TSR, Inc., (Nasdaq:TSRI) a provider of computer programming consulting
services, today announced financial results for the third quarter ended
February 28, 2015.
For the quarter ended February 28th, revenue increased 17.2% from the
same quarter last year to $14.2 million. Net loss attributable to TSR
decreased from $91,000 in the prior year quarter to $85,000 in the
current quarter. Additionally, net loss per share decreased from $0.05
in the prior year quarter to $0.04 in the current quarter.
Joe Hughes, CEO, stated, “Our revenue increased 17.2% for the third
quarter reflecting continued 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 approximately 308 in the quarter ended
February 28, 2014 to approximately 353 in the quarter ended February 28,
2015. The current year quarter was affected by an increase in cost of
sales as a result of utilizing a higher percentage of employees, with
their related payroll costs, rather than utilizing subcontractors to
perform services for our customers. Reliance on employees rather than
subcontractors is a function of changing customer requirements. 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 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)
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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 28,
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February 28,
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February 28,
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2015
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2014
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2015
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2014
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Revenue, net
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$
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14,213,000
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$
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12,128,000
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$
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42,433,000
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$
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36,381,000
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Operating expenses
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14,311,000
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12,317,000
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42,183,000
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36,426,000
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Income (loss) from operations
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(98,000
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(189,000
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250,000
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(45,000
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Other income (expense) net
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(2,000
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2,000
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9,000
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5,000
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Pre-tax income (loss)
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(100,000
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(187,000
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259,000
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(40,000
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Income tax provision (benefit)
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(39,000
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(122,000
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105,000
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(66,000
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Consolidated net income (loss)
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(61,000
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(65,000
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154,000
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26,000
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Less: Net income attributable to noncontrolling interest
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24,000
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26,000
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73,000
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74,000
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Net income (loss) attributable to TSR, Inc.
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$
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(85,000
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$
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(91,000
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$
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81,000
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$
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(48,000
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)
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Basic and diluted net income (loss) per TSR, Inc. common share
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$
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(0.04
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$
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(0.05
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$
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0.04
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$
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(0.02
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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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1,962,000
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Copyright Business Wire 2015