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CNH Full Year 2012 Net Sales of $19.4 Billion, Net Income Before Restructuring and Exceptional Items Up 28%

BURR RIDGE, IL -- (Marketwire) -- 01/31/13 -- CNH Global N.V. (NYSE: CNH)

  • Full year Net Sales of $19.4 billion +8% (+12% constant currency basis)
    • Agricultural equipment net sales of $15.7 billion +10% (+15% constant currency basis)
    • Construction equipment net sales of $3.8 billion -3% (+2% constant currency basis)
  • Full year Equipment Operations' Operating Profit of $1.7 billion, at a margin of 8.6% for the period
  • Full year diluted EPS (before restructuring and exceptional items) attributable to CNH common shareholders at $4.83 per share, compared to $3.82 per share in 2011
  • Special Dividend of $10 per common share paid on December 28, 2012 in connection to the combination transaction between CNH Global N.V. and Fiat Industrial S.p.A.


                   Quarter Ended                    Year Ended
               ---------------------          ---------------------
               12/31/2012 12/31/2011  Change  12/31/2012 12/31/2011  Change
               ---------- ---------- -------- ---------- ---------- --------
                 (US $ in millions, except per share data and percentages)
Net Sales of
 Equipment     $    4,929 $    4,768       3% $   19,427 $   18,059       8%
Equipment
 Operations
 Operating
 Profit        $      280 $      238      18% $    1,674 $    1,465      14%
Equipment
 Operations
 Operating
 Margin              5.7%       5.0%  0.7 pts       8.6%       8.1%  0.5 pts
Financial
 Services Net
 Income        $       79 $       66      20% $      301 $      225      34%
Net Income
 Attributable
 to CNH        $      195 $      193       1% $    1,142 $      939      22%
Net Income
 Before
 Restructuring
 and
 Exceptional
 Items         $      230 $      189      22% $    1,179 $      918      28%
Diluted EPS
 Before
 Restructuring
 and
 Exceptional
 Items         $     0.92 $     0.79      16% $     4.83 $     3.82      26%

CNH Global N.V. (NYSE: CNH) today announced financial results for the quarter and year ended December 31, 2012. Net sales for the year increased 8% (12% on a constant currency basis) to $19.4 billion as solid global demand for agricultural equipment more than offset the negative effects of the more difficult trading conditions in the construction equipment segment and foreign currency translation. Equipment Operations posted an operating profit of $1.7 billion, or 8.6% of net sales for the year, as increased volumes and positive net pricing in both segments compensated for increased SG&A expenditures and R&D expense (+24%), primarily related to significant investments in new products and Tier 4 engine emissions compliance programs.

Equipment net sales in 2012 were 81% agricultural equipment and 19% construction equipment. The geographic distribution of net sales in the year was 44% North America, 31% EAME & CIS, 15% Latin America, and 10% APAC markets.

Equipment Operations generated $979 million in cash flow from operations for the full year, down $118 million or 11% from 2011, as the increased net working capital needed to support increased business activity more than offset improved net sales and operating performance. Full year capital expenditures totaled $556 million, a 36% increase from 2011, largely as a result of investments in new manufacturing sites and product launches in both the agricultural and construction equipment segments. Capital expenditures on new product development (inclusive of interim and final Tier 4 emission compliant equipment) and production capacity represented 61% of the total CAPEX spent during the year.

CNH's Equipment Operations ended the period with a net cash position of $3.0 billion. The Group's 29% effective tax rate for 2012 is lower than its full year 2012 forecast effective tax rate of 32% to 35% as a result of certain favorable tax items during the fourth quarter. For 2013, the CNH Group forecasts a full year effective tax rate of 31% to 34%.

Full year net income, before restructuring and exceptional items, was $1.2 billion, an increase of 28%, driven by continued solid market conditions in the agricultural sector, satisfactory industrial performance, and improved results by the Group's financial services business, offsetting the increased costs of research and development and the negative currency translation in the period. This resulted in the Group generating diluted earnings per share of $4.83 (before restructuring and exceptional items), up 26% compared to $3.82 per share for the full year 2011.

On December 26, 2012, CNH, as a result of an ongoing strategic review of its construction equipment business, announced it is moving into the next phase of its business relationship with Kobelco Construction Machinery Co., Ltd. Effective January 1, 2013, the non-exclusive licensing and supply agreements will allow CNH to pursue a global strategy leveraging the industry-leading technologies and resources available to it as part of the Fiat Industrial Group. The new business relationship includes the unwinding of all the joint ventures between the parties, which resulted in CNH recording an exceptional non-cash charge of $35 million during the period.

2013 Full Year Market Outlook

  • Agricultural equipment unit volume is expected to be flat to up 5%
  • Construction equipment unit volume is expected to be flat to up 5%

CNH Announces Its Guidance For The Full Year 2013

  • Revenues up ~5%
  • Operating Margin between 8.5% and 9.0%

SEGMENT RESULTS
Agricultural Equipment


                   Quarter Ended                    Year Ended
               ---------------------          ---------------------
               12/31/2012 12/31/2011  Change  12/31/2012 12/31/2011  Change
               ---------- ---------- -------- ---------- ---------- --------
                           (US $ in millions, except percentages)
Net Sales of
 Equipment     $    4,014 $    3,695       9% $   15,657 $   14,183      10%
Gross Profit   $      803 $      685      17% $    3,359 $    2,904      16%
Gross Margin        20.0%      18.5%  1.5 pts      21.5%      20.5%    1 pts
Operating
 Profit        $      322 $      241      34% $    1,680 $    1,410      19%
Operating
 Margin              8.0%       6.5%  1.5 pts      10.7%       9.9%  0.8 pts

CNH Agricultural Equipment Full Year Results
CNH's full year net sales of agricultural equipment increased 15% on a constant currency basis (10% on a reported basis) driven by increased volume, positive net pricing, and favorable product mix. All of the Group's geographic regions reported increased revenue on a constant currency basis. Operating profit increased by $270 million to $1.7 billion at an operating margin of 10.7%, up 80 basis points compared to 2011.

Worldwide agricultural equipment market share performance was in line with the market for both tractors and combines.

CNH worldwide production of agricultural equipment trailed retail sales in the fourth quarter, resulting in a strong cash generation from working capital in the quarter, as the Group implemented the scheduled production slowdown to reduce company and dealer inventory to year-end desired levels.

During 2012, Case IH Agriculture continued its introduction of Efficient Power Tier 4A/Stage IIIB emission compliant equipment in Europe and North America with the launch of Maxxum and Steyr Profi ecotech tractors, 30 and 40 Series Titan floaters, 920 and 930 Nutri-Placer applicators, the 950 Nutri-Tiller strip-till system, six new models of Axial-Flow combines and the new narrow track 4WD Steiger Rowtrac. The new 30 Series Efficient Power Axial Flow combines were introduced in Australia, China, Russia and Ukraine. The Module Express 635 cotton pickers, the Axial-Flow 7120 and 8120 combine models and, through a strategic alliance with Semeato, an expanded no-till planter offering were introduced in the Brazilian market.

Case IH's Axial-Flow 9230 combine harvester was awarded the PUCHAR, or "highest honor" award by the Polish Ministry of Agriculture and Rural Development at AGROTECH 2012 for offering the newest rotor threshing solution for multiple operating conditions in the industry and the Puma 145 tractor, with Efficient Power, was awarded "HIT of the Fair" at the XIII Mazowieckie Dni Rolnictwa (Mazovian Agricultural Days) exhibition in Poland. In Brazil, Revista Rural magazine honored the Case IH sugar cane harvester with the "Top of Mind" award. As announced in November 2012, the American Society of Agricultural and Biological Engineers (ASABE) recognized Case IH for innovation with the 2013 AE50 awards, specifically for the new 2013 Axial-Flow combine cab, the pivoting grain spout on the Axial-Flow combine, the Nutri-Placer 920 and the Precision Disk 500 air disk drill.

During 2012, New Holland Agriculture introduced the new BigBaler range, with up to 20% increased capacity and up to 5% denser bales, in Europe, Australia and North America. New Holland Agriculture leveraged the newly signed agreements with Semeato and Orkel, launching the new SOLTT planting equipment in Brazil and the Roll Baler, the new series of professional fixed chamber roll balers, in Europe. In Brazil, New Holland Agriculture completed the introduction of the CR5080, CR6080SL and CR9080 Twin Rotor combines with models from class 5 to class 9 and launched the T9 4WD and T7 tractors. In Europe, New Holland Agriculture introduced new FR forage harvesters, including two Tier 4A/Stage IIIB models from 450 to 824 hp and several new tractors including the ground care Boomer Compact 3000 range, upgraded with the EasyDrive continuously variable transmission, the compact T3F, dedicated to small and mid-sized orchard and viticulture operators, the TI3 and TI4 equal sized wheel tractors, designed for hay-making operations and field maintenance, and new additions to the Tier 4A/Stage IIIB T5 range, now also available with the 4 step powershift Electro Command transmission. In North America, New Holland Agriculture launched the Tier 4A/Stage IIIB compliant T6 tractors, the new MegaCutter tractor mounted disc mower-conditioners, the new ProRotor rotary rakes and the new 840CD rigid draper head specifically designed to match the CR series Twin Rotor and the CX8000 super-conventional combines, which provide uniform crop flow up to 45-foot cutting widths. New Holland Agriculture launched the new fuel efficient TD5 tractor series in South Africa and Far East markets. In addition, New Holland Agriculture introduced the TT Compact tractor series, with fuel-efficient engines from 35 to 47 hp, in key African markets including South Africa, Morocco and Tunisia. In the Far East, New Holland Agriculture also launched the new TS6 tractor series, featuring four models ranging from 110 to 139 hp. In China, New Holland Agriculture displayed its Braud 9080L, the first grape harvester ever to be presented in the country.

In Europe, New Holland Agriculture won a FIMA outstanding innovation award for the SynchroKnife central header drive and four technical innovation awards for the Intelligent Trailer Braking system, the Smart Key technology, the Braud 9090X olive harvester and the Steering-O-Matic Plus system for the TK4000 range of crawler tractors. In Brazil, the ISOBUS communication system between tractor and the SOLTT planter received the top prize in the Innovation Category at Expointer, the largest fair in Southern Brazil. Also in North America, New Holland Agriculture won six 2013 AE50 awards for Engineering Innovation for the 840CD rigid draper head, the Advanced Operator Control System for H8000 Series Speedrower self-propelled windrowers, the BigBaler Series, the IntelliFill System for FR Series forage harvesters, the ABS SuperSteer anti-lock braking system for T7 Series tractors, and the homologation option for T9 Series tractors granting free road circulation in the EU. In Europe, the new BigBaler series was recognized with the SIMA Silver Innovation Medal and the T4060F tractor with the 2013 Best of Specialized tractor award.

Construction Equipment


                   Quarter Ended                    Year Ended
               ---------------------          ---------------------
               12/31/2012 12/31/2011  Change  12/31/2012 12/31/2011  Change
               ---------- ---------- -------- ---------- ---------- --------
                           (US $ in millions, except percentages)
Net Sales of
 Equipment     $      915 $    1,073     -15% $    3,770 $    3,876      -3%
Gross Profit   $      102 $      132     -23% $      502 $      529      -5%
Gross Margin        11.1%      12.3% -1.2 pts      13.3%      13.6% -0.3 pts
Operating
 Profit        $     (42) $      (3)      N/A $      (6) $       55      N/A
Operating
 Margin            (4.6)%     (0.3)% -4.3 pts     (0.2)%       1.4% -1.6 pts

CNH Construction Equipment Full Year Results
CNH's construction equipment full year 2012 net sales increased 2% on a constant currency basis (-3% on a reported basis) as modest industry recovery in North America and Eastern Europe did not offset the continued demand slowdown in the other geographic regions. In response to the demand downturn, finished goods production in the fourth quarter was curtailed (21% vs. retail) to reduce company and dealer inventory levels to the prevailing market conditions which contributed to the $6 million operating loss for the year.

CNH's worldwide construction equipment market share was in line with the market, with gains in Latin America.

CNH's worldwide production of construction equipment was 21% below retail sales during the quarter, as the Group continued to balance inventory levels, as anticipated during the year, in line with the forecasted worldwide demand levels in 2013.

During 2012, Case Construction continued its product rejuvenation plan introducing, in North America, new Tier 4A/Stage IIIB compliant tractor loader backhoe models, the new CX210C and CX470C crawler excavator, the 621F wheel loader, the H Series rough-terrain forklift and 570N XT tractor loader and the 885B motor grader. In Europe, Case Construction launched the new wheel loader models 1121F and 1021F, new crawler excavator models CX210C and CX235C and the new WX 8 wheeled excavators series equipped with three-pump hydraulic system. The new 521F and 621F wheel loaders with Tier 3 engines were introduced in Africa, the Middle East, the CIS and Central Asia. In Russia, Case Construction presented its range of Tier 3 compliant SR and SV skid steer and TR compact track loaders, while in India the brand launched the SR130 and SR150 models.

In North America, Construction Equipment magazine recognized the Case motor grader B Series among the Top 100 products for 2012, while Better Roads magazine elected the Case 621F wheel loader as one of the Top 25 products in 2012, due to its fuel efficiency and increased productivity.

During 2012, New Holland Construction launched, in Europe, the LM625 telescopic handler, the W270 and W300 wheel loaders, new C series crawler excavator including short-radius model and the new wheeled excavator B Series PRO, all Tier 4A/Stage IIIB emission compliant. The new Tier 4A/Stage IIIB compliant B95C and B110C loader backhoe tractors were introduced in North America at the World of Concrete show in Las Vegas, Nevada. New Holland Construction continued to focus on emerging markets, introducing the new C series crawler excavator and wheel loader with Tier 3 engines to key markets in Africa, the Middle East, the CIS and Central Asia. In Latin America, New Holland Construction launched the new LM1445 and LM1745 telehandlers, extending the lift-height range to 17 meters, and the new E55B compact excavator. New Holland Construction now offers one of the most complete compact product lines in Latin America.

Financial Services


                   Quarter Ended                    Year Ended
               ---------------------          ---------------------
               12/31/2012 12/31/2011  Change  12/31/2012 12/31/2011  Change
               ---------- ---------- -------- ---------- ---------- --------
                           (US $ in millions, except percentages)
Net Income     $       79 $       66      20% $      301 $      225      34%
On-Book Asset
 Portfolio     $   16,539 $   14,636      13% $   16,539 $   14,636      13%
Managed Asset
 Portfolio     $   18,884 $   17,089      11% $   18,884 $   17,089      11%

CNH Financial Services Full Year Results
Full year net income attributable to Financial Services increased 34% to $301 million compared with $225 million in 2011. Increased results were primarily due to a higher average portfolio, lower general and administrative expenses and a lower provision for credit losses, partially offset by narrower financial margins.

At December 31, 2012, delinquent receivables greater than 30 days past due were 1.2% of the total managed receivables, down from 2.0% at December 31, 2011.

CNH Capital LLC
The following is disclosed on behalf of CNH's North American financial services subsidiary, CNH Capital LLC and its consolidated subsidiaries ("CNH Capital").


                   Quarter Ended                    Year Ended
               ---------------------          ---------------------
               12/31/2012 12/31/2011  Change  12/31/2012 12/31/2011  Change
               ---------- ---------- -------- ---------- ---------- --------
                           (US $ in millions, except percentages)
Net Income     $       44 $       44       0% $      212 $      200       6%
On-Book Asset
 Portfolio     $   11,609 $   10,141      14% $   11,609 $   10,141      14%
Managed Asset
 Portfolio     $   11,656 $   10,249      14% $   11,656 $   10,249      14%

CNH Capital LLC Full Year Results
Full year net income attributable to CNH Capital was up 6% primarily due to a higher average portfolio, partially offset by narrower financial margins and a higher provision for credit losses.

At December 31, 2012, delinquent receivables greater than 30 days past due were 0.5% of the total managed receivables, down from 0.8% at December 31, 2011.

Unconsolidated Equipment Operations Subsidiaries
Full year results for the Group's unconsolidated Equipment Operations subsidiaries were $91 million, down $13 million from the full year 2011 results.

Combination Transaction Proposal From Fiat Industrial
On November 25, 2012, the unconflicted members of CNH's board of directors met and unanimously determined to recommend the CNH Board of Directors (acting through its unconflicted members) to approve the revised offer presented by Fiat Industrial S.p.A. on November 19, 2012 (the "Final Fiat Industrial Proposal"). Also on November 25, 2012, the CNH Board of Directors (acting through its unconflicted members) unanimously approved (1) the Final Fiat Industrial Proposal, (2) that CNH enter into the definitive merger agreement (the "Merger Agreement"), (3) the amendment of the company's Articles of Association (as contemplated in the Merger Agreement), and (4) the payment of a special dividend in the amount of $10 per common share.

On December 17, 2012, at an extraordinary meeting of shareholders, CNH shareholders approved the amendment of the company's Articles of Association and the payment of a special dividend in the amount of $10 per common share. The special dividend was paid on December 28, 2012, to the holders of CNH common shares (but not to the holders of common shares B, the sole owner of which is Fiat Netherlands Holding N.V., which is a wholly-owned subsidiary of Fiat Industrial S.p.A.).

Equipment Operations Cash Flow and Net Debt


                                                  Year to Date
                                          ---------------------------
                                           12/31/2012     12/31/2011
                                          ------------   ------------
                                               (US $ in millions)
Net Income                                $      1,133   $        924
Depreciation & Amortization                        331            311
Cash Change in Working Capital*                   (329)          (189)
Other                                             (156)            51
                                          ------------   ------------
Net Cash Provided by Operating
 Activities                                        979          1,097
Net Cash (Used) by Investing
 Activities**                                     (598)          (489)
All Other                                          (92)           (72)
                                          ------------   ------------
Increase in Net (Cash)                    $        289   $        536
                                          ============   ============
Net (Cash)                                $     (3,020)  $     (2,731)

* Net cash change in receivables, inventories and payables including inter-segment receivables and payables.
** Excluding Net (Deposits In)/Withdrawals from Fiat Industrial Cash Management Systems, as they are a part of Net (Cash).

ABOUT CNH
CNH Global N.V. is a world leader in the agricultural and construction equipment businesses. Supported by approximately 11,300 dealers in approximately 170 countries, CNH brings together the knowledge and heritage of its Case and New Holland brand families with the strength and resources of its worldwide commercial, industrial, product support and finance organizations. CNH Global N.V., whose stock is listed on the New York Stock Exchange (NYSE: CNH), is a majority-owned subsidiary of Fiat Industrial S.p.A. (FI.MI). More information about CNH and its Case and New Holland products can be found online at www.cnh.com.

CNH CONFERENCE CALL AND WEBCAST
CNH management will hold a conference call on January 31, 2013, to review full year and fourth quarter 2012 results. The conference call webcast will begin at 7:00 a.m. U.S. Central Time (8:00 a.m. U.S. Eastern Time). This call can be accessed through the investor information section of the company's website at www.cnh.com and will be transmitted by CCBN.

NON-GAAP MEASURES
CNH utilizes various figures that are "Non-GAAP Financial Measures" as this term is defined under Regulation G, as promulgated by the SEC. In accordance with Regulation G, CNH has detailed either the computation of these measures from multiple U.S. GAAP figures or reconciled these non-GAAP financial measures to the most relevant U.S. GAAP equivalent in the accompanying tables to this press release. Some of these measures do not have standardized meanings and investors should consider that the methodology applied in calculating such measures may differ among companies and analysts. CNH's management believes these non-GAAP measures provide useful supplementary information to investors in order that they may evaluate CNH's financial performance using the same measures used by our management. These non-GAAP financial measures should not be considered as a substitute for, nor superior to, measures of financial performance prepared in accordance with U.S. GAAP.

CNH defines "Equipment Operations Gross Profit" as net sales of equipment less costs classified as cost of goods sold. CNH defines "Equipment Operations Operating Profit" as gross profit less costs classified as selling, general and administrative and research and development costs. CNH defines "Equipment Operations Gross Margin" as gross profit as a percent of net sales of equipment. CNH defines "Equipment Operations Operating Margin" as operating profit as a percent of net sales of equipment. "Net Debt (Cash)" is defined as total debt (including intersegment debt) less cash and cash equivalents, deposits in Fiat Industrial affiliates cash management pool and intersegment notes receivable. CNH defines "Net income (loss) and diluted EPS before restructuring and exceptional items" as Net income (loss) attributable to CNH, less restructuring charges and exceptional items, after tax. Equipment Operations "working capital" is defined as accounts and notes receivable and other-net, excluding intersegment notes receivables, plus inventories less accounts payable. The U.S. dollar computation of cash generated from working capital, as defined, is impacted by the effect of foreign currency translation and other non-cash transactions. CNH defines the "change in net sales on a constant currency basis" as the difference between prior year actual net sales and current year net sales translated at prior year average exchange rates. Elimination of the currency translation effect provides constant comparisons without the distortion of currency rate fluctuations.

FORWARD-LOOKING STATEMENTS
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release, including statements regarding our competitive strengths, business strategy, future financial position, operating results, budgets, projected costs and plans and objectives of management, are forward-looking statements. These statements may include terminology such as "may," "will," "expect," "could," "should," "intend," "estimate," "anticipate," "believe," "outlook," "continue," "remain," "on track," "goal," or similar terminology.

Our outlook is largely based on our interpretation of what we consider to be relevant economic assumptions and involves risks and uncertainties that could cause actual results to differ (possibly materially) from such forward-looking statements. Macro-economic factors including monetary policy, interest rates, currency exchange rates, inflation, deflation, credit availability and the intervention by governments and non-governmental organizations in an attempt to influence such factors can have a material impact on our customers and the demand for our goods. Crop production and commodity prices are strongly affected by weather and can fluctuate significantly. Housing starts and other construction activity are sensitive to, among other things, credit availability, interest rates and government spending. Some of the other significant factors that may affect our results include general economic and capital market conditions, the cyclical nature of our businesses, customer buying patterns and preferences, the impact of changes in geographical sales mix and product sales mix, foreign currency exchange rate movements, our hedging practices, investment returns, our and our customers' access to credit, restrictive covenants in our debt agreements, actions by rating agencies concerning the ratings on our debt and asset-backed securities and the credit ratings of Fiat Industrial, risks related to our relationship with Fiat Industrial, the effect of the demerger transaction consummated by Fiat pursuant to which CNH was separated from Fiat's automotive business and became a subsidiary of Fiat Industrial, our ability to consummate the pending business combination transaction with Fiat Industrial and to realize the anticipated benefits of such transaction, political uncertainty and civil unrest or war in various areas of the world, pricing, product initiatives and other actions taken by competitors, disruptions in production capacity, excess inventory levels, the effect of changes in laws and regulations (including those related to tax, healthcare, retiree benefits, government subsidies, engine emissions, and international trade regulations), the results of legal proceedings, technological difficulties, results of our research and development activities, changes in environmental laws, employee and labor relations, pension and health care costs, relations with and the financial strength of dealers, the cost and availability of supplies, raw material costs and availability, energy prices, real estate values, animal diseases, crop pests, harvest yields, government farm programs, consumer confidence, housing starts and construction activity, concerns related to modified organisms and fuel and fertilizer costs, and the growth of non-food uses for some crops (including ethanol and biodiesel production). Additionally, our achievement of the anticipated benefits of our margin improvement initiatives depends upon, among other things, industry volumes as well as our ability to effectively rationalize our operations and to execute our brand strategy. Further information concerning factors that could significantly affect expected results is included in our annual report on Form 20-F for the year ended December 31, 2011.

Furthermore, in light of ongoing difficult macroeconomic conditions, both globally and in the industries in which we operate, it is particularly difficult to forecast our results and any estimates or forecasts of particular periods that we provide are uncertain. We can give no assurance that the expectations reflected in our forward-looking statements will prove to be correct. Our actual results could differ materially from those anticipated in these forward-looking statements. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by the factors we disclose that could cause our actual results to differ materially from our expectations. We undertake no obligation to update or revise publicly any forward-looking statements.


                               CNH GLOBAL N.V.
               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                        AND SUPPLEMENTAL INFORMATION
            For the Three Months Ended December 31, 2012 and 2011
                                 (Unaudited)

                                               Equipment        Financial
                           Consolidated       Operations         Services
                         ----------------  ----------------  ---------------
                           Three Months      Three Months      Three Months
                               Ended             Ended            Ended
                           December 31,      December 31,      December 31,
                         ----------------  ----------------  ---------------
                           2012     2011     2012     2011     2012    2011
                         -------  -------  -------  -------  ------- -------
                                 (in millions, except per share data)
Revenues:
  Net sales              $ 4,929  $ 4,768  $ 4,929  $ 4,768  $     - $     -
  Finance and interest
   income                    258      273       39       39      327     342
                         -------  -------  -------  -------  ------- -------
                           5,187    5,041    4,968    4,807      327     342
                         -------  -------  -------  -------  ------- -------
Costs and Expenses:
  Cost of goods sold       4,024    3,951    4,024    3,951        -       -
  Selling, general and
   administrative            524      503      444      425       80      78
  Research, development
   and engineering           181      154      181      154        -       -
  Interest expense           154      193       81       96      108     133
  Interest compensation
   to Financial Services       -        -       73       72        -       -
  Other, net                 119       67       83       40       36      27
                         -------  -------  -------  -------  ------- -------
Total                      5,002    4,868    4,886    4,738      224     238
                         -------  -------  -------  -------  ------- -------

Income before income
 taxes and equity in
 income of
 unconsolidated
 subsidiaries and
 affiliates                  185      173       82       69      103     104
Income tax provision          26       11       (1)     (29)      27      40
Equity in income of
 unconsolidated
 subsidiaries and
 affiliates:
  Financial Services           3        2       79       66        3       2
  Equipment Operations        26       25       26       25        -       -
                         -------  -------  -------  -------  ------- -------
Net income                   188      189      188      189       79      66
  Net loss attributable
   to noncontrolling
   interests                  (7)      (4)      (7)      (4)       -       -
                         -------  -------  -------  -------  ------- -------
Net income attributable
 to CNH Global N.V.      $   195  $   193  $   195  $   193  $    79 $    66
                         =======  =======  =======  =======  ======= =======

Weighted average shares
 outstanding - Basic:
  Common Shares               30      240
                         =======  =======
  Class B Common Shares      212        -
                         =======  =======

Weighted average shares
 outstanding - Diluted:
  Common Shares               31      241
                         =======  =======
  Class B Common Shares      212        -
                         =======  =======

Basic and diluted earnings per share ("EPS") attributable
 to Common Shares and Class B Common Shares:
  Basic EPS              $  0.78  $  0.81
                         =======  =======
  Diluted EPS            $  0.78  $  0.80
                         =======  =======

Cash dividends per share
    Common Shares        $ 10.00  $     -
                         =======  =======
    Class B Common
     Shares              $     -  $     -
                         =======  =======

These Condensed Consolidated Statements of Operations should be read in conjunction with the Company's Audited Consolidated Financial Statements and Notes for the year ended December 31, 2011.

The supplemental Equipment Operations (with Financial Services on the equity basis) data in these statements include CNH Global N.V.'s agricultural and construction equipment operations. The supplemental Financial Services data in these statements include CNH Global N.V.'s financial services business. Transactions between Equipment Operations and Financial Services have been eliminated to arrive at the consolidated data.


                               CNH GLOBAL N.V.
               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                        AND SUPPLEMENTAL INFORMATION
                For the Year Ended December 31, 2012 and 2011
                                 (Unaudited)

                                               Equipment        Financial
                           Consolidated       Operations         Services
                         ----------------  ----------------  ---------------
                            Year Ended        Year Ended        Year Ended
                           December 31,      December 31,      December 31,
                         ----------------  ----------------  ---------------
                           2012     2011     2012     2011     2012    2011
                         -------  -------  -------  -------  ------- -------
                                 (in millions, except per share data)
Revenues:
  Net sales              $19,427  $18,059  $19,427  $18,059  $     - $     -
  Finance and interest
   income                  1,020    1,126      148      172    1,307   1,387
                         -------  -------  -------  -------  ------- -------
                          20,447   19,185   19,575   18,231    1,307   1,387
                         -------  -------  -------  -------  ------- -------
Costs and Expenses:
  Cost of goods sold      15,566   14,626   15,566   14,626        -       -
  Selling, general and
   administrative          1,810    1,843    1,535    1,442      275     401
  Research, development
   and engineering           652      526      652      526        -       -
  Restructuring                2        -        2        -        -       -
  Interest expense           675      786      330      386      482     547
  Interest compensation
   to Financial Services       -        -      298      286        -       -
  Other, net                 290      253      172      140      118     113
                         -------  -------  -------  -------  ------- -------
Total                     18,995   18,034   18,555   17,406      875   1,061
                         -------  -------  -------  -------  ------- -------

Income before income
 taxes and equity in
 income of
 unconsolidated
 subsidiaries and
 affiliates                1,452    1,151    1,020      825      432     326
Income tax provision         423      343      279      230      144     113
Equity in income of
 unconsolidated
 subsidiaries and
 affiliates:
  Financial Services          13       12      301      225       13      12
  Equipment Operations        91      104       91      104        -       -
                         -------  -------  -------  -------  ------- -------
Net income                 1,133      924    1,133      924      301     225
  Net loss attributable
   to noncontrolling
   interests                  (9)     (15)      (9)     (15)       -       -
                         -------  -------  -------  -------  ------- -------
Net income attributable
 to CNH Global N.V.      $ 1,142  $   939  $ 1,142  $   939  $   301 $   225
                         =======  =======  =======  =======  ======= =======

Weighted average shares
 outstanding - Basic:
  Common Shares               29      239
                         =======  =======
  Class B Common Shares      212        -
                         =======  =======

Weighted average shares
 outstanding - Diluted:
  Common Shares               30      240
                         =======  =======
  Class B Common Shares      212        -
                         =======  =======

Basic and diluted earnings per share ("EPS") attributable
 to Common Shares and Class B Common Shares:
  Basic EPS              $  4.68  $  3.92
                         =======  =======
  Diluted EPS            $  4.68  $  3.91
                         =======  =======

Cash dividends per share
    Common Shares        $ 10.00  $     -
                         =======  =======
    Class B Common
     Shares              $     -  $     -
                         =======  =======

These Condensed Consolidated Statements of Operations should be read in conjunction with the Company's Audited Consolidated Financial Statements and Notes for the year ended December 31, 2011.

The supplemental Equipment Operations (with Financial Services on the equity basis) data in these statements include CNH Global N.V.'s agricultural and construction equipment operations. The supplemental Financial Services data in these statements include CNH Global N.V.'s financial services business. Transactions between Equipment Operations and Financial Services have been eliminated to arrive at the consolidated data.


                               CNH GLOBAL N.V.
                    CONDENSED CONSOLIDATED BALANCE SHEETS
                        AND SUPPLEMENTAL INFORMATION
                As of December 31, 2012 and December 31, 2011
                                 (Unaudited)

                                          Equipment
                     Consolidated         Operations      Financial Services
                 ------------------- ------------------- -------------------
                  Dec. 31,  Dec. 31,  Dec. 31,  Dec. 31,  Dec. 31,  Dec. 31,
                    2012      2011      2012      2011      2012      2011
                 --------- --------- --------- --------- --------- ---------
                                        (in millions)
ASSETS
Cash and cash
 equivalents     $   2,008 $   2,055 $     827 $   1,251 $   1,181 $     804
Deposits in Fiat
 Industrial
 subsidiaries'
 cash management
 system              4,232     4,116     4,005     3,980       227       136
Accounts, notes
 receivable and
 other, net         16,168    14,491       824       894    15,812    14,072
Intersegment
 notes
 receivable              -         -     2,476     1,993       554       693
Inventories          3,734     3,662     3,734     3,662         -         -
Property, plant
 and equipment,
 net                 2,220     1,936     2,218     1,934         2         2
Equipment on
 operating
 leases, net           767       666         -         7       767       659
Investment in
 Financial
 Services                -         -     2,318     2,045         -         -
Investments in
 unconsolidated
 affiliates            345       506       244       423       101        83
Goodwill and
 other
 intangibles         3,069     3,084     2,909     2,926       160       158
Other assets         2,883     3,577     1,690     2,065     1,193     1,512
                 --------- --------- --------- --------- --------- ---------

   Total Assets  $  35,426 $  34,093 $  21,245 $  21,180 $  19,997 $  18,119
                 ========= ========= ========= ========= ========= =========

LIABILITIES AND
 EQUITY
Short-term debt  $   3,797 $   4,072 $     361 $     144 $   3,436 $   3,928
Accounts payable     2,821     2,952     2,932     3,219       351       199
Long-term debt,
 including
 current
 maturities         14,266    13,038     3,373     3,656    10,893     9,382
Intersegment
 debt                    -         -       554       693     2,476     1,993
Accrued and
 other
 liabilities         5,908     6,107     5,392     5,545       522       571
                 --------- --------- --------- --------- --------- ---------

   Total
    Liabilities  $  26,792 $  26,169 $  12,612 $  13,257 $  17,678 $  16,073
Equity               8,634     7,924     8,633     7,923     2,319     2,046
                 --------- --------- --------- --------- --------- ---------

   Total
    Liabilities
    and Equity   $  35,426 $  34,093 $  21,245 $  21,180 $  19,997 $  18,119
                 ========= ========= ========= ========= ========= =========

These Condensed Consolidated Balance Sheets should be read in conjunction with the Company's Audited Consolidated Financial Statements and Notes for the year ended December 31, 2011.

The supplemental Equipment Operations (with Financial Services on the equity basis) data in these statements include CNH Global N.V.'s agricultural and construction equipment operations. The supplemental Financial Services data in these statements include CNH Global N.V.'s financial services business. Transactions between Equipment Operations and Financial Services have been eliminated to arrive at the consolidated data.


                              CNH GLOBAL N.V.
              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                        AND SUPPLEMENTAL INFORMATION
               For the Year Ended December 31, 2012 and 2011
                                (Unaudited)

                                             Equipment         Financial
                         Consolidated       Operations         Services
                       ----------------  ----------------  ----------------
                          Year Ended        Year Ended        Year Ended
                         December 31,      December 31,      December 31,
                       ----------------  ----------------  ----------------
                         2012     2011     2012     2011     2012     2011
                       -------  -------  -------  -------  -------  -------
                                           (in millions)
Operating activities:
  Net income           $ 1,133  $   924  $ 1,133  $   924  $   301  $   225
  Adjustments to
   reconcile net
   income to net cash
   provided by (used
   in) operating
   activities:
    Depreciation and
     amortization          457      426      331      311      126      115
    Intersegment
     activity                -        -      (16)      58       16      (58)
    Changes in
     operating assets
     and liabilities      (400)    (396)    (193)     (45)    (207)    (351)
    Other, net              (5)      40     (276)    (151)      42       51
                       -------  -------  -------  -------  -------  -------

Net cash provided by
 (used in) operating
 activities              1,185      994      979    1,097      278      (18)
                       -------  -------  -------  -------  -------  -------

Investing activities:
  Expenditures for
   property, plant and
   equipment              (556)    (408)    (556)    (408)       -        -
  Expenditures for
   equipment on
   operating leases       (476)    (396)      (7)      (2)    (469)    (394)
  Net additions from
   retail receivables   (1,261)    (455)       -        -   (1,261)    (455)
  Net (deposits in)
   withdrawals from
   Fiat Industrial         (57)  (2,419)      32   (2,395)     (89)     (24)
  Other, net               348      128      (35)     (79)     313      207
                       -------  -------  -------  -------  -------  -------

Net cash used in
 investing activities   (2,002)  (3,550)    (566)  (2,884)  (1,506)    (666)
                       -------  -------  -------  -------  -------  -------

Financing activities:
  Intersegment
   activity                  -        -     (616)     391      616     (391)
  Net increase
   (decrease) in
   indebtedness          1,011    1,068      (24)    (272)   1,035    1,340
  Dividends paid          (261)       -     (261)       -      (68)     (85)
  Other, net                54        1       84       33       36      (32)
                       -------  -------  -------  -------  -------  -------

Net cash provided by
 (used in) financing
 activities                804    1,069     (817)     152    1,619      832
                       -------  -------  -------  -------  -------  -------

Effect of foreign
 exchange rate changes
 on cash and cash
 equivalents               (34)     (76)     (20)     (48)     (14)     (28)
                       -------  -------  -------  -------  -------  -------

(Decrease) Increase in
 cash and cash
 equivalents               (47)  (1,563)    (424)  (1,683)     377      120
Cash and cash
 equivalents,
 beginning of year       2,055    3,618    1,251    2,934      804      684
                       -------  -------  -------  -------  -------  -------

Cash and cash
 equivalents, end of
 year                  $ 2,008  $ 2,055  $   827  $ 1,251  $ 1,181  $   804
                       =======  =======  =======  =======  =======  =======

These Condensed Consolidated Statements of Cash Flows should be read in conjunction with the Company's Audited Consolidated Financial Statements and Notes for the year ended December 31, 2011.

The supplemental Equipment Operations (with Financial Services on the equity basis) data in these statements include CNH Global N.V.'s agricultural and construction equipment operations. The supplemental Financial Services data in these statements include CNH Global N.V.'s financial services business. Transactions between Equipment Operations and Financial Services have been eliminated to arrive at the consolidated data.


                               CNH GLOBAL N.V.
                       TOTAL DEBT AND NET DEBT (CASH)
  For the Year Ended December 31, 2012 and the Year Ended December 31, 2011
                                 (Unaudited)

                                            Equipment          Financial
                        Consolidated       Operations           Services
                     ----------------- ------------------  -----------------
                     Dec. 31, Dec. 31, Dec. 31,  Dec. 31,  Dec. 31, Dec. 31,
                       2012     2011     2012      2011      2012     2011
                     -------- -------- --------  --------  -------- --------
                                          (in millions)
Short-term debt:
  With Fiat
   Industrial
   subsidiaries      $    313 $    325 $    102  $     80  $    211 $    245
  Owed to
   securitization
   investors            3,013    2,302        -         -     3,013    2,302
  Other                   471    1,445      259        64       212    1,381
  Intersegment              -        -        -        95     1,922    1,394
                     -------- -------- --------  --------  -------- --------
Total short-term
 debt                   3,797    4,072      361       239     5,358    5,322
                     -------- -------- --------  --------  -------- --------
Long-term debt:
  With Fiat
   Industrial
   subsidiaries            44      314       19        65        25      249
  Owed to
   securitization
   investors            7,326    6,511        -         -     7,326    6,511
  Other                 6,896    6,213    3,354     3,591     3,542    2,622
  Intersegment              -        -      554       598       554      599
                     -------- -------- --------  --------  -------- --------
Total long-term debt   14,266   13,038    3,927     4,254    11,447    9,981
                     -------- -------- --------  --------  -------- --------
Total debt:
  With Fiat
   Industrial
   subsidiaries           357      639      121       145       236      494
  Owed to
   securitization
   investors           10,339    8,813        -         -    10,339    8,813
  Other                 7,367    7,658    3,613     3,655     3,754    4,003
  Intersegment              -        -      554       693     2,476    1,993
                     -------- -------- --------  --------  -------- --------
Total debt           $ 18,063 $ 17,110 $  4,288  $  4,493  $ 16,805 $ 15,303
                     ======== ======== ========  ========  ======== ========
Less:
  Cash and cash
   equivalents          2,008    2,055      827     1,251     1,181      804
  Deposits in Fiat
   Industrial
   subsidiaries'
   cash management
   system               4,232    4,116    4,005     3,980       227      136
  Intersegment notes
   receivable               -        -    2,476     1,993       554      693
                     -------- -------- --------  --------  -------- --------
Net debt (cash)      $ 11,823 $ 10,939 $ (3,020) $ (2,731) $ 14,843 $ 13,670
                     ======== ======== ========  ========  ======== ========

Note: Net Debt (Cash) is a non-GAAP financial measure. See description of non-GAAP measures contained in this release.


                              CNH GLOBAL N.V.
                           SUPPLEMENTAL SCHEDULES
     For the Three Months and the Year Ended December 31, 2012 and 2011
                                (Unaudited)

                            Three Months Ended        Twelve Months Ended
                               December 31,              December 31,
                         ------------------------  ------------------------
                                              %                         %
                           2012     2011   Change    2012     2011   Change
                         -------  -------          -------  -------
                                  (in millions, except percentages)
1. Revenues and net
 sales:
   Net sales
     Agricultural
      equipment          $ 4,014  $ 3,695     8.6% $15,657  $14,183    10.4%
     Construction
      equipment              915    1,073   -14.7%   3,770    3,876    -2.7%
                         -------  -------          -------  -------
       Total net sales     4,929    4,768     3.4%  19,427   18,059     7.6%
   Financial services        327      342    -4.4%   1,307    1,387    -5.8%
   Eliminations and
    other                    (69)     (69)            (287)    (261)
                         -------  -------          -------  -------
   Total revenues        $ 5,187  $ 5,041     2.9% $20,447  $19,185     6.6%
                         =======  =======          =======  =======


2. Net sales on a
 constant currency
 basis:

   Agricultural
    equipment net sales  $ 4,014  $ 3,695     8.6% $15,657  $14,183    10.4%
   Effect of currency
    translation               98              2.7%     624              4.4%
                         -------  -------          -------  -------
     Agricultural
      equipment net
      sales on a
      constant currency
      basis              $ 4,112  $ 3,695    11.3% $16,281  $14,183    14.8%
                         =======  =======          =======  =======

   Construction
    equipment net sales  $   915  $ 1,073   -14.7% $ 3,770  $ 3,876    -2.7%
   Effect of currency
    translation               30              2.8%     186              4.8%
                         -------  -------          -------  -------
     Construction
      equipment net
      sales on a
      constant currency
      basis              $   945  $ 1,073   -11.9% $ 3,956  $ 3,876     2.1%
                         =======  =======          =======  =======

     Total Equipment
      Operations net
      sales on a
      constant currency
      basis              $ 5,057  $ 4,768     6.1% $20,237  $18,059    12.1%
                         =======  =======          =======  =======

Note: Net sales on a constant currency basis is a non-GAAP financial measure. See description of non-GAAP measures contained in this release.


                               CNH GLOBAL N.V.
                           SUPPLEMENTAL SCHEDULES
     For the Three Months and the Year Ended December 31, 2012 and 2011
                                 (Unaudited)

3. Equipment Operations gross and operating profit and margin:


                       Three Months Ended               Year Ended
                          December 31,                 December 31,
                   --------------------------  ----------------------------
                       2012          2011           2012           2011
                   ------------  ------------  -------------  -------------
                               (in millions, except percentages)

Net sales          $4,929 100.0% $4,768 100.0% $19,427 100.0% $18,059 100.0%
Less:
  Cost of goods
   sold             4,024  81.6%  3,951  82.9%  15,566  80.1%  14,626  81.0%
                   ------        ------        -------        -------
Equipment
 Operations gross
 profit            $  905  18.4% $  817  17.1% $ 3,861  19.9% $ 3,433  19.0%
Less:
  Selling, general
   and
   administrative     444   9.0%    425   8.9%   1,535   7.9%   1,442   8.0%
  Research and
   development        181   3.7%    154   3.2%     652   3.4%     526   2.9%
                   ------        ------        -------        -------
Equipment
 Operations
 operating profit  $  280   5.7% $  238   5.0% $ 1,674   8.6% $ 1,465   8.1%
                   ======        ======        =======        =======

Gross profit and
 margin:
  Agricultural
   equipment       $  803  20.0% $  685  18.5% $ 3,359  21.5% $ 2,904  20.5%
  Construction
   equipment          102  11.1%    132  12.3%     502  13.3%     529  13.6%
                   ------        ------        -------        -------
Equipment
 Operations gross
 profit            $  905  18.4% $  817  17.1% $ 3,861  19.9% $ 3,433  19.0%
                   ======        ======        =======        =======

Operating profit
 and margin:
  Agricultural
   equipment       $  322   8.0% $  241   6.5% $ 1,680  10.7% $ 1,410   9.9%
  Construction
   equipment          (42) -4.6%     (3) -0.3%      (6) -0.2%      55   1.4%
                   ------        ------        -------        -------
Equipment
 Operations
 operating profit  $  280   5.7% $  238   5.0% $ 1,674   8.6% $ 1,465   8.1%
                   ======        ======        =======        =======



                               CNH GLOBAL N.V.
                           SUPPLEMENTAL SCHEDULES
         For the Three Months and the Year Ended December 31, 2012
                                 (Unaudited)

4. Net income and diluted earnings per share before restructuring and exceptional items:


                                   Three Months Ended       Year Ended
                                       December 31,         December 31,
                                   -------------------  -------------------
                                      2012      2011       2012      2011
                                   --------- ---------  --------- ---------
                                     (in millions, except per share data)

  Net income attributable to CNH   $     195 $     193  $   1,142 $     939
                                   --------- ---------  --------- ---------

  Restructuring, net of tax                -         1          1         -
  Exceptional item:
    Loss on sale of business              35         -         35         -
    (Gain) on purchase of
     business, net of tax                  -        (5)         -       (21)
                                   --------- ---------  --------- ---------
  Net income before restructuring
   and exceptional items           $     230 $     189  $   1,178 $     918
                                   ========= =========  ========= =========

Weighted average shares
 outstanding - Diluted:
    Common Shares                         31       241         30       240
    Class B Common Shares                212         -        212         -

                                   --------- ---------  --------- ---------
    Diluted EPS before
     restructuring and exceptional
     items for Common Shares and
     Class B Common Shares         $    0.92 $    0.79  $    4.83 $    3.82
                                   ========= =========  ========= =========

5. Equipment Operations cash (used) by working capital:


                                                                     Cash
                   Balance    Effect of                 Balance   generated
                    as of      Foreign                   as of    (used) by
                   December    Currency    Non-Cash     December   Working
                   31, 2011  Translation Transactions   31, 2012   Capital
                  ---------  ----------- ------------  ---------  ---------
                                        (in millions)

Accounts, notes
 receivable and
 other - net -
 Total            $     894  $        45 $        (88) $     824  $     113
Inventories           3,662           19           49      3,734       (140)
Accounts payable
 - Total             (3,219)          15            -     (2,932)      (302)
                  ---------  ----------- ------------  ---------  ---------
Working Capital   $   1,337  $        79 $        (39) $   1,626  $    (329)
                  =========  =========== ============  =========  =========

Note: Working Capital is a non-GAAP financial measure. See description of non-GAAP measures contained in this release.

For more information contact:
CNH Investor Relations
+1 (630) 887-3745


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