TSR, Inc., (Nasdaq:TSRI), a provider of computer programming consulting
services, today announced financial results for the second quarter ended
November 30, 2014.
For the quarter ended November 30th, revenue increased 19.5% from the
same quarter last year to $14.5 million. Net income attributable to TSR
increased from $32,000 in the prior year quarter to $141,000 in the
current quarter. Additionally, net income per share increased from $0.02
in the prior year quarter to $0.07 in the current quarter.
Joe Hughes, CEO, stated, “Our revenue increased 19.5% for the second
quarter reflecting 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 306 in the quarter ended November 30,
2013 to 354 in the quarter ended November 30, 2014. We anticipate a
continued increase of selling, general and administrative expenses.
These increased expenses are associated with the 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 November 30, (unaudited)
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Six Months Ended November 30, (unaudited)
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2014
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2013
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2014
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2013
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Revenue, net
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$
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14,534,000
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$
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12,166,000
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$
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28,220,000
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$
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24,253,000
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Operating expenses
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14,259,000
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12,081,000
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27,872,000
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24,109,000
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Income from operations
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275,000
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85,000
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348,000
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144,000
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Other income, net
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3,000
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3,000
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11,000
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3,000
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Pre-tax income
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278,000
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88,000
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359,000
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147,000
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Income taxes
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110,000
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36,000
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144,000
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56,000
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Consolidated net income
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168,000
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52,000
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215,000
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91,000
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Less: Net income attributable to noncontrolling interest
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27,000
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20,000
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49,000
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48,000
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Net income attributable to TSR, Inc.
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$
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141,000
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$
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32,000
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$
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166,000
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$
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43,000
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Net income per TSR, Inc. common share
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$
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0.07
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$
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0.02
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$
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0.08
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$
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0.02
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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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1,962,000
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1,962,000
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Copyright Business Wire 2015