HAUPPAUGE, N.Y.--(BUSINESS WIRE)--TSR, Inc., (Nasdaq:TSRI), a provider of computer programming consulting services, today announced financial results for the first quarter ended August 31, 2016.
For the quarter ended August 31st, revenue increased to $15,242,000 from $15,235,000 in the same quarter last year. Net income attributable to TSR increased from $134,000 in the prior year quarter to $148,000 in the current quarter. Additionally, net income per share increased from $0.07 in the prior year quarter to $0.08 per share in the current quarter.
Joe Hughes, CEO, stated, “Our revenue for the quarter ended August 31, 2016 increased $7,000 from the prior year comparable quarter. This increase in revenue resulted from the average number of consultants on billing with customers increasing from approximately 345 for the quarter ended August 31, 2015 to 362 for the quarter ended August 31, 2016. The 362 consultants on billing for the current quarter include approximately 45 administrative workers that we placed with two large customers at billing rates lower than those charged for computer programming consultants. We did not make any placements of administrative workers in the prior year quarter; however, 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 reduced billing rates for the administrative worker placements, the average daily rates charged for the consultants on billing with customers decreased approximately 11.8% in the current quarter compared with 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 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.
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Three Months Ended
August 31, |
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2016 |
2015 |
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Revenue, net |
$ |
15,242,000 |
$ |
15,235,000 |
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| Operating expenses | 14,956,000 | 14,947,000 | |||||||
| Income from operations | 286,000 | 288,000 | |||||||
| Other income (expense), net | 6,000 | (3,000 | ) | ||||||
| Pre-tax income | 292,000 | 285,000 | |||||||
| Income taxes | 136,000 | 140,000 | |||||||
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Consolidated net income |
156,000 |
145,000 |
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Less: Net income attributable to noncontrolling interest |
8,000 |
11,000 |
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Net income attributable to TSR, Inc. |
$ |
148,000 |
$ |
134,000 |
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Net income per TSR, Inc. common share |
$ |
0.08 |
$ |
0.07 |
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Weighted average common shares outstanding |
1,962,062 |
1,962,062 |
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