This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.03 -2.90%
FB $117.52 7.90%
GOOG $691.20 -2.10%
TSLA $247.54 -1.60%
YHOO $36.58 -1.00%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,075.81 -19.34 -0.92%
NASDAQ 4,805.2910 -57.85 -1.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs