Sensors Expo & Conference to Feature New Medical Sensors Design Experience

NEWTON, Mass., May 25, 2017 (GLOBE NEWSWIRE) — Sensors Expo & Conference (#Sensors17), the nation’s leading event focused exclusively on sensors and sensor-integrated systems, will feature a new Medical Sensors Design Experience highlighting the innovation and opportunities for healthcare and medical sensor application development. Following on the heels of the successful Medical Sensors Design Conference earlier this month on the east coast, attendees, exhibitors, and speakers will come together once again to take advantage of unique educational and networking opportunities that drive sensor development and foster innovation in an age of rapid IoT adoption. To register for the event, visit sensorsexpo.com/register or download our digital brochure to learn more. 

According to industry research firm Markets and Markets, the medical sensors market is estimated to reach $15 Billion USD by the year 2022. From artificial intelligence to drug delivery, medical grade wearables to non-vascular therapies, engineering professionals will have access to the full spectrum of sensor applications during the Medical Sensors Design Experience. Attendees will hear from leading players in the medical space who will present their latest technologies and developments on stage in the Medical Sensors Live Theater. In tandem, the industry’s most innovative exhibitors will be on hand showcasing the market’s hottest applications in the Medical Sensors Pavilion. In addition, Medical Meetups will be available pairing together fellow attendees who are interested in medical sensors and looking for their next medical sensor solution.

The inaugural Medical Sensors Design Conference and the new Medical Sensors Design Experience at the upcoming Sensors Expo & Conference were created to foster industry discussion and generate collaboration opportunities given the pivotal role partnerships play in medical sensor design. David Mount of ULVAC Technologies, Inc. noted, “The Medical Sensors Design Conference was an excellent opportunity for networking and connecting with new contacts. Specifically, the Networking Lunches provided a great experience to connect with attendees who are very interested in our technology that we wouldn’t normally speak with, which spawned subsequent meetings with new, potential customers.” Fellow attendee David R. Crais CMPE PMP stated, “The Medical Sensors Design Conference was great. I’ve attended many events the past two weeks all over the country, but this was some of the best information of all.”

The May event also featured a Startup Pitchfire sponsored by Sensors Magazine. Stephanie Guang, MedStar Fellow from Health4America with KnightCap was named the winner for developing the world’s first sleep mask for stroke monitoring. Guang commented, “Being at the Medical Sensors Design Conference, and especially part of the Startup Pitchfire, was a uniquely and excitingly niche experience. I had the opportunity to pitch KnightCap, a smart EEG sleep mask for stroke monitoring that we’ve been developing. It was exciting to be able to share our product and our story with an audience of sensor enthusiasts and other industry luminaries in this space. I think the experience was particularly unique because of this shared understanding of sensors and the potential it holds – not to mention a great networking opportunity for this very specialized field.”

To learn more about the Medical Sensors Design Experience and the other innovations attendees will see, visit sensorsexpo.com/msd-experience or follow us on social media Facebook, LinkedIn, Twitter, and Instagram.

About Sensors Expo & Conference
Sensors Expo & Conference will take place June 27-29 at the McEnery Convention Center in San Jose, California.  Sensors Expo is supported by the event’s official publication, Sensors Magazine, the industry’s leading resource and authority on sensing, communication, and control. Sensors Expo is produced by Questex LLC, a global, diversified business-to-business integrated media and information provider, headquartered in Newton, MA. 

For further information, contact:

Charlene Soucy
Marketing Director
617-219-8372
csoucy@questex.com

Sarah Murray
Partner, Attune Communications
781-378-2674
sarah@attunecommunications.com

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GameStop Reports First Quarter 2017 Results

Strong Collectibles sales and a successful Nintendo Switch launch drives a 2.3% increase in same store sales

PowerUp Rewards loyalty program reaches 53 million global members

GRAPEVINE, Texas, May 25, 2017 (GLOBE NEWSWIRE) — GameStop Corp. (NYSE:GME), a global family of specialty retail brands that makes the most popular technologies affordable and simple, today reported sales and earnings for the first quarter ended April 29, 2017.

Paul Raines, chief executive officer, stated, “Our first quarter results reflect the power of our leadership position within the video game market and our ongoing diversification efforts.  Our international operations were particularly strong, driven by robust sales of Nintendo Switch and Collectibles. Throughout 2017, our focus will continue to be executing our diversification strategy, exercising cost discipline and increasing our share in the video game market.”

First Quarter Results
Total global sales increased 3.8% to $2.05 billion, resulting in consolidated comparable store sales growth of 2.3% (-2.4% in the U.S. and +17.1% internationally). New hardware sales increased 24.6%, led by the highly sought after Nintendo Switch. New software declined 8.2% due to the tough overlap of a few key AAA titles launched last year. Pre-owned sales declined 6.2%, in-line with the company’s expectations.

Worldwide omnichannel sales increased by 92.9% as the company leveraged all of its sales platforms (website, web-in-store, pickup-at-store, ship-from-store, mobile) during the quarter to promote and secure Nintendo Switch sales.

Digital sales grew 3.0% to $44.1 million, while non-GAAP digital receipts declined 9.0% to $235.6 million. The growth in sales was primarily driven by our Kongregate business. Digital receipts were negatively impacted by lower sales of new consoles bundled with digital software compared to last year.

Collectibles sales increased 39.1% to $114.5 million, driven by strong global sales of Pokémon related products. The company added nine Collectibles stores during the quarter, bringing the total global portfolio to 95 stores.

Technology Brands sales, which are not included in comparable store sales, increased 21.5% to $201.4 million, driven by the year-over-year growth in our AT&T authorized retail stores. Operating earnings were $11.1 million, impacted by $7.3 million of charges related to the store closings announced last quarter. Adjusted operating earnings declined 2.1% to $18.4 million compared to the prior-year quarter.

GameStop’s first quarter net earnings were $59.0 million, or $0.58 per diluted share, compared to net earnings of $65.8 million, or $0.63 per diluted share in the prior-year quarter. The first quarter results include charges of $7.3 million ($4.6 million, net of tax), or $0.05 per diluted share, mentioned above.

Excluding these charges, GameStop’s adjusted net earnings for the first quarter were $63.6 million, compared to adjusted net earnings of $68.4 million in the prior-year quarter. Adjusted diluted earnings per share were $0.63 compared to adjusted diluted earnings per share of $0.66 in the prior-year quarter.

A reconciliation of non-GAAP results, including adjusted net income, operating earnings and Technology Brands operating earnings to its closest GAAP measure is included with this release (Schedule III).

Capital Allocation Update
On May 23, 2017, GameStop’s board of directors declared a quarterly cash dividend of $0.38 per common share payable on June 20, 2017 to shareholders of record as of the close of business on June 7, 2017.

Earnings Outlook
As a reminder, GameStop is no longer providing quarterly EPS or same store sales guidance. In terms of annual guidance, the company is reiterating its full year diluted earnings per share guidance of $3.10 to $3.40 and comparable store sales range of -5.0% to 0.0%.

Conference Call Information
A conference call with GameStop Corp.’s management is scheduled for May 25, 2017 at 4:00 p.m. CT to discuss the company’s financial results. The phone number for the call is 888-437-9445 and the passcode is 9508071.  This call, along with supplemental information, can also be accessed at GameStop Corp.’s investor relations home page at http://investor.GameStop.com/. The conference call will be archived for two months on GameStop’s corporate website.

About GameStop
GameStop Corp. (NYSE:GME), a Fortune 500 company headquartered in Grapevine, Texas, is a global, multichannel video game, consumer electronics and wireless services retailer. GameStop operates more than 7,500 stores across 14 countries. The company’s consumer product network also includes www.gamestop.comwww.Kongregate.com, a leading browser-based game site; Game Informer® magazine, the world’s leading print and digital video game publication; and ThinkGeek, www.thinkgeek.com, the premier retailer for the global geek community featuring exclusive and unique video game and pop culture products. Our Technology Brands segment includes 1,508 Simply Mac, Spring Mobile AT&T and Cricket stores. Simply Mac, www.simplymac.com, sells the full line of Apple products, including laptops, tablets, and smartphones and offers Apple certified warranty and repair services. Spring Mobile, www.springmobile.com, sells all of AT&T’s products and services, including DIRECTV and offers pre-paid wireless services, devices and related accessories through its Cricket branded stores in select markets in the U.S.

General information about GameStop Corp. can be obtained at the company’s corporate website.
Follow @GameStop and @GameStopCorp. on Twitter and find GameStop on Facebook at www.facebook.com/GameStop.

Non-GAAP Measures
As a supplement to our financial results presented in accordance with U.S. generally accepted accounting principles (GAAP), GameStop may use certain non-GAAP measures, such as adjusted operating earnings, adjusted net income, digital receipts and constant currency. We believe these non-GAAP financial measures provide useful information to investors in evaluating our core operating performance. GameStop defines digital receipts as the full amount paid by the customer for digital content at the time of sale and/or the value attributed to digital content when physical and digital products are sold combined. Results reported as constant currency exclude the impact of fluctuations in foreign currency exchange rates by converting our local currency financial results using the prior period exchange rates and comparing these adjusted amounts to our current period reported results. Our definition and calculation of non-GAAP measures may differ from that of other companies. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company’s reported GAAP financial results.

Safe Harbor
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, the outlook for fiscal 2017, future financial and operating results and projections, projected store openings, timing and terms of potential acquisitions, the company’s plans, objectives, expectations and intentions, and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of GameStop’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. GameStop undertakes no obligation to publicly update or revise any forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the inability to obtain sufficient quantities of product to meet consumer demand, including console hardware and accessories; the timing of release and consumer demand for new and pre-owned video game titles; our ability to continue to expand, and successfully open and operate new stores for, our collectibles and tech brands businesses; risks associated with achievement of anticipated financial and operating results from acquisitions; our ability to sustain and grow our console digital video game sales; the timing and amount of recognition of tax attributes; the risks associated with international operations, wireless industry partnerships and operations and the completion and integration of acquisitions; increased competition and changing technology in the video game industry, including browser and mobile games and digital distribution of console games, and the impact of that competition and those changes on physical video game sales;  the costs and consequences of legal proceedings and tax audits; and changes in domestic or foreign laws and regulations that reduce consumer demand for, or increase prices of, our products or otherwise adversely affect our business. Additional factors that could cause GameStop’s results to differ materially from those described in the forward-looking statements can be found in GameStop’s Annual Report on Form 10-K for the fiscal year ended Jan. 28, 2017 filed with the SEC and available at the SEC’s Internet site at http://www.sec.gov or http://investor.GameStop.com.

             
GameStop Corp.
Condensed Consolidated Statements of Operations
(in millions, except per share data)
(unaudited)
             
      13 weeks     13 weeks
      ended     ended
      April 29, 2017     April 30, 2016
             
Net sales   $ 2,045.9     $ 1,971.5  
Cost of sales     1,343.4       1,296.0  
             
Gross profit     702.5       675.5  
             
Selling, general and administrative            
expenses     563.5       520.8  
Depreciation and amortization     37.9       40.7  
             
Operating earnings     101.1       114.0  
             
Interest expense, net     13.9       10.8  
             
Earnings before income tax expense     87.2       103.2  
             
Income tax expense     28.2       37.4  
             
Net income   $ 59.0     $ 65.8  
             
Net income per common share:            
Basic   $   0.58     $   0.63  
Diluted   $   0.58     $   0.63  
             
Dividends per common share   $   0.38      $   0.37  
             
Weighted average common shares            
outstanding:            
Basic       101.3         103.8  
Diluted       101.4         104.2  
             
             
             
Percentage of Net Sales:            
             
Net sales     100.0 %     100.0 %
Cost of sales     65.7 %     65.7 %
             
Gross profit     34.3 %     34.3 %
             
Selling, general and administrative            
expenses     27.5 %     26.4 %
Depreciation and amortization     1.9 %     2.1 %
             
Operating earnings     4.9 %     5.8 %
             
Interest expense, net     0.6 %     0.6 %
             
             
Earnings before income tax expense     4.3 %     5.2 %
             
Income tax expense     1.4 %     1.9 %
             
Net income     2.9 %     3.3 %
             

 

GameStop Corp.
Condensed Consolidated Balance Sheets
(in millions)
(unaudited)
                 
          April 29,     April 30,
  2017
  2016
ASSETS:                
Current assets:              
  Cash and cash equivalents   $ 311.9   $ 473.6
  Receivables, net     172.5     139.0
  Merchandise inventories, net     1,216.9     1,264.1
  Prepaid expenses and other current assets     145.7     160.4
    Total current assets     1,847.0     2,037.1
                 
Property and equipment:              
  Land       18.6     18.2
  Buildings & leasehold improvements     727.4     692.2
  Fixtures and equipment     938.4     892.1
    Total property and equipment     1,684.4     1,602.5
                 
  Less accumulated depreciation and amortization     1,230.8     1,119.2
    Net property and equipment     453.6     483.3
                 
Goodwill         1,724.9     1,493.0
Other noncurrent assets       657.9     432.6
    Total assets   $ 4,683.4   $ 4,446.0
                 
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY:            
Current liabilities:              
  Accounts payable   $ 526.1   $ 608.5
  Accrued liabilities     845.4     707.4
  Income taxes payable     94.1     50.1
    Total current liabilities     1,465.6     1,366.0
             
                 
Other long-term liabilities       133.2     111.5
Long-term debt       815.7     812.4
    Total liabilities     2,414.5     2,289.9
                 
Stockholders’ equity       2,268.9     2,156.1
Total liabilities and stockholders’ equity   $ 4,683.4   $ 4,446.0
         

 

GameStop Corp.
                     
Schedule I
Sales Mix
(unaudited)
                     
      13 Weeks Ended
      13 Weeks Ended
      April 29, 2017
      April 30, 2016
      Net   Percent
      Net   Percent
      Sales   of Total
      Sales   of Total
Net Sales (in millions):                          
                           
New video game hardware   $ 389.9   19.1 %     $ 312.9   15.9 %
New video game software     520.5   25.4 %       567.2   28.8 %
Pre-owned and value video game products     526.2   25.7 %       560.9   28.5 %
Video game accessories     176.1   8.6 %       162.7   8.2 %
Digital     44.1   2.2 %       42.8   2.2 %
Technology Brands     201.4   9.8 %       165.8   8.4 %
Collectibles     114.5   5.6 %       82.3   4.2 %
Other     73.2   3.6 %       76.9   3.8 %
                           
Total   $ 2,045.9   100.0 %     $ 1,971.5   100.0 %
                         
                     
                     
                     
Schedule II
Gross Profit Mix
(unaudited)
                     
      13 Weeks Ended
      13 Weeks Ended
      April 29, 2017
      April 30, 2016
          Gross
          Gross
      Gross   Profit
      Gross   Profit
      Profit   Percent
      Profit   Percent
                           
Gross Profit (in millions):                          
                           
New video game hardware   $ 38.1   9.8 %     $ 28.3   9.0 %
New video game software     113.7   21.8 %       127.9   22.5 %
Pre-owned and value video game products     253.7   48.2 %       263.2   46.9 %
Video game accessories     55.9   31.7 %       57.1   35.1 %
Digital     36.1   81.9 %       37.0   86.4 %
Technology Brands     144.6   71.8 %       109.7   66.2 %
Collectibles     35.2   30.7 %       28.6   34.8 %
Other     25.2   34.4 %       23.7   30.8 %
                         
Total   $ 702.5   34.3 %     $ 675.5   34.3 %
                         

GameStop Corp.
Schedule III
($ in millions)
(unaudited)
         
         
         
Non-GAAP Results:        
 
The following table reconciles the Company’s operating earnings, net income and earnings per share as presented in its unaudited consolidated statements of operations and prepared in accordance with GAAP to its adjusted operating earnings, net income and earnings per share:
         
         
    13 Weeks Ended   13 Weeks Ended
    Apr. 29, 2017   Apr. 30, 2016
Technology Brands Adjusted Operating Earnings        
Technology Brands operating earnings     11.1       18.8  
Store closure costs     7.3        
Technology Brands adjusted operating earnings   $ 18.4     $ 18.8  
         
Consolidated Adjusted Operating Earnings        
Operating earnings     101.1       114.0  
Store closure costs     7.3        
Business divestitures and other           4.1  
Adjusted operating earnings   $ 108.4     $ 118.1  
         
Consolidated Adjusted Net Income        
Net Income   $ 59.0     $ 65.8  
Store closure costs     7.3        
Business divestitures and other           4.1  
Tax effect of non-GAAP adjustments     (2.7 )     (1.5 )
Adjusted net income   $ 63.6     $ 68.4  
         
         
Adjusted Earnings Per Share        
Basic   $ 0.63     $ 0.66  
Diluted   $ 0.63     $ 0.66  
         
Numbers of shares used in adjusted calculation        
Basic     101.3       103.8  
Diluted     101.4       104.2  
         

Contact
Matt Hodges
Vice President, Corporate Communications
GameStop Corp.
(817) 424-2130

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SITO Mobile Announces Delivery of Consents and Revocations to Independent Inspector of Elections

JERSEY CITY, N.J., May 25, 2017 (GLOBE NEWSWIRE) — SITO Mobile Ltd. (NASDAQ:SITO), a leading mobile engagement platform, today announced that, in connection with the previously announced consent solicitation by Stephen D. Baksa, Thomas M. Candelaria and the other participants in their consent solicitation seeking to, among other purposes, remove five current members of the SITO Board of Directors, it has delivered all consents and revocations that it has received to First Coast Results, Inc., the independent tabulation and voting certification firm that was appointed by SITO as its independent inspector of elections. 

SITO also announced that, pursuant to Article I, Section 13(c) of SITO’s Amended and Restated Bylaws, as adopted by the SITO Board of Directors on March 23, 2017, no action by written consent and without a meeting is effective until such time as the independent inspectors of election engaged by SITO for the purpose of performing promptly a review of the validity of the consents and revocations have completed their review, determined that the requisite number of valid and unrevoked consents delivered to SITO in accordance with Article I, Section 13 of the SITO Bylaws and applicable law have been obtained to authorize or take the actions specified in the consents, and certified such determination for entry in the records of SITO kept for the purpose of recording the proceedings of meetings of stockholders.

SITO expects that the preliminary tabulation of results will be completed by the Independent Inspector of Elections by the middle of next week. To the extent that no potentially outcome determinative issues are identified during the tabulation process, SITO expects to make the final results publicly available by the end of next week.

Further details regarding the results of the consent solicitation will be contained in a Current Report on Form 8-K that SITO expects to file with the Securities and Exchange Commission (SEC) by the end of next week. This filing will be available at no charge at the SEC’s web site at www.sec.gov. Copies will also be available at no charge at the Investor Relations section of our corporate website at www.sitomobile.com.

About SITO Mobile Ltd.

SITO Mobile provides a mobile engagement platform that enables brands to increase awareness, loyalty, and ultimately sales. For more information, visit www.sitomobile.com.

Important Additional Information And Where To Find It

SITO Mobile, Ltd. (“SITO”), its directors and certain of its executive officers are deemed to be participants in a solicitation of consent revocations from SITO’s stockholders in connection with a pending consent solicitation by a stockholder seeking consents (the “Consent Solicitation”). On May 2, 2017, SITO filed a definitive consent revocation statement (the “Consent Revocation Solicitation Statement”) and the accompanying WHITE consent revocation card with the SEC in connection with the Consent Solicitation. Information regarding the identity of participants, and their direct or indirect interests, by security holdings or otherwise, is set forth in the Consent Revocation Solicitation Statement, including the schedules and appendices thereto. INVESTORS AND STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ ANY SUCH CONSENT REVOCATION SOLICITATION STATEMENT AND THE ACCOMPANYING WHITE CONSENT REVOCATION CARD AND OTHER DOCUMENTS FILED BY SITO WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders can obtain the Consent Revocation Solicitation Statement, any amendments or supplements to the Consent Revocation Solicitation Statement, the accompanying WHITE consent revocation card, and other documents filed by SITO with the SEC for no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge at the Investor Relations section of SITO’s corporate website at www.sitomobile.com, by writing to SITO’s Corporate Secretary at SITO Mobile, Ltd., The Newport Corporate Center, 100 Town Square Place, Suite 204, Jersey City, NJ 07301, or by calling SITO at (201) 275-0555.

Contacts:

Investor Relations:
Joseph Wilkinson
SVP Investor Relations
Joseph.Wilkinson@sitomobile.com

Media Relations:
Alexandra Levy
Silicon Alley Media
alex@siliconalley-media.com

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