TSR, Inc., (Nasdaq:TSRI) a provider of computer programming consulting services, today announced financial results for the first quarter ended August 31, 2011.

For the quarter ended August 31st, revenue increased 21.5% from the same quarter last year to $11.4 million. Net income attributable to TSR increased from $22,000 in the prior year quarter to $47,000 in the current quarter. Additionally, net income per share increased from $0.01 to $0.02.

Joe Hughes, CEO, stated, “The increase in revenue for the first quarter of 21.5% resulted primarily from the average number of consultants on billing with customers increasing from 222 for the quarter ended August 31, 2010 to 255 for the current quarter. However, although net income increased, expenses continue to increase due to increased recruiting and other costs resulting from more demanding client specifications, pricing and other competitive pressures, as well as increased costs relating to training entry level recruiters. The increased competitive pressures have also negatively impacted our gross profit percentages.

“The recent turmoil in the world economy, particularly the effects on financial institutions, has shown 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. The Company is under no obligation to publicly update or revise forward-looking statements.

Based in Hauppauge, New York, TSR, Inc., provides information technology professionals to major corporations.

 
Three Months Ended
August 31,
(unaudited)
2011   2010
 

Revenue, net

$

11,373,000

$

9,364,000
 
Operating expenses   11,265,000   9,293,000
 
Income from operations 108,000 71,000
 
Other income, net   2,000   3,000
 
Pre-tax income 110,000 74,000
 
Income taxes   47,000   33,000
 

Consolidated net income

63,000

41,000
 

Less: Net income attributable to noncontrolling interest
 

16,000
 

19,000
 

Net income attributable to TSR, Inc.

$

47,000

$

22,000
 
Basic and diluted net income per TSR, Inc. common share

$

0.02

$

0.01
 
Weighted average basic and diluted common shares outstanding  

2,019,000
 

2,021,000
 

Copyright Business Wire 2010

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