TSR, Inc. Reports Financial Results for the Third Quarter Ended February 28, 2014

HAUPPAUGE, N.Y.--()--TSR, Inc., (Nasdaq:TSRI) a provider of computer programming consulting services, today announced financial results for the third quarter ended February 28, 2014.

For the quarter ended February 28th, revenue increased 15.3% from the same quarter last year to $12.1 million. Net loss attributable to TSR decreased from a loss of $255,000 in the prior year quarter to a loss of $91,000 in the current quarter. Additionally, net loss per share decreased from a loss of $0.13 to a loss of $0.05.

Joe Hughes, CEO, stated, “Our revenue increase of 15.3% for the third quarter continued improved growth resulting from the efforts of our new hires in sales and recruiting. The increase in revenue resulted primarily from the average number of consultants on billing with customers increasing from 275 in the quarter ended February 28, 2013 to 308 in the quarter ended February 28, 2014. We also anticipate a continued increase of selling, general and administrative expenses. These increased expenses are associated with hiring of additional recruiters and the increase in expenses associated with the hiring of new sales professionals. Although we are experiencing an increase in revenue and a decrease in the net loss attributable to TSR, Inc. under the Company’s plan for internal growth, we anticipate that our results will continue to be affected, with only gradual improvement until such time as the additional recruiters and sales executives begin to generate a sufficient increase in revenue.”

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.

Based in Hauppauge, New York, TSR, Inc., provides information technology professionals to major corporations.

   

(Unaudited)

Three Months Ended

   

(Unaudited)

Nine Months Ended

February 28,

2014

   

February 28,

2013

February 28,

2014

   

February 28,

2013

 

Revenue, net

$

12,128,000

$

10,515,000

$

36,381,000

$

32,364,000

 
Operating expenses   12,317,000     10,892,000     36,426,000     33,113,000  
 
Loss from operations (189,000 ) (377,000 ) (45,000 ) (749,000 )
 
Other income net   2,000     7,000     5,000     7,000  
 
Pre-tax loss (187,000 ) (370,000 ) (40,000 ) (742,000 )
 
Income tax benefit   (122,000 )   (116,000 )   (66,000 )   (32,000 )
 
Consolidated net income (loss)

(65,000

)

(254,000

)

26,000

(510,000

)

 
Less: Net income attributable to
noncontrolling interest
 

26,000

   

1,000

   

74,000

     

21,000

 

 

 

 

 

Net loss attributable to
TSR, Inc.
$ (91,000 ) $ (255,000 ) $ (48,000 ) $ (531,000 )

Basic and diluted net loss per

TSR, Inc. common share

$

(0.05

)

$

(0.13

)

$

(0.02

)

$

(0.27

)

 

Weighted average basic and diluted

common shares outstanding

 

1,962,000

   

1,962,000

   

1,962,000

   

1,975,000

 

Contacts

TSR, Inc.
John Sharkey, 631-231-0333

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Contacts

TSR, Inc.
John Sharkey, 631-231-0333