Summary of Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2018

Summary of Selected Quarterly Financial Data (Unaudited) [Abstract]

Selected Quarterly Financial Data

The following is a summary of selected quarterly financial data for the previous two fiscal years (in thousands):

	Quarters Ended
	March 31			June 30			Sept. 30			Dec. 31
2018
Revenue	$	32,401		$	34,943		$	34,695		$	35,977
Gross profit		10,232			12,078			16,287			14,465
(Loss) income before income taxes and non-controlling interest		(1,693	)		450			4,722			(1,711	)
Net (loss) income attributable to Telos Corporation (1)(2)		(1,986	)		(87	)		4,113			(3,680	)
2017
Revenue	$	23,110		$	21,096		$	28,243		$	35,278
Gross profit		8,443			7,391			9,262			15,470
(Loss) income before income taxes and non-controlling interest		(2,807	)		(3,011	)		(1,755	)		1,308
Net (loss) income attributable to Telos Corporation (1)(3)		(3,099	)		(3,389	)		(3,044	)		3,699

(1) Changes in net income are the result of several factors, including seasonality of the government year-end buying season, as well as the nature and timing of other deliverables.

(2) Net income for the third quarter of 2018 included $5.6 million of revenue accruals for multiple contracts as a result of several years of cumulative indirect rate adjustments which did not include direct costs in CO&D’s Secure Mobility deliverables.

(3) A tax benefit was recorded due primarily to the remeasurement of our deferred tax assets and liabilities, and the adjustment of valuation allowance related to our hanging credit deferred tax liability in the fourth quarter of 2017, as a result of the Tax Act enacted in December 2017.