TSI TelSys Announces Third Quarter FY2000 Financial Results.Business Editors/Hi-Tech Writers 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)--Nov. 14, 2000 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 third quarter and for the first nine months of FY2000. The most significant event of the third quarter of FY2000 was the sale of the LavaLogic Business Unit, as announced on July July: see month. 10, 2000, for $2.0 million cash. As a result of this transaction, all financial results and comparisons have been restated, re-classifying all LavaLogic activities as discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . Orders received in the third quarter of FY2000 equaled $2.6 million, the third consecutive quarter of orders in excess of $2.0 million. Orders 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. continues to increase, ending the quarter at $4.2 million as compared to an orders backlog of $2.5 million at the end of the third quarter of FY1999. FY2000 third quarter revenues totaled $2.2 million as compared to revenues of $1.2 million for the same period in FY1999. This represents the first quarter with revenues in excess of $2.0 million since the second quarter of FY1999. This increase in revenues is the result of the increased orders and the resulting improved backlog position of the company which, has been incurred over the past three quarters. Gross margin for the third quarter equaled $1.0 million or 46.2% of revenues as compared to $0.2 million or 13.4% for the third quarter of FY1999. This improved gross margin is primarily a result of follow-on fol·low-on adj. Following as a related or consequent aspect or development: "Such contracts involve follow-on sales of maintenance services" Christian Science Monitor. business and software license revenue. 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 third quarter of FY2000 equaled $0.9 million as compared to operating expenses of $0.7 million for the same period last year. This increase is primarily the result of increased Research and Development costs associated with new product development and increased Sales and Marketing expenditures associated with additional personnel. As a result of the sale of LavaLogic, the company reported a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. , non-operating net gain of $1.7 million. Discontinued operations (the re-classed LavaLogic activities) generated net profit of $0.03 million in the third quarter of FY2000 as compared to a net profit of $0.1 million in the third quarter of FY1999. The Company reports a net profit of $1.8 million (net profit of $0.18 per share - basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ) for the third quarter of FY2000. In the third quarter of FY1999, the Company reported a net loss of $0.6 million or a net loss of $0.05 per share. In the first nine months of FY2000, revenues equaled $4.9 million compared with revenues of $6.2 million in the same period of last year. Gross margin for the first nine months of FY2000 was 33.8% of revenues, as compared to 41.4% of revenues in the first nine months of FY1999. Discontinued operations for this nine-month period in FY2000 equaled a loss of $0.3 as compared to a net profit of $0.1 for the same period of FY1999. The Company reported a net profit of $0.6 million for the first nine months of FY2000 (net profit of $0.03 per share) compared to a loss of $0.3 million (net loss of $0.03 per share) for the same period last year. Customer orders totaled $7.4 million during the first nine months of FY2000 as compared to $4.2 of orders for the same period of FY1999. 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. Except for historical information contained herein, the matters discussed in this press release contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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. TSI TelSys Corporation is listed on the Montreal Exchange, under the trading symbol Trading symbol See: Ticker symbol "TSI".
TSI TELSYS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In US $000's, except for share amounts, unaudited)
Third Quarter ended Nine Months ended
------------------- -----------------
Sept. 29, Oct. 1, Sept. 29, Oct. 1,
2000 1999 2000 1999
--------- --------- --------- ---------
Sales $ 2,187.0 $ 1,179.4 $ 4,933.1 $ 6,196.6
Cost of
Sales 1,176.3 1,018.3 3,268.2 3,603.6
Operating
Expenses 899.0 736.7 2,478.0 2,761.3
--------- --------- --------- ---------
Operating
income/loss 111.7 (575.6) (813.1) (168.2)
--------- --------- --------- ---------
Interest
income 23.0 10.8 54.4 23.6
Interest
expense (23.7) (99.5) (30.4) (266.8)
--------- --------- --------- ---------
Net Income (loss)
from continuing
operations 111.0 (664.3) (789.1) (411.4)
Income (loss) from
discontinued
operations 33.5 142.7 (259.0) 71.3
Net gain on disposal
of discontinued
operations 1,671.6 0.0 1,671.6 0.0
--------- --------- --------- ---------
Net income/(loss) $ 1,816.1 ($ 521.6) $ 623.4 ($ 340.1)
========= ========= ========= =========
Earnings/(loss)
per share - $ 0.18 ($ 0.05) $ 0.03 ($ 0.03)
basic
and
diluted
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 $000's, unaudited)
Sept. 29, 2000 Oct. 1, 1999
-------------- ------------
ASSETS
Current assets $ 4,262.2 $ 3,159.0
Property, plant and equipment 667.2 879.8
Other non-current assets 19.4 78.9
-------- --------
Total assets $ 4,948.8 $ 4,117.7
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY/(DEFICIT)
Current liabilities $ 1,978.4 $ 6,959.5
Long-term liabilities 44.7 140.2
-------- --------
Total liabilities $ 2,023.1 $ 7,099.7
STOCKHOLDERS' EQUITY/(DEFICIT)
Total stockholders' equity 2,925.7 (2,982.0)
-------- --------
Total liabilities and
stockholders' equity/(deficit) $ 4,948.8 $ 4,117.7
======== ========
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion