Moving and Storage Business News

The News Review:

- More firms late sharing annual financials
- McKeesport employees endure moving day
- The gazillion-dollar question
- msystems Consolidates Activity of its Venture with a Flash Partner…
- Russia to receive terminal boost: Argus has held its first Russian…
- Event Brief of Q1 2006 PMC-Sierra Inc. Earnings Conference Call -…
- Q3 2006 Synaptics Incorporated Earnings Conference Call – Final.

More firms late sharing annual financials
USA Today – Apr 20, 2006
More than 100 companies were late releasing 2005 financial statements due this year in addition to being late with 2004′s numbers according to an analysis done for USA TODAY by research firm Glass Lewis. That’s double the number of companies that were tardy putting out their 2004 and 2003 reports. Meanwhile 23 companies including Nortel Shurgard Storage and Kansas City Southern have been late three consecutive years. Some accounting experts marvel that companies allow something so basic to be in such disarray for so long. “If you get three speeding tickets in a year in many states you get your license pulled” says Mark Cheffers of AuditAnalytics. Investors shouldn’t give companies the benefit of the doubt when they’re late this long and should question the competence of their accountants he says.

McKeesport employees endure moving day
Pittsburgh Post-Gazette – Pittsburgh Post Gazette – Apr 20, 2006
The treasurer’s department planned to make its departure later this week. Everyone involved appeared to be taking the commotion in stride. “We’re trying to be as organized as possible” said Joyce Donovan a forewoman for the company hired for the move Don Farr Moving and Storage. Having a method is essential she said especially when one is moving imposing objects such as file cabinets. “It’s a pretty big move and a small elevator” she said. Packing up a place that has been occupied for nearly half a century can turn up some unexpected treasures or skeletons in the closets but city officials reported no spectacular finds. City administrator Dennis Pittman said the closest his office came to finding anything unexpected was the discovery of a dead mouse in a corner of one of the rooms.

The gazillion-dollar question
economist.com – Apr 20, 2006
Upon closer examination this is not so reassuring. Using this definition the media industry now includes strange newcomers. Google for instance “happens to be a media company run by technology people” says Larry Page its co-founder because virtually all of Google’s revenues come from advertising. In fact Google is the most valuable media company in the world with a market capitalisation about half as large again as that of Time Warner the largest “traditional” media company. This is remarkable because… ”It is a religious war in short but one where worshippers for once get the benefit. Yahoo! is working on the social “folksonomies” described earlier in this survey. Google is working on solving problems such as providing (without charge) the enormous online storage required for all this uploading of media files. It is also working on the economics to ensure that not only Google but its users too get some of the financial benefits of their creativity.

msystems Consolidates Activity of its Venture with a Flash Partner…
Free with registration – Business Wire – AccessMyLibrary.com – Apr 20, 2006
KFAR SABA Israel — msystems(TM) (NASDAQ:FLSH) today announced its decision to change the accounting treatment of its venture with a flash partner to consolidate the activities of the venture into the Company’s financial statements. Previously the Company accounted for its investment in the venture under the equity method. The Company’s decision was made in connection with a review by the staff of the U. Securities and Exchange Commission (“SEC”) of the Company’s annual report on Form 20-F for 2004. As a result of this decision the Company will restate its financial statements to consolidate the results of the venture in the Company’s statement of operations resulting in increased revenues gross margins and operating income as compared to previously reported results.

Russia to receive terminal boost: Argus has held its first Russian…
Free with registration – LPG World – AccessMyLibrary.com – Apr 20, 2006
This is set to change in the next few years beginning with the planned start-up this year of two terminals–one on Russia’s Black Sea coast and one on the Baltic Sea coast in Estonia 25km from the Russian border. The first terminal is expected to be in the Taman peninsula on the Black Sea coast in Krasnodar region with startup planned for September. Taman plans In addition to Maktren-Nafta two other firms are planning terminals on the Black Sea coast.

Event Brief of Q1 2006 PMC-Sierra Inc. Earnings Conference Call -…
Free with registration – America's Intelligence Wire – AccessMyLibrary.com – Apr 20, 2006
(20-APR-06) The America’s Intelligence Wire. Earnings Conference Call – Part 2. There was a short spurt of debate r… (From Fair Disclosure Wire) BOB BAILEY: Well we’re not at liberty to disclose customer introductions but the world is moving very rapidly to 4Gig Fibre Channel. There was a short spurt of debate regarding gee is Fibre Channel going to dissipate over time and SATA and SAS will take over? I don’t think that — as it looks right now it really doesn’t look like that’s going to happen. I think storage overall is going to grow but Fibre Channel especially in the 4Gig generation is going to continue to grow. If anything we may even see some accelerated growth. And already people are talking about 8Gig Fibre Channel so we’re very encouraged by that because we have a very very large market share in that market. OPERATOR: Allan Mishan CIBC World Markets. ALLAN MISHAN: Curious about Bob’s comment about wireless infrastructure earlier.

Q3 2006 Synaptics Incorporated Earnings Conference Call – Final.
Free with registration – Fair Disclosure Wire – AccessMyLibrary.com – Apr 20, 2006
We refer you to the company’s SEC filings including form 10K for the fiscal year ended June 30 2005 for important risk factors that could cause actual results to differ materially from those contained in a forward looking statement. We expressly disclaim any obligation to update this forward looking information. Now I would like to turn the call over to Francis Lee. FRANCIS LEE PRESIDENT & CEO SYNAPTICS: Thanks Molly and thanks everyone for joining us on the call today. Revenue for the third quarter was $40. 4 million below our guidance range of $42 to $45 million.