[SatNews] TeleCommunication Systems, Inc. (TCS) (NASDAQ: TSYS) has reported results for the first quarter ended March 31, 2011.

Revenue was $90.4 million, about the same as the first quarter of 2010's $90.9 million: Services revenue was up 25 percent, offsetting the expected decline in Systems revenue. Gross profit was $36.6 million, up 9 percent from $33.5 million in the first quarter of 2010. It was the company's second highest gross profit quarter to date, reflecting mix improvement. EBITDA (Earnings before Interest, Taxes, Depreciation, Amortization and non-cash stock-based compensation) was $15.3 million, compared to $16.0 million in the first quarter of 2010. Adjusted net income was $7.9 million or $0.13 per diluted share, compared to $8.6 million or $0.14 per diluted share in the first quarter of 2010. GAAP net income was $2.1 million or $0.04 per diluted share, compared to net income of $5.0 million or $0.08 per diluted share in the first quarter of 2010.

"Our results for Q1 demonstrate our company's improving mix of business," said Maurice B. Tose, TCS chairman and CEO. "The continued steady growth in our more recurring Services revenue led us to meet EBITDA and profit objectives, despite the impact on our first quarter top line from lower Systems revenue reflecting federal budget funding delays. We continue to invest in R&D and facilities to enhance our wireless communication technology platforms, and we are gratified that the range and depth of our communications capability are attracting new programs, such as our role as sole ground services partner for Cisco’s Internet Routing in Space ("IRIS") technology." To read the entire financial report, access this direct link.