|
ANAREN INC - 10-Q - Management's Discussion and Analysis of Financial Condition and Results of Operations
(Edgar Glimpses Via Acquire Media NewsEdge)
The following Management's Discussion and Analysis of Financial Condition and
Results of Operations should be read in conjunction with the condensed
consolidated financial statements and the notes thereto appearing elsewhere in
this Form 10-Q. The following condensed discussion, other than historical facts,
contains forward-looking statements that involve a number of risks and
uncertainties. The Company's results could differ materially from those
anticipated in these forward-looking statements as a result of various factors,
including factors described elsewhere in this Quarterly Report on Form 10-Q and
factors described in the Company's Annual Report on Form 10-K for the fiscal
year ended June 30, 2012.
Overview
The condensed consolidated financial statements present the financial condition
of the Company as of December 31, 2012 and June 30, 2012, and the consolidated
results of operations and cash flows of the Company for the three and six months
ended December 31, 2012 and 2011.
The Company designs, develops and markets microwave components and assemblies
for the wireless communications, satellite communications and defense
electronics markets. The Company's distinctive manufacturing and packaging
techniques enable it to cost-effectively produce compact, lightweight microwave
products for use in base stations and subscriber equipment for wireless
communications as well as, in satellites and in defense electronics systems. The
Company sells its products to leading wireless communications equipment
manufacturers such as Ericsson, Nokia Siemens Networks, and Huawei, and to
satellite communications and defense electronics companies such as Boeing
Satellite, ITT, Lockheed Martin, Northrop Grumman and Raytheon.
Net sales generally are recognized when units are shipped. Net sales under
certain long-term contracts of the Space & Defense Group, many of which provide
for periodic payments, are recognized under the percentage-of-completion method
based on units of delivery. Estimated manufacturing cost-at-completion for these
contracts are reviewed on a routine periodic basis, and adjustments are made
periodically to the estimated cost-at-completion based on actual costs incurred,
progress made, and estimates of the costs required to complete the contractual
requirements. When the estimated manufacturing cost-at-completion exceeds the
contract value, the contract is written down to its net realizable value, and
the loss resulting from cost overruns is immediately recognized. To properly
match net sales with costs, certain contracts may have revenue recognized in
excess of billings (unbilled revenues), and other contracts may have billings in
excess of net sales recognized (billings in excess of contract costs). Under
long-term contracts, the prerequisites for billing the customer for periodic
payments generally involve the Company's achievement of contractually specific,
objective milestones (e.g., completion of design, testing, or other engineering
phase, delivery of test data or other documentation, or delivery of an
engineering model or flight hardware).
The Company operates in the wireless communications, satellite communications
and defense electronics markets all of which have been affected by the current
economic climate and recession. The United States defense budget has a direct
impact on the level of funding available for programs that the Company currently
participates in or has targeted for future participation. We continue to assess
the effect of the 2012/ 2013 defense budget on these programs and, to date have
seen only minimal negative impact on our anticipated Space & Defense Group order
rate. The economic downturn has negatively impacted the worldwide Wireless
infrastructure market as the market has delayed or downsized system expansions
and upgrades. Wireless Group sales have declined in the first six months of
fiscal 2013, compared to the first six months of fiscal 2012 due to the
softening of demand for standard components beginning in the fourth quarter of
calendar 2011. Demand for consumer and infrastructure standard components has
rebounded from the lowest levels of fiscal 2012 and the Company is cautiously
optimistic about fiscal 2013 component shipment levels.
15
--------------------------------------------------------------------------------
Third Quarter of Fiscal 2013 Outlook
For the third quarter of fiscal 2013, we anticipate comparable sales for the
Wireless Group and an increase in sales for the Space & Defense Group compared
to the second quarter levels. As a result, we expect net sales to be in the
range of $37 to $41 million. We expect GAAP net earnings, inclusive of a tax
benefit of approximately $0.09 per share related to of the impact of the
reinstatement of the Federal Research and Experimentation credit retroactive to
January 1, 2012, to be in the range of $0.29 - $0.37 per diluted share for the
third quarter.
Results of Operations
Net sales for the three months ended December 31, 2012 were $38.0 million, up
6.3% from sales of $35.7 million for the second quarter of fiscal 2012. Net
income for the second quarter of fiscal 2013 was $3.5 million, or 9.2% of net
sales, up $2.3 million from net income of $1.2 million in the second quarter of
fiscal 2012.
The following table sets forth the percentage relationships of certain items
from the Company's condensed consolidated statements of income as a percentage
of net sales.
Three Months Ended Six Months Ended
Dec. 31, 2012 Dec. 31, 2011 Dec. 31, 2012 Dec. 31, 2011
Net Sales 100.0 % 100.0 % 100.0 % 100.0 %
Cost of Sales 60.5 % 68.3 % 61.8 % 65.3 %
Gross profit 39.5 % 31.7 % 38.2 % 34.7 %
Operating Expenses:
Marketing 6.3 % 6.8 % 6.4 % 6.8 %
Research and development 8.5 % 8.7 % 8.5 % 9.4 %
General and administrative 11.3 % 12.3 % 11.5 % 11.8 %
Total operating expenses 26.1 % 27.8 % 26.4 % 28.0 %
Operating income 13.4 % 3.9 % 11.8 % 6.7 %
Other income (expense):
Interest expense (0.2 )% (0.1 )% (0.1 )% (0.2 )%
Other, primarily interest income 0.4 % 0.4 % 0.5 % 0.4 %
Total other income 0.2 % 0.3 % 0.4 % 0.2 %
Income before income tax expense 13.6 % 4.2 % 12.2 % 6.9 %
Income tax expense 4.4 % 0.9 % 3.9 % 1.9 %
Net income 9.2 % 3.3 % 8.3 % 5.0 %
The following table summarizes the Company's net sales by operating segments for
the periods indicated. Amounts are in thousands.
Three Months Ended Six months Ended
Dec. 31, 2012 Dec. 31, 2011 Dec. 31, 2012 Dec. 31, 2011
Wireless $ 12,849 $ 10,793 $ 26,051 $ 29,007
Space and Defense 25,153 24,944 51,013 45,450
Total $ 38,002 $ 35,737 $ 77,064 $ 74,457
16--------------------------------------------------------------------------------
Three Months Ended December 31, 2012 Compared to Three Months Ended December 31,
2011
Net sales. Net sales were $38.0 million for the second quarter of fiscal 2013,
up 6.3% compared to $35.7 million for the second quarter of fiscal 2012. Sales
of Wireless Group products increased $2.1 million, or 19.0%, while sales of
Space & Defense Group products rose $0.2 million, or 0.8%, in the current second
quarter compared to the second quarter of fiscal 2012.
The increase in sales of Wireless Group products, which consist of standard
components for use in building wireless base station and consumer equipment, was
the result of the current rebound in worldwide demand for Wireless
infrastructure components from the depressed levels experienced in the second
and third quarter of fiscals 2012 due to declining orders from both European
original equipment manufacturers (OEMs) and Asian contract manufacturers. Sales
of Wireless Group products have rebounded approximately 20% in the current
second quarter of fiscal 2013 compared to the Wireless Group sales of $10.8
million in the second quarter last year. Wireless Group quarterly sales are
expected to remain relatively flat throughout fiscal 2013 based on current
customer demand.
Space & Defense Group products consist of custom components and assemblies for
commercial and military satellites, as well as radar, receiver, and
countermeasure subsystems for the military. Sales of Space & Defense Group
products rose $0.2 million, or 0.8% in the second quarter of fiscal 2013
compared to the second quarter of the previous fiscal year. Second quarter 2013
Space & Defense Group sales were comparable to sales in this group for the
preceding last three quarters of fiscal 2012 and the first quarter of 2013. The
current sales levels, compared to fiscal 2012 second quarter sales, reflects
both the Space & Defense backlog levels of approximately $95 - $105 million
during the past twelve months and the resolution of production and customer
specification issues which has allowed for consistent quarterly Space & Defense
Group product shipments over the trailing twelve month period. Quarterly Space &
Defense Group sales are expected to exceed second quarter levels for the
remainder of fiscal 2013.
Gross Profit. Cost of sales consists primarily of engineering design costs,
materials, material fabrication costs, assembly costs, direct and indirect
overhead, and test costs. Gross profit for the second quarter of fiscal 2013 was
$15.0 million, (39.5% of net sales), up $3.7 million from $11.3 million (31.7%
of net sales) for the same quarter of the prior year. Gross profit as a percent
of sales increased significantly in the second quarter of fiscal 2013 from the
second quarter of fiscal 2012 due to a more favorable product mix in both the
Wireless and Space & Defense Groups, which resulted in a decline in material
content in the current quarter compared to the second quarter last year.
Additionally, gross profit in the current second quarter was enhanced by lower
payroll due to personnel reductions in the second quarter of fiscal 2012 and
health care costs due to a significant improvement in large healthcare claim
expenses in the Company's self-insured program in the current second quarter
compared to last year.
Marketing. Marketing expenses consist mainly of employee related expenses,
commissions paid to sales representatives, trade show expenses, advertising
expenses and related travel expenses. Marketing expenses were $2.4 million (6.3%
of net sales) for the second quarter of fiscal 2013, unchanged from $2.4 million
(6.8% of net sales) for the second quarter of fiscal 2012. Marketing expenses in
the current second quarter remained flat as reductions in consulting,
advertising, and support costs in the current quarter were offset by higher
commissions and personnel costs compared to the second quarter of fiscal 2012.
Research and Development. Research and development expenses consist of material,
salaries and related overhead costs of employees engaged in ongoing research,
design and development activities associated with new products and technology
development. Research and development expenses were $3.2 million (8.5% of net
sales) in the second quarter of fiscal 2013, up 3.8% from $3.1 million (8.7% of
net sales) for the second quarter of fiscal 2012. The increase resulted from the
completion of a number of customer funded Space & Defense Group development
projects over the past six months, allowing personnel to be assigned to internal
development work for that Group in the current quarter. Research and development
expenditures are supporting further development of Wireless Group infrastructure
and consumer component opportunities, as well as new technology development in
the Space & Defense Group. The Company expects to maintain its current research
and development efforts and spending levels for the remainder of fiscal 2013.
17
--------------------------------------------------------------------------------
General and Administrative. General and administrative expenses consist of
employee related expenses, incentive compensation, professional services,
intangible amortization, travel related expenses and other corporate
costs. General and administrative expenses decreased 1.3% to $4.3 million (11.3%
of net sales) for the second quarter of fiscal 2013, from $4.4 million (12.3% of
net sales) for the second quarter of fiscal 2012. The decrease in general and
administrative expense in the current quarter was due to a reduction in
consulting and professional service expenses, year over year, in the current
second quarter. Quarterly general and administrative costs are expected to
remain at current levels for the remainder of fiscal 2013.
Operating Income. Operating income increased $3.7 million in the second quarter
of fiscal 2013 to $5.1 million, (13.4% of net sales), compared to $1.4 million
(3.9% of net sales) for the second quarter of fiscal 2012. This increase in
operating income was a result of the $2.3 million rise in sales coupled with no
increase in operating expenses. Additionally, a more favorable product mix,
which included a five percentage point reduction in material content, drove a
7.8 percentage point increase in gross margins during the current second quarter
compared to the same quarter last year.
On an operating segment basis, Wireless Group operating income was $2.0 million
(15.8% of Group sales) for the second quarter of fiscal 2013, up $2.9 million
from the Group's operating loss of $(0.9) million (7.9% of Group sales) in the
second quarter of fiscal 2012. The rise in Wireless Group operating income in
the second quarter of fiscal 2013, compared to the second quarter of fiscal
2012, was due to the $2.1 million, or 19.0%, increase in Wireless Group sales
coupled with a $0.3 million reduction in operating expenses and a more favorable
product mix resulting in lower material content. Additionally, lower production
costs in the current quarter resulting from the personnel and expense reductions
in the first half of fiscal 2012 had a large impact on margins in the current
second quarter compared to the same quarter last year.
Space & Defense Group operating income was $3.1 million, (12.1% of Group sales)
in the second quarter of fiscal 2013, compared to operating income of $2.4
million, (9.5% of Group sales) for the second quarter of fiscal 2012. Operating
margins for this Group increased in the current first quarter due mainly to the
$1.1 million increase in gross margin compared to the second quarter last year.
Gross margin improvement resulted from a more favorable product mix with more
mature production, lower material content products and lower production costs
resulting from the personnel and expense reductions in the first half of fiscal
2012.
Other Income. Other income primarily consists of interest income received on
invested cash balances and rental income. Other income was $0.1 million in the
second quarter of fiscal 2013 compared to $0.1 million for the second quarter of
last year. Higher short-term interest rates and cash balances in China,
year-over-year, have had a positive impact on interest income. Other income will
fluctuate based on short term market interest rates and the level of investable
cash balances.
Interest Expense. Interest expense consists mainly of interest on Company
borrowings and deferred items. Interest expense in the second quarter of fiscal
2013 was flat, compared to the second quarter of fiscal 2012 and was less than
$0.1 million. Interest expense has remained relatively low and has declined due
to the continuing low level of the 30 day London Inter-Bank Offer Rate (LIBOR)
interest rate. During the first quarter of fiscal 2013, the Company borrowed a
total of $8 million, which is currently outstanding under the Line. These
borrowings bear interest at the 30 day LIBOR rate, plus 100 to 200 basis points,
based upon the Company's rolling twelve month earnings before interest and taxes
and depreciation and amortization (EBITDA) performance. The rate is reset
monthly and for the third quarter of fiscal 2013 is expected to be approximately
1.3%.
Income Taxes. Income taxes for the second quarter of fiscal 2013 were $1.7
million (4.4% of net sales), representing an effective tax rate of 32.0%. This
compares to income tax expense of $0.3 million (0.9% of net sales) for the
second quarter of fiscal 2012, representing an effective tax rate of 21.4%. The
increase in the effective rate for the second quarter of fiscal 2013 is a result
of the increase in taxable income, the expiration of the research and
experimentation credit and the mix of foreign and domestic taxable income year
over year. The projected effective tax rate for fiscal 2013, absent one-time
events and adjusted for the reinstatement of the Federal Research and
Experimentation credit in January 2013 is expected to be approximately 27 -
28%%.
18
--------------------------------------------------------------------------------
Six Months Ended December 31, 2012 Compared to Six Months Ended December 31,
2011
Net sales. Net sales were $77.1 million for the first half of fiscal 2013, up
3.5% compared to $74.5 million for the first half of fiscal 2012. Sales of
Wireless Group products fell $3.0 million, or 10.2%, and sales of Space &
Defense Group products increased $5.6 million, or 12.2%, in the current first
six months compared to the first half of fiscal 2012.
The decline in sales of Wireless Group products in the first half of fiscal 2013
compared to the first half of fiscal 2012 was the result of a substantial
decrease in demand for Wireless infrastructure products beginning in the latter
half of the fiscal 2012 first quarter, which dropped the quarterly Wireless
Group sales rate from over $18.0 million in the first quarter last year to the
current $12.0 - $13.0 million run rate. Sales of these products dropped $3.0
million in the first six months of fiscal 2013 compared to the first six months
of fiscal 2012 due to declining orders from both European OEMs and Asian
contract manufacturers.Wireless Group sales have stabilized and are expected to
remain relatively flat throughout fiscal 2013 based on current customer demand.
Sales of Space & Defense Group products increased $5.6 million, or 12.2% in the
first half of fiscal 2013 compared to the first half of the previous fiscal
year. First and second quarter fiscal 2013 Space & Defense Group sales were
comparable to sales in this Group for the preceding last three quarters of
fiscal 2012. The improvement over fiscal 2012 first six months sales reflects
both the Space & Defense Group backlog level of approximately $95 - $105 million
during the past twelve months and the resolution of production and customer
specification issues which has allowed for consistent quarterly Space & Defense
Group product shipments over the trailing twelve month period. Quarterly Space &
Defense Group sales are expected to exceed first and second quarter levels for
the remainder of fiscal 2013.
Gross Profit. Gross profit for the first half of fiscal 2013 was $29.4 million,
(38.2% of net sales), up from $25.9 million (34.7% of net sales) for the same
period of the prior year. Gross profit as a percent of sales increased
significantly in the first half of fiscal 2013 from the first half of fiscal
2012 due to efficiencies from the higher sales levels and a more favorable
product mix in both the Wireless and Space & Defense Groups, which resulted in a
decline in material content in the current first six months compared to the
first six months of last year. Additionally, gross profit in the first half of
fiscal 2013 was enhanced by lower payroll and health care costs due to personnel
reductions in the first half of fiscal 2012 and a substantial reduction in
healthcare costs in the Company's self-insured program, for the current first
six months compared to the same period in fiscal 2012.
Marketing. Marketing expenses were $4.9 million (6.4% of net sales) for the
first half of fiscal 2013 down $0.1 million from $5.0 million (6.8% of net
sales) for the first half of fiscal 2012. Marketing expenses in the current
first half declined slightly due to lower advertising, marketing support and
travel expenses, which off-set higher commission expenses in the current first
six months compared to the first half of fiscal 2012.
Research and Development. Research and development expenses were $6.6 million
(8.5% of net sales) in the first half of fiscal 2013, down 6.7% from $7.0
million (9.4% of net sales) for the first half of fiscal 2012. The decline in
fiscal 2013 research and development expenditures resulted from a reduction in
engineering personnel at the beginning of the second quarter of fiscal 2012 due
to a reduction in design work and the reassignment of some engineering personnel
to funded engineering development work in the Space & Defense Group. Research
and development expenditures are supporting further development of Wireless
Group infrastructure and consumer product opportunities, as well as new
technology development in the Space & Defense Group. The Company expects to
maintain its current research and development efforts and spending levels in the
second half of fiscal 2013, and is presently working on a number of new standard
and custom Wireless Group and Space & Defense Group opportunities.
General and Administrative. General and administrative expenses were $8.9
million (11.5% of net sales) for the first half of fiscal 2013, relatively
unchanged from $8.8 million (11.8% of net sales) for the first half of fiscal
2012. The small increase in general and administrative expense in the current
first half was due to increased compensation costs related to deferred
compensation accruals and additional consultant expense. General and
administrative costs are expected to remain at current levels for the remainder
of fiscal 2013.
19--------------------------------------------------------------------------------
Operating Income. Operating income increased $4.1 million in the first half of
fiscal 2013 to $9.1 million, (11.8% of net sales), compared to $5.0 million
(6.7% of net sales) for the first half of fiscal 2012. This increase in
operating income was a result of the $2.6 million rise in sales coupled with a
$0.5 million decrease in operating expenses. Additionally, a more favorable
product mix and a reduction in material content, as a percent of sales, drove a
3.5 percentage point increase in gross margins during the current first six
months compared to the same six months last year.
On an operating segment basis, Wireless Group operating income was $3.9 million
(14.9% of Group sales) for the first six months of fiscal 2013, up $1.1 million
from the Group's operating income of $2.8 million (9.7% of Group sales) in the
first six months of fiscal 2012. The rise in Wireless Group operating income in
the first half of fiscal 2013, compared to the first half of fiscal 2012, was
due to a $1.3 million reduction in operating expenses consisting of a $0.9
million decline in group research and development spending and a $0.5 million
decrease in general and administrative expense. Additionally, a more favorable
product mix which resulted in lower material content and lower production costs
resulting from the personnel and expense reductions instituted in the first half
of fiscal 2012 had a large impact on improved Group gross margins in the current
first six months compared to the same period last year.
Space & Defense Group operating income was $5.2 million, (10.2% of Group sales)
in the first six months of fiscal 2013, compared to operating income was $2.3
million, (5.0% of Group sales) for the first six months of fiscal
2012. Operating margins for this Group increased in the current first six months
due mainly to the $3.8 million increase in gross margin compared to the same
period last year. Gross margin improvement resulted from the $5.6 million
increase in sales, a more favorable product mix with more mature production,
lower material content products and lower production costs resulting from the
personnel and expense reductions in the first half of fiscal 2012.
Other Income. Other income was $0.4 million in the first half of fiscal 2013 up
$0.1 million from the first half of last year. Other income will fluctuate based
on short term market interest rates and the level of investable cash balances.
Interest Expense. Interest expense consists mainly of interest on Company
borrowings and deferred items. Interest expense in the first half of fiscal 2013
and fiscal 2012 was $0.1 million. Interest expense has remained relatively low
and has declined due to the continuing low level of the 30 day London Inter-Bank
Offer Rate (LIBOR) interest rate. During the first quarter of fiscal 2013, the
Company borrowed a total of $8 million, which is currently outstanding under the
Line. These borrowings bear interest at the 30 day LIBOR rate, plus 100 to 200
basis points, based upon the Company's rolling twelve month earnings before
interest and taxes and depreciation and amortization (EBITDA) performance. The
rate is reset monthly and for the third quarter of fiscal 2013 is expected to be
approximately 1.3%.
Income Taxes. Income tax expense for the first half of fiscal 2013 was $3.0
million (3.9% of net sales), representing an effective tax rate of 32.0%. This
compares to income tax expense of $1.4 million (1.9% of net sales) for the first
half of fiscal 2012, representing an effective tax rate of 28.0%. The increase
in the effective rate for the first six months is a result of the increase in
taxable income, the expiration of the research and experimentation credit and
the mix of foreign and domestic taxable income year over year. The projected
effective tax rate for fiscal 2013, absent one-time events and adjusted for the
reinstatement of the Federal Research and Experimentation credit in January 2013
is expected to be approximately 28%.
Critical Accounting Policies
There have been no changes to the Company's critical accounting policies,
estimates, or judgments from those discussed in the Company's 2012 Annual Report
on Form 10-K.
Liquidity and Capital Resources
Net cash provided by operations for the first six months of fiscal 2013 was $6.9
million and resulted primarily from net income before depreciation, amortization
and non-cash equity based compensation expense. The positive cash flow from
operations for the first six months was reduced by a $2.8 million increase in
accounts receivable due to lengthening of customer terms, a $1.7 million
increase in inventory due to the current higher sales levels, and a $2.0 million
decrease in accounts payable.
20--------------------------------------------------------------------------------
Net cash provided by operations for the first six months of fiscal 2012 was $7.9
million and resulted primarily from net income before depreciation, amortization
and non-cash equity based compensation expense. The positive cash flow from
operations for the first six months was further enhanced by a $3.4 million
decrease in accounts receivable due to improved collections, which was off-set
by a $3.3 million increase in inventory due to the lower Wireless sales levels,
and a $3.8 million decrease in accounts payable and accrued expenses.
Net cash provided by investing activities in the first six months of fiscal 2013
was $12.1 million and consisted of $9.1 million provided by maturities of
marketable debt securities plus $5.2 million provided by proceeds from the sale
and leaseback of the Company's Salem, NH manufacturing facility, less $2.2
million used for capital additions.
Net cash used in investing activities in the first half of fiscal 2012 was $4.3
million and consisted of $4.4 million used to pay for capital additions which,
was partially off-set by $0.1 million provided by the net maturities of held
to maturity debt securities.
Net cash used in financing activities was $10.1 million in the first six months
of fiscal 2013 and consisted of $8.0 million provided by borrowings under the
Company's credit facility, $2.0 million of cash and tax benefits provided by the
exercise of stock options, less $20.1 million used to purchase approximately 1.1
million treasury shares. Net cash used in financing activities in the first six
months of fiscal 2012 was $31.7 million and consisted of $30.0 million used to
pay down long-term debt and $6.6 million used to purchase approximately 374,000
treasury shares during the period, which were partially offset by $4.9 million
generated by cash receipts and tax benefits from the exercise of stock options.
During the remainder of fiscal 2013, the Company anticipates that its primary
cash requirement will be for capital expenditures and possible repurchase of the
Company's common stock. Capital expenditures for the remainder of fiscal 2013
are expected to be in the range of $3.0 - $4.0 million, (4-5% of anticipated
sales), and will be funded from existing cash and investments, and expected cash
flow generated by operations.
The Company has a $50.0 million revolving credit facility with its principal
bank and currently has $8.0 million outstanding under the Line. These borrowings
bear interest at the 30 day LIBOR rate, plus 100 to 200 basis points, based upon
the Company's rolling twelve month earnings before interest and taxes and
depreciation and amortization (EBITDA) performance. The rate is reset monthly
and for the third quarter of fiscal 2013 is expected to be approximately 1.3%.
The Company may continue to repurchase shares of its common stock in the open
market and/or through privately negotiated transactions under the current Board
authorization, depending on market conditions. At December 31, 2012, there were
approximately 1.3 million shares remaining under the current Board repurchase
authorization.
At December 31, 2012, the Company had approximately $43.6 million in cash, cash
equivalents, and marketable securities. Included in the Company's cash and cash
equivalents balance is $16.4 million that is deposited in banks in China. The
Company has had positive operating cash flow for over twelve years, and believes
that its cash requirements for the foreseeable future will be satisfied by
currently invested cash balances and expected cash flows from operations.
[ Back To asia.tmcnet.com's Homepage 's Homepage ]
|
Internet Telephony Magazine
Click here to read latest issue
CUSTOMER 
Cloud Computing Magazine
Click here to read latest issue
M2M Evolution Magazine
Call Center/CRM
Info Tech 
IP Communications 
Mobile 
Green 
Satellite 
Robotics 
