TSR : Reports Financial Results for the Second Quarter Ended November 30, 2014
January 09, 2015 at 05:01 pm EST
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TSR, Inc., (Nasdaq:TSRI), a provider of computer programming consulting
services, today announced financial results for the second quarter ended
November 30, 2014.
For the quarter ended November 30th, revenue increased 19.5% from the
same quarter last year to $14.5 million. Net income attributable to TSR
increased from $32,000 in the prior year quarter to $141,000 in the
current quarter. Additionally, net income per share increased from $0.02
in the prior year quarter to $0.07 in the current quarter.
Joe Hughes, CEO, stated, “Our revenue increased 19.5% for the second
quarter reflecting continued improved growth resulting from the efforts
of our new hires in sales and recruiting. The increase in revenue
resulted primarily from the average number of consultants on billing
with customers increasing from 306 in the quarter ended November 30,
2013 to 354 in the quarter ended November 30, 2014. We anticipate a
continued increase of selling, general and administrative expenses.
These increased expenses are associated with the hiring of additional
recruiters and the increase in expenses associated with the hiring of
new sales professionals. Although we are experiencing a gradual increase
in revenue, profitability will continue to be affected until such time
as these new sales and recruiting hires contribute to a sufficient
increase in revenue.”
Certain statements contained herein, including statements as to the
Company’s plans, future prospects and future cash flow requirements 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.
Three Months Ended November 30, (unaudited)
Six Months Ended November 30, (unaudited)
2014
2013
2014
2013
Revenue, net
$
14,534,000
$
12,166,000
$
28,220,000
$
24,253,000
Operating expenses
14,259,000
12,081,000
27,872,000
24,109,000
Income from operations
275,000
85,000
348,000
144,000
Other income, net
3,000
3,000
11,000
3,000
Pre-tax income
278,000
88,000
359,000
147,000
Income taxes
110,000
36,000
144,000
56,000
Consolidated net income
168,000
52,000
215,000
91,000
Less: Net income attributable to noncontrolling interest
TSR, Inc. is a staffing company, which is focused on recruiting Information Technology (IT) professionals for short- and long-term assignments, permanent placements, project work and providing contract computer programming services to its customers. The Company provides its customers with technical computer personnel to supplement their in-house IT capabilities. Its contract computer programming services involve the provision of technical staff to customers to meet the specialized requirements of their IT operations. The Company has staffing capabilities in the areas of application development in .net and java, mobile applications for Android and IOS platforms, project management, IT security specialists, cloud development and architecture, business analysts, UI design and development, network infrastructure and support and database development and administration. The Company also provides contract administrative (non-IT) workers to support IT customers.