TSR, Inc. Reports Financial Results for the First Quarter Ended August 31, 2013.
TSR, Inc. Reports Financial Results for the First Quarter Ended August 31, 2013. Business Wire HAUPPAUGE, N.Y. -- October 8, 2013 TSR, Inc., (Nasdaq:TSRI), a provider of computer programming consulting services, today announced financial results for the first quarter ended August 31, 2013. For the quarter ended August 31st, revenue increased 7.1% from the same quarter last year to $12.1 million. Net income (loss) attributable to TSR increased from a loss of $93,000 in the prior year quarter to income of $11,000 in the current quarter. Additionally, net income (loss) per share increased from a loss of $0.05 to income of $0.01. Joe Hughes, CEO, stated, “Our revenue increase of 7.1% for the first quarter continued improved 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 254 in the quarter ended August 31, 2012 to 300 in the quarter ended August 31, 2013. This increase was somewhat muted by a reduction in billing rates which resulted from a shift in the business mix. A higher percentage of new placements have been with customers where there is stronger competition due to managed services programs. We anticipate a continued increase of selling, general and administrative expenses. These increased expenses are associated with hiring of additional recruiters and the increase in expenses associated with the hiring of new sales professionals. 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 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 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. Three Months Ended August 31, 2013 2012 Revenue, net $ 12,087,000 $ 11,288,000 Operating expenses 12,029,000 11,401,000 Income (loss) from operations 58,000 (113,000 ) Other income, net - 2,000 Pre-tax income (loss) 58,000 (111,000 ) Income taxes (benefit) 20,000 (37,000 ) Consolidated net income (loss) 38,000 (74,000 ) Less: Net income attributable to noncontrolling interest 27,000 19,000 Net income (loss) attributable to TSR, Inc. $ 11,000 $ (93,000 ) Net income (loss) per TSR, $ 0.01 $ (0.05 ) Inc. common share Weighted average common shares 1,962,000 1,981,000 outstanding Contact: TSR, Inc. John Sharkey, 631-231-0333