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  • TSS, Inc. Reports Fourth Quarter and Fiscal 2020 Results

    March 29, 2021 - 1:00pm

    ROUND ROCK, Texas, March 29, 2021 (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, 2020. The Company provides the following Fourth Quarter highlights, commentary and all Non-GAAP Adjusted EBITDA information, not subject to any procedures by our Independent Registered Public Accounting Firm regarding its performance and financial position as of March 29, 2021. Fourth Quarter Highlights: Fourth quarter 2020 revenue of $7.2 million compared with $20.4 million in the fourth quarter of 2019 and $20.8 million in the third quarter of 2020.Revenues from procurement and reseller services were $3.1 million in the fourth quarter of 2020 compared with $17.0 million in the fourth quarter of 2019 and $15.8 million in the third quarter of 2020.Gross margin of 23% in the fourth quarter of 2020 compared with 10% in the fourth quarter of 2019 and 13% in the third quarter of 2020.Operating loss of $140,000 in the fourth quarter of 2020 compared to operating income of $440,000 in the fourth quarter of 2019.Recorded a $896,000 gain on forgiveness of PPP Loan.Net income of $637,000 or $0.04 per share in the fourth quarter of 2020 compared to net income of $346,000 or $0.02 per share in the fourth quarter of 2019.Non-GAAP Adjusted EBITDA income of $1,047,000 compared with $680,000 in the fourth quarter of 2019. FY2020 Highlights: 2020 revenue of $45.1 million compared with $32.8 million in 2019.Gross margin of 15% in 2020 compared with 20% in 2019.Operating loss of $400,000 in 2020 compared to operating income of $480,000 in 2019.Recorded a $896,000 non-recurring gain on forgiveness of PPP Loan.Net income of $79,000 or $0.00 per share in 2020 compared to net income of $126,000 or $0.01 per share in 2019.Non-GAAP Adjusted EBITDA income of $1,417,000 in 2020 compared with $1,208,000 in 2019. “As we have previously stated, our reseller revenue can fluctuate quarter to quarter, and we saw that in Q4 versus Q3. We continue to believe that this value-added offering helps us strategically. We believe our well positioned service offerings continue to resonate with our customer,” said Anthony Angelini, President and Chief Executive Officer of TSS. “Overall, our revenues grew 37% in 2020 and we were able to improve our Non-GAAP Adjusted EBITDA compared to 2019. While we were impacted negatively by the pandemic in 2020, we did benefit from the receipt of and forgiveness of our PPP loan. While we are still cautious of the impacts of the pandemic and supply chain constraints, we are optimistic for 2021 overall.” Quarterly Conference Call DetailsThe Company has scheduled a conference call to discuss the fourth quarter and fiscal 2020 financial results for Monday, March 29, 2021 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 50133012#. 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 April 29, 2021. The audio replay can be accessed at the following url: https://onlinexperiences.com/Launch/QReg/ShowUUID=A3459665-DFA6-44D9-A06... The passcode to access the digital playback is 50133012. 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 MeasuresAdjusted EBITDA is a supplemental financial measure not defined under Generally Accepted Accounting Principles in the United States (GAAP). We define Adjusted EBITDA as earnings (loss) before interest expense, income taxes, depreciation and amortization, 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, 2020. 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) December 31, December 31, 2020 2019 Assets Current Assets Cash and cash equivalents$19,012 $8,678 Contract and other receivables, net 915 3,865 Costs and estimated earnings in excess of billings on uncompleted contracts 806 181 Inventories, net 197 1,353 Prepaid expenses and other current assets 58 108 Total current assets 20,988 14,185 Property and equipment, net 662 705 Lease right-of-use asset 876 1,481 Goodwill 780 780 Intangible assets, net 217 307 Other assets 285 109 Total assets$23,808 $17,567 Liabilities and Stockholders’ Equity Current Liabilities Lease liabilities$748 $645 Accounts payable and accrued expenses 13,374 8,851 Deferred revenues 3,962 2,104 Total current liabilities 18,084 11,600 Long-term borrowings, less current portion, net 2,234 2,028 Lease liabilities, less current portion 208 956 Deferred revenues – noncurrent portion 99 114 Total liabilities 20,625 14,968 Stockholders’ Equity Preferred stock- $.0001 par value; 1,000 shares authorized at December 31, 2020 and 2019; none issued - - Common stock- $.0001 par value, 49,000 shares authorized at December 31, 2020 and 2019: 19,055 and 18,524 shares issued at December 31, 2020 and 2019, respectively 2 2 Additional paid-in capital 70,070 69,661 Treasury stock 1097 and 962 shares at cost at December 31, 2020 and 2019, respectively (1,874) (1,700)Accumulated deficit (65,015) (65,094)Total stockholders' equity 3,183 2,869 Total liabilities and stockholders’ equity$23,808 $17,567 TSS, Inc. Condensed Consolidated Statements of Operations (In thousands except per-share values, unaudited) Three Months Ended December 31, Years Ended December, 2020 2019 2020 2019Results of Operations: Revenue$7,248 $20,404 $45,062 $32,779 Cost of revenue, excluding depreciation and amortization 5,586 18,398 38,259 26,188 Gross profit, excluding depreciation and amortization 1,662 2,006 6,803 6,591 Operating expenses: Selling, general and administrative 1,663 1,440 6,674 5,741 Depreciation and amortization 139 126 529 370 Total operating costs 1,802 1,566 7,203 6,111 Operating income (loss) (140) 440 (400) 480 Interest income (expense), net (96) (75) (367) (313)Other income (expense), net 896 - 896 - Income before income taxes 660 365 129 167 Income tax expense 23 19 50 41 Net income$637 $346 $79 $126 Basic net income per Share:$0.04 $0.02 $0.00 $0.01 TSS, Inc. Adjusted EBITDA Reconciliation (In thousands, unaudited) Three Months Ended Dec. 31, Years Ended Dec. 31, 2020 2019 2020 2019Net income$637 $346 $79 $126 Interest expense (income), net96 75 367 313 Depreciation and amortization139 126 529 370 Income tax expense23 19 50 41 EBITDA profit (loss)$895 $566 $1,025 $850 Stock based compensation152 114 392 358 Provision for bad debts- - - - Adjusted EBITDA profit (loss)$ 1,047 $ 680 $ 1,417 $ 1,208

  • TSS, INC. TO REPORT FOURTH QUARTER AND FISCAL 2020 RESULTS ON MONDAY, MARCH 29th, 2021

    March 23, 2021 - 8:22am

    Round Rock, TX., March 23, 2021 (GLOBE NEWSWIRE) -- TSS, Inc. (Other OTC: TSSI), a data center and mission critical facilities and technology services company, will report financial results for its fourth quarter and fiscal 2020 on Monday March 29, 2021. 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 50133012. 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 April 28, 2021. The audio replay can be accessed at the following url: https://onlinexperiences.com/Launch/QReg/ShowUUID=1D48C33C-8A80-4421-BDE... The passcode to access the digital playback is 50133012. 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 and procurement services. www.tssiusa.com # # # CONTACT: Company Contact: John Penver Chief Financial Officer TSS,Inc. Phone: (512) 310-1000

  • TSS, Inc. Reports Third Quarter 2020 Results

    November 16, 2020 - 2:20pm

    ROUND 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 - 1:00pm

    ROUND 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 - 11:00am

    Round 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 - 9:16am

    ROUND 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 - 11:05am

    ROUND 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 - 1:00pm

    ROUND 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 - 1:00pm

    TSS, 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 - 1:01pm

    ROUND 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.


Event

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


Webcast Details

Event Link:

Webcast URL (to be distributed to your audience):
https://www.webcaster4.com/Webcast/Page/2294/38549

Webcast Replay Expiration:

Tuesday November 16, 2021