TSR, Inc. Reports Results for the First Quarter Ended August 31, 2023
October 11 2023 - 5:00PM
Business Wire
Net Income increased 10.5% from Q1
FY23
TSR, Inc. (Nasdaq: TSRI) (“TSR” or “The Company”), a provider of
information technology consulting and recruiting services, today
announced its financial results for the first quarter ended August
31, 2023.
For the quarter ended August 31, 2023, revenue decreased 14.1%
from the same quarter last year to $22.5 million. Net income
attributable to TSR for the current quarter was $547,000, or $0.24
per diluted share, as compared to $495,000, or $0.22 per share, in
the prior year’s first quarter. The Company ended the quarter with
a strong balance sheet with $14.25 million in net working capital
or approximately $6.65 per share.
Thomas Salerno, our CEO, stated: “Improvements in gross margins
and cost reductions this quarter resulted in net income $547,000 as
compared to $475,000 in the prior year’s first quarter. We
continued to focus on our more specialized and higher margin IT
business and are seeing solid results from our fledgling permanent
placement business. As always, we continue to focus on controlling
costs, which has helped us increase profitability in the current
quarter.
We continue to navigate an uncertain macro-economic environment,
but we are optimistic that revenue and income will grow in the long
run. The team continues to make progress with new customers and I
am proud of their effort to offer our legacy customers some of the
best service in the business. We believe that TSR is
well-positioned in the industry and has a strong balance
sheet.”
The Company will file its Form 10-Q for the quarter ended August
31, 2023, today with further details at www.sec.gov.
About TSR, Inc.
Founded in 1969, TSR, Inc. is a leading staffing company focused
on recruiting Information Technology professionals for short- and
long-term assignments, permanent placements, and project work. For
over 50 years, TSR has successfully served clients in banking,
asset management, pharmaceuticals, insurance, health care, public
utility, publishing and other industries. We provide candidate
screening, timely placement and a real understanding of the right
skill sets required by our clients. To learn more, please visit our
website at www.tsrconsulting.com.
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
internally and through the previously announced pursuit of suitable
acquisition candidates; the successful integration of announced and
completed acquisitions and any related benefits therefrom; the
impact of adverse economic conditions on client spending which have
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 Ending August 31,
2023
Unaudited
2022
Unaudited
Revenue, net
$
22,513,000
$
26,199,000
Cost of sales
18,486,000
21,767,000
Selling, general and
administrative expenses
3,252,000
3,678,000
21,738,000
25,445,000
Income from operations
775,000
755,000
Other income (expense), net
-
(29,000
)
Pre-tax income
775,000
726,000
Income tax provision
203,000
218,000
Consolidated net income
572,000
508,000
Less: Net income attributable to
noncontrolling interest
25,000
13,000
Net income attributable to TSR, Inc.
$
547,000
$
495,000
Basic net income per TSR, Inc. common
share
$
0.26
$
0.23
Diluted net income per TSR, Inc. common
share
$
0.24
$
0.22
Basic weighted average common shares
outstanding
2,143,712
2,146,448
Diluted weighted average common shares
outstanding
2,247,300
2,236,674
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version on businesswire.com: https://www.businesswire.com/news/home/20231011987466/en/
Thomas Salerno 631-231-0333
TSR (NASDAQ:TSRI)
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