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Tss, Inc. (TSSI) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

Tss, Inc.

CIK: 1320760 Ticker: TSSI

Exhibit 99.1

 

ex_376530img001.jpg

 

TSS, INC. REPORTS FIRST QUARTER 2022 RESULTS

 

ROUND ROCK, TX May 16, 2022 TSS, Inc. (Other OTC: TSSI), a data center facilities and technology services company, reported results for its first quarter ended March 31, 2022.

 

First Quarter Highlights (Unaudited):

 

 

First quarter 2022 revenue of $5.2 million compared with $5.2 million in the first quarter of 2021. Reseller revenues were $1.7 million in the first quarter of 2022 compared with $2.2 million in the first quarter of 2021.

 

Gross margin of 32% in the first quarter of 2022 compared with 25% in the first quarter of 2021.

 

Operating loss of $173,000 in the first quarter of 2022 compared to an operating loss of $607,000 in the first quarter of 2021.

 

Net loss of $308,000 or $0.02 per share in the first quarter of 2022 compared to a net loss of $699,000 or $0.04 per share in the first quarter of 2021.

 

Adjusted EBITDA income of $43,000 in the first quarter of 2022 compared with an Adjusted EBITDA loss of $334,000 in the first quarter of 2021.

 

 

“We saw some improvement in supply chain shortages during the first quarter that allowed us to improve on our results compared to last year.” said Anthony Angelini, President and Chief Executive Officer of TSS. “Our facilities and reseller businesses saw improved profit in the first quarter. We anticipate the supply situation will continue to improve throughout the balance of 2022. Based on this improvement and our backlog of projects, we expect a significant improvement in our revenue and profitability throughout the year.”

 

 

Quarterly Conference Call Details

 

The Company has scheduled a conference call to discuss the first quarter 2022 financial results for Monday, May 16, 2022, at 4:30 PM Eastern. To participate on the conference call, please dial -866-374-5140 toll free from the U.S., or 1-404-400-0571 for international callers. The PIN# is 61514819#. The event ID number is EV00134940. 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 June 16, 2022. The audio replay can be accessed at the following url: https://onlinexperiences.com/Launch/QReg/ShowUUID=24C7A261-F472-4002-850B-674F73622CD7&LangLocaleID=1033

 

The passcode to access the digital playback is EV00134940. 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.

 

 

The following information was filed by Tss, Inc. (TSSI) on Monday, May 16, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Current Period Unaudited)
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Changes In Stockholders' Equity (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Note 1 - Significant Accounting Policies
Note 1 - Significant Accounting Policies (Tables)
Note 1 - Significant Accounting Policies - Disaggregated Revenue (Details)
Note 1 - Significant Accounting Policies - Major Customers (Details)
Note 1 - Significant Accounting Policies 1 (Details Textual)
Note 1 - Significant Accounting Policies 2 (Details Textual)
Note 2 - Supplemental Balance Sheet Information
Note 2 - Supplemental Balance Sheet Information (Details Textual)
Note 2 - Supplemental Balance Sheet Information (Tables)
Note 2 - Supplemental Balance Sheet Information - Accounts Payable And Accrued Expenses (Details)
Note 2 - Supplemental Balance Sheet Information - Contract And Other Receivables (Details)
Note 2 - Supplemental Balance Sheet Information - Goodwill And Intangible Assets (Details)
Note 2 - Supplemental Balance Sheet Information - Goodwill Attributable To Reporting Units (Details)
Note 2 - Supplemental Balance Sheet Information - Inventory (Details)
Note 2 - Supplemental Balance Sheet Information - Property And Equipment (Details)
Note 3 - Long-Term Borrowings
Note 3 - Long-Term Borrowings (Details Textual)
Note 3 - Long-Term Borrowings (Tables)
Note 3 - Long-Term Borrowings - Long-Term Borrowings (Details)
Note 4 - Leasing Arrangements
Note 4 - Leasing Arrangements (Details Textual)
Note 4 - Leasing Arrangements (Tables)
Note 4 - Leasing Arrangements - Future Minimum Lease Payments (Details)
Note 4 - Leasing Arrangements - Lease Expense (Details)
Note 5 - Net Loss Per-Share
Note 5 - Net Loss Per-Share (Details Textual)
Note 5 - Net Loss Per-Share (Tables)
Note 5 - Net Loss Per-Share - Reconciliation Of Earnings Per Share (Details)
Note 6 - Related Party Transactions
Note 6 - Related Party Transactions (Tables)
Note 6 - Related Party Transactions - Related Party Balances And Transactions (Details)
Note 7 - Segment Reporting
Note 7 - Segment Reporting (Details Textual)
Note 7 - Segment Reporting (Tables)
Note 7 - Segment Reporting - Segment Information (Details)
Note 8 - Subsequent Events
Note 8 - Subsequent Events (Details Textual)
Significant Accounting Policies (Policies)
Ticker: TSSI
CIK: 1320760
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-22-012634
Submitted to the SEC: Mon May 16 2022 4:27:02 PM EST
Accepted by the SEC: Mon May 16 2022
Period: Thursday, March 31, 2022
Industry: Management Consulting Services

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