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
 
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