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TCS Reports Second-Quarter Results (7/30/12)
Telecommunication Systems (TCS) reported results from the second quarter ended June 30, 2012. Revenue was up 14 percent to $114.6 million from $100.7 million in the same year-ago quarter. Gross profit was $34.5 million, down 9 percent from the same year-ago quarter, reflecting a sales mix composed of more government systems with lower margins and pressure on cellular applications pricing.
“Our second quarter revenue growth was again driven by our TotalCom solutions for federal government customers, as well as by our commercial 9-1-1 services for network operators and state and local governments,” said Maurice B. Tose, TCS chairman and CEO. “Earlier this month, we enhanced our position in next-generation 9-1-1 (NG 9-1-1) through the purchase of microDATA, whose technology and sales channels complement our solid software-as-a-service 9-1-1 business.”
Adjusted net income was $1.6 million or $0.03 per diluted share, compared with $7.5 million or $0.12 per diluted share in the second quarter of 2011. GAAP net loss was $111.1 million, compared to GAAP net income of $2.1 million in the same year-ago quarter. The Q2 2012 GAAP net loss included a pre-tax, non-cash goodwill and other intangibles impairment charge of $125.7 million related to TCS’ 2009 acquisition of Networks In Motion, which is now its navigation reporting unit.
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