Third quarter 2011 results include...
- Total revenue was up 9 percent from the same year-ago quarter to a record $112.6 million. Services revenue was up 12 percent on higher volume from satcom, cybersecurity, and location-based carrier technology-related deliverables, with Systems revenue gaining 5 percent on higher volume of communication systems and components for government customers
- Gross profit was up 2 percent to $37.3 million over the same year-ago quarter, and represented the company's second highest quarterly gross profit following the highest record level set in the prior quarter
- EBITDA (Earnings before Interest, Taxes, Depreciation, Amortization and non-cash stock-based compensation) was $14.8 million versus $17.5 million in the same year-ago quarter
- Adjusted net income was $6.7 million or $0.11 per diluted share, compared to $10.5 million or $0.17 per diluted share a year ago. GAAP net income was $1.8 million or $0.03 per diluted share, compared to net income of $4.3 million or $0.08 per diluted share in the third quarter of 2010
- Funded backlog grew from $434 million to $486 million in the quarter reflecting net new orders and contracts
"As expected, our volume in communication solutions for government customers has ramped up in the second half, while commercial revenue and profit contributions from location-based technology for wireless carriers continue at a higher run rate than last year," said Tom Brandt, TCS SVP and CFO. "The quarter also saw a good uptick in funded backlog as contract extensions and fiscal year end government procurements enhanced our visibility." To read the entire financial report, access this direct link for more info.