8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 10, 2006

GTSI Corp.

Incorporated in Delaware

Commission File No. 0-19394

I.R.S. Employer Identification No. 54-1248422

3901 Stonecroft Boulevard

Chantilly, Virginia  20151-1010

(703) 502-2000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02               Results of Operations and Financial Condition

Attached and incorporated herein by reference as Exhibit 99.1 is a copy of a press release issued by GTSI Corp., dated May 10, 2006, providing an update to its financial results for the three-month period ended March 31, 2006, which were previously announced May 9, 2006.

The information contained in this Item 2.02 of this Current Report is being furnished in accordance with SEC Release Nos. 33-8216 and 34-47583.

The information, including the exhibits attached hereto, in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, except as otherwise expressly stated in such filing.

Item 9.01               Financial Statements and Exhibits

(d) Exhibits.

99.1                Press Release issued by GTSI Corp., dated May 10, 2006.

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	GTSI Corp.
	By:	/s/ Thomas A. Mutryn
		Thomas A. Mutryn
		Senior Vice President and CFO
Date: May 10, 2006

3

EX-99.1

Exhibit 99.1

GTSI Provides Updated First Quarter Financial Results

CHANTILLY, VA. — May 10, 2006 — GTSIÒ Corp.(Nasdaq: GTSI), today announced that in completing its Form 10-Q, for the three-month period ended March 31, 2006, GTSI discovered that its May 9, 2006 announcement of financial results understated unaudited sales by $6.1 million, and as a result under reported income by $871,000 or $0.07 a share. As reflected in the attached unaudited income statement, GTSI had sales of $149.8 million, a net loss of $13.0 million and net loss per share of $1.41 for the three-month period ended March 31, 2006.

About GTSI Corp.

GTSI Corp. is a leading information technology product and solutions provider, combining best of breed products and services to produce solutions that meet government’s evolving needs. For more than two decades, GTSI has focused exclusively on Federal, State, and Local government customers worldwide, offering a broad range of products and services, an extensive contract portfolio, flexible financing options, global integration and worldwide distribution. GTSI’s Lines of Business incorporate certified experts and deliver exceptional solutions to support government’s critical transformation efforts. Additionally, GTSI focuses on systems integrators on behalf of government programs. GTSI is headquartered in Northern Virginia, outside of Washington, D.C. Further information about the Company is available at www.GTSI.com/About.

Except for historical information, all of the statements, expectations, beliefs and assumptions contained in the foregoing are “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995) that involve a number of risks and uncertainties. It is possible that the assumptions made by management — including, but not limited to, those relating to revenue, margins, operating results and net income, and the effect of new contracts and lender agreements, as well as new vendor relationships — may not materialize. Actual results may differ materially from those projected or implied in any forward-looking statements. In addition to the above factors, other important factors that could cause actual results to differ materially are those listed in the Company’s most recent report on Form 10—K and included from time to time in other documents filed by the Company with the Securities and Exchange Commission.

GTSI and GTSI.com are registered trademarks of GTSI Corp. in the U.S. and other countries. All trade names are the property of their respective owners.

GTSI Contact:

Paul Liberty

Area Vice President, Corporate Affairs & Investor Relations

703.502.2540

paul.liberty@gtsi.com

### ### ###

GTSI Corp.
Consolidated Statements of Operations
(in thousands, except per share data)

	Three Months Ended
	March 31,						Change from 2005
	2006			2005			Actual			Percentage
Sales	$	149,844		$	160,677		$	(10,833	)	-6.7%
Cost of sales	133,791			142,204			8,413			5.9%
Gross margin	16,053			18,473			(2,420		)	-13.1%
Selling, general & administrative expenses	29,719			28,291			(1,428		)	-5.0%
Interest and other income, net	623			729			(106		)	-14.5%
Loss before income taxes	(13,043		)	(9,089		)	(3,954		)	-43.5%
Income tax benefit	—			3,563			(3,563		)	-100.0%
Net loss	$	(13,043	)	$	(5,526	)	$	(7,517	)	-136.0%
Basic net loss per share	$	(1.41	)	$	(0.61	)	$	(0.79	)	-129.3%
Diluted net loss per share	$	(1.41	)	$	(0.61	)	$	(0.79	)	-129.3%
Weighted average shares outstanding:
Basic	9,265			9,002			263			2.9%
Diluted	9,265			9,002			263			2.9%

GTSI Corp.
Condensed Consolidated Balance Sheets
(in thousands)

	March 31,		December 31,		Change from December 31, 2005
	2006		2005		Actual			Percentage
ASSETS
Current assets:
Cash	$	2,502	$	22	$	2,480		11272.7%
Accounts receivable, net	134,244		207,886		(73,642		)	-35.4%
Inventory	26,923		56,666		(29,743		)	-52.5%
Other current assets	20,971		24,027		(3,056		)	-12.7%
Total current assets	184,640		288,601		(103,961		)	-36.0%
Depreciable assets, net	13,153		13,640		(487		)	-3.6%
Other assets	3,302		4,416		(1,114		)	-25.2%
TOTAL ASSETS	$	201,095	$	306,657	$	(105,562	)	-34.4%
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Borrowings under credit agreement	$	—	$	48,014	$	(48,014	)	0.0%
Accounts payable	111,878		159,038		(47,160		)	-29.7%
Accrued liabilities	18,586		17,463		1,123			6.4%
Deferred revenue	4,720		3,611		1,109			30.7%
Total current liabilities	135,184		228,126		(92,942		)	-40.7%
Other liabilities	3,747		3,837		(90		)	-2.3%
Total liabilities	138,931		231,963		(93,032		)	-40.1%
Stockholders’ equity	62,164		74,694		(12,530		)	-16.8%
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	201,095	$	306,657	$	(105,562	)	-34.4%

GTSI Corp.

	Sales ($ in Millions)	Month-End Total Backlog ($ in Millions)	Monthly Bookings ($ in Millions)
October 2003	113.0	192.9	77.6
November 2003	93.2	144.0	44.3
December 2003	106.3	102.8	65.1
January 2004	58.4	89.6	45.2
February 2004	52.3	83.1	45.8
March 2004	67.9	98.0	82.8
April 2004	73.8	123.0	98.8
May 2004	72.2	132.9	82.1
June 2004	93.0	155.0	115.1
July 2004	89.5	173.0	107.5
August 2004	84.9	192.8	104.7
September 2004	156.2	257.0	220.4
October 2004	107.7	207.8	58.5
November 2004	93.2	152.7	38.1
December 2004	127.0	86.8	61.1
January 2005	54.8	83.1	51.1
February 2005	43.0	95.5	55.4
March 2005	62.9	106.8	74.1
April 2005	33.9	123.9	51.0
May 2005	40.8	136.0	52.9
June 2005	101.8	113.6	79.4
July 2005	36.9	156.1	79.4
August 2005	78.1	198.4	120.5
September 2005	154.8	293.6	250.0
October 2005	97.9	235.3	39.7
November 2005	80.0	176.3	21.0
December 2005	101.3	127.3	52.3
January 2006	47.1	117.1	37.0
February 2006	43.8	111.9	38.6
March 2006	52.8	131.9	78.9

Sales data are based on the GAAP definition of sales. The Company often enters into sales arrangements, with customers, such as in certain third-party maintenance contracts, where the Company performs as an agent or broker without assuming the risks and rewards of ownership of the goods and services. The Company recognizes revenue from these transactions on a net basis.

Backlog and Bookings data are based on funds expected to be received associated with accepted customer orders. As such, these Backlog and Bookings data do not correspond to the definition of Sales in that the funds expected to be received from customers are not reduced for any ‘netting’.