10-Q Filing

TELOS CORP CIK: 320121 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0000320121-14-000004`
Period End Date	20140331
Filing Date	20140515
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	tlsrp-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 30 Cash Flow Statement 50 Comprehensive Income 10

Balance Sheet 84 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$137.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$229.00K	USD	Point-in-time
Accounts receivable, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$369.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$80.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$94.00K	USD	Point-in-time
Accounts receivable, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$321.00K	USD	Point-in-time
Inventories, obsolescence reserve	`InventoryValuationReserves`	$417.00K	USD	Point-in-time
Accounts receivable, net of reserve of $369 and $321, respectively	`AccountsReceivableNetCurrent`	$24.22M	USD	Point-in-time
Inventories, obsolescence reserve	`InventoryValuationReserves`	$417.00K	USD	Point-in-time
Accounts receivable, net of reserve of $369 and $321, respectively	`AccountsReceivableNetCurrent`	$45.63M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$24.32M	USD	Point-in-time
Inventories, net of obsolescence reserve of $417, respectively	`InventoryNet`	$3.98M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$24.77M	USD	Point-in-time
Inventories, net of obsolescence reserve of $417, respectively	`InventoryNet`	$4.88M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	-	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$107.00K	USD	Point-in-time
Deferred program expenses	`OtherPrepaidExpenseCurrent`	$944.00K	USD	Point-in-time
Deferred program expenses	`OtherPrepaidExpenseCurrent`	$576.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.27M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.69M	USD	Point-in-time
Total current assets (Note 5)	`AssetsCurrent`	$52.46M	USD	Point-in-time
Total current assets (Note 5)	`AssetsCurrent`	$31.02M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $24,775 and $24,316, respectively	`PropertyPlantAndEquipmentNet`	$14.62M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $24,775 and $24,316, respectively	`PropertyPlantAndEquipmentNet`	$14.33M	USD	Point-in-time
Deferred income taxes, long-term	`DeferredTaxAssetsNetNoncurrent`	-	USD	Point-in-time
Deferred income taxes, long-term	`DeferredTaxAssetsNetNoncurrent`	$627.00K	USD	Point-in-time
Goodwill (Note 3)	`Goodwill`	$14.92M	USD	Point-in-time
Goodwill (Note 3)	`Goodwill`	$14.92M	USD	Point-in-time
Other intangible assets (Note 3)	`IntangibleAssetsNetExcludingGoodwill`	$5.08M	USD	Point-in-time
Other intangible assets (Note 3)	`IntangibleAssetsNetExcludingGoodwill`	$5.64M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$974.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.27M	USD	Point-in-time
Total assets (Note 5)	`Assets`	$67.25M	USD	Point-in-time
Total assets (Note 5)	`Assets`	$88.61M	USD	Point-in-time
Senior credit facility - short-term (Note 5)	`LinesOfCreditCurrent`	$688.00K	USD	Point-in-time
Senior credit facility - short-term (Note 5)	`LinesOfCreditCurrent`	$844.00K	USD	Point-in-time
Accounts payable and other accrued payables (Note 5)	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$15.15M	USD	Point-in-time
Accounts payable and other accrued payables (Note 5)	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$23.29M	USD	Point-in-time
Accrued compensation and benefits	`DeferredCompensationLiabilityCurrent`	$5.66M	USD	Point-in-time
Accrued compensation and benefits	`DeferredCompensationLiabilityCurrent`	$5.94M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$2.77M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$2.39M	USD	Point-in-time
Deferred income taxes - current	`DeferredTaxLiabilities`	$25.00K	USD	Point-in-time
Deferred income taxes - current	`DeferredTaxLiabilities`	-	USD	Point-in-time
Capital lease obligations - short-term	`CapitalLeaseObligationsCurrent`	$676.00K	USD	Point-in-time
Capital lease obligations - short-term	`CapitalLeaseObligationsCurrent`	$657.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.78M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$3.38M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$28.10M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$35.15M	USD	Point-in-time
Senior revolving credit facility (Note 5)	`LongTermLineOfCredit`	$19.14M	USD	Point-in-time
Senior revolving credit facility (Note 5)	`LongTermLineOfCredit`	$10.37M	USD	Point-in-time
Capital lease obligations	`CapitalLeaseObligationsNoncurrent`	$14.72M	USD	Point-in-time
Capital lease obligations	`CapitalLeaseObligationsNoncurrent`	$14.90M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	-	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$169.00K	USD	Point-in-time
Senior redeemable preferred stock (Note 6)	`RedeemableNoncontrollingInterestEquityOtherCarryingAmount`	$1.91M	USD	Point-in-time
Senior redeemable preferred stock (Note 6)	`RedeemableNoncontrollingInterestEquityOtherCarryingAmount`	$1.89M	USD	Point-in-time
Public preferred stock (Note 6)	`RedeemableNoncontrollingInterestEquityPreferredCarryingAmount`	$116.27M	USD	Point-in-time
Public preferred stock (Note 6)	`RedeemableNoncontrollingInterestEquityPreferredCarryingAmount`	$117.23M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$71.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$490.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$188.02M	USD	Point-in-time
Total liabilities	`Liabilities`	$172.41M	USD	Point-in-time
Commitments and contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock	`CommonStockValue`	$78.00K	USD	Point-in-time
Common stock	`CommonStockValue`	$78.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$146.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$146.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$48.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$46.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-105.69M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-100.13M	USD	Point-in-time
Total Telos stockholders' deficit	`StockholdersEquity`	$-99.86M	USD	Point-in-time
Total Telos stockholders' deficit	`StockholdersEquity`	$-105.42M	USD	Point-in-time
Non-controlling interest in subsidiary (Note 2)	`MinorityInterest`	$265.00K	USD	Point-in-time
Non-controlling interest in subsidiary (Note 2)	`MinorityInterest`	$454.00K	USD	Point-in-time
Non-controlling interest in subsidiary (Note 2)	`MinorityInterest`	$351.00K	USD	Point-in-time
Non-controlling interest in subsidiary (Note 2)	`MinorityInterest`	$468.00K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-99.41M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-105.16M	USD	Point-in-time
Total liabilities, redeemable preferred stock, and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$88.61M	USD	Point-in-time
Total liabilities, redeemable preferred stock, and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$67.25M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Services	`SalesRevenueServicesNet`	$27.64M	USD	1 Quarter
Services	`SalesRevenueServicesNet`	$33.76M	USD	1 Quarter
Products	`SalesRevenueGoodsNet`	$13.82M	USD	1 Quarter
Products	`SalesRevenueGoodsNet`	$2.51M	USD	1 Quarter
Total Revenue	`SalesRevenueNet`	$30.14M	USD	1 Quarter
Total Revenue	`SalesRevenueNet`	$47.58M	USD	1 Quarter
Cost of sales - Services	`CostOfServices`	$21.45M	USD	1 Quarter
Cost of sales - Services	`CostOfServices`	$26.29M	USD	1 Quarter
Cost of sales - Products	`CostOfGoodsSold`	$13.27M	USD	1 Quarter
Cost of sales - Products	`CostOfGoodsSold`	$2.26M	USD	1 Quarter
Total costs and expenses	`CostOfRevenue`	$23.70M	USD	1 Quarter
Total costs and expenses	`CostOfRevenue`	$39.56M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$8.68M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$9.89M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-662.00K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-3.45M	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$3.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$2.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.41M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.34M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.07M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.79M	USD	1 Quarter
(Provision) benefit for income taxes (Note 7)	`IncomeTaxExpenseBenefit`	$-1.41M	USD	1 Quarter
(Provision) benefit for income taxes (Note 7)	`IncomeTaxExpenseBenefit`	$515.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-5.30M	USD	1 Quarter
Net loss	`ProfitLoss`	$-656.00K	USD	1 Quarter
Less: Net income attributable to non-controlling interest (Note 2)	`NetIncomeLossAttributableToNoncontrollingInterest`	$258.00K	USD	1 Quarter
Less: Net income attributable to non-controlling interest (Note 2)	`NetIncomeLossAttributableToNoncontrollingInterest`	$344.00K	USD	1 Quarter
Net loss attributable to Telos Corporation	`NetIncomeLoss`	$-5.56M	USD	1 Quarter
Net loss attributable to Telos Corporation	`NetIncomeLoss`	$-1.00M	USD	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-5.30M	USD	1 Quarter
Net loss	`ProfitLoss`	$-656.00K	USD	1 Quarter
Dividends of preferred stock as interest expense	`DividendsPreferredStockAsInterestExpense`	$-993.00K	USD	1 Quarter
Dividends of preferred stock as interest expense	`DividendsPreferredStockAsInterestExpense`	$-972.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$943.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.03M	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$18.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$18.00K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-1.90M	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-928.00K	USD	1 Quarter
Other noncash items	`OtherNoncashIncomeExpense`	$6.00K	USD	1 Quarter
Other noncash items	`OtherNoncashIncomeExpense`	$-48.00K	USD	1 Quarter
Changes in other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-12.77M	USD	1 Quarter
Changes in other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-6.36M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.76M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$8.61M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$288.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$176.00K	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-176.00K	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-288.00K	USD	1 Quarter
Proceeds from senior credit facility	`ProceedsFromLinesOfCredit`	$45.37M	USD	1 Quarter
Proceeds from senior credit facility	`ProceedsFromLinesOfCredit`	$45.42M	USD	1 Quarter
Repayments of senior credit facility	`RepaymentsOfLinesOfCredit`	$53.89M	USD	1 Quarter
Repayments of senior credit facility	`RepaymentsOfLinesOfCredit`	$54.11M	USD	1 Quarter
Decrease in book overdrafts	`IncreaseDecreaseInBookOverdrafts`	$775.00K	USD	1 Quarter
Decrease in book overdrafts	`IncreaseDecreaseInBookOverdrafts`	$3.98M	USD	1 Quarter
Repayments of term loan	`RepaymentsOfBankDebt`	$94.00K	USD	1 Quarter
Repayments of term loan	`RepaymentsOfBankDebt`	$94.00K	USD	1 Quarter
Payments under capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$159.00K	USD	1 Quarter
Payments under capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$290.00K	USD	1 Quarter
Distributions to Telos ID Class B membership unit - non-controlling interest	`PaymentsToMinorityShareholders`	$461.00K	USD	1 Quarter
Distributions to Telos ID Class B membership unit - non-controlling interest	`PaymentsToMinorityShareholders`	$447.00K	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-5.56M	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-8.45M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-92.00K	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-14.00K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$94.00K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$80.00K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$229.00K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$137.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$137.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$229.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$80.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$94.00K	USD	Point-in-time
Interest	`InterestPaidNet`	$404.00K	USD	1 Quarter
Interest	`InterestPaidNet`	$388.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$508.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$90.00K	USD	1 Quarter
Dividends of preferred stock as interest expense	`DividendsPreferredStockAsInterestExpense`	$-993.00K	USD	1 Quarter
Dividends of preferred stock as interest expense	`DividendsPreferredStockAsInterestExpense`	$-972.00K	USD	1 Quarter

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-5.30M	USD	1 Quarter
Net loss	`ProfitLoss`	$-656.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-5.00K	USD	1 Quarter
Total other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-5.00K	USD	1 Quarter
Total other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-2.00K	USD	1 Quarter
Less: Comprehensive income attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$258.00K	USD	1 Quarter
Less: Comprehensive income attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$344.00K	USD	1 Quarter
Comprehensive loss attributable to Telos Corporation	`ComprehensiveIncomeNetOfTax`	$-1.00M	USD	1 Quarter
Comprehensive loss attributable to Telos Corporation	`ComprehensiveIncomeNetOfTax`	$-5.56M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.