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NETSCOUT SYSTEMS Reports Preliminary Financial Results for Fourth Quarter and Full Fiscal Year 2019

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NETSCOUT SYSTEMS, INC. (NASDAQ: NTCT), a leading provider of service assurance, security, and business analytics, today announced preliminary financial results for its fourth quarter and fiscal year ended March 31, 2019. The preliminary results announced today are subject to change based on the completion of the Companys quarter-end review process.

NETSCOUT expects that its fourth-quarter fiscal year 2019 revenue will be approximately $15 million lower than originally anticipated, primarily due to delayed revenue recognition on a large service assurance project at an international mobile operator. The Company was unable to make up for this shortfall amid a difficult service provider capital spending environment. Despite the lower-than-expected revenue, NETSCOUT anticipates a solid quarterly GAAP and non-GAAP EPS performance due to healthy gross margins resulting from a more favorable product mix and lower operating costs. The Companys full fiscal year 2019 GAAP net loss per share (diluted) and the Companys full fiscal year 2019 non-GAAP net income per share (diluted) are expected to be around the mid-point of its prior January 2019 guidance range.

Anil Singhal, NETSCOUTs president and CEO, stated, Our fourth-quarter fiscal year 2019 revenue shortfall was primarily caused by a longer-than-expected implementation schedule for the largest phase of a $15 million project at an international mobile operator, which delayed revenue recognition. Nevertheless, we expect that the revenue associated with this phase of our customers project will be recognized within the next several quarters. Despite this delay, we produced another quarter of solid top-line results in our enterprise customer segment and experienced a relatively strong performance in our security product area. Healthy gross margins aided by good adoption of our software-centric offerings and cost controls throughout the year played important roles in our ability to successfully achieve our prior EPS guidance.

Singhal concluded, As we move forward, we believe that the most severe headwinds impacting our revenue performance in recent years have largely subsided, and we remain focused on executing key elements of our strategy that we believe are integral to driving improved, sustainable financial performance. Our plans for fiscal year 2020 anticipate both organic top-line growth and EPS growth. We will share more insight when we report our full-year fiscal year 2019 results next month.

Anticipated Q419 and FY19 Revenue and EPS (Diluted) Performance

  • The Company currently expects fourth-quarter fiscal year 2019 GAAP and non-GAAP revenue of approximately $235 million with fiscal year 2019 GAAP revenue of approximately $908 million and fiscal year 2019 non-GAAP revenue of approximately $910 million.
  • The Companys fourth-quarter fiscal year 2019 GAAP net income per share (diluted) and full fiscal year 2019 GAAP net loss per share (diluted) performance are anticipated to be around the mid-point of its prior January 2019 guidance range. The Companys fourth-quarter and full fiscal year 2019 non-GAAP net income per share (diluted) performance are anticipated to be around the mid-point of its prior January 2019 guidance range.
    • The Companys January 2019 guidance for fiscal year 2019 GAAP net loss per share (diluted) ranged from $0.96 to $0.89, which implied fourth-quarter fiscal year 2019 GAAP net income per share (diluted) in the range of $0.21 per share to $0.27 per share. The Companys January 2019 guidance for fiscal year 2019 non-GAAP net income per share (diluted) ranged from $1.30 to $1.35, which implied fourth-quarter fiscal year 2019 non-GAAP net income per share (diluted) in the range of $0.59 to $0.64.
    • NETSCOUTs tax rate assumptions for the January 2019 guidance have remained unchanged at this time.
    • The Company anticipates that its average weighted shares outstanding for the fourth quarter of fiscal year 2019 will be approximately 78.6 million versus its January 2019 guidance that assumed 78.2 million average weighted shares outstanding for the fourth quarter of fiscal year 2019. NETSCOUT anticipates that its average weighted shares outstanding for fiscal year 2019 will be approximately 78.6 million for GAAP net loss per share (diluted) and 79.3 million for non-GAAP net income per share (diluted) versus its January 2019 guidance that assumed 79.3 million for GAAP net loss per share (diluted) and non-GAAP net income per share (diluted).
  • A reconciliation of the preliminary fourth-quarter and full fiscal year 2019 GAAP and non-GAAP results is included in the attached financial tables.

Q419 and FY19 Results Conference Call Date and Instructions: NETSCOUT plans to announce its fourth-quarter and fiscal year-end 2019 financial results for the period ended March 31, 2019 on Tuesday, May 7, 2019 at approximately 7:30 a.m. ET. NETSCOUT will host a corresponding conference call and live webcast to discuss its financial results and its outlook for fiscal year 2020 on the same day at 8:30 a.m. ET. This call will be webcast live through NETSCOUTs website at https://ir.netscout.com/investors/overview/default.aspx. Alternatively, people can listen to the call by dialing (785) 424-1667. The conference call ID is NTCTQ419. A replay of the call will be available after 12:00 p.m. ET on May 7, 2019 for approximately one week. The number for the replay is (800) 283-8217 for U.S./Canada and (402) 220-0868 for international callers.

Use of Non-GAAP Financial Information: To supplement the financial measures presented in NETSCOUT’s press release in accordance with accounting principles generally accepted in the United States (“GAAP”), NETSCOUT also reports the following non-GAAP measures: non-GAAP revenue, non-GAAP net income and non-GAAP net income per share (diluted). Non-GAAP revenue eliminates the GAAP effects of acquisitions by adding back revenue related to deferred revenue revaluation, as well as revenue impacted by the amortization of intangible assets. Non-GAAP net income and non-GAAP net income per share (diluted) includes the aforementioned revenue adjustments and also removes expenses related to the amortization of acquired intangible assets, stock-based compensation, transitional service agreement income, restructuring charges, intangible asset impairment charges, loss on divestiture, costs related to new accounting standard implementation, and certain expenses relating to acquisitions including depreciation costs, compensation for post-combination services and business development and integration costs while adding back transitional service agreement income, net of related income tax effects. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures included in the attached table within this press release.

These non-GAAP measures are not in accordance with GAAP, should not be considered an alternative for measures prepared in accordance with GAAP (revenue, gross profit, operating profit, net income and diluted net income per share), and may have limitations because they do not reflect all of NETSCOUTs results of operations as determined in accordance with GAAP. These non-GAAP measures should only be used to evaluate NETSCOUTs results of operations in conjunction with the corresponding GAAP measures. The presentation of non-GAAP information is not meant to be considered superior to, in isolation from or as a substitute for results prepared in accordance with GAAP.

NETSCOUT believes these non-GAAP financial measures will enhance the readers overall understanding of NETSCOUTs current financial performance and NETSCOUT’s prospects for the future by providing a higher degree of transparency for certain financial measures and providing a level of disclosure that helps investors understand how the Company plans and measures its own business. NETSCOUT believes that providing these non-GAAP measures affords investors a view of NETSCOUTs operating results that may be more easily compared to peer companies and also enables investors to consider NETSCOUTs operating results on both a GAAP and non-GAAP basis during and following the integration period of NETSCOUTs acquisitions. Presenting the GAAP measures on their own, without the supplemental non-GAAP disclosures, might not be indicative of NETSCOUTs core operating results. Furthermore, NETSCOUT believes that the presentation of non-GAAP measures when shown in conjunction with the corresponding GAAP measures provides useful information to management and investors regarding present and future business trends relating to its financial condition and results of operations.

NETSCOUT management regularly uses supplemental non-GAAP financial measures internally to understand, manage and evaluate its business and to make operating decisions. These non-GAAP measures are among the primary factors that management uses in planning and forecasting.

About NETSCOUT SYSTEMS, INC. NETSCOUT SYSTEMS, INC. (NASDAQ: NTCT) assures digital business services against disruptions in availability, performance, and security. Our market and technology leadership stems from combining our patented smart data technology with smart analytics. We provide real-time, pervasive visibility, and insights customers need to accelerate and secure their digital transformation. Our approach transforms the way organizations plan, deliver, integrate, test, and deploy services and applications. Our nGenius service assurance solutions provide real-time, contextual analysis of service, network, and application performance. Arbor security solutions protect against DDoS attacks that threaten availability and advanced threats that infiltrate networks to steal critical business assets. To learn more about improving service, network, and application performance in physical or virtual data centers, or in the cloud, and how NETSCOUTs performance and security solutions, powered by service intelligence can help you move forward with confidence, visit www.netscout.com or follow @NETSCOUT and @ArborNetworks on Twitter, Facebook, or LinkedIn.

Safe Harbor Forward-looking statements in this release are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934 and other federal securities laws. Investors are cautioned that statements in this press release, which are not strictly historical statements, including without limitation, the statement related to the Companys anticipated fourth-quarter and fiscal year-end financial results and related performance trends for NETSCOUT; the statement that the revenue related associated with this phase of our customers project will be recognized within the next couple of quarters; the statement that the most severe headwinds impacting our revenue performance in recent years have largely subsided and that we remain focused on executing key elements of our strategy that we believe are integral to driving improved, sustainable financial performance; the statement that our plans for fiscal year 2020 anticipate both organic top-line growth and EPS growth, constitute forward looking statements that involve risks and uncertainties. Actual results could differ materially from the forward-looking statements due to known and unknown risk, uncertainties, assumptions and other factors. Such factors include potential differences between NETSCOUTs preliminary results and the final results for the quarter ended March 31, 2019 as a result of the completion of financial reporting processes and review, slowdowns or downturns in economic conditions generally and in the market for advanced network, service assurance and cybersecurity solutions specifically; the volatile foreign exchange environment; the Companys relationships with strategic partners and resellers; dependence upon broad-based acceptance of the Companys network performance management solutions; the presence of competitors with greater financial resources than we have, and their strategic response to our products; our ability to retain key executives and employees; the Companys ability to realize the anticipated savings from recent restructuring actions and other expense management programs; lower than expected demand for the Companys products and services; and the timing and magnitude of stock buyback activity based on market conditions, corporate considerations, debt agreements, and regulatory requirements. For a more detailed description of the risk factors associated with the Company, please refer to the Companys Annual Report on Form 10-K for the fiscal year ended March 31, 2018 and the Companys subsequent Quarterly Reports on Form 10-Q, which are on file with the Securities and Exchange Commission. NETSCOUT assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.

2019 NETSCOUT SYSTEMS, INC. All rights reserved. NETSCOUT and the NETSCOUT logo are registered trademarks or trademarks of NETSCOUT SYSTEMS, INC. and/or its subsidiaries and/or affiliates in the USA and/or other countries.

 

NETSCOUT SYSTEMS, INC. Reconciliation of GAAP to Non-GAAP Financial Measures: Preliminary Fourth-Quarter and Full Fiscal Year 2019 Financial Results (Unaudited)

           
Three Months Ended Twelve Months Ended
March 31, 2019 March 31, 2019
GAAP revenue ~$235 million ~$908 million
Deferred service revenue fair value adjustment Less than $1m ~$1 million
Deferred product revenue fair value adjustment Less than $1 million
Non-GAAP revenue ~$235 million ~$910 million
 
   
GAAP Net Income ~$17 million to ~$22 million (~$76 million) to (~$70 million)
Deferred service revenue fair value adjustment Less than $1 million ~$1 million
Deferred product revenue fair value adjustment Less than $1 million
Share-based compensation expense ~$12 million ~$56 million
Amortization of acquired intangible assets ~$24 million ~$106 million
Business development and integration expense* ~$2 million ~$4 million
New standard implementation expense ~$1 million
Loss on Divestiture Less than $1 million ~$9 million
Restructuring charges ~$1 million ~$19 million
Impairment of Intangibles ~36 million
Total Adjustments ~$40 million ~$232 million
Related impact of adjustments on income tax** (~$10 million) (~54 million)
Non-GAAP Net Income ~$46 million to ~$50 million ~$103 million to $107 million
   
GAAP net income per share (diluted) $0.21 to $0.27 ($0.96) to ($0.89)
Non-GAAP net income per share (diluted) $0.59 to $0.64 $1.30 to $1.35
 
Average Weighted Shares Outstanding (diluted GAAP) 78.6 million 78.6 million
Average Weighted Shares Outstanding (diluted non-GAAP) 78.6 million 79.3 million
* Business development & integration expenses include compensation for post-combination services and acquisition-related depreciation expense
** Assumes a non-GAAP effective tax rate of ~25% for the three months and 12 months ended March 31, 2019, respectively.

Investors
Andrew Kramer
Vice President of Investor
Relations
978-614-4279
[email protected]

Media
Maribel
Lopez
Manager, Marketing & Corporate Communications
781-362-4330
[email protected]

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New Inject/Eject Mechanism from Southco Simplifies Installation and Operation with Tool Free Operation

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HONG KONG SAR – Media OutReach – 14 January 2021 – Southco Asia Ltd., a subsidiary of Southco Inc., a leading global provider of engineered access solutions such as locks, latches, captive fasteners, electronic access solutions and hinges/ positioning technology, has introduced a new addition to its successful P7 Inject/Eject series, designed for the popular solid-state drive (SSD) data storage format used in the Telecom and Data Center industries. Southco’s P7-M2 Solid-State Drive Inject/Eject Mechanism features intuitive, tool-free operation, and simple installation and removal of PC boards.

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P7-M2 Solid-State Drive Inject/Eject Mechanism

Southco’s P7-M2 Solid-State Drive Inject/Eject Mechanism can be easily installed by inserting it into the PC board and rotating 90 degrees into place. The PC board can then be pressed into place and pushed closed. Easily removed with the push of a button, the P7-M2 Solid-State Drive Inject/Eject Mechanism features a special tab design that absorbs PC board tolerance and eliminates vibration. The P7-M2 Solid-State Drive Inject/Eject Mechanism also complements industrial design, with a button that customized to match application color preferences.

“Tool-free operation is a priority in PC board accessory installation, and our new SSD inject/eject mechanism meets this need with a simple, intuitive installation process,” said Global Product Manager Ike Teng. “The P7-M2 Solid-State Drive Inject/Eject Mechanism is easy to use at every step, from installation to removal.”

About Southco

Southco, Inc. is the leading global designer and manufacturer of engineered access solutions. From quality and performance to aesthetics and ergonomics, we understand that first impressions are lasting impressions in product design. For over 70 years, Southco has helped the world’s most recognized brands create value for their customers with innovative access solutions designed to enhance the touch points of their products in transportation and industrial applications, medical equipment, data centers and more. With unrivalled engineering resources, innovative products and a dedicated global team, Southco delivers the broadest portfolio of premium access solutions available to equipment designers throughout the world.

Southco Asia Limited

2401-2406, Tower 2, Ever Gain Plaza

88 Container Port Road, Kwai Chung

Hong Kong

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Donnie Yen appointed as International Image Ambassador of Hong Kong Fire Services Department

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HONG KONG SAR – Media OutReach – 14 January 2021 – To elevate its international image, the Hong Kong Fire Services Department (HKFSD) invited Mr Donnie Yen to become its International Image Ambassador. The appointment ceremony was held earlier at the Fire and Ambulance Services Academy in Pak Shing Kok, Tseung Kwan O, in which the Director of Fire Services, Mr Joseph Leung, presented the appointment certificate to Mr Yen.

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The Director of Fire Services, Mr Joseph Leung, presents the appointment certificate to Mr Donnie Yen.

The Fire Services promotional videos stars Donnie Yen as fire and ambulance personnel.

 

In the ceremonial proceedings, Mr Yen said he was honoured to serve as the International Image Ambassador of the HKFSD. He shared some anecdotes from the filming of the Fire Services promotional videos and revealed that he will, for the department, record a song for the first time ever.

Director Leung revealed that the collaboration was materialised largely thanks to Mr Yen’s distinct heroic image which strongly resonates with the intrepidity of the Fire Services personnel. His dedication to work and perfection-seeking professionalism also coincide with the HKFSD’s spirit to constantly strive for improvement and excellence. With an international perspective and reputation, the newly appointed International Image Ambassador will help promote the department’s professionalism and commitment through various media and platforms, spreading the HKFSD’s name worldwide.

For further details, visit the HKFSD’s official Facebook Page:

[View Image]https://www.facebook.com/hkfsd.gov.hk

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Kincentric Best Employers in Malaysia Embrace the Next Normal in Extraordinary Ways

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KUALA LUMPUR, MALAYSIA – Media OutReach – 14 January 2021 – Never in history have employee engagement experiences played a more crucial role than it has in 2020. The unprecedented challenges that businesses have undergone have shown us that it is people, more than any other factors that carry a company through a crisis towards success.

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With decades of expertise in culture and engagement, leadership assessment and development, and HR and talent advisory services, Kincentric (a Spencer Stuart Company) helps organizations to be the best in the business through their Best Employers program, a leading employer benchmarking program measuring and recognizing extraordinary employers demonstrating workplace excellence.

For 20 years, the Kincentric Best Employers program has recognized leading employers across the world who are committed to realizing great workplace experiences. Selected by an independent panel of judges, these organizations are leading the way in aspects that are crucial for success — employee engagement, agility, engaging leadership and talent focus.

In 2020, Kincentric Best Employers in Malaysia have consistently found new and innovative ways to empower and motivate their people throughout a very challenging year, creating a work environment where people feel appreciated, highly connected and inspired to do their best, every day. As we begin 2021, we look at how our Best Employers in Malaysia have applied an agile approach to strategy, measurement and delivery of the Employee eXperience to prepare for the next normal.

edotco Group Sdn Bhd

  • Best Employer in Malaysia and recipient of the Commitment to Engaging Leadership special award, the integrated telecommunications infrastructure services company employed three key strategies, namely timely and empathetic communication, personal involvement of senior leadership and people managers in employee development programs, and activation of people managers as informal mentors.
  • Apart from regular and prompt updates to employees on business and COVID-19 related developments, the organization focused on sustaining employee resilience through financial, mental and physical wellbeing in 2020, doubling down on employee development investment by 50% to future-proof its workforce via digital competencies.
  • “At edotco, we believe in never letting a crisis go to waste. The COVID-19 pandemic had bought home 2 new values into our organization (Resilience and Empathy) as the anchor that keeps our ship grounded. While we had shifted some of our priorities, adopting these principles helped our leadership team remain laser-focused in engaging our employees in a united manner and provided us with a framework to navigate through these turbulent waters. I believe we will emerge stronger as an organization come 2021,” says Adlan Tajudin, Chief Executive Officer.

 

Hartalega Sdn Bhd

  • As one of the world’s leading glove manufacturers, this second-time Best Employer was an integral part of the support system for the fight against COVID-19. Due to the supernormal demands, the company had to adapt quickly to ramp up production capacity amidst the freeze on migrant labor for which the glove industry is highly dependent on.
  • In a bid to attract locals to meet its production challenges, Hartalega quickly improved its value proposition for operator level jobs and accelerated the implementation of new automation systems throughout their production facilities.
  • Reflecting on the company’s journey in the program, Kuan Vin Seung, Chief Human Resource Officer shares “In year 2017, we decided to participate in the Kincentric Best Employers program to put Hartalega up against the best companies, not to win it but to learn how to be better. Having won it for the second time is really motivating and a testament that we are on the right path to become the best in people’s practices.”

 

Kulim (Malaysia) Berhad

  • At the core of this home-grown organization’s value system is C.A.R.E. (Competitive, Action, Responsible, Ethical) – the belief that the spirit of caring is integral to the prosperity and survival of its business. Inculcating an inclusive, non-discriminatory work environment, Kulim continually capitalizes on employee growth potential by grooming and preparing its workforce to meet the needs and changes in their current jobs, with a view of the future.
  • Promoting a high-performance work culture that runs parallel with its human capital initiatives, the company motivated and challenged employees to raise their performance through a highly-structured performance-based reward system.
  • As Tuan Haji Amran Zakaria, Head of Corporate Services Division explains, “Our people are our greatest asset. We must develop the right people, with the right caliber, skills and mindset. All of these must come together. If we do not develop people, then a lot of things are left to be desired. So, people are the fundamental factor and we need to continuously inject fresh mindsets and new thinking to drive the company forward.”

Roche Services (Asia Pacific) Sdn Bhd

  • A pioneer in healthcare, Roche combines its strengths in pharmaceuticals and diagnostics to drive personalized healthcare. While some organizations found the transition into remote work quite challenging, the company executed this seamlessly, enabled by their existing agile ways of working. Through a creative mid-to-long term communication and engagement plan to enable meaningful and proactive interaction, Roche kept team spirit up by organizing activities such as zoom cooking classes and mental well-being talks, as well as encouraged team sharing of hobbies and games.
  • Adopting flexible working policies such as the one-time Ergonomics Assistance Programme for the purchase of furniture, tools, devices or equipment to enable smooth work from home, the company fostered a supportive and inclusive workplace culture to retain and attract the best talent. The approach paid off as Roche successfully employed 180 talented individuals during the pandemic.
  • Delighted by the honor, Martin Kikstein, General Manager says “the Kincentric Best Employer Brand Award 2020 is an endorsement we are honored to receive as we truly believe any organization is only as good as its people. It is a meaningful award for all of us at Roche Services & Solutions (RSS) APAC, further reinforcing our people-first philosophy. Our collective passion to foster diversity and inclusion made this award possible for our organization. I want to take this opportunity to thank each and every member of my team, congratulations RSS APAC!” 

American Express (Malaysia)

  • American Express won Kincentric Best of the Best Employer in Malaysia 2020 by delivering an exceptional people-centric experience through three key areas — trust, open communication and top team alignment.
  • Recognizing the importance of a health and wellness culture from the start of the pandemic, they embarked on key initiatives beginning with the launch of a telehealth service for colleagues and their immediate family members to consult doctors and access expert medical care.
  • American Express Malaysia shares its success story here https://www.media-outreach.com/View/61145/

 

Organizations that are looking for valuable, insightful and actionable data to identify areas to better understand employee engagement, positively influence morale and enhance brand reputation in the next normal can visit https://www.kincentric.com/bestemployers.

 

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