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TSS, Inc. Reports Third Quarter 2020 Results
November 16, 2020 - 2:20pmROUND ROCK, Texas, Nov. 16, 2020 (GLOBE NEWSWIRE) -- TSS, Inc. (Other OTC: TSSI), a data center facilities and technology services company, reported results for its third quarter ended September 30, 2020.
TSS, Inc. Reports Third Quarter 2020 Results
November 16, 2020 - 1:00pmROUND ROCK, Texas, Nov. 16, 2020 (GLOBE NEWSWIRE) -- TSS, Inc. (Other OTC: TSSI), a data center facilities and technology services company, reported results for its third quarter ended September 30, 2020. Third Quarter Highlights: * Third quarter 2020 revenue of $20.8 million compared with $4.2 million in the third quarter of 2019 and $6.5 million in the second quarter of 2020. * Gross margin of 13% in the third quarter of 2020 compared with 36% in the third quarter of 2019 and 12% in the second quarter of 2020. * Operating income of $966,000 in the third quarter of 2020 compared with operating loss of $12,000 in the third quarter of 2019. * Net income of $852,000 or $0.05 per share in the third quarter of 2020 compared to net loss of $95,000 or $(0.01) per share in the third quarter of 2019. * Adjusted EBITDA income of $1,142,000 compared with Adjusted EBITDA income of $157,000 in the third quarter of 2019. “Our third quarter results produced strong revenue and profit as we adapted to the impacts of the COVID-19 pandemic. We were able to offset the financial impact it had on our second quarter and recover programs and deployments that were delayed in the second quarter.” said Anthony Angelini, President and Chief Executive Officer of TSS. “While there are still challenges relating to safety protocols and travel restrictions, we have been able to adapt while delivering and deploying our services for our customers. We expect that revenues will begin to normalize on a quarterly basis, allowing us to deliver more consistent results while continuing to grow year over year.”Quarterly Conference Call DetailsThe Company has scheduled a conference call to discuss the third quarter 2020 financial results for Monday, November 16, 2020 at 4:30 PM Eastern. To participate on the conference call, please dial 877-691-2551 toll free from the U.S., or 630-691-2747 for international callers. The conference code is 50006509. Investors may also access a live audio web cast of this conference call under the “events” tab on the investor relations section of the Company's website at www.tssiusa.com.An audio replay of the conference call will be available approximately one hour after the conclusion of the call and will be made available until December 16, 2020. The audio replay can be accessed at the following url:https://onlinexperiences.com/Launch/QReg/ShowUUID=1D48C33C-8A80-4421-BDE... passcode to access the digital playback is 50006509. Additionally, a replay of the webcast will be available on the Company’s website approximately two hours after the conclusion of the call and will remain available for 30 calendar days.About Non-GAAP Financial Measures Adjusted EBITDA is a supplemental financial measure not defined under Generally Accepted Accounting Principles (GAAP). We define Adjusted EBITDA as net income (loss) before interest expense, income taxes, depreciation and amortization, impairment loss on goodwill and other intangibles, stock-based compensation, and provision for bad debts. We present Adjusted EBITDA because we believe this supplemental measure of operating performance is helpful in comparing our operating results across reporting periods on a consistent basis by excluding non-cash items that may, or could, have a disproportionate positive or negative impact on our results of operations in any particular period. We also use Adjusted EBITDA as a factor in evaluating the performance of certain management personnel when determining incentive compensation.Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA, while providing useful information, should not be considered in isolation or as an alternative to net income or cash flows as determined under GAAP. Consistent with Regulation G under the U.S. federal securities laws, Adjusted EBITDA has been reconciled to the nearest GAAP measure, and this reconciliation is located under the heading “Adjusted EBITDA Reconciliation” following the Consolidated Statements of Operations included in this press release.About TSS, Inc.TSS is a trusted single source provider of mission-critical planning, design, system integration, deployment, maintenance and evolution of data centers facilities and information infrastructure. TSS specializes in customizable end to end solutions powered by industry experts and innovative services that include technology consulting, engineering, design, construction, operations, facilities management, technology system installation and integration, as well as maintenance for traditional and modular data centers. For more information, visit www.tssiusa.com or call 888-321-4877.Forward Looking StatementsThis press release may contain “forward-looking statements” -- that is, statements related to future -- not past -- events, plans, and prospects. In this context, forward-looking statements may address matters such as our expected future business and financial performance, and often contain words such as “guidance,” “prospects,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “should,” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Particular uncertainties that could adversely or positively affect the Company's future results include: we may not have sufficient resources to fund our business and may need to issue debt or equity to obtain additional funding; our reliance on a significant portion of our revenues from a limited number of customers; risks relating to operating in a highly competitive industry; risks relating to the failure to maintain effective internal control over financial reporting; risks relating to rapid technological, structural, and competitive changes affecting the industries we serve; risks involved in properly managing complex projects; risks relating to the possible cancellation of customer contracts on short notice; risks relating to our ability to continue to implement our strategy, including having sufficient financial resources to carry out that strategy; risks relating to our ability to meet all of the terms and conditions of our debt obligations; uncertainty related to current economic conditions including the impact of the COVID-19 pandemic and the related impact on demand for our services; and other risks and uncertainties disclosed in our filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the fiscal year ended December 31, 2019. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.Company Contact: TSS, Inc. John Penver, CFO Phone: (512) 310-1000 TSS, Inc. Consolidated Balance Sheets (In thousands except par values) September 30, December 31, 2020 2019 Assets Current Assets Cash and cash equivalents $ 9,455 $8,678 Contract and other receivables, net 1,258 3,865 Costs and estimated earnings in excess of billings on uncompleted contracts 341 181 Inventories, net 207 1,353 Prepaid expenses and other current assets 237 108 Total current assets 11,498 14,185 Property and equipment, net 764 705 Lease right-of-use asset 1,034 1,481 Goodwill 780 780 Intangible assets, net 239 307 Other assets 230 109 Total assets $14,545 $17,567 Liabilities and Stockholders’ Equity Current Liabilities Bank note payable $ 373 $ - Lease liabilities 721 645 Accounts payable and accrued expenses 2,888 8,851 Deferred revenues 4,959 2,104 Total current liabilities 8,941 11,600 Convertible notes, less current portion, net 2,183 2,028 Lease liabilities, less current portion 404 956 Bank note payable, less current portion 520 - Deferred revenues – noncurrent portion 117 114 Total liabilities 12,165 14,968 Stockholders’ Equity Preferred stock- $.0001 par value; 1,000 shares authorized at September 30, 2020 and December 31, 2019; none issued - - Common stock- $.0001 par value, 49,000 shares authorized at September 30, 2020 and December 31, 2019: 18,945 and 18,524 shares issued at September 30, 2020 and December 31, 2019, respectively 2 2 Additional paid-in capital 69,902 69,661 Treasury stock 1094 and 962 shares at cost at September 30, 2020 and December 31, 2019, respectively (1,872) (1,700) Accumulated deficit (65,652) (65,094) Total stockholders' equity 2,380 2,869 Total liabilities and stockholders’ equity $ 14,545 $17,567 TSS, Inc. Condensed Consolidated Statements of Operations (In thousands except per-share values, unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Results of Operations: Revenue $20,763 $4,176 $37,814 $12,375 Cost of revenue, excluding depreciation and amortization 17,9907 2,679 32,673 7,790 Gross profit, excluding depreciation and amortization 2,773 1,497 5,141 4,585 Operating expenses: Selling, general and administrative 1,668 1,425 5,011 4,301 Depreciation and amortization 139 84 390 244 Total operating costs 1,807 1,509 5,401 4,545 Operating income (loss) 996 (12) (260) 40 Interest income (expense), net (117) (106) (311) (330) Other income (expense), net 12 28 40 92 Income (loss) before income taxes 861 (90) (531) (198) Income tax expense 9 5 27 22 Net income (loss) $852 $(95) $(558) $(220) Basic net income (loss) per Share: $0.05 $(0.01) $(0.03) $(0.01) TSS, Inc. Adjusted EBITDA Reconciliation (In thousands, unaudited) Three Months Ended Sept 30, Nine Months Ended Sept 30, 2020 2019 2020 2019 Net income (loss)$852 $(95) $(558) $(220) Interest expense (income), net 105 78 271 238 Depreciation and amortization 139 84 390 244 Income tax expense 9 5 27 22 EBITDA profit (loss)$1,105 $72 $130 $284 Stock based compensation 37 85 239 244 Provision for bad debts - - - - Adjusted EBITDA profit (loss)$1,142 $157 $369 $528
TSS, INC. TO REPORT THIRD QUARTER 2020 RESULTS ON MONDAY, NOVEMBER 16th, 2020
November 9, 2020 - 11:00amRound Rock, TX, Nov. 09, 2020 (GLOBE NEWSWIRE) -- TSS, Inc. (Other OTC: TSSI), a data center and mission critical facilities and technology services company, will report financial results for its third quarter of 2020 on Monday November 16, 2020. The Company will conduct a conference call at 4.30 p.m. eastern time that day. To participate on the conference call, please dial 1-877-691-2551 toll free from the U.S., or 1-630-691-2747 for international callers. The conference ID number is 50006509. Investors may also access a live audio web cast of this conference call under the “events” tab on the investor relations section of the Company's website at https://www.rdgir/tss-inc/news .An audio replay of the conference call will be available approximately one hour after the conclusion of the call and will be made available until December 16, 2020. The audio replay can be accessed at the following url: https://onlinexperiences.com/Launch/QReg/ShowUUID=1D48C33C-8A80-4421-BDE... passcode to access the digital playback is 50006509. Additionally, a replay of the webcast will be available on the Company’s website approximately two hours after the conclusion of the call and will remain available for 30 calendar days.About TSS, Inc.TSS provides a comprehensive suite of services for the planning, design, deployment, maintenance, refresh and take-back of end-user and enterprise systems, including the mission-critical facilities they are housed in. TSS provides a single-source solution for enabling technologies in data centers, operations centers, network facilities, server rooms, security operations centers, communications facilities and the infrastructure systems that are critical to their function. TSS’s services consist of technology consulting, design and engineering, project management, systems integration, systems installation, facilities management and IT reseller services. www.tssiusa.com CONTACT: Company Contact: John Penver Chief Financial Officer TSS, Inc. Phone: (512) 310-1000
TSS, Inc. Reports Second Quarter 2020 Results
August 17, 2020 - 9:16amROUND ROCK, Texas, Aug. 17, 2020 (GLOBE NEWSWIRE) -- TSS, Inc. (Other OTC: TSSI), a data center facilities and technology services company, reported results for its second quarter ended June 30, 2020. Second Quarter Highlights: * Second quarter 2020 revenue of $6.5 million compared with $3.5 million in the second quarter of 2019 and $10.6 million in the first quarter of 2020. * Gross margin of 12% in the second quarter of 2020 compared with 41% in the second quarter of 2019 and 15% in the first quarter of 2020. * Operating loss of $949,000 in the second quarter of 2020 compared with operating income of $2,000 in the second quarter of 2019 * Net loss of $1 million or $(0.06) per share in the second quarter of 2020 compared to net loss of $94,000 or $(0.01) per share in the second quarter of 2019. * Adjusted EBITDA loss of $724,000 compared with Adjusted EBITDA of $168,000 in the second quarter of 2019.“As most companies, we faced a very different business environment in the second quarter primarily driven by the escalation of the COVID-19 pandemic. While we were able to maintain operations during the period, there were a number of internal and external changes to our operations that affected our revenue and costs. Our ability to deliver and deploy at customer locations were subject to changes in timing and particular safety protocols,” said Anthony Angelini, President and Chief Executive Officer of TSS. “We are seeing these issues resolve themselves and are able to proceed under the protocols of the new normal. We expect our third quarter to be especially strong both in revenue and profitability as we make up for deliveries and deployments from the second quarter and have a strong stream of third quarter business. Beyond the third quarter, we expect continued growth in technology infrastructure which directly aligns with the services we provide and should provide an ongoing stream of revenue from all aspects of our business.”Quarterly Conference Call DetailsThe Company has scheduled a conference call to discuss the second quarter 2020 financial results for Monday, August 17, 2020 at 4:30 PM Eastern. To participate on the conference call, please dial 877-691-2551 toll free from the U.S., or 630-691-2747 for international callers. The conference code is 49879194. Investors may also access a live audio web cast of this conference call under the “events” tab on the investor relations section of the Company's website at www.tssiusa.com.An audio replay of the conference call will be available approximately one hour after the conclusion of the call and will be made available until September 16, 2020. The audio replay can be accessed at the following url:https://onlinexperiences.com/Launch/QReg/ShowUUID=279B524C-6814-4772-A45... passcode to access the digital playback is 49879194. Additionally, a replay of the webcast will be available on the Company’s website approximately two hours after the conclusion of the call and will remain available for 30 calendar days.About Non-GAAP Financial Measures Adjusted EBITDA is a supplemental financial measure not defined under Generally Accepted Accounting Principles (GAAP). We define Adjusted EBITDA as net income (loss) before interest expense, income taxes, depreciation and amortization, impairment loss on goodwill and other intangibles, stock-based compensation, and provision for bad debts. We present Adjusted EBITDA because we believe this supplemental measure of operating performance is helpful in comparing our operating results across reporting periods on a consistent basis by excluding non-cash items that may, or could, have a disproportionate positive or negative impact on our results of operations in any particular period. We also use Adjusted EBITDA as a factor in evaluating the performance of certain management personnel when determining incentive compensation. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA, while providing useful information, should not be considered in isolation or as an alternative to net income or cash flows as determined under GAAP. Consistent with Regulation G under the U.S. federal securities laws, Adjusted EBITDA has been reconciled to the nearest GAAP measure, and this reconciliation is located under the heading “Adjusted EBITDA Reconciliation” following the Consolidated Statements of Operations included in this press release.About TSS, Inc. TSS is a trusted single source provider of mission-critical planning, design, system integration, deployment, maintenance and evolution of data centers facilities and information infrastructure. TSS specializes in customizable end to end solutions powered by industry experts and innovative services that include technology consulting, engineering, design, construction, operations, facilities management, technology system installation and integration, as well as maintenance for traditional and modular data centers. For more information, visit www.tssiusa.com or call 888-321-4877.Forward Looking Statements This press release may contain “forward-looking statements” -- that is, statements related to future -- not past -- events, plans, and prospects. In this context, forward-looking statements may address matters such as our expected future business and financial performance, and often contain words such as “guidance,” “prospects,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “should,” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Particular uncertainties that could adversely or positively affect the Company's future results include: we may not have sufficient resources to fund our business and may need to issue debt or equity to obtain additional funding; our reliance on a significant portion of our revenues from a limited number of customers; risks relating to operating in a highly competitive industry; risks relating to the failure to maintain effective internal control over financial reporting; risks relating to rapid technological, structural, and competitive changes affecting the industries we serve; risks involved in properly managing complex projects; risks relating to the possible cancellation of customer contracts on short notice; risks relating to our ability to continue to implement our strategy, including having sufficient financial resources to carry out that strategy; risks relating to our ability to meet all of the terms and conditions of our debt obligations; uncertainty related to current economic conditions including the impact of the COVID-19 pandemic and the related impact on demand for our services; and other risks and uncertainties disclosed in our filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the fiscal year ended December 31, 2019. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.Company Contact: TSS, Inc. John Penver, CFO Phone: (512) 310-1000 TSS, Inc. Consolidated Balance Sheets (In thousands except par values) June 30, December 31, 2020 2019 Assets Current Assets Cash and cash equivalents $7,134 $8,678 Contract and other receivables, net 2,819 3,865 Costs and estimated earnings in excess of billings on uncompleted contracts 366 181 Inventories, net 950 1,353 Prepaid expenses and other current assets 306 108 Total current assets 11,575 14,185 Property and equipment, net 862 705 Lease right-of-use asset 1,188 1,481 Goodwill 780 780 Intangible assets, net 262 307 Other assets 109 109 Total assets $14,776 $17,567 Liabilities and Stockholders’ Equity Current Liabilities Bank note payable $424 $- Lease liabilities 695 645 Accounts payable and accrued expenses 5,422 8,851 Deferred revenues 3,452 2,104 Total current liabilities 9,993 11,600 Convertible notes, less current portion, net 2,130 2,028 Lease liabilities, less current portion 595 956 Bank note payable, less current portion 468 - Deferred revenues – noncurrent portion 97 114 Total liabilities 13,283 14,968 Stockholders’ Equity Preferred stock- $.0001 par value; 1,000 shares authorized at June 30, 2020 and December 31, 2019; none issued - - Common stock- $.0001 par value, 49,000 shares authorized at June 30, 2020 and December 31, 2019: 18,940 and 18,524 shares issued at June 30, 2020 and December 31, 2019, respectively 2 2 Additional paid-in capital 69,865 69,661 Treasury stock 1092 and 962 shares at cost at June 30, 2020 and December 31, 2019, respectively (1,870) (1,700) Accumulated deficit (66,504) (65,094) Total stockholders' equity 1,493 2,869 Total liabilities and stockholders’ equity $14,776 $17,567 TSS, Inc. Condensed Consolidated Statements of Operations (In thousands except per-share values, unaudited) Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Results of Operations: Revenue $6,454 $3,539 $17,051 $8,199 Cost of revenue, excluding depreciation and amortization 5,687 2,087 14,683 5,111 Gross profit, excluding depreciation and amortization 767 1,452 2,368 3,088 Operating expenses: Selling, general and administrative 1,584 1,371 3,343 2,876 Depreciation and amortization 132 79 251 160 Total operating costs 1,716 1,450 3,594 3,036 Operating income (loss) (949) 2 (1,226) 52 Interest income (expense), net (94) (115) (194) (224) Other income (expense), net 10 28 28 64 Loss before income taxes (1,033) (85) (1,392) (108) Income tax expense 9 9 18 17 Net loss $(1,042) $(94) $(1,410) $(125) Basic and diluted net loss per Share: $(0.06) $(0.01) $(0.08) $(0.01) TSS, Inc. Adjusted EBITDA Reconciliation (In thousands, unaudited) Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net loss $(1,042) $(94) $(1,410) $(125) Interest expense (income), net 84 87 166 160 Depreciation and amortization 132 79 251 160 Income tax expense 9 9 18 17 EBITDA profit (loss) $(817) $81 $(975) $212 Stock based compensation 93 87 202 158 Provision for bad debts - - - - Adjusted EBITDA profit (loss) $ (724) $ 168 $ (773) $ 370
TSS, INC. TO REPORT SECOND QUARTER 2020 RESULTS ON MONDAY, AUGUST 17th, 2020
August 10, 2020 - 11:05amROUND ROCK, TX., Aug. 10, 2020 (GLOBE NEWSWIRE) -- TSS, Inc. (Other OTC: TSSI), a data center and mission critical facilities and technology services company, will report financial results for its second quarter of 2020 on Monday August 17, 2020. The Company will conduct a conference call at 4.30 p.m. eastern time that day.To participate on the conference call, please dial 1-877-691-2551 toll free from the U.S., or 1-630-691-2747 for international callers. The conference ID number is 49879194. Investors may also access a live audio web cast of this conference call under the “events” tab on the investor relations section of the Company's website at https://www.rdgir/tss-inc/news .An audio replay of the conference call will be available approximately one hour after the conclusion of the call and will be made available until September 16, 2020. The audio replay can be accessed at the following url: https://onlinexperiences.com/Launch/QReg/ShowUUID=279B524C-6814-4772-A45... The passcode to access the digital playback is 49879194. Additionally, a replay of the webcast will be available on the Company’s website approximately two hours after the conclusion of the call and will remain available for 30 calendar days.About TSS, Inc.TSS provides a comprehensive suite of services for the planning, design, deployment, maintenance, refresh and take-back of end-user and enterprise systems, including the mission-critical facilities they are housed in. TSS provides a single-source solution for enabling technologies in data centers, operations centers, network facilities, server rooms, security operations centers, communications facilities and the infrastructure systems that are critical to their function. TSS’s services consist of technology consulting, design and engineering, project management, systems integration, systems installation, facilities management and IT reseller services. www.tssiusa.com CONTACT: Company Contact: John Penver Chief Financial Officer TSS, Inc. Phone: (512) 310-1000
TSS, Inc. Reports First Quarter 2020 Results
May 18, 2020 - 1:00pmROUND ROCK, Texas, May 18, 2020 -- TSS, Inc. (Other OTC: TSSI), a data center facilities and technology services company, reported results for its first quarter ended March 31,.
TSS, INC. TO REPORT FIRST QUARTER 2020 RESULTS ON MONDAY, MAY 18th, 2020
May 8, 2020 - 1:00pmTSS, Inc. (Other OTC: TSSI), a data center and mission critical facilities and technology services company, will report financial results for its first quarter of 2020 on Monday May 18, 2020. The Company will conduct a conference call at 4.30 p.m. eastern time that day. To participate on the conference call, please dial 1-877-691-2551 toll free from the U.S., or 1-630-691-2747 for international callers.
TSS, INC. REPORTS FOURTH QUARTER AND 2019 RESULTS
March 24, 2020 - 1:01pmROUND ROCK, Texas, March 24, 2020 -- TSS, Inc. (Other OTC: TSSI), a data center facilities and technology services company, reported results for its fourth quarter and fiscal.
TSS, INC. TO REPORT FOURTH QUARTER AND FISCAL 2019 RESULTS ON TUESDAY, MARCH 24th, 2020
March 17, 2020 - 1:02pmROUND ROCK, Texas, March 17, 2020 -- TSS, Inc. (Other OTC: TSSI), a data center and mission critical facilities and technology services company, will report financial results.
TSS, Inc. Reports Third Quarter 2019 Results
November 14, 2019 - 1:00pmROUND ROCK, Texas, Nov. 14, 2019 -- TSS, Inc. (Other OTC: TSSI), a data center facilities and technology services company, reported results for its third quarter ended.
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Title: |
TSS, Inc. Third Quarter 2020 Results |
Event Date: |
Monday, November 16, 2020 - 4:30 PM Eastern Time |
Presentation Type: |
Audio Only |
Event Duration: |
60 minutes |
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Event Link: |
Webcast URL (to be distributed to your audience): |
Webcast Replay Expiration: |
Tuesday November 16, 2021 |
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