a summary of net sales for fiscal 2013 fourth quarter and full year.  The dollars shown are U.S. dollars in millions and due to rounded numbers may not sum.  The Moores comparable sales change is based on the Canadian dollar.  Comparable sales exclude the net sales of a store for any month of one period if the store was not open throughout the same month of the prior period and include e-commerce net sales, beginning in fiscal 2013. 

Because fiscal 2012 was a 53-week year, comparable sales for the current year are shown on a trailing 52-week basis, comparing the most relevant time periods, as well as on a fiscal period basis.  The current quarter fiscal period basis is lower than the trailing basis comparison primarily due to the calendar shift of the 53rd week.  

Fourth Quarter Net Sales Summary – Fiscal 2013



Net Sales

Comparable Sales Change


Net Sales Change

Current Quarter

Current Quarter

Trailing

Current Quarter Fiscal

Prior Year Quarter Fiscal

Total Retail Segment

(8.5%)

($46.2)

$497.3




       Men's Wearhouse

(6.1%)

($22.6)

$350.2

(2.5%)

(3.0%)

1.0%

       Moores

(13.6%)

($9.2)

$58.6

(2.3%)

(3.4%)

(5.5%)

       K&G

(15.0%)

($14.3)

$81.2

(7.7%)

(8.6%)

(5.7%)

       MW Cleaners

(0.5%)

($0.0)

$7.3











Corporate Apparel Segment

(2.7%)

($1.7)

$63.3











Total Company

(7.9%)

($47.9)

$560.6











Net Sales Summary – Fiscal 2013



Net Sales

Comparable Sales Change


Net Sales Change

Current YTD

Current YTD

Trailing

Current YTD Fiscal

Prior Year YTD Fiscal

Total Retail Segment

(1.0%)

($22.4)

$2,226.4




       Men's Wearhouse

1.6%

$25.1

$1,606.2

0.7%

0.8%

4.8%

       Moores

(7.2%)

($19.6)

$254.4

(4.1%)

(3.9%)

1.5%

       K&G

(8.1%)

($29.7)

$336.2

(5.5%)

(5.9%)

(4.3%)

       MW Cleaners

6.5%

$1.8

$29.6











Corporate Apparel Segment

3.1%

$7.4

$246.8











Total Company

(0.6%)

($15.0)

$2,473.2











Net sales at core flagship brand Men's Wearhouse stores, which represented 62% of total fourth quarter sales were down 6.1% from last year's fourth quarter sales while comparable sales decreased 2.5%.  On a comparable basis decreases in clothing product average unit retails and average transactions per store more than offset a slight increase in units sold per transaction. The higher margin tuxedo rental revenues comparable store sales increased 1.9% in the fourth quarter of 2013. 

Moores, the Canadian retail brand, was 10% of the total fourth quarter sales and had a comparable sales decrease of 2.3% due mainly to a decrease in clothing product average unit retails which more than offset increases in average transactions per store and units sold per transaction.  K&G was 14% of the Company's total fourth quarter sales with a comparable sales decrease of 7.7% with lower average unit retails and average transactions per store that more than offset increased units sold per transaction.  The Corporate Apparel segment, which represented 11% of total fourth quarter sales, had a sales decrease of 2.7%. 

STORE INFORMATION


February 1, 2014

 February 2, 2013



Number of Stores

Sq. Ft.

(000's)

Number of Stores

Sq. Ft.

(000's)






Men's Wearhouse

661

3,774.3

638

3,650.0






Men's Wearhouse and Tux

248

344.0

288

395.1






Moores, Clothing for Men

121

769.3

120

763.5






K&G (a)

94

2,228.8

97

2,299.3






Total

1,124

7,116.4

1,143

7,107.9







(a) 

85 and 92 stores, respectively, offering women's apparel.

Founded in 1973, Men's Wearhouse is one of North America's largest specialty retailers of men's apparel with 1,124 stores.  The Men's Wearhouse, Moores and K&G stores carry a full selection of suits, sport coats, furnishings and accessories in exclusive and non-exclusive merchandise brands and Men's Wearhouse and Tux stores carry a limited selection.  Most K&G stores carry a full selection of women's apparel.  Tuxedo rentals are available in the Men's Wearhouse, Moores and Men's Wearhouse and Tux stores.  Additionally, Men's Wearhouse operates a global corporate apparel and workwear group consisting of Twin Hill in the United States and Dimensions, Alexandra and Yaffy in the United Kingdom.  Investors can find additional information at http://ir.menswearhouse.com/.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements are not guarantees of future performance and a variety of factors could cause actual results to differ materially from the anticipated or expected results expressed in or suggested by these forward-looking statements.  These forward-looking statements may be significantly impacted by various factors, including, but not limited to: actions by governmental entities, domestic and international economic activity and inflation, success, or lack thereof, in executing our internal operating plans and new store and new market expansion plans, including successful integration of acquisitions, performance issues with key suppliers, disruption in buying trends due to homeland security concerns, severe weather, foreign currency fluctuations, government export and import policies, aggressive advertising or marketing activities of competitors; and legal proceedings. Future results will also be dependent upon our ability to continue to identify and complete successful expansions and penetrations into existing and new markets and our ability to integrate such expansions with our existing operations. 

These forward-looking statements are based upon management's current beliefs or expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies and third-party approvals, many of which are beyond our control.  The following factors, among others, could cause actual results to differ materially from those expressed or implied in the forward-looking statements:  (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Agreement and Plan of Merger by and among Men's Wearhouse, Inc.,  Java Corp. and Jos. A. Bank Clothiers, Inc., (2) the failure to consummate the acquisition of Jos. A. Bank for reasons including that the conditions to Men's Wearhouse's offer to purchase all outstanding shares of Jos. A. Bank's common stock, including the condition that a minimum number of shares be tendered and not withdrawn, are not satisfied or waived by Men's Wearhouse, (3) the possibility that the expected benefits from the proposed transaction will not be realized within the anticipated time period, (4) the risk that regulatory or other approvals required for the transaction are not obtained, (5) the risks related to the costs and difficulties related to the integration of Jos. A. Bank's business and operations with Men's Wearhouse's business and operations, (6) the inability to obtain, or delays in obtaining, cost savings and synergies from the transaction, (7) unexpected costs, charges or expenses resulting from the transaction, (8) litigation relating to the transaction, (9) the inability to retain key personnel and (10) the possible disruption that may be caused by the transaction to the business and operations of Men's Wearhouse and its relationships with customers, employees and other third parties.

The forward-looking statements in this press release speak only as of the date hereof. Men's Wearhouse undertakes no obligation to revise or update publicly any forward-looking statement, except as required by law.  Other factors that may impact the forward-looking statements are described in Men's Wearhouse's annual report on Form 10-K for the fiscal year ended February 2, 2013 and Forms 10-Q.  For additional information on Men's Wearhouse, please visit the Company's websites at www.menswearhouse.com, www.mooresclothing.com, www.kgstores.com, www.twinhill.com, www.dimensions.co.uk and www.alexandra.co.uk.



Contact:

Jon Kimmins, CFO

(510) 723-8639

Ken Dennard

Dennard - Lascar Associates

(832) 594-4004

[email protected]


THE MEN'S WEARHOUSE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)


FOR THE THREE MONTHS ENDED

February 1, 2014 and February 2, 2013

(In thousands, except per share data)











Three Months Ended


Variance



% of


% of




Basis


2013

Sales

2012

Sales


Dollar

%

Points










Net sales:









          Retail clothing product

$  419,130

74.77%

$  456,063

74.96%


$ (36,933)

(8.10%)

(0.19)

          Tuxedo rental services

43,504

7.76%

49,193

8.09%


(5,689)

(11.56%)

(0.32)

          Alteration and other services   

34,642

6.18%

38,172

6.27%


(3,530)

(9.25%)

(0.09)

               Total retail sales

497,276

88.71%

543,428

89.32%


(46,152)

(8.49%)

(0.60)

               Corporate apparel clothing product sales

63,276

11.29%

65,000

10.68%


(1,724)

(2.65%)

0.60

                    Total net sales

560,552

100.00%

608,428

100.00%


(47,876)

(7.87%)

0.00










                   Total cost of sales

351,758

62.75%

365,283

60.04%


(13,525)

(3.70%)

2.71










Gross margin (a):









        Retail clothing product

221,676

52.89%

249,160

54.63%


(27,484)

(11.03%)

(1.74)

        Tuxedo rental services

35,585

81.80%

41,371

84.10%


(5,786)

(13.99%)

(2.30)

        Alteration and other services

6,669

19.25%

8,032

21.04%


(1,363)

(16.97%)

(1.79)

        Occupancy costs

(73,375)

(14.76%)

(74,119)

(13.64%)


744

1.00%

(1.12)

               Total retail gross margin

190,555

38.32%

224,444

41.30%


(33,889)

(15.10%)

(2.98)

               Corporate apparel clothing product margin

18,239

28.82%

18,701

28.77%


(462)

(2.47%)

0.05

                   Total gross margin

208,794

37.25%

243,145

39.96%


(34,351)

(14.13%)

(2.71)










Asset impairment charges

2,034

0.36%

169

0.03%


1,865

1103.55%

0.34

Selling, general and administrative expenses

256,478

45.75%

249,454

41.00%


7,024

2.82%

4.75










Operating loss

(49,718)

(8.87%)

(6,478)

(1.06%)


(43,240)

667.49%

(7.80)










Net interest

(1,048)

(0.19%)

(90)

(0.01%)


(958)

1064.44%

(0.17)










Loss before income taxes

(50,766)

(9.06%)

(6,568)

(1.08%)


(44,198)

672.93%

(7.98)










Benefit for income taxes

(20,571)

(3.67%)

(3,412)

(0.56%)


(17,159)

502.90%

(3.11)










Net loss including non-controlling interest

(30,195)

(5.39%)

(3,156)

(0.52%)


(27,039)

856.75%

(4.87)










Net loss attributable to non-controlling interest

(252)

(0.04%)

(248)

(0.04%)


(4)

(1.61%)

0.00










Net loss attributable to common shareholders

$   (30,447)

(5.43%)

$     (3,404)

(0.56%)


$ (27,043)

794.45%

(4.87)










Net loss per diluted common share attributable to common shareholders

$       (0.64)


$       (0.07)















Weighted-average diluted common shares outstanding:

47,411


50,829
























(a) 

Gross margin percent of sales is calculated as a percentage of related sales.


THE MEN'S WEARHOUSE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)


FOR THE TWELVE MONTHS ENDED

February 1, 2014 and February 2, 2013

(In thousands, except per share data)











Twelve Months Ended


Variance



% of


% of




Basis


2013

Sales

2012

Sales


Dollar

%

Points










Net sales:









          Retail clothing product

$1,667,535

67.42%

$1,691,248

67.97%


$(23,713)

(1.40%)

(0.55)

          Tuxedo rental services

411,864

16.65%

406,454

16.33%


5,410

1.33%

0.32

          Alteration and other services   

147,023

5.94%

151,147

6.07%


(4,124)

(2.73%)

(0.13)

               Total retail sales

2,226,422

90.02%

2,248,849

90.38%


(22,427)

(1.00%)

(0.36)

               Corporate apparel clothing product sales

246,811

9.98%

239,429

9.62%


7,382

3.08%

0.36

                    Total net sales

2,473,233

100.00%

2,488,278

100.00%


(15,045)

(0.60%)

0.00










                    Total cost of sales

1,384,223

55.97%

1,380,130

55.47%


4,093

0.30%

0.50










Gross margin (a):









        Retail clothing product

925,578

55.51%

935,200

55.30%


(9,622)

(1.03%)

0.21

        Tuxedo rental services

347,556

84.39%

349,887

86.08%


(2,331)

(0.67%)

(1.70)

        Alteration and other services

33,294

22.65%

37,301

24.68%


(4,007)

(10.74%)

(2.03)

        Occupancy costs

(290,896)

(13.07%)

(283,382)

(12.60%)


(7,514)

2.65%

(0.46)

               Total retail gross margin

1,015,532

45.61%

1,039,006

46.20%


(23,474)

(2.26%)

(0.59)

               Corporate apparel clothing product margin

73,478

29.77%

69,142

28.88%


4,336

6.27%

0.89

                   Total gross margin

1,089,010

44.03%

1,108,148

44.53%


(19,138)

(1.73%)

(0.50)










Goodwill impairment charge

9,501

0.38%

-

0.00%


9,501

NM

0.38

Asset impairment charges

2,216

0.09%

482

0.02%


1,734

359.75%

0.07

Selling, general and administrative expenses

947,665

38.32%

909,098

36.54%


38,567

4.24%

1.78










Operating income

129,628

5.24%

198,568

7.98%


(68,940)

(34.72%)

(2.74)










Net interest

(2,820)

-0.11%

(896)

(0.04%)


(1,924)

214.73%

(0.08)










Earnings before income taxes

126,808

5.13%

197,672

7.94%


(70,864)

(35.85%)

(2.82)










Provision for income taxes

42,591

1.72%

65,609

2.64%


(23,018)

(35.08%)

(0.91)










Net earnings including non-controlling interest

84,217

3.41%

132,063

5.31%


(47,846)

(36.23%)

(1.90)










Net earnings attributable to non-controlling interest

(426)

(0.02%)

(347)

(0.01%)


(79)

(22.77%)

0.00










Net earnings attributable to common shareholders

$     83,791

3.39%

$  131,716

5.29%


$(47,925)

(36.39%)

(1.91)










Net earnings per diluted common share attributable to common shareholders

$         1.70


$        2.55















Weighted-average diluted common shares outstanding:

49,162


51,026















(a) 

Gross margin percent of sales is calculated as a percentage of related sales.


THE MEN'S WEARHOUSE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)








February 1,


February 2,



2014


2013






ASSETS









Current assets:





Cash and cash equivalents

$             59,252


$            156,063


Accounts receivable, net

63,153


63,010


Inventories

599,486


556,531


Other current assets

93,206


79,549







   Total current assets

815,097


855,153

Property and equipment, net

408,162


389,118

Tuxedo rental product, net

142,816


126,825

Goodwill

126,003


87,835

Intangible assets, net

58,027


32,442

Other assets

5,125


4,974







   Total assets

$         1,555,230


$         1,496,347






LIABILITIES AND EQUITY









Current liabilities:





Accounts payable

$           148,762


$            123,983


Accrued expenses and other current liabilities

175,797


164,344


Income taxes payable

730


5,856


Current maturities of long-term debt

10,000


-







   Total current liabilities

335,289


294,183






Long-term debt

87,500


-

Deferred taxes and other liabilities

109,292


92,929







   Total liabilities

532,081


387,112






Equity:





Preferred stock

-


-


Common stock

476


725


Capital in excess of par

412,043


386,254


Retained earnings

572,712


1,190,246


Accumulated other comprehensive income

27,311


36,924


Treasury stock, at cost

(3,407)


(517,894)







   Total equity attributable to common shareholders

1,009,135


1,096,255







Non-controlling interest

14,014


12,980







   Total equity

1,023,149


1,109,235







    Total liabilities and equity

$         1,555,230


$         1,496,347


THE MEN'S WEARHOUSE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


FOR THE TWELVE MONTHS ENDED

February 1, 2014 and February 2, 2013

(In thousands)








Twelve Months Ended



2013


2012






CASH FLOWS FROM OPERATING ACTIVITIES:










Net earnings including non-controlling interest

$          84,217


$         132,063


Non-cash adjustments to net earnings:





   Depreciation and amortization

88,749


84,979


   Tuxedo rental product amortization

32,266


28,315


Goodwill impairment charge

9,501


-


   Other

22,505


22,168


Changes in operating assets and liabilities

(48,308)


(41,795)







        Net cash provided by operating activities

188,930


225,730






CASH FLOWS FROM INVESTING ACTIVITIES:





Capital expenditures

(108,200)


(121,433)


Acquisition of business, net of cash

(94,906)


-


Proceeds from sales of property and equipment

4,127


33


Investment in trademark, tradenames and other assets

-


(2,075)







        Net cash used in investing activities

(198,979)


(123,475)






CASH FLOWS FROM FINANCING ACTIVITIES:





Proceeds from issuance of common stock

10,739


8,457


Proceeds from term loan

100,000


-


Payments of term loan

(2,500)


-


Deferred financing costs

(1,776)


-


Cash dividends paid

(35,549)


(37,084)


Tax payments related to vested deferred stock units

(3,865)


(4,421)


Excess tax benefits from share-based plans

2,145


2,997


Repurchases of common stock

(152,129)


(41,296)







        Net cash used in financing activities

(82,935)


(71,347)







Effect of exchange rate changes

(3,827)


(151)






(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS

(96,811)


30,757







Balance at beginning of period

156,063


125,306


Balance at end of period

$           59,252


$         156,063

SOURCE Men's Wearhouse, Inc.

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IoT is still a vague buzzword for many people. In his session at Internet of @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, will discuss the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. The presentation will also discuss how IoT is perceived by investors and how venture capitalist access this space. Other topics to discuss are barriers to success, what is new, what is old, and what the future may hold.
Whether you're a startup or a 100 year old enterprise, the Internet of Things offers a variety of new capabilities for your business. IoT style solutions can help you get closer your customers, launch new product lines and take over an industry. Some companies are dipping their toes in, but many have already taken the plunge, all while dramatic new capabilities continue to emerge. In his session at Internet of @ThingsExpo, Reid Carlberg, Senior Director, Developer Evangelism at salesforce.com, to discuss real-world use cases, patterns and opportunities you can harness today.
All major researchers estimate there will be tens of billions devices – computers, smartphones, tablets, and sensors – connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be!
Noted IoT expert and researcher Joseph di Paolantonio (pictured below) has joined the @ThingsExpo faculty. Joseph, who describes himself as an “Independent Thinker” from DataArchon, will speak on the topic of “Smart Grids & Managing Big Utilities.” Over his career, Joseph di Paolantonio has worked in the energy, renewables, aerospace, telecommunications, and information technology industries. His expertise is in data analysis, system engineering, Bayesian statistics, data warehouses, business intelligence, data mining, predictive methods, and very large databases (VLDB). Prior to DataArcho...
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
There will be 50 billion Internet connected devices by 2020. Today, every manufacturer has a propriety protocol and an app. How do we securely integrate these "things" into our lives and businesses in a way that we can easily control and manage? Even better, how do we integrate these "things" so that they control and manage each other so our lives become more convenient or our businesses become more profitable and/or safe? We have heard that the best interface is no interface. In his session at Internet of @ThingsExpo, Chris Matthieu, Co-Founder & CTO at Octoblu, Inc., will discuss how thes...
Last week, while in San Francisco, I used the Uber app and service four times. All four experiences were great, although one of the drivers stopped for 30 seconds and then left as I was walking up to the car. He must have realized I was a blogger. None the less, the next car was just a minute away and I suffered no pain. In this article, my colleague, Ved Sen, Global Head, Advisory Services Social, Mobile and Sensors at Cognizant shares his experiences and insights.
We are reaching the end of the beginning with WebRTC and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) ir...
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. It also ensured scalability and better service for customers, including MUY! Companies, one of the country's largest franchise restaurant companies with 232 Pizza Hut locations. This is one example of WebRTC adoption today, but the potential is limitless when powered by IoT. Attendees will learn rea...
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at Internet of @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, will share some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder ...
The Internet of Things (IoT) promises to create new business models as significant as those that were inspired by the Internet and the smartphone 20 and 10 years ago. What business, social and practical implications will this phenomenon bring? That's the subject of "Monetizing the Internet of Things: Perspectives from the Front Lines," an e-book released today and available free of charge from Aria Systems, the leading innovator in recurring revenue management.
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges.
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other mach...
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Erik Lagerway, Co-founder of Hookflash, will walk through the shifting landscape of traditional telephone and voice s...
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehe...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, will discuss single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example...
SYS-CON Events announced today that Gridstore™, the leader in software-defined storage (SDS) purpose-built for Windows Servers and Hyper-V, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Gridstore™ is the leader in software-defined storage purpose built for virtualization that is designed to accelerate applications in virtualized environments. Using its patented Server-Side Virtual Controller™ Technology (SVCT) to eliminate the I/O blender effect and accelerate applications Gridsto...