TSI TelSys Announces Second Quarter FY1999 Financial Results.COLUMBIA Columbia, cities, United States Columbia (kəlŭm`bēə). 1 City (1990 pop. 75,883), Howard co., central Md., between Washington, D.C., and Baltimore. , Md.--(BUSINESS WIRE)--Aug. 9, 1999-- Montreal Exchange Montreal Exchange A Canadian derivatives exchange that facilitates the trading of stock options, interest rate futures and options, as well as index options and futures. Located in Montreal, Quebec, it is the country's main financial derivative market, while the Winnipeg "TSI TSI Total Solar Irradiance (sum solar light in energy per unit of time) TSI Trading Standards Institute (UK) TSI Transportation Safety Institute (US DOT) " - TSI TelSys Corporation announced today the results of operations for the second quarter and for the first six months of FY1999. Revenue for the second quarter ending July July: see month. 2, 1999 was US$2.2 million. Gross margin for the second quarter was 49.6% of revenues. Gross margin as a percentage of revenues has increased in each of the past three quarters. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. in the second quarter of FY1999 were US$0.9 million which was a 40% decline compared with operating expenses of US$1.6 million in the second quarter last year. The Company remained profitable in the second quarter of FY1999, its second profitable quarter in a row. The Company reported a net profit of US$0.1 million for the second quarter of FY1999 (earnings of US$0.01 per share) compared to a net loss of US$0.3 million for the second quarter of FY1998 (loss of US$0.03 per share). As previously announced in a press release on July 14, 1999, new customer orders received during the second quarter totaled US$1.9 million. This total included the Company's first booking under its technology partner program -- a US$500,000 license agreement with Harris Corporation Harris Corporation NYSE: HRS is an international communications equipment company that produces wireless equipment, electronic systems, and both terrestrial and spaceborne antennas for use in the government, defense, and commercial sectors. -- as well as two new orders from NEC (NEC Corporation, Tokyo, www.nec.com, www.necus.com) An electronics conglomerate known in the U.S. for its monitors. In Japan, it had the lion's share of the PC market until the late 1990s (see PC 98). NEC was founded in Tokyo in 1899 as Nippon Electric Company, Ltd. of Japan. Jay Pisula, TSI TelSys Corporation's President and Chief Executive Officer said, "We are very pleased with the significant improvement in bottom-line performance we have achieved so far this year. We expect to continue profitable operations for the balance of the year." In the first six months of FY1999, revenue rose to US$5.5 million, a 19% increase compared with revenues of US$4.6 million in the same period of last year. Gross margin for the first six months of FY1999 was 47.2% of revenues, as compared to 33.3% of revenues in the first six months of FY1998. The Company also reported a net income of US$0.2 million for the first six months of FY1999 (earnings of US$0.02 per share) compared to a net loss of US$1.2 million (loss of US$0.13 per share) for the same period last year. New customer orders received during the first six months of FY1999 totaled US$3.8 million. The order backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. at the end of the second quarter stood at US$4.1 million. Headquartered in Columbia, Maryland Columbia is a census-designated place and planned community in Howard County, Maryland, United States. It is a suburb of Baltimore, and, to a lesser degree, Washington, DC. It began with the idea that a city could enhance its residents' quality of life. , TSI TelSys is a leading developer and manufacturer of high performance, multi-mission satellite data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a systems for ground station operations and satellite test and integration. The Company's LavaLogic(tm) business unit is aimed at developing and marketing the next generation of high level electronic design automation (EDA (1) (Electronic Design Automation) Using the computer to design, lay out, verify and simulate the performance of electronic circuits on a chip or printed circuit board. ) software for designers of integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. and electronic systems. Except for historical information contained herein, the matters discussed in this press release contain forward looking statements that, due to uncertainties, may differ materially from actual results. Further information about TSI TelSys, including copies of press releases, may be found through the TSI TelSys Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the Web site at http://www.tsi-telsys.com. Further information about LavaLogic can be found at http://www.lavalogic.com. TSI TelSys Corporation is listed on the Montreal Exchange, under the trading symbol Trading symbol See: Ticker symbol "TSI". LavaLogic is a trademark of TSI TelSys, Inc. -0-
TSI TELSYS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In US$000s, except per share amounts, unaudited)
Second Quarter ended Six months ended
July 2, July 3, July 2, July 3,
1999 1998 1999 1998
Sales $2,197.1 $3,124.4 $5,534.8 $4,646.2
Cost of sales 1,106.8 1,830.4 2,924.8 3,095.4
Operating expenses 933.1 1,553.0 2,227.0 2,704.2
Operating income/(loss) 157.3 (259.0) 383.0 (1,153.4)
Interest income 5.4 30.2 12.8 65.6
Interest expense (100.0) (82.4) (214.3) (149.6)
Net income/(loss) $62.7 ($311.2) $181.5 ($1,237.4)
Earnings/(loss) per share -
basic and diluted $0.01 ($0.03) $0.02 ($0.13)
Weighted average number of
common shares outstanding -
basic and diluted 9,754.2 9,754.2 9,754.2 9,754.2
TSI TELSYS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in US$000s, unaudited)
July 2, July 3,
1999 1998
ASSETS
Current assets $3,926.1 $4,943.6
Term deposits 87.2 159.8
Property, plant and equipment 946.0 1,158.5
Deferred software development costs 0.0 117.6
Notes receivable 34.1 70.6
Total Assets $4,993.5 $6,450.1
LIABILITIES AND STOCKHOLDERS'
EQUITY/(DEFICIT)
Current liabilities $7,298.3 $7,449.3
Long-term liabilities 160.9 63.4
Total Liabilities 7,459.3 7,512.7
STOCKHOLDERS' EQUITY/(DEFICIT)
Total Stockholders' Equity (2,465.8) (1,062.6)
Total Liabilities and
Stockholders' Equity/(Deficit) $4,993.5 $6,450.1
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