Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

Thomas Group Announces Third Quarter 2010 Results for Quarter Ended September 30, 2010

 

Irving, Texas — November 2, 2010 — Thomas Group, Inc. (NasdaqCM: TGIS), a global change management and operations improvement consulting firm, today announced a net loss of $1.5 million, or negative $0.70 per diluted share, for the third quarter of 2010 on revenues of $0.5 million, compared to a net loss of $1.0 million, or negative $0.48 per diluted share, on revenues of $2.1 million for the third quarter of 2009. Loss from operations before income taxes decreased to $1.5 million on $0.5 million in total revenue for the third quarter of 2010 compared to a loss from operations before income taxes of $1.6 million for the third quarter of 2009 on $2.1 million in total revenue.

 

On August 13, 2010 we completed a reverse stock split of one new share for each five previous shares.  All share numbers and per share numbers in this press release reflect this reverse split.

 

Third Quarter 2010 Financial Performance

 

Revenue

Revenue for the third quarter of 2010 was $0.5 million, compared to $2.1 million in the third quarter of 2009. Consulting revenue from US government clients, represented by our Government practice, was $0.4 million, or 85% of revenue, in the third quarter of 2010, compared to $0.5 million, or 23% of revenue, in the third quarter of 2009. We had no consulting revenue from commercial clients, represented by our Commercial and European practices in the third quarter of 2010, compared to $1.3 million, or 62% of revenue, in the third quarter of 2009. Reimbursement of expenses was $0.1 million, or 15% of revenue in the third quarter of 2010, compared to $0.3 million, or 15% of revenue in the third quarter of 2009.

 

Revenue for the first nine months of 2010 was $3.2 million, compared to $8.0 million in the first nine months of 2009. Consulting revenue from US government clients was $1.3 million, or 41% of revenue, in the first nine months of 2010, compared to $1.9 million, or 24% of revenue, in the first nine months of 2009. Consulting revenue from commercial clients was $1.5 million, or 48% of revenue, in the first nine months of 2010, compared to $5.1 million, or 63% of revenue, in the first nine months of 2009. Reimbursement of expenses was $0.3 million, or 10% of revenue in the first nine months of 2010, compared to $1.1 million, or 13% of revenue, in the first nine months of 2009.

 

Gross Margins

Gross profit margins for the third quarter of 2010 were 32%, compared to 34% for the third quarter of 2009. Gross profit margins for the first nine months of 2010 were 27%, compared to 38% for the first nine months 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 nine months of 2010, to lower utilization rates of our consultants in the first nine months of 2010, and to lower pricing on some engagements in this period.

 

Selling, General & Administrative (SG&A)

SG&A costs for the third quarter of 2010 were $1.7 million, compared to $2.6 million in the third quarter of 2009. The $0.9 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 $0.1 million decrease in travel related expenses, a $0.1 million decrease in bad debt expense, and a $0.2 million decrease in other costs due to a decline in activity as compared to the same period in 2009, offset by a $ 0.2 million increase in sales commissions and executive bonus due to the reversal of executive bonus in the third quarter of 2009, and $0.1 million increase in stock-based compensation during the third quarter of 2010.

 


The following information was filed by Thomas Group Inc (TGISQ) on Wednesday, November 3, 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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