SUWANEE, Ga., Oct. 24 /PRNewswire-FirstCall/ -- ARRIS Group, Inc.
(NASDAQ:ARRS), a global communications technology leader in the
development of advanced cable telephony and next generation
high-speed data and video solutions across the broadband local
access network, today announced preliminary and unaudited financial
results for the third quarter 2007. Financial Highlights: --
Revenues were $254.7 million for the third quarter 2007, up 11% as
compared to $228.6 million in the third quarter 2006. -- Net income
in the third quarter 2007 was $27.9 million, or $0.25 per diluted
share, and compares to net income of $26.6 million, or $0.24 per
diluted share, in the third quarter of 2006. Excluding certain
items as detailed in the attached supplemental earnings
reconciliation, net income per diluted share for the third quarter
2007 was $0.21 (a non-GAAP measure used by most analysts). -- Nine
months 2007 revenues were up 13.0% to $742.6 million compared to
$657.0 million in 2006, operating income was up 20.4% to $81.3
million compared to $67.5 million in 2006 and net income was up
23.3% to $88.8 million as compared to $72.0 million in 2006.
Financial details: Revenues for the third quarter 2007 were $254.7
million. Revenues grew by $26.1 million and by $2.0 million as
compared to the third quarter 2006 and the second quarter 2007,
respectively. Net income in the third quarter 2007 was $27.9
million, or $0.25 per diluted share, as compared to the third
quarter 2006 net income of $26.6 million, or $0.24 per diluted
share, and as compared to the second quarter 2007 net income of
$23.3 million, or $0.21 per diluted share. Excluding equity
compensation expense, gains on the sale of certain marketable
securities, and tax benefits associated with adjustments to
qualifying research credits, non-GAAP net income in the third
quarter 2007 was $0.21 per diluted share. As previously disclosed,
2007 net income, in contrast to 2006, reflects significant income
tax expense. A reconciliation of GAAP to non-GAAP earnings per
share is attached to this release and also can be found on the
Company's website (http://www.arrisi.com/). Broadband product
revenues were $72.6 million in the third quarter 2007 as compared
to $87.6 million in the third quarter 2006 and $77.4 million in the
second quarter 2007. Supplies & CPE product revenues were
$182.1 million in the third quarter 2007, as compared to $141.0
million in the third quarter 2006 and $175.3 million in the second
quarter 2007. International sales were $60.7 million in the third
quarter 2007 and compare to $54.4 million in the third quarter 2006
and $67.8 million in the second quarter 2007. Backlog at the end of
the third quarter 2007 was $94.0 million as compared to $136.2
million at the end of the second quarter 2007. Bookings in the
third quarter 2007 were $212.5 million as compared to $219.3
million in the second quarter 2007. The book-to-bill ratio in the
third quarter 2007 was approximately 0.83 as compared to 0.88 in
the third quarter 2006 and 0.87 in the second quarter 2007. Gross
margins for the third quarter 2007 were 27.0% as compared to 27.6%
and 28.6% in the third quarter 2006 and second quarter 2007,
respectively. Gross margins of Broadband products were 44.3% in the
third quarter 2007 and compare to 44.6% in the second quarter 2007.
Gross margins of the Supplies & CPE products were 20.1% in the
third quarter 2007 as compared to 21.6% in the second quarter 2007.
The declines in gross margins reflect both customer and product mix
as well as startup costs associated with the introduction of two
exciting new products - the D5 Universal Edge QAM and our FlexPath
wideband modems. Operating expenses in the third quarter 2007 were
$41.6 million, which included equity compensation expense of
approximately $2.5 million. Research and development costs included
in operating expenses were $17.8 million in the third quarter 2007
and compare to $17.8 million in the second quarter 2007. The
Company ended the third quarter 2007 with $588.6 million of cash,
cash equivalents, and short-term investments, down from the second
quarter 2007 level of $604.3 million and up from the third quarter
2006 level of $210.0 million. Approximately $13.3 million was used
by operating activities in the third quarter 2007, including
anticipated increases in inventory to better serve customer needs.
"As we enter the final quarter of 2007, our business continues
strong. Our market focused strategy is working and we look forward
to further enhancing our overall position with our recently
announced agreement to acquire C-COR," said Bob Stanzione, ARRIS
Chairman & CEO. "I am very optimistic about our prospects for
2008. The C-COR transaction will bring us increased scale and
diversity, expanded margins and profitability, and more complete
network solutions for our customers. Integration planning is going
very well and we now expect that closing will occur before year
end. Our combined products and services place the new ARRIS in the
center of cable operator spending and the intensifying competition
between cable and the telco and satellite companies will only
accelerate spending for more bandwidth, speed and functionality."
"The fourth quarter often exhibits increased variability as
operators complete their annual capital programs. At this point, we
project that our revenue for the fourth quarter 2007 will be in the
range of $250 to $265 million with net income per diluted share, on
a U.S. GAAP basis, in the range of $0.18 to $0.21 which includes a
$0.02 per share expense for amortization of intangibles and equity
compensation, that most analysts exclude from their earnings
estimates, said David Potts, ARRIS CFO. "It is important to note
that our guidance reflects the margin impact of our beginning to
ship our D5 Universal EdgeQAM. As previously disclosed, we expect
temporarily lower margins as we introduce and cost reduce this
important new product. Further, our fourth quarter 2007 guidance
assumes no impact from our proposed acquisition of C-COR. We have,
however, been making strong progress toward the C-COR closing. As a
result, we now believe it likely that we will begin proxy
solicitation by mid-November. Subject to shareholder and regulatory
approval, we anticipate closing the transaction in December 2007."
ARRIS management will conduct a webcast with slides and a
conference call at 5:00 pm EDT, today, Wednesday, October 24, 2007,
to discuss these results in detail. To access the webcast go to
http://www.arrisi.com/ and click on Investor Relations. You may
also participate in the conference call by dialing 800-299-7635, or
617-786-2901 for international calls, conference passcode 28183052.
Please note that ARRIS will not accept any calls related to this
earnings release until after the conclusion of the 5:00 pm EDT
conference call. A replay of the conference call can be accessed
approximately two hours after the call through Tuesday, October 31,
2007 by dialing 888-286-8010 or 617-801-6888 for international
calls and using the pass code 26805905. A replay of the webcast,
including the slides, will also be made available for a period of
12 months following the conference call on ARRIS' website at
http://www.arrisi.com/. ARRIS provides broadband local access
networks with innovative next generation high-speed data and
telephony systems for the delivery of voice, video and data to the
home and business. ARRIS' complete solutions enhance the
reliability and value of converged services from the network to the
subscriber. Headquartered in Suwanee, Georgia, USA, ARRIS has
design, engineering, distribution, service and sales office
locations throughout the world. Information about ARRIS' products
and services can be found at http://www.arrisi.com/.
Forward-looking statements: Statements made in this press release,
including those related to: -- fourth quarter 2007 revenues and net
income; -- income tax expense impacts; -- expected sales and margin
levels and acceptance of certain ARRIS products; -- prospects for
the pending acquisition of C-COR and the timing of the transaction;
-- the general market outlook; and -- the outlook for industry
trends are forward-looking statements. These statements involve
risks and uncertainties that may cause actual results to differ
materially from those set forth in these statements. Among other
things, -- projected results for the fourth quarter 2007 as well as
the general outlook for 2008 and beyond are based on preliminary
estimates, assumptions and projections that management believes to
be reasonable at this time, but are beyond management's control; --
because the market in which ARRIS operates is volatile, actions
taken and contemplated may not achieve the desired impact relative
to changing market conditions and the success of these strategies
will be dependent on the effective implementation of those plans
while minimizing organizational disruption; and -- acquisitions
involve a number of risks including customer and vendor acceptance,
the possibilities of complications and personnel loss as part of
the integration process, and the ultimate achievement of the
strategic objectives. In addition to the factors set forth
elsewhere in this release, other factors that could cause results
to differ from current expectations include: the impact of rapidly
changing technologies; the impact of competition on product
development and pricing; the ability of ARRIS to react to changes
in general industry and market conditions including regulatory
developments; rights to intellectual property, market trends and
the adoption of industry standards; and consolidations within the
telecommunications industry of both the customer and supplier base.
These factors are not intended to be an all- encompassing list of
risks and uncertainties that may affect the Company's business.
Additional information regarding these and other factors can be
found in ARRIS' reports filed with the Securities and Exchange
Commission, including its Form 10-Q for the quarter ended June 30,
2007. In providing forward-looking statements, the Company
expressly disclaims any obligation to update publicly or otherwise
these statements, whether as a result of new information, future
events or otherwise. Additional Information and Where to Find It In
connection with the proposed combination of ARRIS and C-COR, ARRIS
has filed with the SEC a registration statement on Form S-4, which
includes a proxy statement of C-COR and a proxy statement and
prospectus of ARRIS. Shareholders are urged to read the joint proxy
statement/prospectus regarding the proposed transaction, because it
contains important information. Shareholders may obtain a free copy
of the joint proxy statement/prospectus, as well as other filings
containing information about ARRIS and C-COR, without charge, at
the SEC's internet site (http://www.sec.gov/). Copies of the joint
proxy statement/prospectus and the filings with the SEC that will
be incorporated by reference in the joint proxy
statement/prospectus can also be obtained, without charge, by
directing a request to ARRIS Group Inc, 3871 Lakefield Drive,
Suwanee, Georgia 30024, Attention: Investor Relations (678)
473-2647, or to C-COR, 60 Decibel Road, State College, Pennsylvania
16801, Attention: Director of Investor Relations (800) 233-2267
ext. 4402. Participants in the Solicitation ARRIS, C-COR and their
respective directors and executive officers and other persons may
be deemed to be participants in the solicitation of proxies in
respect of the proposed combination. Information regarding ARRIS'
directors and executive officers is available in the Proxy
Statement with respect to ARRIS' 2007 Annual Meeting of
Stockholders filed by ARRIS with the SEC on April 9, 2007.
Information regarding C-COR's directors and executive officers is
available in C-COR's Annual Report on Form 10-K, as amended by C-
COR on October 11, 2007. Other information regarding the
participants in the proxy solicitation and a description of their
direct and indirect interests, by security holdings or otherwise,
will be contained in the joint proxy statement/prospectus and other
relevant materials to be filed with the SEC when they become
available. ARRIS GROUP, INC. CONSOLIDATED BALANCE SHEETS (in
thousands) September 30, June 30, March 31, 2007 2007 2007
(unaudited) (unaudited) (unaudited) ASSETS Current assets: Cash and
cash equivalents $370,708 $444,020 $441,317 Short-term investments,
at fair value 217,845 160,315 134,610 Total cash, cash equivalents
and short-term investments 588,553 604,335 575,927 Restricted cash
3,142 3,136 3,128 Accounts receivable, net 130,216 120,680 125,756
Other receivables 5,000 6,845 9,888 Inventories 118,227 90,542
78,186 Prepaids 3,626 3,250 3,500 Current deferred income tax
assets 19,602 23,239 26,818 Other current assets 13,703 10,773
4,001 Total current assets 882,069 862,800 827,204 Property, plant
and equipment, net 31,251 30,196 28,076 Goodwill 150,569 150,569
150,569 Intangibles, net 115 172 230 Investments 8,916 3,151 3,569
Noncurrent deferred income tax assets 16,238 17,294 18,639 Other
assets 9,084 7,517 7,790 $1,098,242 $1,071,699 $1,036,077
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts
payable $35,540 $46,015 $41,337 Accrued compensation, benefits and
related taxes 18,857 14,631 9,991 Accrued warranty 7,346 7,829
7,968 Other accrued liabilities 27,127 28,001 32,411 Total current
liabilities 88,870 96,476 91,707 Long-term debt, net of current
portion 276,000 276,000 276,000 Accrued pension 11,810 12,778
12,420 Noncurrent income tax payable 5,262 4,334 4,334 Other
long-term liabilities 5,143 5,288 5,606 387,085 394,876 390,067
Stockholders' equity: Preferred stock - - - Common stock 1,104
1,102 1,096 Capital in excess of par value 789,348 782,717 773,839
Unrealized gain (loss) on marketable securities (151) - 1,345
Unfunded pension losses (4,462) (4,462) (4,462) Accumulated deficit
(74,498) (102,350) (125,624) Unrealized loss on derivatives - - -
Cumulative translation adjustments (184) (184) (184) Total
stockholders' equity 711,157 676,823 646,010 $1,098,242 $1,071,699
$1,036,077 December 31, September 30, 2006 2006 (unaudited) ASSETS
Current assets: Cash and cash equivalents $461,618 $179,971
Short-term investments, at fair value 87,575 30,000 Total cash,
cash equivalents and short-term investments 549,193 209,971
Restricted cash 3,124 6,126 Accounts receivable, net 115,304
120,740 Other receivables 2,556 5,621 Inventories 94,226 101,062
Prepaids 3,547 3,751 Current deferred income tax assets 29,285 -
Other current assets 3,717 2,435 Total current assets 800,952
449,706 Property, plant and equipment, net 28,287 25,338 Goodwill
150,569 150,569 Intangibles, net 288 345 Investments 3,520 3,438
Noncurrent deferred income tax assets 20,874 - Other assets 9,067
641 $1,013,557 $630,037 LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable $60,853 $44,440 Accrued
compensation, benefits and related taxes 23,269 19,630 Accrued
warranty 8,234 8,582 Other accrued liabilities 29,057 28,371 Total
current liabilities 121,413 101,023 Long-term debt, net of current
portion 276,000 - Accrued pension 12,061 11,947 Noncurrent income
tax payable 3,041 - Other long-term liabilities 5,621 5,589 418,136
118,559 Stockholders' equity: Preferred stock - - Common stock
1,089 1,086 Capital in excess of par value 761,500 747,721
Unrealized gain (loss) on marketable securities 1,297 1,219
Unfunded pension losses (4,462) (4,618) Accumulated deficit
(163,268) (233,519) Unrealized loss on derivatives (551) (227)
Cumulative translation adjustments (184) (184) Total stockholders'
equity 595,421 511,478 $1,013,557 $630,037 ARRIS GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per
share data) (unaudited) For the Three Months For the Nine Months
Ended September 30, Ended September 30, 2007 2006 2007 2006 Net
sales $254,662 $228,646 $742,633 $656,980 Cost of sales 185,828
165,467 532,676 473,554 Gross margin 68,834 63,179 209,957 183,426
Gross margin % 27.0% 27.6% 28.3% 27.9% Operating expenses: Selling,
general, and administrative expenses 23,778 21,524 74,408 64,523
Research and development expenses 17,797 16,066 53,684 50,460
Restructuring and impairment charges - 4 421 347 Amortization of
intangibles 57 138 173 575 41,632 37,732 128,686 115,905 Operating
income 27,202 25,447 81,271 67,521 Other expense (income): Interest
expense 1,683 27 5,003 50 Gain on investments (3,453) 32 (4,878) 29
Loss (gain) on foreign currency (112) 201 64 (943) Interest income
(6,307) (2,756) (19,249) (6,357) Gain related to terminated
acquisition, net of expenses - - (22,835) - Other (income) expense,
net 215 68 331 269 Income from continuing operations before income
taxes 35,176 27,875 122,835 74,473 Income tax expense 7,654 1,328
34,395 2,562 Net income from continuing operations 27,522 26,547
88,440 71,911 Income from discontinued operations 330 15 330 124
Net income $27,852 $26,562 $88,770 $72,035 Net income per common
share - basic: Income from continuing operations $0.25 $0.25 $0.81
$0.67 Income from discontinued operations - - - - Net income $0.25
$0.25 $0.81 $0.67 Net income per common share - diluted: Income
from continuing operations $0.25 $0.24 $0.79 $0.66 Income from
discontinued operations - - - - Net income $0.25 $0.24 $0.80 $0.66
Weighted average common shares: Basic 110,178 107,678 109,354
107,007 Diluted 112,085 109,090 111,595 109,311 ARRIS GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)
For the Three Months For the Nine Months Ended September 30, Ended
September 30, 2007 2006 2007 2006 Operating Activities: Net income
$27,852 $26,562 $88,770 $72,035 Adjustments to reconcile net income
to net cash provided by (used in) operating activities:
Depreciation 2,858 2,177 8,003 7,235 Amortization of intangibles 57
138 173 575 Stock compensation expense 2,676 2,427 8,710 7,068
Deferred income tax provision 4,693 - 14,319 - Amortization of
deferred finance fees 279 - 836 - Provision for doubtful accounts
(112) (34) 484 (248) Gain related to previously written off
receivables - - (377) (1,573) Loss (gain) on disposal of fixed
assets 167 2 167 (2) Gain on investments (3,453) 32 (4,878) 32 Gain
on discontinued operations (330) (15) (330) (124) Gain related to
terminated acquisition, net of expenses - - (22,835) - Changes in
operating assets & liabilities, net of effects of acquisitions
and disposals: Accounts receivable (9,424) (16,563) (15,396)
(37,515) Other receivables 1,845 (1,000) (2,444) (5,335) Inventory
(27,685) (9,298) (24,001) 12,847 Accounts payable and accrued
liabilities (6,576) 11,067 (24,385) 17,609 Excess tax benefits from
stock-based compensation plans (1,738) (184) (8,269) (538) Prepaids
and other, net (4,384) (119) (7,957) 7,162 Net cash provided by
(used in) operating activities (13,275) 15,192 10,590 79,228
Investing Activities: Purchases of property, plant, and equipment
(4,083) (3,138) (11,138) (7,080) Cash proceeds from sale of
property & equipment 3 2 3 22 Cash received related to
terminated acquisition, net of expenses paid - - 10,554 - Cash paid
for hedge related to terminated acquisition - - (26,469) - Cash
proceeds from hedge related to terminated acquisition - - 38,750 -
Purchases of available-for-sale securities (97,776) - (295,626)
(51,900) Disposals of available-for-sale securities 37,792 -
162,902 76,150 Net cash provided by (used in) investing activities
(64,064) (3,136) (121,024) 17,192 Financing Activities: Excess tax
benefits from stock- based compensation plans 1,738 184 8,269 538
Employer repurchase of shares to satisfy minimum tax withholdings
(1,402) (975) (3,092) (2,019) Proceeds from issuance of stock 3,691
1,532 14,347 9,746 Net cash provided by financing activities 4,027
741 19,524 8,265 Net increase (decrease) in cash and cash
equivalents (73,312) 12,797 (90,910) 104,685 Cash and cash
equivalents at beginning of period 444,020 167,174 461,618 75,286
Cash and cash equivalents at end of period $370,708 $179,971
$370,708 $179,971 ARRIS GROUP, INC. SUPPLEMENTAL EARNINGS
RECONCILIATION (in thousands, except per share data) (unaudited) Q1
2007 Q2 2007 Per Per Diluted Diluted Amount Share Amount Share Net
income $37,644 $0.34 $23,274 $0.21 Highlighted items: Impacting
gross margin: Stock compensation expense 165 - 229 - Impacting
operating expenses: Gains related to previously written off
receivables (377) - - - Restructuring charges - adjustments to
existing accruals 421 - - - Amortization of intangibles 58 - 58 -
Stock compensation expense 2,491 0.02 3,149 0.03 Impacting net
income (loss) from continuing operations: Gains related to
terminated acquisition, net of expenses (22,835) (0.21) - - Gain on
investments - - (1,345) (0.01) Impacting discontinued operations:
Gains related to previously written off receivables - - - -
Impacting income tax expense: Adjustments of income tax valuation
allowances and research & development credits (3,246) (0.03) -
- Tax related to highlighted items above 7,754 0.07 (670) (0.01)
Total highlighted items (15,569) (0.14) 1,421 0.01 Net income
excluding highlighted items $22,075 $0.20 $24,695 $0.22 Weighted
average common shares - diluted 110,988 111,698 Q1 2006 Q2 2006 Per
Per Diluted Diluted Amount Share Amount Share Net income $20,723
$0.19 $24,750 $0.23 Highlighted items: Impacting gross margin:
Stock compensation expense 108 - 112 - Impacting operating
expenses: Gains related to previously written off receivables (475)
- (1,098) (0.01) Restructuring charges - adjustments to existing
accruals 328 - 15 - Amortization of intangibles 218 - 219 - Stock
compensation expense 2,140 0.02 2,281 0.02 Impacting discontinued
operations: Restructuring charges - adjustments to existing
accruals (21) - (88) - Total highlighted items 2,298 0.02 1,441
0.01 Net income excluding highlighted items $23,021 $0.21 $26,191
$0.24 Weighted average common shares - diluted 109,345 109,670 Q3
2007 YTD 2007 Per Per Diluted Diluted Amount Share Amount Share Net
income $27,852 $0.25 $88,770 $0.80 Highlighted items: Impacting
gross margin: Stock compensation expense 196 - 590 0.01 Impacting
operating expenses: Gains related to previously written off
receivables - - (377) - Restructuring charges - adjustments to
existing accruals - - 421 - Amortization of intangibles 57 - 173 -
Stock compensation expense 2,480 0.02 8,120 0.07 Impacting net
income (loss) from continuing operations: Gains related to
terminated acquisition, net of expenses - - (22,835) (0.20) Gain on
investments (3,519) (0.03) (4,864) (0.04) Impacting discontinued
operations: Gains related to previously written off receivables
(330) - (330) - Impacting income tax expense: Adjustments of income
tax valuation allowances and research & development credits
(3,466) (0.03) (6,712) (0.06) Tax related to highlighted items
above 423 - 7,507 0.07 Total highlighted items (4,159) (0.04)
(18,307) (0.16) Net income excluding highlighted items $23,693
$0.21 $70,463 $0.63 Weighted average common shares - diluted
112,085 111,595 Q3 2006 YTD 2006 Per Per Diluted Diluted Amount
Share Amount Share Net income $26,562 $0.24 $72,035 $0.66
Highlighted items: Impacting gross margin: Stock compensation
expense 144 - 364 - Impacting operating expenses: Gains related to
previously written off receivables - - (1,573) (0.01) Restructuring
charges - adjustments to existing accruals 4 - 347 - Amortization
of intangibles 138 - 575 0.01 Stock compensation expense 2,283 0.02
6,704 0.06 Impacting discontinued operations: Restructuring charges
- adjustments to existing accruals (15) - (124) - Total highlighted
items 2,554 0.02 6,293 0.06 Net income excluding highlighted items
$29,116 $0.27 $78,328 $0.72 Weighted average common shares -
diluted 109,090 109,311 ARRIS believes that presenting net income
and related per share amounts adjusted for the items detailed above
provides meaningful information that will allow investors to more
easily understand ARRIS' financial performance and compare its
period-to-period results. With respect to stock compensation
expense, ARRIS records non-cash compensation expense related to
grants of options and restricted stock. Depending upon the size,
timing and the terms of the grants, this non-cash compensation
expense may vary significantly. In prior periods, ARRIS highlighted
significant losses related to bad debt expense associated with
certain customers. ARRIS recognized gains in Q1 of 2006 and 2007
and then again in Q3 of 2007 associated with these previously
written off receivables. With respect to amortization of
intangibles, the intangibles being amortized relate to our most
recent acquisitions and will not recur, although we expect to
amortize intangibles related to the proposed C-COR acquisition when
completed. Similarly, the restructuring charge and discontinued
operations adjustments reflect items that, although they or similar
items might recur, are of a nature and magnitude that identifying
them separately provides investors with a greater ability to
project ARRIS' future performance. In the second quarter of 2007,
ARRIS realized a gain before tax of $1.3 million on its deferred
compensation asset that had been previously recorded as an
unrealized gain on the balance sheet. During the third quarter of
2007, ARRIS bought and sold investments and realized a gain of $3.5
million. In the third quarter of 2007, a tax benefit of
approximately $3.5 million was recorded for a reversal of valuation
allowances and research and development tax credits related to a
tax credit study that was undertaken for prior years (2001 - 2006).
During the first quarter of 2007, ARRIS announced that it entered
into a transaction agreement with TANDBERG Television ASA, in which
ARRIS was to buy all the outstanding shares of TANDBERG. ARRIS was
subsequently outbid by another buyer and the transaction agreement
was terminated during the first quarter 2007. ARRIS recorded gains,
net before tax, of $22.8 million related to the termination of the
transaction (termination fee, foreign exchange gains, and
expenses). The net termination fee resulted in a capital gain which
provided greater access to prior tax capital losses that had
previously been viewed as more likely than not unrealizable. As a
result, net income tax valuation allowances totaling $3.2 million
were reversed in the first quarter 2007. In assessing operating
performance and preparing budgets and forecasts, ARRIS' management
considers performance after making these adjustments and believes
that providing investors with the same information provides greater
transparency and insight into management's analysis. ARRIS expects
to continue providing similar information in the future with
schedules reconciling the differences between GAAP and non-GAAP
financial measures. DATASOURCE: ARRIS Group, Inc. CONTACT: Jim
Bauer, Investor Relations, ARRIS Group, Inc., +1-678-473-2647, Web
site: http://www.arrisi.com/
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