Press release
TSS, Inc. Reports Fourth Quarter and Fiscal 2022 Results
ROUND ROCK, Texas, April 03, 2023 (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, April 03, 2023 (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, 2022. Fourth Quarter Highlights (unaudited): Fourth quarter 2022 revenue of $10.9 million compared with $14.6 million in the fourth quarter of 2021. Reseller revenues were $7.6 million in the fourth quarter of 2022 compared to $11.7 million in the fourth quarter of 2021.Gross margin of 18% in the fourth quarter of 2022 compared with 12% in the fourth quarter of 2021.Operating loss of $723,000 in the fourth quarter of 2022 compared to an operating loss of $100,000 in the fourth quarter of 2021. Included in the 2022 results are one-time costs of $581,000 associated with the change in chief executive officer during the fourth quarter. Operating costs beyond one-time costs were higher than expected in the period and are expected to normalize in 2023.Net loss of $1.1 million or $0.05 per share in the fourth quarter of 2022 compared to a net loss of $264,000 or $0.01 per share in the fourth quarter of 2021.Adjusted EBITDA of $90,000 in the fourth quarter of 2022 compared with Adjusted EBITDA of $138,000 in the fourth quarter of 2021. Fiscal 2022 Highlights (unaudited): 2022 revenue of $30.6 million compared with $27.4 million in 2021. Reseller revenues were $13.2 million in 2022 compared to $14.7 million in 2021.Gross margin of 29% in 2022 compared to 23% in 2021.Operating income of $914,000 in 2022 compared to an operating loss of $831,000 in 2021.Net loss of $73,000 or $0.00 per share in 2022 compared to a net loss of $1,297,000 or $(0.07) per share in 2021.Adjusted EBITDA of $2,243,000 in 2022 compared with Adjusted EBITDA of $174,000 in 2021. “The fourth quarter results were impacted by several important adjustments in our business,” said Darryll Dewan, President and CEO of TSS. “Our overall revenue was strong, but our operating results included one-time costs associated with our CEO transition and higher operating costs in our Systems Integration business, primarily the result of delivery of a new set of service offerings in our Systems Integration business. Our business generated positive adjusted EBITDA in the fourth quarter despite the higher operating costs, and our balance sheet is in great shape. Our overall pip...