TSR, Inc. Reports Financial Results for the Third Quarter Ended February 28, 2013 Business Wire HAUPPAUGE, N.Y. -- April 8, 2013 TSR, Inc., (Nasdaq:TSRI) a provider of computer programming consulting services, today announced financial results for the third quarter ended February 28, 2013. For the quarter ended February 28th, revenue decreased 5.2% from the same quarter last year to $10.5 million. Net loss attributable to TSR increased from $93,000 in the prior year quarter to a loss of $255,000 in the current quarter. Additionally, net loss per share increased from $0.05 to a loss of $0.13. Joe Hughes, CEO, stated, “Selling, general and administrative expenses continue to increase as part of our plan for internal growth. These include the costs relating to an increase in the number of recruiting and sales personnel and costs associated with our recruiting training program. Losses will be incurred until such time as these recruiting trainees and new sales hires contribute to a sufficient increase in revenue. Revenue for the quarter decreased despite a small increase in contractors on billing with customers due to a combination of reduced average billing rates for the contractors on billing with customers and a lower number of billable workdays in the current quarter as compared with the prior year quarter. The reduction in billing rates for the current quarter resulted from a shift in the business mix as a higher percentage of new placements have been with customers where there is stronger competition due to managed vendor services programs.” Certain statements contained herein, including statements as to the Company’s plans, 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, such as the use of vendor management companies in connection with the consultant procurement process, the increase in customers moving IT operations offshore 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. (Unaudited) (Unaudited) Three Months Ended Nine Months Ended February, 28 February 29, February 28, February 29, 2013 2012 2013 2012 Revenue, net $ 10,515,000 $ 11,093,000 $ 32,364,000 $ 33,581,000 Operating 10,892,000 11,233,000 33,113,000 33,536,000 expenses Income (loss) from (377,000 ) (140,000 ) (749,000 ) 45,000 operations Other income 7,000 5,000 7,000 13,000 net Pre-tax income (370,000 ) (135,000 ) (742,000 ) 58,000 (loss) Income taxes (116,000 ) (53,000 ) (232,000 ) 38,000 (benefit) Consolidated net income (254,000 ) (82,000 ) (510,000 ) 20,000 (loss) Less: Net income attributable 1,000 11,000 21,000 34,000 to noncontrolling interest Net loss attributable $ (255,000 ) $ (93,000 ) $ (531,000 ) $ (14,000 ) to TSR, Inc. Basic and diluted net loss per $ (0.13 ) $ (0.05 ) $ (0.27 ) $ (0.01 ) TSR, Inc. common share Weighted average basic and diluted 1,962,000 1,990,000 1,975,000 2,004,000 common shares outstanding Contact: TSR, Inc. John Sharkey 631-231-0333
TSR, Inc. Reports Financial Results for the Third Quarter Ended February 28, 2013
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