TSR, Inc., (Nasdaq: TSRI) a provider of computer programming consulting services, today announced financial results for the first quarter ended August 31, 2012. For the quarter ended August 31st, revenue decreased 0.7% from the same quarter last year to $11.3 million. Net income (loss) attributable to TSR decreased from income of $47,000 in the prior year quarter to a loss of $93,000 in the current quarter. Additionally, net income (loss) per share decreased from income of $0.02 to a loss of $0.05. Joe Hughes, CEO, stated, “Expenses continue to increase as part of our plan for internal growth. These include the costs relating to an increase in the number of recruiting and sales personnel and costs associated with our recruiting training program. Losses will be incurred until such time as these recruiting trainees and new sales hires contribute to a sufficient increase in revenue.” 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 success of the Company’s plan for internal growth, 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,|
|Income (loss) from operations||(113,000||)||108,000|
|Other income, net||2,000||2,000|
|Pre-tax income (loss)||(111,000||)||110,000|
|Income taxes (benefit)||(37,000||)||47,000|
|Consolidated net income (loss)||(74,000||)||63,000|
|Less: Net income attributable to noncontrolling interest||19,000||16,000|
|Net income (loss) attributable to TSR, Inc.||$||(93,000||)||$||47,000|
|Basic and diluted net income (loss) per TSR, Inc. common share||$||(0.05||)||$||0.02|
|Weighted average basic and diluted common shares outstanding||1,981,000||2,019,000|