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
OVERLAND PARK, Kan., Feb. 17, 2011 (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 fourth quarter and full year ended January 1, 2011. 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 posted higher revenues and a smaller loss from operations in 2010 by focusing our resources on driving new revenues at our largest customers and continued stringent expense management. Our customer engagements included the traditional TMNG offerings of business assurance, operational efficiency and market entry strategies, as well as helping clients launch new content delivery platforms. 2010 also provided us with a ground-floor opportunity to develop new cloud computing business and economic models," said Richard Nespola, TMNG Global Chairman and CEO. "Our business continues to transform to a more software-solutions model enhanced by our strategic view of the evolving marketplace. Entering 2011, we remain focused on driving sustainable revenue growth, improving margins, and generating positive cash flows from operations."
Financial Results for the Thirteen Weeks Ended January 1, 2011
Revenues in the fourth quarter of 2010 were $16.4 million, compared to $17.1 million in the 2009 fourth quarter and flat with the 2010 third quarter. The year-over-year decline was due to lower revenue contributions from our management consulting and software solutions practices, partially offset by an increase in strategic consulting services. During the quarter, TMNG's gross margin was 36.1%, compared with 42.3% in the fourth quarter of 2009 and 37.9% in the third quarter of 2010. Margin comparisons reflect business mix in the quarter and seasonally lower utilization.
TMNG Global reported a net loss of ($0.2) million on a GAAP basis, or ($0.03) per diluted share for the fourth quarter of 2010, compared with a net loss of ($0.2) million, or ($0.03) per diluted share, for the fourth quarter of 2009. The fourth quarter of 2010 includes a tax benefit of $0.8 million, or $0.11 per diluted share, due to the release of a reserve for uncertain tax positions. After adjusting for the after tax impact of depreciation and amortization expense and share-based compensation expense, the non-GAAP adjusted net income was $0.6 million or $0.08 per diluted share during the fourth quarter of 2010. After adjusting for the after tax impact of net realized gains on auction rate securities, depreciation and amortization expense and share-based compensation expense, the comparable non-GAAP adjusted net income for the fourth quarter of fiscal 2009 was $0.8 million, or $0.12 per diluted share.