TSR, Inc. Reports Financial Results for the Third Quarter Ended February 28, 2018
April 12 2018 - 5:00PM
Business Wire
TSR, Inc. (Nasdaq:TSRI), a provider of computer programming
consulting services, today announced financial results for the
third quarter ended February 28, 2018.
For the quarter ended February 28th, revenue decreased to
$15,058,000 from $15,390,000 in the same quarter last year. Net
loss attributable to TSR was $19,000 in the current quarter, as
compared with a loss attributable to TSR of $68,000 in the prior
year quarter. Additionally, net loss per share was $0.01 in the
current quarter compared with a loss of $0.03 in the prior year
quarter.
Christopher Hughes, CEO, stated, “Our revenue
for the quarter ended February 28, 2018 decreased $332,000 from the
prior year comparable quarter. This decrease resulted primarily
from heavier than usual furloughing of consultants on billing with
customers around the holidays and other customer budget reduction
measures. The overall average number of consultants on billing with
customers decreased from 394 for the quarter ended February 28,
2017 to 370 for the quarter ended February 28, 2018, while the
average number of computer programming consultants decreased from
328 in the quarter ended February 28, 2017 to 324 in the current
quarter. The 370 consultants on billing for the current quarter
include 46 administrative workers, compared with 66 in the prior
year quarter, which we placed at billing rates substantially lower
than those charged for computer programming consultants. The net
loss decreased from the prior year quarter due to a decrease in
selling, general and administrative expenses of $197,000 compared
with the prior year quarter resulting primarily from the retirement
of the former Chairman and other cost savings.”
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 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 EndedFebruary 28,
(unaudited)
Nine Months Ended
February 28,
(unaudited)
2018
2017
2018
2017
Revenue, net
$
15,058,000
$
15,390,000
$
48,610,000
$
45,675,000
Cost of sales 12,772,000 12,988,000 40,760,000 38,082,000
Selling, general and administrative expenses
2,324,000
2,521,000
7,180,000 7,181,000
Total operating expenses
15,096,000
15,509,000
47,940,000 45,263,000
Income (loss) from operations (38,000 ) (119,000 ) 670,000 412,000
Other income (expense), net
7,000
4,000 19,000
12,000 Pre-tax income (loss) (31,000 ) (115,000
) 689,000 424,000 Income tax provision (benefit)
(23,000
)
(58,000 )
283,000
188,000 Consolidated net income (loss)
(8,000
)
(57,000
)
406,000
236,000
Less: Net income attributable to
noncontrolling interest
11,000
11,000
57,000
30,000
Net income (loss) attributable to TSR,
Inc.
$ (19,000 ) $ (68,000 )
$ 349,000 $ 206,000
Net income (loss) per TSR, Inc. common
share
$
(0.01
)
$
(0.03
)
$
0.18
$
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: https://www.businesswire.com/news/home/20180412006060/en/
TSR, Inc.John Sharkey, 631-231-0333
TSR (NASDAQ:TSRI)
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