Darryll E. Dewan, President and CEO of TSS, Inc. (OTC:TSSI), recently sold a significant portion of the company's common stock. The sale comes as TSS shares have surged over 3,900% year-to-date, with the company maintaining a market capitalization of $267 million and showing strong financial health according to InvestingPro metrics. According to a filing with the Securities and Exchange Commission, Dewan disposed of 45,000 shares on November 29, 2024. The sale, executed at prices ranging from $10.20 to $10.2238 per share, totaled approximately $459,952.
Following the transaction, Dewan retains direct ownership of 430,914 shares. Additionally, 5,000 shares are indirectly owned through his spouse. The sales were conducted in multiple transactions, with the weighted average price reported in the filing.
In other recent news, TSS, Inc. has reported a significant increase in its third-quarter earnings and revenue. The company's total revenues reached $70.1 million, representing a 689% year-over-year increase, while net income experienced a 12-fold rise. The earnings per share (EPS) also saw a significant leap from $0.01 to $0.10. These developments are largely attributed to the growth in the company's procurement segment, which increased revenues to $60.5 million from $5.4 million the previous year.
TSS, Inc. has also announced strategic operational improvements and partnerships, including a new long-term agreement to support generative AI infrastructure. The company has plans to invest between $25 million and $30 million in a new operational facility. TSS, Inc. has also made a significant move by uplisting to the NASDAQ Capital Market and appointing Michael Fahy as an Independent (LON:IOG) Director.
Despite these positive developments, the company anticipates slightly lower profitability in the fourth quarter of 2024 due to a smaller pipeline of procurement deals. However, the company remains optimistic about its performance in the first half of 2025, expecting it to be in line with the second and third quarters of 2024.
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