10-Q Filing

TELOS CORP CIK: 320121 Q1 2013

Filing Information

Form Type	10-Q
Accession Number	`0001140361-13-020549`
Period End Date	20130331
Filing Date	20130514
Fiscal Year	2013
Fiscal Period	Q1
XBRL Instance	tlsrp-20130331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 83 Income Statement 30 Cash Flow Statement 56 Comprehensive Income 10

Balance Sheet 83 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$137.00K	USD	Point-in-time
Accounts receivable, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$313.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$229.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$220.00K	USD	Point-in-time
Accounts receivable, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$319.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$401.00K	USD	Point-in-time
Inventories, obsolescence reserve	`InventoryValuationReserves`	$416.00K	USD	Point-in-time
Accounts receivable, net of reserve of $313 and $319, respectively	`AccountsReceivableNetCurrent`	$33.17M	USD	Point-in-time
Inventories, obsolescence reserve	`InventoryValuationReserves`	$416.00K	USD	Point-in-time
Accounts receivable, net of reserve of $313 and $319, respectively	`AccountsReceivableNetCurrent`	$33.88M	USD	Point-in-time
Inventories, net of obsolescence reserve of $416, respectively	`InventoryNet`	$10.28M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$23.04M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$23.40M	USD	Point-in-time
Inventories, net of obsolescence reserve of $416, respectively	`InventoryNet`	$9.88M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$192.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$842.00K	USD	Point-in-time
Deferred program expenses	`OtherPrepaidExpenseCurrent`	$5.28M	USD	Point-in-time
Deferred program expenses	`OtherPrepaidExpenseCurrent`	$899.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$2.25M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.81M	USD	Point-in-time
Total current assets (Note 6)	`AssetsCurrent`	$52.11M	USD	Point-in-time
Total current assets (Note 6)	`AssetsCurrent`	$46.74M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $23,399 and $23,035, respectively	`PropertyPlantAndEquipmentNet`	$3.79M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $23,399 and $23,035, respectively	`PropertyPlantAndEquipmentNet`	$3.88M	USD	Point-in-time
Deferred income taxes, long-term	`DeferredTaxAssetsNetNoncurrent`	$1.05M	USD	Point-in-time
Deferred income taxes, long-term	`DeferredTaxAssetsNetNoncurrent`	-	USD	Point-in-time
Goodwill (Note 4)	`Goodwill`	$15.10M	USD	Point-in-time
Goodwill (Note 4)	`Goodwill`	$14.92M	USD	Point-in-time
Goodwill (Note 4)	`Goodwill`	$14.92M	USD	Point-in-time
Other intangible assets (Note 4)	`IntangibleAssetsNetExcludingGoodwill`	$7.34M	USD	Point-in-time
Other intangible assets (Note 4)	`IntangibleAssetsNetExcludingGoodwill`	$7.90M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$348.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$345.00K	USD	Point-in-time
Total assets (Note 6)	`Assets`	$79.16M	USD	Point-in-time
Total assets (Note 6)	`Assets`	$74.19M	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
Accounts payable and other accrued payables (Note 6)	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$28.73M	USD	Point-in-time
Accounts payable and other accrued payables (Note 6)	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$23.14M	USD	Point-in-time
Accrued compensation and benefits	`DeferredCompensationLiabilityCurrent`	$4.96M	USD	Point-in-time
Accrued compensation and benefits	`DeferredCompensationLiabilityCurrent`	$6.34M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$3.01M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$6.09M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilities`	$191.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilities`	-	USD	Point-in-time
Capital lease obligations - short-term	`CapitalLeaseObligationsCurrent`	$1.30M	USD	Point-in-time
Capital lease obligations - short-term	`CapitalLeaseObligationsCurrent`	$1.24M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.56M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.07M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$37.08M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$41.33M	USD	Point-in-time
Senior revolving credit facility (Note 6)	`LongTermLineOfCredit`	$9.77M	USD	Point-in-time
Senior revolving credit facility (Note 6)	`LongTermLineOfCredit`	$18.56M	USD	Point-in-time
Capital lease obligations	`CapitalLeaseObligationsNoncurrent`	$3.45M	USD	Point-in-time
Capital lease obligations	`CapitalLeaseObligationsNoncurrent`	$3.80M	USD	Point-in-time
Senior redeemable preferred stock (Note 7)	`RedeemableNoncontrollingInterestEquityOtherCarryingAmount`	$4.05M	USD	Point-in-time
Senior redeemable preferred stock (Note 7)	`RedeemableNoncontrollingInterestEquityOtherCarryingAmount`	$4.01M	USD	Point-in-time
Public preferred stock (Note 7)	`RedeemableNoncontrollingInterestEquityPreferredCarryingAmount`	$113.41M	USD	Point-in-time
Public preferred stock (Note 7)	`RedeemableNoncontrollingInterestEquityPreferredCarryingAmount`	$112.45M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$53.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$49.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$175.95M	USD	Point-in-time
Total liabilities	`Liabilities`	$172.06M	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (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`	$146.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$67.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$72.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-97.52M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-98.52M	USD	Point-in-time
Total Telos stockholders' deficit	`StockholdersEquity`	$-97.26M	USD	Point-in-time
Total Telos stockholders' deficit	`StockholdersEquity`	$-98.22M	USD	Point-in-time
Non-controlling interest in subsidiary (Note 2)	`MinorityInterest`	$468.00K	USD	Point-in-time
Non-controlling interest in subsidiary (Note 2)	`MinorityInterest`	$381.00K	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`	$351.00K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-97.87M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-96.80M	USD	Point-in-time
Total liabilities, redeemable preferred stock, non-controlling interest and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$79.16M	USD	Point-in-time
Total liabilities, redeemable preferred stock, non-controlling interest and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$74.19M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Services	`SalesRevenueServicesNet`	$47.45M	USD	1 Quarter
Services	`SalesRevenueServicesNet`	$33.76M	USD	1 Quarter
Products	`SalesRevenueGoodsNet`	$13.82M	USD	1 Quarter
Products	`SalesRevenueGoodsNet`	$6.98M	USD	1 Quarter
Total Revenue	`SalesRevenueNet`	$47.58M	USD	1 Quarter
Total Revenue	`SalesRevenueNet`	$54.43M	USD	1 Quarter
Cost of sales - Services	`CostOfServices`	$26.29M	USD	1 Quarter
Cost of sales - Services	`CostOfServices`	$34.59M	USD	1 Quarter
Cost of sales - Products	`CostOfGoodsSold`	$13.27M	USD	1 Quarter
Cost of sales - Products	`CostOfGoodsSold`	$5.78M	USD	1 Quarter
Total costs and expenses	`CostOfRevenue`	$39.56M	USD	1 Quarter
Total costs and expenses	`CostOfRevenue`	$40.38M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$8.68M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$8.54M	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$5.51M	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$-662.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$19.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$2.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.81M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.41M	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.07M	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.72M	USD	1 Quarter
Benefit (provision) for income taxes (Note 8)	`IncomeTaxExpenseBenefit`	$-1.41M	USD	1 Quarter
Benefit (provision) for income taxes (Note 8)	`IncomeTaxExpenseBenefit`	$1.72M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$2.00M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$-656.00K	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`	$344.00K	USD	1 Quarter
Net (loss) income attributable to Telos Corporation	`NetIncomeLoss`	$1.80M	USD	1 Quarter
Net (loss) income attributable to Telos Corporation	`NetIncomeLoss`	$-1.00M	USD	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`ProfitLoss`	$2.00M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$-656.00K	USD	1 Quarter
Dividends of preferred stock as interest expense	`DividendsPreferredStockAsInterestExpense`	$-1.03M	USD	1 Quarter
Dividends of preferred stock as interest expense	`DividendsPreferredStockAsInterestExpense`	$-993.00K	USD	1 Quarter
Accretion of notes payable	`AccretionOfNotePayable`	$307.00K	USD	1 Quarter
Accretion of notes payable	`AccretionOfNotePayable`	-	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$972.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$943.00K	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`	-	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-1.90M	USD	1 Quarter
Other noncash items	`OtherNoncashIncomeExpense`	$6.00K	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`	$-6.36M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.76M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.08M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$288.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$78.00K	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-288.00K	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-78.00K	USD	1 Quarter
Proceeds from senior credit facility	`ProceedsFromLinesOfCredit`	$45.42M	USD	1 Quarter
Proceeds from senior credit facility	`ProceedsFromLinesOfCredit`	$51.33M	USD	1 Quarter
Repayments of senior credit facility	`RepaymentsOfLinesOfCredit`	$54.11M	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`	$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
Repayments of notes payable	`RepaymentsOfNotesPayable`	$2.10M	USD	1 Quarter
Repayments of notes payable	`RepaymentsOfNotesPayable`	-	USD	1 Quarter
Payments under capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$290.00K	USD	1 Quarter
Payments under capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$253.00K	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`	$376.00K	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.82M	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-5.56M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	-	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	-	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-92.00K	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$181.00K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$137.00K	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`	$220.00K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$401.00K	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`	$220.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$401.00K	USD	Point-in-time
Interest	`InterestPaidNet`	$469.00K	USD	1 Quarter
Interest	`InterestPaidNet`	$404.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$254.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$90.00K	USD	1 Quarter
Interest on redeemable preferred stock	`DividendsPayableCurrentAndNoncurrent`	$993.00K	USD	Point-in-time
Interest on redeemable preferred stock	`DividendsPayableCurrentAndNoncurrent`	$1.03M	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`ProfitLoss`	$2.00M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$-656.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-22.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-5.00K	USD	1 Quarter
Total other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-5.00K	USD	1 Quarter
Total other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-22.00K	USD	1 Quarter
Comprehensive income attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$198.00K	USD	1 Quarter
Comprehensive income attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$344.00K	USD	1 Quarter
Comprehensive (loss) income attributable to Telos Corporation	`ComprehensiveIncomeNetOfTax`	$1.78M	USD	1 Quarter
Comprehensive (loss) income attributable to Telos Corporation	`ComprehensiveIncomeNetOfTax`	$-1.00M	USD	1 Quarter

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