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

Tollgrade Reports Third Consecutive Quarterly Profit

PITTSBURGH, Feb. 23, 2011 (GLOBE NEWSWIRE) -- Tollgrade Communications, Inc. (Nasdaq:TLGD), a leading supplier of network service assurance test products and solutions, today reported revenue of $11.9 million and net income of $2.4 million or $0.17 per share on a fully diluted basis for the fourth quarter ended December 31, 2010. The Company's net income of $2.4 million for the fourth quarter 2010 was almost equal to its third quarter 2010 net income of $2.5 million, which was the highest quarterly net income since the second quarter of 2001. Although fourth quarter 2010 revenue was down by approximately $0.8 million compared to fourth quarter 2009 revenue of $12.7 million, the Company's profit from operations was approximately $1.9 million in the fourth quarter of 2010 compared to an operating loss of $(27.5) million in the fourth quarter of 2009, which included intangible asset impairments of approximately $27.0 million.

For the year ended December 31, 2010, the Company posted revenue of approximately $45.6 million and net income of $4.4 million or $0.34 per share on a fully diluted basis compared to revenue of $44.9 million and a net loss of $(36.2) million or a loss per share on a fully diluted basis of $(2.85) for the prior year.  With net income for the year of $4.4 million, 2010 was the Company's first profitable year since 2005. Included in the Company's 2009 net loss, were approximately $30.5 million of non-cash expenses primarily related to intangible asset impairments and inventory write-downs.

"The Company again performed well during the quarter, posting positive net income for the third consecutive quarter and for the full year, representing our first annual profit since 2005. Our number one goal coming into 2010 was to ensure profitability, and we accomplished that goal. We became profitable in part through our cost saving initiatives, which included moving to a totally outsourced variable cost manufacturing model, along with workforce and other non-headcount related cost savings.  These cost reductions were strategically made to ensure that our customers would still receive the highest levels of service. Additionally, during the year, we generated approximately $5.5 million in cash from operations," said Edward Kennedy, President and Chief Executive Officer.

1 of 2

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 $93.00 -0.26%
FB $117.43 -0.32%
GOOG $703.69 0.32%
TSLA $210.48 -0.50%
YHOO $36.85 -0.24%


Chart of I:DJI
DOW 17,631.57 -29.14 -0.17%
S&P 500 2,049.70 -0.93 -0.05%
NASDAQ 4,716.1060 -0.9880 -0.02%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs