Fourth Quarter Highlights:
Fiscal Year Highlights:
"Consistent with the preliminary results we released in early February, our fourth quarter and fiscal 2015 results showed improvements in revenue and reductions in losses compared to 2014," said
"Key to improving profitability will be increasing revenue in our higher margin businesses, including higher utilization of our systems integration infrastructure and continuing cost controls. Our portfolio of services and customer relationships position us for growth as the market for data center lifecycle management continues to mature and grow," stated Angelini.
Quarterly Conference Call Details
The Company has scheduled a conference call to discuss the fourth quarter and fiscal 2015 financial results for today at
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
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. Consistent with Regulation G under the
About
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. www.totalsitesolutions.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: our independent registered public accounting firm's reports on our 2014 and 2015 financial statements contain an explanatory paragraph that expresses substantial doubt about our ability to continue as a going concern; our inability to maintain sufficient availability
under our revolving credit facility or sufficient access to capital markets to replace that facility; 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 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 and the related impact on demand for our services; and other risks and uncertainties disclosed in our filings with the
| ||||||
Consolidated Balance Sheets | ||||||
(In thousands except par values) | ||||||
| ||||||
2015 |
2014 | |||||
Assets |
||||||
Current Assets |
||||||
Cash and cash equivalents |
$ 1,132 |
$ 1,378 | ||||
Contract and other receivables, net |
6,997 |
3,951 | ||||
Costs and estimated earnings in excess of billings on uncompleted contracts |
1,084 |
1,042 | ||||
Inventories, net |
66 |
154 | ||||
Prepaid expenses and other current assets |
235 |
243 | ||||
Total current assets |
9,514 |
6,768 | ||||
Property and equipment, net |
702 |
670 | ||||
|
1,907 |
1,907 | ||||
Intangible assets, net |
841 |
979 | ||||
Other assets |
63 |
91 | ||||
Total assets |
$ 13,027 |
$ 10,415 | ||||
Liabilities and Stockholders' Equity |
||||||
Current Liabilities |
||||||
Convertible notes payable, current portion, net |
$ 293 |
$ 149 | ||||
Borrowings under credit facility |
2,162 |
1,171 | ||||
Accounts payable and accrued expenses |
7,608 |
5,547 | ||||
Billings in excess of costs and estimated earnings on uncompleted contracts |
2,476 |
2,009 | ||||
Total current liabilities |
12,539 |
8,876 | ||||
Convertible notes, less current portion, net |
1,054 |
575 | ||||
Other liabilities |
37 |
18 | ||||
Total liabilities |
13,627 |
9,469 | ||||
Stockholders' Equity |
||||||
Preferred stock- |
- |
- | ||||
Common stock- |
2 |
2 | ||||
Additional paid-in capital |
68,329 |
67,651 | ||||
|
||||||
and 2014, respectively. |
(1,531) |
(1,512) | ||||
Accumulated deficit |
(67,400) |
(65,195) | ||||
Total stockholders' equity (deficit) |
(600) |
946 | ||||
Total liabilities and stockholders' equity (deficit) |
$ 13,027 |
$ 10,415 |
| |||||||||||||||||||
Consolidated Statements of Operations | |||||||||||||||||||
(In thousands except per-share values) | |||||||||||||||||||
Three Months Ended December 31, |
Year Ended | ||||||||||||||||||
2015 |
2014 |
2015 |
2014 | ||||||||||||||||
Results of Operations: |
|||||||||||||||||||
Revenue |
|
$ 8410 |
|
| |||||||||||||||
Cost of revenue, excluding depreciation and amortization |
7,554 |
5,841 |
21,119 |
19,424 | |||||||||||||||
Gross profit, excluding depreciation and amortization |
2,522 |
2,569 |
8,368 |
8,561 | |||||||||||||||
Operating expenses: |
|||||||||||||||||||
Selling, general and administrative |
2,239 |
2,499 |
9,651 |
10,546 | |||||||||||||||
Depreciation and amortization |
144 |
118 |
566 |
488 | |||||||||||||||
Total operating costs |
2,383 |
2,617 |
10,217 |
11,034 | |||||||||||||||
Operating (loss) income |
139 |
(48) |
(1,849) |
(2,473) | |||||||||||||||
Interest income (expense), net |
(111) |
(69) |
(344) |
(277) | |||||||||||||||
Other income (expense), net |
9 |
- |
9 |
- | |||||||||||||||
Income (loss) income before income taxes |
37 |
(117) |
(2,184) |
(2,750) | |||||||||||||||
Income tax expense |
21 |
53 |
21 |
53 | |||||||||||||||
Net income (loss) |
$ 16 |
$ (170) |
|
| |||||||||||||||
Basic and diluted loss per Share: |
|||||||||||||||||||
Loss per common share |
|
$ (0.01) |
|
| |||||||||||||||
Weighted average common shares outstanding |
15,615 |
15,2105 |
15,543 |
15,017 | |||||||||||||||
| |||||||||
Normalized Adjusted EBITDA Reconciliation | |||||||||
(In thousands, unaudited) | |||||||||
Three Months Ended |
Year Ended | ||||||||
2015 |
2014 |
2015 |
2014 | ||||||
Net income (loss) |
$ 16 |
$ (170) |
$ (2,205) |
$ (2,803) | |||||
Interest income (expense), net |
111 |
69 |
344 |
277 | |||||
Depreciation and amortization |
144 |
118 |
566 |
488 | |||||
Income tax expense |
53 |
53 | |||||||
EBITDA |
$ 271 |
$ 70 |
$ (1,295) |
$ (1,985) | |||||
Stock based compensation |
113 |
136 |
499 |
362 | |||||
Provision for bad debts |
9 |
(5) |
11 |
12 | |||||
Adjusted EBITDA |
$ 393 |
$ 201 |
$ (785) |
$ (1,481) | |||||
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