Summary of Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2013

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

Summary of Selected Quarterly Financial Data (Unaudited)

Note 13.  Summary of Selected Quarterly Financial Data (Unaudited)

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
2013
Revenue	$	47,578		$	55,214		$	49,279		$	55,323
Gross profit		8,018			8,884			8,799			12,899
(Loss) income before income taxes and non-controlling interest		(2,067	)		(502	)		(291	)		3,727
Net (loss) income attributable to Telos Corporation (1)(2)		(1,000	)		454			3,706			(5,778	)
2012
Revenue	$	54,429		$	56,338		$	66,916		$	48,413
Gross profit		14,054			14,603			14,903			11,246
Income before income taxes and non-controlling interest		3,724			4,378			2,404			6,219
Net income attributable to Telos Corporation (1)(3)		1,803			1,973			543			3,116

(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) ASC 740-270 requires the use of an annualized effective tax rate approach in estimating taxes for interim periods.  Changes in projected profits and losses can affect the effective tax rate from one period to another. The Company realized significant pre-tax profits during the fourth quarter which produced a tax provision of $9.1 million for the fourth quarter. Through the nine months ended September 30, 2013, the Company properly recorded a benefit for income taxes in accordance with applying the annualized effective tax rate approach to its nine months’ pre-tax loss.

(3) Reflects gain on early extinguishment of ITL Note in December 2012.