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September 28, 2012
08:51 EDTTSYSTeleCommunication Systems receives $5.5M in delivery orders from U.S. Army
TeleCommunication Systems has received a combined $5.5M in delivery orders from the U.S. Army for equipment, field services support and maintenance of Secret Internet Protocol Router and Non-secure Internet Protocol Router Access Point Very Small Aperture Terminal satellite systems equipment. The U.S. Army Project Manager for the Warfighter Information Network - Tactical Commercial Satellite Terminal Program is funding these procurements through the Army's $5B World-Wide Satellite Systems contract vehicle.
News For TSYS From The Last 14 Days
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November 24, 2015
10:00 EDTTSYSOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Advanced Drainage (WMS) downgraded to Hold from Buy at Deutsche Bank... Atlas Resource Partners (ARP) downgraded to Market Perform at FBR Capital... Brocade (BRCD) downgraded to Neutral from Overweight at JPMorgan... Burberry (BURBY) downgraded to Neutral from Buy at Nomura... CNX Coal Resources (CNXC) downgraded to Neutral from Buy at BofA/Merrill... GameStop (GME) downgraded to Neutral from Buy at BofA/Merrill... Hatteras Financial (HTS) downgraded to Neutral from Buy at Nomura... Infoblox (BLOX) downgraded to Hold from Buy at Needham... Intrepid Potash (IPI) downgraded to Hold from Buy at Vertical Research... Navios Maritime (NM) downgraded on cash burn, weak cash flow at Stifel... Norfolk Southern (NSC) downgraded on valuation at BMO Capital... Pep Boys (PBY) downgraded to Sell from Hold at Argus... Redwood Trust (RWT) downgraded to Neutral from Buy at Nomura... Rex Energy (REXX) downgraded to In-Line from Outperform at Imperial Capital... Swatch Group (SWGAY) downgraded to Neutral from Buy at Nomura... TeleCommunication Systems (TSYS) downgraded to Market Perform at Northland.
06:56 EDTTSYSTeleCommunication Systems downgraded to Market Perform at Northland
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November 23, 2015
09:58 EDTTSYSTeleCommunication Systems downgraded to Neutral from Buy at Ladenburg
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08:04 EDTTSYSComtech CEO: TCS combination 'beneficial' to investors of both companies
08:03 EDTTSYSComtech sees TeleCommunication Systems deal accretive in first year
08:02 EDTTSYSComtech to acquire TeleCommunication Systems for $430.8M
Comtech Telecommunications Corp. (CMTL) and TeleCommunication Systems, Inc. (TSYS) jointly announced the signing of a definitive merger agreement under which Comtech will purchase TCS in a cash transaction for $5.00 per TCS share, or approximately a $430.8 million enterprise value. The $5.00 price per share represents a premium of 13.9% as compared to the last closing trading price of TCS common stock, a premium of 28.6% as compared to the volume-weighted average trading price over the last ninety trading days and a premium of 35.1% as compared to the last closing trading price one day after TCS's July 6, 2015 announcement that its Board had formed a special committee to explore strategic alternatives to enhance stockholder value. The acquisition is expected to be cash accretive in the first year of the acquisition and to result in approximately $12.0 million of synergies in the second year after closing, with approximately $8.0 million achieved in the first year after closing. Synergies are expected to be achieved by reduction of duplicate public company costs, reduced spending on maintaining multiple information technology systems and obtaining increased operating efficiencies throughout the combined company. In connection with the acquisition of TCS, Comtech expects to incur transaction related expenses including certain change-in-control payments, professional fees for financial and legal advisors and debt extinguishment costs. Comtech preliminarily estimates that these expenses will approximate $27.5 million, some of which are expected to be immediately expensed upon closing, some expensed during the first year following the closing and some capitalized in accordance with purchase accounting rules. Pursuant to accounting rules, the acquisition is expected to result in a material increase in annual amortization expense related to intangibles and possible other fair value adjustments. Comtech will provide combined revenue, Adjusted EBITDA and diluted earnings per share guidance in a future announcement. All TCS debt of approximately $143.6 million is anticipated to be repaid upon the closing of the transaction. The acquisition has a transaction equity value of approximately $339.7 million and an enterprise value of approximately $430.8 million. The purchase price of $430.8 million represents an implied transaction multiple of approximately 8.9x based on the last trailing twelve months of reported TCS Adjusted EBITDA plus approximately $8.0 million of first year identified synergies. On a pro forma basis, at the time of close, the combined company is expected to have total leverage of about 3.9x trailing twelve months combined pro forma Adjusted EBITDA. This is expected to decrease over time, based on cash flows generated from the combined businesses. The transaction is subject to customary closing conditions, including the tender of at least a majority by vote of outstanding shares of TCS common stock and expiration of the applicable waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976, and the transaction is expected to close no later than March 2016. Maurice B. Tose, Chairman, CEO and President of TCS and Jon B. Kutler, Founder of Admiralty Partners, Inc. and a director of TCS, each a significant stockholder of TCS, have entered into support agreements pursuant to which they have agreed to tender their shares, subject to terms and conditions, to demonstrate their strong support of the proposed transaction.
08:01 EDTTSYSComtech to acquire TeleCommunication Systems for $430.8M
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07:57 EDTTSYSTeleCommunication Systems trading halted, pending news
November 13, 2015
08:01 EDTTSYSTeleCommunication Systems selected by Homeland Security Dept to perform research
TeleCommunication Systems announced that the U.S. Department of Homeland Security Science and Technology Directorate will sponsor TCS for the second phase of research, "Constructing Algorithms that Utilize RF Cell Site Propagation Footprints for Wireless Emergency Alerts." The research focuses on using area footprints associated with radio frequency coverage to improve geo-targeting granularity and accuracy for delivery of WEA messages. TCS, which performed the first phase of this study over six months in 2014, is now partnering with ClearTalk Wireless to validate the phase-one findings in a real-world carrier environment.

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