6282 (CRTN) research, news, and more from GeoInvesting

Company description

Wed, 06 Feb 2013 05:00:00 GMT

The Management Network Group, Inc., a management consulting company, provides professional services and technical solutions in the United States, the United Kingdom, and western Europe. It offers strategy and business case development services, including business case development, data and content strategies, marketing spending optimization, service and brand diversification, enterprise and small business strategies, technology commercialization, and operational strategies; and knowledge management services to solve problems associated with knowledge creation and distribution, sharing and leveraging existing knowledge, tools, and processes. The company also provides Ascertain, a revenue management and data integrity toolset that provides evaluation of processes, metrics, and control points. In addition, it offers business and operations process redesign and reengineering services; program management services; and corporate investment services, such as evaluation of management teams and business plans, and identification of strengths and weakness of the company, as well as analyses of the company’s financial models, systems, products, and operational and business processes. Further, the company provides technical consultancy and software development services in the areas of defining requirements; data analysis; selecting and implementing mediation; provisioning, billing, and inter-operator billing products; interfacing products within a legacy environment; migrating products, data, and customers; and planning, managing, and completing systems and software testing, as well as offers marketing services. It serves wireless and traditional wireline communications service providers and cable multiple systems operators, as well as technology companies; and media and entertainment companies, and financial services firms that invest in the communications industry. The company was founded in 1990 and is headquartered in Overland Park, Kansas.

Research

Fri, 29 Dec 2017 15:54:25 GMT

Removing CRTN From Our Micro-Cap Run to One Portfolio

On December 5, 2016 we added Cartesian Inc. (OTCQB:CRTN) to our Run-to-One Mock Portfolio as a possible turnaround play.

We first highlighted CRTN back in November 2016, noting that the Company was trading at near liquidation value ( $0.60). In early December 2016 we offered our full reasons for tracking the company. CRTN subsequently hit a 6-month high of $1.36, more than double the price at the time of our first mention. However, while it had a good run, shares began to fade and are nearing fresh 52 week lows.

We misread this opportunity and put a little to much faith in the liquidation value as a support level. We are now removing CRTN from our Run-to-One portfolio.

Comments & Business Outlook

Tue, 16 May 2017 16:05:41 GMT

CRTN ($0.64) announced Q1 2017 results:

Sales of $14.3 million vs $20.3 million in the prior year
Non-GAAP net loss of $0.09 vs net loss of $0.07 in the prior year

Quotes from management:

“Our first quarter revenues were impacted by delayed project starts within several existing and new clients. We expect revenues to improve going forward but our results demonstrate the need to accelerate the evolution of our business. While management has implemented operational and structural changes to improve the cost structure, it is assessing what additional changes should be made to our service offerings, organization, go-to-market approach and general operations to accelerate the company's return to profitability and improve its ability to sustain profitability. Our brand in the industry is strong and the markets we serve are undergoing significant change, offering us both opportunities and challenges. We are confident that we can improve our focus and orient ourselves around industry growth drivers to build sustainable growth and profitability.”

Research

Thu, 30 Mar 2017 14:24:48 GMT

CRTN ($1.11; was marked down 20%) - We highlighted CRTN back in November, noting that the Company was trading at near liquidation value ( $0.60). In early December we offered our full reasons for tracking the company. CRTN subsequently hit a 6-month high of $1.36, more than double the price at the time of our first mention. While it had a good run, shares are down in pre-market trading on sub par Q4 results, an outcome we somewhat anticipated. As part of our analysis, we did not believe Q3 results would be the run rate for the company.

Q4 2016 results:

Sales of $16.9 million vs $22.2 million in the prior year
Non-GAAP net loss of $0.03 vs $0.00 in the prior year

So, while shares have had a good ride, with the subpar Q4 results and “going concern” remarks in the press release (which had been previously disclosed with regards to the note outstanding to an affiliate of Elutions Inc.) shares will likely continue to retreat in today’s trading session. Although the note had been previously mentioned, this is to our understanding the first reference of the need to raise additional debt if the note is called upon.

We believe at the right prices, if shares retreat back to near liquidation value (now roughly $0.66) CRTN continues to be a compelling restructuring play for long term investors. The conference call indicated that the Company expects revenue growth to finally commence in the second half of 2017.

Research

Tue, 24 Jan 2017 17:50:12 GMT

CRTN ($1.39) announced that the company has regained compliance with the listing requirements of the NASDAQ.

“As previously reported, on August 15, 2016, Cartesian received a letter from Nasdaq notifying the Company that it was not in compliance with the minimum bid price requirement set forth in the Nasdaq Rules for continued listing on The Nasdaq Capital Market. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of US$1.00 per share, and Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days.

On January 23, 2017, Cartesian received notification from Nasdaq stating that since the closing bid price of the Company's common shares had been greater than US$1.00 per share for the last 10 consecutive business days, from January 6, 2017 to January 20, 2017, Cartesian was in compliance with Listing Rule 5550(a)(2) and this matter is now closed.”

We highlighted CRTN back in November, noting that the Company was trading at near liquidation value ( $0.60). In early December we offered our full reasons for tracking the company. CRTN subsequently climbed to $1.57, or 2.5x the price from our first mention.

Research

Fri, 20 Jan 2017 16:49:35 GMT

CRTN ($1.10) announced that demand for its network transformation services has been experiencing consistently strong growth in both North America and Europe, the Middle East, and Africa. The company did not offer any quantifiable data, but we believe this is a good sign that the company’s restructuring efforts are continuing to have positive effects. We highlighted CRTN back in November, noting that the Company was trading at near liquidation value ( $0.60). In early December we offered our full reasons for tracking the company. CRTN subsequently hit a 6-month high of $1.36 after our coverage, more than double from our first mention.

Research

Wed, 07 Dec 2016 15:14:27 GMT

Our long position in $CRTN (Traded above $1.00) has begun to pay off. Although we have covered and even taken small long positions in CRTN in the past, we have been most recently researching the stock in November, promising our full reasons for tracking (RFT), which we released yesterday. Please see our full RFT here. Two days ago, we added CRTN to our Run to One Screen.

Reasons For Tracking

Tue, 06 Dec 2016 05:00:00 GMT

Cartesian Inc. (NASDAQ:CRTN) provides consulting services for communications digital media and technology in the United States, UK, and Western Europe. On November 14, 2016, we published a small note on CRTN stating that our full �Reasons for Tracking� (RFT) the company was forthcoming. You can see that note here. We also added the stock to our run to one screen here.

As a consulting firm, the company helps customers with strategic decisions when they offer new products and enter new markets. It also provides customers with advice on how to tackle certain administrative tasks to maximize revenue and maintain customer satisfaction.

The Company Has Our Attention

Shares are trading near liquidation value which we feel makes a good case for limited downside with substantial upside from current levels. Shares are essentially priced for business failure.

At around $0.70 the company is trading near our most conservative estimate of liquidation value of $0.61. But we think a more realsitc range falls between $0.68 (excluding intangible assets) and $0.75.
Restructuring moves aim to:
- Reduce lumpiness in revenues
- Explore recurring revenue projects
- Enter growth markets
The company could be in the position to maintain profitably heading into 2017
Insiders are buying shares
Stock came under pressure after a big investor sold his stake in July on no news. Shares have not recovered since
Complex earn-out agreement masks real value. We took into account the earnout terms in our liquidation value calculation.
Efficiency improvements are beginning to take shape; CRTN posted positive EPS in Q3 2016 for the first time in several quarters

Please see our full RFT here.

Research

Mon, 05 Dec 2016 05:00:00 GMT

Micro Cap Run to One Mock Portfolio

We have added $PCHM (see above) and $CRTN which we briefly highlighted in mid-November as a possible turnaround play to our Micro Cap Run to One Mock Portfolio.

Research

Mon, 14 Nov 2016 05:00:00 GMT

CRTN Reasons For Tracking Coming soon

Cartesian Inc provides consulting services for communications digital media, and technology in the United States, UK, and Western Europe. The company caught our attention as it is trading at liquidation value. Threfore, it has limited downside and substantial upside from current levels if a new management team is successful in executing an ongoing turnaround plan.

New CEO appointed in 2015 to stop the bleeding and stabilize revenue
We calculate that the Company is trading at near liquidation value (around $0.60) while most assets are current and liquid (Cash and AR)
Insiders are buying shares at these levels
Stock came under pressure after big investor sold his stake in July on no news and stock has not recovered since
Complex earn-out agreement masks real value
As efficiency improvements begin to take shape, CRTN posted positive EPS in 3Q of 2016 for the first time in years

Caveats

We have not interviewed management
Prior restructuring initiatives did not stick
Our liquidation value estimate is only preliminary
Need to determine cash burn on an on-going basis
We don't love the business

We will provide a full update in the near future.

Research

Thu, 26 Feb 2015 05:00:00 GMT

Making a Pre-Earnings Bet on CRTN

$CRTN ($3.92) - GeoTeam is initiating a small speculative position in shares of GeoBargain on the radar CRTN ahead of Q4 2014 financial results slated to be released today after the bell. We began tracking CRTN under its old symbol TMNG when the stock was trading around $3.30 in February 2013. Our first going around with CRTN (TMNG) was not successful. We were a little early as the company was still in the early stages of its turnaround process. However, the company has been making significant strides in its growth rate throughout 2014 and may have finally posted a breakout EPS quarter in its Q3 2014 reported on November 10, 2014.

Q3 2014 sales of $19.3 million vs $13.4 million in the prior year

Non-GAAP EPS of $0.10 vs $0.03

Based on management’s commentary in the Q3 2014 conference call, very bullish commentary indicated the company will end 2014 on a strong note.

Caveats:

Please note that this is a very speculative bet since we have not interviewed management in over 2 years. Only basing our move on Q3 conference call comentary.

Comments & Business Outlook

Mon, 10 Nov 2014 05:00:00 GMT

Third Quarter 2014 Results

Revenues in the third quarter of 2014 were $19.3 million, up 44.3% from $13.4 million in the third quarter of 2013 and up 11% from $17.4 million in the second quarter of 2014
Q3 2014 non-GAAP EPS of of $0.11 vs $0.03

"We continue to execute on our transformation plan, and are pleased by our ability to generate 44% revenue growth in the third quarter. Both our North American and EMEA businesses are driving the growth and momentum as we continue to elevate our value proposition, deepen our relationships with key clients, and evolve our offerings with a focus on technical solutioning and alliance partnerships. Our partnership with Elutions is off to a good start and is building momentum; together we have an opportunity to deliver a truly unique and differentiated solution to the TMT market," said Donald Klumb, CEO of Cartesian. "In order to deliver sustainable growth and margin improvement, we are focused on increasing our mix of technical solutioning engagements, which approached 15% of revenues during the first nine months of the year. We continue making investments in our Ascertain solutions platform, especially in the areas of analytics solutions."

Comments & Business Outlook

Thu, 07 Aug 2014 04:00:00 GMT

Second Quarter 2014 Results

Revenues in the second quarter of 2014 were $17.4 million, up 24% from $14.0 million in the second quarter of 2013 and up 7% from $16.2 million in the first quarter of 2014
Q2 2014 non-GAAP EPS of $0.17 vs a loss of $0.03

"We continued making solid progress in the second quarter as we drove 24% revenue growth by executing on our transformation plan. Our EMEA group continues to deliver strong growth and our North American business has gained traction, demonstrating the early impact of our strategic initiatives," said Donald Klumb, CEO of Cartesian. "Our success is tied to the early phases of our plan which involves deepening relationships with our largest clients and elevating our value proposition, combined with evolving our offerings for the long-term with a focus on technical solutioning and alliance partnerships. It is imperative that we balance delivering earnings on a recurring basis with making the right investments in technology and people essential to capturing the significant growth opportunities at hand. Technical solutions, such as managed analytics offerings centered around big data, and strategic alliances are key to driving sustainable growth in our business model."

Corporate Structure Info.

Wed, 18 Jun 2014 04:00:00 GMT

OVERLAND PARK, Kan., June 18, 2014 (GLOBE NEWSWIRE) -- The Management Network Group, Inc. (TMNG), d/b/a Cartesian (Nasdaq:TMNG), a specialist provider of consulting services and managed solutions, today announced that at its Annual Meeting of Stockholders, stockholders approved an amendment to its Certificate of Incorporation to change the name of the company to Cartesian, Inc. In conjunction with the name change, the company is changing the ticker symbol of its common stock traded on The Nasdaq Global Market from TMNG to CRTN. The ticker symbol change will become effective at the start of trading tomorrow, June 19, 2014. The new CUSIP number for the company's common stock is 146534 102.

Stockholders with certificated shares should continue to hold their existing stock certificates, and are not required to submit their stock certificates for exchange. Direct registration accounts and any new stock certificates that are issued after the name change becomes effective will bear the name "Cartesian, Inc."

Since February 2014, the company has been operating under the brand name "Cartesian", which is the name of its existing UK-based subsidiary, and which unified the company's former entities TMNG Global and CSMG. Cartesian continues to serve its clients with excellence through its portfolio of consulting services in strategy, execution and managed solutions.

- See more at: http://www.globenewswire.com/news-release/2014/06/18/645216/10086268/en/The-Management-Network-Group-Inc-TMNG-Announces-Change-in-Corporate-Name-and-Ticker-Symbol.html#sthash.l0AQdq5v.dpuf

Comments & Business Outlook

Mon, 12 May 2014 04:00:00 GMT

First Quarter 2014 Results

Revenues in the first quarter of 2014 were $16.2 million, up 15.9% from $14.0 million in the first quarter of 2013 and up 16.6% from $13.9 million in the fourth quarter of 2013.
Non-GAAP EPS of $0.05 vs $0.01 in the prior year

"2014 has gotten off on a good start, with approximately 16% core revenue growth and improvement in operating income year-over-year. Our growth was driven by continued strong performance of our EMEA group. Our North American business is showing signs of returning to growth. The reorganization implemented earlier in the year is taking root and will drive our future growth and profitability," said Donald Klumb, CEO of Cartesian. "We remain focused on our transformational business strategy of deepening relationships with our largest clients, expanding our software-based technical solutions offerings, and developing strategic alliances that leverage our unique industry expertise. These steps are key to repositioning Cartesian for sustained growth in a dynamic market for consulting and solutions providers. We are early in this transformation but the signs are positive." - See more at: http://www.globenewswire.com/news-release/2014/05/12/635550/10081161/en/Cartesian-Reports-First-Quarter-2014-Financial-Results.html#sthash.yQdWUiiC.dpuf

Comments & Business Outlook

Fri, 28 Feb 2014 05:00:00 GMT

Fourth Quarter 2013 Results

Revenues in the fourth quarter of 2013 were $13.9 million, up 7.7% from $12.9 million in the fourth quarter of 2012.
The company reported non-GAAP EPS of $0.06 per diluted share for the fourth quarter of 2013, compared to $0.07 per diluted share for the fourth quarter of fiscal 2012.

"Cartesian enters 2014 with a solid foundation for renewed growth and improving profitability. We are executing on our transformational business strategy centered on deepening relationships with our largest clients, expanding our software-based technical solutions offerings, and developing strategic alliances that leverage our unique industry expertise to accelerate our growth," said Donald Klumb, CEO of Cartesian. "The groundwork for this strategy was laid in 2013, and with our newly unified operating structure under the Cartesian banner, we are in a good position to begin seeing the fruits of our efforts this year, highlighted by new solutions offerings and a new strategic partnership with Elutions to deliver a M2M big data solution."

Comments & Business Outlook

Wed, 26 Feb 2014 05:00:00 GMT

OVERLAND PARK, Kan., Feb. 26, 2014 (GLOBE NEWSWIRE) -- Cartesian, formerly known as TMNG Global (Nasdaq:TMNG), a premier provider of professional services and technology solutions to leaders in the communications, digital media, and technology industries, announced that it has entered into a commercial partnership and an investment agreement with Elutions, Inc., a provider of operational business intelligence solutions that significantly improve energy efficiency, asset performance and workforce productivity. Through the partnership, Cartesian is positioned to help its North American and European clients drive significant energy and operational savings through implementing Elutions' proven Smart Buildings and Smart Assets solutions in combination with Cartesian's managed solutions capabilities.

"Aligning with key partners who can help leverage Cartesian's core capabilities, expertise and relationships into attractive new market applications is an important element of the growth strategy we have articulated to our shareholders. Elutions is a perfect fit for our objectives as a leader in a category that is increasingly in focus for many of our clients: reducing their total energy cost structure," said Donald Klumb, CEO of Cartesian. "We are looking forward to working with the Elutions team, and together we see great opportunities to increase scale and accelerate growth in a way that we believe will be accretive to the enterprise value of Cartesian. We are especially pleased to welcome them as strategic investors in Cartesian, which we view as strong validation of our capabilities and a firm commitment to the success of our partnership."

"Cartesian's client relationships, service delivery capability and TMT sector experience combined with our technology and expertise enable us to bring real value to the sector. Our clients will see material, appreciable savings and operational improvements as a result of bringing our capabilities together, as we are already seeing in initial joint client proposals," said Dominic Jones, Chief Commercial Officer of Elutions. "We see significant long-term potential for our partnership, as demonstrated by our investment in Cartesian that cements both our relationship and our strategic intent to develop this market together."

Elutions' Maestro platform is currently deployed in nearly 5,000 facilities worldwide and is experiencing rapid growth. Elutions delivers fully automated real-time control of energy consuming assets, generating a significant reduction in energy consumption and associated cost. Elutions' Maestro platform is capable of providing optimization in a wide range of facility types, including data centers, switch sites, headends, cell sites, and general and administrative offices. Additional information is available at: http://www.cartesian.com/Smart-Buildings.

Klumb added, "The five-year investment agreement with Elutions is central to the partnership and is structured to provide significant upside potential to shareholders of Cartesian. The investment includes an up-front commitment to Cartesian in the form of an immediate equity purchase at a premium to our recent stock price, and additional commitment in the form of a capital- and tax-efficient note-warrant combination. Finally and most significantly, Elutions will participate in additional value jointly created by the two firms through warrants tied to revenues generated together, further incentivizing both parties to drive the success of the partnership."

Under the investment agreement, Cartesian will: (1) issue and sell 609,756 shares of common stock to Elutions at a price of $3.28 per share, for an aggregate purchase price of $2 million, (2) have its U.K. subsidiary, Cartesian Limited, issue a non-convertible promissory note payable to a European subsidiary of Elutions' in the amount of $3.3 million (in equivalent Great Britain Pounds Sterling) in conjunction with Cartesian (U.S.) issuing to Elutions a common stock purchase warrant related to the note for the purchase of 996,544 shares of Common Stock at $3.28 per share, and (3) issue to Elutions a common stock purchase warrant pursuant to which Elutions can earn the right to purchase up to 3.4 million shares of Cartesian stock at prices ranging from $3.85 per share to $4.85 per share based on Cartesian's financial results related to certain client contracts obtained jointly by Cartesian and Elutions. Additional details regarding this transaction and its related agreements are contained in the Current Report on Form 8-K filed by Cartesian today with the SEC. As described in the Form 8-K, certain provisions in the investment agreement and related documents are subject to stockholder approval under the rules of Nasdaq, and will be presented to stockholders for approval at the 2014 annual meeting of stockholders. The closing of the investment transaction is subject to customary closing conditions. Cartesian currently expects the closing to occur in mid-March.

During its earnings call to discuss fourth quarter and full year 2013 financial results, Cartesian will also discuss its commercial partnership and investment agreement with Elutions. The conference call will be held on Thursday, February 27, 2014 at 5:00 p.m. ET. The call may also include discussion of company developments, forward-looking information and other material information about business and financial matters.

To participate on the live call, investors should dial 877-317-6789 in the United States or 412-317-6789 from international locations and reference the Cartesian call approximately ten minutes prior to the start time. In addition, the call will be available via live webcast over the Internet on the "Investor Relations" portion of Cartesian's corporate website, www.cartesian.com. Investors should go to the Web site approximately 10 minutes prior to the start time of the call to register.

A webcast archive of the call will be available at www.cartesian.com for 90 days. Additionally, a replay of the call will be available by dialing 877-344-7529, passcode 10041466, through March 6, 2014.

Comments & Business Outlook

Tue, 12 Nov 2013 05:00:00 GMT

Third Quarter 2013 Results

Revenues in the third quarter of 2013 were $13.4 million, up 5.2% from $12.7 million in the third quarter of 2012.
The company reported non-GAAP EPS of $0.06 for the third quarter of 2013, compared to $0.05 in the third quarter of 2012.

"Our third quarter results, including year-over-year revenue growth and modest GAAP and non-GAAP net income, demonstrate our steady progress in executing on the three pillars of our strategic plan to return TMNG to sustainable profitability," said Donald Klumb, CEO of TMNG Global. "We are making inroads in evolving our consulting and technical solutions offerings, including our first commercial 'big data' contract, which are built upon our proprietary Ascertain software platform. We are prudently investing in expanding our software offerings, while utilizing our extensive industry and client knowledge to ensure our solutions deliver differentiated value for our clients. Finally, we are nearing completion of an arrangement with a strategic alliance partner which relates to an M2M big data solution, which we currently expect to finalize in the fourth quarter. We are confident that our strategy is the right one to position TMNG for the future. In addition, we have remained focused on our cost structure and our balance sheet remains solid, with a healthy cash position of $12.3 million and working capital of $18.2 million."

Comments & Business Outlook

Fri, 09 Aug 2013 04:00:00 GMT

Second Quarter Results

Revenues in the second quarter of 2013 were $14.0 million, up 4.0% from $13.5 million in the second quarter of 2012 and flat with $14.0 million in the first quarter of 2013.
Reported non-GAAP loss per share of $0.00, compared to a loss of $0.02 for the same quarter 2012.

"We made continued progress executing on our strategic plan in the second quarter, delivering year-over-year revenue growth and expanding margins, and on a year-to-date basis our bottom line results have improved substantially from the prior year," said Donald Klumb, CEO of TMNG Global. "Importantly, we are further enhancing the depth of our relationships with key customers and are continuing to innovate our technical solution offerings, which are centered on our flagship Ascertain software platform. The early momentum in this area is driving a larger proportion of our total revenue mix. We remain focused on fostering innovation and evolving our business model, while driving further operational efficiencies. In addition, our balance sheet is healthy, with a solid cash position of $11.5 million and working capital of $17.7 million."

Comments & Business Outlook

Tue, 21 May 2013 04:00:00 GMT

LAS VEGAS at CTIA and Overland Park, Kan., May 21, 2013 (GLOBE NEWSWIRE) -- TMNG Global (Nasdaq:TMNG) announces today the latest enhancements to Ascertain®, a solution delivery platform specifically designed for the unique needs of communications service providers (CSP). TMNG is showcasing the newest version of Ascertain at CTIA 2013.

Using the Ascertain platform, TMNG delivers a comprehensive, scalable managed solution portfolio which addresses the full stack of business requirements. Ascertain offers flexible analytics coupled with Big Data capabilities, allowing integration with existing data warehouse platforms or replacement of legacy architectures.

"We see Ascertain as a differentiated platform for the industry based on our ability to provide real-time analytics without the need for a complex, costly IT implementation and then we combine this with our ability to give our customers insight into their data, leveraging our 20+ years of global consulting to this sector," says Susan Simmons, TMNG Chief Strategy/Marketing Officer.

Comments & Business Outlook

Fri, 10 May 2013 04:00:00 GMT

First Quarter 2013 Results

Revenues in the first quarter of 2013 were $14.0 million, up from $13.8 million in the first quarter of 2012 and $12.9 million in the fourth quarter of 2012.
After adjusting for the after tax impact of depreciation and amortization expense and share-based compensation expense, non-GAAP adjusted net income was $0.1 million, or $0.01 per diluted share during the first quarter of 2013. The comparable non-GAAP adjusted net loss was ($1.0) million, or ($0.13) per diluted share, for the first quarter of fiscal 2012.

"In the first quarter of 2013, we delivered the first stages of revenue growth and overall results aligned with our expectations given the seasonality of some personnel-related costs. More importantly, our success in 2013 will be measured by how effectively we innovate and evolve our model to deliver sustainable, profitable growth," said Donald Klumb, CEO of TMNG Global. "We are focused on executing our strategic plan for growth, which includes enhancing relationships with key customers, advancing alliances with strategic business partners, and expanding our technical solution offerings, particularly around the Ascertain software platform. As we pursue these growth opportunities, we are continuing to carefully manage our expenses and our balance sheet while emphasizing deeper relationships with our largest clients."

Comments & Business Outlook

Wed, 27 Feb 2013 05:00:00 GMT

Fourth Quarter 2012 Results

Revenues in the fourth quarter of 2012 were $12.9 million, compared to $13.5 million in the fourth quarter of 2011 and $12.7 million in the third quarter of 2012. - See more at: http://globenewswire.com/news-release/2013/02/26/526446/10023079/en/TMNG-Global-Reports-Fourth-Quarter-and-Full-Year-2012-Financial-Results.html
After adjusting for the after tax impact of depreciation and amortization expense and share-based compensation expense, non-GAAP adjusted net income was $0.5 million, or $0.07 per diluted share during the fourth quarter of 2012. The comparable non-GAAP adjusted net loss was ($1.2) million, or ($0.16) per diluted share, for the fourth quarter of fiscal 2011 and $0.4 million, or $0.05 per diluted share, for the third quarter of 2012.

"In 2012, TMNG Global accomplished each of the goals we outlined at the beginning of the year. We achieved profitability, on both a GAAP and non-GAAP basis, in the second half of the year; we reduced our expense structure and drove efficiency and enhanced accountability in our business; and we established a culture of increased communication and trust. And, as we delivered against our strategic plans to evolve the firm, we started to see early signs of renewed growth in the fourth quarter," said Donald Klumb, CEO of TMNG Global. "In 2013, we are sharpening our focus on building the foundations for growth by improving intra-company collaboration across business units, deepening our relationships with strategic customers, tightening our alliances with key business partners, and enhancing our software solutioning capabilities. At the same time, we are leveraging our strengths to capitalize on opportunities in targeted growth markets. We enter the year with a much improved cost structure and a strong balance sheet, which includes net working capital of $18.2 million."