10-Q Filing

TELOS CORP CIK: 320121 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001140361-12-025491`
Period End Date	20120331
Filing Date	20120515
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	tlsrp-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 30 Cash Flow Statement 56 Comprehensive Income 8

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$311.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$116.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$220.00K	USD	Point-in-time
Accounts receivable, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$375.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$149.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$401.00K	USD	Point-in-time
Inventories, obsolescence reserve	`InventoryValuationReserves`	$311.00K	USD	Point-in-time
Accounts receivable, net of reserve of $311 and $375, respectively	`AccountsReceivableNetCurrent`	$36.95M	USD	Point-in-time
Accounts receivable, net of reserve of $311 and $375, respectively	`AccountsReceivableNetCurrent`	$45.68M	USD	Point-in-time
Inventories, obsolescence reserve	`InventoryValuationReserves`	$315.00K	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$22.12M	USD	Point-in-time
Inventories, net of obsolescence reserve of $313 and $315, respectively	`InventoryNet`	$10.71M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$20.99M	USD	Point-in-time
Inventories, net of obsolescence reserve of $313 and $315, respectively	`InventoryNet`	$14.71M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$423.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$423.00K	USD	Point-in-time
Deferred program expenses	`OtherPrepaidExpenseCurrent`	$2.64M	USD	Point-in-time
Deferred program expenses	`OtherPrepaidExpenseCurrent`	$5.68M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$2.94M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$2.35M	USD	Point-in-time
Total current assets (Note 6)	`AssetsCurrent`	$57.88M	USD	Point-in-time
Total current assets (Note 6)	`AssetsCurrent`	$65.24M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $22,117 and $20,994, respectively	`PropertyPlantAndEquipmentNet`	$4.52M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $22,117 and $20,994, respectively	`PropertyPlantAndEquipmentNet`	$4.85M	USD	Point-in-time
Deferred income taxes, long-term	`DeferredTaxAssetsNetNoncurrent`	$1.62M	USD	Point-in-time
Deferred income taxes, long-term	`DeferredTaxAssetsNetNoncurrent`	$1.62M	USD	Point-in-time
Goodwill	`Goodwill`	$14.92M	USD	Point-in-time
Goodwill	`Goodwill`	$15.06M	USD	Point-in-time
Other intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$9.59M	USD	Point-in-time
Other intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$10.16M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$280.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$284.00K	USD	Point-in-time
Total assets (Note 6)	`Assets`	$89.84M	USD	Point-in-time
Total assets (Note 6)	`Assets`	$96.17M	USD	Point-in-time
Accounts payable and other accrued payables (Note 6)	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$21.95M	USD	Point-in-time
Accounts payable and other accrued payables (Note 6)	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$25.71M	USD	Point-in-time
Accrued compensation and benefits	`DeferredCompensationLiabilityCurrent`	$6.09M	USD	Point-in-time
Accrued compensation and benefits	`DeferredCompensationLiabilityCurrent`	$8.09M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$3.85M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$4.39M	USD	Point-in-time
Senior credit facility - short-term (Note 6)	`LinesOfCreditCurrent`	$375.00K	USD	Point-in-time
Senior credit facility - short-term (Note 6)	`LinesOfCreditCurrent`	$375.00K	USD	Point-in-time
Notes payable - short-term (Note 6)	`ShortTermBankLoansAndNotesPayable`	$3.48M	USD	Point-in-time
Notes payable - short-term (Note 6)	`ShortTermBankLoansAndNotesPayable`	$1.38M	USD	Point-in-time
Capital lease obligations - short-term	`CapitalLeaseObligationsCurrent`	$1.06M	USD	Point-in-time
Capital lease obligations - short-term	`CapitalLeaseObligationsCurrent`	$1.03M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$3.40M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$8.84M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$47.31M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$42.71M	USD	Point-in-time
Senior revolving credit facility (Note 6)	`LongTermLineOfCredit`	$16.72M	USD	Point-in-time
Senior revolving credit facility (Note 6)	`LongTermLineOfCredit`	$17.50M	USD	Point-in-time
Notes payable (Note 6)	`LongTermNotesPayable`	$12.22M	USD	Point-in-time
Notes payable (Note 6)	`LongTermNotesPayable`	$12.06M	USD	Point-in-time
Capital lease obligations	`CapitalLeaseObligationsNoncurrent`	$4.67M	USD	Point-in-time
Capital lease obligations	`CapitalLeaseObligationsNoncurrent`	$4.95M	USD	Point-in-time
Senior redeemable preferred stock (Note 7)	`RedeemableNoncontrollingInterestEquityOtherCarryingAmount`	$8.30M	USD	Point-in-time
Senior redeemable preferred stock (Note 7)	`RedeemableNoncontrollingInterestEquityOtherCarryingAmount`	$8.23M	USD	Point-in-time
Public preferred stock (Note 7)	`RedeemableNoncontrollingInterestEquityPreferredCarryingAmount`	$109.58M	USD	Point-in-time
Public preferred stock (Note 7)	`RedeemableNoncontrollingInterestEquityPreferredCarryingAmount`	$108.63M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$124.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$110.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$198.92M	USD	Point-in-time
Total liabilities	`Liabilities`	$194.19M	USD	Point-in-time
Commitments, contingencies and subsequent events (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments, contingencies and subsequent events (Note 9)	`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`	$103.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$103.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$13.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$35.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-103.15M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-104.95M	USD	Point-in-time
Total Telos stockholders' deficit	`StockholdersEquity`	$-104.73M	USD	Point-in-time
Total Telos stockholders' deficit	`StockholdersEquity`	$-102.95M	USD	Point-in-time
Non-controlling interest in subsidiary (Note 2)	`MinorityInterest`	$203.00K	USD	Point-in-time
Non-controlling interest in subsidiary (Note 2)	`MinorityInterest`	$381.00K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-104.35M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-102.75M	USD	Point-in-time
Total liabilities, redeemable preferred stock, non-controlling interest and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$89.84M	USD	Point-in-time
Total liabilities, redeemable preferred stock, non-controlling interest and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$96.17M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Services	`SalesRevenueServicesNet`	$32.15M	USD	1 Quarter
Services	`SalesRevenueServicesNet`	$47.45M	USD	1 Quarter
Products	`SalesRevenueGoodsNet`	$6.98M	USD	1 Quarter
Products	`SalesRevenueGoodsNet`	$15.82M	USD	1 Quarter
Total Revenue	`SalesRevenueNet`	$54.43M	USD	1 Quarter
Total Revenue	`SalesRevenueNet`	$47.98M	USD	1 Quarter
Cost of sales - Services	`CostOfServices`	$23.62M	USD	1 Quarter
Cost of sales - Services	`CostOfServices`	$34.59M	USD	1 Quarter
Cost of sales - Products	`CostOfGoodsSold`	$12.45M	USD	1 Quarter
Cost of sales - Products	`CostOfGoodsSold`	$5.78M	USD	1 Quarter
Total costs and expenses	`CostOfRevenue`	$40.38M	USD	1 Quarter
Total costs and expenses	`CostOfRevenue`	$36.08M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$8.54M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$7.83M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$5.51M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$4.07M	USD	1 Quarter
Other income	`NonoperatingIncomeExpense`	$28.00K	USD	1 Quarter
Other income	`NonoperatingIncomeExpense`	$19.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.46M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.81M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.64M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.72M	USD	1 Quarter
Provision for income taxes (Note 8)	`IncomeTaxExpenseBenefit`	$1.36M	USD	1 Quarter
Provision for income taxes (Note 8)	`IncomeTaxExpenseBenefit`	$1.72M	USD	1 Quarter
Net income	`ProfitLoss`	$1.28M	USD	1 Quarter
Net income	`ProfitLoss`	$2.00M	USD	1 Quarter
Less: Net income attributable to non-controlling interest (Note 2)	`NetIncomeLossAttributableToNoncontrollingInterest`	$198.00K	USD	1 Quarter
Less: Net income attributable to non-controlling interest (Note 2)	`NetIncomeLossAttributableToNoncontrollingInterest`	$166.00K	USD	1 Quarter
Net income attributable to Telos Corporation	`NetIncomeLoss`	$1.12M	USD	1 Quarter
Net income attributable to Telos Corporation	`NetIncomeLoss`	$1.80M	USD	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$1.28M	USD	1 Quarter
Net income	`ProfitLoss`	$2.00M	USD	1 Quarter
Dividends of preferred stock as interest expense	`DividendsPreferredStockAsInterestExpense`	$1.03M	USD	1 Quarter
Dividends of preferred stock as interest expense	`DividendsPreferredStockAsInterestExpense`	$1.05M	USD	1 Quarter
Accretion of note payable	`AccretionOfNotePayable`	-	USD	1 Quarter
Accretion of note payable	`AccretionOfNotePayable`	$307.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$972.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$394.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$18.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$17.00K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-159.00K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Other noncash items	`OtherNoncashIncomeExpense`	$50.00K	USD	1 Quarter
Other noncash items	`OtherNoncashIncomeExpense`	$-39.00K	USD	1 Quarter
Changes in other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-2.22M	USD	1 Quarter
Changes in other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$4.95M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$7.58M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.08M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$78.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$114.00K	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-114.00K	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-78.00K	USD	1 Quarter
Proceeds from senior credit facility	`ProceedsFromLinesOfCredit`	$51.33M	USD	1 Quarter
Proceeds from senior credit facility	`ProceedsFromLinesOfCredit`	$50.35M	USD	1 Quarter
Repayments of senior credit facility	`RepaymentsOfLinesOfCredit`	$55.58M	USD	1 Quarter
Repayments of senior credit facility	`RepaymentsOfLinesOfCredit`	$52.01M	USD	1 Quarter
Decrease in book overdrafts	`IncreaseDecreaseInBookOverdrafts`	$1.69M	USD	1 Quarter
Decrease in book overdrafts	`IncreaseDecreaseInBookOverdrafts`	$-1.44M	USD	1 Quarter
Repayments of term loan	`RepaymentsOfBankDebt`	$94.00K	USD	1 Quarter
Repayments of term loan	`RepaymentsOfBankDebt`	$94.00K	USD	1 Quarter
Repayments of note payable	`RepaymentsOfNotesPayable`	-	USD	1 Quarter
Repayments of note payable	`RepaymentsOfNotesPayable`	$2.10M	USD	1 Quarter
Payments under capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$253.00K	USD	1 Quarter
Payments under capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$222.00K	USD	1 Quarter
Distributions to Telos ID Class B membership unit - non-controlling interest	`PaymentsToMinorityShareholders`	$449.00K	USD	1 Quarter
Distributions to Telos ID Class B membership unit - non-controlling interest	`PaymentsToMinorityShareholders`	$376.00K	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.82M	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-7.44M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$2.00K	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	-	USD	1 Quarter
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$181.00K	USD	1 Quarter
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$33.00K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$116.00K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$220.00K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$149.00K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$401.00K	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$116.00K	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$220.00K	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$149.00K	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$401.00K	USD	Point-in-time
Interest	`InterestPaidNet`	$469.00K	USD	1 Quarter
Interest	`InterestPaidNet`	$414.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$254.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$724.00K	USD	1 Quarter
Interest on redeemable preferred stock	`DividendsPreferredStockAsInterestExpense`	$1.03M	USD	1 Quarter
Interest on redeemable preferred stock	`DividendsPreferredStockAsInterestExpense`	$1.05M	USD	1 Quarter

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$1.28M	USD	1 Quarter
Net income	`ProfitLoss`	$2.00M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease`	$-22.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease`	$-22.00K	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease`	$-22.00K	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease`	$-22.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$1.26M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$1.98M	USD	1 Quarter

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