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May 4, 2009

TCS Q1 net income up 7%

Company witnessed pre-tax income of $8m or $0.16 per diluted share, an increase of 70%

By CBR Staff Writer

TeleCommunication Systems, a provider of wireless communications technology services, has reported a net income of $4.87m, or $0.10 per diluted share, for the first quarter ended March 31, 2009, an increase of 7% compared to a net income of $4.62m, $0.11 per diluted share, for the same quarter of 2008.

According to the company, for the first quarter of 2009, total revenue was $70.5m, an increase of 75% compared to $40.41m for the same quarter of 2008. Income from operations was $8m, compared to $5.53m for the same quarter of 2008.

It said that EBITDA for the quarter was $11m or $0.21 per diluted share, an increase of 31% from $8.4m or $0.19 per diluted share in the same year-ago quarter. Pre-tax income was $8m or $0.16 per diluted share, an increase of 70% from $4.7m or $0.11 per diluted share in the first quarter of 2008.

Maurice Tose, chairman and CEO at TCS, said: Our first quarter was strong across the board and represents a solid start towards achieving our 2009 objectives. The increases in services revenue and gross profit from both company segments, which are largely recurring and based on long-standing contracts and relationships – enhance the company’s platform for sustainable growth.

TeleCommunication Systems engineers and delivers reliable wireless communications technology. The company is a leader in wireless text messaging and location-based technology, including E9-1-1 services and commercial applications like navigation that use the precise location of a wireless device, and secure satellite-based communications systems and services.

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