Exhibit 99.1

 

International Headquarters
5221 North O’Connor Blvd.
Suite 500
Irving, Texas 75039
Phone:  972.869.3400
Fax:     972.443.1701

News Release

 

FOR IMMEDIATE RELEASE

Contact :

 

Jim Taylor, Chief Executive Officer

 

 

972-869-3400

 

 

jtaylor@thomasgroup.com

 

Thomas Group Reports Revenue for Fourth Quarter and Year 2006
Company Announces Review of Stock Option Granting Practices

Irving, Texas, February 2, 2007 Thomas Group, Inc. (NasdaqGM:TGIS),

a leading operations and process improvement firm, today reported revenue and selected data for the three months and year ended December 31, 2006. In addition, the Company announced it recently initiated an internal review of its historical stock option practices and related accounting, as described below. Upon completion of the review, the Company expects to report fourth quarter and year 2006 results and file its 2006 Form 10-K by the March 31, 2007 filing deadline.

Revenues: Revenues increased 26% to $14.8 million in the fourth quarter of 2006 compared to $11.7 million in the fourth quarter of 2005. For the year 2006, revenues increased 38% to $59.5 million compared to $43.1 million in 2005.

“We are pleased with our growth in 2006,” said Jim Taylor, CEO.  “Our business model of organic growth while maintaining high utilization of our Resultants produced outstanding results for our shareholders in 2006, as evidenced by the increase in our stock price during the year and two increases in our annual dividend policy. We remain focused on our goals as we head into 2007.”

Business Development:  During the fourth quarter of 2006, the Company signed $18.3 million in new and extended business, pushing the total for 2006 to $59.5 million. US Government contract signings increased 39% to $53.4 million and commercial contract signings increased 153% to $6.1 million during the year. In total, contract signings increased 46% to $59.5 million when compared to $40.8 million in 2005.  For the year, 90% of bookings have been US government contracts and 10% have been commercial contracts.

Backlog:  On December 31, 2006, the Company had signed backlog of $16.1 million, all contracted for 2007. Backlog consists of $13.3 million in US government business under contract and $2.8 million in commercial business under contract. Backlog does not include extensions or option periods, and therefore does not always represent the full scope of the clients’ commitment to Thomas Group. However, backlog does accurately represent the portion that has been contracted for in writing.

Review of Stock Option Granting Practices

The Company’s Board of Directors, with oversight by the Company’s Audit Committee, which is comprised solely of independent directors, has recently initiated a review of the Company’s historical stock option practices and related accounting.  This voluntary review was initiated in connection with the Company’s assessment of its historical capitalization documentation and not in response to any inquiry from the Securities and Exchange Commission or any other regulatory agency.  The review is being conducted with the assistance of the Company’s outside legal counsel and forensic accountants. Until the review process is completed, the Company will not be able to comment further on any aspect of the review or the possible outcome thereof.  Upon the completion of the review process, the Company will announce whether any prior or current period financial statement adjustments will be required, the related tax consequences from any such adjustments, and whether any such adjustments will require any restatement of prior period financial statements.



The following information was filed by Thomas Group Inc (TGISQ) on Monday, February 5, 2007 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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