TSR, Inc. Reports Financial Results for the Third Quarter Ended February 28, 2017
TSR, Inc. (Nasdaq:TSRI), a provider of computer programming consulting services, today announced financial results for the third
quarter ended February 28, 2017.
For the quarter ended February 28th, revenue increased to $15,390,000 from $15,075,000 in the same quarter last year. Net loss
attributable to TSR increased from $24,000 in the prior year quarter to a loss of $68,000 in the current quarter. Additionally, net
loss per share was $0.03 in the current quarter and $0.01 in the prior year quarter.
Joe Hughes, CEO, stated, “Our revenue for the quarter ended February 28, 2017 increased $315,000 from the prior year comparable
quarter. The overall average number of consultants on billing with customers increased from 357 for the quarter ended February 29,
2016 to 394 for the quarter ended February 28, 2017, while the average number of computer programming consultants decreased from
357 in the quarter ended February 29, 2016 to 328 in the current quarter. The 394 consultants on billing for the current quarter
include 66 administrative workers that we placed with two large customers at billing rates substantially lower than those charged
for computer programming consultants. We did not make any placements of administrative workers in the prior year quarter. The net
loss for the quarter increased due to an increase in selling, general and administrative expenses of $202,000 over the prior year
quarter resulting primarily from additional recruiting expenses and other expenses related to the placement of the administrative
workers.”
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 client spending which has a negative impact 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
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Nine Months Ended
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February 28,
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February 29, |
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February 28,
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February 29, |
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(unaudited) |
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(unaudited) |
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2017
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2016
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2017
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2016
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Revenue, net
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$
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15,390,000
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$
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15,075,000
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$
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45,675,000
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$
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45,495,000
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Cost of sales |
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12,988,000 |
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12,770,000 |
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38,082,000 |
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38,165,000 |
Selling, general and administrative expenses |
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2,521,000
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2,319,000
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7,181,000 |
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6,792,000 |
Total operating expenses |
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15,509,000 |
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15,089,000 |
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45,263,000 |
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44,957,000 |
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Income (loss) from operations |
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(119,000
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)
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(14,000
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)
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412,000 |
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538,000 |
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Other income (expense), net |
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4,000 |
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(2,000
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)
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12,000 |
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2,000 |
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Pre-tax income (loss) |
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(115,000
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)
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(16,000
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)
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424,000 |
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540,000 |
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Income tax provision (benefit) |
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(58,000
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)
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(7,000
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)
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188,000 |
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270,000 |
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Consolidated net income (loss) |
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(57,000
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(9,000
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236,000
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270,000
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Less: Net income attributable to |
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noncontrolling interest |
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11,000
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15,000
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30,000
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40,000
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Net income (loss) attributable
to TSR, Inc.
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$
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(68,000
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)
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$
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(24,000
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)
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$ |
206,000 |
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$ |
230,000 |
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Net income (loss) per TSR, Inc.
common share
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$
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(0.03
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)
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$
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(0.01
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)
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$
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0.10
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$
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0.12
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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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TSR, Inc.
John Sharkey, 631-231-0333
View source version on businesswire.com: http://www.businesswire.com/news/home/20170414005176/en/