From NASDAQ:TCMS 10Q Filled yesterday at the SEC
Anyone care to comment on these numbers?
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Results of Operations - TCMS
The following table sets forth certain selected financial data for TCMS
(Woodson as the accounting acquirer) as a percentage of revenues for the
periods indicated:
Three-Month Periods Ended
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September 30, September 30,
1996 1997
-------------------- --------------------
Revenue $ 4,277 100.0% $ 13,886 100.0%
Cost of revenue 3,260 76.2 10,616 76.5
Costs and Expenses:
Selling, general and administrative 743 17.4 756 5.4
Depreciation and amortization 154 3.6 262 1.9
------- --------- --------- -----
Operating Income $ 120 2.8% $ 2,252 16.2%
======= ========= ========= =====
Nine-Month Periods Ended
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September 30, September 30,
1996 1997
-------------------- --------------------
Revenue $ 14,966 100.0% $ 31,990 100.0%
Cost of revenue 11,093 74.1 25,859 80.8
Costs and Expenses:
Selling, general and administrative 2,222 14.8 2,191
6.8
Depreciation and amortization 445 3.0 717 2.2
------- --------- --------- -----
Operating Income $ 1,206 8.1% $ 3,223 10.2%
======== ========= ======== ====
Results for the three-months ended September 30, 1997 compared to the
three-months ended September 30, 1996
Revenue. Revenue increased $9.6 million, or 225% for the three months ended
September 30, 1997 compared to the three months ended September 30, 1996. The
increase is attributable to improved market activity in 1997.
Cost of revenue. Cost of revenue increased $7.4 million, or 226%. As a
percentage of revenue, cost of revenue was 76.5% for the three months ended
September 30, 1997 compared to 76.2% for the three months ended September 30,
1996.
Selling, general and administrative expenses. Selling, general and
administrative expenses were essentially unchanged for the three months ended
September 30, 1997 compared to the three months ended September 30, 1996.
Depreciation and amortization. Depreciation and amortization expenses increased
$0.1 million, or 70%, due primarily to the acquisition of equipment.
-15-
Results for the nine-months ended September 30, 1997 compared to the
nine-months ended September 30, 1996
Revenue. Revenue increased $17.0 million, or 114%, for the nine months ended
September 30, 1997 compared to the corresponding period in the prior year. The
increase is attributable to improved market activity in 1997.
Cost of revenue. Cost of revenue increased $14.8 million, or 133%, for the nine
months ended September 30, 1997 compared to the corresponding period in the
prior year. The increase was primarily due to the increase in pipeline
construction activity in the 1997 period. As a percentage of revenue, cost of
revenue was 80.8% for the nine months ended September 30, 1997 compared to
74.1% for the corresponding period in the prior year.
Selling, general and administrative expenses. Selling, general and
administrative expenses were essentially unchanged for the nine months ended
September 30, 1997 compared to the corresponding period in the prior year. As a
percentage of revenue, selling, general and administrative expenses were 6.8%
for the nine months ended September 30, 1997 compared to 14.8% for the
corresponding period in the prior year.
Depreciation and amortization. Depreciation and amortization expenses increased
$0.3 million, or 61.1%, for the nine months ended September 30, 1997 compared
to the corresponding period in the prior year. The increase was due to the
additional property, plant and equipment placed in service in 1996 and 1997. |
