Press release
TSS, Inc. Reports Third Quarter 2022 Results
ROUND ROCK, Texas, Nov. 14, 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, Nov. 14, 2022 (GLOBE NEWSWIRE) -- TSS, Inc. (Other OTC: TSSI), a data center facilities and technology services company, reported results for its third quarter ended September 30, 2022. Third Quarter Highlights (unaudited): Third quarter 2022 revenue of $8.1 million compared with $4.6 million in the third quarter of 2021.Gross margin of 34% in the third quarter of 2022 compared with 42% in the third quarter of 2021.Operating income of $871,000 in the third quarter of 2022 compared to operating income of $228,000 in the third quarter of 2021.Net income of $605,000 or $0.03 per share in the third quarter of 2022 compared to net income of $123,000 or $0.01 per share in the third quarter of 2021.Adjusted EBITDA income of $1,043,000 in the third quarter of 2022 compared with Adjusted EBITDA income of $476,000 in the third quarter of 2021. Year-to-date Highlights (unaudited): 2022 revenue of $19.7 million compared with $12.8 million in 2021. Reseller revenues were $5.6 million in 2022 compared to $3.0 million in 2021.Gross margin of 36% in 2022 and 2021.Operating income of $1,637,000 compared to an operating loss of $730,000 in 2021.Net income of $1,068,000 or $0.05 per share in 2022 compared to a net loss of $1,032,000 or $(0.06) per share in 2021.Adjusted EBITDA income of $2,202,000 in 2022 compared with Adjusted EBITDA income of $36,000 in 2021. Prior to this earnings release, TSS announced the appointment of Darryll Dewan as President and CEO. Dewan commented, “I am looking forward to furthering my understanding of our business. It is clear the third quarter results reflect growth across all of our business units and strong net income and adjusted EBITDA. We expect to see strong demand continue into the fourth quarter. I will communicate further with our investors as I gain greater insight into our long-term strategy and investments we may consider in our business to maintain and expand our leadership in the data center infrastructure and IT services sectors.” Quarterly Conference Call Details The Company has scheduled a conference call to discuss the third quarter 2022 financial results for Monday, November 14, 2022, at 4:30 PM Eastern. To participate on the conference call, please dial 1-888-596-4144 toll free from the U.S., or 1-646-968-2525 for international callers. The event ID number is 3130474. Investors...