TSR, Inc., (Nasdaq:TSRI) a provider of computer programming consulting services, today announced financial results for the third quarter ended February 28, 2010.
For the quarter ended February 28th, revenues decreased 8.1% from the same quarter last year to $9.0 million. Consolidated net income (loss) attributable to TSR decreased from $93,000 in the prior year quarter to a loss of $6,000 in the current quarter. Additionally, earnings per share decreased from $0.02 to a loss of less than one cent.
Joe Hughes, CEO, stated, “The decrease in revenue for the third quarter of 8.1% resulted primarily from the decline in the average number of consultants on billing with customers from 250 for the quarter ended February 28, 2009 to 217 for the current quarter. The majority of this decrease was experienced in the quarter ending May 31, 2009. This resulted in a net loss attributable to TSR of $6,000. The third fiscal quarter has historically been our most challenging due to billing days lost for the various holidays and increased payroll taxes incurred at the beginning of calendar years. This year additional billing days were also lost as the result of the severe winter weather.
“The broad based economic downturn has had a serious impact on our bottom line. While customers’ IT spending during our 2010 fiscal year does not appear to be declining the way it had in prior fiscal years during the economic downturn, any improvements appear to be slow and uncertain and we expect the economic conditions to continue to adversely affect earnings throughout our fiscal year.”
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 impact of current adverse conditions in the credit markets and current 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.