TSR, Inc., (Nasdaq:TSRI) a provider of computer programming consulting
services, today announced financial results for the third quarter ended
February 28, 2014.
For the quarter ended February 28th, revenue increased 15.3% from the
same quarter last year to $12.1 million. Net loss attributable to TSR
decreased from a loss of $255,000 in the prior year quarter to a loss of
$91,000 in the current quarter. Additionally, net loss per share
decreased from a loss of $0.13 to a loss of $0.05.
Joe Hughes, CEO, stated, “Our revenue increase of 15.3% for the third
quarter continued improved growth resulting from the efforts of our new
hires in sales and recruiting. The increase in revenue resulted
primarily from the average number of consultants on billing with
customers increasing from 275 in the quarter ended February 28, 2013 to
308 in the quarter ended February 28, 2014. We also anticipate a
continued increase of selling, general and administrative expenses.
These increased expenses are associated with hiring of additional
recruiters and the increase in expenses associated with the hiring of
new sales professionals. Although we are experiencing an increase in
revenue and a decrease in the net loss attributable to TSR, Inc. under
the Company’s plan for internal growth, we anticipate that our results
will continue to be affected, with only gradual improvement until such
time as the additional recruiters and sales executives begin to generate
a sufficient increase in revenue.”
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.
Based in Hauppauge, New York, TSR, Inc., provides information technology
professionals to major corporations.
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(Unaudited)
Three Months Ended
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(Unaudited)
Nine Months Ended
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February 28,
2014
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February 28,
2013
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February 28,
2014
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February 28,
2013
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Revenue, net
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$
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12,128,000
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$
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10,515,000
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$
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36,381,000
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$
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32,364,000
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Operating expenses
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12,317,000
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10,892,000
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36,426,000
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33,113,000
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Loss from operations
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(189,000
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(377,000
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(45,000
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(749,000
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Other income net
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2,000
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7,000
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5,000
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7,000
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Pre-tax loss
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(187,000
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(370,000
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(40,000
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(742,000
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Income tax benefit
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(122,000
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(116,000
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(66,000
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(32,000
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Consolidated net income (loss)
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(65,000
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(254,000
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26,000
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(510,000
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Less: Net income attributable to
noncontrolling interest
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26,000
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1,000
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74,000
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21,000
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Net loss attributable to
TSR, Inc.
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$
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(91,000
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$
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(255,000
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$
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(48,000
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$
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(531,000
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Basic and diluted net loss per
TSR, Inc. common share
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$
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(0.05
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$
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(0.13
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$
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(0.02
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$
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(0.27
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Weighted average basic and diluted
common shares outstanding
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1,962,000
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1,962,000
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1,962,000
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1,975,000
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Copyright Business Wire 2014