ST0-118 exam Dumps Source : Symantec Enterprise Vault 10.0 for(R) Exchange Technical Assessment
Test Code : ST0-118
Test designation : Symantec Enterprise Vault 10.0 for(R) Exchange Technical Assessment
Vendor designation : Symantec
: 318 real Questions
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elements enable archiving of additional SharePoint content, enhanced change reporting.
word: ESJ’s editors carefully opt for dealer-issued press releases about novel or upgraded items and capabilities. we've edited and/or condensed this unlock to highlight key elements however Make no claims as to the accuracy of the seller's statements.
Symantec has launched commercial enterprise Vault 10.0.2, containing Big enhancements to Microsoft SharePoint archiving and adding Microsoft change archiving studies and better integration with the Clearwell eDiscovery Platform from Symantec.
New elements in commercial enterprise Vault 10.0.2 consist of:
additional enterprise Vault 10.0.2 aspects involve certification of SQL Server 2012, file rig archiving supported on windows 2008 R2 Core Server, and a file gadget archiving API.
business consumers with a existing upkeep settlement can down load the supplant from Symantec FileConnect. For extra product tips, talk over with www.symantec.com/commercial enterprise-vault.
HERNDON, Va.--(business WIRE)--DLT options, a leading value-added reseller in government information technology (IT) hardware, application and services, nowadays introduced the launch of its novel cloud-hosted, deepest e-mail archiving solution, Symantec commercial enterprise Vault for Amazon internet capabilities (AWS). Architected via DLT solutions, the solution brings together Symantec’s award-winning, commerce Vault and the FedRAMP Compliant Amazon web features (AWS) Cloud.
Symantec commercial enterprise Vault, the commerce chief in archiving, allows executive businesses to successfully keep, effectively maneuver and simply ascertain and retrieve unstructured information as essential. A pilot software from DLT solutions is available for brand spanking novel clients that are interested in enforcing the confess within their environments. With Symantec commercial enterprise Vault for AWS, public sector companies can leverage an on-demand, elastic, scalable, and completely-configured ambiance for archiving of their unstructured records and correspondence.
DLT options is uniquely positioned to tender this confess by proposing consumers with conclusion-to-conclusion delivery and champion for each Symantec and AWS options and capabilities.
“Symantec enterprise Vault for AWS enables public sector companies to leverage a FedRAMP compliant cloud carrier provider to host their electronic mail archiving platform,” explained David Blankenhorn, vice chairman of engineering and chief cloud technologist at DLT solutions. “Managing e mail is among the vital aspects that every agency necessity to account when laying out their advice governance foundation. An agency’s email administration strategy impacts stakeholders across the complete organization, from felony, FOIA, statistics management and IT, to the company’s independent inside investigators.”
With Symantec commerce Vault for AWS, public sector consumers gain more advantageous handle over the management of electronic mail for statistics management, digital discovery, and license of tips Act (FOIA) purposes, in addition to presenting the skill to every of a sudden respond to congressional inquiries.
Symantec enterprise Vault for AWS advantages encompass:
DLT options, Symantec’s biggest federal partner, was these days named a Symantec Platinum associate with professional talents in Archiving, Endpoint safety and enterprise Backup & healing. furthermore, DLT solutions become named an AWS Premier Consulting associate closing December. DLT options is a platinum sponsor of the 2015 Symantec govt Symposium being held April 15, 2015 at the Walter E. Washington convention middle, Washington, D.C.
if your corporation is drawn to collaborating in a Pilot application for novel users, and would enjoy to leverage their enterprise Vault for Amazon net capabilities offering, tickle contact the DLT options Symantec group at 888-223-7083 or email us at email@example.com.
About Symantec enterprise Vault
Symantec commerce Vault is piece of Symantec’s suggestions administration portfolio in order to spin into piece of a brand new, unbiased enterprise, Veritas applied sciences company, when the up to now announced separation is accomplished at the conclusion of calendar year 2015.
About DLT options
For greater than twenty years, DLT options has been the IT application and solutions company of option for federal, state, endemic executive and training shoppers. by using hand selecting its company companions including Amazon web capabilities, Autodesk, Google, NetApp, Oracle, Dell application, purple Hat, Solarwinds and Symantec, DLT fulfills its mission to subsist a price-brought reseller of handiest the most confiscate application and hardware items and capabilities, in addition to a premier issuer of technical help, through its many government contracts. The commerce focuses on carefully-chosen confess areas — Cloud Computing, information heart Consolidation, Geospatial facts systems and desktop-Aided Design for Utilities and Manufacturing. For greater information or to region an order, contact DLT solutions at 800-262-4358; email firstname.lastname@example.org; or consult with www.dlt.com. also, on LinkedIn and Twitter (@DLTSolutions).
LAS VEGAS -- Symantec Corp. nowadays added policy-primarily based safety as well as a hosted cloud providing and champion for companionable media to its commerce Vault statistics archiving software.
With enterprise Vault 10, Symantec switched to a information classification module based on its coverage-based mostly facts loss prevention (DLP) expertise to assist shoppers stay away from statistics from leaking outside the firm. The records classification module is used to tag labeled facts and investigate how long to hold it throughout statistics archiving for tips governance, e mail storage management and email e-discovery.
policy-primarily based security is in keeping with providing the identification of licensed users and granting distinctive levels of access for users.
Symantec launched enterprise Vault 10 prerogative through the 2nd day of its vision 2011 consumer conference. Symantec is a legacy protection vendor that got backup and storage management vendor Veritas application in 2005.due to the fact the acquisition, Symantec has introduced some security to its storage items however has in the main kept its storage and safety products separate.
“here's an instance of Symantec doing integration between storage and security,” spoke of Sheila Childs, analysis director in Gartner’s Storage concepts and technologies neighborhood. “commercial enterprise Vault 10 has a data classification module in line with the records loss prevention code.”
business Vault 10 supports facebook, Twitter and LinkedIn via integrated third-celebration items from Actiance, CommonDesk and Socialware. The product previously supported email, SharePoint and instant message archiving.
facts archiving utility to the cloud
As with the latest edition of its Backup Exec application launched Monday, Symantec has added a cloud ingredient to commercial enterprise Vault. EnterpriseVault.cloud is a hosted public cloud providing with out a hardware, software or plug-ins to set up and maintain on the client site.
Amit Walia, Symantec's vice chairman for product administration, noted the commerce is the usage of an o.e.m companion to archive the records and Symantec has consequence its enterprise Vault.cloud brand on it. enterprise Vault.cloud is a utility as a provider (SaaS) offering in which an agent is placed on a consumer’s server archive statistics via the cyber web.
Symantec pointed out it will encrypt statistics in transit and at rest, and guarantees swift gawk for EnterpriseVault.cloud.
“Symantec essential a solution prerogative here,” Gartner's Childs stated. “they're going to Make loads of hullabaloo prerogative here and it'll provide them a bigger presence during this market than they up to now had.”
business Vault.cloud is focused for small- to medium-sized corporations (SMBs) and can subsist utilized in remote workplaces for the midmarket. It could subsist in beta this summer and launch in the fall.
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Sun Microsystems Inc. (NASDAQ:JAVA) today announced that hundreds of customers across a orbit of industries hold purchased high-performance, eco-efficient Flash-enabled Sun(TM) Storage 7000 Systems to store more than 17 petabytes of total data, making it the fastest ramping novel product in Sun's storage portfolio ever. Continuing to add innovation to its Open Storage portfolio and Open Network Systems strategy, Sun likewise announced hardware capacity enhancements to the Sun Unified Storage family and an upgrade to its Analytics software, which ships with the Sun Storage 7000 line and gives storage administrators unparalleled insight into their storage systems. For a demo of the enhanced Sun Unified Storage family or to download software, tickle inch to www.sun.com/unifiedstorage.
"As the Open Storage revolution continues to gain traction with customers, partners and the channel, it's radically simplifying how customers approach storage management. The unparalleled observability these unified storage systems gives customers is lickety-split making traditional storage solutions a thing of the past," says John Fowler, executive vice president, Systems Group, Sun Microsystems.
As piece of Sun's Open Network Systems approach, Sun's Unified Storage Systems bring speed, simplicity and savings to customers. novel technology enhancements announced today include:
Faced with a challenging economic climate and rapid data growth, storage operators and administrators necessity a route to better manage costs and rescue time. Based on cost efficient industry yardstick components and a robust software stack that leverages the tested OpenSolarisTM operating system (OS), Solaris(TM) ZFS(TM), award-winning Solaris(TM) Dynamic Tracing (DTrace) and a community of independent software vendors (ISVs), the Sun Storage 7000 family can subsist installed and configured in under five minutes, uses three times less power and space and costs up to 75% less than traditional disk storage offerings. These systems likewise involve the industry's most simple and comprehensive analytics environment and includes innovative novel tools to assist isolate and resolve issues to minimize the repercussion on daily operations.
Customers, Partners and the Channel Drive Sales Surge of Unified Storage Family
The Sun Storage 7000 Unified Storage System family delivers breakthrough performance while radically simplifying the route customers manage storage with unprecedented speed, scale and cost savings. More than 800 customers hold adopted the Sun Unified Storage family in under five months, across a wide orbit of deployments, including VMware virtualization, Web MySQL(TM) database/rich media and media/entertainment, as well as high-performance computing, education, government, healthcare and telecommunications. Photo, video, music and companionable networking Web sites hold likewise switched to the Sun Storage 7000 platform to reduce the costs associated with storing increasing amounts of rich media content. Sun's storage line has likewise proven to subsist an exemplar platform for Solaris, Windows, and Linux consolidation projects - delivering lower cost per service with the utmost storage simplicity.
"An increasing number of customers are realizing that the benefits of their server virtualization projects can likewise subsist applied to their storage environments,” said Parag Patel, vice president, alliances, VMware. "The novel Sun Storage 7000 Unified Storage System can tender their customers a simplified approach to virtualized storage, with NFS and data management services that assist customers carry out more with less while enabling greater efficiency, control and preference in their datacenters."
EasySpeedy, Media Temple, Motionbox, Monash University, Canada's TV5, University of South Florida, and other customers are among the 800 tenacious that hold switched to a Sun Unified Storage System for stagy time and money savings. Highlighted customer testimonials below - learn about their experiences and savings at www.sun.com/customers
In addition, over 30 novel independent software vendors and partners hold certified applications for the Sun Unified Storage Systems, including VMware and Symantec. With novel tools enjoy the Hands on Lab, the channel has had a major repercussion in the stagy sales growth for the Sun Unified Storage Systems.
New Mid-Market Solution for Sun Storage 7000
Sun likewise recently expanded its portfolio of mid-market solutions with the introduction of an Open Archive solution that pairs the Sun Storage 7110 and 7210 Unified Storage Systems and ultra-scalable Sun Fire(TM) X4140 and Sun Fire(TM) X4240 servers with industry-leading Symantec Enterprise Vault 8 software. The resulting Open Archive solution for mid-sized companies delivers tested and optimized storage and server configurations that Make it simple for customers to very simply archive many different types of data, such as files/records, email, instant messaging and sharepoint content while ensuring data integrity. By using four times less power and half the footprint, the Sun and Symantec Open Archive Solution can significantly reduce storage costs, minimizing management complexity and increasing storage ROI. For more information on Sun's Open Archive solution visit https://www.sun.com/smb/archive.
Sun Eases Migration to Open Storage With Tools and Expertise
New Sun Services for the Sun Storage 7000 Family include:
Sun Unified Storage Data Migration Services -- Minimizes disruption and allows plenary feature functionality of novel technology investments. Securely migrate data using MD5 hashing for file and security validation and quicken time to ROI with Sun's profound technical expertise and tools.
To learn more about Sun's Open Storage solutions, tickle discern www.sun.com/openstorage <https://www.sun.com/openstorage>.
ABOUT SUN MICRSOSYSTEMS, INC.
Sun Microsystems develops the technologies that power the global marketplace. Guided by a singular vision -- "The Network Is The Computer(TM)" -- Sun drives network participation through shared innovation, community development and open source leadership. Sun can subsist institute in more than 100 countries and on the Web at _https://sun.com.
Sun, Sun Microsystems, the Sun logo, Java, Solaris, Sun Fire, Sun StorageTek, MySQL, Solaris ZFS and The Network Is The Computer are trademarks or registered trademarks of Sun Microsystems, Inc. or its subsidiaries in the United States and other countries.
ALPHARETTA, GA, February 21, 2018 -- Schweitzer-Mauduit International, Inc. ("SWM" or the "Company") (SWM) reported earnings results for the three month and plenary year periods ended December 31, 2017.
Adjusted measures are reconciled to GAAP at the quit of this release. fiscal measures are from continuing operations and per partake data is on a diluted basis. fiscal and operational comparisons are versus the comparable prior year period. Key definitions: Advanced Materials & Structures (AMS), Engineered Papers (EP), Low Ignition Propensity (LIP), Reconstituted Tobacco Leaf (RTL), and Heat-not-Burn (HnB)
Dr. Jeff Kramer, Chief Executive Officer, commented, "In 2017, they achieved several significant milestones in SWM`s transformation into a growing and diversified specialty materials company. Most notably, the synergistic Conwed acquisition increased AMS`s scale across both manufacturing and commercial functions. AMS growth likewise drove total non-tobacco sales above 50% of their total, marking another significant step in their diversification plan. Additionally, they made capacity investments in some of their fastest growing and most innovative products across both segments while successfully executing their AMS footprint optimization synergy plan. During the fourth quarter their commerce performed generally as expected, resulting in plenary year Adjusted EPS of $3.18 and $90 million of free cash flow."
"AMS finished 2017 with 4% organic sales growth and solid margin expansion. A double-digit expand in transportation films, the Conwed acquisition, and synergy realization every contributed to the segment`s tenacious fiscal performance, and they remain on track to deliver on their $10 million run-rate synergy target by year-end 2018. Engineered Papers delivered as expected in 2017 providing tenacious cash flows as they worked to offset the anticipated headwinds in traditional RTL and LIP. Heat-not-Burn continues to subsist a growing upside in their Recon product line although noiseless a relatively miniature component of overall sales. In addition, they hold received a auspicious decision in their LIP infringement litigation and are poignant forward to assess several potential positive outcomes."
Dr. Kramer concluded, "Our 2018 Adjusted EPS guidance of $3.30 to $3.45 reflects balanced organic growth across AMS end-markets and continued synergy execution, significantly offset by tobacco industry pressures in EP. They project total sales, operating profits, and free cash current to increase, and hope to realize a net profit from the recently enacted U.S. tax legislation. From a strategic standpoint, they will continue to grow the AMS segment where they discern sustainable long-term sales growth and margin expansion potential, as well as maintain flexibility to act on additional M&A opportunities. Through this multi-year strategic transformation they hold maintained a profound commitment to their customers to deliver exceptional value through collaborative product development partnerships, technical expertise across a variety of specialty materials, and operational excellence. While their end-markets and technological capabilities may expand, it is those themes that will underscore SWM`s continued evolution towards a more growth-oriented enterprise."
Advanced Materials & Structures segment sales were $99.2 million, up 52%, including the Conwed acquisition (Conwed sales were $35.1 million). Organic sales decreased 2%, driven by the decline in surface protection film sales for transportation as customers adjusted year-end inventories following several quarters of tenacious orders; this offset improved filtration sales and tenacious growth in medical. Conwed results remained in line with their expectations, driven by sales growth in the infrastructure and construction end-markets. GAAP operating profit was $7.6 million, compared to an operating loss in the prior-year quarter; the operating loss was driven by a $20.7 million non-cash tradename impairment related to segment re-branding activities. Adjusted operating profit was $13.3 million, up 33% due to the acquisition of Conwed and related synergies. Adjusted operating profit margin contracted 200 basis points due primarily to the organic sales decline and associated negative mingle effects.
Engineered Papers segment sales were $136.5 million, up 2%, with auspicious currency movements of $5.7 million, or 4%. Overall volume decreased 1% due to the forecasted traditional RTL decline offsetting growth in cigarette and non-tobacco papers, while price/mix was neutral. GAAP operating profit was $26.1 million, down 25%; adjusted operating profit was $29.7 million, down 16%, versus a tenacious prior-year quarter. GAAP and adjusted operating profit margin declined 680 and 480 basis points, respectively. Operating profit margin declines were primarily driven by lower traditional RTL volume, pricing concessions, higher pulp costs, lower third-party royalties, and reduced manufacturing efficiencies and overhead absorption. These factors were partially offset by the HnB sales ramp-up, positive mingle effects from LIP volume growth, and a $1.5 million profit from auspicious currency movements.
Unallocated GAAP and adjusted expenses were both $13.6 million, down 7%, due primarily to lower consulting fees. GAAP and adjusted Unallocated expenses were both 5.8% of total sales, down 160 basis points.
Consolidated sales were $235.7 million, up 19%, and 1% on an organic basis. The Conwed acquisition contributed $35.1 million of incremental sales. GAAP operating profit was $20.1 million, up $13.9 million, and GAAP operating profit margin was 8.5%, up from 3.1%. Prior-year GAAP operating profits were impacted by the $20.7 million non-cash tradename impairment. Adjusted operating profit was $29.4 million, down 5%, and adjusted operating profit margin was 12.5%, down 310 basis points. Adjusted EBITDA was $42.1 million, up 6%, and adjusted EBITDA margin was 17.9%, down 200 basis points.
GAAP Loss was $27.3 million; this equated to a GAAP loss per partake of $0.89. Adjusted income was $19.5 million, down 19%; this equated to Adjusted EPS of $0.64. Interest expense was $6.9 million, up $2.9 million due to the Conwed acquisition and related debt structure changes. Other income was $0.5 million, versus a $0.1 million expense. The Company`s income tax expense was $43.1 million, including $39.6 million of net tax expense due to the Tax Act (discussed below); absent the repercussion of the Tax Act, the Company`s tax rate would hold been 25.6%. In the prior-year quarter the Company had an income tax profit of $12.5 million due to discrete one-time benefits and the repercussion of impairment expenses. The Chinese JVs contributed $0.07 to GAAP EPS and Adjusted EPS, down $0.01. Net currency movements had a 3% positive repercussion on sales and a $1.7 million positive repercussion on operating profits; translation repercussion of net currency movements was positive $0.05 to both GAAP EPS and Adjusted EPS.
Impact of Tax Act: On December 22, 2017, the President signed into law the Tax Act, which amends the Internal Revenue Code to reduce tax rates and modify policies, credits, and deductions for individuals and businesses. For businesses, the Tax Act reduces the U.S. corporate tax rate from a maximum of 35% to 21%, but likewise eliminates or modifies inevitable previous deduction items. The Tax Act took consequence on January 1, 2018 and is expected to reduce the Company`s overall tax rate in 2018. However, as a result of the Tax Act, in particular the transition to the novel territorial tax system, the Company has incurred a deemed repatriation tax of $48.7 million, or $1.59 per share, on undistributed earnings of inevitable non-U.S. subsidiaries. The Company likewise revalued its net deferred tax liability as a result of lower expected future tax rates, resulting in a 9.1 million, or $0.30 per share, tax benefit. The netting of these non-cash one-time tax items resulted in a $39.6 million, or $1.29 per share, lessen to fourth quarter and plenary year 2017 GAAP Income. These expenses are reflected in the Company`s fiscal statements as a component of fourth quarter income tax expense.
Non-GAAP Adjustments reflect items included in GAAP operating profit, income, and EPS, but excluded from adjusted operating profit, income, and EPS (see non-GAAP reconciliation tables). The most significant fourth quarter 2017 non-GAAP adjustment was the negative $1.29 per partake repercussion of the Tax Act. Additionally, purchase accounting expenses were $0.12 per share, up $0.06. Purchase accounting expenses reflect the ongoing non-cash intangible asset amortization, as well as any non-cash one-time inventory step-up charges, associated with AMS acquisitions. Restructuring and impairment expenses were $0.12 per share, due mainly to the impairment of an asset held for sale in the EP segment. Total restructuring and impairment expenses were down $0.30, due primarily to the $0.39 tradename impairment related to re-branding activities in AMS during the prior-year quarter.
Full Year 2017 fiscal Results
Advanced Materials & Structures segment sales were $433.2 million, up 54%, including the Conwed acquisition (Conwed sales were $141.3 million). Organic sales increased 4%, led by double-digit growth in surface protection films for transportation as well as gains in industrial and medical sales; this growth was partially offset by softness in filtration sales. Conwed results were generally in line with the Company`s expectations, driven by growth in the infrastructure and construction end-markets. GAAP operating profit was $48.5 million, up $39.5 million, as prior-year results included the $20.7 million tradename impairment related to re-branding; adjusted operating profit was $75.8 million, up 78%. GAAP and adjusted operating profit margins expanded 800 and 230 basis points, respectively. Operating profit growth and margin expansion was driven by organic sales growth, auspicious mix, and the Conwed acquisition (including synergies), which more than offset inevitable manufacturing inefficiencies and higher resin costs.
Engineered Papers segment sales were $548.9 million, down 2%, mainly due to a 3% overall volume decline. Price/mix was neutral and positive currency movements more than offset anticipated lower LIP royalties. Lower traditional RTL and overall cigarette paper volumes were partially offset by growth of non-tobacco paper. GAAP operating profit was $116.1 million, down 16%; adjusted operating profit was $121.4 million, down 15%. GAAP and adjusted operating profit margin declined 350 and 330 basis points, respectively. The lessen in RTL volume, pricing concessions, lower third-party royalties, and reduced manufacturing inefficiencies and overhead absorption impacted profitability.
Unallocated GAAP expenses were $39.9 million, down 2%; adjusted Unallocated expenses were $39.8 million, likewise down 2%, due primarily to lower professional consulting fees. GAAP and adjusted Unallocated expenses were both 4.1% of total sales, down 80 and 70 basis points, respectively.
Consolidated sales were $982.1 million, up 17%, but flat on an organic basis. The Conwed acquisition contributed $141.3 million of incremental sales. GAAP operating profit was $124.7 million, up 18%, and GAAP operating profit margin was 12.7%, up 10 basis points. Prior-year operating profits included the $20.7 million non-cash tradename impairment. Adjusted operating profit was $157.4 million, up 9%, and adjusted operating profit margin was 16.0%, down 110 basis points. Adjusted EBITDA was $200.5 million, up 9%, and adjusted EBITDA margin was 20.4%, down 140 basis points.
GAAP Income was $34.4 million, down from $82.8 million; this equated to GAAP EPS of $1.12. Adjusted income was $97.5 million, down 2%; this equated to Adjusted EPS of $3.18. Interest expense was $26.9 million, up $10.3 million due to the Conwed acquisition and related debt structure changes. Other income was $3.7 million, down $0.2 million, and included a $4.8 million pretax gain, or $0.11 per share, from an asset sale. The Company`s income tax expense was $69.6 million, including a total of $39.6 million of net expenses as a result of the Tax Act; absent the repercussion of the Tax Act, the Company`s tax rate would hold been 29.6%. The Chinese JVs contributed $0.08 to GAAP EPS and Adjusted EPS, down from $0.16 due to challenging market conditions. Net currency movements had a 1% positive repercussion on sales and a $3.0 million positive repercussion on operating profits; translation repercussion of net currency movements was positive $0.04 to both GAAP EPS and Adjusted EPS.
Non-GAAP Adjustments reflect items included in GAAP operating profit, income, and EPS, but excluded from adjusted operating profit, income, and EPS (see non-GAAP reconciliation tables). The most significant 2017 non-GAAP adjustment was the $1.29 per partake negative repercussion of the Tax Act. Additionally, purchase accounting expenses were $0.56 per share, up $0.31. These expenses capture the ongoing non-cash intangible asset amortization, as well as any non-cash one-time inventory step-up charges, associated with AMS acquisitions. Restructuring and impairment expenses were $0.21 per share, due mainly to an asset impairment in the EP segment and synergy-related cost reductions in AMS. Total restructuring and impairment expenses were down $0.30, due primarily to the $0.39 repercussion of the 2016 tradename impairment related re-branding activities in AMS.
Cash Flow, Debt, & Dividend
Full year 2017 cash provided by operating activities was $130.9 million, up $1.2 million. The Company`s working capital-related cash outflows were $11.9 million, primarily resulting from inventory builds related to facility relocations and higher cash tax payments. Capital spending and capitalized software totaled $40.7 million, up $10.1 million, due to the addition of Conwed and investments for growth and system optimization. These projects included AMS footprint optimization synergies, capacity additions to champion growth in transportation, filtration, and infrastructure end-markets, and the relocation of AMS` Chinese site into a novel expanded facility. Free cash current was $90.2 million, down $8.9 million, due mostly to growth-related capital spending. The Company paid dividends to shareholders totaling $51.9 million.
Total debt was $684.2 million on December 31, 2017, versus $440.4 million at December 31, 2016. Net debt was $577.3 million on December 31, 2017, versus $333.0 million at December 31, 2016 due mainly to the January 2017 closing of the Conwed acquisition and subsequent $43 million of net paydown throughout 2017. Pursuant to the debt covenants and inevitable adjustments to quaint cash balances contained in the Company`s credit facility, the Company`s net debt to adjusted EBITDA was approximately 3.0x as of December 31, 2017.
The Company announced that a quarterly cash dividend of $0.43 per partake will subsist payable on March 23, 2018 to stockholders of record as of March 2, 2018.
2018 fiscal Outlook
The Company issued annual guidance of $3.30 to $3.45 for 2018E Adjusted EPS. This equates to $2.73 to $2.88 of GAAP EPS based on estimates of $0.04 per partake of restructuring expenses and $0.53 per partake of non-cash purchase accounting expenses related to AMS segment acquisitions that are excluded from Adjusted EPS.
The Company expects 2018 capital expenditures and capitalized software spending of approximately $40 million.
SWM will hold a conference muster to review fourth quarter 2017 results with investors and analysts at 10:00 a.m. Eastern time on Thursday, February 22, 2018. The earnings conference muster will subsist simultaneously broadcast over the Internet at www.swmintl.com. To listen to the call, tickle inch to the Company`s Web site at least 15 minutes prior to the muster to register and to download and install any necessary audio software. For those unable to listen to the live broadcast, a replay will subsist available on the Company`s Web site shortly after the call.
SWM will utilize a presentation in conjunction with its conference call. The presentation can subsist institute on the Company`s Web site in further of the earnings conference call. The presentation can likewise subsist accessed via the earnings conference muster webcast.
SWM is a leading global provider of highly engineered papers, films, nets, and non-wovens for a variety of applications and industries. As experts in manufacturing materials made from fibers, resins, and polymers, they provide their customers faultfinding components that enhance the performance of their quit products. The Advanced Materials & Structures segment focuses on resin-based rolled goods for the filtration, transportation, infrastructure & construction, medical, and industrial end-markets. This segment was established in 2013 as piece of a strategic transformation intended to diversify SWM`s historical concentration in the tobacco industry and reposition the Company for long-term growth. The Company currently generates approximately half of its total sales outside the tobacco industry. The Engineered Papers segment remains primarily focused on supplying major cigarette manufacturers with a variety of specialty papers. SWM and its subsidiaries conduct commerce in over 90 countries and employ approximately 3,400 people worldwide. For further information, tickle visit SWM`s Web site at www.swmintl.com.
This press release contains forward-looking statements within the acceptation of the Private Securities Litigation Reform Act of 1995 and other federal securities laws that are matter to the safe harbor created by such laws and other legal protections. Forward-looking statements include, without limitation, those regarding 2018 guidance and future performance, future market and EPS trends, future EPS contributions of their China JVs and RTL, AMS margins, sales and volume trends, Argotec fiscal results, growth prospects, capital spending, currency rates and trends and repercussion on EPS, 2018 momentum, future cash flows, the Tax Act, effective tax rates, 2018 LIP sales trends, future RTL volumes, LIP pricing and royalties, diversification efforts of their AMS segment, integration of and accretion from the Conwed acquisition, future results of legacy AMS operations, interest rate swap impacts, future growth of non-tobacco sales, benefits of AMS` novel enterprise resource planning system, and other statements generally identified by words such as "believe," "expect," "intend," "guidance," "plan," "forecast," "potential," "anticipate," "confident," "project," "appear," "future," "should," "likely," "could," "may," "typically," "will," and similar words. These statements are not guarantees of future performance and inevitable risks, uncertainties (some of which are beyond the Company`s control) and assumptions that may occasions actual results to disagree materially from their expectations as of the date of this release. These risks include, among other things, those set forth in piece I, item 1A. Risk Factors of their Annual Report on contour 10-K for the year ended December 31, 2016, which can subsist institute at the SEC`s website www.sec.gov, as well as the following factors:
All forward-looking statements made in this document are qualified by these cautionary statements. These forward-looking statements are made only as of the date of this document, and they carry out not undertake any obligation, other than as may subsist required by law, to update or revise any forward-looking or cautionary statements to reflect changes in assumptions, the happening of events, unanticipated or otherwise, or changes in future operating results over time or otherwise.
Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance unless expressed as such, and should only subsist viewed as historical data.
For additional factors and further discussion of these factors, tickle discern SWM`s Annual Report on contour 10-K for the term ended December 31, 2016 and other reports they file from time to time, which can subsist institute at the SEC`s website www.sec.gov. The discussion of these risks is specifically incorporated by reference into this release. The fiscal results reported in this release are unaudited.
Non-GAAP fiscal Measures
Certain fiscal measures and comments contained in this press release exclude restructuring expenses, inevitable purchase accounting adjustments related to AMS segment acquisitions, interest expense, income tax provision, capital spending, capitalized software, and depreciation and amortization. This press release likewise provides inevitable information regarding the Company`s fiscal results excluding currency impacts. This information estimates the repercussion of changes in quaint currency rates on the translation of the Company`s current fiscal results as compared to the applicable comparable term and is derived by translating the current local currency results into U.S. Dollars based upon the quaint currency exchange rates for the applicable comparable period. fiscal measures which exclude or involve these items hold not been determined in accordance with accounting principles generally accepted in the United States (GAAP) and are therefore "non-GAAP" fiscal measures. Reconciliations of these non-GAAP fiscal measures to the most closely analogous measure determined in accordance with GAAP are included in the fiscal schedules attached to this release.
The Company believes that the presentation of non-GAAP fiscal measures in addition to the related GAAP measures provides investors with greater transparency to the information used by the Company`s management in its fiscal and operational decision-making. Management likewise believes that the non-GAAP fiscal measures provide additional insight for analysts and investors in evaluating the Company`s fiscal and operational performance in the identical route that management evaluates the Company`s fiscal performance. Management believes that providing this information enables investors to better understand the Company`s operating performance and fiscal condition. These non-GAAP fiscal measures are not calculated or presented in accordance with, and are not intended to subsist considered in isolation or as alternatives or substitutes for, or superior to, fiscal measures prepared and presented in accordance with GAAP, and should subsist read only in conjunction with the Company`s fiscal measures prepared and presented in accordance with GAAP. The non-GAAP fiscal measures used in this release may subsist different from the measures used by other companies.
(Tables to Follow)
CONTACTAllison AdenCo-Chief fiscal Officer+1-770-569-4277
Andrew WamserCo-Chief fiscal Officer+1-770-569-4271
Mark ChekanowDirector of Investor Relations+1-770-569-4229
Web site: http://www.swmintl.com
SCHWEITZER-MAUDUIT INTERNATIONAL, INC. AND SUBSIDIARIESBUSINESS SEGMENT REPORTING(Dollars in millions)(Unaudited)Net Sales Three Months Ended December 31, Year Ended December 31, 2017 2016 % Change 2017 2016 % Change AMS $ 99.2 $ 65.1 52.4 % $ 433.2 $ 280.6 54.4 % EP 136.5 133.6 2.2 % 548.9 559.3 (1.9 )% Total Consolidated $ 235.7 $ 198.7 18.6 % $ 982.1 $ 839.9 16.9 % Operating Profit (Loss) Three Months Ended December 31, Year Ended December 31, Return on Net Sales Return on Net Sales 2017 2016 2017 2016 2017 2016 2017 2016 AMS $ 7.6 $ (13.8 ) 7.7 % (21.2 )% $ 48.5 $ 9.0 11.2 % 3.2 % EP 26.1 34.6 19.1 % 25.9 % 116.1 138.0 21.2 % 24.7 % Unallocated (13.6 ) (14.6 ) (39.9 ) (40.9 ) Total Consolidated $ 20.1 $ 6.2 8.5 % 3.1 % $ 124.7 $ 106.1 12.7 % 12.6 % Restructuring & Impairment Expenses and Purchase Accounting Adjustments Three Months Ended December 31, Year Ended December 31, 2017 2016 2017 2016 AMS - Restructuring & Impairment Expenses $ 0.3 $ 20.7 $ 2.7 $ 21.3 AMS - Purchase Accounting Adjustments 5.4 3.1 24.6 12.3 EP - Restructuring & Impairment Expenses 3.6 0.9 5.3 4.0 Unallocated - - 0.1 0.3 Total Consolidated $ 9.3 $ 24.7 $ 32.7 $ 37.9 Adjusted Operating Profit (Loss) * Three Months Ended December 31, Year Ended December 31, Return on Net Sales Return on Net Sales 2017 2016 2017 2016 2017 2016 2017 2016 AMS $ 13.3 $ 10.0 13.4 % 15.4 % $ 75.8 $ 42.6 17.5 % 15.2 % EP 29.7 35.5 21.8 % 26.6 % 121.4 142.0 22.1 % 25.4 % Unallocated (13.6 ) (14.6 ) (39.8 ) (40.6 ) Total Consolidated $ 29.4 $ 30.9 12.5 % 15.6 % $ 157.4 $ 144.0 16.0 % 17.1 %
* Adjusted Operating Profit (Loss), a non-GAAP fiscal measure, is calculated by adding Restructuring & Impairment Expenses and Purchase Accounting Adjustments to Operating Profit.
SCHWEITZER-MAUDUIT INTERNATIONAL, INC. AND SUBSIDIARIESRECONCILIATION OF NON-GAAP fiscal MEASURES AND SUPPLEMENTAL DATA(Dollars in millions, except per partake amounts)Three Months Ended December 31, Year Ended December 31, 2017 2016 2017 2016 Operating profit $ 20.1 $ 6.2 $ 124.7 $ 106.1 Plus: Restructuring and impairment expense 3.9 21.6 8.1 25.6 Plus: Purchase accounting adjustments 5.4 3.1 24.6 12.3 Adjusted Operating Profit $ 29.4 $ 30.9 $ 157.4 $ 144.0 Income/(Loss) $ (27.3 ) $ 17.0 $ 34.4 $ 82.8 Plus: Restructuring and impairment expense 3.9 21.6 8.1 25.6 Less: Tax repercussion of restructuring and impairment expense (0.2 ) (9.0 ) (1.4 ) (10.2 ) Plus: Purchase accounting adjustments 5.4 3.1 24.6 12.3 Less: Tax repercussion of purchase accounting adjustments (1.9 ) (1.1 ) (7.8 ) (4.5 ) Plus: Transitional tax adjustment 48.7 - 48.7 - Less: Income tax valuation allowance & one-time tax expense (9.1 ) (7.4 ) (9.1 ) (6.5 ) Adjusted Income $ 19.5 $ 24.2 $ 97.5 $ 99.5 Earnings (Loss) per partake - diluted $ (0.89 ) $ 0.55 $ 1.12 $ 2.70 Plus: Restructuring and impairment expense 0.13 0.71 0.26 0.84 Less: Tax repercussion of restructuring and impairment expense (0.01 ) (0.29 ) (0.05 ) (0.33 ) Plus: Purchase accounting adjustments 0.18 0.10 0.81 0.40 Less: Tax repercussion of purchase accounting adjustments (0.06 ) (0.04 ) (0.25 ) (0.15 ) Plus: Transitional tax adjustment 1.59 - 1.59 - Less: Income tax valuation allowance & one-time tax expense (0.30 ) (0.23 ) (0.30 ) (0.20 ) Adjusted Earnings Per partake - Diluted $ 0.64 $ 0.80 $ 3.18 $ 3.26 Income/(Loss) $ (27.3 ) $ 17.0 $ 34.4 $ 82.8 Plus: Interest expense 6.9 4.0 26.9 16.6 Plus: Income tax (benefit) provision 43.1 (12.5 ) 69.6 15.4 Plus: Depreciation & amortization 15.5 9.5 61.5 42.8 Plus: Restructuring and impairment expense 3.9 21.6 8.1 25.6 Adjusted EBITDA $ 42.1 $ 39.6 $ 200.5 $ 183.2 Cash provided by operating activities $ 37.7 $ 46.6 $ 130.9 $ 129.7 Less: Capital spending (9.7 ) (10.3 ) (37.2 ) (27.8 ) Less: Capitalized software costs (0.9 ) (1.1 ) (3.5 ) (2.8 ) Free Cash Flow $ 27.1 $ 35.2 $ 90.2 $ 99.1 December 31, 2017 December 31, 2016 Total Debt $ 684.2 $ 440.4 Less: Cash 106.9 107.4 Net Debt $ 577.3 $ 333.0
SCHWEITZER-MAUDUIT INTERNATIONAL, INC. AND SUBSIDIARIESRECONCILIATION OF NON-GAAP fiscal MEASURES AND SUPPLEMENTAL DATA(Dollars in per partake amounts)2018 Earnings Per partake Guidance - Diluted, from Continuing Operations 2018E 2018E EPS $2.73 - $2.88 Plus: Restructuring/Impairment expense 0.05 Less: Tax repercussion of restructuring/impairment expense (0.01 ) Plus: Purchase accounting expense 0.70 Less: Tax repercussion of purchase accounting expense (0.17 ) 2018E Adjusted EPS $3.30 - $3.45
* Excluded from the above reconciliation are potential transaction costs associated with future acquisitions.
SCHWEITZER-MAUDUIT INTERNATIONAL, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME(Dollars in millions, except per partake amounts)(Unaudited)Years Ended December 31, 2017 2016 % Change Net sales $ 982.1 $ 839.9 16.9 % Cost of products sold 699.8 583.2 20.0 Gross profit 282.3 256.7 10.0 Selling expense 33.3 25.3 31.6 Research expense 17.8 17.5 1.7 General expense 98.4 82.2 19.7 Total nonmanufacturing expenses 149.5 125.0 19.6 Restructuring and impairment expense 8.1 25.6 (68.4 ) Operating profit 124.7 106.1 17.5 Interest expense 26.9 16.6 62.0 Other income, net 3.7 3.9 (5.1 ) Income from continuing operations before income taxes and income from equity affiliates 101.5 93.4 8.7 Income tax provision 69.6 15.4 N.M. Income from equity affiliates, net of income taxes 2.5 4.8 (47.9 ) Income from continuing operations 34.4 82.8 (58.5 ) Income from discontinued operations 0.1 - N.M. Net income $ 34.5 $ 82.8 (58.3 )% Net income per partake - basic: Income per partake from continuing operations $ 1.12 $ 2.71 (58.7 )% Income per partake from discontinued operations - - N.M. Net income per partake - basic $ 1.12 $ 2.71 (58.7 )% Net income per partake - diluted: Income per partake from continuing operations $ 1.12 $ 2.70 (58.5 )% Income per partake from discontinued operations - - N.M. Net income per partake - diluted $ 1.12 $ 2.70 (58.5 )% Cash dividends declared per share $ 1.69 $ 1.62 Weighted middling shares outstanding: Basic 30,407,100 30,310,900 Diluted 30,549,300 30,463,400
N.M.- Not Meaningful
SCHWEITZER-MAUDUIT INTERNATIONAL, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME(Dollars in millions, except per partake amounts)(Unaudited)Three Months Ended December 31, 2017 2016 % Change Net sales $ 235.7 $ 198.7 18.6 % Cost of products sold 168.9 135.5 24.6 Gross profit 66.8 63.2 5.7 Selling expense 8.7 6.5 33.8 Research expense 4.9 4.6 6.5 General expense 29.2 24.3 20.2 Total nonmanufacturing expenses 42.8 35.4 20.9 Restructuring and impairment expense 3.9 21.6 (81.9 ) Operating profit 20.1 6.2 N.M. Interest expense 6.9 4.0 72.5 Other income (loss), net 0.5 (0.1 ) N.M. Income from continuing operations before income taxes and income from equity affiliates 13.7 2.1 N.M. Income tax provision (benefit) 43.1 (12.5 ) N.M. Income from equity affiliates, net of income taxes 2.1 2.4 (12.5 ) (Loss) income from continuing operations (27.3 ) 17.0 N.M. Income from discontinued operations - - N.M. Net (loss) income $ (27.3 ) $ 17.0 N.M. Net (loss) income per partake - basic: (Loss) income per partake from continuing operations $ (0.90 ) $ 0.55 N.M. Income per partake from discontinued operations - - N.M. Net (loss) income per partake - basic $ (0.90 ) $ 0.55 N.M. Net (loss) income per partake - diluted: (Loss) income per partake from continuing operations $ (0.89 ) $ 0.55 N.M. Income per partake from discontinued operations - - N.M. Net (loss) income per partake - diluted $ (0.89 ) $ 0.55 N.M. Cash dividends declared per share $ 0.43 $ 0.42 Weighted middling shares outstanding: Basic 30,426,900 30,318,900 Diluted 30,592,900 30,524,400
N.M.- Not Meaningful
SCHWEITZER-MAUDUIT INTERNATIONAL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED equilibrium SHEETS(Dollars in millions)(Unaudited)December 31, 2017 December 31, 2016 ASSETS Cash and cash equivalents $ 106.9 $ 107.4 Accounts receivable, net 149.4 115.1 Inventories 155.2 119.4 Assets held for sale 12.8 17.3 Other current assets 8.8 5.1 Property, plant and equipment, net 361.9 307.4 Goodwill 341.3 229.5 Other noncurrent assets 406.2 272.5 Total Assets $ 1,542.5 $ 1,173.7 LIABILITIES AND STOCKHOLDERS` EQUITY Current debt $ 5.1 $ 3.0 Other current liabilities 142.0 132.8 Long-term debt 679.1 437.4 Pension and other postretirement benefits 30.7 33.1 Deferred income tax liabilities 42.3 29.8 Long-term income tax payable 36.7 - Other noncurrent liabilities 59.9 29.3 Stockholders` equity 546.7 508.3 Total Liabilities and Stockholders` Equity $ 1,542.5 $ 1,173.7
Note: In connection with the Company`s acquisition of Conwed Plastics, LLC during the first quarter of 2017, the Company recorded $106.2 million of Goodwill and $134.4 million of intangible assets (included in Other noncurrent assets), of which $127.3 million will subsist amortized over approximately 15 years, and an expand of $2.9 million to inventory to record it at purchase price impartial value.
SCHWEITZER-MAUDUIT INTERNATIONAL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW(Dollars in millions)(Unaudited)Year Ended December 31, 2017 2016 Operations Net income $ 34.5 $ 82.8 Less: Income from discontinued operations 0.1 - Income from continuing operations 34.4 82.8 Non-cash items included in net income: Depreciation and amortization 59.5 44.5 Impairment 4.6 21.3 Deferred income tax (provision) benefit 1.6 (13.5 ) Pension and other postretirement benefits 3.8 3.8 Stock-based compensation 7.1 5.8 Income from equity affiliates (2.5 ) (4.8 ) Gain on sale of intangible assets - (1.8 ) Gain on sale of assets (4.9 ) - Long-term income tax payable 36.7 - Excess tax deficit of stock-based awards - 0.2 Cash dividends received from equity affiliates 1.8 3.0 Other items 0.7 (0.6 ) Net changes in operating working capital (11.9 ) (11.0 ) Net cash provided by operating activities of: Continuing operations 130.9 129.7 Discontinued operations 0.1 - Cash provided by operations 131.0 129.7 Investing Capital spending (37.2 ) (27.8 ) Capitalized software costs (3.5 ) (2.8 ) Acquisitions, net of cash acquired (291.7 ) - Proceeds from sale of assets 7.0 - Other investing 6.9 8.2 Cash used in investing (318.5 ) (22.4 ) Financing Cash dividends paid to SWM stockholders (51.9 ) (49.4 ) Changes in short-term debt 1.5 - Proceeds from issuances of long-term debt 440.5 35.6 Payments on long-term debt (208.8 ) (171.0 ) Payments for debt issuance costs (0.6 ) - Purchases of common stock (1.2 ) (0.7 ) Excess tax deficit of stock-based awards - (0.2 ) Cash provided by (used in) financing 179.5 (185.7 ) Effect of exchange rate changes on cash and cash equivalents 7.5 (0.7 ) Decrease in cash and cash equivalents $ (0.5 ) $ (79.1 )
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely answerable for the content, accuracy and originality of the information contained therein.Source: Schweitzer-Mauduit International Inc via GlobeNewswireHUG#2170802
An examination of the malware used in the Target infringement suggests that the attackers may hold had assist from a poorly secured feature built into a widely-used IT management software product that was running on the retailer’s internal network.
As I noted in Jan. 15’s narrative — A First gawk at the Target Intrusion, Malware — the attackers were able to infect Target’s point-of-sale registers with a malware strain that stole credit and debit card data. The intruders likewise set up a control server within Target’s internal network that served as a central repository for data hoovered up from every of the infected registers.
That analysis looked at a malware component used in Target infringement that was uploaded to Symantec’s ThreatExpert scanning service on Dec. 18 but which was later deleted (a local PDF copy of it is here). The ThreatExpert writeup suggests that the malware was answerable for poignant stolen data from the compromised cash registers to that shared central repository, which had the internal address of 10.116.240.31. The “ttcopscli3acs” bit is the Windows domain designation used on Target’s network. The user account “Best1_user” and password “BackupU$r” were used to log in to the shared drive (indicated by the “S:” under the “Resource Type” heading in the image above.
That “Best1_user” account designation seems an odd one for the attackers to hold picked at random, but there is a better explanation: That username is the identical one that gets installed with an IT management software suite called Performance Assurance for Microsoft Servers. This product, according to its maker — Houston, Texas groundwork BMC Software — includes administrator-level user account called “Best1_user.”
This information groundwork article (PDF) published by BMC explains the Best1_user account is installed by the software to carry out routine tasks. That article states that while the Best1_user account is essentially a “system” or “administrator” smooth account on the host machine, customers shouldn’t concern themselves with this account because “it is not a member of any group (not even the ‘users’ group) and therefore can’t subsist used to login to the system.”
“The only privilege that the account is granted is the capacity to elope as a batch job,” the document states, indicating that it could subsist used to elope programs if invoked from a command prompt. Here’s my favorite part:
“Perform Technical champion does not hold the password to this account and this password has not subsist released by discharge Development. Knowing the password to the account should not subsist faultfinding as you cannot log into the machine using this account. The password is known internally and used internally by the discharge agent to assume the identity of the “Best1_user” account.”
I pinged BMC to find out if perhaps the password supplied in the Target malware (BackupU$r) is in fact the stealthy password for the Best1_user account. The company has so far remained uncommunicative on this question.
This was the hunch consequence forward by the Counter Threat Unit (CTU) of Dell SecureWorks in an analysis that was privately released to some of the company’s clients this week.
“Attackers exfiltrate data by creating a mount point for a remote file partake and copying the data stored by the memory-scraping component to that share,” the SecureWorks paper notes. “In the previous listing showing the data’s inch to an internal server, 10.116.240.31 is the intermediate server selected by attackers, and CTU researchers believe the “ttcopscli3acs” string is the Windows domain designation used on Target’s network. The Best1_user account appears to subsist associated with the Performance Assurance component of BMC Software’s Patrol product. According to BMC’s documentation, this account is normally restricted, but the attackers may hold usurped control to facilitate lateral movement within the network.”
According to SecureWorks, one component of the malware installed itself as a service called “BladeLogic,” a service designation no doubt designed to mimic another BMC product called BMC BladeLogic Automation Suite. BMC spokeswoman Ann Duhon said that the attackers were simply invoking BMC’s trademark to Make the malicious program emerge legitimate to the casual observer, but it seems likely that at least some BMC software was running inside of Target’s network, and that the attackers were well watchful of it.
Update Jan. 30, 5:48 p.m.: BMC just issued the following statement:
There hold been several articles in the press speculating about the Target breach. BMC Software has received no information from Target or the investigators regarding the breach. In some of those articles, BMC products were mentioned in two different ways.
The first was a mention of a “bladelogic.exe” reference in the attack. The executable designation “bladelogic.exe” does not exist in any piece of legitimate BMC software. McAfee has issued a security advisory stating that: “The reference to “bladelogic” is a method of obfuscation. The malware does not compromise, or integrate with, any BMC products in any way.
The second reference was to a password that was possibly utilized as piece of the attack, with the implication that it was a BMC password. BMC has confirmed that the password mentioned in the press is not a BMC-generated password.
At this point, there is nothing to hint that BMC BladeLogic or BMC Performance Assurance has a security flaw or was compromised as piece of this attack.
Malware is a problem for every IT environments. BMC asks every of their customers to subsist diligent in ensuring that their environments are secure and protected.
I parse their statement to express that the “BackupU$r” password referenced in the Target malware is not their software’s stealthy password. But nothing in the statement seems to rule out the possibility that the attackers leveraged a domain user account installed by BMC software to assist exfiltrate card data from Target’s network.
According to a trusted source who uses mostly open-source data to retain tabs on the software and hardware used in various retail environments, BMC’s software is in utilize at many major retail and grocery chains across the country, including Kroger, Safeway, Home Depot, Sam’s Club and The Vons Companies, among many others.
A copy of the SecureWorks report is here (PDF). It contains some fairly detailed analysis of this and other portions of the malware used in the Target intrusion. What it states up front that it does not hold — and what they noiseless hold not heard from Target — is how the attackers broke in to open with….
HOW DID IT HAPPEN?
The folks at Malcovery (full disclosure: Malcovery is an advertiser on this blog) hold consequence together a compelling case that the avenue of compromise at Target stemmed from an SQL injection attack. Malcovery notes that techniques that may subsist similar to the Target infringement were used by the Alberto Gonzalez gang, as illustrated in an indictment against Vladimir Drinkman, Aleksandr Kalinin, Roman Kotov, Mikhail Rytikov, Dmitriy Smilianet (see Hacker Ring Stole 160 Million Credit Cards for more information on these guys).
As that report notes, Drinkman and his associates were co-conspirators of Albert Gonzalez (famous for the TJX breach), Damon Toey, and Vladislav Horohorin (BadB). Drinkman and his gang of Russian hackers were vigorous from at least August 2005 through at least July 2012 and were charged with stealing data from NASDAQ, 7-Eleven, Carrefour, JCPenney, Hannaford Brothers, Heartland Payment Systems, wet Seal, Commidea, Dexia Bank, JetBlue Airways, Dow Jones, an unspecified bank in Abu Dhabi, Euronet, Visa Jordan, Global Payment Systems, Diners Singapore (a regional offshoot of Diner’s Club), and Ingenicard.
Malcovery’s CTO and co-founder Gary Warner writes:
“In each of these cases, an SQL Injection attack resulted in malware being placed on the network and credit card or personal information being exfiltrated from the network. According to the indictment for the above, Gonzalez and Toey would travel to retail outlets and make observations about which Point of Sale terminal software was being used, afterwards, they would pass the information to the hacker crew who would penetrate the network, customize and load the malware, and exfiltrate the stolen data.”
A copy of the Malcovery report can subsist downloaded here.
EAGLE CLAW, RESCATOR, AND LAMPEDUZA
Meanwhile, the cybercrook known as Rescator and his merry troupe of thieves who are selling cards stolen in the Target infringement continue to push huge novel batches of stolen cards onto the market. In an update on Jan. 21, Rescator’s network of card shops released for sale another batch of two million cards apparently stolen from Target, a collection of cards which these crooks hold dubbed “Eagle Claw.”
Working with several banks anxious to know whether this batch of two million cards really was from Target (or else some other recent infringement enjoy Neiman Marcus), they were able to determine that every of the cards purchased from Eagle Claw were used at Target between Nov. 27 and Dec. 15. The method behind that research was identical to that used in my previous research on this topic.
Incidentally, anyone who wants to understand the hierarchical pecking order of Rescator’s crew should check out this analysis by security researcher Krypt3ia, which examines the Lampeduza cybercrime forum of which Rescator is a leading member.
Anyone hoping that this retail infringement disclosure madness will quit sometime soon should cease holding their breath: In a private industry notification dated January 17 (PDF), the FBI warned that the basic code used in the point-of-sale malware has been seen by the FBI in cases dating back to at least 2011, and that these attacks are likely to continue for some time to come.
“The growing popularity of this sort of malware, the accessibility of the malware on underground forums, the affordability of the software and the huge potential profits to be made from retail POS systems in the United States Make this sort of financially-motivated cyber crime attractive to a wide orbit of actors,” the FBI wrote. “We believe POS malware crime will continue to grow over the near term despite law enforcement and security firms’ actions to mitigate it.”
Tags: Ann Duhon, BackupU$r, Best1_user, BladeLogic, BMC, Dell SecureWorks, Eagle Claw, fbi, gary warner, Krypt3ia, Lampeduza, malcovery, michaels breach, Neiman Marcus breach, rescator, sql injection, Symantec, target breach, target data breach, threatexpert
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