TSR, Inc. Reports Financial Results for the Second Quarter Ended November 30, 2014

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, 2014.

For the quarter ended November 30th, revenue increased 19.5% from the same quarter last year to $14.5 million. Net income attributable to TSR increased from $32,000 in the prior year quarter to $141,000 in the current quarter. Additionally, net income per share increased from $0.02 in the prior year quarter to $0.07 in the current quarter.

Joe Hughes, CEO, stated, “Our revenue increased 19.5% for the second quarter reflecting 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 306 in the quarter ended November 30, 2013 to 354 in the quarter ended November 30, 2014. We anticipate a continued increase of selling, general and administrative expenses. These increased expenses are associated with the 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
November 30,
(unaudited)

   

Six Months Ended
November 30,
(unaudited)

 

2014

   

2013

2014

   

2013

 

Revenue, net

$

14,534,000

$

12,166,000

$

28,220,000

$

24,253,000

 
Operating expenses   14,259,000   12,081,000   27,872,000   24,109,000
 
Income from operations 275,000 85,000 348,000 144,000
 
Other income, net   3,000   3,000   11,000   3,000
 
Pre-tax income 278,000 88,000 359,000 147,000
 
Income taxes   110,000   36,000   144,000   56,000
 
Consolidated net income

168,000

52,000

215,000

91,000

 

 

 

 

 

Less: Net income attributable to noncontrolling interest

 

27,000

 

20,000

 

49,000

 

48,000

 

Net income attributable to TSR, Inc.

$ 141,000 $ 32,000 $ 166,000 $ 43,000
 
Net income per TSR, Inc. common share

$

0.07

$

0.02

$

0.08

$

0.02

 
Weighted average common shares outstanding  

1,962,000

 

1,962,000

 

1,962,000

 

1,962,000

 

Contacts

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

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