GTSI Corp. (NASDAQ: GTSI), a systems integration, solutions and
services provider to federal, state and local governments, today
announced its financial results for the three months and twelve
months ended December 31, 2011.
Reported Results
For the fourth quarter of 2011, GTSI reported revenue of $109.3
million compared to $192.5 million for the fourth quarter of 2010,
a revenue decline of 43.2%. Gross margin for the fourth quarter of
2011 decreased to $17.9 million from $19.6 million, a reduction of
8.6% from the same period in 2010. Gross Margin percent for the
fourth quarter was 16.4% compared to 10.2% for the same quarter
last year. Operating expenses declined $6.0 million, or 25.7%, to
$17.2 million compared to $23.2 million for the fourth quarter of
2010. The resulting income from Operations of $0.7 million is a
$4.3 million improvement from the $3.6 million loss from operations
reported for the fourth quarter of 2010. Equity earnings from
GTSI’s investment in Eyak Technology LLC (EyakTek) declined $1.9
million as a result of the sale of our equity interest during the
third quarter. The net income for the fourth quarter of 2011 was
$0.4 million, compared to net loss of $1.0 million for the same
period in 2010. Earnings per share improved $0.15 per share, or
136.4%, compared to $.11 loss per share from the same quarter last
year.
For the twelve months ended December 31, 2011, GTSI reported
revenue of $356.7 million compared to $666.7 million for the same
period in 2010, a decline of 46.5%. Gross margin for the twelve
months ended December 31, 2011 decreased $17.9 million to $62.4
million, or 22.4%, when compared to full year results for 2010.
Gross Margin percent for 2011 is 17.5% compared to 12.1% for 2010.
Operating expenses declined $16.8 million, or 19.1%, to $70.9
million. The loss from Operations increased for the twelve months
ended December 31, 2011 by $1.2 million compared to 2010. Equity
earnings from our EyakTek investment increased $2.4 million
including the gain on the sale of our ownership interest of $7.3
million. Net income for 2011 was $0.5 million compared to net loss
of $0.9 million for 2010. Earnings per share for 2011 was $.05,
which was a 154.0% increase compared to the loss per share of $.10
in 2010.
GTSI ended the quarter with $54.9 million in cash on hand. The
Company had no long-term debt and no borrowings under its credit
facility. As of December 31, 2011, GTSI had stockholders’ equity of
$97.0 million or $10.02 per diluted share.
Conference Call
An investor conference call to discuss fourth quarter results is
scheduled for 11:00 a.m. Eastern Time March 29, 2012. Interested
parties are invited to participate by calling 800-593-9034 or
334-323-7224, pass code is GTSI. In addition, you may access the
webcast on GTSI’s Investor Relations page (www.gtsi.com/ir).
Webcast will be available for replay through May 28, 2012. To
listen to the live call on the Internet, go to the web site at
least 15 minutes early to register, download and install any
necessary audio software. A replay will be available following the
conclusion of the call until 6:00 p.m. eastern, May 28, 2012. To
access the replay, please dial 877-919-4059 or 334-323-7226, pass
code 39488942.
About GTSI Corp.
GTSI (NASDAQ: GTSI) is a leading provider of technology
solutions and professional services to federal, state and local
governments. Founded in 1983, the company has helped meet the
unique IT needs of more than 1,700 governmental agencies
nationwide. GTSI professionals draw on their deep knowledge,
strategic partnerships, customer service and more than 740 industry
certifications to guide agencies in selecting the most
cost-effective technology available. GTSI has extensive
capabilities and past performance in software development, data
center, networking, collaboration, security and cloud computing
solutions. In addition, GTSI's advanced engineering, integration,
support and financial services - and broad portfolio of contracts -
ease the planning, purchasing and deployment of solutions, and
facilitates the management of mission-critical IT throughout the
lifecycle. Headquartered in Herndon, Va., GTSI has approximately
450 employees. For more information visit the company's website at
www.gtsi.com.
Forward Looking Statements
Except for historical information, all of the statements,
expectations, beliefs and assumptions contained in the foregoing
are "forward-looking statements" (within the meaning of the Private
Securities Litigation Reform Act of 1995) that involve a number of
risks and uncertainties. It is possible that the assumptions made
by management, including, but not limited to, those relating to
sales, margins, operating results and net income, and the effect of
new contracts and lender agreements, as well as new vendor
relationships may not materialize. Actual results may differ
materially from those projected or implied in any forward-looking
statements. In addition to the above factors, other important
factors that could cause actual results to differ materially are
discussed in the Company’s most recent annual report on Form 10–K
and included from time to time in other documents filed by the
Company with the Securities and Exchange Commission.
GTSI and GTSI.com are registered trademarks of GTSI Corp. in the
U.S. and other countries. All trade names are the property of their
respective owners.
All press releases are available in the News Room
on GTSI.com
GTSI Corp. Unaudited Condensed Consolidated Statements of
Operations (In thousands, except per share data)
Three Months Ended Twelve Months
Ended December 31, December 31, 2011
2010 2011 2010 SALES Product $ 88,891 $
174,863 $ 294,266 $ 593,319 Services 15,533 12,559 47,806 51,140
Financing 4,842 5,061 14,594
22,252 109,266 192,483 356,666 666,711
COST OF SALES Product 80,309 157,002 258,432 535,835 Services 9,785
8,324 31,183 33,895 Financing 1,272 7,573
4,687 16,641 91,366
172,899 294,302 586,371
GROSS MARGIN 17,900 19,584 62,364 80,340
SELLING, GENERAL & ADMINISTRATIVE EXPENSES 17,224
23,184 70,875 87,636
(LOSS) INCOME FROM OPERATIONS 676 (3,600 )
(8,511 ) (7,296 ) INTEREST AND OTHER INCOME,
NET Interest and other income 36 32 129 163
Equity income from EyakTek, including gain
on sale
- 1,892 10,317 7,921 Interest expense (142 ) (102 )
(585 ) (618 ) Interest and other income, net
(106 ) 1,822 9,861 7,466
INCOME BEFORE INCOME TAXES 570 (1,778 ) 1,350 170
INCOME TAX EXPENSE (BENEFIT) 203 (738 )
844 1,100 NET INCOME (LOSS) $ 367
$ (1,040 ) $ 506 $ (930 ) EARNINGS (LOSS) PER
SHARE Basic $ 0.04 $ (0.11 ) $ 0.05 $ (0.10 ) Diluted
$ 0.04 $ (0.11 ) $ 0.05 $ (0.10 ) WEIGHTED
AVERAGE SHARES OUTSTANDING Basic 9,651 9,603
9,654 9,604 Diluted 9,678
9,603 9,679 9,604
GTSI Corp. Unaudited Condensed Consolidated
Balance Sheets (In thousands)
December 31,2011
December 31,2010
ASSETS Current assets: Cash and cash equivalents $ 54,872 $
4,049 Accounts receivable, net 76,014 154,891 Inventory, net 8,623
13,708 Deferred costs 1,587 6,991 Other current assets 1,645
2,462 Total current assets 142,741 182,101 Depreciable
assets, net 4,482 7,452 Long-term receivables and other assets
3,126 14,291 Other intangible assets, net 4,076 - Goodwill
9,415 -
TOTAL ASSETS $ 163,840 $ 203,844
LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities:
Accounts payable $ 33,598 $ 50,870 Accounts payable - floor plan
14,049 35,172 Accrued liabilities 11,351 14,887 Deferred revenue
4,105 3,661
Total current liabilities
63,103 104,590 Other liabilities 3,779 3,044 Total
liabilities 66,882 107,634 Total stockholders’ equity 96,958
96,210
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $
163,840 $ 203,844
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