Press release
TSS, Inc. Reports Fourth Quarter and Fiscal 2020 Results
ROUND ROCK, Texas, March 29, 2021 (GLOBE NEWSWIRE) -- TSS, Inc. (Other OTC: TSSI), a data center facilities and technology services company, reported results
About this update from Tss, Inc.
[{"type":"text","content":"ROUND ROCK, Texas, March 29, 2021 (GLOBE NEWSWIRE) -- TSS, Inc. (Other OTC: TSSI), a data center facilities and technology services company, reported results for its fourth quarter and fiscal year ended December 31, 2020. The Company provides the following Fourth Quarter highlights, commentary and all Non-GAAP Adjusted EBITDA information, not subject to any procedures by our Independent Registered Public Accounting Firm regarding its performance and financial position as of March 29, 2021. Fourth Quarter Highlights: Fourth quarter 2020 revenue of $7.2 million compared with $20.4 million in the fourth quarter of 2019 and $20.8 million in the third quarter of 2020.Revenues from procurement and reseller services were $3.1 million in the fourth quarter of 2020 compared with $17.0 million in the fourth quarter of 2019 and $15.8 million in the third quarter of 2020.Gross margin of 23% in the fourth quarter of 2020 compared with 10% in the fourth quarter of 2019 and 13% in the third quarter of 2020.Operating loss of $140,000 in the fourth quarter of 2020 compared to operating income of $440,000 in the fourth quarter of 2019.Recorded a $896,000 gain on forgiveness of PPP Loan.Net income of $637,000 or $0.04 per share in the fourth quarter of 2020 compared to net income of $346,000 or $0.02 per share in the fourth quarter of 2019.Non-GAAP Adjusted EBITDA income of $1,047,000 compared with $680,000 in the fourth quarter of 2019. FY2020 Highlights: 2020 revenue of $45.1 million compared with $32.8 million in 2019.Gross margin of 15% in 2020 compared with 20% in 2019.Operating loss of $400,000 in 2020 compared to operating income of $480,000 in 2019.Recorded a $896,000 non-recurring gain on forgiveness of PPP Loan.Net income of $79,000 or $0.00 per share in 2020 compared to net income of $126,000 or $0.01 per share in 2019.Non-GAAP Adjusted EBITDA income of $1,417,000 in 2020 compared with $1,208,000 in 2019. “As we have previously stated, our reseller revenue can fluctuate quarter to quarter, and we saw that in Q4 versus Q3. We continue to believe that this value-added offering helps us strategically. We believe our well positioned service offerings continue to resonate with our customer,” said Anthony Angelini, President and Chief Executive Officer of TSS. “Overall, our revenues grew 37% in 2020 and we were able to improve our Non-GAAP Ad...