Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

Thomas Group Announces Fourth Quarter and Year 2010 Results

 

Irving, Texas — March 9, 2011 — Thomas Group, Inc. (NasdaqCM: TGIS),

a global change management and operations improvement consulting firm, today announced a net loss of $1.3 million, or negative $0.62 per diluted share, for the fourth quarter of 2010 on revenues of $0.4 million, compared to a net loss of $0.7 million, or negative $0.32 per diluted share, on revenues of $1.5 million for the fourth quarter of 2009.

 

Loss from operations before income taxes increased to $1.3 million on $0.4 million in total revenue for the fourth quarter of 2010 compared to a loss from operations before income taxes of $1.2 million for the fourth quarter of 2009 on $1.5 million in total revenue.

 

For the year ended December 31, 2010, net loss was $7.2 million, or negative $3.37 per diluted share, on revenues of $3.5 million, compared to a net loss of $4.3 million, or negative $2.01 per diluted share, on revenues of $9.6 million for the year ended December 31, 2009.

 

Loss from operations before income taxes decreased to $5.6 million on revenues of $3.5 million for the year ended December 31, 2010 compared to a loss of $6.9 million on revenues of $9.6 million for the year ended December 31, 2009.

 

Fourth Quarter and Year 2010 Financial Performance

 

Revenue

 

Revenue for the fourth quarter of 2010 was $0.4 million, compared to $1.5 million in the fourth quarter of 2009. Consulting revenue from US government clients, represented by our Government practice, was $0.3 million, or 75% of revenue, in the fourth quarter of 2010, compared to $0.3 million, or 22% of revenue, in the fourth quarter of 2009. Consulting revenue from commercial clients, represented by our Commercial and European practices in the fourth quarter of 2010, was $0.05 million, or 11% of revenue compared to $1.0 million, or 66% of revenue, in the fourth quarter of 2009. Reimbursement of expenses was $0.05 million, or 14% of revenue in the fourth quarter of 2010, compared to $0.2 million, or 12% of revenue in the fourth quarter of 2009.

 

Revenue for the year ended December 31, 2010 was $3.5 million, compared to $9.6 million for the year ended December 31, 2009. Consulting revenue from US government clients was $1.6 million, or 45% of revenue, for the year ended December 31, 2010, compared to $2.2 million, or 23% of revenue, for the year ended December 31, 2009. Consulting revenue from commercial clients was $1.5 million, or 44% of revenue, for the year ended December 31, 2010, compared to $6.1 million, or 64% of revenue, for the year ended December 31, 2009. Reimbursement of expenses was $0.4 million, or 11% of revenue for the year ended December 31, 2010, compared to $1.3 million, or 13% of revenue, for the year ended December 31, 2009.

 

Gross Margins

 

Gross loss margin for the fourth quarter of 2010 was 5%, compared to gross profit margin of 23% for the fourth quarter of 2009. Gross profit margin for the year ended December 31, 2010 was 23%, compared to 36% for the year ended December 31, 2009. The drop in the quarterly and year-to-date gross margins is related to the significant slowdown of our government and commercial programs during 2010, and to lower pricing on some engagements in this period.

 

Selling, General & Administrative (SG&A)

 

SG&A costs for the fourth quarter of 2010 were $1.3 million, compared to $1.6 million in the fourth quarter of 2009. The $0.3 million decrease is related primarily to a $0.8 million decrease in payroll costs due to employee furloughs and the decline in the number of employees, a $0.1 million decrease in travel related

 


The following information was filed by Thomas Group Inc (TGISQ) on Thursday, March 10, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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