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Telecommunication Systems Inc. has a market cap of $180.3 million; its shares were traded at around $3.42 with a P/E ratio of 7.8 and P/S ratio of 0.6. Telecommunication Systems Inc. had an annual average earning growth of 62.6% over the past 5 years.TSYS is in the portfolios of Paul Tudor Jones of The Tudor Group, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations: Commercial services revenue in the three- and six-months ended June 30, 2010 was $20.6 million and $42.1 million higher, respectively, than the same periods for 2009 from increased subscriber revenue for LBS applications, more service connection deployments of our E9-1-1 services for cellular and VoIP service providers, and an increase in software maintenance revenue. The NIM and LocationLogic
The direct cost of commercial services revenue consists primarily of compensation and benefits, network access, data feed and circuit costs, and equipment and software maintenance. The direct costs of maintenance revenue consist primarily of compensation and benefits expense. For the three- and six-months ended June 30, 2010, the direct cost of services revenue was $12.0 million and $23.1 million higher, respectively, than the three- and six-months ended June 30, 2009 primarily due to increase in labor and other direct costs related to the addition of NIM and LocationLogic businesses. We also incurred an increase in labor and direct costs related to custom development efforts responding to customer requests and deployment requirements for E9-1-1 VoIP.
Commercial services gross profit was $20.9 million and $12.3 million for the three-months ended June 30, 2010 and 2009, respectively, based on higher revenue. Commercial services gross profit was $40.9 million for the six-months ended June 30, 2010 compared to $21.9 million for the same period in 2009. Commercial services gross profit for the three- and six-months ended June 30, 2010 was approximately 70% and 87% higher than the three- and six-months ended June 30, 2009, primarily due to the contributions of the LocationLogic and NIM acquisitions. The inclusion of this subscriber application revenue in the 2010 mix brought the gross profit as a percentage of revenue from 59% to 51% in the three-months ended June 30, 2010 and from 57% to 51% in the six-months ended June 30, 2010.
The direct cost of our commercial systems consists primarily of compensation and benefits, purchased equipment, third-party hardware and software, travel expenses, consulting fees as well as the amortization of both acquired and capitalized software development costs for all reported periods. During the three- and six-months ended June 30, 2010, direct costs of systems included $2.3 million and $4.6 million, respectively, of amortization of software development costs. In the three- and six-months ended June 30, 2009, the composition of the direct cost of our systems was about the same except for $0.8 million and $1.3 million, respectively, of amortization of software development costs. The increase of 46% and 60% in the direct costs of systems in the three- and six-months ended June 30, 2010, respectively, compared to the same periods in 2009, reflects an increase in labor and direct costs related to custom development efforts responding to customer requests and deployment requirements for location-based systems.
Our commercial systems gross profit was $3.2 million and $8.4 million in the three- and six-months ended June 30, 2010, respectively, versus $10.0 million and $15.9 in the comparable periods of 2009. Commercial systems gross profit decreased approximately 68% and 47% for the three- and six-months ended June 30, 2010 compared to the same periods in 2009, down due to less higher-margin license software capacity sales offset partially by higher location systems revenue.
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