Tollgrade Reports Second Quarter 2010 Results
PITTSBURGH, Aug. 3, 2010 (GLOBE NEWSWIRE) -- Tollgrade Communications, Inc. (Nasdaq:TLGD), a leading supplier of network service assurance test products and solutions, today reported revenue of $11.5 million and net income of $1.2 million or $0.10 per share for the second quarter ended June 30, 2010. Revenue and net income increased by approximately $0.9 million and $2.7 million compared to the second quarter of 2009 representing increases of 8% and 181%, respectively. The results for the second quarter of 2010 also include the effects of net severance charges of approximately $0.6 million which were primarily associated with the departure of the Company's former chief executive officer.
"We took action to realign our business beginning in the fourth quarter of 2009 and accelerated our efforts to significantly reduce operating costs during the first quarter of 2010. Our reduced operating cost structure had a major impact on our ability to report a profit during the second quarter of 2010, and we believe these actions have positioned the Company to sustain profitability in the future and to be more competitive in the marketplace, helping us to drive top line growth. Our primary focus continues to be on our installed customer base and securing revenue from existing and new customer projects as well as long term maintenance agreements. We are committed to delivering the highest levels of service to our customers and we are confident that our reduced operating cost structure has not affected our ability to continue to deliver the level of service our customers have come to expect," said Edward Kennedy, President and Chief Executive Officer.
Mr. Kennedy added, "We have recently finalized a nine month maintenance contract extension with a major European service provider and are in the process of finalizing a new multi-year maintenance contract with another major European provider. Currently, we have multiple customer trials underway that we believe will create revenue opportunities in the second half of 2010 and in 2011. Our workforce is energized and committed to achieving our goals and driving shareholder value."
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