10-Q Filing

TELOS CORP CIK: 320121 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0000320121-16-000056`
Period End Date	20160331
Filing Date	20160516
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	tlsrp-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 30 Cash Flow Statement 50 Comprehensive Income 10

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$58.00K	USD	Point-in-time
Accounts receivable, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$485.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$43.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$32.00K	USD	Point-in-time
Accounts receivable, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$500.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$53.00K	USD	Point-in-time
Inventories, obsolescence reserve	`InventoryValuationReserves`	$1.46M	USD	Point-in-time
Accounts receivable, net of reserve of $500 and $485, respectively	`AccountsReceivableNetCurrent`	$19.05M	USD	Point-in-time
Inventories, obsolescence reserve	`InventoryValuationReserves`	$1.46M	USD	Point-in-time
Accounts receivable, net of reserve of $500 and $485, respectively	`AccountsReceivableNetCurrent`	$18.16M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$23.37M	USD	Point-in-time
Inventories, net of obsolescence reserve of $1,457	`InventoryNet`	$2.03M	USD	Point-in-time
Inventories, net of obsolescence reserve of $1,457	`InventoryNet`	$2.90M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$23.10M	USD	Point-in-time
Deferred program expenses	`OtherPrepaidExpenseCurrent`	$734.00K	USD	Point-in-time
Deferred program expenses	`OtherPrepaidExpenseCurrent`	$654.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$2.45M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$3.10M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$23.36M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$25.84M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $23,102 and $23,366, respectively	`PropertyPlantAndEquipmentNet`	$17.26M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $23,102 and $23,366, respectively	`PropertyPlantAndEquipmentNet`	$16.90M	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`	$1.13M	USD	Point-in-time
Other intangible assets (Note 3)	`IntangibleAssetsNetExcludingGoodwill`	$564.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$814.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$810.00K	USD	Point-in-time
Total assets	`Assets`	$56.54M	USD	Point-in-time
Total assets	`Assets`	$59.96M	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`	$1.40M	USD	Point-in-time
Accounts payable and other accrued payables (Note 5)	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$12.68M	USD	Point-in-time
Accounts payable and other accrued payables (Note 5)	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$11.58M	USD	Point-in-time
Accrued compensation and benefits	`DeferredCompensationLiabilityCurrent`	$4.75M	USD	Point-in-time
Accrued compensation and benefits	`DeferredCompensationLiabilityCurrent`	$5.28M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$3.37M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$3.47M	USD	Point-in-time
Capital lease obligations - short-term	`CapitalLeaseObligationsCurrent`	$827.00K	USD	Point-in-time
Capital lease obligations - short-term	`CapitalLeaseObligationsCurrent`	$850.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.64M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.66M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$24.77M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$24.14M	USD	Point-in-time
Senior revolving credit facility (Note 5)	`LongTermLineOfCredit`	$7.14M	USD	Point-in-time
Senior revolving credit facility (Note 5)	`LongTermLineOfCredit`	$3.67M	USD	Point-in-time
Subordinated debt (Note 5)	`SubordinatedLongTermDebt`	$2.50M	USD	Point-in-time
Subordinated debt (Note 5)	`SubordinatedLongTermDebt`	$2.50M	USD	Point-in-time
Capital lease obligations	`CapitalLeaseObligationsNoncurrent`	$19.91M	USD	Point-in-time
Capital lease obligations	`CapitalLeaseObligationsNoncurrent`	$19.69M	USD	Point-in-time
Deferred income taxes (Note 7)	`DeferredTaxLiabilitiesNoncurrent`	$3.20M	USD	Point-in-time
Deferred income taxes (Note 7)	`DeferredTaxLiabilitiesNoncurrent`	$3.26M	USD	Point-in-time
Senior redeemable preferred stock (Note 6)	`RedeemableNoncontrollingInterestEquityOtherCarryingAmount`	$2.04M	USD	Point-in-time
Senior redeemable preferred stock (Note 6)	`RedeemableNoncontrollingInterestEquityOtherCarryingAmount`	$2.02M	USD	Point-in-time
Public preferred stock (Note 6)	`RedeemableNoncontrollingInterestEquityPreferredCarryingAmount`	$123.92M	USD	Point-in-time
Public preferred stock (Note 6)	`RedeemableNoncontrollingInterestEquityPreferredCarryingAmount`	$124.88M	USD	Point-in-time
Other liabilities (Note 7)	`OtherLiabilitiesNoncurrent`	$894.00K	USD	Point-in-time
Other liabilities (Note 7)	`OtherLiabilitiesNoncurrent`	$882.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$184.35M	USD	Point-in-time
Total liabilities	`Liabilities`	$181.08M	USD	Point-in-time
Commitments, contingencies and subsequent events (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments, contingencies and subsequent events (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`	$42.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$37.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-128.36M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-129.23M	USD	Point-in-time
Total Telos stockholders' deficit	`StockholdersEquity`	$-125.02M	USD	Point-in-time
Total Telos stockholders' deficit	`StockholdersEquity`	$-125.88M	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`	$1.34M	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`	$635.00K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-124.38M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-124.53M	USD	Point-in-time
Total liabilities, redeemable preferred stock, and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$56.54M	USD	Point-in-time
Total liabilities, redeemable preferred stock, and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$59.96M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Services	`SalesRevenueServicesNet`	$24.29M	USD	1 Quarter
Services	`SalesRevenueServicesNet`	$25.32M	USD	1 Quarter
Products	`SalesRevenueGoodsNet`	$2.69M	USD	1 Quarter
Products	`SalesRevenueGoodsNet`	$2.79M	USD	1 Quarter
Total Revenue	`SalesRevenueNet`	$28.02M	USD	1 Quarter
Total Revenue	`SalesRevenueNet`	$27.08M	USD	1 Quarter
Cost of sales - Services	`CostOfServices`	$14.93M	USD	1 Quarter
Cost of sales - Services	`CostOfServices`	$19.80M	USD	1 Quarter
Cost of sales - Products	`CostOfGoodsSold`	$1.57M	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`	$16.50M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$8.49M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$9.35M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$1.24M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-1.71M	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$10.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$11.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.40M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.33M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-149.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.03M	USD	1 Quarter
(Provision) benefit for income taxes (Note 7)	`IncomeTaxExpenseBenefit`	$-669.00K	USD	1 Quarter
(Provision) benefit for income taxes (Note 7)	`IncomeTaxExpenseBenefit`	$8.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.36M	USD	1 Quarter
Net loss	`ProfitLoss`	$-157.00K	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`	$710.00K	USD	1 Quarter
Net loss attributable to Telos Corporation	`NetIncomeLoss`	$-867.00K	USD	1 Quarter
Net loss attributable to Telos Corporation	`NetIncomeLoss`	$-2.75M	USD	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-2.36M	USD	1 Quarter
Net loss	`ProfitLoss`	$-157.00K	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
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.07M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.05M	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$65.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$13.00K	USD	1 Quarter
Deferred income tax provision (benefit)	`DeferredIncomeTaxExpenseBenefit`	$63.00K	USD	1 Quarter
Deferred income tax provision (benefit)	`DeferredIncomeTaxExpenseBenefit`	$-198.00K	USD	1 Quarter
Other noncash items	`OtherNoncashIncomeExpense`	$49.00K	USD	1 Quarter
Other noncash items	`OtherNoncashIncomeExpense`	$-15.00K	USD	1 Quarter
Changes in other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-2.26M	USD	1 Quarter
Changes in other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-3.88M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$4.27M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$3.33M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$123.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$78.00K	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-123.00K	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-78.00K	USD	1 Quarter
Proceeds from senior credit facility	`ProceedsFromLinesOfCredit`	$29.45M	USD	1 Quarter
Proceeds from senior credit facility	`ProceedsFromLinesOfCredit`	$27.86M	USD	1 Quarter
Repayments of senior credit facility	`RepaymentsOfLinesOfCredit`	$32.80M	USD	1 Quarter
Repayments of senior credit facility	`RepaymentsOfLinesOfCredit`	$30.98M	USD	1 Quarter
Decrease in book overdrafts	`IncreaseDecreaseInBookOverdrafts`	$-962.00K	USD	1 Quarter
Decrease in book overdrafts	`IncreaseDecreaseInBookOverdrafts`	$-482.00K	USD	1 Quarter
Repayments of term loan	`RepaymentsOfBankDebt`	$1.25M	USD	1 Quarter
Repayments of term loan	`RepaymentsOfBankDebt`	$350.00K	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`	$183.00K	USD	1 Quarter
Payments under capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$196.00K	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-3.24M	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-4.15M	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$11.00K	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-5.00K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$53.00K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$32.00K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$43.00K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$58.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$58.00K	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`	$32.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$53.00K	USD	Point-in-time
Interest	`InterestPaidNet`	$376.00K	USD	1 Quarter
Interest	`InterestPaidNet`	$373.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$5.00K	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`	$-157.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$5.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-1.00K	USD	1 Quarter
Total other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$5.00K	USD	1 Quarter
Total other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-1.00K	USD	1 Quarter
Less: Comprehensive income attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$710.00K	USD	1 Quarter
Less: Comprehensive income attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$385.00K	USD	1 Quarter
Comprehensive loss attributable to Telos Corporation	`ComprehensiveIncomeNetOfTax`	$-862.00K	USD	1 Quarter
Comprehensive loss attributable to Telos Corporation	`ComprehensiveIncomeNetOfTax`	$-2.75M	USD	1 Quarter

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