TeleCommunication Systems Reports Second-Quarter 2014 Results (8/1/14)
Friday, August 01, 2014 | Comments

TeleCommunication Systems (TCS) reported results for the second quarter ended June 30, 2014. Revenue was $86.2 million, which was flat compared to the first quarter of 2014 and down 7 percent from 2013’s second quarter. The company attributed this to the mix of business that has evolved to include less low-margin government systems.

Adjusted net income was $3.1 million, up 41 percent from $2.2 million in the 2014 first quarter, and compares favorably to an adjusted net loss of $690,000 in the second quarter of 2013.

Highlights for the quarter include a growth in volume of next-generation 9-1-1 (NG 9-1-1) deployment, software and managed services contracts. The company was also named an awardee on the Department of Homeland Security’s (DHS) $22 billion Enterprise Acquisition Gateway for Leading Edge II (EAGLE II) contract, and Iusacell, the third largest cellular carrier in Mexico, deployed the TCS Family Locator to more than 5 million GSM subscribers.

"We entered 2014 with the commitment that 2013 was the floor on our company's operating results, and the second quarter represents another step of steady improvement," said Maurice B. Tose, TCS chairman and CEO. "As the adverse impact of government budget turbulence has abated and we continue to manage company costs, we are focusing on higher EBITDA and other operating metrics.

“Bid volume in next-generation 9-1-1 contracts has picked up significantly, and we believe our deliverables are the best available. Next-generation 9-1-1 is characteristic of TCS's strength in enabling communication solutions requiring convergent wireless, digital, Internet protocol network technology expertise. Other commercial business in the quarter included meaningful contributions from new non-wireless-carrier platforms and applications customers.”

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