Yesterday, TSS Inc. (OTC:TSSI) was one of the companies to hit the news cycle in a big way after it announced its financial results for the fourth quarter and the fiscal year ended on December 31, 2023. The data services company is involved in integrating high-performance computing infrastructure and software. The company generated revenues of $24.4 million in the fourth fiscal quarter of 2023, and that reflected a significant improvement from the $10.9 million in revenues in the prior year quarter.
The procurement revenues for the fourth quarter came to $20.4 million, as opposed to $7.6 million in the fourth quarter of the prior year. TSS posted operating income of $725,000 in the fourth quarter, which was slightly higher than the operating income of $723,000 in the prior-year period. The net income for the company recovered strongly to hit $335,000, which worked out to earnings of $0.02 a share. In the prior-year period, the company had suffered a net loss of $1,141,000, which worked out to a loss per share of $0.05. The adjusted EBITDA in the fourth quarter was $923,000, but in the prior year, the adjusted EBITDA had been a loss of $491,000.
In the 2023 fiscal year, TSS reported revenues of $54.4 million, which reflected a strong improvement from the revenues of $30.6 million in the 2022 fiscal year. The procurement revenues for the fiscal year were $38.5 million, compared to only $13.2 million in the 2022 fiscal year. The company recorded net income of $74,000 for the fiscal year, which worked out to $0 per share. In the previous fiscal year, the company had suffered a net loss of $73,000, which had also worked out to $0 per share. It may be a good time to keep an eye on the TSS stock.
