Press release
TSS, Inc. Reports Second Quarter 2023 Results
ROUND ROCK, Texas, Aug. 14, 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, Aug. 14, 2023 (GLOBE NEWSWIRE) -- TSS, Inc. (Other OTC: TSSI), a data center facilities and technology services company, reported results for its second quarter ended June 30, 2023. Second Quarter Highlights (unaudited): Second quarter 2023 revenue of $14.5 million compared with $6.4 million in the second quarter of 2022. Reseller revenues were $10.6 million in the second quarter of 2023 compared to $0.8 million in the second quarter of 2022.Gross margin of 22% in the second quarter of 2023 compared with 41% in the second quarter of 2022.Operating income of $975,000 in the second quarter of 2023 compared to operating income of $939,000 in the second quarter of 2022.Net income of $315,000 or $0.01 per share in the second quarter of 2023 compared to net income of $771,000 or $0.04 per share in the second quarter of 2022.Adjusted EBITDA income of $1,223,000 in the second quarter of 2023 compared with Adjusted EBITDA income of $1,116,000 in the second quarter of 2022. Year-to-date Highlights (unaudited): 2023 revenue of $21.1 million compared with $11.6 million in 2022. Reseller revenues were $12.3 million in 2023 compared to $2.5 million in 2022.Gross margin of 23% in 2023 compared with 37% in 2022.Operating income of $310,000 in 2023 compared to operating income of $766,000 in 2022.Net loss of $471,000 or $(0.02) per share in 2023 compared to net income of $463,000 or $0.02 per share in 2022.Adjusted EBITDA income of $786,000 in 2023 compared with Adjusted EBITDA income of $1,159,000 in 2022. “We had a very successful second quarter with strong financial results benefitting from progress made aligning our cost structure, strengthening our management team, and positioning TSS for future growth. Several large procurement transactions that slipped from our first quarter closed during the second quarter and helped fuel revenue and profits from our procurement and reseller business,” said Darryll E. Dewan, President and CEO of TSS. “Looking forward,” continued Dewan, “we plan to capitalize on the growing compute and storage requirements as a result of the accelerating digital transformation driven by AI, cyber-security, data analytics, and other emerging technologies. We expect this market activity will fuel long-term demand for the integration services we provide. We are actively building new demand-generation plans...