TCS reports record revenue, builds defense pipeline
TeleCommunication Systems reported that its third quarter 2012 revenue marked the highest quarterly revenue and gross profit in the company's history.
The Annapolis, Md.-based mobile communication technology compan reported Oct. 25 that its revenue had risen 24 percent over the same period last year to a record $140.1 million and that its gross profit was up 18 percent to a record $44.1 million.
TCS also reported adjusted net income of $7.3 million or $0.12 per diluted share for the third quarter 2012, up 9 percent from $6.7 million or $0.11 per diluted share in the third quarter of 2011.
TCS, which serves both the commercial and government sectors, focuses in the government sector on deployable secure communications, systems, managed services and field support.
Company officials pointed to TCS selection as one of eight awardees for the $2.6 billion custom SATCOM solutions contract as a key win.
"The award is expected to expand our acces to business opportunities well-suited for our TotalCom wireless technology," said Maurice Tose, the company's chairman and CEO. "We anticipate award notices to participate in two more multi-billion dollar contract vehicles: the Army's GTACS and Homeland Security's Eagle II, late in the fourth quarter. These awards would enhance our visibility and prospects for 2013."
William Welsh is the managing editor of Defense Systems. Follow him on Twitter: @WilliamWelsh12.