TSR, Inc. : Reports Financial Results for the Second Quarter Ended November 30, 2017
January 09, 2018 at 05:01 pm EST
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TSR, Inc. (Nasdaq:TSRI), a provider of computer programming consulting
services, today announced financial results for the second quarter ended
November 30, 2017.
For the quarter ended November 30, 2017, revenue increased 9.8% from the
same quarter last year to $16.5 million. Net income attributable to TSR
for the current quarter was $227,000 as compared to $126,000 in the
prior year quarter. Additionally, net income per share for the current
quarter was $0.12 compared to $0.06 per share in the prior year quarter.
Christopher Hughes, CEO, stated, “Our revenue increased 9.8% for the
second quarter reflecting revenue added primarily from providing an
increased number of IT contractors to our clients. Although, gross
profit as a percentage of revenue decreased, a decrease in selling,
general and administrative expenses, along with the increased revenue,
resulted in an increase in net income of $101,000 for the quarter.”
Certain statements contained herein, including statements as to the
Company’s plans, future prospects and future cash flow requirements are
forward-looking statements, as defined in the Private Securities
Litigation Reform Act of 1995. Actual results may differ materially from
those set forth in the forward-looking statements due to known and
unknown risks and uncertainties, including but not limited to, the
following: the success of the Company’s plan for internal growth, the
impact of adverse economic conditions on the Company’s business; risks
relating to the competitive nature of the markets for contract computer
programming services; the extent to which market conditions for the
Company’s contract computer programming services will continue to
adversely affect the Company’s business; the concentration of the
Company’s business with certain customers; uncertainty as to the
Company’s ability to maintain its relations with existing customers and
expand its business; the impact of changes in the industry and the
Company’s ability to adapt to changing market conditions and other risks
and uncertainties described in the Company’s filings under the
Securities Exchange Act of 1934. The Company is under no obligation to
publicly update or revise forward-looking statements.
Three Months Ended
Six Months Ended
November 30, 2017
November 30, 2016
November 30, 2017
November 30, 2016
Revenue, net
$
16,516,000
$
15,043,000
$
33,553,000
$
30,285,000
Cost of Sales
13,796,000
12,453,000
27,989,000
25,094,000
Selling, general and
administrative expenses
2,288,000
2,345,000
4,856,000
4,660,000
Total operating expenses
16,084,000
14,798,000
32,845,000
29,754,000
Income from operations
432,000
245,000
708,000
531,000
Other income, net
10,000
2,000
12,000
8,000
Pre-tax income
442,000
247,000
720,000
539,000
Income tax provision
188,000
110,000
306,000
246,000
Consolidated net income
254,000
137,000
414,000
293,000
Less: Net income attributable to noncontrolling interest
27,000
11,000
46,000
19,000
Net income attributable to TSR, Inc.
$
227,000
$
126,000
$
368,000
$
274,000
Net income per TSR, Inc. common share
$
0.12
$
0.06
$
0.19
$
0.14
Weighted average common shares outstanding
1,962,000
1,962,000
1,962,000
1,962,000
View source version on businesswire.com: http://www.businesswire.com/news/home/20180109006774/en/
TSR, Inc. is a staffing company, which is focused on recruiting Information Technology (IT) professionals for short- and long-term assignments, permanent placements, project work and providing contract computer programming services to its customers. The Company provides its customers with technical computer personnel to supplement their in-house IT capabilities. Its contract computer programming services involve the provision of technical staff to customers to meet the specialized requirements of their IT operations. The Company has staffing capabilities in the areas of application development in .net and java, mobile applications for Android and IOS platforms, project management, IT security specialists, cloud development and architecture, business analysts, UI design and development, network infrastructure and support and database development and administration. The Company also provides contract administrative (non-IT) workers to support IT customers.