TSR, Inc. Reports Financial Results for the First Quarter Ended August 31, 2016
October 12 2016 - 5:00PM
Business Wire
TSR, Inc., (Nasdaq:TSRI), a provider of computer programming
consulting services, today announced financial results for the
first quarter ended August 31, 2016.
For the quarter ended August 31st, revenue increased to
$15,242,000 from $15,235,000 in the same quarter last year. Net
income attributable to TSR increased from $134,000 in the prior
year quarter to $148,000 in the current quarter. Additionally, net
income per share increased from $0.07 in the prior year quarter to
$0.08 per share in the current quarter.
Joe Hughes, CEO, stated, “Our revenue for the quarter ended
August 31, 2016 increased $7,000 from the prior year comparable
quarter. This increase in revenue resulted from the average number
of consultants on billing with customers increasing from
approximately 345 for the quarter ended August 31, 2015 to 362 for
the quarter ended August 31, 2016. The 362 consultants on billing
for the current quarter include approximately 45 administrative
workers that we placed with two large customers at billing rates
lower than those charged for computer programming consultants. We
did not make any placements of administrative workers in the prior
year quarter; however, we made these placements of administrative
workers at the customers’ specific requests. We charge lower daily
billing rates for the administrative workers, but also pay lower
rates to the administrative workers. As a result of the reduced
billing rates for the administrative worker placements, the average
daily rates charged for the consultants on billing with customers
decreased approximately 11.8% in the current quarter compared with
the prior year quarter. We have not yet determined whether we will
provide administrative placements on a more widespread basis in the
future.”
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
August 31,
2016
2015
Revenue, net
$
15,242,000
$
15,235,000
Operating expenses
14,956,000
14,947,000 Income from operations
286,000 288,000 Other income (expense), net
6,000 (3,000 )
Pre-tax income 292,000 285,000 Income taxes
136,000 140,000
Consolidated net income
156,000
145,000
Less: Net income attributable tononcontrolling interest
8,000
11,000
Net income attributable toTSR, Inc.
$
148,000
$
134,000
Net income per TSR, Inc.
common share
$
0.08
$
0.07
Weighted average common shares
outstanding
1,962,062
1,962,062
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version on businesswire.com: http://www.businesswire.com/news/home/20161012005994/en/
TSR, Inc.John Sharkey, 631-231-0333
TSR (NASDAQ:TSRI)
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