TSS Provides Preliminary Fourth Quarter and 2015 Results
While our results for the fourth quarter and fiscal year will not be final until the conclusion of our audit and the announcement of our final results at the end of March, the following are preliminary estimates for the fourth quarter and full year ended
Fourth Quarter Highlights:
- Fourth quarter 2015 revenue of approximately
$10 millioncompared with $8.4 millionin the fourth quarter of 2014 and $6.3 millionin the third quarter of 2015.
- Gross margin of approximately 25% in the fourth quarter of 2015 compared with 31% in the fourth quarter of 2014.
- Reduced operating expenses by 10% compared to the fourth quarter of 2014.
- Adjusted EBITDA income of approximately
$400,000compared with Adjusted EBITDA income of $201,000in the fourth quarter of 2014 and an Adjusted EBITDA loss of $93,000in the third quarter of 2015.
Fiscal Year Highlights:
- 2015 revenue of approximately
$29 millioncompared to $28 millionin 2014.
- Gross margin of 28% in 2015 and 31% in 2014.
- Reduced operating expenses by approximately 7% compared to 2014.
- Adjusted EBITDA loss of approximately
$0.8 millioncompared to an Adjusted EBITDA loss of $1.5 millionin 2014
"As we anticipated, our expected fourth quarter results showed improvements in revenue and a return to positive adjusted EBITDA. While not finalized, we feel these expected results are indicative of the positive trends occurring within our business," said
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, project management, operations, facilities management, technology system installation and integration, as well as maintenance for traditional and modular data centers. www.totalsitesolutions.com or call 888-321-4877.
Preliminary Unaudited Selected Financial Data
The Company has provided unaudited preliminary results of revenue, gross margin and adjusted EBITDA because our financial closing procedures for the fourth quarter and full year 2015 are not yet complete, and these estimates are subject to the completion of our financial closing procedures, final adjustments and other developments that may arise between now and the time the 2015 financial results are finalized. The preliminary fourth quarter and full year 2015 estimates are based upon the most current information available to management and assumptions we believe to be reasonable but include information that is subject to further review, verification and adjustment. It is possible that our final reported results may materially differ from these expected results after the completion of the audit of our fiscal year 2015 financial statements by our independent registered public accounting firm and completion of our annual impairment testing of goodwill and other intangible assets for fiscal year 2015, or as the result of unexpected adjustments arising during completion of the financial closing process for fiscal year 2015.
About Non-GAAP Financial Measures
Adjusted EBITDA is a supplemental financial measures 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. We have not reconciled Adjusted EBITDA to net income (loss) because we are not yet able to calculate income taxes, depreciation and amortization, impairment loss on goodwill and other intangibles, and stock-based compensation, which are reconciling items between Adjusted EBITDA and net income (loss). Accordingly, a reconciliation of Adjusted EBITDA to net income (loss) is not available at this time without unreasonable effort. We will provide GAAP results and the applicable reconciliations when we announce our final results at the end of March.
Forward Looking Statements
This press release includes estimates (including the preliminary estimates for the fourth quarter and fiscal year ended
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