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– Continued to Drive GAAP Profitability in the Fourth Quarter –
– Results Demonstrate Improved Operating Performance in 2012 –
OVERLAND PARK, Kan., Feb. 26, 2013 (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 fourth quarter and full year ended December 29, 2012.
"In 2012, TMNG Global accomplished each of the goals we outlined at the beginning of the year. We achieved profitability, on both a GAAP and non-GAAP basis, in the second half of the year; we reduced our expense structure and drove efficiency and enhanced accountability in our business; and we established a culture of increased communication and trust. And, as we delivered against our strategic plans to evolve the firm, we started to see early signs of renewed growth in the fourth quarter," said Donald Klumb, CEO of TMNG Global. "In 2013, we are sharpening our focus on building the foundations for growth by improving intra-company collaboration across business units, deepening our relationships with strategic customers, tightening our alliances with key business partners, and enhancing our software solutioning capabilities. At the same time, we are leveraging our strengths to capitalize on opportunities in targeted growth markets. We enter the year with a much improved cost structure and a strong balance sheet, which includes net working capital of $18.2 million."
Financial Results for the Thirteen Weeks Ended December 29, 2012
Revenues in the fourth quarter of 2012 were $12.9 million, compared to $13.5 million in the fourth quarter of 2011 and $12.7 million in the third quarter of 2012. During the quarter, TMNG's gross margin was 38.7%, compared with 34.8% in the fourth quarter of 2011 and 38.6% in the third quarter of 2012. The year-over-year gross margin expansion demonstrates the Company's success in improving its operational efficiency and reflects a favorable services and solutions mix.