TSR, Inc. Reports Financial Results For The Quarter Ended February 28, 2011

TSR, Inc., (Nasdaq:TSRI) a provider of computer programming consulting services, today announced financial results for the third quarter ended February 28, 2011.

For the quarter ended February 28th, revenue increased 4.6% from the same quarter last year to $9.4 million. Net loss attributable to TSR increased from $6,000 in the prior year quarter to $67,000 in the current quarter. Additionally, loss per share increased from $0.00 to $0.03.

Joe Hughes, CEO, stated, “The increase in revenue for the third quarter of 4.6% resulted primarily from the average number of consultants on billing with customers increasing from 217 for the quarter ended February 28, 2010 to 238 for the current quarter. However, the net loss increased because recruiting expenses have increased at a greater rate than revenue, primarily due to the initial costs of hiring and training new recruiters. These initial costs are expected to continue for the balance of the fiscal year. The losses in the quarters ended February 28, 2011 and 2010 were primarily attributable to unemployment payroll taxes which are significantly higher in the first calendar quarter each 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 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

February 28,

(unaudited)
 

Nine Months Ended

February 28,

(unaudited)
 

2011
 

2010

2011
 

2010
 

Revenue, net

$

9,377,000

$

8,961,000

$

28,498,000

$

27,393,000
 
Operating expenses 9,460,000     8,963,000   28,219,000 27,106,000
 
Income (loss) from operations (83,000 ) (2,000 ) 279,000 287,000
 
Other income, net 5,000     7,000   16,000 43,000
 
Pre-tax income (loss) (78,000 ) 5,000 295,000 330,000
 
Income taxes (recovery) (17,000 )   8,000   140,000 149,000
 
Consolidated net income (loss)

(61,000

)

(3,000

)

155,000

181,000
 
Less: Net income attributable to noncontrolling interest

6,000
 

3,000
 

50,000

44,000
 
Net income (loss) attributable to TSR, Inc. $ (67,000 ) $ (6,000 )

$

105,000
$ 137,000
 
Basic and diluted net income (loss) per TSR, Inc. common share

$

(0.03

)

$

(0.00

)

$

0.05

$

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

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