TSR, Inc. Reports Financial Results for the Second Quarter Ended November 30, 2017

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, 2017.

For the quarter ended November 30, 2017, revenue increased 9.8% from the same quarter last year to $16.5 million. Net income attributable to TSR for the current quarter was $227,000 as compared to $126,000 in the prior year quarter. Additionally, net income per share for the current quarter was $0.12 compared to $0.06 per share in the prior year quarter.

Christopher Hughes, CEO, stated, “Our revenue increased 9.8% for the second quarter reflecting revenue added primarily from providing an increased number of IT contractors to our clients. Although, gross profit as a percentage of revenue decreased, a decrease in selling, general and administrative expenses, along with the increased revenue, resulted in an increase in net income of $101,000 for the quarter.”

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

Six Months Ended

 

November 30,
2017

 

November 30,
2016

November 30,
2017

 

November 30,
2016

 
Revenue, net $ 16,516,000 $ 15,043,000 $ 33,553,000 $ 30,285,000
 
Cost of Sales 13,796,000 12,453,000 27,989,000 25,094,000
Selling, general and
administrative expenses  

2,288,000

  2,345,000   4,856,000   4,660,000
Total operating expenses  

16,084,000

  14,798,000   32,845,000   29,754,000
 
Income from operations 432,000 245,000 708,000 531,000

 

Other income, net  

10,000

  2,000   12,000   8,000
 
Pre-tax income 442,000 247,000 720,000 539,000

 

Income tax provision  

188,000

  110,000   306,000   246,000
 
Consolidated net income 254,000 137,000 414,000 293,000
 

Less: Net income attributable to noncontrolling interest

 

27,000

 

11,000

 

46,000

 

19,000

 

Net income attributable to TSR, Inc.

$

227,000

$

126,000

$

368,000

$

274,000

 

Net income per TSR, Inc. common share

$

0.12

$

0.06

$

0.19

$

0.14

 

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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