TGIS-1-time charge will create a loss next quarter.
Thomas Group Announces Subleases of Excess Office Space
Business Wire - April 14, 2005 09:55
IRVING, Texas, Apr 14, 2005 (BUSINESS WIRE) -- Thomas Group, Inc. (OTCBB:TGIS) today announced that it has agreed to subleases involving two of its offices, covering the remaining lease period of offices in Detroit and Reston, Va.
"Subleasing excess office space reinforces our commitment to maintaining a low fixed cost base," said Jim Taylor, CEO. "We estimate these subleases will result in a one-time, non-cash charge of approximately $600,000 under generally accepted accounting principles (GAAP). Although this charge will turn an otherwise profitable first quarter into a loss, we believe it was the proper long-term decision for us to make. Despite the removal of previous subtenants in both offices during the first quarter, we have obtained new subtenants at current market rate. We are focused on generating cash for the company and value for our shareholders, and keeping our excess office capacity subleased aligns with both of these goals."
