[SatNews] TeleCommunication Systems, Inc. (TCS) (NASDAQ: TSYS has reported results for the fourth quarter and fiscal year ended December 31, 2010. Fourth Quarter 2010 Results...

• Revenue was $102.3 million, up 13% from $90.8 million in the fourth quarter of 2009
• Gross profit was $34.5 million, up 14% from $30.4 million in the fourth quarter of 2009
• EBITDA (Earnings before Interest, Taxes, Depreciation, Amortization and non-cash stock-based compensation) was $17.4 million, up 70% from $10.2 million in the fourth quarter of 2009 (excluding a patent-related net gain)
• Net income was $3.5 million or $0.06 per diluted share, compared to $11.4 million or $0.20 per diluted share in the fourth quarter of 2009, which included a patent-related gain representing about $0.17 per share, net of related income tax expense.

Full Year 2010 Results

• Revenue for the year was a record $388.8 million, up 30% from the previous record of $300.1 million in 2009. This represents the company's 13th consecutive year of record revenue
• Gross profit was a record $138 million, up 21% from the previous record of $113.9 million in 2009
• EBITDA for 2010 was a record $66.3 million, an increase of 35% from the previous record of $49.1 million in 2009, excluding the patent gain
• Net income was $15.9 million or $0.28 per diluted share. This compares to net income of $28.3 million or $0.53 per diluted share (including the patent-related net gain representing about $0.17 per share, net of related income tax expense) in 2009
• Funded backlog was $322.3 million at year-end 2010, versus $338.5 million at the end of 2009. Total backlog, including unfunded orders, grew from $630.8 million at the end of 2009 to a record $1.1 billion at the end of 2010

To read the entire financial report, access this direct link.