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TNS, Inc. Announces First Quarter 2012 Financial Results

Stocks in this article: TNS

TNS, Inc. (NYSE: TNS), a leading provider of business-critical, cost-effective data communications services for transaction-oriented applications, today reported its first quarter 2012 results.

Henry H. Graham, Jr., CEO, commented, “First quarter 2012 revenue and adjusted earnings achieved the mid-point of our outlook range, reflecting strong traction from investments in growth and continued consistent execution. Revenue from our four key growth areas, specifically our TNSPay services suite, mobile applications, roaming and clearing services, and TNSVerify, increased 46% from the year-ago quarter to 14% of revenue. Revenue from core services, including network services, caller name services, and payment processing, increased slightly and contributed to our strong cash flow. With this solid start to the year, we remain focused on the evolution of our business, leveraging our investments to achieve additional measurable returns.”

First Quarter 2012 Results

Total revenue for the first quarter of 2012 increased 4.3% to $138.8 million from first quarter 2011 revenue of $133.0 million. On a constant dollar basis, revenues for the first quarter of 2012 increased 4.7% to $139.3 million.

First quarter 2012 GAAP net loss was $3.9 million, or $0.16 loss per share, compared to GAAP net income of $0.7 million, or $0.03 per share, for the first quarter 2011. Included in GAAP net loss for the first quarter of 2012 was a loss of approximately $5.5 million, or $0.22 per share, due to the refinancing of the November 2009 credit facility in February 2012. Included in GAAP net income for the first quarter of 2011 were a pre-tax charge of $0.7 million, or $0.02 per share, resulting from accelerated depreciation of certain network assets associated with the CSG integration and a pre-tax charge of $0.3 million, or $0.01 per share, for severance.

Adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) for the first quarter of 2012 increased 2.6% to $32.9 million, or 23.7% of revenue, from $32.1 million, or 24.1% of revenue, for the first quarter of 2011. Excluding the first quarter 2011 pre-tax charge of $0.3 million associated with severance, adjusted EBITDA was $32.4 million, or 24.4% of revenue. On a constant dollar basis, adjusted EBITDA for the first quarter of 2012 was $33.3 million, or 23.9% of revenue.

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