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TeleCommunication Systems Inc., of Annapolis, reported lower earnings in the first-quarter of 2013 as the volume of contracts slowed, but managed to match Wall Street’s expectation.
TCS, a provider of secure mobile communication technology, posted adjusted net income of $2.1 million, or 4 cents per diluted share, versus adjusted net income of $3.2 million, or 6 cents per diluted share, in the prior-year period.
Revenue totaled $94.8 million compared to $100 million for the year-ago period, a drop of 5.7 percent.
Analysts polled by Thomson Reuters expected, on average, earnings of 4 cents per share on revenue of $102.1 million.
