Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

Thomas Group Announces Second Quarter 2010 Results for Quarter Ended June 30, 2010

 

Irving, Texas — August 3, 2010 — Thomas Group, Inc. (NasdaqCM: TGIS), a global change management and operations improvement consulting firm, today announced a net loss of $1.4 million, or negative $0.14 per diluted share, for the second quarter of 2010 on revenues of $1.0 million, compared to a net loss of $1.4 million, or negative $0.13 per diluted share, on revenues of $2.6 million for the second quarter of 2009. Loss from operations before income taxes decreased to $1.4 million on $1.0 million in total revenue for the second quarter of 2010 compared to a loss from operations before income taxes of $2.2 for the second quarter of 2009 on $2.6 million in total revenue.

 

Second Quarter 2010 Financial Performance

 

Revenue

Revenue for the second quarter of 2010 was $1.0 million, compared to $2.6 million in the second quarter of 2009. Consulting revenue from US government clients, represented by our Government practice, was $0.6 million, or 61% of revenue, in the second quarter of 2010, compared to $0.5 million, or 21% of revenue, in the second quarter of 2009. Consulting revenue from commercial clients, represented by our Commercial and European practices, was $0.3 million, or 27% of revenue, in the second quarter of 2010, compared to $1.7 million, or 64% of revenue, in the second quarter of 2009. Reimbursement of expenses was $0.1 million, or 12% of revenue in the second quarter of 2010, compared to $0.4 million, or 15% of revenue in the second quarter of 2009.

 

Revenue for the first half of 2010 was $2.6 million, compared to $5.9 million in the first half of 2009. Consulting revenue from US government clients was $0.9 million, or 33% of revenue, in the first half of 2010, compared to $1.4 million, or 24% of revenue, in the first half of 2009. Consulting revenue from commercial clients was $1.5 million, or 58% of revenue, in the first half of 2010, compared to $3.8 million, or 64% of revenue, in the first half of 2009. Reimbursement of expenses was $0.3 million, or 10% of revenue in the first half of 2010, compared to $0.8 million, or 13% of revenue, in the first half of 2009.

 

Gross Margins

Gross profit margins for the second quarter of 2010 were 17%, compared to 34% for the second quarter of 2009. Gross profit margins for the first half of 2010 were 25%, compared to 39% for the first half of 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 the first half of 2010, to lower utilization rates of our consultants in the first half of 2010, and to lower pricing on some engagements in this period.

 

Selling, General & Administrative (SG&A)

SG&A costs for the second quarter of 2010 were $1.6 million, compared to $3.1 million in the second quarter of 2009. The $1.5 million decrease is related primarily to a $0.8 million decrease in payroll costs due to the decline in the number of consultants employed, a $0.2 million decrease in sales commissions and executive bonus, a $0.2 million decrease in travel related expenses, a $0.2 million decrease in legal expenses, a $0.1 million decrease in our use of outside consultants, and a $0.1 million decrease in other costs due to a decline in activity as compared to the same period in 2009, offset by a $0.1 million increase in stock-based compensation during the second quarter of 2010.

 

SG&A costs for the first half of 2010 were $3.6 million compared to $6.5 million in the first half of 2009. The $2.9 million decrease is primarily related to a $1.5 million decrease in payroll costs due to the decline in the number of consultants employed, a $0.5 million decrease in sales commissions and executive bonus, a

 


The following information was filed by Thomas Group Inc (TGISQ) on Wednesday, August 4, 2010 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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