TSR, Inc. Reports Financial Results for the Third Quarter Ended February 28, 2013
TSR, Inc., (Nasdaq:TSRI) a provider of computer programming consulting
services, today announced financial results for the third quarter ended
February 28, 2013.
For the quarter ended February 28th, revenue decreased 5.2% from the
same quarter last year to $10.5 million. Net loss attributable to TSR
increased from $93,000 in the prior year quarter to a loss of $255,000
in the current quarter. Additionally, net loss per share increased from
$0.05 to a loss of $0.13.
Joe Hughes, CEO, stated, “Selling, general and administrative expenses
continue to increase as part of our plan for internal growth. These
include the costs relating to an increase in the number of recruiting
and sales personnel and costs associated with our recruiting training
program. Losses will be incurred until such time as these recruiting
trainees and new sales hires contribute to a sufficient increase in
revenue. Revenue for the quarter decreased despite a small increase in
contractors on billing with customers due to a combination of reduced
average billing rates for the contractors on billing with customers and
a lower number of billable workdays in the current quarter as compared
with the prior year quarter. The reduction in billing rates for the
current quarter resulted from a shift in the business mix as a higher
percentage of new placements have been with customers where there is
stronger competition due to managed vendor services programs.”
Certain statements contained herein, including statements as to the
Company’s plans, 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, such as the
use of vendor management companies in connection with the consultant
procurement process, the increase in customers moving IT operations
offshore 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.
Based in Hauppauge, New York, TSR, Inc., provides information technology
professionals to major corporations.
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(Unaudited)
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(Unaudited)
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Three Months Ended
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Nine Months Ended
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February, 28
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February 29,
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February 28,
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February 29,
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2013
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2012
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2013
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2012
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Revenue, net
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$
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10,515,000
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$
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11,093,000
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$
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32,364,000
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$
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33,581,000
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Operating expenses
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10,892,000
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11,233,000
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33,113,000
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33,536,000
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Income (loss) from operations
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(377,000
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(140,000
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(749,000
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45,000
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Other income net
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7,000
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5,000
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7,000
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13,000
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Pre-tax income (loss)
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(370,000
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(135,000
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(742,000
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58,000
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Income taxes (benefit)
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(116,000
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(53,000
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(232,000
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38,000
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Consolidated net income (loss)
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(254,000
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(82,000
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(510,000
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20,000
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Less: Net income attributable to
noncontrolling interest
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1,000
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11,000
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21,000
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34,000
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Net loss attributable to
TSR, Inc.
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$
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(255,000
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$
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(93,000
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$
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(531,000
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$
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(14,000
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Basic and diluted net loss per
TSR, Inc. common share
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$
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(0.13
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$
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(0.05
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$
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(0.27
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$
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(0.01
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Weighted average basic and diluted
common shares outstanding
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1,962,000
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1,990,000
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1,975,000
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2,004,000
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