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Executive

William Walker - Chief Financial Officer

Albert Sisto - Chairman and Chief Executive Officer.

Analyst

Sean Jackson – Avondale Partners

Ramesh Misra –Collins Stewart

Joseph VonMeister – Jefferies & Co.

Manoj Nadkarni – Chip Investor Group

Hifn, Inc. (HIFN) F3Q08 Earnings Call July 21, 2008 4:30 PM ET

Operator

Welcome to Hifn third quarter 2008 earnings release conference call. (Operator Instructions) I would now like to hand the conference over to Bill Walker, Chief Financial Officer.

William Walker

I would like to welcome everybody to our conference call. I am Bill Walker; Hifn’s Chief Financial Officer and with me today is Al Sisto, our Chairman and Chief Executive Officer.

The agenda this afternoon is very similar to the one that we have done in the past. Al will discuss our strategic and operational progress during the quarter. I will provide some background on the numbers and we will open it up for questions.

But first, this conference call is being made with forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995 regarding the Company's financial performance. Forward-looking statements are subject to risks and uncertainties and the actual results may differ significantly from any forward-looking statements we make. Let me remind you that the design wins may not produce significant results in the future.

These and other risks are detailed in Hifn's registration statements and other documents filed with the SEC. Hifn undertakes no duty to update these disclosures and it is not our policy to give guidance during the quarter, even to the extent of reaffirming any guidance previously given. During this call we may also discuss non-GAAP calculations of net loss as well as GAAP operations. This non-GAAP will exclude side base compensation, amortization of intangibles and investment-related activity.

Press release reconciles a non-GAAP and GAAP measures. We are pleased that many of the non-GAAP measures maybe more helpful to the financial community. Please refer to these items found in our financial press release for the third quarter and likewise on our company website, www.hifn.com.

Let me also remind you also that we are operating under the SEC's Regulation FD, which precludes us from giving individual updates throughout the quarter. So, if you have any questions on guidance or anything we say during the call, please ask these questions.

Let me now turn the conference now over to Al Sisto, our Chief Executive Officer.

Al Sisto

On behalf of the Hifn team, thank you all for participating in our third quarter fiscal 2008 conference call. First, however, I would like to say that, although not satisfied with our overall execution, I am very encouraged by the progress that we have made in expanding our business model into the fast growing storage market which is the major growth factor for the company going forward. We are shipping products to all of our major OEMs and believe we have moved beyond the logistical learning curve issues that impacted our performance earlier.

Our announced revenues of $10.2 million were just off our expectations. We achieved sequential top line growth but are disappointed that we did not deliver a positive performer earnings result. Our increased account coverage at Cisco is having positive results and we are encouraged by the return of Cisco to evolve a more traditional revenue run rate. We believe, we have adjusted to the new business model introduced by Cisco and have completed the various adjustments necessary to operate within their hub system.

During the third quarter of fiscal 2008, Cisco revenue is $5 million versus $4.4 million in the previous quarter. We expect Cisco to stay at this current level this quarter and then show a modest growth towards the latter part of the calendar year as new designs begin shipping. While we also returned to historic revenue levels led by shipments of Hifn’s network processor products which is broadly deployed across Huawei’s product portfolio. We expect to see modest growth in shipments to Huawei during the rest of the year as a direct result of our volume agreement, expanded account coverage and increased design activities.

Before I provide you with the details of our results, I would like to give you an update on our continuous progress in building out our worldwide sales organization and expanding our customer base to drive growth. During the past quarter, we hired a number of senior level executives and established named account managers as well as built out our regional sales offices in North America. In Asia, we continue to build our Chinese sales team and have opened and staffed a Hifn office in Taiwan. This region is a hot bed of new design activity and our teams have already achieved traction. Additionally we have expanded our teams in Europe and Japan.

We have also made changes in how we are marketing our Swarm products. Today, we announced our partnership with Promark. Promark has been a leading distributor of our Swarm appliance and is one of the country’s top value added distributors and government IT integrators. This expanded relationship allows us to deliver our Swarm software and our industry leading storage card products in a more cost-effective, customer-centric way.

Revising our appliance business strategy was necessary as it was a key contributor to our revenue shortfall. Based on the current market opportunities, feedback from our top tier VARs, direct marketing and resellers, we changed our strategy from selling our Swarm software with proprietary server hardware to making the bundle of Swarm software and equipment accelerator cards available for integration with industry leading servers and storage systems. With Promark as our integrator, we are free of critical resources at Hifn by leveraging the server and storage company’s existing service and support.

These two market approaches make our product more adaptable for systems integrators and their customers and enables Hifn to deploy product in non-US geographies. We are currently finishing up the final stages of testing and we expect to ship products this quarter.

During the quarter, our revenue at EMC, our largest card customer achieved our expectations. As I mentioned in my last call, EMC came in short in Q2 but as predicted completed their adjustment of inventory purchases and returned to projected levels this quarter. What is important to underscore is that our new card business is now approaching US$2.5 million per quarter.

We have built a new business within the Hifn and our experiences over the past year have provided us with the depth to better manage the execution of this exciting growth opportunity. We begin broadened production shipments to Sun and IBM in Q3 and HP’s revenue continued to increase sequentially. EMC and NetApp continue strong shipments of Hifn cards and we are expecting to see continued revenue increases going forward. Overall, our storage card business is up over 66% from a year ago.

I will now speak of the progress we have made during the quarter in our four key areas of the business. New product introductions, new partner relationships, new design wins and expanded initiatives in non-US geographies.

First during Q3, we successfully announced the following new additions to our Hifn product portfolio. We extended our security processor leadership in the communications, storage, and consumer markets by introducing a SentryXL family of security processors. This addition to our Applied Service Processors delivers high-performance acceleration of data encryption, compression, and hashing in a package of unprecedented size, power and cost for a new generation of space, power and price constrained entry-level products.

The SentryXL product family is the industry’s smallest stand-alone encryption and compression accelerator and is completely aligned with the needs of high density, environmentally hardened and portable applications including wireless base stations, wireless access points, and portable communication devices. It is purpose-built and compatible with previous Hifn product. So, although this product has just recently made public, we have already engaged in a number of accounts that is existing in new markets. We believe the Sentry family of products provides us with important competitive advantages in the market place and provides us with our first high-volume product line.

Secondly, we are excited about the progress we made in continuing to expand our partner ecosystem to ensure long-term customer success. As I mentioned during our last call, Hifn and Freescale announced a partnership in March 2008 and we are delivering card level solutions for the data storage market. This partnership resulted in the new ISV partner, Cofio. Cofio’s ViStor VTL software which was successfully ported on the Free scale Hifn card is now their featured product in the storage market.

At the Freescale technology forum in Orlando, Florida, we demonstrated a new complete reference systems for high performance, low cost, disc-to-disc and virtual table library system. This product forum showcases the Hifn Express DR capacity optimization cards integrated with a Freescale MPC8641 storage processor. Hifn and the Freescale sales teams are now working together worldwide and have identified several new opportunities using our new joint reference platform for off-the-shelf storage systems.

Hifn was also invited by EMC to join “EMC World In May” which included the unveiling of the disc library 3D appliances. This new EMC line of products targets mid-size businesses and is already proving to be very popular in the market place. This is our second major storage design win at EMC and we have 100% attach rate with our Hifn Express DR cards.

Quantum announced an expanded relationship with EMC for the licensing of its de-duplication and replication software. This relationship of Hifn’s customers further strengthens our industry ecosystems as our customers are now creating new opportunities for us. Intel has extended an invitation to us to join its Elite Intel Embedded in Communications Alliance and we have accepted. This is a core alliance with membership by invitation and Intel sponsorship only. The objective of the ECA is to create a sustainable competitive advantage for Intel and Alliance Members to world-class solution center to ecosystem programs to drive revenue growth and market segment chair in the embedded and communication segments. We will be showcasing a system level solution with Intel Quad Core processors and Hifn DS cards and Swarm IP at the upcoming Intel Development Forum in August.

Let us now talk about design wins. As I mentioned, our expanded sales coverage is producing increased design win results. Last quarter, we won an important design for 8155 ASP to major storage OEM. In addition, as a result of our increased international coverage, we achieved a number of design wins for 8450 Flow Through processor. We continue to have design win momentum in our card business.

During the quarter, we secured new designs for our DS encryption accelerator cards both in Asia and Europe. We also achieved a number of additional new design wins with two of our existing shipping storage OEMs including design wins for virtual tape library systems and a design win for a number of the de-duplication appliances. And finally on new initiatives, we are continuing to prove our sales coverage in non-US geographies based on the steady growth of our revenue results and growing opportunities in Europe and Asia.

We are also continuing our progress in our non-US business development with Toyo Fiji, Chinese leading providers of storage management solutions and professional service which has partnered with Hifn to establish a program for technical cooperation and innovative deployment. Toyo is the first Chinese storage vendor to integrate Hifn’s Express DR cards enabling Toyo to deliver a performance in capacity optimized virtual tape library solution. Hifn’s core businesses as well as our core product lines are solid and our key customers like Cisco and Huawei are being better managed to ensure consistent performance.

Our new product developments continue to be market leading, relevant and essential to our current customers and to new customers in markets. Our recent success in developing and launching new innovative products as well as the expansion of our ecosystems will be the driving forces for a continued revenue diversification. We continue our strong commitment to improve our top line and sharpen our focus on execution.

I will now turn the call over to Bill to provide you with the detailed review of our financials.

William Walker

There are a couple of take-away from this quarter’s results. One, our revenue is up 10% sequentially. Two, our operating expenses are down slightly sequentially. And three, we have made modest improvements in both GAAP and non-GAAP earnings that will better top line with $10.2 million. Cisco remains our largest customer at about $5 million which represents 49% of our total revenue. This is consistent with some of the past performances even though it is up sequentially from where we were last quarter and has a bigger percentage in the total level.

The next to the largest customer is EMC and Huawei are not quite in the 10% range but awfully close that they remain our very strong customers. Gross margin was 64% down slightly from last quarter as we had product mix with some of the stronger sales in the network card business which produced slightly lower margins. Operating expenses on a sequential basis were down some $100,000. Most of the reduction are in the NRE and R&D area and were giving that in a minute. Head count remains stable at about 164 people.

On a net loss, we lost $1.9 million compared to $2 million last quarter which is a GAAP EPS and a non-GAAP. An EPS of minus $0.13 cents and per non-GAAP, minus$0.03. To look at the operating expenses on a sequential basis, we are down some $66,000. Reductions in both R&D and sales and marketing with some extra expenses in the G&A area for extra patents, protection work, and legal expenses. On the year-over-year basis, we are up about $681,000 where most of the growth in both R&D, with the higher expenditures on running new chips through our foundry, making new lapse for the instrumentary, higher sales and marketing with more people on board, the reduction in G&A is in the sum of $124,000.

The amortization of intangibles continues at $744,000. We have the September and December quarter to go through before the IBM acquisition of five years ago is fully appreciated. And [inaudible] and it will drop some $600,000 beginning in the March quarter.

On the balance sheet basis, cash was down from $38.5 to $36 million. Large part due to the stock repurchases which we will talk about in a minute. Receivables fairly flat so forth with the inventory. Our total asset base was $56.9 million. We look at the stock re-purchase we mentioned in our May 1 conference call that we are initiating a stock repurchase program that would run until the end of September or the end of our fiscal year.

During this quarter we purchased a sum of $191,000 shares with an aggregate value of $909,000. We expect to continue this program during the current quarter as authorized by our board of directors which is consistent to our commitments to try to continue to increase shareholder values. Having turned to having once with the numbers let me turn it back to Al.

Albert Sisto

We will now take questions.

Question-and-Answer Session

Operator

(Operator Instruction) Your first question comes from Sean Jackson – Avondale Partners.

Sean Jackson – Avondale Partners

You mentioned briefly that one of the shortfalls in the quarter was the appliance sales. Can you just comment on the exact numbers there? What were you expecting? What was at last quarter? What was at this quarter?

William Walker

Sean, we were, again as Al mentioned in this conference, in his commentary that we are changing the approach to market. We found that the software which we acquired from Siafu is a very valuable contributor and we are pushing in that direction with our relationship with Promark. The total appliance sales are in a $100,000 range for the last several quarters and that is one of the reasons we have pushed towards a different sales model.

Sean Jackson – Avondale Partners

These expectations were higher then because you mentioned it has been disappointing for this quarter?

William Walker

Yes, our expectations were higher but as we found within the marketplace, even though our appliance platform was built on a standard X86 motherboard, we are seeing the demand for the software on industry leading supplier products in the marketplace within overall data center model. We think we can achieve a much faster ramp to revenue as well as we also will see much better gross margins as the consequence of this new approach to the business of selling the Swarm IT and our data security and data reduction card.

Sean Jackson – Avondale Partners

G&A expense was up sequentially at a meaningful clip. What was the reason behind that?

William Walker

It was primary due to the area of legal expenses. We had some offsets in the last quarter which did not recur. We also did some more patent protection work. So, that is the biggest item. Operating expenses for salaries and taxes are down but the big offset, big increase is primary in the legal arena. We do not expect that to continue.

Sean Jackson – Avondale Partners

So, there will be a drop in G&A expense back to normal levels?

William Walker

Right, and likewise, we find over the course of the year, expenses tend to come down in the September quarter as people tap out on Social Security and likewise, vacations are taken.

Sean Jackson – Avondale Partners

And what was the stock comp during the quarter?

William Walker

Stock comp is about $400,000; specifically on the reconciliation on the statement it goes $410,000 on the tech specific. On the press release it is $410,000, stock based compensation.

Sean Jackson – Avondale Partners

You mentioned the amortization expense dropped significantly. Now, did it drop $600,000 for?

William Walker

Beginning in the March quarter. Remember five years ago we acquired a network processor business from IBM. We have written off the intangible value over a five-year period, $588,000 will drop off in the March quarter. This will, of course, improve the GAAP earnings, non-GAAP. Since we backed that out anyway, we are not affected.

Sean Jackson – Avondale Partners

Now, as far as the VTL space or whatever you have been calling it. You said $2.5 million this quarter. Now, you mentioned that in the other spaces you saw some visibility, for instance, Cisco, Huawei, you are seeing more visibility. How visible right now is this new storage space? Can you say that what all we can think is, it is going to be growing sequentially or you still think pretty solid?

William Walker

As I said in the call, I think the learning curve process is behind us and I think we are going to move forward here with some reasonable visibility, somewhat solid for 90 days with some outlooks in 180 days and we should see continued sequential improvement on the top line. We are also, as I said on the call, winning new designs at existing customers so that is also adding to the mix.

Operator

Your next question comes from Ramesh Misra – Collins Stewart.

Ramesh Misra – Collins Stewart

Can you provide some sense of the growth in the different segments for the September quarter?

William Walker

We talked about Cisco changing their whole logistic system to moving it to outsource last quarter and we have reconciled our internal systems to fit within that as we indicated we were. Cisco is back at $5 million. We see some more changes that will keep it at that $5 million level but then pick up towards the fourth calendar quarter of the year.

On the Huawei side, our Huawei business is picking up as well as our design win activity there and we see continued growth and after the end of the year at Huawei and we see network processor business there improving after the end of the year. In our new storage segment, our card volume is up; our revenue volume is up and as all of our customers that we have announced and our shipping at some level of production into the marketplace.

We have had continuous uptakes within HP, NetApp, and EMC. EMC, in fact is at a level that we had anticipated in forecast and we expect to continue to see this moving forward. Also, EMC announced the new product line in May at EMC World and we are part of that product line with 100% attach rate. Overall, that storage card business, VTL, Disc to Disc is up roughly 66% over a year ago at June quarter.

Last, we changed our business and business strategies around the Swarm products in effect eliminating the appliance whose sales are below our expectation and partnering with Promark right now, meeting a major OEM in the channel and delivering our Swarm IPN cards on a brand name platform to the market place.

We think that this will provide us with a faster route to revenue as well as we believe from the early indications that our gross margins are going to be substantially better. The last issue there is that in terms of our cost and resources because of the brand name third party service and support organization we are able to offset that expense and cost and we deployed the resources that we had to have productive things within that segment of our storage business. So, I think that encapsulates the quarter.

Ramesh Misra –Collins Stewart

Will you have a sense out there with September quarter could coming out and how do your longer term visibility, you suggested that December visibility seems to be looking good. But it is the design win momentum that you are enjoying. Do you anticipate that could drive business as soon as the December and March quarters?

William Walker

I think, where we indicated as we introduced products last year. Those products are now coming to 12 to the 15, 18 months cycle is happening, from out component perspective. Our board products have faster time in the market. We are not going to provide specific numbers but we expect to see sequential growth to the top line and our efforts to improve our account management, particularly in our top ten accounts. I think this is providing us now with much better visibility as well as insights into the mechanics of their operations work. So, a lot of the logistical issues that we have struggled with I think are behind us and we feel a lot better about how we are looking at our business going forward.

Operator

Your next question comes from Joseph VonMiester – Jefferies & Co.

Joseph VonMeister – Jefferies & Co.

The board business, the volume shipments for the EMC and the HP products are going to start here in the third calendar quarter. Do you have visibility into what contribution I can make for your fiscal fourth quarter?

William Walker

I think it is the percentage of our total revenue. The card business will be bigger than it was this quarter for certain and one of the key contributors to the growth on our fourth fiscal quarter. As I have said earlier the Cisco business will be flat, slightly up at flat. The Huawei will be up but when we see the growth to our top line coming predominately from the card business and a little help from the Swarm IT business.

Joseph VonMeister – Jefferies & Co.

You see Q4 up against Q4 2007 where you did $11 million of sales?

William Walker

We are not giving out a number but we are moving in that direction.

Joseph VonMeister – Jefferies & Co.

Can you quantify the market potential for your new Sentry product?

William Walker

Our new Sentry product because or its size and low power capability and particularly with our partnerships with companies like Freescale and now Intel provides the highest level. For example, IP set performance at the lowest power consumption and then it flips and allows just to fit in the new mini PCI cards structure that the market is moving to. We see next generation wireless stations, for example, particularly for small businesses in the home as an excellent candidate for this product as it provides the necessary security acceleration to deliver capabilities there.

We also see from the early returns – a great deal of interest from this from the Taiwan people who are delivering products that required this capability. As I have mentioned in the call, we believe this will be Hifn’s first high volume semiconductor product in its history as we see the order range for some of the design activities that we were involved in pretty sizeable numbers. Now, this product has an ASP that only in OEM volumes potentially some $10.

So, this is a way that we believe helps change some of the economics for Hifn and with its manufacturing partners as it delivers a lot more wafer starts and it provides us with the foundation and many of the companies that we have not had opportunities to access because we now have a part that starts in entry level and a family expansion for us that historically we could not address. But we are very excited about this product and our partners are helping us market these products. So, that also accelerates our credibility and lowers our cost.

Joseph VonMeister – Jefferies & Co.

Can you give us a quick sense of where you were on the Suite B chips?

Albert Sisto

We started this activity a while ago, pretty much about the time I joined Hifn as the full time CEO and Bill had indicated that our NRE costs are coming down and our patent activity is going up. So, this would be indicative of something happening relatively soon.

Joseph VonMeister – Jefferies & Co.

How big is the market for that product?

Albert Sisto

Hard to define the market, per se in that this is a new activity but heavily sponsored by the government. But a comparable, proxy is the Type A market of the Suite A market which is roughly about a $1.7 billion market comprised of companies like General Dynamics, ViaSat, and SafeNet, Juniper and couple of other guys that produce product for that top secret and above class capabilities.

So, we think that the market for this should be in some way close to what the Suite A businesses and overtime we believe that the design that we are delivering will have a surge strategic and competitive advantages that will make it compelling. So, we will have more data about that product when we introduce it as well as what we foresee the market potential to be.

Joseph VonMeister – Jefferies & Co.

Two more quick questions. Do you see your self taking share from IBM?

Albert Sisto

Well, let us wait until the design wins come to fruition and then we will count the chickens then but I am encouraged by the fact that we now have a sales force in Asia that is competing where we had none before. And from a competitive point of view, there are some large percentage, 20%, 30%, 40% of the revenue comes from offshore so that was free of any Hifn disturbance and I think with a little bit of luck, products like Sentry Flow should have some impact.

Joseph VonMeister – Jefferies & Co.

Do you expect to make money in the fourth quarter or breakeven?

Albert Sisto

If we can produce this sequential up in revenue on a pro forma basis, we should put points on the board.

Joseph VonMeister – Jefferies & Co.

How about 2009?

Albert Sisto

I think it with NRE expenses behind us, as we bring these new products to market place, we will have a much better chance to deliver both pro forma GAAP earnings for the fiscal 2009 year but we will talk more about that in October.

Joseph VonMeister – Jefferies & Co.

And perhaps, one last one. You have come up with these cards that you are selling to EMC and Hewlett Packard which have allowed them to come up with the product that they did not have before. What is it exactly that your cards do that allows the storage servers to provide the 50 to 1 data reduction that they are citing?

Albert Sisto

We do, right now, two things moving to three things, if you will. Two things that we provide a vehicle for capacity optimization, being able to reduce the amount of information that needs to stored and we do so by accelerating it at rates that provide, in effect, no [waivency] to any of the applications that have historically ran. So, they are able to take our cards and drop them into existing applications and have the customer enjoy the capacity optimized results without having, in effect to change any of the way they run their business other then they use less disc space and it takes less time.

And as we are moving to some of the de-duplication or application, we are also providing the capability to, in effect; accelerate the de-duplication hashing that is required. So, again, provide capacity optimized solutions that will also in place support for the de-duplication algorithms that are the algorithms of choice by the different vendors that we work with. So, that is the value proposition that allows us to maintain our ASPs as well as allows our customers to provide new and compelling products into their customer base.

Joseph VonMeister – Jefferies & Co.

Does this mean that Data Domain market share in the space of the de-duplication has slightly declined now that some of these other people have products that can compete in terms of compression and speed?

Albert Sisto

Data Domain is a fine company and I wish them a lot of success. I think having companies like EMC, HP, Data App, Quantum in the space, IBM and Sun, provide for new competition where there wasn’t any before and I think the approach that will enable our customers to take advantage of, is really looking at unstructured data and providing capabilities to provide the de-duplications support for not only structured information but for unstructured information in a very cost-effective way. So, I think the landscape will be substantially different a year from now.

Operator

Your next question comes from Manoj Nadkarni – Chip Investor Group.

Manoj Nadkarni – Chip Investor Group

Do you expect to renew the stock repurchase program beyond September 30, 2008?

William Walker

Again, that is the assumption of the board and I have got enough time periods to see what happens in the next 60 days and we will revisit it then.

Manoj Nadkarni – Chip Investor Group

Right, because you got authorization for $8 million. You bought a little less than a million dollars worth.

William Walker

And again, as part of the constraints is, if you noticed the trading volume over the last two months since we announced the program. It has been relatively light and there haven’t been any major blocks offered. We have been in the market regularly and repurchased within the limits as authorized by the SEC.

Manoj Nadkarni – Chip Investor Group

Bill what was your cash flow from operations in the June quarter.

William Walker

We were almost breakeven from our June quarter because, again, the cash were then reduced by about $2.5 million, $900,000 of that was from the stock repurchase. We also had a right bound of some $200,000 from auction based security at switch. Again, you are very aware of the infusion in that particular marketplace was as far as the vehicle we bought a year ago and has finally been settled out. Any other balance sheet changes came down $200,000, $300,000, so in essence, breakeven from an operating stand point.

Manoj Nadkarni – Chip Investor Group

What we hear is, you expect the card business to contribute more to the total sales but otherwise in the September quarter and if that is the case what should it do to gross margins and operating margins?

William Walker

Well, again, historically, depending upon the product mix within, between to 64% to 66% gross margins. That should not change significantly in a growth forward basis. Operating expenses, we think should produce increases on the bottom line basis.

Operator

Your nest question is a follow-up from Sean Jackson – Avondale Partners.

Sean Jackson – Avondale Partners

The NRE Expense, when do you expect that to go away?

William Walker

Hopefully it will never go away because it is a function of new devices and getting file or getting mass sets parts of various family partners. So, we continue to have them. Again, it should drop beginning in the September, come down in the September quarter and drop significantly in the December quarter. Again, pending how early we are in the design cycle when we issue new purchase orders for our foundries to begin mass sets and new devices which we have in the process of developing right now.

Operator

This concluded our Q&A for today’s conference.

Albert Sisto

Thank you all for joining us today. We look forward to speaking to you during the quarter. We will be presenting at the RBC conference on the August 7, 2008 in San Francisco. The SRA conference in San Francisco, August 18, 2008 and America’s Growth Conference in Boston, September 11, 2008 and we look forward to meeting you at any one of those conferences to discuss further the progress that we are making. Thanks and I look forward to seeing you, if not at the conferences, talking to you at the earnings call in October.

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Source: Hifn, Inc. F3Q08 (Qtr End 06/30/08) Earnings Call Transcript
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