Becker Drapkin Management nominated three candidates for election to the board of directors of TeleCommunication Systems Inc. (NASDAQ:TSYS) at the 2015 annual meeting of stockholders of the company. Under the agreement, TeleCommunication Systems Inc. (NASDAQ:TSYS) has agreed to appoint to the board two of the fund’s nominees within 30 days. One candidate will be appointed as Class I director and the other as a Class III director. Additionally, one nominee will join the nominating and governance committee of the board, and other will be appointed to the compensation committee of the board.
At the same time, TeleCommunication Systems Inc. (NASDAQ:TSYS) has agreed to increase the size of the board from eight to nine directors.
Maryland-based TeleCommunication Systems Inc. (NASDAQ:TSYS) is engaged in providing secure and highly reliable wireless communications. The company has a market cap of more than $166 million. Since February 2014, the company’s stock moved up over 24%. However, the stock dropped by over 5% during last six months. On Tuesday, TeleCommunication Systems Inc. (NASDAQ:TSYS) closed at $2.82. The consensus average target price for the stock is $4.50, while the consensus average recommendation is ‘Overweight,’ based on ratings by four analysts.
For nine months ended September 2014, TeleCommunication Systems Inc. (NASDAQ:TSYS) reported revenue of $266.6 million, down from $283.7 million in the same period in 2013. The company posted a net loss of $1.38 million, compared to a net loss of $2.86 million in 2013. Net loss per share was $0.02, versus $0.05 in 2013.
Last month, TeleCommunication Systems Inc. (NASDAQ:TSYS) announced that received a $16.4 million contract from the state of South Dakota to provide Next Generation 9-1-1 (NG9-1-1) services. The company will provide and operate South Dakota’s NG9-1-1 system for the next five years under the direction and guidance of the South Dakota 911 Coordination Board, according to a news release.
Drew A. Morin, senior vice president and chief technology officer of TeleCommunication Systems Inc. (NASDAQ:TSYS), has been selling the company’s shares since August 2014. In the beginning of December 2014, Morin reported selling 15,000 shares of the company at an average price of $3.08 apiece. Following the sale, Morin holds 419,203 shares of the company.
Among the largest shareholders of of TeleCommunication Systems Inc. (NASDAQ:TSYS) is Cannell Capital, led by J. Carlo Cannell, which disclosed holding 3.34 million shares as of the end of September 2014. Another investor is Algert Coldiron Investors, managed by Peter Algert and Kevin Coldiron, which reported ownership of 311,279 shares of the company.
Disclosure: none
