Chicago January 29, 2002 Solutions integrator Technology Solutions Company (TSC) bucked the rough economy and reported a narrow profit on lower revenues for the fourth quarter.
TSC said it saw revenues slip from $31.1 million in the fourth quarter of 2000 to $25.8 million in the same period of 2001.
But the company still turned in a profit of $455,000 for the fourth quarter, up from a net loss of $1.5 million for the year-ago period. TSC also said that it increased its cash reserves to $51.7 million as of the end of last year.
However, for all of 2001, TSC reported a loss of $8.9 million, compared to a loss of $2.7 million for all of 2000.
The integrator also announced the return of Timothy Dimond as chief financial officer. Laurence Birch, the previous CFO, will now focus on business development as senior vice president.
"Although business conditions remained challenging in the fourth quarter, we are pleased that we continue to be profitable," said Jack Hayden, president and CEO of TSC
Hayden said the company is predicting a first quarter of 2002 flat with the previous quarter.