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GTSI Corp. (NASDAQ: GTSI), a systems integration, solutions and services provider to federal, state and local governments, today announced its financial results for the three months and twelve months ended December 31, 2011.
For the fourth quarter of 2011, GTSI reported revenue of $109.3 million compared to $192.5 million for the fourth quarter of 2010, a revenue decline of 43.2%. Gross margin for the fourth quarter of 2011 decreased to $17.9 million from $19.6 million, a reduction of 8.6% from the same period in 2010. Gross Margin percent for the fourth quarter was 16.4% compared to 10.2% for the same quarter last year. Operating expenses declined $6.0 million, or 25.7%, to $17.2 million compared to $23.2 million for the fourth quarter of 2010. The resulting income from Operations of $0.7 million is a $4.3 million improvement from the $3.6 million loss from operations reported for the fourth quarter of 2010. Equity earnings from GTSI’s investment in Eyak Technology LLC (EyakTek) declined $1.9 million as a result of the sale of our equity interest during the third quarter. The net income for the fourth quarter of 2011 was $0.4 million, compared to net loss of $1.0 million for the same period in 2010. Earnings per share improved $0.15 per share, or 136.4%, compared to $.11 loss per share from the same quarter last year.
For the twelve months ended December 31, 2011, GTSI reported revenue of $356.7 million compared to $666.7 million for the same period in 2010, a decline of 46.5%. Gross margin for the twelve months ended December 31, 2011 decreased $17.9 million to $62.4 million, or 22.4%, when compared to full year results for 2010. Gross Margin percent for 2011 is 17.5% compared to 12.1% for 2010. Operating expenses declined $16.8 million, or 19.1%, to $70.9 million. The loss from Operations increased for the twelve months ended December 31, 2011 by $1.2 million compared to 2010. Equity earnings from our EyakTek investment increased $2.4 million including the gain on the sale of our ownership interest of $7.3 million. Net income for 2011 was $0.5 million compared to net loss of $0.9 million for 2010. Earnings per share for 2011 was $.05, which was a 154.0% increase compared to the loss per share of $.10 in 2010.