TSR, Inc. Reports Financial Results for the Third Quarter Ended February 28, 2017
15 April 2017 - 6:30AM
Business Wire
TSR, Inc. (Nasdaq:TSRI), a provider of computer programming
consulting services, today announced financial results for the
third quarter ended February 28, 2017.
For the quarter ended February 28th, revenue increased to
$15,390,000 from $15,075,000 in the same quarter last year. Net
loss attributable to TSR increased from $24,000 in the prior year
quarter to a loss of $68,000 in the current quarter. Additionally,
net loss per share was $0.03 in the current quarter and $0.01 in
the prior year quarter.
Joe Hughes, CEO, stated, “Our revenue for the quarter ended
February 28, 2017 increased $315,000 from the prior year comparable
quarter. The overall average number of consultants on billing with
customers increased from 357 for the quarter ended February 29,
2016 to 394 for the quarter ended February 28, 2017, while the
average number of computer programming consultants decreased from
357 in the quarter ended February 29, 2016 to 328 in the current
quarter. The 394 consultants on billing for the current quarter
include 66 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. The
net loss for the quarter increased due to an increase in selling,
general and administrative expenses of $202,000 over the prior year
quarter resulting primarily from additional recruiting expenses and
other expenses related to the placement of the administrative
workers.”
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
Nine Months Ended
February 28,
February 29,
February 28,
February 29, (unaudited) (unaudited)
2017
2016
2017
2016
Revenue, net
$
15,390,000
$
15,075,000
$
45,675,000
$
45,495,000
Cost of sales 12,988,000 12,770,000 38,082,000 38,165,000
Selling, general and administrative expenses
2,521,000
2,319,000
7,181,000 6,792,000
Total operating expenses
15,509,000
15,089,000
45,263,000 44,957,000
Income (loss) from operations
(119,000
)
(14,000
)
412,000 538,000 Other income (expense), net
4,000
(2,000
)
12,000 2,000 Pre-tax
income (loss)
(115,000
)
(16,000
)
424,000 540,000 Income tax provision (benefit)
(58,000
)
(7,000
)
188,000 270,000
Consolidated net income (loss)
(57,000
)
(9,000
)
236,000
270,000
Less: Net income attributable to noncontrolling interest
11,000
15,000
30,000
40,000
Net income (loss) attributable
to TSR, Inc.
$
(68,000
)
$
(24,000
)
$ 206,000 $ 230,000 Net income
(loss) per TSR, Inc.
common share
$
(0.03
)
$
(0.01
)
$
0.10
$
0.12
Weighted average common shares
outstanding
1,962,000
1,962,000
1,962,000
1,962,000
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version on businesswire.com: http://www.businesswire.com/news/home/20170414005176/en/
TSR, Inc.John Sharkey, 631-231-0333
TSR (NASDAQ:TSRI)
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