TSR, Inc. : Reports Financial Results for the Second Quarter Ended November 30, 2012
January 09, 2013 at 05:05 pm EST
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TSR, Inc., (Nasdaq:TSRI) a provider of computer programming consulting
services, today announced financial results for the second quarter ended
November 30, 2012.
For the quarter ended November 30th, revenue decreased 5.0% from the
same quarter last year to $10.6 million. Net income (loss) attributable
to TSR decreased from income of $32,000 in the prior year quarter to a
loss of $182,000 in the current quarter. Additionally, net income (loss)
per share decreased from income of $0.02 to a loss of $0.09.
Joe Hughes, CEO, stated, "Expenses continue to increase as part of our
plan for internal growth. These include the costs relating to an
increase in the number of recruiting and sales personnel and costs
associated with our recruiting training program. Losses will be incurred
until such time as these recruiting trainees and new sales hires
contribute to a sufficient increase in revenue. Revenue for the quarter
was impacted by the loss of billable workdays for our contractors on
billing with customers due to the effects of tropical storm Sandy."
Certain statements contained herein, including statements as to the
Company's plans, 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, 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.
Based in Hauppauge, New York, TSR, Inc., provides information technology
professionals to major corporations.
Three Months Ended
November 30, (unaudited)
Six Months Ended
November 30, (unaudited)
2012
2011
2012
2011
Revenue, net
$ 10,560,000
$ 11,115,000
$ 21,849,000
$ 22,488,000
Operating expenses
10,819,000
11,039,000
22,221,000
22,304,000
Income (loss) from operations
(259,000)
76,000
(372,000)
184,000
Other income (loss), net
(1,000)
7,000
1,000
9,000
Pre-tax income (loss)
(260,000)
83,000
(371,000)
193,000
Income taxes (benefit)
(79,000)
44,000
(116,000)
91,000
Consolidated net income (loss)
(181,000)
39,000
(255,000)
102,000
Less: Net income attributable to
noncontrolling interest
1,000
7,000
21,000
23,000
Net income (loss) attributable to
TSR, Inc.
$ (182,000)
$ 32,000
$ (276,000)
$ 79,000
Basic and diluted net income (loss) per TSR, Inc. common share
$ (0.09)
$ 0.02
$ (0.14)
$ 0.04
Weighted average basic and diluted common shares outstanding
TSR, Inc. is a staffing company, which is focused on recruiting Information Technology (IT) professionals for short- and long-term assignments, permanent placements, project work and providing contract computer programming services to its customers. The Company provides its customers with technical computer personnel to supplement their in-house IT capabilities. Its contract computer programming services involve the provision of technical staff to customers to meet the specialized requirements of their IT operations. The Company has staffing capabilities in the areas of application development in .net and java, mobile applications for Android and IOS platforms, project management, IT security specialists, cloud development and architecture, business analysts, UI design and development, network infrastructure and support and database development and administration. The Company also provides contract administrative (non-IT) workers to support IT customers.
TSR, INC. 
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