Following this transaction, Marrott retains ownership of 86,000 shares in TSS, Inc., representing a significant stake in the company, which currently has a market capitalization of $267 million and maintains a "GREAT" financial health score. This transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission, which was signed by Christopher R. Johnson, acting as Attorney-in-Fact for Marrott. For deeper insights into TSS's valuation and 16 additional ProTips, investors can access the comprehensive Pro Research Report available on InvestingPro. Following this transaction, Marrott retains ownership of 86,000 shares in TSS, Inc.
This transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission, which was signed by Christopher R. Johnson, acting as Attorney-in-Fact for Marrott.
In other recent news, TSS, Inc. reported a significant increase in its third-quarter earnings and revenue. The company's total revenues reached $70.1 million, marking a 689% year-over-year rise, driven mainly by the procurement segment which surged to $60.5 million from $5.4 million the previous year. Net income for the quarter also saw a substantial 12-fold increase.
These recent developments also include strategic operational improvements and partnerships. TSS announced plans for a new facility to support its expanding AI infrastructure services, along with a NASDAQ uplisting. The company also appointed Michael Fahy as an Independent (LON:IOG) Director.
However, the company's gross margin declined to 11.3% due to a higher proportion of lower-margin procurement services. Analysts anticipate slightly lower profitability in Q4 2024 due to a smaller pipeline of procurement deals. Despite this, TSS expects continued demand for AI infrastructure services and forecasts its first-half 2025 performance to be in line with Q2 and Q3 of 2024.
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