Exhibit 99
TCS Reaffirms Second Quarter Outlook
Company Expects Over $40 Million Revenue and
Positive Net Income for the Quarter
ANNAPOLIS, Md., June 30 /PRNewswire-FirstCall/ -- TeleCommunication
Systems, Inc. (Nasdaq: TSYS), a global leader in wireless data technology,
today announced it expects results for the quarter to be above the midpoint of
the range of revenues and net income previously announced by the company:
revenues between $38 and $42 million, and GAAP earnings per share between
minus 3 and plus 5 cents per share.
"Following a seasonally low first quarter for Government segment revenue,
the company had very strong government orders and systems deliveries during
the three months now ending," commented Maurice B. Tose, Chairman, President
and CEO for TCS. "In addition, strong growth in our wireless carrier
customers' usage of TCS text messaging technology generated significant
license revenue for added capacity."
"This will represent the third of four quarters that our company has
reported positive GAAP net income (after deducting all noncash charges, which
have approximated 10 cents a share per quarter in 2004.) With a growing order
book for wireless carrier location-based software systems and the momentum in
our Government segment, the company expects continued quarter over quarter
improvement in performance during the balance of 2004. As we indicated at the
beginning of the year, we intend to achieve overall revenue of $150 to $170
million for 2004, with per share net income of 12 to 18 cents a share."
TCS cautioned that these anticipated results are based on the best
information currently available, and are subject to change and the closing of
the books and customary quarterly and yearly accounting procedures. The
quarter end earnings release and investor conference call are tentatively
scheduled for July 29; a press release announcing details for the call will be
made in advance.
ABOUT TELECOMMUNICATION SYSTEMS, INC.
TeleCommunication Systems, Inc. (TCS) (Nasdaq: TSYS) is a leading provider
of mission critical wireless data solutions to carriers, enterprise and
government customers. TCS' wireless data offerings range from providing
location-based Enhanced 9-1-1 services and messaging infrastructure to
wireless operators, real-time market data and alerts to financial
institutions, mobile asset management and mobile office solutions for
enterprises, and encrypted satellite communications to government customers.
For more information visit http://www.telecomsys.com, and for detailed
financial data and guidance see the investor relations pages of the company
website at http://media.corporate-ir.net/media_files/nsd/tsys/model.htm.
This announcement contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities and Exchange Act of 1934, as amended. These statements are
based upon TCS' current expectations and assumptions that are subject to a
number of risks and uncertainties that would cause actual results to differ
materially from those anticipated. The words, "believe," "expect," "intend,"
"anticipate," and variations of such words, and similar expressions identify
forward-looking statements, but their absence does not mean that the statement
is not forward-looking. Statements in this announcement that are forward-
looking include, but are not limited to, Mr. Tose's statement that "TCS
expects continued quarter over quarter improvement in performance during the
balance of 2004," and "we intend to achieve overall revenue of $150 to $170
million for 2004, with per share net income of $.12 to $.18."
The actual results realized by the Company could differ materially from
the statements made herein, depending in particular upon the risks and
uncertainties described in the Company's filings with the Securities and
Exchange Commission (SEC). These include without limitation risks and
uncertainties relating to the Company's financial results and the ability of
the Company to (i) sustain profitability as anticipated, (ii) continue to rely
on its customers and other third parties to provide additional products and
services that create a demand for its products and services, (iii) conduct its
business in foreign countries, (iv) adapt and integrate new technologies into
its products, (v) expand its business offerings in the new wireless data
industry, (vi) develop software and provide services without any errors or
defects, (vii) protect its intellectual property rights, and (viii) implement
its sales and marketing strategy.
Existing and prospective investors are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date
hereof. The Company undertakes no obligation to update or revise the
information in this press release, whether as a result of new information,
future events or circumstances, or otherwise.
SOURCE TeleCommunication Systems, Inc.
-0- 06/30/2004
/CONTACT: Tom Brandt, Senior Vice President & CFO of TeleCommunication
Systems, Inc., +1-410-280-1001, brandtt@telecomsys.com; or Investor Relations:
Scott Liolios of Liolios Group, +1-949-574-3860, Scott@liolios.com, for
TeleCommunication Systems, Inc./
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/Web site: http://www.telecomsys.com /
(TSYS)
CO: TeleCommunication Systems, Inc.; TCS
ST: Maryland
IN: TLS MLM CPR
SU: ERP