GTSI / GTSI

About GTSI

2553 Dulles View Drive, #100, Herndon, Va. 20171
www.gtsi.com | 703-502-2000 | Founded: 1983

Industry: Government And Professional Services | Category: Public Companies

The company continues its three-year-long struggle to shift its focus from reselling equipment to providing consulting services to government agencies. GTSI spent 2006 restating financial results and fretting about being delisted.
After reducing its staff in 2005 and bringing in Jim Leto as president and chief executive in February 2006, the company received a default notice from one of its lenders and announced deepening revenue losses for the first quarter.
In August, GTSI said it would restate those financial results, as well as its earnings for 2004 and 2005 because of accounting errors. A week later, the company received a notice from the Nasdaq Stock Market warning that its stock faced possible delisting for failing to file timely results, the second such notice the company received last year. The same day, finance chief Thomas A. Mutryn stepped down. He was replaced by Joe Ragan, who had been the firm's vice president of finance and corporate controller.
In November, the company said its 2003 results also contained financial errors and received another Nasdaq warning.
In December, GTSI filed its corrected earnings and reestablished Nasdaq compliance.
Also in December, GTSI announced it had been awarded a five-year contract with the Federal Aviation Administration worth as much as $63 million.
This year, the company will say goodbye to its longtime chairman, Dendy Young, who retired earlier this month. Young was chief executive of the company from 1995 until February 2006. He has been chairman since 1998 and a board member since 1995.

CEO: Jim Leto

CFO: Peter Whitfield

2006 Financial Data

Revenues: $850,189,000 | Net Income: $-3,014,000
Asssets: $330,681,000 | Earnings Per Share: $-0.32
Total employees: 720 | Local employees: 650