TSR, Inc. Reports Financial Results for the Second Quarter Ended November 30, 2016
January 10 2017 - 5:00PM
Business Wire
TSR, Inc. (Nasdaq:TSRI), a provider of computer programming
consulting services, today announced financial results for the
second quarter ended November 30, 2016.
For the quarter ended November 30th, revenue decreased to
$15,043,000 from $15,185,000 in the same quarter last year. Net
income attributable to TSR increased from $120,000 in the prior
year quarter to $126,000 in the current quarter. Additionally, net
income per share was $0.06 in both the prior year and in the
current quarter.
Joe Hughes, CEO, stated, “Our revenue for the quarter ended
November 30, 2016 decreased $142,000 from the prior year comparable
quarter. While the overall average number of consultants on billing
with customers increased from approximately 350 for the quarter
ended November 30, 2015 to 368 for the quarter ended November 30,
2016, the average number of computer programming consultants
decreased from 350 in the quarter ended November 30, 2015 to 326 in
the current quarter. The 368 consultants on billing for the current
quarter include 42 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. 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 placement of
administrative workers and the decrease in the average number of
computer programming consultants in the current quarter, our cost
of sales decreased as compared to 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 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
Six Months Ended
November 30,
November 30,
(unaudited)
(unaudited)
2016
2015
2016
2015
Revenue, net
$
15,043,000
$
15,185,000
$
30,285,000
$
30,420,000
Cost of sales 12,453,000 12,679,000 25,094,000 25,395,000
Selling, general and administrative expenses
2,345,000
2,242,000 4,660,000
4,473,000 Total operating expenses
14,798,000 14,921,000
29,754,000 29,868,000 Income from
operations 245,000 264,000 531,000 552,000 Other income, net
2,000 7,000
8,000 4,000 Pre-tax income
247,000 271,000 539,000 556,000 Income taxes
110,000 137,000
246,000 277,000
Consolidated net income
137,000
134,000
293,000
279,000
Less: Net income attributable to
noncontrolling interest
11,000
14,000
19,000
25,000
Net income attributable to TSR, Inc.
$
126,000
$
120,000
$
274,000
$
254,000
Net income per TSR, Inc. common share
$
0.06
$
0.06
$
0.14
$
0.13
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/20170110005989/en/
TSR, Inc.John Sharkey, 631-231-0333
TSR (NASDAQ:TSRI)
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