TeleCommunication Systems 4Q profit soars

ANNAPOLIS, Md. - Wireless communications technology company TeleCommunication Systems Inc. said Thursday its fourth-quarter profit soared, boosted by sharply higher sales and a tax benefit.

The company earned $38.2 million, or 78 cents per share, up from a profit of $2.4 million, or 6 cents per share, in the same period a year earlier. Excluding a tax benefit of about 68 cents per share, earnings from continuing operations totaled about 9 cents per share.

Revenue more than doubled to $79.3 million from $37.1 million, helped by strong systems sales to government customers, and solid sales of licenses for wireless carrier text messaging software.

Analysts, on average, were expecting a profit of 11 cents per share on sales of $61.9 million, according to a poll by Thomson Reuters. Analysts typically exclude one-time items from their estimates.

For the full year, the company earned $57.6 million, $1.23 per share, up from a loss of $1.3 million, or 3 cents per share, a year earlier. The 2008 results included a tax benefit of 71 cents per share

Revenue rose to $220.1 million from $144.2 million.

"Our 2008 backlog growth, along with other indicators for our markets, gives us confidence we will realize year-over-year growth in 2009 and beyond," said Maurice B. Tose, chairman, president and chief executive, in a statement.

Shares jumped $1.05, or 14.5 percent, to $8.30 in after-hours electronic trading, having closed the regular session down 9 cents at $7.25.

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