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This excerpt taken from the TSYS 10-Q filed May 1, 2009. Government
Segment:
For the three-months ended March 31, 2009, Government
Segment revenue increased 216% reflecting increases in both
services and systems revenue. During the third quarter of 2006,
TCS was one of six vendors selected by the U.S. Army to
provide secure satellite services and systems under a five year
contract vehicle (the “WWSS”), with a possible maximum
value of up to $5 billion for the six vendors. The WWSS
contract vehicle is expected to continue to contribute
significant government systems sales growth through 2011. The
Company’s Government Segment has been awarded participation
as a prime or sub-contractor to provide similar satellite-based
technology under several other contract vehicles. The total
potential value of all WWSS awards received to date is
approximately $370 million of which $148 million has
been funded. We currently expect to fulfill the award potential
by the end of 2011.
This excerpt taken from the TSYS 10-Q filed May 5, 2008. Government
Segment:
We provide products and services to government customers under
long-term contracts. We recognize contract revenue as billable
costs are incurred and for fixed-price product delivery
contracts using the percentage-of-completion method or
proportional performance method, measured by either total labor
costs or total costs incurred compared to total estimated labor
costs or total costs to be incurred. We recognize estimated
losses on contracts in their entirety upon discovery. If we have
not accurately estimated total labor hours or costs to complete
a contract or do not manage our contracts within the planned
budget, then future margins may be negatively affected or losses
on existing contracts may need to be recognized. Under our
contracts with the U.S. Government, contract costs,
including the allocated indirect expenses, are subject to audit
and adjustment by the Defense Contract Audit Agency. Since the
Company’s inception, no significant adjustment has resulted
from a DCAA audit. We record revenue under these contracts at
estimated net realizable amounts.
This excerpt taken from the TSYS 10-Q filed Nov 7, 2006. Government
Segment:
Systems Revenue, Cost of Revenue, and Gross Profit:
Government system sales were $3.9 million in the third
quarter of 2006, down from $6.3 million in the third
quarter of 2005, reflecting the timing of orders and shipments.
Year-to-date
government system revenue was $15.7 million in 2006, up
from $11.6 million last year. New products in our
deployable communications system product line have generated
higher sales volume in 2006 than in 2005.
We generate Government systems revenue from the design,
development, assembly and deployment of information processing
and communication systems, primarily our
SwiftLink®
brand lightweight, secure, deployable satellite-based
communications systems, and integration of those systems into
customer networks. Our principal government systems sales are to
units of the U.S. Departments of State, Justice, and
Defense and other agencies.
The cost of our government systems revenue consists of purchased
system components, compensation, benefits, travel, satellite
airtime, and the costs of third-party contractors that we
engage. These equipment and third-party costs are variable for
our various types of products, and margins fluctuate between
periods based on the respective product mixes.
Our government systems gross profit was $1.2 million in the
third quarter of 2006, down from $1.6 million in the third
quarter of 2005 due to lower volume. For the nine month periods,
gross profit on government systems was $5.7 million in
2006, up from $3.0 million in 2005, reflecting higher
year-to-date
sales volume and a higher average gross margin as a percentage
of revenue.
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