TSR, Inc. Reports Financial Results for the Fourth Quarter and Fiscal Year Ended May 31, 2016
July 28 2016 - 5:00PM
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, 2016.
For the quarter ended May 31st, revenue increased 3.6% from the
same quarter last year to $15.5 million. Net income attributable to
TSR for the current quarter was $169,000 as compared to $112,000 in
the prior year quarter. Additionally, net income per share for the
current quarter was $0.09 compared to $0.06 per share in the prior
year quarter.
For the year ended May 31st, revenue increased 6.3% from last
year to $61.0 million. Net income attributable to TSR increased
from $193,000 in the prior year to net income of $399,000 in the
current year. Additionally, net income per share increased from
$0.10 to $0.20 per share.
Joseph F. Hughes, CEO, stated, “Our revenue increased 3.6% for
the fourth quarter reflecting continued growth resulting from the
efforts of our new hires in sales and recruiting. The increase in
revenue resulted from an increase in the average daily rates
charged for consultants on billing with customers. The current year
quarter was also affected by the average number of consultants on
billing with customers increasing from approximately 347 in the
quarter ended May 31, 2015 to approximately 350 in the quarter
ended May 31, 2016. Although we are experiencing a gradual 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.
2016
May 31,
2015
May 31,
2016
May 31,
2015
Revenue,
net $ 15,504,000 $ 14,970,000 $ 60,998,000 $ 57,403,000
Operating expenses
15,203,000
14,787,000
60,159,000 56,970,000
Income from operations 301,000 183,000 839,000 433,000
Other income, net
4,000
3,000 6,000
12,000 Pre-tax income 305,000 186,000
845,000 445,000 Income tax provision
119,000 47,000
389,000 152,000
Consolidated net income 186,000 139,000 456,000 293,000
Less: Net income attributable to
noncontrolling interest
17,000
27,000
57,000
100,000
Net income attributable to
TSR, Inc.
$
169,000
$
112,000
$
399,000
$
193,000
Net income per TSR, Inc.
common share
$
0.09
$
0.06
$
0.20
$
0.10
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/20160728006173/en/
For TSR, Inc.John Sharkey, 631-231-0333
TSR (NASDAQ:TSRI)
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