This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Tollgrade Reports Third Consecutive Quarterly Profit

Stocks in this article: TLGD

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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs