TSR, Inc. Reports Financial Results for the Second Quarter Ended November 30, 2019
January 13 2020 - 5:00PM
Business Wire
TSR, Inc. (Nasdaq:TSRI), a provider of computer programming
consulting services, today announced financial results for the
second quarter ended November 30, 2019.
For the quarter ended November 30, 2019, revenue decreased 7.1%
from the same quarter last year to $15.2 million. Net income
attributable to TSR for the current quarter was $62,000 as compared
to net loss attributable to TSR of $97,000 in the prior year
quarter. Additionally, net income per share for the current quarter
was $0.03 compared to net loss per share of $0.05 in the prior year
quarter.
Christopher Hughes, CEO, stated, “Despite revenue decreasing
7.1% for the first quarter, the Company managed to achieve
profitability. The revenue decrease was due to a decrease in
average billing rates for IT consultants on billing with customers
resulting from a shift in business mix with fewer placements for
high end skills across the customer base. Cost of sales decreased
at a lower percentage rate than revenue, yielding a decrease in
gross margin, but the Company remained profitable. Selling, general
and administrative expenses decreased by $496,000 for the quarter.
The decrease in SG&A was due to a decrease in professional and
advisory fees of $393,000 in connection with the settlement of
various lawsuits and the contested proxy solicitation relating to
our 2018 annual meeting, which had been rescheduled and was held on
October, 22, 2019.”
The Company will file its 10Q today with further details at
www.sec.gov.
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 statements
concerning the success of the Company’s plan for growth, both
internal and through the previously announced pursuit of suitable
acquisition candidates; the impact of adverse economic conditions
on client spending which has a negative impact 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 such as the use of vendor management
companies in connection with the consultant procurement process;
the increase in customers moving IT operations offshore; the
Company’s ability to adapt to changing market conditions; the
risks, uncertainties and expense of the legal proceedings to which
the Company is a party; 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
Six Months Ended
November 30,
2019
November 30,
2018
November 30,
2019
November 30,
2018
Revenue, net
$
15,234,000
$
16,402,000
$
30,180,000
$
32,983,000
Cost of Sales
12,784,000
13,644,000
25,455,000
27,628,000
Selling, general and administrative
expenses
2,386,000
2,882,000
5,575,000
5,403,000
15,170,000
16,526,000
31,030,000
33,031,000
Income (loss) from operations
64,000
(124,000
)
(850,000
)
(48,000
)
Other income (loss), net
12,000
6,000
19,000
5,000
Pre-tax income (loss)
76,000
(118,000
)
(831,000
)
(43,000
)
Provision for (benefit from) income
taxes
8,000
(31,000
)
(239,000
)
(12,000
)
Consolidated net income (loss)
68,000
(87,000
)
(592,000
)
(31,000
)
Less: Net income attributable to
noncontrolling interest
6,000
10,000
10,000
28,000
Net income (loss) attributable to TSR,
Inc.
$
62,000
$
(97,000
)
$
(602,000
)
$
(59,000
)
Basic and dilutes net income (loss) per
TSR, Inc. common share
$
0.03
$
(0.05
)
$
(0.31
)
$
(0.03
)
Basic and diluted weighted average common
shares outstanding
1,962,000
1,962,000
1,962,000
1,962,000
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version on businesswire.com: https://www.businesswire.com/news/home/20200113005711/en/
Christopher Hughes 631-231-0333
TSR (NASDAQ:TSRI)
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