TSR, Inc., (Nasdaq:TSRI), a provider of computer programming consulting
services, today announced financial results for the first quarter ended
August 31, 2014.
For the quarter ended August 31st, revenue increased 13.2% from the same
quarter last year to $13.7 million. Net income attributable to TSR
increased from $11,000 in the prior year quarter to $25,000 in the
current quarter. Additionally, net income per share remained at $0.01.
Joe Hughes, CEO, stated, “Our revenue increase of 13.2% for the first
quarter results 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 300 in the quarter ended August 31, 2013 to
331 in the quarter ended August 31, 2014. We 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 a gradual increase in
revenue, profitability will continue to be affected until such time as
these new sales and recruiting hires contribute to 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.
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Three Months Ended
August 31,
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2014
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2013
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Revenue, net
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$
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13,686,000
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$
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12,087,000
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Operating expenses
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13,613,000
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12,029,000
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Income from operations
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73,000
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58,000
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Other income, net
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8,000
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-
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Pre-tax income
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81,000
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58,000
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Income taxes
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34,000
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20,000
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Consolidated net income
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47,000
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38,000
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Less: Net income attributable to noncontrolling interest
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22,000
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27,000
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Net income attributable to TSR, Inc.
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$
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25,000
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$
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11,000
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Net income per TSR, Inc. common share
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$
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0.01
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$
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0.01
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Weighted average common shares outstanding
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1,962,000
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1,962,000
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Copyright Business Wire 2014