TMNG Global Reports 2010 Third Quarter Results
OVERLAND PARK, Kan., Nov. 11, 2010 (GLOBE NEWSWIRE) -- TMNG Global (Nasdaq:TMNG), a leading provider of professional services to the global communications, digital media, technology, and financial services industries, reported financial results for its 2010 third quarter ended October 2, 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.
Revenues in the third quarter of 2010 were $16.4 million, compared to $16.8 million in the 2009 third quarter and $17.0 million in the 2010 second quarter. The year-over-year decline was due to lower revenue contributions from carrier customers and the European market, partially offset by an increase in strategic consulting services. During the quarter, TMNG's gross margin was 37.9%, compared with 40.8% in the third quarter of 2009 and 39.1% in the second quarter of 2010. Margins were negatively impacted by start-up expenses related to the SmartXchange SM solution, which was launched early in the fourth quarter.
TMNG Global reported a net loss of ($0.7) million on a GAAP basis, or ($0.10) per diluted share for the third quarter of 2010, compared with a net loss of ($0.5) million, or ($0.08) per diluted share, for the third quarter of 2009. After adjusting for the after tax impact of net realized gains and losses on auction rate securities, depreciation and amortization expense and share-based compensation expense, the non-GAAP adjusted net income was $0.1 million or $0.01 per diluted share during the third quarter of 2010. The comparable non-GAAP adjusted net income for the third quarter of fiscal 2009 was $0.5 million, or $0.07 per diluted share."TMNG Global generated positive non-GAAP adjusted net income in the third quarter, even though our revenue level was lower on a sequential basis, as anticipated. This solid execution is testament to our disciplined operating and expense management, which remains a cornerstone of our strategy to drive year-over-year growth in 2010," said Richard Nespola, TMNG Global Chairman and CEO. "We are positioning the business well for 2011, with a solid foundation in key areas including revenue assurance, mobility, cloud computing, and content delivery, which are driving a healthy new business pipeline. While our performance this quarter was not as strong as we would have liked, we are cautiously optimistic that our initiatives will bear fruit in the coming year."
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