Computer Hardware News

Epiq Systems Reports Third Quarter 2015 Results and Updates Fiscal Year 2015 Outlook

Published: Tuesday, November 3, 2015 | By: GlobalNewswire

KANSAS CITY, Kan., Nov. 3, 2015 (GLOBE NEWSWIRE) -- Epiq Systems, Inc. (NASDAQ:EPIQ), a leading global provider of integrated technology solutions for the legal profession, today announced results for its third quarter ended September 30, 2015 and updated its full year financial outlook for 2015. Epiq will hold a conference call today at 4:30 pm ET to review its results (details below).

Summary Results (Unaudited)

	Three months ended Sept. 30		Nine months ended Sept. 30
(In millions, except share count and per share data)	2015	2014	2015	2014
Segment Operating Revenue
Technology	$91.8	$69.1	$255.0	$228.8
Bankruptcy & Settlement Administration	$39.5	$34.8	$114.6	$106.8
Total Operating Revenue	$131.3	$103.9	$369.6	$335.6
Net Income (Loss)⁽¹⁾	($19.2)	$5.0	($20.7)	($0.7)
Net Income (Loss) Per Diluted Share⁽¹⁾	($0.52)	$0.14	($0.57)	($0.02)
Adjusted EBITDA⁽²⁾	$29.7	$23.7	$75.9	$71.8
Adjusted Net Income⁽²⁾	$9.0	$6.5	$21.4	$20.7
Adjusted Earnings Per Diluted Share⁽²⁾	$0.24	$0.18	$0.58	$0.59
Adjusted Diluted Shares (in thousands)	37,055	36,288	36,995	35,339
Net Cash from Operating Activities	$18.9	$18.6	$46.8	$37.4

(1) Includes impact of a GAAP net non-cash tax charge of $19.0 million related to establishing a full valuation allowance against U.S. deferred tax assets. The impact of this charge to net loss per diluted share is $0.52 for the three and nine months ended September 30, 2015. The valuation allowance is included in "Provision for (benefit from) income taxes" in the Condensed Consolidated Statements of Operations.
(2) Adjusted net income, adjusted EBITDA and adjusted earnings per share are all non-GAAP financial measures. See the accompanying tables herein for information regarding these measures and reconciliation to the most comparable GAAP measure.

Q3 Financial Overview

Third quarter 2015 operating revenue increased 26%, or 16% excluding operating revenue from recently acquired Iris Data Services, compared to the third quarter 2014 driven by both of Epiq's operating segments. Technology segment operating revenues increased 33%, or 17% excluding operating revenue from Iris, compared to the prior year quarter while Bankruptcy and Settlement Administration operating revenue increased 14%. Consolidated adjusted EBITDA increased 25% from $23.7 million in the third quarter 2014 and rose 20% from $24.7 million in Q2 2015 and 39% from $21.4 million in Q1 2015. Quarterly adjusted EPS of $0.24 per diluted share increased 33% compared to the prior year quarter and rose 33% from $0.18 in Q2 2015 and 60% from $0.15 in Q1 2015.

Recent Company Highlights

Launch of a full-service eDiscovery office in Frankfurt, including managed services through Iris Data Services, a comprehensive document review center, and data processing and hosting in a world-class data center.
Retained as call center provider to support the U.S. Office of Personnel Management's (OPM) response to cybersecurity incidents earlier this year impacting 21.5 million individuals.
Recently elected independent directors, Kevin L. Robert and Douglas M. Gaston, have been newly appointed as chairs of the Audit Committee and Compensation Committee, respectively, and the Board of Directors is exploring the addition of new independent directors.
Declared dividend of $0.09 per share, Epiq's 22^nd consecutive quarterly dividend, payable November 16, 2015 to shareholders of record at the close of business October 15, 2015.

"Epiq delivered a strong quarter of growth in operating revenue, adjusted EBITDA and adjusted EPS reflecting both organic growth and the first full quarter of Iris Data Services revenue as we finalize the integration of that organization into Epiq's global footprint. We see Iris's leading managed services offering being a key part of our eDiscovery growth strategy and market differentiation," said Tom W. Olofson, chairman and CEO, Epiq Systems.

"Epiq continues to be a preferred strategic partner for complex legal matters. The pace of data breaches, regulatory investigations and a healthy environment for corporate M&A provide favorable indicators of global demand for our services. While Epiq continues to gain market share and achieve revenue growth, we are very focused on improving margins and profitability in 2015. We have identified and are implementing a range of initiatives to better leverage our global resources, optimize efficiency and improve our cost structure."

Segment Review

Technology Segment (eDiscovery)

	Three months ended Sept. 30		Nine months ended Sept. 30
(In millions)(Unaudited)	2015	2014	2015	2014
Operating Revenue	$91.8	$69.1	$255.0	$228.8
Adjusted EBITDA	$26.3	$20.5	$68.6	$63.3
Operating Revenue Mix
By Service Type
Electronically Stored Information (ESI)	62%	63%	60%	57%
Document Review	38%	37%	40%	43%
By Region
North America	78%	74%	78%	80%
Europe and Asia	22%	26%	22%	20%

Epiq's Technology segment provides integrated technology solutions for electronic discovery (eDiscovery), including global electronically stored information (ESI, which includes Iris eDiscovery managed services) and global document review. Revenue growth within Technology (excluding Iris) was 17% for the third quarter and 33% for the segment including Iris. Operating revenue from international eDiscovery increased by $2.4 million compared to the prior year quarter reflecting growth in both document review and ESI service revenues from new and existing clients. On a pro forma basis and excluding Iris Data Services, international eDiscovery represented 25% of Technology segment operating revenue compared to 26% in the prior year quarter. While pricing pressure in North American ESI services continued to impact operating margins, Technology segment adjusted EBITDA increased 28% compared to the third quarter 2014 primarily due to increased demand for ESI and document review services worldwide in addition to initiatives to drive cost control and increased efficiency.

Bankruptcy and Settlement Administration Segment
	Three months ended Sept. 30		Nine months ended Sept. 30
(In millions)(Unaudited)	2015	2014	2015	2014
Operating Revenue	$39.5	$34.8	$114.6	$106.8
Adjusted EBITDA	$13.9	$12.7	$36.1	$38.5

Bankruptcy and Settlement Administration segment third quarter operating revenue increased 14% compared to the prior year period, driven primarily by 29% growth in Settlement Administration. A low level of Chapter 11 bankruptcy filings persisted in the third quarter, a trend that is expected to continue for the remainder of 2015. Epiq continues to secure non-traditional work and ongoing projects from current clients to supplement operating revenue in this segment. Segment Adjusted EBITDA increased 9% from the prior year quarter due to increased revenue from Settlement Administration services and activity from existing Bankruptcy engagements and non-traditional clients.

GAAP Non-Cash Tax Charge

For the third quarter 2015, Epiq recorded a net non-cash tax charge of $19 million as a valuation allowance against deferred tax assets related to its U.S. operations. The impact of this charge to net loss per diluted share is $0.52 for the three and nine months ended September 30, 2015. Third quarter 2015 tax expense was $22 million, which includes the discrete impact of establishing a full valuation allowance against U.S net deferred tax assets. The establishment of a valuation allowance does not impact cash flows, nor does Epiq expect it to preclude the use of loss carryforwards or other deferred tax assets in the future, including the expected realization of approximately $23 million related to the April 2015 acquisition of Iris Data Services.

2015 Financial Guidance Update

Based on Epiq's current assessment, the Company is updating full year 2015 operating revenue to range between $495 million and $505 million, adjusted EBITDA between $105 million to $108 million and adjusted EPS between $0.82 and $0.85.

Management will provide a more detailed discussion of its 2015 outlook and a general 2016 outlook during the earnings conference call today at 4:30 p.m. ET (3:30 p.m. CT).

CONFERENCE CALL INFORMATION

Call Dial in:	(877) 303-6311 or (631) 813-4730
Webcast URL:	http://www.epiqsystems.com/investors/corporate-overview/
Audio replay:	(855) 859-2056, ID# 59972387, available through Nov. 10, 2015

About Epiq Systems

Epiq Systems is a leading global provider of integrated technology solutions for the legal profession, including electronic discovery, bankruptcy, and class action and mass tort administration. We offer full-service capabilities to support litigation, investigations, financial transactions, regulatory compliance and other legal matters. Our innovative technology and services, deep subject-matter expertise and global presence spanning 45 countries served from 20 locations allow us to provide secure, reliable solutions to the worldwide legal community. Visit us at www.epiqsystems.com.

Use of Non-GAAP Financial Measures

This press release includes the following non-GAAP financial measures: (i) adjusted net income (net income adjusted for amortization of acquisition intangibles, share-based compensation, intangible asset impairment expense, acquisition and related expense, one-time technology expense, loan fee amortization, litigation expense, timing of recognition of expense, reorganization expense, gain or loss on disposition of assets, strategic review expense, and the effect of tax adjustments that are outside of Epiq Systems' anticipated effective tax rate, all net of tax), (ii) adjusted earnings per share, calculated as adjusted net income on a fully diluted per share basis, and (iii) adjusted EBITDA (net income adjusted for depreciation and amortization, share-based compensation, intangible asset impairment expense, acquisition and related expense, one-time technology expense, net expense related to financing, litigation expense, timing of recognition of expense, reorganization expense, gain or loss on disposition of assets, strategic review expense, and provision for (benefit from) income taxes). Income taxes typically represent a complex element of a company's income statement and effective tax rates can vary widely between different periods. Epiq Systems uses an approximate statutory tax rate of 40% to reflect income tax effects in the presentation of its adjusted net income and adjusted net income per share. Utilization of an approximate statutory tax rate for presentation of the non-GAAP measures is done to allow a consistent basis for investors to understand financial performance of the company across historical periods.

Although Epiq Systems reports its results using GAAP, Epiq Systems also uses non-GAAP financial measures when management believes those measures provide useful information for its shareholders. These non-GAAP financial measures are intended to supplement the GAAP financial information by providing additional insight regarding results of operations and to allow a comparison with other companies, many of whom use similar non-GAAP financial measures to supplement their GAAP results. Certain items are excluded from these non-GAAP financial measures to provide additional comparability measures from period to period. These non-GAAP financial measures will not be defined in the same manner by all companies and may not be comparable to other companies. These non-GAAP financial measures are reconciled in the accompanying tables to the most directly comparable measures as reported in accordance with GAAP, and should be viewed in addition to, and not in lieu of, such comparable financial measures.

Forward-looking and Cautionary Statements

This press release includes forward-looking statements. These forward-looking statements include, but are not limited to any projection or expectation of earnings, revenue or other financial items; the plans, strategies and objectives of management for future operations; factors that may affect our operating results; new products or services; the demand for our products and services; our ability to consummate acquisitions, successfully integrate them into our operations and achieve expected synergies; future capital expenditures; effects of current or future economic conditions or performance; industry trends and other matters that do not relate strictly to historical facts or statements of assumptions underlying any of the foregoing. These forward-looking statements are based on our current expectations. In this press release, we make statements that plan for or anticipate the future. Forward-looking statements may be identified by words or phrases such as "believe," "expect," "anticipate," "should," "planned," "may," "estimated," "goal," "objective," "seeks," and "potential" and variations of these words and similar expressions or negatives of these words. Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, provide a "safe harbor" for forward-looking statements. Because forward-looking statements involve future risks and uncertainties, listed below are a variety of factors that could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in our forward-looking statements. These factors include (1) failure to keep pace with technological changes and significant changes in the competitive environment, (2) risks associated with cyber-attacks, interruptions or delays in services at data centers, (3) risks of errors or failures of software or services, (4) interruptions or delays in service at data centers we utilize for delivery of our services, (5) undetected errors in, and failure of operation of, software products releases, (6) our reliance on third-party hardware and software, (7) failure of our financial, operating and information systems to operate as intended, (8) our inability to attract, develop and retain executives and other qualified employees, (9) risks associated with the integration of acquisitions into our existing business operations, (10) risks associated with our international operations, (11) lack of protection of our intellectual property through patents and formal copyright registration, (12) risks of litigation against us for infringement of proprietary rights, (13) material changes in the number of bankruptcy filings, class action filings or mass tort actions each year, or changes in government legislation or court rules affecting these filings, (14) any material non-cash write-downs based on impairment of our goodwill, (15) fluctuations in our quarterly results that could cause fluctuations in the market price of our common stock, (16) our inability to maintain compliance with debt covenant ratios, (17) risks associated with indebtedness and interest rate fluctuations, (18) risks associated with provisions of our articles of incorporation that prevent a takeover of Epiq, (19) overall strength and stability of general economic conditions, both in the United States and in the global markets, (20) the impact of our current review process of strategic alternatives, and (21) other risks detailed from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. In addition, there may be other factors not included in our Securities and Exchange Commission filings that may cause actual results to differ materially from any forward-looking statements. We undertake no obligation to update publicly or revise any forward-looking statements contained herein to reflect future events or developments, except as required by law.


EPIQ SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2015	2014	2015	2014
REVENUE:
Operating revenue	$131,325	$103,955	$369,637	$335,626
Reimbursable expenses	11,210	7,051	29,936	23,707
Total Revenue	142,535	111,006	399,573	359,333

OPERATING EXPENSE:
Direct cost of operating revenue (exclusive of depreciation and amortization shown separately below)	64,420	48,193	183,350	163,361
Reimbursable expenses	10,712	6,827	28,506	23,064
Selling, general and administrative expense	42,267	35,332	126,104	125,870
Depreciation and software and leasehold amortization	9,787	9,693	28,050	27,648
Amortization of identifiable intangible assets	5,831	3,184	13,326	9,470
Impairment of goodwill and identifiable intangible assets	--	--	1,162	--
Fair value adjustment to contingent consideration	19	--	(1,182)	1,142
Other operating expense, net	1,308	215	4,306	792
Total Operating Expense	134,344	103,444	383,622	351,347

OPERATING INCOME	8,191	7,562	15,951	7,986

INTEREST EXPENSE (INCOME):
Interest expense	5,374	3,945	15,083	12,674
Interest income	(17)	(4)	(22)	(17)
Net Interest Expense	5,357	3,941	15,061	12,657

INCOME (LOSS) BEFORE INCOME TAXES	2,834	3,621	890	(4,671)

PROVISION FOR (BENEFIT FROM) INCOME TAXES	22,014	(1,389)	21,578	(3,964)

NET INCOME (LOSS)	($19,180)	$5,010	($20,688)	($707)

NET INCOME (LOSS) PER COMMON SHARE INFORMATION:
Basic	($0.52)	$0.14	($0.57)	($0.02)
Diluted	($0.52)	$0.14	($0.57)	($0.02)
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:
Basic	36,706	35,780	36,509	35,339
Diluted	36,706	36,288	36,509	35,339

Cash dividends declared per common share	$0.09	$0.09	$0.27	$0.27



EPIQ SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)

	September 30,	December 31,
	2015	2014


ASSETS:
Cash and cash equivalents	$12,616	$54,226
Trade accounts receivable, net	146,260	117,854
Property and equipment, net	80,493	70,579
Internally developed software, net	15,742	14,713
Goodwill	478,773	404,187
Other intangibles, net	49,964	29,605
Other	42,658	47,088
Total Assets	$826,506	$738,252


LIABILITIES:
Current liabilities, excluding debt	$59,469	$53,395
Indebtedness	398,925	313,481
Other non-current liabilities	67,754	46,439
Total Equity	300,358	324,937
Total Liabilities and Equity	$826,506	$738,252



EPIQ SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)

	Nine Months Ended
	September 30,
	2015	2014


CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	($20,688)	($707)
Non-cash adjustments to loss:
Depreciation and amortization	41,376	37,118
Other, net	37,357	7,445
Changes in operating assets and liabilities, net
Trade accounts receivable	(13,413)	11,469
Other, net	2,164	(17,961)
Net cash provided by operating activities	46,796	37,364

CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment; and internally developed software	(22,449)	(28,815)
Cash paid for business acquisitions, net of cash acquired	(124,550)	(302)
Other	110	597
Net cash used in investing activities	(146,889)	(28,520)

CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in indebtedness	71,042	(8,942)
Common stock repurchases	(4,151)	(3,982)
Cash dividends paid	(9,929)	(9,544)
Payment of acquisition-related liabilities	(92)	(4,963)
Debt issuance costs	(1,681)	(837)
Other, net	3,760	11,356
Net cash provided by (used in) financing activities	58,949	(16,912)

Effect of exchange rate changes on cash	(466)	(137)

NET DECREASE IN CASH AND CASH EQUIVALENTS	($41,610)	($8,205)



EPIQ SYSTEMS, INC.
RECONCILIATION OF NET INCOME (LOSS)
TO ADJUSTED EBITDA
(Unaudited)
(In thousands)

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2015	2014	2015	2014

NET INCOME (LOSS)	($19,180)	$5,010	($20,688)	($707)
Plus:
Depreciation and amortization expense	15,619	12,877	41,375	37,118
Share-based compensation expense	3,557	703	10,483	4,979
Intangible asset impairment expense	--	--	1,162	--
Acquisition and related expense ⁽¹⁾	1,325	454	3,240	2,254
One-time technology expense ⁽²⁾	--	639	--	4,284
Expense related to financing, net ⁽³⁾	5,331	3,788	14,825	12,425
Litigation (recovery) expense, net ⁽⁴⁾	29	12	(475)	1,581
Timing of recognition of expense ⁽⁵⁾	--	--	(290)	--
Reorganization expense ⁽⁶⁾	479	1,230	2,451	13,152
(Gain) Loss on disposition of assets	--	(175)	(13)	176
Strategic review expense	530	527	2,209	527
Provision for (benefit from) income taxes	22,014	(1,389)	21,578	(3,964)
	48,884	18,666	96,545	72,532
ADJUSTED EBITDA	$29,704	$23,676	$75,857	$71,825

(1) Acquisition and related expense includes one-time costs associated with acquisitions and fair value adjustments to contingent consideration.
(2) One-time technology related costs associated with security and consolidation of data centers from acquisitions.
(3) Expense related to financing is net of interest income.
(4) Litigation expense and recovery related to significant one-time matters.
(5) Adjustment to match timing of expenses to be consistent with timing of GAAP revenue and recoveries for settlement administration matters.
(6) Expenses primarily related to one-time charges for post-employment benefits.



EPIQ SYSTEMS, INC.
RECONCILIATION OF NET INCOME (LOSS)
TO ADJUSTED NET INCOME
(Unaudited)
(In thousands, except per share data)

	Three months ended		Nine Months Ended
	September 30,		September 30,
	2015	2014	2015	2014

NET INCOME (LOSS)	($19,180)	$5,010	($20,688)	($707)
Plus (net of tax) ⁽¹⁾ :
Amortization of acquisition intangibles	3,499	1,910	7,996	5,682
Share-based compensation	2,134	421	6,290	2,987
Intangible asset impairment expense	--	--	697	--
Acquisition and related expense ⁽²⁾	795	304	1,970	1,453
One-time technology expense ⁽³⁾	--	383	--	2,570
Loan fee amortization and write-off	279	217	1,272	1,117
Litigation (recovery) expense, net ⁽⁴⁾	17	150	(7)	1,375
Timing of recognition of expense ⁽⁵⁾	--	--	(174)	--
Reorganization expense ⁽⁶⁾	287	738	1,470	7,891
(Gain) Loss on disposition of assets	--	(104)	(8)	106
Strategic review expense	318	316	1,325	316
Effective tax rate adjustment ⁽⁷⁾	20,882	(2,837)	21,222	(2,095)
	28,211	1,498	42,053	21,402
ADJUSTED NET INCOME	$9,031	$6,508	$21,365	$20,695
ADJUSTED EARNINGS PER SHARE – DILUTED	$0.24	$0.18	$0.58	$0.59


(1) Individual adjustments are calculated using a tax rate of 40%.
(2) Acquisition and related expense includes one-time costs associated with acquisitions and fair value adjustments to contingent consideration.
(3) One-time technology related costs associated with security and consolidation of data centers from acquisitions.
(4) Litigation expense or recovery related to significant one-time matters.
(5) Adjustment to match timing of expenses to be consistent with timing of GAAP revenue and recoveries for settlement administration matters.
(6) Expenses primarily related to one-time charges for post-employment benefits.
(7) The effective tax rate adjustment reflects a non-GAAP provision for income taxes at a tax rate of 40%.



EPIQ SYSTEMS, INC.
OPERATING REVENUE
(Unaudited)
(In thousands)

	Three months ended		Nine Months Ended
	September 30,		September 30,
	2015	2014	2015	2014

Technology	$91,847	$69,139	$255,029	$228,831

Bankruptcy	21,047	20,538	58,758	61,793
Settlement Administration	18,431	14,278	55,850	45,002
Total Bankruptcy and Settlement Administration	39,478	34,816	114,608	106,795

TOTAL OPERATING REVENUE	$131,325	$103,955	$369,637	$335,626



EPIQ SYSTEMS, INC.
ADJUSTED EBITDA
(Unaudited)
(In thousands)

	Three months ended		Nine Months Ended
	September 30,		September 30,
	2015	2014	2015	2014

Technology	$26,308	$20,487	$68,559	$63,322
Bankruptcy and Settlement Administration	13,938	12,675	36,119	38,529
Unallocated Corporate ⁽¹⁾	(10,542)	(9,486)	(28,821)	(30,026)

TOTAL ADJUSTED EBITDA	$29,704	$23,676	$75,857	$71,825

(1) Unallocated corporate adjusted EBITDA excludes expenses related to share-based compensation, impairment expense related to acquired intangible assets, acquisition and related expense, including fair value adjustments to contingent consideration, one-time technology expense, non-routine litigation expense or recovery, timing of recognition of expense, gain or loss on disposition of assets, strategic review expense, and one-time reorganization expense.



EPIQ SYSTEMS, INC.
CALCULATION OF NET LOSS PER SHARE AND
DILUTED ADJUSTED EARNINGS PER SHARE
(Unaudited)
(In thousands, except per share data)

	Three months ended		Nine Months Ended
	September 30,		September 30,
	2015	2014	2015	2014

NET INCOME (LOSS)	($19,180)	$5,010	($20,688)	($707)

BASIC WEIGHTED AVERAGE SHARES	36,706	35,780	36,509	35,339
Adjustment to reflect share-based awards	--	508	--	--
DILUTED WEIGHTED AVERAGE SHARES	36,706	36,288	36,509	35,339

NET INCOME (LOSS) PER SHARE – DILUTED	($0.52)	$0.14	($0.57)	($0.02)

ADJUSTED NET INCOME	$9,031	$6,508	$21,365	$20,695

BASIC WEIGHTED AVERAGE SHARES	36,706	35,780	36,509	35,339
Adjustment to reflect share-based awards	349	508	486	--
DILUTED WEIGHTED AVERAGE SHARES⁽¹⁾	37,055	36,288	36,995	35,339

ADJUSTED EARNINGS PER SHARE - DILUTED	$0.24	$0.18	$0.58	$0.59

(1) Diluted weighted average shares outstanding for the three and nine months ended September 30, 2015 and 2014 include the dilutive impact of share-based awards due to adjusted net income reported for the respective periods.

CONTACT: Investor Contacts Kelly Bailey Epiq Systems 913-621-9500 ir@epiqsystems.com Chris Eddy Catalyst Global 212-924-9800 epiq@catalyst-ir.com

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LiveHive Names Jennifer Brandenburg As Chief Revenue Officer

Published: Wednesday, November 4, 2015 | By: GlobalNewswire

SAN JOSE, CALIF., Nov. 4, 2015 (GLOBE NEWSWIRE) -- LiveHive, Inc., the industry's most comprehensive sales acceleration platform, today announced that it has appointed former Oracle sales executive Jennifer Brandenburg as Chief Revenue Office (CRO). Brandenburg brings with her more than 20 years of deep enterprise sales experience managing sales operations and growing sales organizations in the high technology industry. Brandenburg has led sales organizations at early stage startups to large enterprise companies worldwide, including serving as regional VP, CRM OnDemand sales at Oracle Corporation, where she increased ASP by 100% and closed over $16 million in revenue annually.

"LiveHive's customer base is growing rapidly," said Suresh Balasubramanian, CEO of LiveHive, Inc. "This makes it the perfect time for us to bring Jennifer on board. Her broad experience and proven success at some of the biggest tech companies in Silicon Valley make her the most qualified person to lead our sales organization and drive revenue during this hyper-growth stage."

"I've been in sales and operations my entire professional career and understand first-hand the critical need that LiveHive fills for sales organizations," said Jennifer Brandenburg, CRO of LiveHive, Inc. "LiveHive's analytics and automation give teams a powerful solution to maximize sales productivity. As a sales leader, I look forward to bringing these capabilities to customers and quickly scaling LiveHive."

About LiveHive

Headquartered in San Jose, California, LiveHive, Inc. delivers a complete sales acceleration platform that empowers sales leaders with deep buyer-based engagement analytic insights into the effectiveness of their team's sales efforts. With LiveHive's comprehensive analytics, sales organizations can personalize and automate their follow-up to get more time in the day to focus on building sales relationships and accelerating sales.

LiveHive helps sales leaders get insight into reps' email, calling and follow-up activity, ramp up new reps to full productivity faster, and ensure consistent messaging across the organization, empowering them to build a successful repeatable sales process. LiveHive's SmartPath automated email sequencing, and award-winning engagement analytics let sales reps focus on core selling activity and sales leaders quickly understand the effectiveness of their sales teams' efforts. For more information, visit www.livehive.com and follow us @LiveHive.

A photo accompanying this release is available at:
http://www.globenewswire.com/newsroom/prs/?pkgid=37375

CONTACT: Media Contact: Jennifer Dignum 650-814-2727 (cell) 408-453-6000 (office) jennifer@livehive.com @LiveHive

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Idaho Transportation Department cuts winter maintenance spending and reduces accidents on icy and snowy roads by over 25 percent

Published: Wednesday, November 4, 2015 | By: GlobalNewswire

MINNEAPOLIS, Nov. 4, 2015 (GLOBE NEWSWIRE) -- Three seasons after implementing its Winter Performance Measurement System, the Idaho Transportation Department (ITD) has cut its winter maintenance spending by 29 percent — from $30 million in 2011/2012 to $21.4 million in 2013/2014 — and reduced its three-year average of accidents on icy and snowy roads by 27 percent. In addition to improving winter driving conditions, ITD also met and exceeded its goal of travelers not being impeded by winter storms at least 55 percent of the time. In the 2013/2014, ITD's mobility percent was 59 and in 2014/2015 it improved to 73 percent.

"Idaho's success is largely based on the technology we used to support the Winter Performance Measurement System. By upfitting our snowplow trucks with the SpreadSmart Rx electronic spreader control system from Cirus Controls and installing RWIS (road weather information system) sites throughout the state, ITD can now see exactly what treatment its snowplow trucks executed at RWIS locations and match that specific material application data and timing to the RWIS road surface data, before and after treatment, to evaluate the effectiveness of its winter road maintenance operations," said Dennis Jensen, ITD mobility services–winter maintenance coordinator.

In addition to providing accurate and reliable data on the amount and type of materials applied to winter road surfaces, enhanced with GPS location data and nearly real-time reporting, the new SpreadSmart Rx electronic spreader control system being installed on ITD's fleet of 450 snowplow trucks will also "regulate the rate of salt and other deicing materials applied to road surfaces based on a snowplow truck's speed, location and road surface temperature," said Paul Mortell, CEO and founder of Cirus Controls.

To date, ITD has installed the new spreader control system on 288 of its snowplow trucks. ITD anticipates having its entire fleet equipped within the next two years.

The primary objective of the Winter Performance Measurement System is to measure how quickly the snow and/or ice surface is reduced and good traction or grip is restored to the roadway surface. To accomplish this goal, ITD developed a Winter Performance Index Report that uses the three indices of storm severity, mobility and performance.

Snow events are normalized through the storm severity index, which is calculated by adding the maximum wind speed plus the maximum layer or layers of ice, snow and/or water plus (300/minimum surface temperature.) The mobility index is the percentage of time the road surface traction or grip is above 0.60 while there is precipitation on the roadway during freezing surface temperatures.

The performance index is the duration of time the roadway surface grip is below 0.60 divided by the storm severity index, i.e., how quickly road surface grip is restored compared to the severity of the event. The performance index updates snowplow operators and winter maintenance managers on the effectiveness of deicing treatments applied to road surfaces by snowplow trucks.

Each of the 127 RWIS sites located throughout the state use sensors to sample a wheel track on a road surface and measure the layers of ice, snow and water along with the temperature and condition of the roadway surface. Other elements measured include air temperature and humidity, wind speed and precipitation and visibility. The RWIS sites use an algorithm of sensor information to determine the road surface's "grip coefficient." This formula is then used to calculate the mobility index and performance index in the Winter Performance Index Report.

"An important benefit of the Winter Performance Measurement System and its Winter Performance Index Report is that ITD operators and managers have the data to evaluate each individual deicing treatment applied by snowplow trucks upfitted with electronic spreader controls and the ability to drill down to the effectiveness per lap," said Jensen. Now, and in the future, this data will give ITD operators and managers the knowledge needed to evaluate operations and develop best management practices.

"Our best practices will provide more consistent operations statewide and continue to cut winter maintenance costs and lower the number of accidents on winter roads by reducing adverse driving conditions," concluded Jensen.

About Cirus Controls

Cirus Controls designs, engineers and manufactures central hydraulic systems, electronic spreader controls, advanced plow controls and innovative telematics-based performance management systems for snowplow trucks. The SpreadSmart Rx™ electronic spreader control system and GPS DataSmart™, an award-winning, web-enabled winter road maintenance system, give DOTs and municipalities tools to make snow and ice control operations more accurate, cost-effective and environmentally friendly. Regional sales representatives and dealers are available throughout the U.S. and Canada. For more information, contact Cirus Controls at 763.493.9380 or info@ciruscontrols.com. Learn more at www.ciruscontrols.com.

A photo accompanying this release is available at: http://www.globenewswire.com/newsroom/prs/?pkgid=37391

CONTACT: Agency contact: Jennifer Grasswick Creative Communications Consultants Inc. 612-677-2185 jgrasswick@cccinc.com

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Meet the people pushing their PCs to the limit @ PCGamer

Published: Wednesday, November 4, 2015 | By: Dennis

I caught a link to this story on my FB stream and thought it would be a good thing to share. Vivi is an Extreme overclocker from South Africa, very humble and extremely good at overclocking. Sure some of that can be attributed to quality of hardware but only if you know how to use it.

Frames per second are an afterthought for Goddy ‘Vivi’ Roodt, South Africa’s champion overclocker who placed second in June’s G.SKILL OC World Cup and once coaxed 6.7 GHz from an i7 4770K—almost twice its base clock speed. He is one of a breed of elite overclockers who scour component lines for perfect specimens and cool them using dry ice or liquid nitrogen for an edge on competitive benchmarking leaderboards.

“That 4770K was a cool story,” Roodt says. “Some guy used it 24/7, and the box price is about $270. When I saw how well it performed, I messaged that guy and said, ‘I’ll give you $1,000 for your CPU.’ He was quite happy about that!”

I remember that story and is one overclockers tell all the time. Funny thing is that grand he spent on the CPU paid for numerous trips around the world (Las Vegas, Taiwan, etc), won him prize money and even landed some sponsorships. Of course now everyone has moved to Skylake and thus the clock has been reset.

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Tech Data Honors Vendor Partners of the Year

Published: Wednesday, November 4, 2015 | By: GlobalNewswire

CLEARWATER, Fla., Nov. 4, 2015 (GLOBE NEWSWIRE) -- Tech Data Corporation (NASDAQ:TECD) announced the winners of its Vendor Partner of the Year awards, presented today during the company's eleventh annual Americas Vendor Partner Summit in Tampa, Florida.

Tech Data's Vendor Partner award recipients are recognized annually for their collaboration, enablement programs, strong partnerships, and commitment to Tech Data, its solution providers and the IT channel. The 2015 Tech Data Vendor Partner award winners are:

Advanced Infrastructure Solutions (AIS) Partner of the Year: Cisco
Core Partner of the Year: Lenovo
Majors & Nationals Partner of the Year: VMware
VAR Partner of the Year: HP Inc. and Hewlett Packard Enterprise
SMB Partner of the Year: Dell
Retail Vendor Partner of the Year: Apple
Public Sector Partner of the Year: HP Inc. and Hewlett Packard Enterprise
Growth Partner of the Year: EMC
Marketing & Sales Innovator of the Year: Brocade
Cloud Partner of the Year: Carbonite
Mobile Solutions Vendor Partner of the Year: JAMF Software
Vendor Partner Representative of the Year: Emily David, Hewlett Packard Enterprise
Latin America Vendor Partner of the Year: Cisco
Latin America Vendor Representative of the Year: Domingo Alonso, Lenovo

"We are pleased to recognize the commitment, dedication and achievements of our 2015 Vendor Partners award winners," said Brian Davis, senior vice president, Product Marketing and Purchasing at Tech Data. "The awards recognize our partners that are committed to channel growth, enablement and the success of our resellers. This award is a reflection of their focus and drive, and we thank them for their continued partnership."

More than 400 channel partners were in attendance at Vendor Partner Summit, which featured interactive breakout session presentations on Tech Data's key verticals and initiatives, as well as presentations on the company's overall sales and marketing strategies by Tech Data Chief Executive Officer Bob Dutkowsky, President of the Americas Joe Quaglia, Senior Vice President of U.S. Sales Marty Bauerlein, Senior Vice President of AIS Chuck Bartlett, and Davis. Tech Data's Vendor Summit is produced by Tech Data's in-house full-cycle marketing services agency.

About Tech Data

Tech Data Corporation is one of the world's largest wholesale distributors of technology products, services and solutions. Its advanced logistics capabilities and value added services enable 115,000 resellers to efficiently and cost effectively support the diverse technology needs of end users in more than 100 countries. Tech Data generated $27.7 billion in net sales for the fiscal year ended January 31, 2015. It is ranked No. 107 on the Fortune 500^® and one of Fortune's "World's Most Admired Companies." To learn more, visit www.techdata.com, or follow us on Facebook and Twitter.

CONTACT: MEDIA CONTACT Amanda Lee Public Relations Manager (727) 538-5803 amanda.lee@techdata.com

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Haivision Brings Cloud-Based Video Solutions to Microsoft Azure Marketplace

Published: Wednesday, November 4, 2015 | By: GlobalNewswire

MONTREAL, Nov. 4, 2015 (GLOBE NEWSWIRE) -- Haivision, a market leader in video streaming and media management solutions, today announced the availability of the Haivision Media Gateway on Microsoft Azure, giving enterprises and broadcasters a flexible and cost-effective solution for transporting high quality video for live events, broadcast backhaul and distribution.

With Haivision Media Gateway on Azure, organizations can utilize the benefits of the cloud to scale their live video workflows with minimal IT intervention. The solution provides ease of set-up and commissioning, without putting a strain on the network at the source location, bringing a welcome alternative to the long lead times, prohibitive costs and scheduling challenges associated with satellite and MPLS networks.

Broadcast and enterprise customers can use Haivision Media Gateway in the cloud for:

Transporting high quality live video using Internet connections: Powered by Haivision's fundamental video transport technology – SRT – the Haivision Media Gateway enables customers to use low cost, readily available public Internet connections to transport secure, live, HD video to and from multiple locations around the world. The Haivision Media Gateway with SRT also features different options to easily manage firewall traversal.
Enterprise video distribution: With Haivision Media Gateway, organizations can now easily distribute live events from remote sites like hotels and satellite offices, by sending a single stream to the cloud before being distributed to multiple facilities or redistribution points with low latency.
Broadcast backhaul and distribution: Organizations can use the Haivision Media Gateway as a video network bridge to transport video between studio environments. For broadcasters, this means an easier way to backhaul video to a centralized production venue before being distributed to remote affiliates.

"Cloud-based video workflows are revolutionizing the potential of live video within the enterprise and broadcast markets," said Peter Maag, Haivision's CMO. "These industries are becoming very comfortable with the simple provisioning of cloud resources in contrast to the complexity of contracting satellite or custom networks."

"With Haivision's inclusion in the Azure Marketplace, we're extending our platform to support customers with enterprise video and broadcast solutions – bringing a more flexible and scalable solution for video transport using the cloud," said Venkat Gattamneni, Group Product Marketing Manager, Microsoft Azure.

For more information about Haivision Media Gateway in the cloud, visit Haivision on Azure Marketplace.

About Haivision

Haivision provides media management and video streaming solutions that help the world's leading organizations communicate, collaborate and educate. Recognized as one of the most influential companies in video by Streaming Media, Haivision's mission is to help people work better with video. Haivision is headquartered in Montreal and Chicago, with regional offices located throughout the United States, Europe, Asia and South America. Learn more about Haivision at haivision.com, LinkedIn, Twitter, Facebook and on our Video Wall.

A photo accompanying this release is available at: http://www.globenewswire.com/newsroom/prs/?pkgid=37384

CONTACT: Jennifer Gazin PR and Communications Manager 514.334.5445 x8309 jgazin@haivision.com

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UBIC Subsidiary RAPPA Launches Kenkojiman.com

Published: Wednesday, November 4, 2015 | By: GlobalNewswire

To become a valuable, integrated and interactive website connecting users and matching them with their desired information through AI technology

NEW YORK, Nov. 4, 2015 (GLOBE NEWSWIRE) -- Rappa, Inc., a wholly-owned subsidiary of UBIC, Inc. (Nasdaq:UBIC) (TSE:2158) ("UBIC" or "the Company"), a leading provider of artificial intelligence (AI)-based big data analysis services, announced today that on November 4, 2015, it launched Kenkojiman.com, a community website where users can consume and provide information concerning medicine, healthcare and beauty care.

Features of the community website Kenkojiman.com

Provides useful healthcare information mainly authored by in-house editorial staff

Kenkojiman.com provides current information primarily through original articles concerning medicine, healthcare and beauty care that is useful for everyday life. Information collected from around the world is classified into seven categories: beauty, body, exercise, food, mind, medicine and unhealthy behavior.

Facilitates exchanges and consultation through user contributions

Kenkojiman.com provides users with a platform to contribute information and communicate with one another about posted articles and personal experiences concerning health and beauty care. Users can deepen exchanges with each other by posting comments on their own experiences, or by starting new topics. (Note: In order to post comments and add articles to "Favorites," free user registration is required).

User-friendly interface promotes exchanges between users of various age groups

The intuitive website design enables people of various age groups, from those in their 20s to seniors, to use it with ease. This site provides a community forum for consulting with others, giving and receiving advice and exchanging information concerning healthcare among people with similar interests or problems across age groups. Moreover, in February, this site will evolve into a new healthcare community site that matches users with similar interests and preferences by using UBIC's cutting-edge AI technology, thereby making it easy for users to find information best suited to their needs.

Soon to become an AI-enabled website that offers personalized recommendations

In February 2016, Kenkojiman.com will be equipped with UBIC's proprietary AI system that can learn and reproduce human intuition and thinking based on a limited amount of data. It will recommend articles suited to users' preferences or related to their problems as well as to website visitors who may be able to share their thought. Kenkojiman.com will be a new type of site that can help to address individual users' healthcare problems.

By reviewing comments from ordinary users through Kenkojiman.com and by analyzing the opinions and behavior of a broad range of people, UBIC and Rappa aim to develop an AI system capable of offering the best possible user-to-content, matching and enhancing user-to-user relationships. In the future, the two companies will extend the application of the AI system beyond the healthcare field and accelerate its business expansion in the marketing field.

About Rappa, Inc. URL: http://www.rappa.com/

Rappa, Inc. applies UBIC's proprietary AI technology to digital marketing and engages in such businesses as providing digital curation service and operating community sites. It uses AI technology to identify people's interests and preferences and find necessary information from among the mass of data available on the Internet. Through such activity, Rappa aims to contribute to social development by providing people with opportunities to find information valuable for themselves and helping to unlock their creative potential. Rappa was founded on September 1, 2015, as a wholly-owned subsidiary of UBIC with capital of 10 million yen (as of September 2015).

About UBIC, Inc.

UBIC, Inc. (Nasdaq:UBIC) (TSE:2158) supports the analysis of big data based on behavior informatics by utilizing its proprietary AI-based software program, "VIRTUAL DATA SCIENTIST" or VDS. Developed by UBIC based on knowledge acquired through its litigation support services, the VDS program incorporates experts' tacit knowledge, including their experiences and intuitions, and utilizes that knowledge for big data analysis. UBIC continues to expand its business operations by applying VDS to new fields such as healthcare and marketing.

UBIC was founded in 2003 as a provider of e-discovery and international litigation support services. These services include the preservation, investigation and analysis of evidence materials contained in electronic data, and computer forensic investigation. UBIC provides e-discovery and litigation support by making full use of its data analysis platform, "Lit i View®", and its Predictive Coding technology adapted to Asian languages.

For more information about UBIC, contact u-contact@ubic.co.jp or visit http://www.ubicna.com.

Safe Harbor Statement

This announcement contains forward-looking statements. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the amount of data that UBIC expects to manage this year and the potential uses for UBIC's new service in intellectual property-related litigation, contain forward-looking statements. UBIC may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about UBIC's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: UBIC's goals and strategies; UBIC's expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, UBIC's services; UBIC's expectations regarding keeping and strengthening its relationships with customers; UBIC's plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where UBIC provides solutions and services. Further information regarding these and other risks is included in UBIC's reports filed with, or furnished to the Securities and Exchange Commission. UBIC does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and UBIC undertakes no duty to update such information, except as required under applicable law.

CONTACT: UBIC Global PR UBIC North America, Inc. Tel: (212) 924-8242 global_pr@ubic.co.jp

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TubeMogul Launches Select Access to Automate Private Inventory Management for Brands and Agencies

Published: Wednesday, November 4, 2015 | By: GlobalNewswire

EMERYVILLE, Calif., Nov. 4, 2015 (GLOBE NEWSWIRE) -- Today, TubeMogul (NASDAQ:TUBE), a leading enterprise software company for brand advertising, announced the launch of Select Access, a transparent and controlled programmatic reservation interface that streamlines direct deals between marketers and leading publishers. Select Access enables brands and agencies to express their demand for premium inventory to a select group of publishers and use software to automate the access to that inventory.

Select Access is comprised of two solutions, On Demand and Direct Sales Reservation. On Demand simplifies the non-reserved private deal process for both advertisers and publishers by enabling access to programmatic inventory from premium publishers while ensuring those publishers have full control over the terms of the transaction.

Direct Sales Reservation enables TubeMogul clients to automate their reserved inventory requests to the sales team of a select group of premium publishers and operationalize deals through the TubeMogul platform. In this way, the software brings increased automation to new agreements between brands, agencies and premium publishers.

At launch, over 50 top TV networks and media companies are integrated with Select Access, including A+E Networks, Discovery Communications and Univision. Approximately 2.4 billion video impressions will be available via Select Access in 2015.

"A+E Networks has consistently led the way in delivering television content via A+E digital platforms. Select Access helps us highlight our premium inventory to agency buyers while automating and streamlining many of the direct and ongoing deals we have with top marketers," said Sarah Shriver, VP Digital Ad Sales at A+E Networks.

"With a strong portfolio of powerful brands and premium video offerings, Discovery Communications partners with advertisers to reach highly engaged audiences with impactful solutions," said Harold Morgenstern, Senior Vice President of Digital Ad Sales at Discovery Communications. "TubeMogul's Select Access is a welcome addition, allowing us to deepen existing partnerships with brand advertisers and facilitate new, direct deals."

Over 10 clients have already tested or committed to use Select Access, including Lenovo, Empower MediaMarketing and Trilia Media.

"At Empower it's our constant quest to push the media status quo for our clients," Jim Price, Empower MediaMarketing CEO and president, said. "With Select Access we can deliver premium content to audiences through an agile automated platform that is cost-efficient for our clients."

"While programmatic has indelibly altered the media buying landscape, the reality is that some direct and private deals are still negotiated manually," said Katie Thompson, VP of Platform Media / Group Media at Trilia Media. "This product shows promise because it extends the benefits of automation -- like streamlined buying, optimization and reporting -- to many of these deals."

About TubeMogul

TubeMogul (NASDAQ:TUBE) is an enterprise software company for brand advertising. By reducing complexity, improving transparency and leveraging real-time data, our platform enables advertisers to gain greater control of their global advertising spend and achieve their brand advertising objectives. TubeMogul was incorporated in 2007 and is based in Emeryville, California with operations in Kyiv, London, Mexico City, New York, Paris, Sao Paulo, Shanghai, Singapore, Sydney, Tokyo, Toronto and offices across the United States.

CONTACT: Media Contact: David Burch press@tubemogul.com Investor Relations Contact: Alex Wellins The Blueshirt Group investor@tubemogul.com

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Reflexion Health Digital Medicine Therapy Tool, Vera(TM), Receives FDA 510(k) Clearance

Published: Wednesday, November 4, 2015 | By: GlobalNewswire

SAN DIEGO, Nov. 4, 2015 (GLOBE NEWSWIRE) -- San Diego based Reflexion Health, a digital medicine company using Microsoft Kinect motion-tracking technology to reimagine rehabilitation medicine; today announced the US Food and Drug Administration (FDA) has cleared its motion-tracking based physical therapy tool, Vera™.

Vera is an easily operated, digital medicine software system using the Microsoft Kinect technology to aid patients with musculoskeletal rehabilitation. Vera projects an avatar onto a screen, coaches and motivates patients to perform exercises at home, all the while tracking and reporting back data to the physical therapist who monitors progress and optimizes therapy in real time. Vera provides next generation therapy for patients in an engaging, affordable and convenient platform.

"We are thrilled to be one of a growing number of digital medicine companies to receive FDA clearance to use innovative tools and methods, such as Vera, to deliver care in a more engaging and efficient way," said Spencer Hutchins, CEO and co-founder of Reflexion Health. "We look forward to continuing to demonstrate Vera's positive impact on patients, doctors, and therapists."

Reflexion is currently partnering with the Cleveland Clinic and the Brooks Rehabilitation Center in Jacksonville, Florida to deliver Vera to patients recovering from joint replacement surgery. Reflexion has also received a $1 million grant from the Centers for Disease Control to use Vera in fall prevention for seniors. As part of this grant the technology is currently employed in two senior populations in San Diego, California and Fearrington, North Carolina.

About Reflexion Health

Reflexion Health is a digital medicine company using motion-tracking technologies to reimagine rehabilitation medicine. The first product, Vera™, is an FDA cleared, easily operated digital medicine software system using the Microsoft Kinect technology to project the avatar onto a screen, help patients perform exercises at home and report the results back to the physical therapist so the therapy can be adjusted to patient needs. Vera provides 21st century therapy for patients by improving rehab affordability, convenience, data driven evidence and an engaging platform. Vera is currently used by patients preparing for, and recovering from, joint replacement surgery and used as a preventative therapy to reduce falls. For more information, visit www.reflexionhealth.com.

CONTACT: Holly Hitchcock Holly@CruxPartners.com 805.801.9798

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PCG Software Releases Primer on the Coding Modifier 59 Subset: XE, XP, XS and XU

Published: Tuesday, November 3, 2015 | By: GlobalNewswire

LAS VEGAS, Nov. 03, 2015 (GLOBE NEWSWIRE) -- PCG Software (PCG), a leading provider of software solutions designed to slow the escalating costs of healthcare, today announced the public release of a new primer document designed to provide guidance on the four new Healthcare Common Procedure Coding System (HCPCS) modifiers to define subsets of modifier 59 that The Centers for Medicare & Medicaid Services (CMS) established.

The educational resource, “A Primer on the Coding Modifier 59 Subset: XE, XP, XS and XU,” offers insight and tips into how to use each of the new modifiers that became effective January 1, 2015 and were developed to provide greater reporting specificity in situations where modifier 59 was previously reported and may be utilized in lieu of modifier 59 whenever possible.

“Modifier 59 is the most commonly used and abused modifier for Medicare reimbursement of CPT codes in acupuncture, breast biopsies, physical therapy, radiology, surgery and other medical practices. It often causes incorrect payments – triggering audits, fraud, waste and abuse (FWA) cases and escalating costs for everyone,” said Andria Jacobs, RN, MS, CEN, CPHQ, chief operating officer of PCG Software. “The new codes were designed to be more descriptive, precise and reduce errors, but because there hasn't been clear guidance issued on how to use the new modifiers, the change has caused denied claims, increased costs and frustrated the industry more than necessary. So we felt it incredibly necessary to develop and release this primer document to the industry, as we continue on our mission of reducing the cost of healthcare.”

Modifier 59 has been used to identify procedures/services that are commonly bundled together but are appropriate to report separately under some circumstances, whereas the XE (Separate Encounter), XP (Separate Practitioner), XS (Separate Structure) and XU (Unusual Non-Overlapping Service) may now be used, together with National Correct Coding Initiative (NCCI) edits, to identify distinct services in the same encounter warranting separate reimbursement. While it encourages migration to the new modifiers, CMS currently allows providers to submit either modifier 59 or the appropriate X modifier to override Correct Coding Initiative (CCI) edits and get paid.

About PCG Software
Established in 1984, PCG Software is a leading provider of innovative software solutions designed to slow the escalating costs of healthcare. The company works with healthcare payer organizations to increase profitability and maximize financial recoveries, while assisting their provider partners to improve the accuracy of billing processes.

The company’s flagship software solution, Virtual Examiner®, enhances claims adjudication systems with more than 30 million edits per claim and uses investigative profiling reports to graphically indicate patterns of fraud and abuse. Through more accurate and efficient claims adjudication, this fraud and abuse prevention software acts as an automated cost containment system for national and regional health insurance plans, independent practice associations and third-party administrators. For more information, visit www.pcgsoftware.com, or follow us on Twitter.

CONTACT: Press Contact Information:Dave Anderson678-401-2991dave@andersoni.com

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