TSR, Inc. Reports Financial Results for the Second Quarter Ended November 30, 2013.

  TSR, Inc. Reports Financial Results for the Second Quarter Ended November
  30, 2013.

Business Wire

HAUPPAUGE, N.Y. -- January 10, 2014

TSR, Inc., (Nasdaq:TSRI), a provider of computer programming consulting
services, today announced financial results for the second quarter ended
November 30, 2013.

For the quarter ended November 30th, revenue increased 15.2% from the same
quarter last year to $12.2 million. Net income (loss) attributable to TSR
increased from a loss of $182,000 in the prior year quarter to income of
$32,000 in the current quarter. Additionally, net income (loss) per share
increased from a loss of $0.09 to income of $0.02.

Joe Hughes, CEO, stated, “Our revenue increase of 15.2% for the second 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 260 in the
quarter ended November 30, 2012 to 306 in the quarter ended November 30, 2013.
Average billing rates declined during the quarter as a result of a shift in
the business mix, offsetting the effect of the increase of consultants on
billing with customers. A higher percentage of new placements have been with
customers where there is stronger competition due to managed services
programs. We also 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 an increase in
revenue under the Company’s plan for internal growth, we anticipate that our
net income will continue to be affected, with only gradual improvement until
such time as the additional recruiters and sales executives begin to 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.

TSR, Inc. Reports Financial Results for the Second Quarter Ended November 30,
2013.

                 Three Months Ended                Six Months Ended
                                                
                 November 30, (unaudited)          November 30, (unaudited)
                    2013         2012             2013         2012       
Revenue, net     $   12,166,000   $ 10,560,000     $   24,253,000   $ 21,849,000
                                                                    
Operating            12,081,000    10,819,000        24,109,000    22,221,000 
expenses
                                                                                 
Income (loss)
from                 85,000         (259,000   )       144,000        (372,000   )
operations
                                                                    
Other income         3,000         (1,000     )       3,000         1,000      
(loss), net
                                                                    
Pre-tax income       88,000         (260,000   )       147,000        (371,000   )
(loss)
                                                                    
Income taxes         36,000        (79,000    )       56,000        (116,000   )
(benefit)
                                                                    
Consolidated
net income           52,000         (181,000   )       91,000         (255,000   )
(loss)
.
Less: Net
income
attributable         20,000         1,000              48,000         21,000
to
noncontrolling
interest
                                                                    
Net income
(loss)           $   32,000       $ (182,000   )   $   43,000       $ (276,000   )
attributable
to TSR, Inc.
                                                                                 
Net income
(loss) per       $   0.02         $ (0.09      )   $   0.02         $ (0.14      )
TSR, Inc.
common share
                                                                    
Weighted
average common       1,962,000     1,980,000         1,962,000     1,981,000  
shares
outstanding
                                                                    

Contact:

TSR, Inc.
John Sharkey, 631-231-0333
 
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