telecommunication systems-a (TSYS) Key Developments
TeleCommunication Systems Inc. Terminates Drew A. Morin as Senior Vice President and Chief Technology Officer
Nov 24 15
TeleCommunication Systems Inc. announced the termination of Mr. Drew A. Morin, Senior Vice President and Chief Technology Officer of the company on October 28, 2015.
TeleCommunication Systems Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Revises Earnings Guidance for the Full Year 2015
Oct 29 15
TeleCommunication Systems Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported revenue of $101.14 million compared to $95.332 million a year ago. Adjusted EBITDA was $12.886 million compared to $9.358 million a year ago. Income from operations was $6.66 million compared to $3.541 million a year ago. Net income before income taxes was $4.437 million compared to $0.643 million a year ago. Net income was $3.024 million or $0.05 per diluted share compared to net loss of $1.964 million or $0.03 per diluted share a year ago. Adjusted net income was $7.439 million or $0.12 per diluted share compared to Adjusted net income of $3.142 million or $0.05 per diluted share a year ago.
For the nine months, the company reported revenue of $270.934 million compared to $266.643 million a year ago. Adjusted EBITDA was $31.041 million compared to $26.468 million a year ago. Income from operations was $12.099 million compared to $8.188 million a year ago. Net income before income taxes was $3.216 million compared to $0.817 million a year ago. Net income was $4.036 million or $0.06 per diluted share compared to net loss of $1.383 million or $0.02 per diluted share a year ago. Adjusted net income was $14.766 million or $0.24 per diluted share compared to Adjusted net income of $8.506 million or $0.14 per diluted share a year ago.
The company revised earnings guidance for the full year 2015. For the year, the company continues to expect capital expenditures, including capitalized software development at $15 million to $17 million. The company now expects that adjusted net income for 2015 will be in the $19 million to $21 million range. The resulting EPS is $0.30 to $0.33 per diluted share for 2015, up from 2014's $0.20 and its earlier estimate of $0.23 to $0.28. This represents an improvement in adjusted net income per share in the 50% to 65% range, as illustrated in the web model. The company is now using a 35% effective rate on expected 2015 pretax income, which is mostly non-cash expense.
TeleCommunication Systems Inc. Receives $91 Million Delivery Order from U.S. Army for SNAP Deployable Satellite Systems Sustainment
Oct 19 15
TeleCommunication Systems Inc. announced that it has received a delivery order from the U.S. Army for sustainment of the AN/TSC-198A SNAP (Secret Internet Protocol Router (SIPR) and Non-classified Internet Protocol Router (NIPR) Access Point), Very Small Aperture Terminals (VSATs). The initial funded contract value is $18.6 million for the period from September 2015 through September 2018, and the ceiling contract value, including funded and unfunded amounts, is nearly $91 million over the next three years, if all options are exercised.
TSYS Signs Agreement with Tangerine
Oct 15 15
TSYS has signed an agreement with Tangerine to provide processing and risk management services for the bank's new consumer credit card portfolio.
TeleCommunication Systems Receives $223 Million Delivery Order from U.S. Army to Supply Satellite Communication Equipment and Support
Oct 14 15
TeleCommunication Systems Inc. announced that it has received a delivery order from the U.S. Army to provide Micro Satellite (Microsat) Very Small Aperture Terminals (VSATs), baseband networking equipment and associated engineering services. The order has a total value of $223.4 million, if all options are exercised through September 2020. The initial funding on this order is $9.9 million for the base 12-month period starting September 2015.