Thomas Group Announces Subleases of Excess Office Space.IRVING, Texas -- Thomas Group, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :TGIS TGIS Thank God It's Sabado (Philippine TV series in the 1990s) TGIS Temporal Geographical Information Systems TGIS Thank God It's Saturday TGIS Thank God I'm Single ) today announced that it has agreed to subleases involving two of its offices, covering the remaining lease period of offices in Detroit and Reston, Va. "Subleasing excess office space reinforces our commitment to maintaining a low fixed cost base," said Jim Taylor, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We estimate these subleases will result in a one-time, non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. of approximately $600,000 under generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ). Although this charge will turn an otherwise profitable first quarter into a loss, we believe it was the proper long-term decision for us to make. Despite the removal of previous subtenants in both offices during the first quarter, we have obtained new subtenants at current market rate. We are focused on generating cash for the company and value for our shareholders, and keeping our excess office capacity subleased aligns with both of these goals." Thomas Group, Inc. is an international, publicly traded business consulting firm (OTCBB:TGIS). Thomas Group's unique brand of process improvement and performance management services enable businesses to enhance operations, improve productivity and quality, reduce costs, free up cash and drive to higher profitability. Known as The Results Company(SM), Thomas Group creates and implements customized improvement strategies for sustained performance improvements in all facets of the business enterprise. Thomas Group has offices in Dallas, Detroit, Zug, and Hong Kong. For additional information on Thomas Group, Inc., please go to www.thomasgroup.com. Safe Harbor Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and : Statements in this release that are not strictly historical are "forward-looking" statements, which should be considered as subject to the many uncertainties that exist in the Company's operations and business environment. These uncertainties, which include economic and business conditions that may impact clients and the Company's performance-oriented fees, timing of contracts and revenue recognition, competitive and cost factors, and the like, are set forth in the Company's Form 10-K for the year ended December 31, 2004 filed with the Securities and Exchange Commission. |
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