TeleCommunication Systems, Inc. (NASDAQ: TSYS) said its third quarter 2013 revenue was USD96m, up 3% sequentially from USD92.8m in the previous quarter and down 31% from USD140.1m in the third quarter of 2012.
Adjusted EBITDA was up 58% to USD10.9m from USD6.9m in the previous quarter, and down 28% from USD15.1m in the year-ago quarter, while adjusted net income was USD0.05 per diluted share, improving from USD(0.01) per diluted share in the previous quarter and down from USD0.12 per diluted share in the year-ago quarter.
GAAP net loss was USD(0.00) per diluted share, compared to USD(0.03) in the previous quarter and GAAP net income of USD0.07 per diluted share in the same year-ago quarter.
“Our operating profit for the quarter was about as we expected,” said Maurice B. Tose, TCS chairman and CEO.
TeleCommunication Systems develops and delivers wireless communication technology in the United States, Europe, Latin America, Africa, and Asia. The company operates in two segments, government and Commercial. TeleCommunication Systems was founded in 1987 and is headquartered in Annapolis, Maryland. The company´s website is at http://www.telecomsys.com.