TSR, Inc. Reports Financial Results for the Second Quarter Ended November 30, 2017
January 09 2018 - 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, 2017.
For the quarter ended November 30, 2017, revenue increased 9.8%
from the same quarter last year to $16.5 million. Net income
attributable to TSR for the current quarter was $227,000 as
compared to $126,000 in the prior year quarter. Additionally, net
income per share for the current quarter was $0.12 compared to
$0.06 per share in the prior year quarter.
Christopher Hughes, CEO, stated, “Our revenue increased 9.8% for
the second quarter reflecting revenue added primarily from
providing an increased number of IT contractors to our clients.
Although, gross profit as a percentage of revenue decreased, a
decrease in selling, general and administrative expenses, along
with the increased revenue, resulted in an increase in net income
of $101,000 for the quarter.”
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
Six Months Ended
November 30,2017
November 30,2016
November 30,2017
November 30,2016
Revenue, net $ 16,516,000 $ 15,043,000 $ 33,553,000 $
30,285,000 Cost of Sales 13,796,000 12,453,000 27,989,000
25,094,000 Selling, general and administrative expenses
2,288,000
2,345,000 4,856,000
4,660,000 Total operating expenses
16,084,000
14,798,000 32,845,000
29,754,000 Income from operations
432,000 245,000 708,000 531,000
Other income, net
10,000
2,000 12,000
8,000 Pre-tax income 442,000 247,000 720,000
539,000
Income tax provision
188,000
110,000 306,000
246,000 Consolidated net income 254,000 137,000
414,000 293,000
Less: Net income attributable to
noncontrolling interest
27,000
11,000
46,000
19,000
Net income attributable to TSR, Inc.
$
227,000
$
126,000
$
368,000
$
274,000
Net income per TSR, Inc. common share
$
0.12
$
0.06
$
0.19
$
0.14
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/20180109006774/en/
TSR, Inc.John Sharkey, 631-231-0333
TSR (NASDAQ:TSRI)
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