TSR, Inc. Reports Financial Results For The Quarter And Fiscal Year Ended May 31, 2011

TSR, Inc., (Nasdaq: TSRI) a provider of computer programming consulting services, today announced financial results for the fourth quarter and fiscal year ended May 31, 2011.

For the quarter ended May 31st, revenue increased 13.4% from the same quarter last year to $10.8 million. Net income attributable to TSR increased from $6,000 in the prior year quarter to $92,000 in the current quarter. Additionally, net income per share increased from $0.00 to $0.04.

For the year ended May 31st, revenue increased 6.5% from last year to $39.3 million. Net income attributable to TSR increased from $143,000 in the prior year to $197,000 in the current year. Additionally, net income per share increased from $0.07 to $0.10.

Joe Hughes, CEO, stated, “The increase in revenue for the fourth quarter of 13.4% resulted primarily from the average number of consultants on billing with customers increasing from 218 for the quarter ended May 31, 2010 to 252 for the current quarter. However, while net income increased, recruiting expenses continue to increase at a greater rate than revenue due to increased client specifications, pricing and other competitive pressures.

“Although there appears to have been an increase in IT spending, there is still significant uncertainty in the economic environment. Negotiating the business through these uncertain times continues to be a challenge.”

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 EndedMay 31,(unaudited)

 
     

Fiscal Year EndedMay 31,(unaudited)

 

2011
     

2010

2011
     

2010

Revenue, net

$

10,844,000

$

9,563,000

$

39,342,000

$

36,956,000
 
Operating expenses   10,641,000   9,533,000   38,860,000   36,639,000
 
Income from operations 203,000 30,000 482,000 317,000
 
Other income, net   5,000   5,000   21,000   48,000
 
Pre-tax income 208,000 35,000 503,000 365,000
 
Income taxes   102,000   17,000   242,000   166,000
 
Consolidated net income

 

106,000

18,000

261,000

199,000
Less: Net income attributable to

noncontrolling interest
 

14,000
 

12,000
 

64,000
 

56,000

 

 

 

 

 
Net income attributable to
TSR, Inc.   $ 92,000   $ 6,000   $ 197,000   $ 143,000
 

Basic and diluted net income perTSR, Inc. common share

$

0.04

$

0.00

$

0.10

$

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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