Telos Reports Results for Second Quarter 1999
ASHBURN, Va.--(BUSINESS WIRE)--Aug. 19, 1999--Telos(R) Corporation announces its second quarter 1999 financial performance.
Revenues for the three months ended June 30, 1999 were $57.9 million, an increase of $11.2 million compared to the three months ended June 30, 1998.
For the six months ended June 30, 1999, revenues were $98.5 million, or $8.0 million greater than revenues for the comparable 1998 period. These increases were primarily attributable to increases in sales from the Company's Joint Recruitive Information Support Services Blanket Purchase Agreement.
Operating income for the three months ended June 30, 1999 was $0.6 million, an increase of $0.1 million compared to the three months ended June 30, 1998. For the six months ended June 30, 1999, the Company incurred an operating loss of $3.2 million, as compared to an operating loss of $2.6 million for the comparable 1998 period. These decreases in operating profitability were principally due to increased investments in sales and marketing and research and development in Enterworks, Inc., the Company's web-enabled data integration software and support services subsidiary.
The Company incurred a net loss of $1.0 million for the three months ended June 30, 1999, compared to a net loss of $1.7 million for the three months ended June 30, 1998. For the six months ended June 30, 1999, the Company incurred a net loss of $ 5.1 million, as compared to a net loss of $1.0 for the comparable 1998 period. The net loss of $1.0 million incurred in the first half of 1998 benefited from a $5.7 million after tax gain recorded in connection with the sale of the Company's systems information division in February 1998. |
