Press release
TSS, Inc. Reports Fourth Quarter and Fiscal 2021 Results
ROUND ROCK, Texas, March 30, 2022 (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 30, 2022 (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, 2021. Fourth Quarter Highlights: Fourth quarter 2021 revenue of $14.6 million compared with $7.2 million in the fourth quarter of 2020. Reseller revenues were $11.7 million in the fourth quarter of 2021 compared with $3.1 million in the fourth quarter of 2020.Gross margin of 12% in the fourth quarter of 2021 compared with 23% in the fourth quarter of 2020.Operating loss of $100,000 in the fourth quarter of 2021 compared to an operating loss of $140,000 in the fourth quarter of 2020.Net loss of $264,000 or $0.01 per share in the fourth quarter of 2021 compared to net income of $637,000 or $0.04 per share in the fourth quarter of 2020. The 2020 result included $897,000 gain on forgiveness of PPP Loan.Adjusted EBITDA income of $138,000 in the fourth quarter of 2021 compared with Adjusted EBITDA income of $1,047,000 in the fourth quarter of 2020. 2020 included a $897,000 gain on forgiveness of PPP loan. FY 2021 Highlights: 2021 revenue of $27.4 million compared with $45.1 million in 2020. Reseller revenues were $14.7 million in 2021 compared to $28.8 million in 2020.Gross margin of 23% in 2021 compared with 15% in 2020.Operating loss of $831,000 in 2021 compared to operating loss of $400,000 in 2020.Net loss of $1,297,000 or $0.07 per share in 2021 compared to net income of $79,000 or $0.00 per share in 2020. The 2020 results included $897,000 gain on forgiveness of PPP Loan.Adjusted EBITDA income of $174,000 in 2021 compared with Adjusted EBITDA income of $1,417,000 in 2020. 2020 included a $897,000 gain on forgiveness of PPP loan. “Despite the significant impact of supply chain shortages, we achieved fourth quarter and annual positive Adjusted EBITDA,” said Anthony Angelini, President and Chief Executive Officer of TSS. “The decline in revenue year over year was primarily related to our opportunistic reseller revenues. This decline in revenue had a very small impact on our overall gross profits as we benefited from a favorable revenue mix and cost management initiatives. Our current backlog of projects is very large and we expect to see a large improvement in our 2022 results as supply chain shortages improve and we de...