Results for the quarter were in line with the company’s guidance issued on
July 5, 2001. Revenue for the second quarter was $13.7 million compared with
$19.5 million for the second quarter of 2000. Pro forma gross margin
(excluding stock compensation charges) for the second quarter of 2001 was
49.7% compared with 48.1% for the second quarter of 2000.
TMNG’s pro forma net income (excluding stock compensation and goodwill
amortization) was $2.4 million, or $0.08 per diluted share, compared with
$3.7 million or $0.13 per diluted share, in the second quarter of fiscal 2000.
The telecom landscape continues to pose extraordinary challenges, but
TMNG is performing as well as can be expected in this environment, commented
Rich Nespola, President and CEO of TMNG. Our flexible model has enabled us
to keep our strong talent base intact while generating solid profits and
$12.8 million in operating cash flow in the first six months of fiscal 2001.
The migration of our consulting services to larger and more complex
engagements with tier-one telecom service providers and preeminent global
technology companies continues. We are encouraged with the pipeline of
opportunities in both our core business and our corporate investment and
marketing practices.
SOURCE: COMPANY PRESS RELEASE
