TeleCommunication Systems Reports Preliminary Third Quarter 2008 Revenue of $50 Million, Up 33%
October 14 2008 - 8:04AM
Marketwired
TeleCommunication Systems, Inc. (TCS) (NASDAQ: TSYS), a leading
provider of mission-critical wireless communications, reports its
preliminary third quarter-end closing indicates revenue of $50
million. This is an increase of 14% from $44 million in the
previous quarter and 33% from $38 million in the third quarter of
2007. Also, quarter-end cash and equivalents increased to $38
million from $28 million at the end of the previous quarter after a
small reduction in total debt, with no borrowings on $22 million of
bank credit lines.
The foregoing results are preliminary and are subject to change
based upon the normal quarter-end review process. The final results
will be reflected in the company's quarterly report on Form 10-Q
for the third quarter of 2008.
"While we typically do not release preliminary results, we chose
to do so at this time in light of unprecedented disruptions in the
financial markets," said Maurice B. Tos�, chairman, president and
CEO of TCS. "Based on current orders and backlog, we expect to meet
or exceed our full year 2008 earnings guidance that we had revised
upward after the end of the second quarter. Further, we expect our
secure deployable satcom systems, wireless text messaging, and
public safety solutions to support continuing growth momentum into
2009."
The company will provide results for the third quarter ended
September 30, 2008 in its upcoming press release and conference
call scheduled for October 30, 2008 at 5:00 p.m.
About TeleCommunication Systems
TeleCommunication Systems, Inc. (TCS) (NASDAQ: TSYS) engineers
and delivers highly reliable wireless communications technology.
TCS is a leader in wireless text messaging and location-based
technology, including E9-1-1 services and commercial applications
like navigation that use the precise location of a wireless device,
and secure satellite-based communications systems and services.
Customers include leading wireless and VoIP carriers around the
world, cable MSOs, automotive telematics vendors, and agencies of
the U.S. Departments of Defense, State, and Homeland Security. For
more information, visit www.telecomsys.com.
This announcement contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities and Exchange Act of 1934, as
amended. These statements are based upon the company's current
expectations and assumptions that are subject to a number of risks
and uncertainties that would cause actual results to differ
materially from those anticipated. The words, "believe," "expect,"
"intend," "anticipate,"' and variations of such words, and similar
expressions identify forward-looking statements, but their absence
does not mean that the statement is not forward-looking. Statements
in this announcement that are forward-looking include, but are not
limited to statements about (a) the company's expectations as of
the date of this announcement which are based upon limited
available information that is dynamic and subject to risk and
uncertainty, (b) the company full year 2008 earnings guidance, (c)
the company's continuing growth momentum in 2009, and (d) the
company's products.
Additional risks and uncertainties are described in the
company's filings with the Securities and Exchange Commission
(SEC). These include without limitation risks and uncertainties
relating to the company's financial results and the ability of the
company to (i) sustain profitability, (ii) continue to rely on its
customers and other third parties to provide additional products
and services that create a demand for its products and services,
(iii) conduct its business in foreign countries, (iv) develop
software and provide services without any errors or defects, (vii)
protect its intellectual property rights, and (viii) implement its
sales and marketing strategy. Existing and prospective investors
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. All information
in this announcement is as of October 14, 2008. The company
undertakes no obligation to update or revise the information in
this announcement to conform to its actual results or changes in
the company's expectations.
Company Contacts: Tom Brandt Senior Vice President and CFO
TeleCommunication Systems, Inc. Tel 410-280-1001
tbrandt@telecomsys.com Scott Liolios Investor Relations Liolios
Group Tel 949-574-3860 info@liolios.com
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