Oliver James Mulford III, Chief Revenue Officer of TSS, Inc. (NASDAQ:TSSI), has sold a significant portion of his holdings in the company. According to a recent SEC filing, Mulford sold 55,772 shares of common stock on December 3, 2024, at an average price of $11.1392 per share, amounting to a total transaction value of approximately $621,255. The sale comes amid an exceptional year for TSSI, which has delivered a remarkable return of over 3,300% year-to-date, according to InvestingPro data.
Following this transaction, Mulford retains ownership of 104,504 shares in TSS, Inc. This sale represents a notable financial move by a key executive of the firm, which specializes in management consulting services. InvestingPro analysis shows the company maintains a "GREAT" financial health score, with strong price momentum and growth metrics. TSS, Inc., headquartered in Round Rock, Texas, continues to operate in the consulting industry, providing strategic insights and solutions to its clients. For deeper insights into TSSI's valuation and growth prospects, access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, TSS, Inc. has reported an impressive year-over-year revenue increase in its Q3 2024 Financial Results Conference Call. The company's total revenues have reached $70.1 million, marking a 689% rise, while net income experienced a 12-fold surge. This growth is largely credited to TSS's procurement segment which saw revenues jump to $60.5 million from the previous year's $5.4 million. The company also unveiled strategic operational improvements and partnerships, including a NASDAQ uplisting and plans for a new facility to bolster its expanding AI infrastructure services.
TSS's diluted earnings per share (EPS) also notably increased from $0.01 to $0.10. However, the gross margin declined to 11.3% due to a higher proportion of lower-margin procurement services. The company also announced a long-term agreement to support generative AI infrastructure and a plan to relocate to a larger facility.
Looking ahead, TSS expects continued demand for AI infrastructure services but anticipates slightly lower profitability in Q4 2024 due to a smaller pipeline of procurement deals. The company also forecasts its first-half 2025 performance to align with Q2 and Q3 of 2024 and plans to invest between $25 million to $30 million in a new operational facility.
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