TMNG Global Reports 2010 Second Quarter Results
OVERLAND PARK, Kan., Aug. 5, 2010 (GLOBE NEWSWIRE) -- TMNG Global (Nasdaq:TMNG), a leading provider of management consulting and software solution services to the global communications, media and entertainment industries, reported financial results for its 2010 second quarter ended July 3, 2010. All per share amounts have been adjusted to reflect the 1-for-5 reverse stock split of the Company's common stock effective February 7, 2010.
"TMNG Global has posted improved performance through the first half of the year led by our success in solidifying activities with our largest client relationships, strong contributions from our strategic consulting unit, and sound operating expense management," said Richard Nespola, TMNG Global Chairman and CEO. "Strategic consulting historically performs well ahead of economic recovery as clients begin deploying capital into new businesses, next generation platforms and advanced service offerings, creating opportunity for engagement extensions into our operational and software offerings. In this cycle, renewed investment is apparent in areas including mobility, migration to cloud computing architectures, capital formation, and M&A due diligence. We are active in all of these areas and positioned well to participate in our share of a healthy new business pipeline. That said, market conditions remain unpredictable and highly competitive for consulting firms, mandating that we maintain cost discipline as we focus on growing revenues and cash flows from operations in 2010."
Financial Results for the Thirteen Weeks Ended July 3, 2010Revenues in the second quarter of 2010 were $17.0 million, compared to $16.8 million in the 2009 second quarter and $17.5 million in the 2010 first quarter. Included in year-over-year revenue growth is a greater than 100% increase in strategic consulting services, further strengthening our position among our largest customers. During the quarter, TMNG's gross margin was 39.1%, compared with 43.6% in the second quarter of 2009 and 37.8% in the first quarter of 2010. On a year-over-year basis, competitive pricing pressure associated with a marginal economy negatively impacted margins. The sequential increase in gross margin reflected a higher mix of strategic consulting services.
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