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TeleCommunication Systems CEO Discusses Q2 Results - Earnings Call Transcript

Stocks in this article: TSYS

Turning now to highlights of the second quarter, our Government segment's revenue was up $20 million, or 38% compared to the same quarter of last year, including a $22 million increase in pass-through contract revenues.

Government segment first half revenue was $130.3 million, up 38% growth over first half 2011, while gross profit was $25.8 million, up 7%. Government services revenue for the quarter was $33 million, up 2% from a year ago and contributed $8.4 million of gross profit, down from $11 million last year due to pricing compression on some contracts.

TCS was recently awarded a Multi-Million Dollar subcontract to provide managed network service in support of telemedicine applications. Our federal civilian pipeline has grown to over $170 million with growth in IT professional services network integration and in-building wireless solutions.

Our in-building wireless solutions deployed at Walter Reed National Military Medical facilities, Aberdeen Proving Grounds and U.S. hospital at Fort Belvoir, enhanced telemedicine capabilities for the doctors and nurses providing critical, real-time medial information.

Incremental funding of $8 million was received in Q2 to provide integrated, global logistic support for U.S. Marine Corps wireless point-to-point linked solutions in theater, and in mid-July we were awarded an $11 million contract for additional technical assistance on this contract. This growth is a testament to the value of our mature field support and technical training personnel provide.

Read the rest of this transcript for free on seekingalpha.com

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