COLUMBIA, Md., Aug. 22 /PRNewswire/ -- TSI TelSys Corporation (Montreal: TSI) announced today results for the second quarter and first six months of 1996.
The Company was pleased to announce significant operational results for the first six months and in particular, for the second quarter of 1996. First and foremost was the delivery in April of three 75 Mbps Gateway Systems to NASA's Marshall Space Flight Center in Huntsville, Alabama. This was the first major sale by the Company since the transition of its business to the space data networking industry and as a result of this sale, the Company was very pleased to report second quarter net income of Cdn. $102,329 (Cdn. $.002 per share) on revenues of Cdn. $2,663,579 compared to a loss of Cdn. $84,223 (Cdn. $0.01 per share) on revenues of Cdn. $2,100 for the second quarter of 1995. Revenues for the six months ending June 30, 1996 were Cdn., $2,750,384 and the net loss for the six months was Cdn. $1,975,905 (loss of Cdn. $.05 per share). This compared to revenue of Cdn. $4,375 and a loss of Cdn. $174,050 (loss of Cdn. $.02 per share) for the first six months of 1995.
Although the Company's operations were profitable during the second quarter, the receipt of new orders has not yet matured to the point where this level of success will be maintained for the two remaining quarters of 1996. "The sophisticated nature of our products and the specialized requirements of our customers results in lengthy gestation periods for orders," said Mr. James Chesney, Senior Vice President of the Company and President of TSI TelSys Inc., the Company's operating subsidiary. "However, we are very encouraged by a dramatic increase in requests for quotations. The level of quotation delivered for major systems points favorably to a rapidly maturing sales process and the potential for a significant increase in the future volume of business."
In June, TelSys hosted its 1996 Annual General Meeting in the Columbia, Maryland office. The meeting commenced with inspiring opening remarks from Dr. Wan Muhamad Hasni Wan Sulaiman, the Chairman of the Board. The highlight of the meeting was the presentation "The Technology, The Market, The Future" which described TelSys' revolutionary Reconfigurable Systems Technology, a new computing paradigm for the communications industry. TelSys will be incorporating its unique Reconfigurable Systems Technology in its next product delivery to NASA scheduled for the fourth quarter of the year. Adaptations of this technology, currently under discussion with a number of new prospective customers would also be included in systems to be delivered early next year.
Mr. Chesney continued, "This technology will enable TelSys to serve a range of new commercial markets outside our core Space Data Networking market and promises to redefine the conventional use of the term COTS (Commercial Off The Shelf) equipment to "Custom Off The Shelf" (TM) equipment. Substantial progress was made during the quarter in the development of the Virtual Information Processor (VIP) card and a number of high level software elements, all key components in the Company's Reconfigurable Systems technology.
Mr. Chesney capped the presentation by illustrating the business strategy and potential growth associated with "Custom Off The Shelf" (TM) equipment in applications from Space Data Networking through Telecommunications, OEM Markets, and Value-Added Resellers. As an example, TelSys' recent initiatives in high performance reconfigurable multi-media terminals are intended to play a major role in how the telecommunications service providers meet the increasing consumer demand for high performance interactive education, training, and entertainment services worldwide.
Headquartered in Columbia, Maryland, TSI TelSys, Inc. designs, manufactures, markets and supports communication systems that seamlessly interconnect local and wide area terrestrial networks to space/air-ground communications networks. The Company's principal market segments include solutions for telemetry, remote sensing, and high data rate SatCom applications.
Further information about TSI TelSys, including copies of press releases, may be found through the TSI TelSys Internet Web site at http://www.tsi-telsys.com. Press releases are also available at no charge through PR Newswire's Company News On-Call fax service at 800-758-5804, extension 108045 and on PRN's Web site at http://www.prnewswire.com
SOURCE TSI TelSys Corporation
-0- 08/22/96
/CONTACT: Peter Campisi, chief financial officer of TSI TelSys, 410-872- 3900, fax, 410-872-3901, e-mail: pcampisi@tsi-telsys.com, WWW: http://www.tsi- telsys.com/
(TSI)
CO: TSI TelSys Corporation ST: Maryland IN: CPR TLS SU: ERN
DC-SL -- DCTH042 -- 5820 08/22/96 18:38 EDT http://www.prnewswire.com
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