Telos Reports Results for First Quarter 1999
ASHBURN, Va.--(BUSINESS WIRE)--May 19, 1999--Telos(R) Corporation announces its first quarter 1999 financial performance.
For the three months ended March 31, 1999, total revenues decreased approximately $3.2 million to $40.5 million when compared to the three months ended March 31, 1998.
This decrease in revenue is primarily attributed to the Systems and Support Services group, which reported decreased sales of $4.4 million due to the sale of the Company's systems information division
("TIS") in February 1998. Partially offsetting this decrease were increased sales during the period by the Company's Products group and Enterworks, Inc., the Company's web-enabled data integration software and support services subsidiary, of approximately $500,000 and $600,000, respectively.
The Company incurred an operating loss of $3.8 million for the first quarter in 1999, as compared to an operating loss of $3.1 million for the first quarter of 1998. This decline in operating profit is primarily a result of an increased investment in the research and development and sales and marketing activities of Enterworks, Inc.
The Company incurred a net loss of $4.1 million for the three-month period ended March 31, 1999, as compared to net income of $677,000 in the same three-month period in 1998. The overall decrease in net income was primarily attributable to the sale of TIS in the first quarter of 1998 for which the Company recorded an after tax gain of $5.7 million.
The financial results for the three months ended March 31, 1999 are explained in more detail in the Company's quarterly report on Form 10-Q filed with the Securities and Exchange Commission.
About Telos Corporation
Telos delivers e-Solutions for Connected Enterprises (TM). Telos e-Solutions help organizations adapt quickly to - and take advantage of - changing business conditions through enabling technologies that link people, data, and ideas.
Addressing the problems of logistics and supply-chain management, Telos e-Solutions include order status tracking, asset visibility, patient record access, security, motor pool and aircraft maintenance, and financial reconciliation. Organizations from healthcare providers to the US Department of Defense depend on Telos innovations to improve effectiveness and control the long-term costs of ownership.
The Company's world-class partners include Tivoli Systems, Inc. and Enterworks, Inc. Telos is headquartered in Northern Virginia's high technology corridor and maintains offices internationally. For more information on Telos' solutions, visit the Company's Web site at telos.com.
Telos is a registered trademark of Telos Corporation. Enterworks is a service mark and trademark of Enterworks, Inc.
CONTACT:
Telos Corp., Ashburn
Peter Jacobs, 703/724-4746 |
