TSR, Inc. Reports Financial Results for the First Quarter Ended August 31, 2017

HAUPPAUGE, N.Y.--()--TSR, Inc. (Nasdaq:TSRI), a provider of computer programming consulting services, today announced financial results for the first quarter ended August 31, 2017.

For the quarter ended August 31, 2017, revenue increased 11.8% from the same quarter last year to $17.0 million. Net income attributable to TSR for the current quarter was $141,000 as compared to $148,000 in the prior year quarter. Additionally, net income per share for the current quarter was $0.07 compared to $0.08 per share in the prior year quarter.

Christopher Hughes, CEO, stated, “Our revenue increased 11.8% for the first quarter reflecting revenue added from providing administrative staff in addition to IT contractors to our clients. However, reduced gross profit as a percentage of revenue and increased selling, general and administrative expenses resulted in a reduction in net income. Although we are experiencing an increase in revenue, profitability will continue to be affected until such time as we place a greater number of IT contractors with clients to generate increased revenue and profit.”

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, August 31,

2017

2016

 
Revenue, net $ 17,037,000 $ 15,242,000
 
Cost of Sales 14,193,000 12,641,000

Selling, general and

administrative expenses   2,568,000   2,315,000
Total operating expenses   16,761,000   14,956,000
 
Income from operations 276,000 286,000
 
Other income, net   2,000   6,000
 
Pre-tax income 278,000 292,000
 
Income tax provision   118,000   136,000
 
Consolidated net income 160,000 156,000
 
Less: Net income attributable to

noncontrolling interest

 

19,000

 

8,000

 
Net income attributable to

TSR, Inc.

$

141,000

$

148,000

 
Net income per TSR, Inc.

common share

$

0.07

$

0.08

 
Weighted average common shares outstanding  

1,962,000

 

1,962,000

Contacts

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

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