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OVERLAND PARK, Kan., Aug. 9, 2012 (GLOBE NEWSWIRE) -- TMNG Global (Nasdaq:TMNG), a premier provider of professional services and technical solutions to the global leaders in the communications, digital media, and technology industries, reported financial results for its 2012 second quarter ended June 30, 2012.
"In the first half of 2012, TMNG Global met key objectives by maintaining a stable revenue base, significantly reducing our operating cost structure, broadening and strengthening our management team with the formation of an executive committee composed of Company leaders, and engendering a stronger culture focused on restoring sustainable profitability and driving future growth," said Donald Klumb, CEO of TMNG Global. "Our second quarter results demonstrate substantially improved operating performance across key business units since the second half of 2011. Our balance sheet remains strong, with cash of $10.3 million and net working capital of $17.5 million. I am encouraged by the progress made so far in 2012 and by the actions we are taking as a company to improve our execution and enhance our competitive position. Going forward, our primary focus is on driving growth."
Financial Results for the Thirteen Weeks Ended June 30, 2012
Revenues in the second quarter of 2012 were $13.5 million, compared to $17.1 million in the second quarter of 2011 and $13.8 million in the first quarter of 2012. As expected, revenues declined as compared to the second quarter of 2011 due primarily to a significant Tier 1 carrier engagement that was substantially completed during the first half of 2011 and a decrease in software licensing revenues. During the quarter, TMNG's gross margin was 37.4%, compared with 39.4% in the second quarter of 2011 and 36.8% in the first quarter of 2012. The sequential gross margin increase reflects ongoing improvements in operational efficiency improvement and the leveraging of consulting capacity.