TSR, Inc., (Nasdaq:TSRI), a provider of computer programming consulting
services, today announced financial results for the first quarter ended
August 31, 2015.
For the quarter ended August 31st, revenue increased 11.3% from the same
quarter last year to $15.2 million. Net income attributable to TSR
increased from $25,000 in the prior year quarter to $134,000 in the
current quarter. Additionally, net income per share increased from $0.01
in the prior year quarter to $0.07 per share in the current quarter.
Joe Hughes, CEO, stated, “Our revenue increase of 11.3% for the first
quarter reflects continued improved growth resulting from the efforts of
our new hires in sales and recruiting. The increase in revenue resulted
from the average number of consultants on billing with customers
increasing from 331 in the quarter ended August 31, 2014 to 345 in the
quarter ended August 31, 2015. Additionally, the average daily rate
charged for the consultants on billing with customers increased
approximately 7.4% in the current quarter compared with the prior year
quarter. This rate increase is a result of placing more consultants in
higher level positions. Although we are experiencing a gradual increase
in revenue, profitability will continue to be affected until such time
as our 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 contract computer programming services 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; 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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2015
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2014
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Revenue, net
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$
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15,235,000
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$
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13,686,000
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Operating expenses
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14,947,000
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13,613,000
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Income from operations
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288,000
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73,000
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Other income (expense), net
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(3,000
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8,000
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Pre-tax income
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285,000
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81,000
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Income taxes
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140,000
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34,000
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Consolidated net income
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145,000
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47,000
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Less: Net income attributable to noncontrolling interest
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11,000
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22,000
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Net income attributable to TSR, Inc.
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$
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134,000
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$
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25,000
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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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0.01
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Weighted average common shares outstanding
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1,962,062
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1,962,062
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