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Sigma Systems and TMNG Global Form Strategic Alliance
By TMNG Press Releases @ 7:00 AM :: 272 Views
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Sigma
Systems and TMNG Global Form Strategic Alliance
Partnership Delivers Strategic Consulting, OSS and Systems
Integration Solutions to Enable Telecom Operators to Drive Revenues and Improve
Operational Efficiencies
TORONTO and OVERLAND
PARK, KS, February 18, 2010 — Sigma Systems, an industry
leader in Advanced
IP Service Fulfillment solutions, and TMNG Global (Nasdaq:
TMNGD), a leading provider of professional services, products and services to
the converging communications, media and entertainment industries, today announced
a strategic alliance to enable next-generation operators to increase revenues through
the cost-effective and efficient delivery and support of complex service offerings.
This partnership provides a comprehensive portfolio of software
solutions, implementation, strategic consulting, business case development, and
collaborative business and operational assessment to enable service providers
to rapidly and cost-effectively launch new services. Through this combination of operational services,
the partnership addresses the entire “Business
Plan to Cash” lifecycle, providing service providers with reduced time to
market, lower costs, increased customer satisfaction and improved cash flow.
“Across the cable, mobile and fixed-line sectors, telecommunications
operators are migrating to an integrated approach with flexible service
bundles, while improving operational efficiencies,” said Tim Spencer, president
and COO of Sigma Systems. “With all of these changes under way, the Sigma
Systems and TMNG Global alliance provides next-generation operators with a
first-class resource for the strategic planning, software solutions and quick
implementation needed to bring new services to market quickly to drive revenues.”
The combination of Sigma Systems’ award-winning product
innovation and TMNG Global’s expertise in the people and processes of OSS will bring the
following benefits to next-generation
operators:
- Extensive background in all service offerings—including
mobile and IP-based—across all types of operator environments and
infrastructures
- Proven results with service transformation,
allowing operators to eliminate service silos and integrate all OSS functions onto a
single platform
- Dynamic and experienced teams with hands-on
experience inside operators’ OSS/BSS, IT, customer care and network planning
groups
"One of TMNG Global’s core competencies is our ability to
optimize operational systems and processes in service provider environments,"
said Richard P. Nespola, Chairman and CEO of TMNG Global. "Our partnership
with Sigma Systems leverages this expertise to help service providers across
North America and Europe build more
streamlined operations and provide their customers with superior service."
TMNG Global possesses a depth of expertise in business strategy
and operations consulting with communications, media and technology companies
to address the most complex strategic challenges and operational inefficiencies;
ensuring an optimized approach in helping companies achieve their business
objectives.
Recognized as an industry expert in service transformation, Sigma
Systems enables operators to eliminate service silos in order to increase
profitability and accelerate time to revenue, while reducing order fallout and
customer churn.
About Sigma Systems
Sigma Systems is the proven global leader in
delivering advanced IP service fulfillment solutions. Sigma’s powerful
solutions enable the world’s Next-Generation Operators (NGOs) to Deliver a Rich Consumer Experience
through communications and
entertainment services—over any access technology to any device. The company’s
award-winning solutions include order management, provisioning and activation, and active mediation
of residential and business VoIP, broadband, video, and triple-play and quad-play services. NGOs around the globe —
including Bell Aliant, Cox, Rogers, TELUS, YouSee and ZON Multimedia — trust
Sigma Systems for service transformation and innovative solutions with
market-leading expertise for the delivery of today’s—and tomorrow’s—new
services.
For more information
about Sigma, visit http://www.sigma-systems.com.
About TMNG
Global
TMNG
Global (NASDAQ: TMNGD) is a leading provider of professional services to the
converging communications industry. TMNG Global and its companies CSMG and
Cartesian and its base of more than 600 consultants, have provided strategy,
management and technical consulting, products and services to more than 1200
communications clients worldwide. The company's clients represent all areas of
the communications industry including wireless and wireline service providers;
entertainment, media and technology companies; and the supporting capital
formation firms that support the industry. The company is headquartered in
Overland Park, Kansas, with offices in Beijing, Boston, Chicago, London, New
Jersey, New York, Shanghai and Washington, D.C. For more information about TMNG
Global, visit www.tmng.com.
###
For
more information:
Sigma Systems
Francis Hopkins
+1 240-752-7056
Francis.Hopkins@sigma-systems.com
TMNG Global
The Management Network Group, Inc. Brainerd
Communicators
Debby Brannon Ray
Yeung / Jo Anne Barrameda (Media)
800.876.5329 barrameda@braincomm.com
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TMNG Global Announces 1-For-5 Reverse Stock Split
By TMNG Press Releases @ 9:00 AM :: 266 Views
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Overland Park, KS – February 5, 2010 – TMNG Global (NASDAQ: TMNG) announced today that it will effect a one-for-five reverse stock split of the Company’s common stock effective on February 7, 2010. Trading of TMNG's common stock on the NASDAQ Global Market on a split-adjusted basis will begin at the open of trading on February 8, 2010.
TMNG's shares will continue to trade on the NASDAQ Global Market under the symbol “TMNG” with the letter “D” added to the end of the trading symbol for a period of 20 trading days to indicate that the reverse stock split has occurred. As a result of the reverse stock split, every five shares of TMNG's common stock issued and outstanding immediately prior to the effective date will be combined into one share of common stock. Fractional shares resulting from the Reverse Stock Split will be cancelled and the stockholders otherwise entitled to a fractional share will receive a cash payment in lieu of the fractional share.
Letters of transmittal are expected to be sent to stockholders shortly after the effectiveness of the reverse stock split. Additional information about the reverse stock split is contained in the Company’s proxy statement for the Special Meeting of Stockholders held on January 21, 2010, which was filed with the SEC on December 14, 2009.
About TMNG Global
TMNG Global (NASDAQ: TMNG) is a leading provider of professional services to the converging communications industry. Its companies, TMNG, CSMG, and Cartesian, and its base of over 500 consultants, have provided strategy, management, and technical consulting, as well as products and services, to more than 1200 communications service providers, entertainment, media, and technology companies and financial services firms worldwide. The company is headquartered in Overland Park, Kansas, with offices in Boston, Chicago, London, New Jersey, New York, Shanghai and Washington, D. C.
Cautionary Statement Regarding Forward Looking Information
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, any statements that do not relate to historical or current facts constitute forward-looking statements, including any statements contained herein regarding expectations with respect to the Company’s future business, financial condition and results of operations. Forward-looking statements are subject to known and unknown risks, uncertainties, and contingencies, many of which are beyond the Company’s control, which may cause actual results, performance, or achievements to differ materially from those projected or implied in such forward-looking statements. Factors that might affect actual results, performance, or achievements include, among other things, the continued listing of the Company's common stock on Nasdaq, the ability of the Company to successfully integrate recent acquisitions, conditions in the telecommunications industry, overall economic and business conditions (including the recent worsening of conditions in the credit markets and in general economic conditions), the demand for the Company’s services (including the recent slowing of client decisions on proposals and project opportunities along with scope reduction of existing projects), the level of cash and non-cash expenditures incurred by the Company, technological advances and competitive factors in the markets in which the Company competes, and the factors described in this press release and in TMNG Global’s filings with the Securities and Exchange Commission, including the risks described in TMNG Global’s periodic reports filed with the SEC, including, but not limited to, “Cautionary Statement Regarding Forward Looking Information” under Part I of its Annual Report on Form 10-K for the fiscal year ended January 3, 2009 and subsequent periodic reports containing updated disclosures of such risks. These filings are available at the SEC’s web site at www.sec.gov. TMNG Global does not intend to update these forward-looking statements and undertakes no duty to any person to provide any such update under any circumstances.
# # #
CONTACT:
Brainerd Communicators
Ray Yeung / Jo Anne Barrameda (Media)
yeung@braincomm.com / barrameda@braincomm.com
Corey Kinger (Investors)
kinger@braincomm.com
212.986.6667
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TMNG Global Announces Scheduling of Fourth Quarter and Full Year 2009 Earnings Release and Conference Call
By TMNG Press Releases @ 9:00 AM :: 290 Views
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Overland Park, KS – January 27, 2010 – TMNG Global (Nasdaq: TMNG), a leading provider of management consulting services to the global communications, media and entertainment industries, today announced it will host a conference call to discuss fourth quarter and full year 2009 financial results on Thursday, February 25, 2010 at 5:00 p.m. ET.
A news release outlining the fourth quarter and full year 2009 results will be distributed at approximately 4:00 p.m. ET on February 25, 2010 and will also be available on the “Investor Relations” portion of TMNG’s Web site, www.tmng.com.
To participate on the live call, investors should dial 800-860-2442 in the United States or 412-858-4600 from international locations and reference the TMNG Global call approximately ten minutes prior to the start time. In addition, the call will be available via live webcast over the Internet on the “Investor Relations” portion of TMNG’s corporate Web site, www.tmng.com. Investors should go to the Web site approximately 10 minutes prior to the start time of the call to register.
An on-line archive of the call will be available at www.tmng.com for one week. Additionally, a replay of the call will be available by dialing 877-344-7529, pass code 437432, through March 4, 2010.
About TMNG Global
TMNG Global (NASDAQ: TMNG) is a leading provider of professional services to the converging communications industry. Its companies, TMNG, CSMG, and Cartesian, and its base of over 600 consultants, have provided strategy, management, and technical consulting, as well as products and services, to more than 1200 communications service providers, entertainment, media, and technology companies and financial services firms worldwide. The company is headquartered in Overland Park, Kansas, with offices in Boston, Chicago, London, New Jersey, New York, Shanghai and Washington, D.C.
# # #
CONTACT:
Brainerd Communicators
Ray Yeung / Jo Anne Barrameda (Media)
yeung@braincomm.com / barrameda@braincomm.com
Corey Kinger (Investors)
kinger@braincomm.com
212.986.6667
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Frank M. Siskowski to Retire from TMNG Global's Board of Directors
By TMNG Press Releases @ 4:00 PM :: 251 Views
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Overland Park, KS – January 26, 2010 – TMNG Global (NASDAQ: TMNG) announced today that Frank M. Siskowski will not seek re-election to the Company's board of directors when his current term expires at the 2010 annual meeting of stockholders, which is expected to be in May 2010. He has served as a director of the Company since April 2003 and is the chairman of the audit committee.
“On behalf of the Board of Directors and management team, I would like to thank Frank for his service and contributions to TMNG throughout the past seven years,” said Richard Nespola, TMNG Global Chairman and CEO. “His business acumen, accounting and corporate financial expertise were invaluable, especially as TMNG expanded through the successful completion of several strategic acquisitions during this period. We wish him all the best in his future endeavors.”
TMNG Global expects to fill the position and has begun evaluating candidates to serve on its board of directors.
About TMNG Global
TMNG Global (NASDAQ: TMNG) is a leading provider of professional services to the converging communications industry. Its companies, TMNG, CSMG, and Cartesian, and its base of over 500 consultants, have provided strategy, management, and technical consulting, as well as products and services, to more than 1200 communications service providers, entertainment, media, and technology companies and financial services firms worldwide. The company is headquartered in Overland Park, Kansas, with offices in Boston, Chicago, London, New Jersey, New York, Shanghai and Washington, D. C.
# # #
CONTACT:
Brainerd Communicators
Ray Yeung / Jo Anne Barrameda (Media)
yeung@braincomm.com / barrameda@braincomm.com
Corey Kinger (Investors)
kinger@braincomm.com
212.986.6667
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TMNG Global Announces Reverse Stock Split Proposal
By TMNG Press Releases @ 4:05 PM :: 309 Views
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Overland Park, KS – December 14, 2009 – TMNG Global (NASDAQ: TMNG) announced today that it has filed a definitive proxy statement with the Securities and Exchange Commission requesting shareholder approval to effect a 1-for-5 reverse stock split of the Company’s issued and outstanding common stock. The Board of Directors’ primary objective in proposing the reverse stock split is to raise the per-share trading price of the Company’s common stock to better enable the Company to maintain the listing of its common stock on NASDAQ.
TMNG Global will hold a special meeting of stockholders on January 21, 2010 at 9:00 a.m. ET to seek approval for the reverse stock split. Stockholders of record at the close of business on December 4, 2009 are entitled to notice of and to vote at the special meeting of stockholders.
A definitive proxy statement regarding the proposed reverse stock split will be mailed to all stockholders on or prior to December 14, 2009. Copies of the definitive proxy statement and other relevant documents are publicly available at no charge from the Securities and Exchange Commission's website at www.sec.gov, and may also be obtained free of charge from TMNG Global by contacting Investor Relations in writing at TMNG Global, 7300 College Boulevard, Suite 302, Overland Park, Kansas 66210. Stockholders are urged to read the proxy statement prior to submitting their vote because the proxy statement contains important information.
TMNG Global and its directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the special meeting of stockholders. Investors can find information about the interests of the directors and executive officers in the proxy statement.
About TMNG Global
TMNG Global (NASDAQ: TMNG) is a leading provider of professional services to the converging communications industry. Its companies, TMNG, CSMG, and Cartesian, and its base of over 500 consultants, have provided strategy, management, and technical consulting, as well as products and services, to more than 1200 communications service providers, entertainment, media, and technology companies and financial services firms worldwide. The company is headquartered in Overland Park, Kansas, with offices in Boston, Chicago, London, New Jersey, New York, Shanghai and Washington, D. C.
Cautionary Statement Regarding Forward Looking Information
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, any statements that do not relate to historical or current facts constitute forward-looking statements, including any statements contained herein regarding expectations with respect to the Company’s future business, financial condition and results of operations. Forward-looking statements are subject to known and unknown risks, uncertainties, and contingencies, many of which are beyond the Company’s control, which may cause actual results, performance, or achievements to differ materially from those projected or implied in such forward-looking statements. Factors that might affect actual results, performance, or achievements include, among other things, the continued listing of the Company's common stock on Nasdaq, the ability of the Company to successfully integrate recent acquisitions, conditions in the telecommunications industry, overall economic and business conditions (including the recent worsening of conditions in the credit markets and in general economic conditions), the demand for the Company’s services (including the recent slowing of client decisions on proposals and project opportunities along with scope reduction of existing projects), the level of cash and non-cash expenditures incurred by the Company, technological advances and competitive factors in the markets in which the Company competes, and the factors described in this press release and in TMNG Global’s filings with the Securities and Exchange Commission, including the risks described in TMNG Global’s periodic reports filed with the SEC, including, but not limited to, “Cautionary Statement Regarding Forward Looking Information” under Part I of its Annual Report on Form 10-K for the fiscal year ended January 3, 2009 and subsequent periodic reports containing updated disclosures of such risks. These filings are available at the SEC’s web site at www.sec.gov. TMNG Global does not intend to update these forward-looking statements and undertakes no duty to any person to provide any such update under any circumstances.
# # #
CONTACT:
Brainerd Communicators
Ray Yeung / Jo Anne Barrameda (Media)
yeung@braincomm.com / barrameda@braincomm.com
Corey Kinger (Investors)
kinger@braincomm.com
212.986.6667
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TMNG Global Reports 2009 Third Quarter Results
By TMNG Press Releases @ 4:05 PM :: 298 Views
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Overland Park, KS – November 12, 2009 – TMNG Global (Nasdaq: TMNG), a leading provider of management consulting and software solution services to the global communications, media and entertainment industries, reported financial results for its 2009 third quarter ended October 3, 2009.
Revenues in the third quarter of 2009 were $16.8 million, flat with the 2009 second quarter and down from $17.5 million in the third quarter of 2008 due primarily to unfavorable exchange rate impact. On a constant currency basis revenues increased slightly from the year-ago quarter. Stable sequential revenue comparisons reflect the Company’s execution on its strategy of focusing on larger, long-term engagements. During the quarter, TMNG’s gross margin was 40.8%, compared with 43.5% in the third quarter of 2008 and 43.6% in the second quarter of 2009.
TMNG Global reported a net loss of ($0.5) million on a GAAP basis, or ($0.02) per diluted share for the third quarter of 2009, compared to a prior-year net loss of ($1.2) million, or ($0.03) per diluted share. The 2008 third quarter included a non-cash intangible asset impairment charge of $1.1 million. After adjusting for the after tax impact of non-cash charges, including the impairment charge, net realized gains on auction rate securities, depreciation, amortization and share-based compensation, non-GAAP adjusted net income was $0.5 million, or $0.01 per diluted share, during the third quarter of 2009. The comparable non-GAAP adjusted net income for the third quarter of fiscal 2008 was $1.1 million, or $0.03 per diluted share.
“TMNG’s performance in the third quarter was consistent with our expectations and a direct result of our strategy of deepening our relationships with top revenue generating clients while keeping a tight reign on expenses. By executing on these initiatives, we maintained a stable revenue level on a sequential basis, held margins within our target range, and have generated slightly positive cash flows from operations year-to-date,” said Richard Nespola, TMNG Global Chairman and CEO. “While our fourth quarter is subject to seasonal unpredictability, we are focused on positioning the company to benefit from positive business indicators heading into 2010. The most notable of those leading indicators is the increasing demand for bandwidth, especially via mobile applications, which is driving investment and consolidation across the communications, media and entertainment industries we serve. As economic conditions improve and growth opportunities emerge, TMNG stands ready strategically and operationally to capitalize.”
Financial Results for the Thirty-Nine Weeks Ended October 3, 2009
For the thirty-nine weeks ended October 3, 2009, revenues were $47.8 million, compared with $59.6 million in the comparable year-ago period. TMNG Global’s gross margin was 41.1% during the thirty-nine weeks ended October 3, 2009, compared with 45.7% in the comparable year-ago period.
Net loss for the thirty-nine weeks ended October 3, 2009 was ($3.1) million or ($0.09) per diluted share, compared with a net loss of ($9.8) million or ($0.28) per diluted share in the comparable year-ago period. GAAP results included $10.2 million in goodwill and intangible asset impairment charges in 2008. The non-GAAP adjusted net loss, excluding the after tax impact of non-cash expenses, including the impairment charges, net realized gains on auction rate securities, depreciation and amortization expense, and share-based compensation, was approximately ($0.1) million, or ($0.00) per diluted share, for the thirty-nine weeks ended October 3, 2009. The comparable non-GAAP adjusted net income for the thirty-nine weeks ended September 27, 2008 was approximately $5.5 million, or $0.15 per diluted share.
In addition to reporting net loss and net loss per share on a GAAP basis, this press release contains certain non-GAAP adjustments which are described in the schedule entitled “Reconciliation of GAAP Net Loss to Non-GAAP Adjusted Net Income (Loss)” that accompanies this press release. In making these non-GAAP adjustments, the Company took into account certain non-cash expenses and benefits, including tax effects as applicable, and the impact of certain items that are generally not expected to be on-going in nature. Management believes the exclusion of these items provides a useful basis for evaluating underlying business performance, but should not be considered in isolation and is not in accordance with, or a substitute for, evaluating Company performance utilizing GAAP financial information. The Company believes that providing such adjusted results allows investors and other users of the Company’s financial statements to better understand TMNG Global’s comparative operating performance for the periods presented.
TMNG Global’s management uses the non-GAAP financial measure in its own evaluation of the Company’s performance, particularly when comparing performance to the prior year’s period and on a sequential basis. TMNG Global’s non-GAAP measure may differ from similar measures by other companies, even if similar terms are used to identify such measures. Although TMNG Global’s management believes the non-GAAP financial measure is useful in evaluating the performance of its business, TMNG Global acknowledges that items excluded from such measure have a material impact on the Company’s net loss and net loss per share calculated in accordance with GAAP. Therefore, management uses non-GAAP measures in conjunction with GAAP results. Investors and other users of our financial information should also consider the above factors when evaluating TMNG Global’s results.
Conference Call
The Company will host a conference call at 5:00 p.m. ET today to discuss 2009 third quarter results. Investors can access the conference call via a live webcast on the Company’s website, www.tmng.com, or by dialing 800-860-2442 in the United States or 412-858-4600 from international locations and referencing the TMNG Global call. A replay of the conference call will be archived on the Company’s website for one week. Additionally, a replay of the call will be available by dialing 877-344-7529, pass code 435136, through November 19, 2009.
About TMNG Global
TMNG Global (NASDAQ: TMNG) is a leading provider of professional services to the converging communications industry. Its companies, TMNG, CSMG, and Cartesian, and its base of over 500 consultants, have provided strategy, management, and technical consulting, as well as products and services, to more than 1200 communications service providers, entertainment, media, and technology companies and financial services firms worldwide. The company is headquartered in Overland Park, Kansas, with offices in Boston, Chicago, London, New Jersey, New York, Shanghai and Washington, D. C.
Cautionary Statement Regarding Forward Looking Information
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, any statements that do not relate to historical or current facts constitute forward-looking statements, including any statements contained herein regarding expectations with respect to the Company’s future business, financial condition and results of operations. Forward-looking statements are subject to known and unknown risks, uncertainties, and contingencies, many of which are beyond the Company’s control, which may cause actual results, performance, or achievements to differ materially from those projected or implied in such forward-looking statements. Factors that might affect actual results, performance, or achievements include, among other things, the ability of the Company to successfully integrate recent acquisitions, conditions in the telecommunications industry, overall economic and business conditions (including the worsening of conditions in the credit markets and in general economic conditions), the demand for the Company’s services (including the slowing of client decisions on proposals and project opportunities along with scope reduction of existing projects), the level of cash and non-cash expenditures incurred by the Company, technological advances and competitive factors in the markets in which the Company competes, and the factors described in this press release and in TMNG Global’s filings with the Securities and Exchange Commission, including the risks described in TMNG Global’s periodic reports filed with the SEC, including, but not limited to, “Cautionary Statement Regarding Forward Looking Information” under Part I of its Annual Report on Form 10-K for the fiscal year ended January 3, 2009 and subsequent periodic reports containing updated disclosures of such risks. These filings are available at the SEC’s web site at www.sec.gov. TMNG Global does not intend to update these forward-looking statements and undertakes no duty to any person to provide any such update under any circumstances.
(Please see attached financial tables)
THE MANAGEMENT NETWORK GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)
Thirteen Weeks Thirty-nine Weeks
Ended Ended
------------------ ------------------
Oct. 3, Sept. 27, Oct. 3, Sept. 27,
2009 2008 2009 2008
-------- -------- -------- --------
Revenues $ 16,812 $ 17,528 $ 47,834 $ 59,645
Cost of services (includes
net non-cash share-based
compensation expense of $53
and $65 for the thirteen
weeks ended October 3, 2009
and September 27, 2008,
respectively and $221
and $447 for the thirty-nine
weeks ended October 3, 2009
and September 27, 2008,
respectively) 9,947 9,899 28,155 32,385
-------- -------- -------- --------
Gross Profit 6,865 7,629 19,679 27,260
Operating Expenses:
Selling, general and
administrative (includes
net non-cash share-based
compensation expense of
$120 and $133 for the
thirteen weeks ended
October 3, 2009 and
September 27, 2008,
respectively and $503
and $977 for the thirty-nine
weeks ended October 3, 2009
and September 27, 2008,
respectively) 6,736 6,911 21,498 23,873
Goodwill and intangible
asset impairment 1,086 10,165
Intangible asset amortization 506 885 1,471 3,379
-------- -------- -------- --------
Total operating expenses 7,242 8,882 22,969 37,417
-------- -------- -------- --------
Loss from operations (377) (1,253) (3,290) (10,157)
Other income (expense):
Interest income 50 233 188 750
Interest expense (17) (42)
Other income 45 24 151 24
-------- -------- -------- --------
Total other income 78 257 297 774
-------- -------- -------- --------
Loss before income tax
provision (299) (996) (2,993) (9,383)
Income tax provision (228) (202) (68) (444)
-------- -------- -------- --------
Net loss $ (527) $ (1,198) $ (3,061) $ (9,827)
======== ======== ======== ========
Net loss per common share:
Basic and diluted $(0.02) $ (0.03) $ (0.09) $ (0.28)
======== ======== ======== ========
Weighted average shares used
in calculation of net loss
per basic and diluted
common share 35,074 34,706 34,872 35,700
======== ======== ======== ========
THE MANAGEMENT NETWORK GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
Oct. 3, Jan. 3,
2009 2009
-------- --------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 7,293 $ 5,956
Short-term investments 7,392
Receivables:
Accounts receivable 10,540 8,247
Accounts receivable -- unbilled 4,603 4,540
-------- --------
15,143 12,787
Less: Allowance for doubtful accounts (356) (379)
-------- --------
Net receivables 14,787 12,408
Prepaid and other current assets 1,190 1,653
-------- --------
Total current assets 30,662 20,017
NONCURRENT ASSETS:
Property and equipment, net 2,042 1,801
Goodwill 7,702 6,240
Licenses and identifiable intangible assets, net 3,145 4,842
Noncurrent investments 6,854 13,404
Other noncurrent assets 379 410
-------- --------
Total Assets $ 50,784 $ 46,714
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade accounts payable $ 1,493 $ 1,138
Current borrowings 4,850
Accrued payroll, bonuses and related expenses 4,604 4,053
Other accrued liabilities 2,297 3,010
Deferred revenue 1,083 476
Accrued contingent consideration 161 161
Unfavorable and other contractual obligations 694 697
-------- --------
Total current liabilities 15,182 9,535
NONCURRENT LIABILITIES:
Unfavorable and other contractual obligations 686 1,062
Noncurrent borrowings 1,485
Other noncurrent liabilities 1,130 1,006
-------- --------
Total noncurrent liabilities 1,816 3,553
Total stockholders' equity 33,786 33,626
-------- --------
Total Liabilities and Stockholders' Equity $ 50,784 $ 46,714
======== ========
THE MANAGEMENT NETWORK GROUP, INC.
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP ADJUSTED NET INCOME (LOSS)
(unaudited)
(in thousands, except per share data)
Thirteen Weeks Thirty-nine Weeks
Ended Ended
------------------ ------------------
Oct. 3, Sept. 27, Oct. 3, Sept. 27,
2009 2008 2009 2008
-------- -------- -------- --------
Reconciliation of GAAP net
loss to non-GAAP adjusted
net income (loss):
GAAP net loss $ (527) $ (1,198) $ (3,061) $ (9,827)
-------- -------- -------- --------
Realized gain on auction
rate securities (17) (122)
Goodwill and intangible
asset impairment 1,086 10,165
Depreciation and amortization 873 1,233 2,529 4,419
Non-cash share based
compensation expense 173 198 724 1,424
Tax effect of applicable
non-GAAP adjustments 20 (206) (200) (717)
-------- -------- -------- --------
Adjustments to GAAP net loss 1,049 2,311 2,931 15,291
-------- -------- -------- --------
Non-GAAP adjusted net
income (loss) $ 522 $ 1,113 $ (130) $ 5,464
======== ======== ======== ========
Reconciliation of GAAP net
loss per diluted common
share to non-GAAP adjusted
net income (loss) per
diluted common share:
GAAP net loss per diluted
common share $ (0.02) $ (0.03) $ (0.09) $ (0.28)
-------- -------- -------- --------
Realized gain on auction
rate securities (0.00) (0.00)
Goodwill and intangible
asset impairment 0.03 0.29
Depreciation and amortization 0.02 0.03 0.07 0.12
Non-cash share based
compensation expense 0.01 0.01 0.02 0.04
Tax effect of applicable
non-GAAP adjustments 0.00 (0.01) (0.00) (0.02)
-------- -------- -------- --------
Adjustments to GAAP net
loss per diluted common
share 0.03 0.06 0.09 0.43
-------- -------- -------- --------
Non-GAAP adjusted net income
(loss) per diluted
common share $ 0.01 $ 0.03 $ (0.00)$ 0.15
======== ======== ======== ========
Weighted average shares
used in calculation of
diluted net income (loss)
per common share 35,074 34,706 34,872 35,700
======== ======== ======== ========
###
Contact:
Brainerd Communicators
Media
Ray Yeung
yeung@braincomm.com
Jo Anne Barrameda
barrameda@braincomm.com
Investors
Corey Kinger
kinger@braincomm.com
212.986.6667
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TMNG Global Announces Scheduling of Third Quarter 2009 Earnings Release and Conference Call
By TMNG Press Releases @ 11:00 AM :: 363 Views
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Overland Park, KS – October 23, 2009 – TMNG Global (Nasdaq: TMNG), a leading provider of management consulting services to the global communications, media and entertainment industries, today announced it will host a conference call to discuss third quarter 2009 financial results on Thursday, November 12, 2009 at 5:00 p.m. ET.
A news release outlining the third quarter 2009 results will be distributed at approximately 4:00 p.m. ET on November 12, 2009 and will also be available on the “Investor Relations” portion of TMNG’s Web site, www.tmng.com.
To participate on the live call, investors should dial 800-860-2442 in the United States or 412-858-4600 from international locations and reference the TMNG Global call approximately ten minutes prior to the start time. In addition, the call will be available via live webcast over the Internet on the “Investor Relations” portion of TMNG’s corporate Web site, www.tmng.com. Investors should go to the Web site approximately 10 minutes prior to the start time of the call to register.
An on-line archive of the call will be available at www.tmng.com for one week. Additionally, a replay of the call will be available by dialing 877-344-7529, pass code 435136, through November 19, 2009.
About TMNG Global
TMNG Global (NASDAQ: TMNG) is a leading provider of professional services to the converging communications industry. Its companies, TMNG, CSMG, and Cartesian, and its base of over 600 consultants, have provided strategy, management, and technical consulting, as well as products and services, to more than 1200 communications service providers, entertainment, media, and technology companies and financial services firms worldwide. The company is headquartered in Overland Park, Kansas, with offices in Boston, Chicago, London, New Jersey, New York, Shanghai and Washington, D.C.
# # #
CONTACT:
Brainerd Communicators
Ray Yeung / Jo Anne Barrameda (Media)
Corey Kinger (Investors)
212.986.6667
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TMNG Receives Nasdaq Notification Letter
By TMNG Press Releases @ 4:05 PM :: 550 Views
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Overland Park, KS – September 18, 2009 – TMNG Global (NASDAQ: TMNG) announced today that it received a letter from The Nasdaq Stock Market indicating that the Company is not in compliance with Nasdaq Marketplace Rule 5450(a)(1) (the "Bid Price Rule") because the closing bid price per share of its common stock has been below $1.00 per share for 30 consecutive business days. In accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), the Company will be provided with 180 calendar days, or until March 15, 2010, to regain compliance with the Bid Price Rule. The Company may be eligible for an additional 180 day grace period if it meets the initial listing standards, with the exception of the minimum bid price requirement, for the Nasdaq Capital Market and transfers its securities from the Nasdaq Global Market to the Nasdaq Capital Market prior to March 15, 2010. The notification letter received from Nasdaq has no immediate effect on the listing of the Company's common stock at this time.
To regain compliance with the Bid Price Rule, the closing bid price of the Company's common stock must remain at or above $1.00 per share for a minimum of ten consecutive business days. If the Company does not regain compliance with the Bid Price Rule and has not transferred its securities to the Nasdaq Capital Market by March 15, 2010, Nasdaq will provide the Company with written notification that its common stock is subject to delisting. At that time, the Company may appeal Nasdaq's determination to delist its common stock to a Nasdaq Hearing's Panel. The Company has not yet determined what action or response, if any, the Company will take regarding the non-compliance.
About TMNG Global
TMNG Global (NASDAQ: TMNG) is a leading provider of professional services to the converging communications industry. Its companies, TMNG, CSMG, and Cartesian, and its base of over 500 consultants, have provided strategy, management, and technical consulting, as well as products and services, to more than 1200 communications service providers, entertainment, media, and technology companies and financial services firms worldwide. The company is headquartered in Overland Park, Kansas, with offices in Boston, Chicago, London, New Jersey, New York, Shanghai and Washington, D. C.
Cautionary Statement Regarding Forward Looking Information
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, any statements that do not relate to historical or current facts constitute forward-looking statements, including any statements contained herein regarding expectations with respect to the Company’s future business, financial condition and results of operations. Forward-looking statements are subject to known and unknown risks, uncertainties, and contingencies, many of which are beyond the Company’s control, which may cause actual results, performance, or achievements to differ materially from those projected or implied in such forward-looking statements. Factors that might affect actual results, performance, or achievements include, among other things, the continued listing of the Company's common stock on Nasdaq, the ability of the Company to successfully integrate recent acquisitions, conditions in the telecommunications industry, overall economic and business conditions (including the recent worsening of conditions in the credit markets and in general economic conditions), the demand for the Company’s services (including the recent slowing of client decisions on proposals and project opportunities along with scope reduction of existing projects), the level of cash and non-cash expenditures incurred by the Company, technological advances and competitive factors in the markets in which the Company competes, and the factors described in this press release and in TMNG Global’s filings with the Securities and Exchange Commission, including the risks described in TMNG Global’s periodic reports filed with the SEC, including, but not limited to, “Cautionary Statement Regarding Forward Looking Information” under Part I of its Annual Report on Form 10-K for the fiscal year ended January 3, 2009 and subsequent periodic reports containing updated disclosures of such risks. These filings are available at the SEC’s web site at www.sec.gov. TMNG Global does not intend to update these forward-looking statements and undertakes no duty to any person to provide any such update under any circumstances.
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CONTACT:
Brainerd Communicators
Ray Yeung / Jo Anne Barrameda (Media)
yeung@braincomm.com / barrameda@braincomm.com
Corey Kinger (Investors) kinger@braincomm.com
212.986.6667
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TMNG Global to Present at Kaufman Bros., L.P. Twelfth Annual Investor Conference
By TMNG Press Releases @ 12:46 PM :: 938 Views
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Overland Park, KS – August 27, 2009 – TMNG Global (Nasdaq: TMNG), a leading provider of management consulting services to the global communications, media and entertainment industries, today announced its participation at the Kaufman Bros., L.P. Twelfth Annual Investor Conference in New York City.
TMNG Global’s Chairman and Chief Executive Officer, Richard Nespola, and Chief Financial Officer, Donald Klumb, will conduct a presentation at 1:30PM ET on Thursday, September 10, 2009. Investors can access the presentation via a live webcast on the company’s website, www.tmng.com. A replay of the presentation will be archived on the company’s website for one week.
About TMNG Global
TMNG Global (NASDAQ: TMNG) is a leading provider of professional services to the converging communications industry. Its companies, TMNG, CSMG, and Cartesian, and its base of over 600 consultants, have provided strategy, management, and technical consulting, as well as products and services, to more than 1200 communications service providers, entertainment, media, and technology companies and financial services firms worldwide. The company is headquartered in Overland Park, Kansas, with offices in Boston, Chicago, London, New Jersey, New York, Shanghai and Washington, D.C.
# # #
CONTACT:
Brainerd Communicators
Ray Yeung / Jo Anne Barrameda (Media)
Corey Kinger (Investors)
212.986.6667
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TMNG Global Reports 2009 Second Quarter Results
By TMNG Press Releases @ 4:05 PM :: 658 Views
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Overland Park, KS – August 13, 2009 – TMNG Global (Nasdaq: TMNG), a leading provider of management consulting and software solution services to the global communications, media and entertainment industries, reported financial results for its 2009 second quarter ended July 4, 2009.
Revenues in the second quarter of 2009 were $16.8 million, compared to revenues of $20.6 million in the second quarter of 2008 and $14.2 million in the first quarter of 2009. While year-over-year revenue comparisons continued to be affected by reduced customer spending in light of global macroeconomic trends, as well as unfavorable foreign exchange impact, the 19% sequential improvement reflects the Company’s focus on larger, long-term engagements. During the quarter, TMNG’s gross margin was 43.6%, compared with 46.2% in the second quarter of 2008 and 38.6% in the first quarter of 2009. The five percentage point sequential improvement in gross margin was due to the increase in utilization of consultants as a result of revenue growth, as well as a slight shift in project mix due to an increase in strategy engagements.
TMNG Global reported a net loss of ($0.4) million, or ($0.01) per diluted share for the second quarter of 2009, compared to a net loss of ($8.9) million, or ($0.25) per diluted share in last year’s second quarter. The 2008 second quarter included a non-cash goodwill impairment charge of $9.1 million. After adjusting for the after tax impact of non-cash charges, including the impairment charge, realized gains on auction rate securities, depreciation, amortization and share-based compensation, non-GAAP adjusted net income was $0.6 million, or $0.02 per diluted share, during the second quarter of 2009. The comparable non-GAAP adjusted net income for the second quarter of fiscal 2008 was $2.1 million, or $0.06 per diluted share.
TMNG Global generated cash flow from operations of $3.2 million in the second quarter of 2009, compared to $4.3 million in last year’s second quarter.
“TMNG executed very well on its strategic imperatives which include cementing engagements with our top revenue generating clients while continuing our targeted cost reductions. These combined efforts translated to sequential revenue growth and positive cash flow from operations,” said Richard Nespola, TMNG Global Chairman and CEO. “We saw solid sequential revenue gains across each of our core practice areas, and our margins and key operating metrics all showed improvement. Our markets remain unpredictable and challenging, but based upon client activity we hope to sustain these improvements over the near term while looking to capitalize more fully on our broadened portfolio of offerings and enhanced operating leverage as the economy improves.”
Financial Results for the Twenty-Six Weeks Ended July 4, 2009
For the twenty-six weeks ended July 4, 2009, revenues were $31.0 million, compared with $42.1 million in the comparable year-ago period. TMNG Global’s gross margin was 41.3% during the twenty-six weeks ended July 4, 2009, compared with 46.6% in the comparable year-ago period.
Net loss for the twenty-six weeks ended July 4, 2009 was ($2.5) million or ($0.07) per diluted share, compared with a net loss of ($8.6) million or ($0.24) per diluted share in the comparable year-ago period. GAAP results included the goodwill impairment charge in the second quarter of 2008, as discussed above. The non-GAAP adjusted net loss, adjusted for the after tax impact of non-cash expenses, including the impairment charge, realized gains on auction rate securities, depreciation and amortization expense, and share-based compensation, was approximately ($0.7) million, or ($0.02) per diluted share, for the twenty-six weeks ended July 4, 2009. The comparable non-GAAP adjusted net income for the twenty-six weeks ended June 28, 2008 was $4.4 million, or $0.12 per diluted share.
For the twenty-six weeks ended July 4, 2009, cash flow from operations was $0.5 million, compared to $6.8 million in the comparable year-ago period.
In addition to reporting net loss and net loss per share on a GAAP basis, this press release contains certain non-GAAP adjustments which are described in the schedule entitled “Reconciliation of GAAP Net Loss to Non-GAAP Adjusted Net Income (Loss)” that accompanies this press release. In making these non-GAAP adjustments, the Company took into account certain non-cash expenses and benefits, including tax effects as applicable, and the impact of certain items that are generally not expected to be on-going in nature. Management believes the exclusion of these items provides a useful basis for evaluating underlying business performance, but should not be considered in isolation and is not in accordance with, or a substitute for, evaluating Company performance utilizing GAAP financial information. The Company believes that providing such adjusted results allows investors and other users of the Company’s financial statements to better understand TMNG Global’s comparative operating performance for the periods presented.
TMNG Global’s management uses the non-GAAP financial measure in its own evaluation of the Company’s performance, particularly when comparing performance to the prior year’s period and on a sequential basis. TMNG Global’s non-GAAP measure may differ from similar measures by other companies, even if similar terms are used to identify such measures. Although TMNG Global’s management believes the non-GAAP financial measure is useful in evaluating the performance of its business, TMNG Global acknowledges that items excluded from such measure have a material impact on the Company’s net loss and net loss per share calculated in accordance with GAAP. Therefore, management uses non-GAAP measures in conjunction with GAAP results. Investors and other users of our financial information should also consider the above factors when evaluating TMNG Global’s results.
Conference Call
The Company will host a conference call at 5:00 p.m. ET today to discuss 2009 second quarter results. Investors can access the conference call via a live webcast on the Company’s website, www.tmng.com, or by dialing 800-860-2442 in the United States or 412-858-4600 from international locations and referencing the TMNG Global call. A replay of the conference call will be archived on the Company’s website for one week. Additionally, a replay of the call will be available by dialing 877-344-7529, pass code 432696, through August 20, 2009.
About TMNG Global
TMNG Global (NASDAQ: TMNG) is a leading provider of professional services to the converging communications industry. Its companies, TMNG, CSMG, and Cartesian, and its base of over 500 consultants, have provided strategy, management, and technical consulting, as well as products and services, to more than 1200 communications service providers, entertainment, media, and technology companies and financial services firms worldwide. The company is headquartered in Overland Park, Kansas, with offices in Boston, Chicago, London, New Jersey, New York, Shanghai and Washington, D. C.
Cautionary Statement Regarding Forward Looking Information
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, any statements that do not relate to historical or current facts constitute forward-looking statements, including any statements contained herein regarding expectations with respect to the Company’s future business, financial condition and results of operations. Forward-looking statements are subject to known and unknown risks, uncertainties, and contingencies, many of which are beyond the Company’s control, which may cause actual results, performance, or achievements to differ materially from those projected or implied in such forward-looking statements. Factors that might affect actual results, performance, or achievements include, among other things, the ability of the Company to successfully integrate recent acquisitions, conditions in the telecommunications industry, overall economic and business conditions (including the worsening of conditions in the credit markets and in general economic conditions), the demand for the Company’s services (including the slowing of client decisions on proposals and project opportunities along with scope reduction of existing projects), the level of cash and non-cash expenditures incurred by the Company, technological advances and competitive factors in the markets in which the Company competes, and the factors described in this press release and in TMNG Global’s filings with the Securities and Exchange Commission, including the risks described in TMNG Global’s periodic reports filed with the SEC, including, but not limited to, “Cautionary Statement Regarding Forward Looking Information” under Part I of its Annual Report on Form 10-K for the fiscal year ended January 3, 2009 and subsequent periodic reports containing updated disclosures of such risks. These filings are available at the SEC’s web site at www.sec.gov. TMNG Global does not intend to update these forward-looking statements and undertakes no duty to any person to provide any such update under any circumstances.
THE MANAGEMENT NETWORK GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)
Thirteen Weeks Twenty-six Weeks
Ended Ended
------------------ ------------------
July 4, June 28, July 4, June 28,
2009 2008 2009 2008
-------- -------- -------- --------
Revenues $ 16,825 $ 20,576 $ 31,022 $ 42,117
Cost of services (includes net
non-cash share-based
compensation expense of $80
and $189 for the thirteen
weeks ended July 4, 2009 and
June 28, 2008, respectively
and $168 and $382 for the
twenty-six weeks ended July 4,
2009 and June 28, 2008,
respectively) 9,490 11,072 18,208 22,486
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Gross Profit 7,335 9,504 12,814 19,631
Operating Expenses:
Selling, general and
administrative (includes net
non-cash share-based
compensation expense of $163
and $407 for the thirteen
weeks ended July 4, 2009 and
June 28, 2008, respectively
and $383 and $843 for the
twenty-six weeks ended
July 4, 2009 and June 28,
2008, respectively) 7,354 8,120 14,762 16,962
Goodwill impairment 9,079 9,079
Intangible asset amortization 491 1,246 965 2,494
-------- -------- -------- --------
Total operating expenses 7,845 18,445 15,727 28,535
-------- -------- -------- --------
Loss from operations (510) (8,941) (2,913) (8,904)
Other income (expense):
Interest income 56 211 138 517
Interest expense (17) (25)
Other income 83 106
-------- -------- -------- --------
Total other income 122 211 219 517
-------- -------- -------- --------
Loss before income tax
provision (388) (8,730) (2,694) (8,387)
Income tax benefit (provision) 38 (160) 160 (242)
-------- -------- -------- --------
Net loss $ (350) $ (8,890) $ (2,534) $ (8,629)
======== ======== ======== ========
Net Loss per common share:
Basic and diluted $ (0.01) $ (0.25) $ (0.07) $ (0.24)
======== ======== ======== ========
Weighted average shares used in
calculation of net loss per
basic and diluted common share 34,791 36,117 34,772 36,225
======== ======== ======== ========
THE MANAGEMENT NETWORK GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
July 4, Jan. 3,
2009 2009
-------- --------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 9,537 $ 5,956
Short-term investments 7,375
Receivables:
Accounts receivable 9,466 8,247
Accounts receivable -- unbilled 5,264 4,540
-------- --------
14,730 12,787
Less: Allowance for doubtful accounts (358) (379)
-------- --------
Net receivables 14,372 12,408
Prepaid and other current assets 1,541 1,653
-------- --------
Total current assets 32,825 20,017
NONCURRENT ASSETS:
Property and equipment, net 2,147 1,801
Goodwill 7,812 6,240
Licenses and identifiable intangible assets, net 3,841 4,842
Noncurrent investments 6,823 13,404
Other noncurrent assets 502 410
-------- --------
Total Assets $ 53,950 $ 46,714
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade accounts payable $ 1,294 $ 1,138
Accrued payroll, bonuses and related expenses 5,051 4,053
Other accrued liabilities 3,788 3,010
Deferred revenue 1,560 476
Accrued contingent consideration 161 161
Unfavorable and other contractual obligations 706 697
Current borrowings 4,845
-------- --------
Total current liabilities 17,405 9,535
NONCURRENT LIABILITIES:
Unfavorable and other contractual obligations 820 1,062
Noncurrent borrowings 1,485
Other noncurrent liabilities 1,173 1,006
-------- --------
Total noncurrent liabilities 1,993 3,553
Total stockholders' equity 34,552 33,626
-------- --------
Total Liabilities and Stockholders' Equity $ 53,950 $ 46,714
======== ========
THE MANAGEMENT NETWORK GROUP, INC.
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP ADJUSTED NET INCOME (LOSS)
(unaudited)
(in thousands, except per share data)
Thirteen Weeks Twenty-six Weeks
Ended Ended
------------------ ------------------
July 4, June 28, July 4, June 28,
2009 2008 2009 2008
-------- -------- -------- --------
Reconciliation of GAAP net loss
to non-GAAP adjusted net
income (loss):
GAAP net loss $ (350) $ (8,890) $ (2,534) $ (8,629)
-------- -------- -------- --------
Realized gain on auction rate
securities (82) (105)
Goodwill impairment 9,079 9,079
Depreciation and amortization 860 1,594 1,656 3,186
Non-cash share based
compensation expense 243 596 551 1,225
Tax effect of applicable
non-GAAP adjustments (62) (252) (220) (511)
-------- -------- -------- --------
Adjustments to GAAP net loss 959 11,017 1,882 12,979
-------- -------- -------- --------
Non-GAAP adjusted net income
(loss) $ 609 $ 2,127 $ (652) $ 4,350
======== ======== ======== ========
Reconciliation of GAAP net loss
per diluted common share to
non-GAAP adjusted net income
(loss) per diluted common
share:
GAAP net loss per diluted
common share $ (0.01) $ (0.25) $ (0.07) $ (0.24)
-------- -------- -------- --------
Realized gain on auction rate
securities (0.00) (0.00)
Goodwill impairment 0.25 0.25
Depreciation and amortization 0.02 0.05 0.05 0.09
Non-cash share based
compensation expense 0.01 0.02 0.01 0.03
Tax effect of applicable
non-GAAP adjustments (0.00) (0.01) (0.01) (0.01)
-------- -------- -------- --------
Adjustments to GAAP net loss
per diluted common share 0.03 0.31 0.05 0.36
-------- -------- -------- --------
Non-GAAP adjusted net income
(loss) per diluted common
share $ 0.02 $ 0.06 $ (0.02) $ 0.12
======== ======== ======== ========
Weighted average shares used in
calculation of diluted net
income (loss) per share 34,791 36,117 34,772 36,225
======== ======== ======== ========
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