TSR, Inc. Reports Financial Results for the Fourth Quarter and Fiscal Year Ended May 31, 2017
TSR, Inc., (Nasdaq:TSRI) a provider of computer programming consulting services, today announced financial results for the
fourth quarter and fiscal year ended May 31, 2017.
For the quarter ended May 31st, revenue increased 9.0% from the same quarter last year to $16.9 million. Net income attributable
to TSR for the current quarter was $62,000 as compared to $169,000 in the prior year quarter. Additionally, net income per share
for the current quarter was $0.03 compared to $0.09 per share in the prior year quarter.
For the year ended May 31st, revenue increased 2.6% from last year to $62.6 million. Net income attributable to TSR decreased
from $399,000 in the prior year to net income of $268,000 in the current year. Additionally, net income per share decreased from
$0.20 to $0.14 per share.
Christopher Hughes, CEO, stated, “Our revenue increased 9.0% for the fourth quarter and 2.6% for the fiscal year reflecting
revenue added from providing administrative staff in addition to IT contractors to two of our major clients. However, reduced gross
profit percentages and increased selling, general and administrative expenses resulted in a reduction in net income. Although we
are experiencing an increase in revenue, profitability will continue to be affected until such time as our 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.
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Three Months Ended |
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Fiscal Year Ended |
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May 31, |
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May 31, |
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May 31, |
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May 31, |
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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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$ |
16,897,000 |
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$ |
15,504,000 |
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$ |
62,573,000 |
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$ |
60,998,000 |
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Cost of Sales |
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14,245,000 |
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12,874,000 |
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52,327,000 |
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51,039,000 |
Selling, general and administrative expenses
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2,502,000 |
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2,329,000 |
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9,684,000 |
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9,120,000 |
Total operating expenses |
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16,747,000 |
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15,203,000 |
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62,011,000 |
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60,159,000 |
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Income from operations |
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150,000 |
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301,000 |
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562,000 |
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839,000 |
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Other income, net |
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3,000 |
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4,000 |
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15,000 |
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6,000 |
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Pre-tax income |
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153,000 |
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305,000 |
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577,000 |
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845,000 |
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Income tax provision |
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75,000 |
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119,000 |
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263,000 |
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389,000 |
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Consolidated net income |
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78,000 |
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186,000 |
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314,000 |
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456,000 |
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Less: Net income attributable to noncontrolling interest
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16,000
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17,000
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46,000
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57,000
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Net income attributable to TSR, Inc.
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$
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62,000
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$
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169,000
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$
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268,000
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$
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399,000
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Net income per TSR, Inc. common share
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$
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0.03
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$
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0.09
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$
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0.14
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$
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0.20
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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/20170815005889/en/