TSR, Inc. Reports Financial Results for the Second Quarter Ended November 30, 2018.
January 11 2019 - 8:00AM
Business Wire
TSR, Inc. (Nasdaq:TSRI), a provider of computer programming
consulting services, today announced financial results for the
second quarter ended November 30, 2018.
For the quarter ended November 30, 2018, revenue decreased 0.7%
from the same quarter last year to $16.4 million. Net loss
attributable to TSR for the current quarter was $97,000 as compared
to net income attributable to TSR of $227,000 in the prior year
quarter. Additionally, net loss per share for the current quarter
was $0.05 compared to net income per share of $0.12 per share in
the prior year quarter.
Christopher Hughes, CEO, stated, “Although our revenue decreased
0.7% for the second quarter reflecting a decrease in average
billing rates for consultants on billing with customers and a
higher discount plan put in place for a major customer, cost of
sales decreased at a greater rate yielding a slightly improved
gross margin. However, an increase in selling, general and
administrative expenses of $594,000 created the swing from profit
to loss for the quarter. The increase in SG&A was due to a
significant increase in professional and advisory fees in
connection with various stockholder lawsuits and our on-going
contested proxy solicitation relating to our annual meeting, which
we postponed to a date to be determined as a result of these
lawsuits and the shareholder proposals to be brought before the
annual meeting.”
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 growth, both internal and through the previously
announced pursuit of suitable acquisition candidates; 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 such as the use of
vendor management companies in connection with the consultant
procurement process; the increase in customers moving IT operations
offshore 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,
2018
November 30,
2017
November 30,
2018
November 30,
2017
Revenue, net $ 16,402,000 $ 16,516,000 $ 32,983,000 $ 33,553,000
Cost of Sales 13,644,000 13,796,000 27,628,000 27,989,000
Selling, general and administrative expenses
2,882,000 2,288,000
5,403,000 4,856,000 Total
operating expenses
16,526,000
16,084,000 33,031,000
32,845,000 Income (loss) from operations
(124,000 ) 432,000 (48,000 ) 708,000 Other income, net
6,000 10,000
5,000 12,000 Pre-tax
income (loss) (118,000 ) 442,000 (43,000 ) 720,000 Income
tax provision (benefit)
(31,000 )
188,000 (12,000
) 306,000 Consolidated net
income (loss) (87,000 ) 254,000 (31,000 ) 414,000
Less: Net income attributable to
noncontrolling interest
10,000
27,000
28,000
46,000
Net income (loss) attributable to
TSR, Inc.
$
(97,000
)
$
227,000
$
(59,000
)
$
368,000
Net income (loss) per TSR, Inc.
common share
$
(0.05
)
$
0.12
$
(0.03
)
$
0.19
Weighted average common
sharesoutstanding
1,962,000
1,962,000
1,962,000
1,962,000
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version on businesswire.com: https://www.businesswire.com/news/home/20190111005049/en/
Chris Hughes631-231-0333
TSR (NASDAQ:TSRI)
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