Acme United Corp. (ACU) Reports Fourth Quarter Sales Increase of 7% and Earnings Increase of 22%

Feb. 26, 2010 (Business Wire) — Acme United Corporation (NYSE AMEX:ACU) today announced that net sales for the quarter ended December 31, 2009, were $13.4 million compared to $12.6 million in the same period in 2008, an increase of 7% (4% in local currency). Net sales for the year ended December 31, 2009 were $59.1 million, compared to $68.7 million in the same period in 2008, a decrease of 14% (17% in local currency).

Net income for the fourth quarter ended December 31, 2009 was $731,000, or $.22 per diluted share, compared to $634,000, or $.18 per diluted share, for the comparable period last year, an increase of 22%. Net income for the year ended December 31, 2009 was $2,842,000, or $.85 per diluted share, compared to $4,467,000, or $1.24 per diluted share, in the comparable period last year.

Net sales for the year ended December 31, 2009, in the U.S. segment decreased 16% compared to 2008. Net sales in Canada for the year ended December 31, 2009 decreased 13% in U.S. dollars compared to 2008, and 6% in local currency. The decline in net sales for the twelve months ended December 31, 2009 in the U.S. and Canadian segment was principally due to the economic downturn. European net sales for the year ended December 31, 2009 increased 3% in U.S. dollars and 8% in local currency compared to 2008.

Gross margins were 39% for the fourth quarter ended December 31, 2009 and 2008, respectively. Gross margins were 37% for 2009 compared to 40% in 2008. The gross margin decline for the year was primarily due to fixed costs spread over lower sales, the weaker Canadian dollar which raised the cost of products in our Canadian segment, and product mix.

Operating income in the fourth quarter ended December 31, 2009 was $293,000, compared to $795,000 in the fourth quarter of 2008. Operating income in the fourth quarter of 2009 included a $210,000 write-off of medical products donated for relief efforts. The fourth quarter of 2008 included a benefit of $400,000 from the reversal of incentive compensation liabilities. Excluding these items, operating income was $503,000 in the fourth quarter of 2009 compared to $395,000 in 2008.

Pretax income in the fourth quarter ended December 31, 2009 was $266,000 compared to $875,000 in the fourth quarter of 2008. Included in pretax income in the fourth quarter of 2008 was $265,000 in other income related to the Company’s gain on the sale of its former facility in Bridgeport, CT, which had ceased manufacturing in 1996. Excluding the $210,000 charge associated with the donation of medical products and the exceptional items in the fourth quarter of 2008, pretax income was $476,000 in the fourth quarter of 2009 compared to $210,000 in same period in 2008.

In the fourth quarter of 2009, the Company recorded an income tax benefit of approximately $464,000, which was primarily due to $500,000 of tax savings related to the Company’s donation of medical products to AmeriCares and the donation of land to the City of Bridgeport, CT. This donation, which occurred in December 2009, consisted of waterfront property adjacent to the property the Company sold in December 2008.

The full year effective tax rate in 2009 was 18%, compared to 33% in 2008. The decrease in the effective tax rate in 2009 was primarily the result of the $500,000 of tax savings resulting from the donations. Without these credits, the effective tax rate would have been approximately 32% for 2009.

Walter C. Johnsen, Chairman and CEO said, “We completed 2009 with momentum. Our award-winning iPoint pencil sharpeners are gaining wide distribution, the Speed Pak utility knives are building sales, and the Camillus knife sales are growing. Our new proprietary non-stick coatings are broadening our product applications for cutting in the craft, office, industrial, hardware and other markets.”

Mr. Johnsen added that he was pleased with the Company’s substantial reduction in debt during the year, and its new bank facility obtained in January 2010. He emphasized that Acme United enters 2010 with a stronger balance sheet than a year ago, and is well positioned for growth.

The Company’s bank debt less cash on December 31, 2009 was $2.7 million compared to $6.5 million on December 31, 2008. During fiscal year 2009, the Company repurchased 206,000 shares of its common stock for approximately $1.7 million and paid $700,000 in dividends on its common stock; the expenditures were offset by cash flow from operations of $6.6 million.

ACME UNITED CORPORATION is an innovative supplier of cutting devices, measuring instruments and safety products for school, home, office, industrial and hardware use. Its leading brands include Westcott®, Clauss®, Camillus® and PhysiciansCare ®.

Forward-looking statements in this report, including without limitation, statements related to the Company’s plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties including, without limitation, the following: (i) the Company’s plans, strategies, objectives, expectations and intentions are subject to change at any time at the discretion of the Company; (ii) the impact of current uncertainties in global economic conditions and the ongoing financial crisis affecting the domestic and foreign banking system and financial markets, including the impact on the Company’s suppliers and customers (iii) the Company’s plans and results of operations will be affected by the Company’s ability to manage its growth, and (iv) other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission.

DTS (DTSI) Partners with Samsung to Deliver Superior Audio to Digital Televisions Worldwide

Feb. 26, 2010 (Business Wire) — DTS, Inc. (Nasdaq:DTSI) today announced significant news in the Digital TV space by entering into a partnership with Samsung Electronics Co., Ltd to integrate DTS audio decoding (or DTS Digital Surround) technology into virtually all Samsung digital televisions worldwide. This global partnership teams the global market leader in televisions with the leading audio technology provider for HD entertainment. Most importantly, it will further enhance the consumer entertainment experience by matching DTS best-in-class audio technology with Samsung’s industry-leading HDTV products.

“DTS is thrilled to partner with an industry leader such as Samsung as we continue our efforts to bring the finest audio experience possible to consumers,” said Brian Towne, Executive Vice President and General Manager, DTS, Inc. “Further, we remain focused on the future as we continue our expansion into new segments of home and portable entertainment.”

The integration of DTS technology in Samsung digital televisions is the latest milestone in the growth of DTS, a company that is quickly becoming a household name in the home entertainment arena. Recognition of DTS’ expansion is evident by the growing popularity of its DTS-HD Master Audio technology in the Blu-ray disc format and its emergence into the PC space with DTS Premium Suite, a new and compelling, high performance technology offering.

About DTS

DTS, Inc. (NASDAQ: DTSI) is a digital technology company dedicated to delivering the ultimate entertainment experience. DTS branded decoders are in virtually every major brand of multi-channel surround sound processors, and there are hundreds of millions of DTS-licensed consumer electronics products available worldwide. A pioneer in multi-channel audio, DTS technology is in home theatre, car audio, PC and game console products, as well as DVD-Video, Blu-ray Disc and surround music software. Founded in 1993, DTS’ corporate headquarters are located in Calabasas, California with its licensing operations headquartered in Limerick, Ireland. DTS also has offices in Northern California, Washington, Canada, China, France, Hong Kong, Japan, South Korea, Taiwan and the United Kingdom. For further information, please visit www.dts.com. DTS and the DTS Symbol are registered trademarks of DTS, Inc. DTS Neural Surround is a trademark of DTS, Inc. All other trademarks are the properties of their respective owners.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks, uncertainties, assumptions and other factors which, if they do not materialize or prove correct, could cause DTS’ results to differ materially from historical results or those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words “planned,” “expects,” “believes,” “strategy,” “opportunity,” “anticipates” and similar words. These statements may include, among others, plans, strategies and objectives of management for future operations; any statements regarding proposed new products, services or developments; any statements regarding future economic conditions or financial or operating performance; statements of belief and any statements of assumptions underlying any of the foregoing. The potential risks and uncertainties that could cause actual growth and results to differ materially include, but are not limited to, the transition to the next generation optical drives and consumer adoption of such technology, the rapidly changing and competitive nature of the digital audio, consumer electronics and entertainment markets, the Company’s inclusion in or exclusion from governmental and industry standards, continued customer acceptance of the Company’s technology, products, services and pricing, risks related to ownership and enforcement of intellectual property, the continued release and availability of entertainment content containing DTS audio soundtracks, success of the Company’s research and development efforts, risks related to integrating acquisitions, greater than expected costs, the departure of key employees, the current financial crisis and global economic downturn, a loss of one or more of the Company’s key customers or licensees, changes in domestic and international market and political conditions, and other risks and uncertainties more fully described in DTS’ public filings with the Securities and Exchange Commission, available at www.sec.gov. DTS does not intend to update any forward-looking statement contained in this press release to reflect events or circumstances arising after the date hereof.

Orckit-Corrigent (ORCT) Strengthens its Presence in India

Feb. 25, 2010 (Business Wire) — Orckit Communications Ltd. (NASDAQ:ORCT), the leading Carrier Ethernet + Transport (CE+T) networking vendor, today announced that Mr. VK Aggarwal has joined the company as Managing Director India. Bringing more than 35 years of sales, business development, marketing and R&D expertise in the telecommunication market, Mr. Aggarwal will be leading the Indian headquarter, based in Gurgaon.

“VK Aggarwal joins Orckit-Corrigent from one of the world’s largest telecommunication vendors, Nokia Siemens Networks, where he served as Account Director for public operators and defense. Prior to this, he served as Executive Vice President, Siemens Communications for public & private operators and defense. His decision to join Orckit-Corrigent is evidence to our success and potential as a company,” said Mr. Oren Tepper, Vice President, corporate sales. “We recently announced the selection of our solutions by a Tier-1 service provider in India, and with the newly extended team we are looking forward to taking an active role in building the next generation transport for India’s networking infrastructure.”

The telecommunication market in India continues to present exceptional growth. For example, analyst firm OVUM has predicted 135 million new mobile connections in India in 2010. Cost optimized solutions are mandatory for building networks on a very large scale, and Orckit-Corrigent was able to introduce a Carrier Ethernet platform that is both scalable and cost efficient.

“Orckit-Corrigent has an excellent track record with innovative technologies. I look forward to joining the company’s talented team and fulfilling our potential in this growing market,” said Mr. VK Aggarwal, Managing Director, India at Orckit-Corrigent. “The company has already gained a significant footprint by building the next generation triple play network that is based on GPON technologies, and upcoming phases of the deployment will rely on Carrier Ethernet + Transport solutions.”

Orckit-Corrigent has also brought on additional employees to its headquarters in Gurgaon, India, to better serve the existing customers and develop new business opportunities.

About Orckit Communications Ltd.

Orckit facilitates telecommunication providers’ delivery of high capacity broadband residential, business and mobile services over wireline or wireless networks with its Orckit-Corrigent family of products. With 20 years of field experience with Tier-1 customers located around the world and sound leadership, Orckit has a firm foothold in the ever-developing world of telecommunication.

Orckit-Corrigent’s product lines include Carrier Ethernet + Transport (CE+T) switches – an MPLS based portfolio enabling advanced packet as well as legacy services over packet networks with a wide set of transport features, and Personalized Video Distribution systems – an advanced video distribution portfolio, optimized for IPTV, enabling multiple HD streams per home. Orckit-Corrigent markets its products directly and indirectly through strategic alliances as well as distribution and reseller partners worldwide.

Orckit was founded in 1990 and went public 1996. Orckit is dually listed on NasdaqGM (ORCT) and the Tel Aviv Stock Exchange and is headquartered in Tel-Aviv, Israel.

Certain matters discussed in this news release are forward-looking statements that involve a number of risks and uncertainties including, but not limited to, the Company’s history of losses, dependence on a limited number of customers, risks in product development plans and schedules, rapid technological change, changes and delays in product approval and introduction, customer acceptance of new products, the impact of competitive products and pricing, market acceptance, the lengthy sales cycle, exchange rate fluctuations, fluctuation in order size, proprietary rights of the Company and its competitors, need for additional financing, the ability to repay the convertible notes, risk of operations in Israel, government regulation, dependence on third parties to manufacture products, the effect of current global economic conditions, as well as turmoil in the financial and credit markets, and other risk factors detailed in the Company’s United States Securities and Exchange Commission filings. Actual results may materially differ. Orckit assumes no obligation to update the information in this release.

Deckers Outdoor Corp. (DECK) Reports Record Fourth Quarter and Fiscal 2009 Financial Results

Feb. 25, 2010 (Business Wire) — Deckers Outdoor Corporation (NASDAQGS: DECK) today announced record financial results for both the fourth quarter and fiscal year ended December 31, 2009.

Fourth Quarter Highlights

• Net sales increased 14.7% to $348.0 million versus $303.5 million for the same period last year
• Diluted EPS increased 28.9% to $5.22 versus non-GAAP diluted EPS of $4.05 a year ago, which excluded a pre-tax non-cash impairment of $20.9 million on intangible assets, or $0.98 per diluted share
• Gross margin increased 450 basis points to a record 49.8% compared to 45.3% for the same period last year
• UGG® brand sales increased 15.7% to $333.3 million compared to $288.0 million for the same period last year
• International sales increased 96.0% to $39.3 million compared to $20.1 million for the same period last year
• Retail sales increased 88.7% to $46.6 million versus $24.7 million for the same period last year
• eCommerce sales increased 27.0% to $45.9 million compared to $36. 1 million for the same period last year

Fiscal 2009 Highlights

• Net sales increased 17.9% to $813.2 million versus $689.4 million last year
• Diluted EPS was $8.89 on a GAAP basis, or $8.94 excluding a pre-tax non-cash impairment of $1.0 million on intangible assets in the second quarter of 2009. The non-GAAP diluted EPS of $8.94 represents an increase of 23.0% versus non-GAAP diluted EPS of $7.27 a year ago, which excluded a pre-tax non-cash impairment of $35.8 million on intangible assets, or $1.67 per diluted share
• UGG® brand sales increased 22.3% to $711.8 million compared to $582.0 million last year
• Domestic sales increased 11.1% to $646.0 million compared to $581.5 million last year
• International sales increased 54.9% to $167.2 million compared to $107.9 million last year
• Retail sales increased 105.3% to $79.0 million versus $38.5 million last year
• Cash and cash equivalents and short-term investments increased 75.6% to $342.0 million versus $194.8 million a year ago

Angel Martinez, President, Chief Executive Officer and Chairman of the Board of Directors, stated: “We are extremely pleased with our fourth quarter results and strong finish for the year. During the holiday season, we experienced robust demand for the entire UGG brand product line, with the performance of several new styles far exceeding expectations. Sell-through was particularly strong at our company-owned retail stores and on our eCommerce websites, which helped us increase earnings substantially during the fourth quarter. Our ability to successfully develop new and compelling footwear, penetrate additional categories, profitably grow our consumer direct division, and expand internationally is driving our current performance, while at the same time creating new growth opportunities for the future. 2009 was not without its challenges. The difficult retail environment negatively impacted our other brands as the majority of our accounts carried much less inventory and bought closer to season compared to prior years. That said, the Teva brand experienced better sell-through on the strength of new product introductions and was able to gain market share in a challenging year. In addition, improved inventory management led to lower closeout sales and increased margins. The Simple brand also performed well at retail, especially with major accounts like Nordstrom and Journeys. We are excited about several new product introductions for 2010 and believe a renewed emphasis on balancing style and sustainability will broaden our consumer base and enhance the brand’s market position.”

International Direct Distribution

On January 1, 2010, the Company commenced selling directly to wholesale customers for the Teva brand in the Benelux region and France. The Company also has announced that, in January 2011, following the expiration of existing distribution agreements, the Company will assume control of distributing the UGG, Teva and Simple brands in the United Kingdom and the UGG and Simple brands in the Benelux region and France. As part of the transition, the Company plans to incur incremental expenses in 2010 and will experience a shift in sales from 2010 to 2011. The net impact of this transition in 2010 on pre-tax earnings is estimated to be approximately $8.0 million, of which approximately 65% is a one-time impact. Most of the incremental sales and gross margin benefits resulting from this additional spend will not be realized until 2011. By selling directly to the retailers in the United Kingdom, Benelux and France, the Company expects to capture the additional sales and gross margin previously provided to its distributors.

Mr. Martinez commented, “The international markets represent a significant growth opportunity, and we are excited about the incremental sales and earnings potential by selling directly to our wholesale customers. Starting in 2011, we believe that the incremental sales and gross margin benefits from selling directly to our wholesale customers will more than offset the infrastructure investments in 2010 and drive higher earnings in the future. Furthermore, with control over sales and marketing, we look forward to building on the current momentum and expanding market share for each of the brands in their respective categories.”

Division Summary

UGG® Brand

UGG brand net sales for the fourth quarter increased 15.7% to a record $333.3 million compared to $288.0 million for the same period last year. The sales gain was primarily attributable to an increase in full price selling at company-owned retail stores and on the Company’s eCommerce websites coupled with higher shipments to international distributors versus the same period a year ago. For the full year, UGG brand sales increased 22.3% to a record $711.8 million versus $582.0 million in 2008.

Teva® Brand

Teva brand net sales decreased 14.8% to $10.5 million for the fourth quarter compared to $12.4 million for the same period last year. The decline in sales was primarily the result of lower closeout sales compared with the same period last year. For the full year, Teva brand sales decreased 10.2% to $77.7 million compared to $86.5 million in 2008.

Simple® Brand

Simple brand net sales for the fourth quarter increased 17.9% to $2.7 million compared to $2.3 million for the same period last year, primarily due to an increase in weighted-average selling prices. For the full year, Simple brand sales decreased 17.7% to $14.1 million versus $17.2 million in 2008.

Other Brands

Combined net sales of the Company’s other brands were $1.5 million and $9.6 million for the fourth quarter and full year, respectively.

eCommerce

Sales for the eCommerce business, which are included in the brand sales numbers above, increased 27.0% to $45.9 million for the fourth quarter compared to $36.1 million for the same period a year ago. The increase in sales resulted from higher demand for the fall line of the UGG brand, increased spend in advertising, and a favorable inventory position compared to the same period last year. For the full year, sales for the eCommerce business increased 10.0% to $75.7 million versus $68.8 million in 2008.

Retail Stores

Sales for the retail store business, which are included in the brand sales numbers above, increased 88.7% to $46.6 million for the fourth quarter compared to $24.7 million for the same period a year ago, driven by 5 new stores and a same store sales increase of 29.7%. For the full year, sales for the retail store business increased 105.3% to $79.0 million versus $38.5 million in 2008. For those stores that were open during the full year of 2008 and 2009, same store sales grew by 27.6%.

Balance Sheet

At December 31, 2009, cash and cash equivalents and short-term investments increased 75.6% to $342.0 million compared to $194.8 million at December 31, 2008. Inventories at December 31, 2009 decreased 8.0% to $85.4 million from $92.7 million at December 31, 2008.

Full-Year 2010 Outlook

• Based upon current visibility, the Company introduced a full year revenue growth target of approximately 11% over 2009.
• The Company expects full year diluted earnings per share to increase approximately 5% over the non-GAAP diluted EPS of $8.94 in 2009. This guidance assumes a gross profit margin of approximately 47% and SG&A as a percentage of sales of approximately 25%.
• Fiscal 2010 guidance includes estimates of incremental expenses in 2010 associated with the transition to wholesale sales for the Teva brand in the Benelux region and France and estimates of incremental expenses and a shift in sales from 2010 to 2011 associated with the upcoming transitions in January 2011 to wholesale sales in the United Kingdom, Benelux region and France of approximately $8.0 million, or approximately $0.38 per diluted share. Fiscal 2010 guidance also assumes an effective tax rate of approximately 37% compared to 36.2% in 2009 due to the impact on international income from the aforementioned incremental expenses and shift in profit.

First Quarter Outlook

• The Company currently expects first quarter 2010 revenue to increase approximately 7% over 2009, and expects first quarter 2010 diluted earnings per share to be down approximately 6% compared to 2009.
• First quarter guidance includes estimates of $2.0 million for incremental investments associated with the distribution transitions, which results in reducing diluted EPS by approximately $0.10. First quarter guidance also includes improved gross margins compared to 2009 due to a higher retail mix and improved brand margins. In addition, first quarter guidance includes higher levels of fixed overhead for new retail stores, international infrastructure and other general and administrative costs.

The Company’s conference call to review fourth quarter and fiscal 2009 results will be broadcast live over the internet today, Thursday, February 25, 2010 at 4:30 pm Eastern Time. The broadcast will be hosted at www.deckers.com and www.earnings.com.

Deckers Outdoor Corporation strives to be a premier lifestyle marketer that builds niche brands into global market leaders by designing and marketing innovative, functional and fashion-oriented footwear developed for both high performance outdoor activities and everyday casual lifestyle use. Teva®, Simple® Shoes, UGG® Australia, TSUBO®, and Ahnu® are registered trademarks of Deckers Outdoor Corporation.

This news release contains statements regarding our expectations, beliefs and views about our future financial performance which are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” or by the fact that such statements relate to future, and not just historical, events or circumstances, including statements related to anticipated revenues, expenses, earnings, operating cash flows, the outlook for the Company’s markets and the demand for its products. The forward-looking statements in this news release regarding our future financial performance are based on currently available information as of the date of this release, and because our business is subject to a number of risks and uncertainties, some of which may be beyond our control, actual operating results in the future may differ materially from the future financial performance expected at the current time. Those risks and uncertainties include, among others: the continued decline of the global economy; our ability to anticipate fashion trends; consumer demand or inventory needs; whether the UGG brand will continue to grow at the same rate it has experienced in the past; impairment charges related to our brands’ intangible assets if our product sales or operating performance decline to a point that the fair value of our brands’ intangible assets do not exceed their carrying values; shortages or price fluctuations of raw materials that could interrupt product manufacturing and increase product costs; increased costs of manufacturing in China and actions by the Chinese government; currency fluctuations; our ability to implement our growth strategy; the success of our customers, their ability to perform and obtain credit in an adverse economic environment and the risk of losing one or more of our key customers; our ability to develop and protect our brands and intellectual property; the risk that counterfeiting can harm our sales or our brand image; our dependence on independent manufacturers to supply our products; the risk that retailers could postpone or cancel existing orders; unpredictable events and circumstances and currency risks related to our international operations; a downturn in key market economies; volatile credit markets; liquidity and market risks for our cash equivalents and short-term investments; the risk of losing key personnel; a delay or interruption in the delivery of merchandise to our customers; and the sensitivity of our sales to seasonal and weather conditions. Certain of these risks and uncertainties, as well as others, are more fully described under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008, which the Company filed with the Securities and Exchange Commission on March 2, 2009, and under “Risk Factors” in any subsequent filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements contained in this news release, which speak only as of the date of this release. The Company undertakes no obligation to publicly release or update the results of any revisions to forward-looking statements, which may be made to reflect new information, events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The risks and uncertainties highlighted herein should not be assumed to be the only items that could affect the future performance or valuation of the Company.

(Tables to follow)

Republic Airways (RJET) Announces Order for up to 80 Bombardier CSeries Aircraft

Feb. 25, 2010 (Business Wire) — Republic Airways Holdings Inc. (NASDAQ: RJET) announced today it has signed a purchase agreement for 40 CS300 jets, part of the next-generation CSeries aircraft being developed by Bombardier. Republic also has options for up to an additional 40 aircraft. The aircraft, which will be configured in a single-cabin, with two-by-three seating for 138 passengers, including 25 STRETCH seats, is scheduled for delivery beginning in the second quarter of 2015.

The aircraft are powered by Pratt & Whitney PW1000G engines. Republic has signed an exclusive 15-year PureSolution maintenance contract with Pratt & Whitney for the support of the engines.

“Republic is pleased to be the North American launch customer for the CSeries aircraft,” said Bryan Bedford, chairman, president and CEO of Republic Airways. “This aircraft will bring next-generation advantages to all phases of its mission, including passenger comfort, dependability, efficiency and economics.”

“The CS300 will help us dramatically reduce our fuel consumption and impact on the environment. Our customers will also appreciate the generous amount of personal space with wider aisles, increased shoulder room, improved storage bins and extra-large windows,” Bedford added.

“The CSeries aircraft program is a significant part of Bombardier’s future, and we’re delighted that Republic Airways will be part of it,” said Gary R. Scott, President, Bombardier Commercial Aircraft. “This major CSeries order from our first North American customer reflects the confidence Republic Airways has in Bombardier’s ability to deliver a game-changing aircraft and to service the airline’s requirements.”

Republic Airways Holdings, based in Indianapolis, Indiana is an airline holding company that owns Chautauqua Airlines, Frontier Airlines, Lynx Aviation, Midwest Airlines, Republic Airlines and Shuttle America, collectively “the airlines.” The airlines offer scheduled passenger service on approximately 1,600 flights daily to 118 cities in 44 states, Canada, Costa Rica, and Mexico under branded operations at Frontier, Midwest, and through fixed-fee airline services agreements with five major U.S. airlines. The fixed-fee flights are operated under an airline partner brand, such as AmericanConnection, Continental Express, Delta Connection, United Express, and US Airways Express. The airlines currently employ approximately 11,000 aviation professionals and operate 283 aircraft.

Additional Information

In addition to historical information, this release contains forward-looking statements. Republic Airways Holdings Inc. (the “Company”) may, from time-to-time, make written or oral forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements encompass Republic Airways’ beliefs, expectations, hopes or intentions regarding future events. Words such as “expects,” “intends,” “believes,” “anticipates,” “may,” “will,” “should,” “plan,” “estimate,” “predict,” “potential,” “continue,” or “likely” and similar expressions as well as the negative of such expressions are used to identify forward-looking statements. All forward-looking statements included in this release are made as of the date hereof and are based on information available to Republic Airways as of such date. Republic Airways assumes no obligation to update any forward-looking statement. Actual results may vary, and could differ materially, from those anticipated, estimated, projected or expected in these forward-looking statements for a number of many reasons, including, among others, the risk factors disclosed in the Company’s most recent filing with the Securities and Exchange Commission.

CDC Software (CDCS) Provides Guidance of Full Year 2010 Revenue and Non-GAAP EPS

Feb. 25, 2010 (Business Wire) — CDC Software Corporation (NASDAQ: CDCS), a global provider of enterprise software applications and services, today announced that, based on preliminary financial projections and estimates, the company expects 2010 non-GAAP earnings per share^(a) to be in the range of $1.50 to 1.55, an increase of 15-18 percent from $1.31 reported for 2009; and revenue for 2010 to be in the range of $220 million to $228 million an increase of 8-12 percent from $203.9 million reported in 2009.

“We are pleased that, according to our preliminary estimates, we forecast double digit improvement in our non-GAAP earnings per share,” said Peter Yip, CEO of CDC Software. “We believe we have strong momentum going into 2010 after reporting an excellent fourth quarter. For the fourth quarter of 2009, Adjusted EBITDA^(a) nearly doubled to $14.8 million, from $7.8 million in the fourth quarter of 2008 and non-GAAP earnings per share nearly quadrupled to $0.40 compared to $0.11 in the fourth quarter of 2008. We also reported record operating cash flow of $53 million for the full year 2009.

“Even if the slow economic recovery continues throughout 2010, we are cautiously optimistic that we are well positioned, with improved operating metrics and net cash on hand, for organic growth through cross-sell opportunities and expansion in emerging markets such as China and India.”

About CDC Software

CDC Software (NASDAQ: CDCS), The Customer-Driven Company™, is a provider of enterprise software applications and a full range of services designed to help organizations deliver a superior customer experience, while increasing efficiencies and profitability. Leveraging a service-oriented architecture (SOA), CDC Software offers multiple delivery options for their solutions including on-premise, hosted, cloud-based Software as a Service (SaaS) or blended-hybrid deployment offerings. CDC Software’s solutions include enterprise requirements planning (ERP), manufacturing operations management, enterprise manufacturing intelligence, supply chain management (demand management, order management and warehouse and transportation management), e-Commerce, human capital management, customer relationship management (CRM), complaint management and aged care solutions.

CDC Software’s recent acquisitions are part of its “acquire, integrate, innovate and grow” strategy. Fueling the success of this strategy is the company’s global scalable business and technology infrastructure featuring multiple complementary applications and services, domain expertise in vertical markets, cost effective product engineering centers in India and China, a highly collaborative and fast product development process utilizing Agile methodologies, and a worldwide network of direct sales and channel operations. This strategy has helped CDC Software deliver innovative and industry-specific solutions to more than 6,000 customers worldwide within the manufacturing, distribution, transportation, retail, government, real estate, financial services, health care, and not-for-profit industries. For more information, please visit www.cdcsoftware.com.

About CDC Corporation

The CDC family of companies includes CDC Software (NASDAQ: CDCS) focused on enterprise software applications and services, CDC Global Services focused on IT consulting services, and outsourced R&D and application development, CDC Games focused on online games, and China.com, Inc. (HKGEM:8006) focused on portals for the greater China markets. For more information about CDC Corporation (NASDAQ: CHINA), please visit www.cdccorporation.net.

(a) Adjusted Financial Measures

This press release includes Adjusted EBITDA and non-GAAP earnings per share, which are not prepared in accordance with GAAP (“Non-GAAP Financial Measures”). Non-GAAP Financial Measures are not alternatives for measures such as net income, earnings per share and cash and cash equivalents prepared under generally accepted accounting principles in the United States (“GAAP”). These Non-GAAP Financial measures may also be different from non-GAAP measures used by other companies. Non-GAAP Financial Measures should not be used as a substitute for, or considered superior to, measures of financial performance prepared in accordance with GAAP.

Investors should be aware that these Non-GAAP Financial Measures have inherent limitations, including their variance from certain of the financial measurement principals underlying GAAP, should not be considered as a replacement for GAAP performance measures, and should be read in conjunction with our consolidated financial statements prepared in accordance with GAAP. These supplemental Non-GAAP Financial Measures should not be construed as an inference that the Company’s future results will be unaffected by similar adjustments to net earnings determined in accordance with GAAP.

* Special Note Regarding CDC Software Financial Projections and Guidance

The financial estimates and guidance contained herein apply only to CDC Software Corporation, a subsidiary of CDC Corporation. These estimates and guidance amounts do not apply to, and are not indicative of, the expected consolidated financial performance of CDC Corporation, or the expected financial performance of CDC Games Corporation, China.com, Inc. or any of their respective subsidiaries. Investors are cautioned not to place reliance on the financial estimates and guidance set forth herein for purposes of any investment decision with respect to the shares of CDC Corporation, and should read the foregoing in conjunction with the reports and other materials filed with the United States Securities and Exchange Commission by CDC Corporation and CDC Software Corporation, from time to time.

Cautionary Note Regarding Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding our expectations for 2010 GAAP net income and non-GAAP earnings per share, our beliefs regarding momentum in our corporate performance, our beliefs regarding our sales pipeline and cross-selling opportunities, and other statements that are not historical fact, the achievement of which involve risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions proves incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make. These statements are based on management’s current expectations and are subject to risks and uncertainties and changes in circumstances. There are important factors that could cause actual results to differ materially from those anticipated in the forward looking statements, including the following: (a) the ability to realize strategic objectives by taking advantage of market opportunities in targeted geographic markets; (b) the ability to make changes in business strategy, development plans and product offerings to respond to the needs of current, new and potential customers, suppliers and strategic partners; (c) the effects of restructurings and rationalization of operations; (d) the ability to address technological changes and developments including the development and enhancement of products; (e) the entry of new competitors and their technological advances; (f) the need to develop, integrate and deploy enterprise software applications to meet customer’s requirements; (g) the possibility of development or deployment difficulties or delays; (h) the dependence on customer satisfaction with the company’s software products and services; (i) continued commitment to the deployment of the enterprise software solutions; (j) risks involved in developing software solutions and integrating them with third-party software and services; (k) the continued ability of the company’s enterprise software solutions to address client-specific requirements; (l) demand for and market acceptance of new and existing enterprise software and services and the positioning of the company’s solutions; (m) the ability of staff to operate the enterprise software and extract and utilize information from the company’s enterprise software solutions; (n) the continued cooperation of our strategic and business partners; (o) risks relating to economic conditions and other matters beyond our control; and (p) the risk that the preliminary financial results provided herein could differ from our actual results. Further information on risks or other factors that could cause results to differ is detailed in our filings or submissions with the United States Securities and Exchange Commission, and those of our ultimate parent company, CDC Corporation, located at www.sec.gov. All forward-looking statements included in this press release are based upon information available to management as of the date of the press release, and you are cautioned not to place undue reliance on any forward looking statements which speak only as of the date of this press release. The company assumes no obligation to update or alter the forward looking statements whether as a result of new information, future events or otherwise. Historical results are not indicative of future performance.

TowerJazz (TSEM) Announces Fourth Quarter Financial Results; Surpassing $100 million Revenue

Feb. 24, 2010 (Business Wire) — TowerJazz, the global specialty foundry leader, today announced financial results for the fourth quarter and fiscal year ended December 31, 2009.

Highlights

• Record revenue of $100.6 million in Q4 2009, growing 30 percent over last year and 26 percent sequentially
• Guiding for continued sequential growth into Q1 2010, expecting $110-115 million in revenues, 94 percent growth as compared to Q1 2009
• Gross profit of $38.7 million in Q4 2009 with margins of 39 percent on a non-GAAP basis, as compared to $15.6 million and 20 percent in Q4 2008.
• Operating profit of $23.3 million in Q4 2009 with margins of 23 percent on a non-GAAP basis, as compared to $1.7 million and 2 percent in Q4 2008.
• Full year revenues at $298.8 million, up 19 percent over last year, significantly higher than the industry.
• Strong year-end cash-balance of $81.8 million, as compared to $34.9 million as of December 2008

2009 fourth quarter and full year results summary

Fourth quarter 2009 revenue was $100.6 million, representing a 26 percent increase over third quarter 2009 revenue of $79.6 million and 30 percent over fourth quarter 2008 revenue of $77.5 million. Full year 2009 revenues were $298.8 million, 19 percent higher than $251.7 million recorded in 2008.

On a non-GAAP basis, as described and reconciled below, the gross profit for the fourth quarter 2009 was $38.7 million, a sequential growth 50 percent, and representing 39 percent margins. Comparing to the fourth quarter of 2008, non-GAAP gross margin increased from 20 to 39 percent. Non-GAAP operating profit in the fourth quarter 2009 was $23.3 million, substantially higher than $1.7 million and $13.0 million achieved in the fourth quarter of 2008 and third quarter 2009, respectively.

Calculated in accordance with GAAP, TowerJazz achieved in the fourth quarter 2009 gross profit for the first time since 2000 of $6.6 million, as compared to gross loss of $5.3 million and gross loss of $10.8 million in the third quarter 2009 and fourth quarter 2008, respectively. Net loss for the fourth quarter 2009 was $31.4 million as compared to $30.2 million for the previous quarter, or $0.16 and $0.18 per share, respectively, including for the fourth quarter of 2009 GAAP financing expenses of $18.7 million, resulting mainly from non-cash GAAP financing expenses due to the significant increase in market and fair value of the Company’s tradable securities.

EBITDA for the fourth quarter of 2009 was $23 million, an all time record, and up substantially from $2 million reported in the fourth quarter of 2008 and $15 million in third quarter 2009.

Company’s cash balance, as of December 31, 2009 was $81.8 million, as compared to $34.9 million as of December 2008 and $51.7 million as of September 2009.

“2009 demonstrated an inflection year for the Company, in realizing our strategy of becoming the worldwide specialty foundry leader. All of our business units achieved substantial tactical and strategic customer wins. Breaking the significant milestone of $100 million in quarterly revenue with record EBITDA and record annual design wins while expecting continued 2010 growth, despite foundry seasonality, is evidence of our continued strong positive trajectory,” commented Russell Ellwanger, Chief Executive Officer. “We have on hand many substantive opportunities targeting beyond a $500 million annual revenue run-rate.”

Amir Elstein, Chairman of the Board, commented, “The activities in 2009 and the company’s performance, culminating in 19 percent year-over-year revenue increase against a double-digit downturn for the industry, is confirmation of the vast capabilities of the TowerJazz management and the entire team, and is indicative of a customer-centric company with well-defined strategy and goals. I remain confident and boldly optimistic with regard to the coming quarters. In addition, these accomplishments are a great tribute to our CEO who was recognized and appreciated by fellow industry experts, as the Israeli Hi-Tech CEO of the year, for the TowerJazz business breakthrough.”

Financial Guidance

TowerJazz forecasts revenue in the first quarter of 2010 to range between $110 and $115 million, representing a sequential revenue growth of 9-14 percent and 89-98 percent year-over-year growth in revenues.

Conference Call and Web Cast Announcement

TowerJazz will host a conference call to discuss fourth quarter 2009 results today, February 24, 2010, at 10:00 a.m. Eastern Time (EST) / 5:00 p.m. Israel time.

To participate, please call: 1-888-407-2553 (U.S. toll-free number) or +972-3-918-0609 (international) and mention ID code: TOWER-JAZZ

Callers in Israel are invited to call locally by dialing 03-918-0609. The conference call will also be Web cast live at www.earnings.com and at www.towerjazz.com and will be available thereafter on both Web sites for replay for a period 90 days, starting a few hours following the call.

As previously announced, beginning with the fourth quarter of 2007, the Company has been presenting its financial statements in accordance with U.S. GAAP.

As applied in this release, the term Earnings Before Interest Tax Depreciation and Amortization (EBITDA) consists of loss, according to U.S. GAAP, excluding interest and financing expenses (net), tax, depreciation and amortization and stock based compensation expenses. EBITDA is not a required GAAP financial measure and may not be comparable to a similarly titled measure employed by other companies. EBITDA should not be considered in isolation or as a substitute for operating income, net income or loss, cash flows provided by operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.

This release, including the financial tables below, presents other financial information that may be considered “non-GAAP financial measures” under Regulation G and related reporting requirements promulgated by the Securities and Exchange Commission as they apply to our company. These non-GAAP financial measures exclude (1) depreciation and amortization and (2) compensation expenses in respect of options granted to directors, officers and employees. Non-GAAP financial measures should be evaluated in conjunction with, and are not a substitute for, GAAP financial measures. The tables also present the GAAP financial measures, which are most comparable to the non-GAAP financial measures as well as reconciliation between the non-GAAP financial measures and the most comparable GAAP financial measures. The non-GAAP financial information presented herein should not be considered in isolation from or as a substitute for operating income, net income or loss, cash flows provided by operating, investing and financing activities, per share data or other income or cash flow statement data prepared in accordance with GAAP and is not necessarily consistent to the non-GAAP data presented in previous filings.

Following the merger with Jazz, the amounts presented in this release, including the financial tables below, include Jazz’s results commencing September 19, 2008. Amounts presented for periods preceding the merger with Jazz reflect Tower’s results only. The balance sheet as of December 31, 2009, September 30, 2009 and December 31, 2008 includes Jazz’s balances as of such dates.

About TowerJazz

Tower Semiconductor Ltd. (NASDAQ: TSEM) (TASE: TSEM), the global specialty foundry leader and its fully owned U.S. subsidiary Jazz Semiconductor, operate collectively under the brand name TowerJazz, manufacturing integrated circuits with geometries ranging from 1.0 to 0.13-micron. TowerJazz provides industry leading design enablement tools to allow complex designs to be achieved quickly and more accurately and offers a broad range of customizable process technologies including SiGe, BiCMOS, Mixed-Signal and RFCMOS, CMOS Image Sensor, Power Management (BCD), and Non-Volatile Memory (NVM) as well as MEMS capabilities. To provide world-class customer service, TowerJazz maintains two manufacturing facilities in Israel and one in the U.S. with additional capacity available in China through manufacturing partnerships. For more information, please visit www.towerjazz.com.

Forward Looking Statements

This press release includes forward-looking statements, which are subject to risks and uncertainties. Actual results may vary from those projected or implied by such forward-looking statements and you should not place any undue reliance on such forward-looking statements. Potential risks and uncertainties include, without limitation, risks and uncertainties associated with: (i) maintaining existing customers and attracting additional customers, (ii) cancellation of orders, (iii) failure to receive orders currently expected (iv) the cyclical nature of the semiconductor industry and the resulting periodic overcapacity, fluctuations in operating results and future average selling price erosion, (v) the large amount of debt and liabilities and having sufficient funds to satisfy our debt obligations and other liabilities on a timely basis, (vi) operating our facilities at high utilization rates which is critical in order to defray the high level of fixed costs associated with operating a foundry and reduce our losses, (vii) our ability to satisfy the covenants stipulated in our agreements with our lenders, banks and bond holders, (viii) our ability to capitalize on potential increases in demand for foundry services, (ix) having customer demand that will exceed our manufacturing capacity, (x) meeting the conditions to receive Israeli government grants and tax benefits approved for Fab2 and obtaining the approval of the Israeli Investment Center for an expansion program, (xi) our ability to accurately forecast financial performance, which is affected by limited order backlog and lengthy sales cycles, (xii) the purchase of equipment to increase capacity, the completion of the equipment installation, technology transfer and raising the funds therefor, (xiii) our dependence on a relatively small number of products for a significant portion of our revenue, (xiv) a substantial portion of our revenues being accounted for by a small number of customers, (xv) the concentration of our business in the semiconductor industry, (xvi) product returns, (xvii) our ability to maintain and develop our technology processes and services to keep pace with new technology, evolving standards, changing customer and end-user requirements, new product introductions and short product life cycles, (xviii) competing effectively, (xix) achieving acceptable device yields, product performance and delivery times, (xx) possible production or yield problems in our wafer fabrication facilities, (xxi) our ability to manufacture products on a timely basis, (xxii) our dependence on intellectual property rights of others, our ability to operate our business without infringing others’ intellectual property rights and our ability to enforce our intellectual property against infringement, (xxiii) pending resolution of patent infringement claim against the Company, (xxiv) retention of key employees and retention and recruitment of skilled qualified personnel, (xxv) exposure to inflation, currency exchange and interest rate fluctuations and risks associated with doing business internationally and in Israel, and (xxvi) business interruption due to fire, the security situation in Israel and other events beyond our control.

A more complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this press release or which may otherwise affect our business is included under the heading “Risk Factors” in Tower’s most recent filings on Forms 20-F, F-3, F-4, S-8 and 6-K, as were filed with the Securities and Exchange Commission (the “SEC”) and the Israel Securities Authority and Jazz’s most recent filings on Forms 10-K and 10-Q, as were filed with the SEC. Future results may differ materially from those previously reported. The Company does not intend to update, and expressly disclaims any obligation to update, the information contained in this release.

FARO Technologies (FARO) Reports Fourth Quarter 2009 Sales of $46 million

Feb. 24, 2010 (PR Newswire) — FARO Reports Fourth Quarter 2009 Sales of $46 million;

                      FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF OPERATIONS

                                Three Months Ended        Twelve Months Ended
                                ------------------        -------------------
     (in thousands, except
     share and per share       Dec 31,     Dec 31,       Dec 31,      Dec 31,
     data)                      2009        2008          2009         2008
    -------------------        --------    --------      --------     -------
    SALES
        Product                $38,422     $48,190       $117,714    $179,209
        Service                  7,604       8,125         29,989      30,040
                               -------     -------       --------    --------
        Total Sales             46,026      56,315        147,703     209,249
                               -------     -------       --------    --------
    COST OF SALES
        Product                 15,646      16,931         46,293      60,736
        Service                  4,897       7,112         20,702      23,287
                                ------      ------         ------      ------
        Total Cost of Sales
         (exclusive of
         depreciation and
         amortization, shown
         separately below)      20,543      24,043         66,995      84,023
                                ------      ------         ------      ------

    GROSS PROFIT                25,483      32,272         80,708     125,226

    OPERATING EXPENSES:
        Selling                 12,164      16,130         48,598      63,015
        General and
         administrative          6,365       6,870         24,956      26,144
        Depreciation and
         amortization            1,440       1,212          5,530       4,505
        Research and
         development             3,047       3,502         12,613      12,625
                                ------      ------         ------      ------
        Total operating
         expenses               23,016      27,714         91,697     106,289
                                ------      ------         ------     -------
    (LOSS) INCOME FROM
     OPERATIONS                  2,467       4,558       (10,989)      18,937
                                ------      ------       --------      ------
    OTHER (INCOME) EXPENSE
        Interest income           (28)       (546)          (253)     (2,170)
        Other (income)
         expense, net            (233)       1,460          (592)       2,295
        Interest expense             5           2             14         452
                                 -----       -----          -----       -----
    (LOSS) INCOME BEFORE
     INCOME TAX EXPENSE          2,723       3,642       (10,158)      18,360

    INCOME TAX EXPENSE           3,343       1,443            424       4,408
                                 -----       -----            ---       -----
    NET (LOSS) INCOME           $(620)      $2,199      $(10,582)     $13,952
                                ------      ------       --------     -------
    NET (LOSS) INCOME PER
     SHARE - BASIC             $(0.04)       $0.13        $(0.66)       $0.84
                               -------       -----         ------       -----

    NET (LOSS) INCOME PER
     SHARE - DILUTED           $(0.04)       $0.13        $(0.66)       $0.83
                               -------       -----         ------       -----

    Weighted  average
     shares - Basic         16,101,412  16,654,910     16,125,449  16,632,608
                            ----------  ----------     ----------  ----------

    Weighted average
     shares - Diluted       16,101,412  16,702,090     16,125,449  16,734,403
                            ----------  ----------     ----------  ----------

                    FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
                          CONSOLIDATED BALANCE SHEETS

                                                December 31,    December 31,
    (in thousands, except share data)              2009            2008
    ---------------------------------           -----------     -----------
    ASSETS
    Current Assets:
      Cash and cash equivalents                      $35,078         $23,494
      Short-term investments                          64,986          81,965
      Accounts receivable, net                        42,944          49,713
      Inventories                                     26,582          33,444
      Deferred income taxes, net                       4,473           5,581
      Prepaid expenses and other current assets        6,016           7,879
                                                     -------         -------
        Total current assets                         180,079         202,076
                                                     -------         -------
    Property and Equipment:
      Machinery and equipment                         19,867          16,748
      Furniture and fixtures                           5,225           4,099
      Leasehold improvements                           9,434           9,893
                                                      ------          ------
          Property and equipment at cost              34,526          30,740
      Less: accumulated depreciation and
       amortization                                 (20,788)        (16,604)
                                                     -------         -------
          Property and equipment, net                 13,738          14,136
                                                     -------         -------
    Goodwill                                          19,934          18,951
    Intangible assets, net                             7,985           8,580
    Service inventory                                 12,079          12,843
    Deferred income taxes, net                         1,895           2,728
                                                    --------        --------
    Total Assets                                    $235,710        $259,314
                                                    --------        --------
    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current Liabilities:
      Accounts payable                                $8,985         $10,813
      Accrued liabilities                              8,173          14,032
      Income taxes payable                               229           1,988
      Current portion of unearned service
       revenues                                       12,226          11,501
      Customer deposits                                2,173             425
      Current portion of obligations under
       capital leases                                     80              87
                                                      ------          ------
          Total current liabilities                   31,866          38,846
    Unearned service revenues - less current
     portion                                           5,910           6,772
    Deferred tax liability, net                        1,143           1,107
    Obligations under capital leases - less
     current portion                                     193             281
                                                      ------          ------
    Total Liabilities                                 39,112          47,006
                                                      ------          ------
    Commitments and contingencies

    Shareholders' Equity:
      Common stock - par value $.001, 50,000,000
       shares authorized; 16,795,289 and 16,741,488
       issued; 16,115,054 and 16,658,552
       outstanding, respectively                          17              17
      Additional paid-in-capital                     152,380         149,298
      Retained earnings                               46,915          57,497
      Accumulated other comprehensive income           6,361           5,742
      Common stock in treasury, at cost -
       680,235 and 55,808 shares, respectively       (9,075)           (246)
                                                    --------        --------
    Total Shareholders' Equity                       196,598         212,308
                                                    --------        --------
    Total Liabilities and Shareholders' Equity      $235,710        $259,314
                                                    --------        --------

                   FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
                    CONSOLIDATED STATEMENTS OF CASH FLOWS

                                         Years Ended December 31,
                                      ------------------------------

    (in thousands)                        2009      2008      2007
    ------------------------------    ---------    -------   -------
    CASH FLOWS FROM:
    OPERATING ACTIVITIES:
      Net (loss) income              $(10,582)     $13,952   $18,093
      Adjustments to reconcile
       net (loss) income to net
       cash provided by operating
       activities:
        Depreciation and amortization    5,530       4,505     4,034
        Compensation for stock
         options and restricted
         stock units                     2,449       2,237     1,216
        Provision for bad debts          1,852       1,092       373
        Deferred income tax
         expense (benefit)               1,986     (1,972)     (464)
    Change in operating
     assets and liabilities:
      Decrease (increase) in:
        Accounts receivable              5,769       2,993   (9,121)
        Inventories, net                 8,301     (6,429)   (7,265)
        Prepaid expenses and
         other current assets            1,964     (1,187)   (3,208)
        Income tax benefit from
         exercise of stock
         options                           (4)        (45)     (963)
      Increase (decrease) in:
        Accounts payable and
         accrued liabilities           (7,891)     (5,317)     9,884
        Income taxes payable           (1,749)       (355)     1,278
        Customer deposits                1,736          82     (269)
        Unearned service
         revenues                        (396)       3,710     8,007
                                         -----      ------    ------
           Net cash provided by
            operating activities         8,965      13,266    21,595
                                         -----      ------    ------

    INVESTING ACTIVITIES:
      Purchases of property
       and equipment                   (3,387)     (9,705)   (2,930)
      Payments for intangible
       assets                            (670)     (3,766)     (359)
      Purchases of short-term
       investments                    (64,986)    (81,965)  (77,375)
      Proceeds from sales of
       short-term investments           81,965      77,375    15,790
                                        ------    --------  --------
           Net cash provided by
            (used in) investing
            activities                  12,922    (18,061)  (64,874)
                                        ------    --------  --------

     FINANCING ACTIVITIES:
      Payments on capital leases          (88)        (11)      (92)
      Income tax benefit from
       exercise of stock options             4          45       963
      Purchases of treasury stock      (8,829)        (95)         -
      Proceeds from issuance of stock,
       net                                  83          92    58,421
                                        ------       -----    ------
            Net cash (used in)
             provided by financing
             activities                (8,830)          31    59,292
                                        ------       -----    ------

    EFFECT OF EXCHANGE RATE CHANGES
     ON CASH AND CASH EQUIVALENTS      (1,473)       2,460   (5,904)
                                       -------       -----   -------

    INCREASE (DECREASE) IN
     CASH AND CASH EQUIVALENTS          11,584      (2,304)   10,109

    CASH AND CASH EQUIVALENTS,
     BEGINNING OF PERIOD                23,494      25,798    15,689
                                       -------     -------   -------

    CASH AND CASH EQUIVALENTS,
     END OF PERIOD                     $35,078     $23,494   $25,798
                                       =======     =======   =======

True Religion (TRLG) Announces Financial Results For Fourth Quarter and Full Year 2009

Feb. 24, 2010 (Business Wire) — True Religion Apparel, Inc. (Nasdaq: TRLG) today announced financial results for the quarter and year ended December 31, 2009.

Fourth Quarter 2009 Financial Results

• Total net sales were $92.8 million, an increase of 27.2% as compared to $73.0 million in the fourth quarter of 2008.
  • Net sales for the Company’s consumer direct segment, which includes the Company’s branded retail stores and e-commerce site, increased 84.8% to $45.1 million as compared to $24.4 million in the prior year period. Fourth quarter same-store sales for 36 stores open at least 12 months increased 22.3%. The Company operated 70 branded stores as of December 31, 2009, compared to 42 as of December 31, 2008.
  • Net sales for the Company’s U.S. wholesale segment totaled $31.6 million as compared to $36.4 million in the prior year period; the 13.1% decline was due to lower sales to Majors and boutiques.
  • Net sales for the Company’s international segment increased 24.3% to $14.6 million as compared to $11.8 million in the prior year period.
  • Net sales included $1.5 million of licensing revenue as compared to $0.5 million in the same period last year.
• Gross profit was $58.7 million, or 63.2% of net sales, compared to $43.3 million, or 59.3% of net sales, in the fourth quarter of 2008. The overall improvement in gross margin was primarily due to the ongoing sales mix shift toward the Company’s higher-margin consumer direct segment, with a higher international segment gross margin offset by a reduction in the U.S. wholesale gross margin.
• Selling, general and administrative (“SG&A”) expense increased 48.6% to $34.8 million as compared to $23.4 million in the prior year period. As a percentage of net sales, SG&A increased 540 basis points to 37.5% from 32.1% in the same period a year ago. The year-over-year growth in SG&A expenses was driven by the costs associated with the opening of 28 new stores since December 31, 2008 and additional in-house resources.
• Operating income increased 20.4% to $23.9 million as compared to $19.8 million in the prior year period. Operating income was 25.7% of sales in Q4 2009 versus 27.2% in Q4 2008.
• The effective tax rate for the quarter was 38.9% as compared to 36.5% in the fourth quarter of 2008.
• Net income increased 15.2% to $14.6 million, or $0.59 per diluted share based on weighted average shares outstanding of 24.8 million, as compared to $12.7 million, or $0.53 per diluted share based on weighted average shares outstanding of 24.1 million in the 2008 fourth quarter.

Management Comments

Jeffrey Lubell, Chairman, Chief Executive Officer and Chief Merchant of True Religion Apparel, commented: “The introduction of new jeans and related sportswear and licensed merchandise was both the foundation and catalyst for another year of record sales and profitability for True Religion. The growth of our U.S. consumer direct platform as well as the ongoing development of the True Religion brand in international markets provided incremental sales and earnings over the past year and should continue to offer our company future growth opportunities. We were also pleased to have exceeded our 2009 sales and earnings goals and delivered against our strategic and financial objectives despite the tremendous changes in the global macro-economy that occurred throughout last year.”

Mr. Lubell continued, “We recognize the importance of always looking to evolve the organization in a manner that will best position the True Religion brand for healthy long-term growth. We believe our performance in 2009 reinforces our strategy: to continually design and introduce trend-setting jeans and related sportswear; to balance our distribution between wholesale and consumer direct; and to increase our presence in the international market, which we believe has the potential of being larger than the domestic market. We also believe the strategic investments in our personnel, systems and infrastructure that we made over the past year will position our organization to take advantage of the many growth opportunities we have in front of us.”

2009 Financial Results

• Total net sales were $311.0 million, an increase of 15.2% as compared to $270.0 million in the year ended December 31, 2008.
  • Net sales for the Company’s consumer direct segment increased 71.3% to $129.0 million as compared to $75.3 million in the prior year.
  • Net sales for the Company’s U.S. wholesale segment decreased 19.6% to $123.2 million as compared to $153.2 million in the prior year.
  • Net sales for the Company’s international segment increased 36.0% to $54.5 million as compared to $40.0 million in the prior year.
  • Net sales included $4.3 million of licensing revenue as compared to $1.4 million in the prior year.
• Gross profit increased 24.6% to $195.6 million, or 62.9% of net sales, compared to $157.0 million, or 58.1% of net sales, in 2008. The overall improvement in gross margin was primarily due to the ongoing sales mix shift toward the Company’s higher-margin consumer direct segment.
• Selling, general and administrative (“SG&A”) expense increased 33.9% to $118.0 million from $88.1 million in the prior year, and as a percentage of net sales, increased 530 basis points to 37.9% from 32.6% in the prior year. The year-over-year growth in SG&A expenses was driven by the costs associated with the significant expansion of the Company’s consumer direct segment and other in-house resources.
• Operating income increased 12.7% to $77.6 million, or 25.0% of net sales, from $68.9 million, or 25.5% of net sales, in the prior year.
• The effective tax rate for the year ended December 31, 2009 was 39.1% compared to 36.6% in the prior year.
• Net income increased 6.7% to $47.3 million, or $1.92 per diluted share based on weighted average shares outstanding of 24.7 million, from $44.4 million, or $1.83 per diluted share based on weighted average shares outstanding of 24.3 million, in the prior year.

Balance Sheet and Liquidity

As of December 31, 2009, the Company had $105.5 million of cash and cash equivalents as compared to $57.2 million as of December 31, 2008. The Company also ended the year with no long-term borrowings. Inventory increased to $34.5 million, or by $8.7 million, from the same time a year ago, to support the expansion of the Company’s branded retail stores. Net cash provided by operating activities during 2009 was $66.5 million compared to $49.1 million in the prior year.

Store Openings

During the 2009 fourth quarter, True Religion opened four new stores, bringing its total store count at December 31, 2009, to 70 stores, compared to 42 stores at December 31, 2008. The Company anticipates opening 30 new retail stores in 2010, including 27 stores in the U.S. and its first three international full-price stores: Tokyo, London, and Toronto.

2010 Guidance

The Company is initiating its guidance for the fiscal year ended December 31, 2010, as follows:

• Total net sales are expected to be approximately $360 million.
• EPS is expected to be in the range of $2.00 to $2.10.

The Company’s net sales guidance relies on the following assumptions:

• Net sales growth within the Company’s consumer direct segment are forecasted to grow between 40% and 45% compared to 2009. This growth assumes 28 new retail stores (27 in the U.S. plus one store in Toronto) and the full year impact of the 28 stores opened in 2009.
• Net sales in the Company’s U.S. wholesale segment are expected to decrease in the mid-teens on a percentage basis as compared to 2009, mostly driven by management’s decision to reduce sales to the off-price channel by $10 million and instead place a greater emphasis on regular-price wholesale sales.
• The international segment’s net sales are forecasted to increase by approximately 20% as compared to 2009.
• The Company’s licensing revenues are expected to increase by approximately 15% as compared to 2009.

The Company’s 2010 EPS guidance reflects fully diluted weighted average shares outstanding of approximately 25.1 million and an effective tax rate of 37.6%, which will be down 150 bps from 2009 due to an increased federal credit rate available to domestic manufacturers in 2010.

Investor Conference Call

True Religion management will host a conference call to discuss the financial results and answer questions today at 4:30 p.m. ET. The conference call will be available to all interested parties through a live webcast at www.truereligionbrandjeans.com and www.earnings.com. Please visit the Web site 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, the call will be archived and available online at both sites. A telephone replay of the call will be available for approximately one month following the conclusion of the call by dialing (877) 660-6853 (domestic) or (201) 612-7415 (international) and entering account: 3055 and conference identification: 342908. Please note participants must enter both the account and Conference identification numbers in order to access the replay.

About True Religion Apparel, Inc.

True Religion Apparel, Inc. is a growing, design-based jeans and jean-related sportswear brand. The company designs, manufactures and markets True Religion Apparel products, including its premium True Religion Brand Jeans. Its expanding product line, which includes high-quality, distinctive styling and fit in denim, sportswear, and licensed products, may be found in contemporary department stores and boutiques in 50 countries around the world, including the United States, Canada, Germany, United Kingdom, Japan, Korea, France, Spain, Sweden, Greece, Italy, Mexico, Australia, South Africa and China. For more information, please visit www.truereligionbrandjeans.com.

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Among these forward looking statements are our 2010 Guidance, Segment Guidance, Store Opening Guidance and the other statements contained in this press release addressing our plans, expectations, future financial condition and results of operations. These forward-looking statements are not historical facts and are inherently uncertain and outside of our control. Any or all of our forward-looking statements in this press release may turn out to be wrong. They can be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties. Actual future results may vary materially. Factors that may cause our plans, expectations, future financial condition and results to change are described in our Annual Report on Form 10-K, Reports on Form 10-Q and our other filings with the SEC, and include: the current downturn in the global economy and in particular, the decline in consumer spending generally and in the apparel industry more specifically; the Company’s ability to predict fashion trends; the Company’s ability to continue to maintain its brand image and reputation; competition from companies with significantly greater resources than ours; and the Company’s ability to continue and control its expansion plans.

Smith Micro Software (SMSI) to Present at the Jefferies 4th Annual Global Technology Conference

Feb. 25, 2010 (Business Wire) — Smith Micro Software, Inc. (NASDAQ: SMSI), a leading developer and marketer of mobility solutions and services for the wireless market, today announced that William W. Smith, Jr., President and CEO will be presenting at the Jefferies 4^th Annual Global Technology Conference on Tuesday, March 9^th at 8:00 am ET. The conference is being held at the Mandarin Oriental Hotel in New York City, New York.

Smith Micro will offer a live audio webcast of its presentation at 8:00 am ET on March 9, 2010 at http://www.wsw.com/webcast/jeff42/smsi/, as well as an archived replay, which may be accessed in the investor relations section of Smith Micro’s website at www.smithmicro.com.

Conference Details:

About Smith Micro Software, Inc.:

Smith Micro Software, Inc., headquartered in Aliso Viejo, California, with offices in Europe and Asia, develops mobility solutions that enable seamless broadband connectivity and next generation media and mobile convergence products over wireless networks. Smith Micro’s complete lines of products are available through its sales groups, direct from its websites, retail distributors, and value-added resellers. Smith Micro’s common stock trades on the NASDAQ Global Market under the symbol SMSI. For more information, please visit: http://www.smithmicro.com.

Safe Harbor Statement:

This release may contain forward-looking statements that involve risks and uncertainties, including without limitation forward-looking statements relating to the company’s net revenues guidance for fiscal 2010, its financial prospects and other projections of its performance, the company’s ability to increase its business and the anticipated timing and financial performance of its new products and potential acquisitions. Among the important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are changes in demand for the company’s products from its customers and their end-users, new and changing technologies, customer acceptance of those technologies, new and continuing adverse economic conditions, and the company’s ability to compete effectively with other software companies. These and other factors discussed in the company’s filings with the Securities and Exchange Commission, including its filings on Forms 10-K and 10-Q, could cause actual results to differ materially from those expressed or implied in any forward-looking statements. The forward-looking statements contained in this release are made on the basis of the views and assumptions of management regarding future events and business performance as of the date of this release, and the company does not undertake any obligation to update these statements to reflect events or circumstances occurring after the date of this release.

Smith Micro and the Smith Micro logo are registered trademarks or trademarks of Smith Micro Software, Inc. All other trademarks and product names are the property of their respective companies.

VocalTec (VOCL) Announces Fourth Quarter and Full Year 2009 Results

Feb. 24, 2010 (Business Wire) — VocalTec Communications Ltd. (NasdaqCM: VOCL) (the “Company” or “VocalTec”), a global provider of VoIP and convergence solutions for communication service providers, today reported results for the fourth quarter and full year ended December 31, 2009.

Revenues for the fourth quarter of 2009 were $2.0 million, an increase of 4% over the $1.9 million reported in the third quarter of 2009, resulting from continued growth in product sales.

Gross margin for the fourth quarter of 2009 was 60% compared with 64% for the prior quarter, in line with the Company’s normal expected level of around 60%.

On a non-GAAP basis, excluding the amortization of intangible assets and share based compensation expenses, the operating expenses in the fourth quarter were $1.1 million compared with $1.6 in the prior quarter. Operating expenses were lower in the quarter primarily due to the recording of a R&D grant for 2009 from the Office of the Chief Scientist of the Israeli Ministry of Trade, Industry and Labor amounting to $0.4 million.

The Company reported a non-GAAP operating income in the fourth quarter of 2009 of $0.1 million compared to an operating loss of $0.4 million in the prior quarter.

On a non-GAAP basis, net income for the fourth quarter was $0.7 million or $0.12 per share, compared with a net loss of $0.4 million, or $0.07 per share, in the third quarter of 2009. Net income on a GAAP basis for the fourth quarter of 2009 was also $0.7 million or $0.12 per share, compared with a net loss of $0.7 million, or $0.12 per share, in the third quarter of 2009. Both GAAP and non-GAAP net income for the fourth quarter of 2009 included a tax benefit of $0.6 million.

For the full year, 2009 revenues were $6.4 million compared with $6.1 million in 2008. Non-GAAP gross margin was 64% for 2009 compared with 58% in 2008. Non-GAAP operating loss for 2009 was $2.2 million, compared with an operating loss of $5.5 million in 2008 which excludes a one-time income from the sale of patents and an impairment of intangible assets. The improvement in 2009 was due to a higher gross profit and a significant reduction in operating expenses.

As of December 31, 2009, the Company had net cash and cash equivalents, short-term bank deposits and restricted cash, in the amount of $10.6 million, or $1.82 per share.

Commenting on the results, Ido Gur, VocalTec’s President and CEO, said, “We are pleased with our results, especially since despite a tough year in the Telecom industry, we showed continued growth in revenue and a reduction in costs. This demonstrates that we are very much on the right track to achieving sustained profitability. We also saw a high level of bookings in 2009 and our year-end backlog going into 2010 is strong, providing us with an increased level of visibility.”

Mr. Gur continued, “Our fourth quarter was also eventful from an M&A standpoint. We purchased substantially all of the assets of Outsmart, and we are happy to already report a first order. The acquired technology enables us to capitalize on the convergence between mobile and VoIP – a trend that is becoming increasingly prevalent, with global mobile VoIP users expected to exceed 280 million by 2013.”

Mr. Gur concluded, “For 2010, we expect to continue growing our revenues organically compared to 2009, and also capitalize on sales into the convergence and mobile VoIP markets. While we expect the first quarter to show the normal seasonal decline in revenues, we believe that our 2010 revenues will show accelerated annual growth. At the same time, we continue exploring M&A opportunities that will provide us with additional growth engines for the long-term.”

Conference Call

Mr. Ido Gur, President and CEO of VocalTec, invites investors to participate in a conference call scheduled for later today, Wednesday, February 24, 2010. The conference call will be held at 9:00am ET. On the call, VocalTec’s management will review and discuss the fourth quarter and full year results of operations and will be available to answer questions.

To participate, please call one of the following teleconferencing numbers, 5 minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.

US Dial-in Number: 1 888 281 1167

ISRAEL Dial-in Number: 03 918 0644

INTERNATIONAL Dial-in Number: +972 3 918 0664

For those unable to listen to the live call, a replay of the call will be available from a link in the investor relations section of VocalTec’s website, at: www.vocaltec.com

About VocalTec

VocalTec Communications (NasdaqCM: VOCL) is a global provider of carrier-class Voice-over-IP and Convergence solutions for fixed and wireless service providers. A pioneer in VoIP technology since 1994, VocalTec develops and markets an extensive VoIP offering enabling the flexible deployment of next-generation networks (NGNs). Partnering with prominent system integrators and equipment manufacturers, VocalTec serves an installed base of dozens of leading carriers worldwide. VocalTec is led by a management team comprised of respected industry veterans.

www.vocaltec.com

Forward Looking Statements

This press release contains historical information and forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 with respect to the business, financial condition and results of operations of VocalTec. The words “believe,” “expect,” “intend,” “plan,” “should” and similar expressions are intended to identify forward-looking statements. Such statements reflect the current views, assumptions and expectations of the Company with respect to future events and are subject to risks and uncertainties. Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in the telecommunications and VoIP markets and in general economic and business conditions, loss of key customers and unpredictable sales cycles, competitive pressures, market acceptance of new products, inability to meet efficiency and cost reduction objectives, changes in business strategy and various other factors, both referenced and not referenced in this press release. Various risks and uncertainties may affect the Company and its results of operations, as described in reports filed by the Company with the Securities and Exchange Commission from time to time. Should one or more of these or other risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended, planned or projected. The Company does not intend or assume any obligation to update these forward-looking statements.