TSR, Inc. Reports Financial Results for the Fourth Quarter and Fiscal Year Ended May 31, 2017
16 August 2017 - 7:00AM
Business Wire
TSR, Inc., (Nasdaq:TSRI) a provider of computer programming
consulting services, today announced financial results for the
fourth quarter and fiscal year ended May 31, 2017.
For the quarter ended May 31st, revenue increased 9.0% from the
same quarter last year to $16.9 million. Net income attributable to
TSR for the current quarter was $62,000 as compared to $169,000 in
the prior year quarter. Additionally, net income per share for the
current quarter was $0.03 compared to $0.09 per share in the prior
year quarter.
For the year ended May 31st, revenue increased 2.6% from last
year to $62.6 million. Net income attributable to TSR decreased
from $399,000 in the prior year to net income of $268,000 in the
current year. Additionally, net income per share decreased from
$0.20 to $0.14 per share.
Christopher Hughes, CEO, stated, “Our revenue increased 9.0% for
the fourth quarter and 2.6% for the fiscal year reflecting revenue
added from providing administrative staff in addition to IT
contractors to two of our major clients. However, reduced gross
profit percentages 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 our new sales and
recruiting hires generate 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 Fiscal Year Ended
May 31, May 31, May 31, May 31,
2017
2016
2017
2016
Revenue, net $ 16,897,000 $ 15,504,000 $ 62,573,000 $
60,998,000 Cost of Sales 14,245,000 12,874,000 52,327,000
51,039,000
Selling, general and administrative
expenses
2,502,000 2,329,000
9,684,000 9,120,000 Total
operating expenses
16,747,000
15,203,000 62,011,000
60,159,000 Income from operations 150,000
301,000 562,000 839,000 Other income, net
3,000 4,000
15,000 6,000 Pre-tax income
153,000 305,000 577,000 845,000 Income tax provision
75,000 119,000
263,000 389,000
Consolidated net income 78,000 186,000 314,000 456,000
Less: Net income attributable to
noncontrolling interest
16,000
17,000
46,000
57,000
Net income attributable to TSR, Inc.
$
62,000
$
169,000
$
268,000
$
399,000
Net income per TSR, Inc. common share
$
0.03
$
0.09
$
0.14
$
0.20
Weighted average common shares
outstanding
1,962,000
1,962,000
1,962,000
1,962,000
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170815005889/en/
TSR, Inc.John Sharkey, 631-231-0333
TSR (NASDAQ:TSRI)
Historical Stock Chart
From Apr 2024 to May 2024
TSR (NASDAQ:TSRI)
Historical Stock Chart
From May 2023 to May 2024