TSR, Inc., (Nasdaq:TSRI) a provider of computer programming consulting services, today announced financial results for the first quarter ended August 31, 2010. For the quarter ended August 31st, revenues increased 3.0% from the same quarter last year to $9.4 million. Consolidated net income attributable to TSR decreased from $63,000 in the prior year quarter to $22,000 in the current quarter. Additionally, earnings per share decreased from $0.02 to $0.01. Joe Hughes, CEO, stated, “The increase in revenue for the first quarter of 3.0% resulted primarily from the average number of consultants on billing with customers increasing from 215 for the quarter ended August 31, 2009 to 222 for the current quarter. Expenses increased at a greater rate than revenue, primarily due to the hiring of additional technical recruiters, resulting in net income attributable to TSR of only $22,000. “The broad based economic downturn has had a serious impact on our bottom line. While there are indications that the economy is improving, the outlook remains uncertain, particularly in light of continued weakness in the job market and high unemployment. Any improvements in the economy or IT spending appear to be slow and uncertain and we expect any improvements in our operating results to also be slow and uncertain.” Certain statements contained herein, including statements as to the Company’s plans, are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those set forth in the forward-looking statements due to known and unknown risks and uncertainties, including but not limited to the following: the impact of adverse economic conditions on the Company’s business; risks relating to the competitive nature of the markets for contract computer programming services; the extent to which market conditions for the Company’s contract computer programming services will continue to adversely affect the Company’s business; the concentration of the Company’s business with certain customers; uncertainty as to the Company’s ability to maintain its relations with existing customers and expand its business; the impact of changes in the industry and the Company’s ability to adapt to changing market conditions and other risks and uncertainties described in the Company’s filings under the Securities Exchange Act of 1934.
|Three Months Ended August 31, (unaudited)|
|Income from operations||71,000||119,000|
|Other income, net||3,000||22,000|
|Less: Net income attributable to noncontrolling interest||19,000||19,000|
|Net income attributable to TSR, Inc.||$||22,000||$||63,000|
|Basic and diluted net income per TSR, Inc. common share||$||0.01||$||0.02|
|Weighted average basic and diluted common shares outstanding||4,042,000||4,050,000|