ANNAPOLIS, Md.,
May 2, 2013 /PRNewswire/
-- TeleCommunication Systems, Inc. (TCS) (NASDAQ:
TSYS), a world leader in highly
reliable and secure mobile communication
technology, reported results for the first
quarter ended March 31,
2013.
First Quarter 2013 Results Compared to the Same
Year-ago Quarter
- Revenue was $94.8 million,
down 5%, while gross profit was up 3% to $35.5 million.
- EBITDA (Earnings before interest, taxes,
depreciation, amortization and non-cash stock-based
compensation) was $9.5 million, down
17% (see discussion about the presentation of EBITDA and
adjusted net income, both non-GAAP
terms, below).
- Adjusted net income was $0.04 per diluted share
versus $0.06 per diluted share in Q1
2012.
- GAAP net loss was $(0.01)
per diluted share, the same as last year's first
quarter.
First Quarter 2013 Operational
Highlights
- The company deployed the nation's first statewide Next
Generation 9-1-1 services network in Iowa.
- A unit of Acacia Research purchased the rights to a
portion of TCS' location-based services (LBS) patent
portfolio.
- The new BlackBerry® 10 platform includes TCS' map, local
search, location services and navigation applications and software
components.
- TCS received $19.5 million
in incremental funding to deliver communication systems equipment
and support to the U.S. Army and Marine Corps under the Army's
$5 billion World-Wide Satellite
Systems (WWSS) contract vehicle.
- The Australian Defence Science and Technology
Organisation placed an order for TCS VSAT satellite
systems.
Management Comments
"Our first quarter results were consistent with our
expectations, as we worked to set the stage for
another strong second half," said Maurice
B. Tose, TCS chairman and CEO. "We are executing on our
strategy of using TCS expertise in secure digital wireless network
technology to address the growing worldwide need for trustworthy
communications.
"In the quarter we realized growth in our cybersecurity
business, 9-1-1 services for network operators and state and local
governments, field support of deployable systems, and in-building
wireless projects. TCS navigation was included in the operating
system of new products of our first wireless device customer. Our
solid performance under the WWSS contract vehicle has transformed
TCS into a major integrator of deployable C4ISR systems, and task
order RFPs are now beginning to flow under the $2.6 billion CS2 and $10
billion GTACS contract vehicles.
"We also continued the patent monetization momentum from
2012, as this year's first quarter results again include revenue
generated through intellectual property alliances. Meanwhile, our
patent portfolio expanded by 14 to 277 issued patents, with more
than 360 patent applications pending. As the number of our
monetization projects increases, we expect the inflow of payments
to be a growing contributor to our operational results."
Tom Brandt, TCS senior vice
present and CFO, commented: "The quarter-to-quarter comparisons
reflect the absence in Q1 2013 of about $3
million of profit contribution in Q1 2012 from a navigation
application contract that was, as previously reported, sharply
reduced late in the second quarter of 2012, so the degree of offset
by results from other business activity is noteworthy."
Summary of EBITDA and Adjusted Net Income and
Reconciliation to Net Loss
($000
except EPS)
|
|
|
|
|
|
Quarter
ended March 31,
|
|
|
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
94,794
|
|
$
100,035
|
|
EBITDA
|
|
$
9,464
|
|
$
11,461
|
|
Non-cash
charges 1
|
|
|
|
|
|
(8,856)
|
|
(10,418)
|
|
Income
from operations
|
|
608
|
|
1,043
|
|
Interest
and other expense
|
|
|
|
|
|
(2,236)
|
|
(1,726)
|
|
Tax
benefit
|
|
|
|
|
|
799
|
|
314
|
|
Net
loss
|
|
|
|
$
(829)
|
|
$
(369)
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss per share - diluted
|
|
$
(0.01)
|
|
$
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
|
|
$
(829)
|
|
$
(369)
|
|
Non-cash
stock based compensation expense
|
|
2,452
|
|
2,807
|
|
Amortization of acquired intangible assets
|
|
1,142
|
|
1,374
|
|
Amortization of deferred finance fees
|
|
|
|
|
|
297
|
|
188
|
|
Non-cash
tax expense/(benefit)
|
|
(997)
|
|
(808)
|
|
Adjusted net income
|
|
|
|
|
|
$
2,065
|
|
$
3,192
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income per share -
diluted
|
|
$
0.04
|
|
$
0.06
|
|
|
|
|
|
|
|
|
|
|
|
1Non-cash charges are
depreciation/amortization of fixed assets, acquired intangible
assets, software development costs, and stock-based compensation
expense.
|
First Quarter 2013 Financial Highlights
Revenue and Gross Profit
(unaudited):
($millions)
|
|
Three
months ended March 31,
|
|
|
|
|
|
Government
|
|
Commercial
|
|
Total
|
|
|
|
|
|
2013
|
2012
|
Incr.
(Decr.)
|
|
2013
|
2012
|
Incr.
(Decr.)
|
|
2013
|
2012
|
Incr.
(Decr.)
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Services
|
|
$
36.1
|
$
33.3
|
$
2.8
|
|
$
37.4
|
$
39.0
|
$
(1.6)
|
|
$
73.5
|
$
72.3
|
$
1.2
|
|
Systems
|
|
16.7
|
23.5
|
(6.8)
|
|
4.6
|
4.2
|
0.4
|
|
21.3
|
27.7
|
(6.4)
|
|
|
|
Total
revenue
|
$
52.8
|
$
56.8
|
$
(4.0)
|
|
$
42.0
|
$
43.2
|
$
(1.2)
|
|
$
94.8
|
$
100.0
|
$
(5.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit-services
|
$
10.7
|
$
8.1
|
$
2.6
|
|
$
21.0
|
$
20.0
|
$
1.0
|
|
$
31.7
|
$
28.1
|
$
3.6
|
|
|
As % of
revenue
|
30%
|
24%
|
|
|
56%
|
51%
|
|
|
43%
|
39%
|
|
|
Gross
profit-systems
|
2.8
|
5.2
|
(2.4)
|
|
1.0
|
1.1
|
(0.1)
|
|
3.8
|
6.3
|
(2.5)
|
|
|
As % of
revenue
|
17%
|
22%
|
|
|
22%
|
26%
|
|
|
18%
|
23%
|
|
|
|
Total
gross profit
|
$
13.5
|
$
13.3
|
$
0.2
|
|
$
22.0
|
$
21.1
|
$
0.9
|
|
$
35.5
|
$
34.4
|
$
1.1
|
|
|
As % of
revenue
|
26%
|
23%
|
|
|
52%
|
49%
|
|
|
37%
|
34%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gross Profit = revenue minus direct cost of revenue,
including amortization of capitalized software development costs
and related non-cash stock-based compensation.)
Government Segment Revenue and Gross
Profit:
Government segment revenue in the first quarter of 2013
was $52.8 million, down 7% from
$56.8 million in the first quarter of
2012, due mainly to volume fluctuations in lower-margin system
shipments. Government gross profit was up 2% to $13.5 million or 26% of revenue from $13.3 million or 23% of revenue in the same
year-ago period.
Government services revenue was up 8% to $36.1 million on higher field service,
in-building wireless project and cyber training volume. Government
services gross profit was up 32% to $10.7
million or 30% of revenue from $8.1
million or 24% of revenue in the same year-ago period,
reflecting both higher volume and a more favorable business mix in
the period.
Government systems revenue was lower than in the first
quarter of 2012 due mainly to the timing within the year of
shipments of foreign space program components and of deployable
communication systems. Lower government systems gross profit
resulted from lower volume.
Commercial Segment Revenue and Gross
Profit:
Commercial segment revenue in the first quarter of 2013
was $42.0 million, down 3% from the
same year-ago period. Commercial gross profit was $22.0 million or 52% of revenue, up 4% from
$21.1 million or 49% of revenue in
the same year-ago quarter, as contributions from intellectual
property monetization activity and 9-1-1 growth more than offset
the effect of lower wireless carrier application revenue.
Commercial services revenue was down 4% to $37.4 million from $39.0
million in the same year-ago period, reflecting the expected
lower navigation carrier application revenue, partly offset by
increased 9-1-1 revenue which includes next generation 9-1-1
software maintenance, network monitoring, and other professional
service revenue.
Commercial systems revenue was up 10% to $4.6 million from $4.2
million in Q1 2012 on higher next generation 9-1-1
deployment project revenue, and proceeds from intellectual property
monetization activity in Q1-13.
Operating Costs and Expenses:
R&D: First quarter 2013 R&D
expense was $8.5 million (9% of
revenue), about the same as the year-ago quarter. TCS continues to
invest in 9-1-1 applications, secure communications technology, and
infrastructure and applications for network operators and the
telematics supply chain.
SG&A: First quarter 2013 selling,
general and administrative expense was $21.7 million
(23% of revenue), up 9% from
$19.9 million (20% of revenue) in the
first quarter 2012. The increase reflects some nonrecurring
expenses associated with staffing level adjustments and higher
healthcare benefit costs.
Non-cash charges: First quarter 2013
non-cash charges to operating profit were $8.9 million, down 15% from $10.4 million in the same year-ago
quarter.
Income Taxes:
For the first quarter of 2013, the company recorded a
$0.8 million income tax benefit
against pre-tax $1.6 million GAAP
loss.
Liquidity and Capital Resources:
At March 31, 2013, TCS had
$57.5 million of cash, equivalents
and marketable securities, up from $51.5
million at the beginning of the quarter. Funds were
generated in the quarter from $9.5
million in EBITDA, a $10.4
million decrease in working capital and $0.6 million in net borrowings under lease
facilities. Uses of cash during the quarter were $9.9 million for debt repayments, $3.4 million for capital expenditures including
software development, and $1.2
million for cash interest, cash taxes, and other expenses.
At the end of the quarter, the company had approximately
$89 million of available liquidity,
including $31.4 million of unused
borrowing availability under its bank credit line.
Intellectual Property:
TCS was issued 14 U.S. patents during
the first quarter of 2013, bringing the quarter-end patent
portfolio to 277 patents issued in the U.S. and
abroad, and more than 360 patent applications
pending.
Backlog:
|
|
12/31/2012
|
|
New
Orders
|
|
Revenue
|
|
3/31/2013
|
($millions)
|
|
|
|
|
|
|
|
|
Commercial
Funded Contract Backlog
|
|
$
215.7
|
|
$
52.0
|
|
$
(42.0)
|
|
$
225.7
|
Government
Funded Contract Backlog
|
|
$
93.0
|
|
$
43.2
|
|
$
(52.8)
|
|
$
83.4
|
Total
Funded Contract Backlog
|
|
$
308.7
|
|
$
95.2
|
|
$
(94.8)
|
|
$
309.1
|
Un-funded Customer Options
|
|
$
779.3
|
|
$
(21.2)
|
|
|
|
$
758.1
|
Total
Backlog
|
|
$
1,088.0
|
|
$
74.0
|
|
$
(94.8)
|
|
$
1,067.2
|
|
|
|
|
|
|
|
|
|
Funded contract backlog on March
31, 2013 was $309.1 million,
of which the company expects to recognize approximately
$195 million in the next 12 months.
Funded contract backlog represents contracts for which
fiscal year funding has been appropriated by the company's
customers (mainly federal agencies); and for hosted services
(mainly for wireless carriers), backlog for which is computed by
multiplying the most recent month's contract or subscription
revenue times the remaining months under existing long-term
agreements, which is the best available information for
anticipating revenue under those agreements. Total backlog, as is
typically measured by government contractors, includes orders
covering optional periods of service and/or deliverables, but for
which budgetary funding may not yet have been approved, and could
expire unused. The company's backlog at any given time may be
affected by a number of factors, including the availability of
funding, contracts being renewed, or new contracts being signed
before existing contracts are completed. The timing and amounts of
government contract funding may be adversely affected by federal
budget policy decisions like handling of sequestration and can lead
to delays in procurement of our products and services due to lack
of funding. Some of the company's backlog could be canceled for
causes such as late delivery, poor performance and other factors.
Accordingly, a comparison of backlog from period to period is not
necessarily meaningful and may not be indicative of eventual actual
revenue.
Conference Call
TCS will hold a conference call later today
(May 2, 2013)
to discuss these financial results. The
company's chairman and CEO, Maurice B.
Tose, and senior vice president and CFO, Tom Brandt, will host the call starting at
5:00 p.m. Eastern time. A question
and answer session will follow management's
presentation.
To participate in the call, dial the appropriate number
5-10 minutes prior to the start time, ask for the
"TeleCommunication Systems conference call" and provide the
conference ID.
Dial-In Number:
1-888-846-5003
International:
1-480-629-9856
Conference ID: 4612336
The conference call will be broadcast simultaneously on
the company's website at
www.telecomsys.com. For the webcast, please go
to the website at least 15 minutes early to register, download, and
install any necessary audio software. If you have any difficulty
connecting with the conference call or webcast, please contact
Liolios Group at 1-949-574-3860.
A replay of the call will be available after 8:00 p.m. Eastern time on the same day through
May 16, 2013.
Toll-Free Replay Number:
1-877-870-5176
International Replay Number:
1-858-384-5517
Replay PIN Number:
4612336
About TeleCommunication Systems, Inc.
TeleCommunication Systems, Inc. (TCS) (NASDAQ: TSYS) is a
world leader in highly reliable and secure mobile communication
technology. TCS infrastructure forms the foundation for market
leading solutions in E9-1-1, text messaging, commercial location
and deployable wireless communications. TCS is at the forefront of
new mobile cloud computing services providing wireless applications
for navigation, hyper-local search, asset tracking, social
applications and telematics. Millions of consumers around the world
use TCS wireless apps as a fundamental part of their daily lives.
Government agencies utilize TCS' cyber security expertise,
professional services, and highly secure deployable satellite
solutions for mission-critical communications. Headquartered in
Annapolis, MD, TCS maintains
technical, service and sales offices around the world. To learn
more about emerging and innovative wireless technologies,
visit www.telecomsys.com.
About the Presentation of EBITDA
EBITDA is not a financial measure calculated and
presented in accordance with U.S. generally accepted accounting
principles (GAAP) and should not be considered as an alternative to
net income, operating income or any other financial measures so
calculated and presented, nor as an alternative to cash flow from
operating activities as a measure of liquidity. The company defines
EBITDA as net income/(loss) before depreciation; non-cash
stock-based compensation expense; amortization of capitalized
software development costs, property and equipment and other
intangibles; taxes; and interest expense and other non-cash
financing costs. Other companies (including competitors) may define
EBITDA differently. The company presents EBITDA because management
believes it to be an important supplemental measure of performance
that is commonly used by securities analysts, investors and other
interested parties in the evaluation of companies in our industry.
Management also uses this information internally for forecasting
and budgeting. It may not be indicative of the historical operating
results of TCS nor is it intended to be predictive of potential
future results. Investors should not consider EBITDA in isolation
or as a substitute for analysis of the company's results as
reported under GAAP. See "Summary of EBITDA and Adjusted Net Income
and Reconciliation to Net Income/(Loss)" above for further
information on this non-GAAP measure.
About the Presentation of Adjusted Net
Income
Adjusted net income is not a financial measure
calculated and presented in accordance with GAAP and should not be
considered as an alternative to net income, operating income or any
other financial measures so calculated and presented, nor as an
alternative to cash flow from operating activities as a measure of
liquidity. Adjusted net income is defined as GAAP net income/(loss)
adjusted for amortization of acquired intangibles, non-cash
stock-based compensation expense, non-cash tax and financing
charges.TCS has provided adjusted net income in addition to GAAP
financial results because management believes this non-GAAP measure
helps provide a consistent basis for comparison between quarters
and fiscal year growth rates that are not influenced by certain
non-cash charges and credits or items not part of our ongoing
operations, and is helpful in understanding the underlying
operating results. See "Summary of EBITDA and Adjusted Net Income
and Reconciliation to Net Income/(Loss)" above for further
information on this non-GAAP measure. For Adjusted Net Income
diluted per share calculations, the convertible debt is treated as
debt and is assuming no conversion.
Forward-looking Statements
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 TCS' 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," "should," "prospect," 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 that are made in the commentary
sections and by Mr. Tose and Mr. Brandt that (a) we have set the
stage for a strong second half; (b) we expect the inflow of
payments from our patent monetization projects to be a growing
contributor to our operations; (c) our performance under the WWSS
contract vehicle will continue with the SC2 and GTACS contract
vehicles; (d) we are evaluating opportunities to enhance liquidity
and address the impact of convertible debt maturing in late 2014;
(e) we have unused borrowing availability under our bank credit
line; and (f) we expect to recognize $195 million of our backlog in
the next twelve months.
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)
accurately assess impairment triggering events related to our
intangibles, including goodwill; (iii) 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,
and to do so at prices that will allow us to continue to fund our
operations, (iv) conduct its business in foreign countries,
(v) adapt and integrate new technologies into its products and
adequately expand its data centers and data delivery systems, (vi)
expand its sales and business offerings in the wireless
communications industry, (vii) develop software and provide
services without any errors or defects and with adequate security
threat protections, (viii) protect its intellectual property
rights, (ix) have sufficient capital resources to fund its
operations, (x) not incur substantial costs from product liability
and IP infringement claims and indemnification demands relating to
its software, (xi) implement its sales and marketing strategy, and
(xii) successfully integrate the assets and personnel obtained in
its acquisitions and investments. Existing and prospective
investors are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
The company undertakes no obligation to update or revise the
information in this press release, whether as a result of new
information, future events or circumstances, or otherwise.
TeleCommunication Systems, Inc.
|
Condensed Consolidated Balance
Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December 31,
|
|
(amounts in $000)
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash,
equivalents, and marketable securities
|
|
$
57,547
|
|
$
51,498
|
|
|
|
Accounts
receivable, net
|
|
68,186
|
|
83,013
|
|
|
|
Unbilled
receivables
|
|
15,245
|
|
23,095
|
|
|
|
Inventory
|
|
|
9,481
|
|
11,084
|
|
|
|
Deferred
income tax assets
|
|
10,612
|
|
9,813
|
|
|
|
Deferred
project costs and other current assets
|
|
15,777
|
|
15,394
|
|
|
|
|
|
Total
current assets
|
|
176,848
|
|
193,897
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
and equipment, net
|
|
48,307
|
|
49,270
|
|
|
Software
development costs, net
|
|
18,081
|
|
18,929
|
|
|
Acquired
intangible assets, net
|
|
25,029
|
|
26,172
|
|
|
Goodwill
|
|
|
|
112,450
|
|
112,450
|
|
|
Noncurrent
deferred tax assets
|
|
6,233
|
|
6,233
|
|
|
Other
assets
|
|
|
6,267
|
|
6,761
|
|
|
|
|
|
Total
assets
|
|
$
393,215
|
|
$
413,712
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders'
equity
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable and accrued expenses
|
|
$
46,365
|
|
$
56,109
|
|
|
|
Deferred
revenue
|
|
|
24,603
|
|
26,527
|
|
|
|
Current
portion of bank borrowings and capital leases
|
22,400
|
|
28,657
|
|
|
|
|
|
Total
current liabilities
|
|
93,368
|
|
111,293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes
payable and capital leases, less current portion
|
|
135,909
|
|
138,939
|
|
|
Other
liabilities
|
|
|
1,660
|
|
2,378
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
stockholders' equity
|
|
162,278
|
|
161,102
|
|
|
|
|
|
Total
liabilities and stockholders' equity
|
|
$
393,215
|
|
$
413,712
|
|
|
|
|
|
|
|
|
|
|
|
|
TeleCommunication Systems, Inc.
|
Consolidated Statements of
Operations
|
|
|
|
|
|
|
|
|
Three
Months Ended
March
31,
|
|
($000
except EPS)
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
(unaudited)
|
|
Revenue
|
|
|
|
|
|
|
|
Services
|
|
|
$
73,518
|
|
$
72,348
|
|
|
Systems
|
|
21,276
|
|
27,687
|
|
|
|
|
Total
revenue
|
|
94,794
|
|
100,035
|
|
|
|
|
|
|
|
|
|
|
|
Direct
costs of revenue
|
|
|
|
|
|
|
Direct
cost of services revenue
|
|
41,801
|
|
44,241
|
|
|
Direct
cost of systems
|
|
17,512
|
|
21,404
|
|
|
|
|
Total
direct cost of revenue
|
|
59,313
|
|
65,645
|
|
|
|
|
|
|
|
|
|
|
|
|
Services
gross profit
|
|
31,717
|
|
28,107
|
|
|
|
As a %
of revenue
|
|
43%
|
|
39%
|
|
|
Systems
gross profit
|
|
3,764
|
|
6,283
|
|
|
|
As a %
of revenue
|
|
18%
|
|
23%
|
|
|
|
|
Total
gross profit
|
|
35,481
|
|
34,390
|
|
|
|
|
|
Total
gross profit as a % of revenue
|
|
37%
|
|
34%
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
Research
and development expense
|
|
8,526
|
|
8,662
|
|
|
Sales and
marketing expense
|
|
8,049
|
|
7,505
|
|
|
General
and administrative expense
|
|
13,648
|
|
12,367
|
|
|
Depreciation and amortization of property and
equipment
|
|
3,508
|
|
3,439
|
|
|
Amortization of acquired intangible assets
|
|
1,142
|
|
1,374
|
|
|
|
Total
operating expenses
|
|
34,873
|
|
33,347
|
|
|
|
|
|
|
|
|
|
|
|
Income
from operations
|
|
608
|
|
1,043
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(1,844)
|
|
(1,642)
|
|
Amortization of debt issuance expenses
|
|
(297)
|
|
(188)
|
|
Other
income (expense), net
|
|
(95)
|
|
104
|
|
Loss
before income taxes
|
|
(1,628)
|
|
(683)
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
benefit
|
|
799
|
|
314
|
|
Net
loss
|
|
|
|
$ (829)
|
|
$ (369)
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss per share-basic and diluted
|
|
$ (0.01)
|
|
$ (0.01)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares used in calculation - basic and diluted
|
58,573
|
|
57,572
|
|
|
|
|
|
|
|
|
|
|
|
(Logo:
http://photos.prnewswire.com/prnh/20120503/PH99996LOGO
)
Company Contacts:
|
|
|
Tom
Brandt
|
Graham Sorkin
|
Scott Liolios
|
Senior Vice President and
CFO
|
Media Contact
|
Investor Relations
|
TeleCommunication Systems,
Inc.
|
Nadel
Phelan, Inc.
|
Liolios
Group, Inc.
|
Tel
410-280-1001
|
Tel 831-440-2406
|
Tel 949-574-3860
|
tbrandt@telecomsys.com
|
graham@nadelphelan.com
|
info@liolios.com
|
SOURCE TeleCommunication Systems, Inc.