TeleCommunication Systems Inc. (TSYS) reported fourth quarter net income of $11.77 million or $0.20 per share, compared to $38.23 million or $0.78 per share in the prior year quarter.
Revenue for the quarter rose to $90.84 million from $79.29 million in the year-ago quarter.
On average, 8 analysts polled by Thomson Reuters expected the company to report profit of $0.06 per share on revenue of $85.28 million for the quarter. Analysts' estimates typically exclude special items.
Full year 2009, net income was $28.3 million or $0.53 per share, compared to $57.6 million or $1.23 per share in 2008, which included a $0.71 favorable effect from income tax reserve reversal accounting.
Revenue for the year rose to $300.09 million from $220.14 million in the previous year.
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