(Minneapolis, MN, October 26, 2017) - Digi International® Inc. (NASDAQ: DGII), a leading global provider of mission critical machine-to-machine (M2M) and Internet of Things (IoT) connectivity products and services, reported revenue of $45.1 million for the fourth fiscal quarter of 2017 compared to our guidance range of $44.0 million to $47.0 million and to $50.5 million in the fourth fiscal quarter of 2016. GAAP net income for the fourth fiscal quarter of 2017 was $4.3 million, or $0.16 per diluted share, compared to our GAAP guidance range of $0.07 to $0.10 per diluted share and to GAAP net income for the fourth fiscal quarter of 2016 of $3.8 million, or $0.14 per diluted share.
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) from Continuing Operations in the fourth fiscal quarter of 2017 was $5.5 million, or 12.2% of total revenue, compared to $5.9 million, or 11.8% of total revenue, in the fourth fiscal quarter of 2016. Stock-based compensation expense was $1.2 million in the fourth fiscal quarter of 2017 compared to $1.0 million in the fourth fiscal quarter of 2016. Stock-based compensation is included in EBITDA. Starting in the first fiscal quarter of 2018, we will be presenting Adjusted EBITDA results and guidance. Reconciliations of GAAP and non-GAAP financial measures, including Adjusted EBITDA from Continuing Operations, appear at the end of this release.
"We are pleased our fiscal fourth quarter results largely met expectations. The addition of two seasoned leaders, Scott Nelson (VP Product) and Scott Wilken (VP Technology), to Digi's Products segment is aimed at delivering growth. The TempAlert acquisition both deepens and broadens our Digi Smart Solutions portfolio, and we are excited they have joined our team," said Ron Konezny, President and Chief Executive Officer.
Subsequent to end of the fourth fiscal quarter of 2017, as previously announced on October 23, 2017, Digi purchased all the outstanding interests of TempAlert, LLC (TempAlert), a Boston-based provider of automated, real-time temperature monitoring and task management solutions. TempAlert will join the Digi Smart Solutions™ team. Digi paid a purchase price of $45 million in cash paid at closing, which amount is subject to a customary net working capital adjustment. Digi has agreed to make additional payments to the sellers based on revenue in excess of established threshold amounts for Digi Smart Solutions during calendar 2018 and 2019.
The TempAlert solution will not only be supported and enhanced, but also leveraged within Digi's existing products and services to expand its advanced portfolio of solutions. With its fourth strategic acquisition in 24 months, Digi is now a leader in the space with nearly 35,000 customer sites and a deep presence in the healthcare, transportation, industrial and foodservice markets.
Our cellular product category includes cellular routers and all gateways. The RF product category includes XBee® modules as well as other RF Solutions. The embedded product category includes Digi Connect® and Rabbit® embedded systems on module and single board computers. The network product category, which has the highest concentration of mature products, includes console and serial servers and USB connected products. Our services and solutions offerings include Digi Smart Solutions, wireless design services, the Digi Device Cloud platform and enterprise support services.
Total revenue decreased 10.6% to $45.1 million in the fourth fiscal quarter 2017 from $50.5 million in the fourth fiscal quarter 2016.
Hardware product revenue decreased by $7.7 million, or 15.8%, in the fourth fiscal quarter of 2017 compared to the fourth fiscal quarter of 2016. All product categories performed within our guidance. We continue to see decline in network product revenue, as there were significant terminal server sales to large customers in the prior fiscal year. Embedded and cellular routers and gateway revenue both declined as we had significant sales to large customers in the fourth fiscal quarter of 2016. Additionally, embedded products declined due to a decrease of sales of Rabbit® embedded modules, which are in the mature portion of their product life cycle.
Services and solutions revenue increased by $2.3 million, or 124.8%, in the fourth fiscal quarter of 2017 compared to the fourth fiscal quarter of 2016. The increase was driven primarily by the growth of our Digi Smart Solutions business, which includes $2.1 million of incremental revenue from our recent acquisitions of SMART Temps on January 9, 2017 and FreshTemp on November 1, 2016.
Gross profit was $21.3 million, or 47.3% of revenue in the fourth fiscal quarter of 2017 compared to $24.6 million, or 48.8% of revenue in the same period of the prior year, a decrease of $3.3 million. Gross profit was negatively impacted by lower hardware product revenue and product mix as the network category, which includes traditionally higher margin products, declined. This was offset partially by an increase in services and solutions gross profit from our Digi Smart Solutions business during the fourth quarter of fiscal 2017 compared to the same period in the prior fiscal year.
Operating income for the fourth fiscal quarter of 2017 was $4.2 million, or 9.2% of revenue, compared to operating income of $5.0 million or 10.0% of revenue, for the fourth fiscal quarter of 2016, a decrease of $0.8 million. The operating income decline was a result of the decrease in gross profit of $3.3 million, as described above, offset by a decrease in operating expenses of $2.4 million. Operating expenses decreased by $2.4 million in the fourth quarter of fiscal 2017, which included a benefit of $3.0 million compared to a benefit of $0.7 million in the fourth quarter of fiscal 2016 related to adjustments to contingent liability accruals. Additionally, incentive-based compensation expense decreased by $1.8 million for the fourth quarter of fiscal 2017 compared to the same period one year ago. This decrease was offset partially by incremental operating expense for the SMART Temps acquisition of $1.5 million. Operating expense for the fourth fiscal quarter of 2017 included merger and acquisition expense and severance expense of approximately $0.7 million.
Income from Continuing Operations was $4.3 million in the fourth fiscal quarter of 2017, or $0.16 per diluted share, compared to $3.8 million, or $0.14 per diluted share, in the fourth fiscal quarter of 2016.
EBITDA from Continuing Operations in the fourth fiscal quarter of 2017 was $5.5 million, or 12.2% of total revenue, compared to $5.9 million, or 11.8% of total revenue, in the fourth fiscal quarter of 2016. Stock compensation expense included in our EBITDA from continuing operations for fourth fiscal quarter of 2017 and 2016 was $1.2 million and $1.0 million, respectively.
Please refer to the tables at the end of this earnings release that provide reconciliations from GAAP to non-GAAP information.
Total revenue decreased 10.5% to $181.6 million in fiscal 2017 from $203.0 million in fiscal 2016.
Hardware product revenue decreased by $29.6 million, or 15.1%, in fiscal 2017 compared to fiscal 2016. Our decline in network product revenue was more than initially anticipated as there were significant terminal server sales to large customers in the prior fiscal year. This was offset partially by an increase in USB connected products revenue. Embedded and RF product revenue both declined as we had significant sales to large customers in the prior fiscal year. Additionally, embedded products declined due to a decrease of sales of Rabbit® embedded modules, which are in the mature portion of their product life cycle.
Services and solutions revenue increased by $8.2 million, or 119.5%, in fiscal 2017 compared to fiscal 2016. This primarily was driven by the growth of our Digi Smart Solutions business. Services and solutions revenue includes $6.1 million of incremental revenue from the acquisitions of SMART Temps and FreshTemp in fiscal 2017. We acquired SMART Temps on January 9, 2017 and FreshTemp on November 1, 2016.
Included in revenue performance for the year was a foreign currency translation decrease of $0.4 million when compared to the same period in the prior fiscal year. This primarily was caused by the weakening of the British Pound and Euro against the U.S. dollar.
Gross profit was $87.2 million, or 48.0% of revenue in fiscal 2017 compared to $99.7 million, or 49.1% of revenue for the prior fiscal year, a decrease of $12.5 million. Gross profit was impacted negatively by lower hardware product revenue and product mix during fiscal 2017 compared to the prior fiscal year. This was driven primarily by the decline of the network category, which includes traditionally higher margin products compared to our other products. It was offset partially by an increase in services and solutions gross profit for fiscal 2017 compared to the prior fiscal year.
Operating income for fiscal 2017 was $8.8 million, or 4.8% of revenue, as compared to operating income of $17.1 million, or 8.4% of revenue, for the prior fiscal year, a decrease of $8.3 million. The operating income decline was a result of the decrease in gross profit of $12.5 million, as described above. The decline was offset partially by lower operating expense of $4.2 million. Operating expense savings were due primarily to lower incentive-based compensation expense of $6.9 million in fiscal 2017 and adjustments to contingent liability accruals of $4.4 million in fiscal 2017 compared to $0.7 million in fiscal 2016. This was offset partially by restructuring charges of $2.5 million incurred in fiscal 2017, compared to $0.7 million of restructuring charges incurred in fiscal 2016. Fiscal 2017 also included incremental operating expense for the SMART Temps acquisition of $4.1 million and an increase in merger and acquisition expenses of $1.1 million that was offset partially by a decrease in occupancy costs of $0.7 million in fiscal 2017 compared to fiscal 2016.
Income from Continuing Operations was $9.4 million in fiscal 2017, or $0.35 per diluted share, compared to $13.5 million, or $0.51 per diluted share, in fiscal 2016.
Income from Discontinued Operations, after income taxes had no activity in fiscal 2017, but was $3.2 million in fiscal 2016, or $0.12 per diluted share resulting from the sale of the Etherios business in October 2015 to West Monroe Partners.
EBITDA from Continuing Operations in fiscal 2017 was $14.4 million, or 7.9% of total revenue, compared to $21.0 million, or 10.4% of total revenue, in fiscal 2016. Stock compensation expense included in our EBITDA from continuing operations for fiscal 2017 and 2016 was $4.7 million and $3.6 million, respectively.
Please refer to the tables at the end of this earnings release for reconciliations from GAAP to non-GAAP information.
Cash and cash equivalents and marketable securities balance, including long-term marketable securities, of $115.0 million, a decrease of $22.7 million from the end of fiscal 2016. Digi completed two acquisitions in fiscal 2017, for a total cash expenditure of $30.1 million (net of cash acquired of $0.5 million). Please refer to the Condensed Consolidated Statements of Cash Flows for more information.
Current and long-term contingent liabilities of $6.4 million.
A current ratio of 9.7 to 1, compared to 8.2 to 1 at September 30, 2016.
A public school district in Kansas contracted with Digi to monitor over 90 food service locations. The school district purchased SMART Shield Pros and will utilize SMART Temps' state of the art menu integration solution.
Digi International was awarded a contract with a public school district in Colorado to monitor its food services at over 60 locations.
A Chicago based hospital selected Digi to monitor their hospitals and off-site clinics. Digi will monitor its lab, pharmacy, dietary, and surgery departments.
A southeastern US county has deployed a traffic management system using Digi's WR44R as part of an infrastructure modernization program, which includes approximately 350 intersections that will be equipped with the WR44R. The program includes new traffic controllers and video detection sensors that will be part of an intelligent transportation system (ITS).
A multi-national systems integrator has selected the railway compliant Digi TransPort WR44RR for a state passenger railway project in Australia. The WR44RR will be deployed on new trains starting in 2018.
A commercial display solution provider in Shanghai selected the Digi TransPort WR21 extended-temperature 4G routers to update content remotely on its European users advertisement displays.
A meter manufacturer in India has selected Digi's XBee 865 for a state utility metering project to connect approximately 20,000 meters using wireless technology. The manufacturer selected Digi because of the robustness and stability of our products.
For the first fiscal quarter of 2018, Digi projects revenue to be in a range of $44 million to $47 million. Adjusted EBITDA is projected to be between $2 million and $4 million. Loss from continuing operations per diluted share is projected to be in a range of $(0.06) to $(0.02). Included in our EPS guidance are TempAlert transaction expenses of approximately $1.5 million, or a ($0.04) per share.
For the full fiscal year 2018, Digi projects revenue to be in a range of $200 million to $212 million. Adjusted EBITDA is projected to be between $20 million and $24 million. Income from continuing operations per diluted share is projected to be in a range of $0.19 to $0.28. As mentioned above, transaction expenses of approximately $1.5 million have a ($0.04) per share impact to our full year EPS range.
TempAlert is now included in our fiscal first quarter and full year guidance.
As announced on October 5, 2017, Digi will discuss its fourth fiscal quarter and year-end results on a conference call on Thursday, October 26, 2017 after market close at 5:00 p.m. EDT (4:00 p.m. CDT). The call will be hosted by Ron Konezny, President and Chief Executive Officer and Mike Goergen, Chief Financial Officer.
Digi invites all those interested in hearing management's discussion of its quarter to access a live webcast of the conference call through the investor relations section of Digi's website at www.digi.com. Participants may also join the call directly by dialing (855) 638-5675 and entering passcode 95855356. International participants may access the call by dialing (262) 912-4765 and entering passcode 95855356. A replay will be available within approximately three hours after the completion of the call, and for one week following the call, by dialing (855) 859-2056 for domestic participants or (404) 537-3406 for international participants and entering access code 95855356 when prompted. A replay of the webcast will be available for one week through Digi's website.
Digi International (NASDAQ: DGII) is a leading global provider of business and mission-critical machine-to-machine (M2M) and Internet of Things (IoT) connectivity products and services. We help our customers create next-generation connected products and deploy and manage critical communications infrastructures in demanding environments with high levels of security, relentless reliability and bulletproof performance. Founded in 1985, we've helped our customers connect over 100 million things, and growing. For more information, visit Digi's website at www.digi.com, or call 877–912–3444 (U.S.) or 952–912–3444 (International).
This release includes adjusted income from continuing operations, adjusted income per diluted share from continuing operations, EBITDA from continuing operations and adjusted EBITDA from continuing operations, each of which is a non-GAAP measure.
We understand that there are material limitations on the use of non-GAAP measures. Non-GAAP measures are not substitutes for GAAP measures, such as net income, for the purpose of analyzing financial performance. The disclosure of these measures does not reflect all charges and gains that were actually recognized by the company. These non-GAAP measures are not in accordance with, or an alternative for measures prepared in accordance with, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. We believe that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures. Additionally, we understand that EBITDA from continuing operations and Adjusted EBITDA from continuing operations does not reflect our cash expenditures, the cash requirements for the replacement of depreciated and amortized assets, or changes in or cash requirements for our working capital needs.
We believe that providing historical and adjusted income and income per diluted share from continuing operations, respectively, exclusive of such items as reversals of tax reserves, discrete tax benefits and restructuring permits investors to compare results with prior periods that did not include these items. Management uses the aforementioned non-GAAP measures to monitor and evaluate ongoing operating results and trends and to gain an understanding of our comparative operating performance. In addition, certain of our stockholders have expressed an interest in seeing financial performance measures exclusive of the impact of matters such as the impact of decisions related to taxes and restructuring, which while important, are not central to the core operations of our business. Additionally, management believes that the presentation of EBITDA from continuing operations and Adjusted EBITDA from continuing operations as a percentage of revenue is useful because it provides a reliable and consistent approach to measuring our performance from year to year and in assessing our performance against that of other companies. We believe this information helps compare operating results and corporate performance exclusive of the impact of our capital structure and the method by which assets were acquired. EBITDA from continuing operations is used as an internal metric for executive compensation, as well as incentive compensation for the broader employee base, and it is monitored quarterly for these purposes.


To operate an educational, self-affirming program for children who have cancer or other serious illnesses, where they can learn how to sail, experience the marine environment, have fun, and get away from the rigors of dealing with healthcare challenges, at least during the course of this sailing adventure.
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David Huyssen is a Lecturer in American History, specialising in the history of U.S. political economy and urban life, particularly that of New York City. His research interests extend to all aspects of global capitalism from the 19th century to the present, and he has commented on the history of inequality and capitalism for BBC News, Deutsche Welle radio, and Le Monde. He has also enjoyed research funding from The Tobin Project, the Mrs. Giles F. Whiting Foundation, and the New-York Historical Society, and is currently writing a history of Alfred Winslow Jones, the socialist inventor of the modern hedge fund.
David joined the department at York in 2015, having taught previously at Yale, Wesleyan, the New School, and New York University in the USA.
David has mainly written on the history of U.S. political economy, class relations, and urban life. His book, Progressive Inequality (2014), tells stories of rich and poor New Yorkers colliding from 1890 to 1920 in contexts that range from urban reform and architectural design to employer violence and mob action.
Rather than delivering contiguous narratives of bourgeois or working-class experience, these stories re-frame U.S. class history as a set of interwoven encounters and ideas, revealing clear continuities in U.S. class relations over time. The book blends methods from social, cultural, women's, and business history; David would welcome enquiries from prospective postgraduates interested in these areas of U.S. history.
He is writing a history of capitalist development from the late 19th through the 20th centuries, built around the life of Alfred Winslow Jones (1900-1989), the socialist inventor of the modern hedge fund.


text:
Bruce Springsteen Gets Out The Vote in Virginia, and Bluegrass Legend Ralph Stanley Asks Eric Cantor: "O Cantor Where Art Thou?"
Oct 23, 2012 activism, bluegrass, Bruce Springsteen, Eric Cantor, music, O Brother Where Art Thou, Obama, Ralph Stanley, rock, Virginia, Wayne Powell
OCT 23, 2012 – Bruce Springsteen, and the bluegrass legend Ralph Stanley, were in Virginia today, helping to Get Out The Vote.
Ralph Stanley is a bluegrass legend, having a career of over 60 years with songs like, "Ridin' That Midnight Train" to his work with "O' Brother Where Art Though?". He has always been involved with politics, and played at a John Edwards rally, and later endorsed Barack Obama for President. He is a TRUE, old school "Southern Democrat". Currently Mr. Stanley is helping Wayne Powell with the "O'Cantor Where Art Thou?" tour, who is challenging Eric Cantor for the 7th Congressional District seat in Virginia.
Read more on NBCWashington.com here, and here is a great video by jbf3t of Bruce in Virginia below singing an AWESOME acoustic guitar version of "Thunder Road". Below that is a 30-second AD for Ralph Stanley's "O Cantor Where Art Thou?" tour, showing how Cantor is never in the state of Virginia helping out Virginian constituents. (photo credit: CC/Ralph Stanley)
Pearl Jam's Mike McCready Asks Voters to Support the Issue of Pre-Exisiting Medical Conditions
Katy Perry at Obama Rally in Las Vegas

redpajama_set_name: RedPajamaCommonCrawl


The result is what we have titled Obama's People — 52 full-page color portraits of the vice president-elect and the incoming president's advisers, aides and cabinet secretaries-designate (some of whom may have been confirmed or may have withdrawn by the time you read this), along with those legislators who are likely to prove influential in helping to usher into law what the new administration sets out to do. (President-elect Obama declined to pose for a formal picture.) The portraits were taken in mid-December and earlier this month in Chicago and Washington. The magazine's editor of photography, Kathy Ryan, along with two members of her staff, Kira Pollack and Stacey Baker, organized and oversaw the sessions.
Matt Bai, who has been the magazine's chief political writer through the last two presidential-election cycles, drew up the list of whom to photograph and also wrote the elegant essay that serves as an overture to the issue and the moment. But Kander's portfolio was never intended to be any sort of definitive representation of who mattered in and around the White House at the dawn of the Obama era. That will be the job of history. Kander was shooting in the conditional.
In "Camera Lucida," his searching reflection on how photographs convey their meaning and emotional power, Roland Barthes suggests that any time a subject steps in front of a camera to have his portrait taken, four people show up: who that individual thinks he is, who he wants others to think he is, who the photographer thinks the subject is and whom the photographer will try to make use of to bring about his art. To take a subject out of his environment and situate him under elaborate lighting before a sheet of white, seamless paper for 10 or 15 minutes has a way of heightening the tensions among those various self-presentations. A traditional portrait produced by a painter over the course of many sittings is an accrual of impressions building toward something conclusive; photographs like those Kander creates draw their power from the charge of brief encounters — theatrical moments of physical and psychological arrangement: what is Robert Gates saying (about himself? to the camera? to us?) with that parade-ground stance of his? Is Rahm Emanuel's unflinching, impatient stare aimed at Kander — or at Capitol Hill?
Kander's portraits also, perhaps, cannot help speaking as a whole: whom, or what, do "Obama's People" add up to? Photography's own history invites this kind of thinking. It was August Sander, the German master, who, in the decades before the Second World War, set out with a certain Teutonic orderliness to take hundreds of stark portraits of Germans from all walks of life, assembling them according to types (skilled tradesmen, professionals, artists and so on) like so many zoological specimens. Avedon fell under Sander's sway in the 1970s, and his decision to title his Rolling Stone portfolio "The Family" was meant to impart his understanding that the specimens he had documented — elected officials and political candidates, left and right; cabinet officials; Washington fixers; labor leaders; newspaper executives; generals; and on — amounted to a genus: a photographic analog to C. Wright Mills's "Power Elite." America's leaders, Avedon's pictures evince, were for the most part grave, glamourless, white men of a certain age who wore dark suits and, if not all instantly recognizable to us, would (like members of any extended family) be on familiar-enough terms with one another.
This sort of Big Think about power and politics, provocative as it could be, seems to have gone out with the 20th century. It never really said as much as it thought it did. (Whatever else Avedon's portfolio revealed, it failed to limn that America was on the cusp of a conservative revolution that would transfigure politics for a generation.) It is true that more women and more blacks, more Hispanic-Americans and Asian-Americans, found their way before Kander's camera than before Avedon's. But this says less about Obama and his being the first minority president or a liberal president than it does, simply, about the passage of time — about the impact on society as a whole of the civil rights movement and feminism and the country's recent waves of immigration. George W. Bush's people were more diverse than Jimmy Carter's and no less so than Bill Clinton's. And of course, in 10 or 20 or 50 years, Kander's portraits might not say "diversity" at all to a viewer; informed by events we cannot foresee, the pictures will come to be freighted with as-yet-unknowable meanings and to trigger undivinable emotions, though, being photographs, they undoubtedly will become poignant: all such portraits grow increasingly elegiac, making their way toward their ultimate fate, in a desk drawer or attic pile, as memento mori.


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There may be some lingering April snow, but summer is right around the corner for the students in your family. In New England, we are lucky to have so many options for our kids to enjoy when school is out, where they can have fun, and also pursue their passions. Today's summer camps have definitely been reimagined and reinvented. From camps in the wonderful wilds of Maine and New Hampshire, to STEM programs, arts, cooking, dance, high tech, engineering, and more, there is so much available on nearby school campuses. Start exploring some of these options today.
For the child who loves the outdoors and sports to the kid who loves the lab and wants to build a brave new world, there is a summer experience that will excite, enliven, and elevate your child's summer into more fun than he or she could have ever imagined possible!


The Woody Tall Chest of Drawers has smart wooden legs with the distinctive, oversized Woody drawer knobs, & is made in Italy by Battistella as part of their new Nidi children's bedroom furniture collection.
Seen here with a roomy 6 drawers (soft-close optional), this versatile chest of drawers is available in 3 different widths. Both the knobs & chest can be selected in a variety of different colours, from neutrals to brights. To see the colours & finishes online, please click here.
Other chest of drawer sizes are available with both two & four drawers - please contact us to discuss these in more detail.
The Woody tall chest of drawers has a matching bed, desk/table, wardrobe & bedside cabinet & the full Nidi range also includes some fabulous stools, rugs, storage boxes and much more. To see everything from Battistella please click here, or to see all of our children's bedroom furniture click here.


Writing | I'm afraid we're going to have to put you under for this.
I'm afraid we're going to have to put you under for this.
The market is good; the market is wise.
For the next two weeks, I'll be detoxing from Facebook. It's gonna get ugly.
Whether you're a newcomer to a writing group or a charter member, these pointers will help you deliver feedback people can hear.


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Proiect realizat cu sprijinul Centrului Cultural Judetețean Arad.