$TSSI
TSS, Inc.

2019 Q3 Form 10-Q Financial Statement

#000143774919022918 Filed on November 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q4 2018 Q3
Revenue $4.176M $5.748M $6.371M
YoY Change -34.45% 19.01% 30.07%
Cost Of Revenue $2.679M $3.712M $3.855M
YoY Change -30.51% 32.57% 36.7%
Gross Profit $1.497M $2.036M $2.516M
YoY Change -40.5% 0.3% 20.96%
Gross Profit Margin 35.85% 35.42% 39.49%
Selling, General & Admin $1.425M $1.625M $1.654M
YoY Change -13.85% 2.85% 4.82%
% of Gross Profit 95.19% 79.81% 65.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $84.00K $88.00K $91.00K
YoY Change -7.69% -20.0% -16.51%
% of Gross Profit 5.61% 4.32% 3.62%
Operating Expenses $1.509M $573.0K $1.745M
YoY Change -13.52% -66.09% 3.44%
Operating Profit -$12.00K $1.463M $771.0K
YoY Change -101.56% 330.29% 96.18%
Interest Expense $78.00K -$97.00K $102.0K
YoY Change -23.53% -3.0% 24.39%
% of Operating Profit -6.63% 13.23%
Other Income/Expense, Net $0.00
YoY Change
Pretax Income -$90.00K $1.366M $669.0K
YoY Change -113.45% 446.4% 115.11%
Income Tax $5.000K -$21.00K $17.00K
% Of Pretax Income -1.54% 2.54%
Net Earnings -$95.00K $1.387M $652.0K
YoY Change -114.57% 480.33% 118.79%
Net Earnings / Revenue -2.27% 24.13% 10.23%
Basic Earnings Per Share -$0.01 $0.04
Diluted Earnings Per Share -$0.01 $81.13K $0.03
COMMON SHARES
Basic Shares Outstanding 17.51M 16.29M
Diluted Shares Outstanding 17.51M 19.57M

Balance Sheet

Concept 2019 Q3 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.922M $6.178M $3.186M
YoY Change 85.88% 172.16% 228.45%
Cash & Equivalents $5.922M $6.178M $3.186M
Short-Term Investments
Other Short-Term Assets $562.0K $420.0K $528.0K
YoY Change 6.44% 27.27% 38.95%
Inventory $1.185M $108.0K $83.00K
Prepaid Expenses
Receivables $856.0K $727.0K $2.620M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $8.525M $7.433M $6.417M
YoY Change 32.85% 99.33% 79.35%
LONG-TERM ASSETS
Property, Plant & Equipment $515.0K $390.0K $408.0K
YoY Change 26.23% -6.7% -2.86%
Goodwill $780.0K $780.0K $1.907M
YoY Change -59.1% -59.1% 0.0%
Intangibles $330.0K $398.0K $470.0K
YoY Change -29.79% -29.06% -21.27%
Long-Term Investments
YoY Change
Other Assets $109.0K $109.0K $109.0K
YoY Change 0.0% -2.68% -2.68%
Total Long-Term Assets $3.354M $1.677M $2.894M
YoY Change 15.89% -44.06% -4.68%
TOTAL ASSETS
Total Short-Term Assets $8.525M $7.433M $6.417M
Total Long-Term Assets $3.354M $1.677M $2.894M
Total Assets $11.88M $9.110M $9.311M
YoY Change 27.58% 35.42% 40.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.981M $944.0K $1.602M
YoY Change 23.66% -33.19% -7.98%
Accrued Expenses $912.0K $566.0K $912.0K
YoY Change 0.0% -33.18% 49.51%
Deferred Revenue $2.423M $2.181M $3.330M
YoY Change -27.24% -12.55%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.251M $4.571M $6.418M
YoY Change -2.6% -14.32% 8.65%
LONG-TERM LIABILITIES
Long-Term Debt $1.978M $1.838M $1.795M
YoY Change 10.19% 10.99% 27.21%
Other Long-Term Liabilities $108.0K $49.00K
YoY Change 163.41% 36.11%
Total Long-Term Liabilities $1.978M $1.946M $1.844M
YoY Change 7.27% 14.67% 27.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.251M $4.571M $6.418M
Total Long-Term Liabilities $1.978M $1.946M $1.844M
Total Liabilities $9.471M $6.629M $8.388M
YoY Change 12.91% -5.73% 14.06%
SHAREHOLDERS EQUITY
Retained Earnings -$65.44M -$65.22M -$66.61M
YoY Change -1.75% -3.6% -1.9%
Common Stock $2.000K $2.000K $2.000K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.698M $1.542M $1.538M
YoY Change 10.4% 0.39% 0.33%
Treasury Stock Shares $959.0K $777.0K $722.0K
Shareholders Equity $2.408M $2.481M $923.0K
YoY Change
Total Liabilities & Shareholders Equity $11.88M $9.110M $9.311M
YoY Change 27.58% 35.42% 40.78%

Cashflow Statement

Concept 2019 Q3 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income -$95.00K $1.387M $652.0K
YoY Change -114.57% 480.33% 118.79%
Depreciation, Depletion And Amortization $84.00K $88.00K $91.00K
YoY Change -7.69% -20.0% -16.51%
Cash From Operating Activities -$13.00K $787.0K -$77.00K
YoY Change -83.12% -18.87% -70.38%
INVESTING ACTIVITIES
Capital Expenditures -$137.0K -$46.00K -$56.00K
YoY Change 144.64% -34.29% -6.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$137.0K $2.098M -$56.00K
YoY Change 144.64% -3097.14% -6.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.000K 107.0K 1.000K
YoY Change 100.0% -73.25% -99.62%
NET CHANGE
Cash From Operating Activities -13.00K 787.0K -77.00K
Cash From Investing Activities -137.0K 2.098M -56.00K
Cash From Financing Activities 2.000K 107.0K 1.000K
Net Change In Cash -148.0K 2.992M -132.0K
YoY Change 12.12% 130.15% 120.0%
FREE CASH FLOW
Cash From Operating Activities -$13.00K $787.0K -$77.00K
Capital Expenditures -$137.0K -$46.00K -$56.00K
Free Cash Flow $124.0K $833.0K -$21.00K
YoY Change -690.48% -19.9% -89.5%

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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-301000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-196000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
142000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1113000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-95000
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
652000
us-gaap Net Income Loss
NetIncomeLoss
-220000
us-gaap Net Income Loss
NetIncomeLoss
1050000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
81000
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
317000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-31000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-94000
CY2019Q3 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
-95000
CY2018Q3 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
652000
us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
-220000
us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
1050000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2019Q3 us-gaap Operating Expenses
OperatingExpenses
1509000
CY2018Q3 us-gaap Operating Expenses
OperatingExpenses
1745000
us-gaap Operating Expenses
OperatingExpenses
4545000
us-gaap Operating Expenses
OperatingExpenses
5044000
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-12000
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
771000
us-gaap Operating Income Loss
OperatingIncomeLoss
40000
us-gaap Operating Income Loss
OperatingIncomeLoss
1403000
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
181000
us-gaap Operating Lease Cost
OperatingLeaseCost
542000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1960000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1746000
CY2019Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
621000
CY2018Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1125000
CY2018Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
148000
us-gaap Operating Lease Payments
OperatingLeasePayments
391000
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1960000
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1620000
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y180D
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.12
CY2019Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
13000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
24000
CY2019Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
109000
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
109000
CY2019Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
108000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
156000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
301000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
196000
CY2019Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2019Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2019Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q3 us-gaap Preferred Stock Value
PreferredStockValue
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
156000
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
266000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
59000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3000
CY2019Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2268000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1967000
CY2019Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
515000
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
390000
CY2019Q3 us-gaap Receivables Net Current
ReceivablesNetCurrent
856000
CY2018Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
727000
CY2019Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-65440000
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-65220000
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4176000
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6371000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12375000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
16587000
CY2019Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
2423000
CY2019Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
40000
CY2019Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1425000
CY2018Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1654000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4301000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4747000
us-gaap Share Based Compensation
ShareBasedCompensation
244000
us-gaap Share Based Compensation
ShareBasedCompensation
177000
CY2018Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
CY2018Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
3000
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
31000
CY2019Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
23000
CY2019Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
5000
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
2408000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
2481000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
-305000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
-175000
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
208000
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
923000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
2416000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
2416000
CY2019Q3 us-gaap Sublease Income
SubleaseIncome
16000
us-gaap Sublease Income
SubleaseIncome
48000
CY2019Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
959000
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
777000
CY2019Q3 us-gaap Treasury Stock Value
TreasuryStockValue
1698000
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1542000
CY2018Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
2000
CY2019Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
137000
CY2019Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
16000
CY2019Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
3000
CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
us-gaap Variable Lease Cost
VariableLeaseCost
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17506000
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19565000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17363000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19207000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17506000
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16288000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17363000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16178000

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