TSI TelSys Appoints New Chairman, Advisors to Board and Announces First Quarter Financial Results.Business Editors/Hi-Tech Writers COLUMBIA, Md.--(BUSINESS WIRE)--May 28, 2002 TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension Venture "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 that James R. Chesney has been appointed by the Board of Directors to serve as Chairman for the coming year and it appointed two advisors to the Board of Directors. Also, the Company has issued its financial results for the first quarter of 2002. As previously reported, at the Special and Annual General Meeting held on May 20th, the shareholders re-elected three incumbent directors and elected two new members to serve on the Board. Subsequent to the shareholders meeting, the Board unanimously elected James R. Chesney (the founder of TSI TelSys Inc. and Board member from 1995 through 1998) to the position of Chairman of the Board. In addition, Mr. James Adamson and Mr. Jeffrey Elliott, both recent nominees for election as Director of the Board, have been appointed as advisors to the Board of the Directors. Mr. Adamson is currently consulting for several companies and government officials in the aerospace industry. Before this, he was President/CEO of Honeywell Technology Solutions Inc, and also served as Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of United Space Alliance and as President/CEO of Lockheed Engineering and Sciences Company. He is also a former NASA NASA: see National Aeronautics and Space Administration. NASA in full National Aeronautics and Space Administration Independent U.S. astronaut astronaut, crew member on a U.S. manned spaceflight mission; the Soviet term is cosmonaut. Candidates for manned spaceflight are carefully screened to meet the highest physical and mental standards, and they undergo rigorous training. . Mr. Elliott is vice president of business development for Primedia Washington, the second largest publishing corporation in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . He successfully founded the MAX-Q Digital Group, a multi-million dollar corporate venture of Honeywell Technology Solutions Inc. responsible for HDTV (High Definition TV) A set of digital television (DTV) standards that offer the highest resolution and sharpest picture. Although some HDTV sets are available in standard (rather square) screen sizes, the overwhelming majority of sets are wide screen, which eliminates transmitter A device that generates signals. Contrast with receiver. installations for over 50 broadcast television stations. "These actions demonstrate the real cooperation and effort on the part of the entire Board to move the company in a new and exciting direction." said Mr. Chesney. He added, "We are now moving forward together as a single Board to put in place a strategy for success in our current market and to evaluate other potential markets and opportunities. I have already held an all hands everybody; all parties. See also: Hand meeting with the company personnel and I have talked with individuals and small groups to reassure re·as·sure tr.v. re·as·sured, re·as·sur·ing, re·as·sures 1. To restore confidence to. 2. To assure again. 3. To reinsure. them of this Board's intention to provide them with the resources and leadership they will need to succeed. This Board of Directors continues to work to fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. this obligation and will be providing additional press releases in the near future." The Company has also reported the results of operations for the first three months of 2002, which included a net loss of approximately US$0.4 million (net loss of US$0.05 per share). Orders received in the first quarter equaled US$1.1 million as compared to US$1.0 million for the same period in 2001. At the end of the first quarter, orders backlog stood at US$2.3 million. First quarter revenues equaled US$1.5 million, with a gross margin of US$0.3 million or 21.2% of revenues. In an effort to change the trend of decreasing revenues, over the past twelve months the Company has been diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d working on the development and delivery of its next generation, programmable wideband receiver. The first shipment of this new product was made on April 1, 2002 to NASA's Wallops Flight Facility in support of the Ka-Band Transition project. The Company has continued to cut 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. as compared to the first quarter of FY2001, though it has increased Research and Development expenditures. The cash position of the Company at the end of the first quarter was US$0.7 million as compared to US$1.1 million for the same period in FY2001. 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 Web site at http://www.tsi-telsys.com. TSI TelSys Corporation is listed on the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. (formerly known as the Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) ), under the trading symbol Trading symbol See: Ticker symbol "TSI". The TSX Venture Exchange does not accept responsibility for the adequacy of this release.
TSI TELSYS CORPORATION
Condensed Consolidated Statements of Operations
(In US $000, except for per share amounts)
Three Months Ending
-------------------
March 29 March 28
2002 (a) 2001 (a)
-------- --------
Sales $1,485.3 $1,831.5
Cost of Sales 1,169.1 986.4
Operating Expenses 708.6 828.3
-------- --------
Operating income/(loss) (392.4) 16.7
Interest income 1.3 13.3
Interest expense (5.9) (18.1)
-------- --------
Operating Income/(loss) before tax (397.1) 12.0
Income tax expense .9 2.1
-------- --------
Net income/(loss) $ (398.0) $ 9.8
======== ========
Earnings/(loss) per share -
basic and diluted (b) $ (0.05) $ (0.01)
Weighted average number of
common shares outstanding -
basic and diluted 9,754.2 9,754.2
(a) unaudited
(b) per share calculation includes dividends on preferred shares
earned but not paid.
TSI TELSYS CORPORATION
Condensed Consolidated Balance Sheets
(In US $000)
Three Months Ending
-------------------
March 29 March 28
2002 (a) 2001 (a)
-------- --------
ASSETS
Cash & Cash Equivalents $ 670.5 $1,142.1
Other current assets 2,025.0 3,434.5
Property & equipment, net 708.0 607.0
Other non-current assets 0.0 19.1
-------- --------
Total Assets $3,403.5 $5,202.7
======== ========
LIABILITIES
Current liabilities $2,267.9 $2,113.5
Long-term liabilities 47.3 35.4
-------- --------
Total liabilities 2,315.2 2,148.9
STOCKHOLERS' EQUITY/(DEFICIT)
Total stockholders' equity $1,088.3 $3,053.9
-------- --------
Total liabilities and
Stockholders' equity $3,403.5 $5,202.7
======== ========
(a) unaudited
www: http://www.tsi-telsys.com |
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