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

GTSI Reports First Quarter Results

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 ended March 31, 2012.

Reported Results

For the first quarter of 2012, GTSI reported an 8.6% increase in total revenue to $76.4 million compared to $70.3 million for the first quarter of 2011. Total gross margin for the first quarter of 2012 decreased $1.4 million to $11.6 million, a reduction of 11.0%, from the same period in 2011. Gross margin percent for the first quarter was 15.1% compared to 18.5% for the same quarter last year. Operating expenses declined $3.2 million or 17.8% to $15.1 million compared to $18.3 million for the first quarter of 2011. The resulting loss from operations of $3.5 million is a $1.8 million improvement from the $5.3 million loss from operations reported for the first quarter of 2011. Equity earnings from our investment in Eyak Technology LLC (EyakTek) declined $1.1 million as a result of the sale of our equity interest during the third quarter of 2011. The net loss for the first quarter of 2012 was $2.5 million, an improvement compared to the net loss of $2.7 million for the same period in 2011. Earnings per share improved $0.02 per share or 6.5% compared to the loss per share of $0.28 reported for Q1 2011.

Sterling Phillips, GTSI’s president and chief executive officer, stated, “We are pleased with the year-over-year improvement in revenue and key profitability metrics. Our expanded sales force is showing results and the restructuring over the past year allows us to be more profitable.”

Additional Information

Within overall revenue growth, product revenue improved $1.2 million, services revenue improved $6.7 million and financing revenue declined $1.8 million. The gross margin decline includes a product gross margin reduction of $2.3 million, a services gross margin increase of $2.1 million and a financing gross margin decline of $1.2 million. Within operating expenses, salaries and related expenses declined $2.2 million and professional services expenses declined $0.9 million. The decline in professional services expenses reflects lower fees for lawyers and the monitor related to the SBA administrative agreement. As reported in the 2011 10-K filing, during the quarter we sublet excess space in our headquarters facility which resulted in a one-time charge of $606K which represents the difference between actual rental expense and the $1.3 million in sublease payments expected over the term of the sublease. The expense reduction realized from the sublease will be recognized in future quarters.

1 of 4

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 $94.01 -1.20%
FB $118.06 0.54%
GOOG $695.70 0.48%
TSLA $226.77 -2.40%
YHOO $37.40 3.90%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs