TSR, Inc. Reports Financial Results for the Second Quarter Ended November 30, 2016

HAUPPAUGE, N.Y.--()--TSR, Inc. (Nasdaq:TSRI), a provider of computer programming consulting services, today announced financial results for the second quarter ended November 30, 2016.

For the quarter ended November 30th, revenue decreased to $15,043,000 from $15,185,000 in the same quarter last year. Net income attributable to TSR increased from $120,000 in the prior year quarter to $126,000 in the current quarter. Additionally, net income per share was $0.06 in both the prior year and in the current quarter.

Joe Hughes, CEO, stated, “Our revenue for the quarter ended November 30, 2016 decreased $142,000 from the prior year comparable quarter. While the overall average number of consultants on billing with customers increased from approximately 350 for the quarter ended November 30, 2015 to 368 for the quarter ended November 30, 2016, the average number of computer programming consultants decreased from 350 in the quarter ended November 30, 2015 to 326 in the current quarter. The 368 consultants on billing for the current quarter include 42 administrative workers that we placed with two large customers at billing rates substantially lower than those charged for computer programming consultants. We did not make any placements of administrative workers in the prior year quarter. We made these placements of administrative workers at the customers’ specific requests. We charge lower daily billing rates for the administrative workers, but also pay lower rates to the administrative workers. As a result of the placement of administrative workers and the decrease in the average number of computer programming consultants in the current quarter, our cost of sales decreased as compared to the prior year quarter. We have not yet determined whether we will provide administrative placements on a more widespread basis in the future.”

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 client spending which has a negative impact 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

 

Six Months Ended

November 30,

November 30,

(unaudited)

(unaudited)

2016

 

2015

2016

 

2015

Revenue, net

$

15,043,000

$

15,185,000

$

30,285,000

$

30,420,000

 
Cost of sales 12,453,000 12,679,000 25,094,000 25,395,000
Selling, general and administrative expenses  

2,345,000

  2,242,000   4,660,000   4,473,000
Total operating expenses   14,798,000   14,921,000   29,754,000   29,868,000
Income from operations 245,000 264,000 531,000 552,000
 
Other income, net   2,000   7,000   8,000   4,000
 
Pre-tax income 247,000 271,000 539,000 556,000
 
Income taxes   110,000   137,000   246,000   277,000
 

Consolidated net income

137,000

134,000

293,000

279,000

Less: Net income attributable to noncontrolling interest

11,000

14,000

19,000

25,000

 

Net income attributable to TSR, Inc.

$

126,000

$

120,000

$

274,000

$

254,000

Net income per TSR, Inc. common share

$

0.06

$

0.06

$

0.14

$

0.13

 
Weighted average common shares outstanding  

1,962,000

 

1,962,000

 

1,962,000

 

1,962,000

Contacts

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

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