10-Q Filing

TELOS CORP CIK: 320121 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0000320121-15-000021`
Period End Date	20150331
Filing Date	20150515
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	tlsrp-20150331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 30 Cash Flow Statement 52 Comprehensive Income 10

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$80.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$43.00K	USD	Point-in-time
Accounts receivable, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$324.00K	USD	Point-in-time
Accounts receivable, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$372.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$94.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$32.00K	USD	Point-in-time
Inventories, obsolescence reserve	`InventoryValuationReserves`	$1.37M	USD	Point-in-time
Inventories, obsolescence reserve	`InventoryValuationReserves`	$1.36M	USD	Point-in-time
Accounts receivable, net of reserve of $324 and $372, respectively	`AccountsReceivableNetCurrent`	$21.42M	USD	Point-in-time
Accounts receivable, net of reserve of $324 and $372, respectively	`AccountsReceivableNetCurrent`	$22.52M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$25.99M	USD	Point-in-time
Inventories, net of obsolescence reserve of $1,365 and $1,366, respectively	`InventoryNet`	$2.20M	USD	Point-in-time
Inventories, net of obsolescence reserve of $1,365 and $1,366, respectively	`InventoryNet`	$3.35M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$26.47M	USD	Point-in-time
Deferred income taxes (Note 7)	`DeferredTaxAssetsNetCurrent`	$1.00M	USD	Point-in-time
Deferred income taxes (Note 7)	`DeferredTaxAssetsNetCurrent`	$813.00K	USD	Point-in-time
Deferred program expenses	`OtherPrepaidExpenseCurrent`	$1.39M	USD	Point-in-time
Deferred program expenses	`OtherPrepaidExpenseCurrent`	$2.62M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$6.14M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$4.37M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$31.46M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$34.44M	USD	Point-in-time
Deferred income taxes, long-term (Note 7)	`DeferredTaxAssetsNetNoncurrent`	$910.00K	USD	Point-in-time
Deferred income taxes, long-term (Note 7)	`DeferredTaxAssetsNetNoncurrent`	$1.30M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $26,470 and $25,990, respectively	`PropertyPlantAndEquipmentNet`	$18.48M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $26,470 and $25,990, respectively	`PropertyPlantAndEquipmentNet`	$18.91M	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`	$3.39M	USD	Point-in-time
Other intangible assets (Note 3)	`IntangibleAssetsNetExcludingGoodwill`	$2.82M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.19M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.26M	USD	Point-in-time
Total assets	`Assets`	$73.82M	USD	Point-in-time
Total assets	`Assets`	$70.18M	USD	Point-in-time
Senior credit facility - short-term (Note 5)	`LinesOfCreditCurrent`	$1.40M	USD	Point-in-time
Senior credit facility - short-term (Note 5)	`LinesOfCreditCurrent`	$2.30M	USD	Point-in-time
Accounts payable and other accrued payables (Note 5)	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$18.19M	USD	Point-in-time
Accounts payable and other accrued payables (Note 5)	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$17.82M	USD	Point-in-time
Accrued compensation and benefits	`DeferredCompensationLiabilityCurrent`	$4.67M	USD	Point-in-time
Accrued compensation and benefits	`DeferredCompensationLiabilityCurrent`	$4.20M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$2.38M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$3.34M	USD	Point-in-time
Capital lease obligations - short-term (Note 8)	`CapitalLeaseObligationsCurrent`	$772.00K	USD	Point-in-time
Capital lease obligations - short-term (Note 8)	`CapitalLeaseObligationsCurrent`	$785.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.99M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.77M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$29.42M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$30.21M	USD	Point-in-time
Senior revolving credit facility (Note 5)	`LongTermLineOfCredit`	$8.59M	USD	Point-in-time
Senior revolving credit facility (Note 5)	`LongTermLineOfCredit`	$4.90M	USD	Point-in-time
Subordinated notes	`SubordinatedLongTermDebt`	-	USD	Point-in-time
Subordinated notes	`SubordinatedLongTermDebt`	$2.50M	USD	Point-in-time
Capital lease obligations (Note 8)	`CapitalLeaseObligationsNoncurrent`	$20.54M	USD	Point-in-time
Capital lease obligations (Note 8)	`CapitalLeaseObligationsNoncurrent`	$20.73M	USD	Point-in-time
Senior redeemable preferred stock (Note 6)	`RedeemableNoncontrollingInterestEquityOtherCarryingAmount`	$1.96M	USD	Point-in-time
Senior redeemable preferred stock (Note 6)	`RedeemableNoncontrollingInterestEquityOtherCarryingAmount`	$1.98M	USD	Point-in-time
Public preferred stock (Note 6)	`RedeemableNoncontrollingInterestEquityPreferredCarryingAmount`	$121.05M	USD	Point-in-time
Public preferred stock (Note 6)	`RedeemableNoncontrollingInterestEquityPreferredCarryingAmount`	$120.10M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$642.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$717.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$181.02M	USD	Point-in-time
Total liabilities	`Liabilities`	$182.31M	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`	$3.23M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.23M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$45.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$44.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-112.42M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-115.17M	USD	Point-in-time
Total Telos stockholders' deficit	`StockholdersEquity`	$-109.07M	USD	Point-in-time
Total Telos stockholders' deficit	`StockholdersEquity`	$-111.82M	USD	Point-in-time
Non-controlling interest in subsidiary (Note 2)	`MinorityInterest`	$969.00K	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`	$584.00K	USD	Point-in-time
Non-controlling interest in subsidiary (Note 2)	`MinorityInterest`	$265.00K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-110.85M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-108.49M	USD	Point-in-time
Total liabilities, redeemable preferred stock, and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$70.18M	USD	Point-in-time
Total liabilities, redeemable preferred stock, and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$73.82M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Services	`SalesRevenueServicesNet`	$25.32M	USD	1 Quarter
Services	`SalesRevenueServicesNet`	$27.64M	USD	1 Quarter
Products	`SalesRevenueGoodsNet`	$2.69M	USD	1 Quarter
Products	`SalesRevenueGoodsNet`	$2.51M	USD	1 Quarter
Total Revenue	`SalesRevenueNet`	$30.14M	USD	1 Quarter
Total Revenue	`SalesRevenueNet`	$28.02M	USD	1 Quarter
Cost of sales - Services	`CostOfServices`	$19.80M	USD	1 Quarter
Cost of sales - Services	`CostOfServices`	$21.45M	USD	1 Quarter
Cost of sales - Products	`CostOfGoodsSold`	$2.26M	USD	1 Quarter
Cost of sales - Products	`CostOfGoodsSold`	$1.44M	USD	1 Quarter
Total costs and expenses	`CostOfRevenue`	$21.24M	USD	1 Quarter
Total costs and expenses	`CostOfRevenue`	$23.70M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$8.49M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$9.89M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.71M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-3.45M	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$3.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$11.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.34M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.33M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.79M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.03M	USD	1 Quarter
Benefit (provision) for income taxes (Note 7)	`IncomeTaxExpenseBenefit`	$515.00K	USD	1 Quarter
Benefit (provision) for income taxes (Note 7)	`IncomeTaxExpenseBenefit`	$-669.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.36M	USD	1 Quarter
Net loss	`ProfitLoss`	$-5.30M	USD	1 Quarter
Less: Net income attributable to non-controlling interest (Note 2)	`NetIncomeLossAttributableToNoncontrollingInterest`	$385.00K	USD	1 Quarter
Less: Net income attributable to non-controlling interest (Note 2)	`NetIncomeLossAttributableToNoncontrollingInterest`	$258.00K	USD	1 Quarter
Net loss attributable to Telos Corporation	`NetIncomeLoss`	$-5.56M	USD	1 Quarter
Net loss attributable to Telos Corporation	`NetIncomeLoss`	$-2.75M	USD	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-2.36M	USD	1 Quarter
Net loss	`ProfitLoss`	$-5.30M	USD	1 Quarter
Dividends of preferred stock as interest expense	`DividendsPreferredStockAsInterestExpense`	$-972.00K	USD	1 Quarter
Dividends of preferred stock as interest expense	`DividendsPreferredStockAsInterestExpense`	$-972.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.03M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.07M	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$18.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$13.00K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-198.00K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-928.00K	USD	1 Quarter
Other noncash items	`OtherNoncashIncomeExpense`	$49.00K	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`	$-3.88M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.33M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$8.61M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$78.00K	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`	$-78.00K	USD	1 Quarter
Proceeds from senior credit facility	`ProceedsFromLinesOfCredit`	$45.37M	USD	1 Quarter
Proceeds from senior credit facility	`ProceedsFromLinesOfCredit`	$29.45M	USD	1 Quarter
Repayments of senior credit facility	`RepaymentsOfLinesOfCredit`	$53.89M	USD	1 Quarter
Repayments of senior credit facility	`RepaymentsOfLinesOfCredit`	$32.80M	USD	1 Quarter
(Decrease) increase in book overdrafts	`IncreaseDecreaseInBookOverdrafts`	$-962.00K	USD	1 Quarter
(Decrease) increase in book overdrafts	`IncreaseDecreaseInBookOverdrafts`	$775.00K	USD	1 Quarter
Repayments of term loan	`RepaymentsOfBankDebt`	$1.25M	USD	1 Quarter
Repayments of term loan	`RepaymentsOfBankDebt`	$94.00K	USD	1 Quarter
Proceeds from subordinated debt	`ProceedsFromRelatedPartyDebt`	$2.50M	USD	1 Quarter
Proceeds from subordinated debt	`ProceedsFromRelatedPartyDebt`	-	USD	1 Quarter
Payments under capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$159.00K	USD	1 Quarter
Payments under capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$183.00K	USD	1 Quarter
Distributions to Telos ID Class B membership unit - non-controlling interest	`PaymentsToMinorityShareholders`	-	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`	$-3.24M	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-8.45M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-14.00K	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$11.00K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$32.00K	USD	Point-in-time
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`	$43.00K	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`	$43.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$94.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$32.00K	USD	Point-in-time
Interest	`InterestPaidNet`	$388.00K	USD	1 Quarter
Interest	`InterestPaidNet`	$373.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$508.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$3.00K	USD	1 Quarter
Dividends of preferred stock as interest expense	`DividendsPreferredStockAsInterestExpense`	$-972.00K	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`	$-2.36M	USD	1 Quarter
Net loss	`ProfitLoss`	$-5.30M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-1.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.00K	USD	1 Quarter
Total other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-1.00K	USD	1 Quarter
Total other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-2.00K	USD	1 Quarter
Less: Comprehensive income attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$385.00K	USD	1 Quarter
Less: Comprehensive income attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$258.00K	USD	1 Quarter
Comprehensive loss attributable to Telos Corporation	`ComprehensiveIncomeNetOfTax`	$-2.75M	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.