TSR, Inc., (Nasdaq:TSRI) a provider of computer programming consulting services, today announced financial results for the second quarter ended November 30, 2010.

For the quarter ended November 30th, revenues increased 4.5% from the same quarter last year to $9.8 million. Consolidated net income attributable to TSR increased from $80,000 in the prior year quarter to $150,000 in the current quarter. Additionally, earnings per share increased from $0.04 to $0.07.

Joe Hughes, CEO, stated, “The increase in revenue for the second quarter of 4.5% resulted primarily from the average number of consultants on billing with customers increasing from 222 for the quarter ended November 30, 2009 to 232 for the current quarter.

“Since 2008, the broad based economic downturn has had a serious impact on our bottom line. More recently however, there have been indications that economic conditions are improving, resulting in increased opportunities to place consultants on billing with customers. Although our customers’ IT spending may be increasing, the economic outlook remains 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.

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)
  2010           2009   2010             2009
Revenue, net $ 9,757,000 $ 9,341,000 $ 19,121,000 $ 18,433,000
 
Operating expenses   9,466,000   9,171,000   18,759,000   18,143,000
 
Income from operations 291,000 170,000 362,000 290,000
 
Other income, net   8,000   13,000   11,000   35,000
 
Pre-tax income 299,000 183,000 373,000 325,000
 
Income taxes   124,000   82,000   157,000   141,000
 
Net income

175,000

101,000

216,000

184,000
 
Less: Net income attributable to noncontrolling interest

25,000

21,000

44,000

41,000

 

 
 
Net income attributable to TSR, Inc. $ 150,000 $ 80,000 $ 172,000 $ 143,000
 

Basic and diluted net income per TSR, Inc. common share

$

0.07

$

0.04

$

0.09

$

0.07
 
 
Weighted average basic and diluted common shares outstanding  

2,019,000
 

2,025,000
 

2,020,000
 

2,025,000

Copyright Business Wire 2010