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Patni Q3 revenues at 183.5 million dollars, in line with guidance Print E-mail
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Written by ANI   
Thursday, 23 October 2008

Mumbai, Oct 23 (ANI/Business Wire India): Patni Computer Systems Limited (Patni) today announced its financial results for the third quarter ended September 30, 2008.

Performance Highlights for the quarter ended September 30, 2008

-- Revenues for the quarter at US 183.5 million dollars (Rs. 8,522.5 million)

- Up 8.3% YoY from US$ 169.5 million (Rs. 6,735.7 million) Up 0.5% sequentially from US 182.6 million dollars(Rs. 7,837.1 million) Contribution from top customer marginally changed at 10.5% for the quarter as compared to 10.4% during previous quarter

-- Operating Income for the quarter at US$ 27.6 million (Rs. 1,283.9 million)

- Down 4.6% YoY from US$ 29.0 million (Rs. 1,151.4 million)

- Up 64.6% sequentially from US 16.8 million dollars (Rs. 720.7 million)

- Operating Income adjusted for Extra Ordinary items is at US$ 24.9 million for the quarter, sequential increase by 48.1% and is lower by 14.1% on YoY basis.

-Net Income for the quarter at US 43.1 million dollars(Rs. 2,001.9 million)

- Up 56.0% YoY from US 27.6 million dollars (Rs. 1,097.8 million)

- Up 78.4% sequentially from US 24.2 million dollars (Rs. 1,037.2 illion)

- Net Income adjusted for Extra Ordinary items is at US 24.4 million dollars for the quarter, sequential increase by 1.0% and is lower by 11.6% on YoY basis.

-- EPS for the quarter at US dollars 0.32 per share (US dollars 0.63 per ADS). EPS adjusted for one time Extra Ordinary items is at US dollars 0.18 per share ( US dollars 0.36 per ADS)

-- Share Buy back Programme completed

Future Outlook:

-- Q4 CY2008 Revenues are expected to be at US$ 176 to US$ 177 million and Net Income (Excluding the Foreign Exchange Gain/Loss) is expected to be in the range of US dollars 22.0 to US dollars 22.5 million

-- This guidance is based on Constant Rupee -USD rate of Rs 47 and constant GBP -USD rate of 1.85 , EURO-USD rate of 1. 35

-- Mark to Market Forex loss during Q4 2008 is expected o be in the range of 10m dollars based on current estimates. This may change depending on further currency movements during the quarter and will impact our Net Earnings accordingly.

Commenting on the quarter, Narendra K Patni, Chairman and CEO, Patni Computer Systems Ltd., said, " We are witnessing deep global meltdown in the markets and this will impact our business in short term. We expect the environment to remain uncertain and volatile and with low visibility.

However we remain bullish on mid term prospects of our business and continue to invest to enhance our position in the market place across all dimensions of our business."

Loek van den Boog, Executive Director, said, "Current financial crisis will have indirect impact on our industry. In short run we expect to see volatility. However we are very confident that as the environment settles the overall demand for global outsourcing will increase. We are working very closely with our customers in this tough times and remain positive of our mid to long term prospects."

Speaking on the occasion, Surjeet Singh, Chief Financial Officer said, "The currency benefit due to sharp depreciation of Rupee was seen at operating level as Dollar appreciated against all major currencies. We are managing our business tightly on operating parameters. Our cash position is healthy and we continue to remain acquisitive to expand our services portfolio and geographical presence. We continue to remain focused on managing the business tightly and efficiently." (ANI)

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Last Updated ( Thursday, 23 October 2008 )
 
Injured Theo Walcott out for three months Print E-mail
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Written by ANI   
Wednesday, 19 November 2008

London, Nov.19 (ANI): A freak injury to England footballer Theo Walcott could keep him out for three months. According to The Sun, winger Walcott dislocated his right shoulder at the end of the England training session in Berlin last night.

The 19-year-old was challenged by Scott Parker and went down on the wet pitch. He was rushed to hospital in the German capital where his shoulder was put back in place. Walcott, who has just returned from injuring the same shoulder against Stoke, would have started tonight's friendly for England against Germany but instead was due to fly home to have his injury assessed for immediate surgery.

Shaun Wright-Phillips will replace him but England boss Fabio Capello hopes Walcott will recover quickly.

Capello said: "Our priority is Theo and making him as comfortable as possible before he returns to England. We're all very disappointed but the most important thing is for Theo to travel home and make a quick recovery."

Arsenal manager Arsene Wenger, however, will be most disappointed since it looks likely Walcott will be out for a crucial period in the Gunners' faltering Premier League campaign. (ANI)

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Last Updated ( Wednesday, 19 November 2008 )
 
US Defence Department hit by unprecedented cyber attack Print E-mail
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Written by ANI   
Friday, 21 November 2008

Washington, Nov 21 (ANI): The US Defence Department has banned the use of external hardware devices throughout a vast network of military computers, as a result of unprecedented cyber attack on its system, FOX News reported.

The Pentagon has suffered from a cyber attack so alarming that it has taken the unprecedented step of banning the use of external hardware devices, such as flash drives and DVDs.

The attack came in the form of a global virus or worm that is spreading rapidly throughout a number of military networks.

"We have detected a global virus for which there has been alerts, and we have seen some of this on our networks. We are now taking steps to mitigate the virus," FOX news quoted a Pentagon official, as saying.

The official could not reveal the source of the attack because that information remains classified.

"Daily there are millions of scans of the GIG, but for security reasons we don't discuss the number of actual intrusions or attempts, or discuss specific measures commanders in the field may be taking to protect and defend our networks," the department said in an official statement.

Military computers are often referred to as part of the Global Information Grid, or GIG, a system composed of 17 million computers, many of which house classified or sensitive information.

FOX News obtained a copy of one memo sent out last week to an Army division within the Pentagon warning of the cyber attack. (ANI)

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Last Updated ( Friday, 21 November 2008 )
 
F1 boss Bernie Ecclestone's wife files for divorce Print E-mail
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Written by ANI   
Friday, 21 November 2008

London, Nov.21 (ANI): Formula One tycoon Bernie Ecclestone's wife has confirmed that she will be divorcing her husband after 24 years of marriage. Slavica Ecclestone, 50, moved out of their home in Chelsea, West London, three weeks ago, while Ecclestone attended the Brazilian Grand Prix.

Divorce lawyers said that their settlement could break all records as the former model and mother of the motor racing chief's two daughters sought her share of the family billions.

Much of the family wealth is believed to be held by Slavica Ecclestone in a trust that also owns just under 10 per cent of Formula One.

This has prompted speculation that Bernie Ecclestone, 78, who has run the sport since the early 1980s and has managed repeatedly to sell off parts of his stake without ceding operational control, could find himself fighting his wife for his share of his own money.

Friends of Mrs. Ecclestone said she believed that her husband would be keen to avoid a legal battle in which his affairs would be pored over in open court.

Mrs. Ecclestone is known to have had trouble with her husband's workaholic lifestyle. She had wanted him to ease off in recent years, particularly after his triple heart bypass nine years ago. (ANI)

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Last Updated ( Friday, 21 November 2008 )
 
Fooling immune system may help fight diabetes Print E-mail
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Written by ANI   
Friday, 21 November 2008

Washington, Nov 21 (ANI): Researchers at Northwestern University's Feinberg School of Medicine have found a new technique that may help fight diabetes.

When people with type 1 diabetes undergo human islet cell transplantation. The islet cells from a donor pancreas produce robust amounts of insulin for the recipient -- often permitting independence from insulin therapy.

However, the immune system tries to kill the new hard-working islets.

A person who has the transplant procedure must take powerful immunosuppressive drugs to prevent their bodies from rejecting the cells.

However, the drugs are toxic to the new islet cells and put patients at risk for infections and cancer.

Now, the researchers have found a way to trick the immune system of mice into believing those transplanted islets are its own cells.

This new technique eliminated the need for the immunosuppressive drugs in mice with chemically induced diabetes after they had islet transplantation.

"We made the recipient feel that the donor cells are their own. This technique is a highly attractive potential therapy for human islet cell transplantation," said Stephen Miller, co-principal investigator and the Judy Gugenheim Research Professor of Microbiology-Immunology at the Feinberg School.

In the study, the researchers took a type of white blood cell from the islet donor's spleen, called splenocytes, and treated them with a chemical that masked the cells' identity.

They then injected these chemically treated cells into diabetic mice before and after the mice underwent islet cell transplantation.

As a result, the immune system of the mice didn't try to reject the cells, because it didn't perceive them as foreign and dangerous.

When the same test was done without pre-treated cells, the immune system rejected the transplanted islets within 15 days.

The findings were reported in the journal Proceedings of the National Academy of Science in the fall. (ANI)

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Last Updated ( Friday, 21 November 2008 )
 
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