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TSR, Inc. Reports Financial Results for the Quarter Ended November 30, 2008 and Declares Quarterly Dividend of $0.05 Per Share

^{Published on 2009-01-08 14:31:55, Last Modified on 2009-01-08 14:32:56 - Market Wire}
 

HAUPPAUGE, N.Y.--([ BUSINESS WIRE ])--TSR, Inc., (Nasdaq:TSRI) a provider of computer programming consulting services, today announced financial results for the quarter ended November 30, 2008.

For the quarter ended November 30th, revenues decreased 12.9% from the same quarter last year to $11.5 million. Consolidated net income decreased 41.8% from the comparable period to $220,000. Additionally, earnings per share decreased from $0.08 to $0.05.

The Company also announced that the Board of Directors had declared a cash dividend of $0.05 per share for its second fiscal quarter. The dividend will be payable February 9, 2009 to shareholders of record as of January 26, 2009. Additionally, due to the continuing impact of the current economic environment, the Board has determined to suspend the payment of further dividends. The Board of Directors may reevaluate the Company's dividend policy once the economic conditions stabilize.

Joe Hughes, CEO, stated, "Revenue for the quarter ended November 30, 2008 decreased 12.9% from the prior year quarter. The decrease in revenue resulted primarily from the average number of consultants on billing with customers decreasing from 348 in the quarter ended November 30, 2007 to 281 in the quarter ended November 30, 2008. Net income decreased approximately 42% as customers have continued to reduce our margins and opportunities to place consultants on new assignments has slowed.

"The deteriorating economy has spread beyond the financial services sector where TSR had historically obtained approximately 20% of its revenue. This broadening has had a serious impact on our bottom line as evidenced by the results of the quarter just ended. Additionally, since leading economists are not predicting an upturn in the near term, we expect the economic conditions to continue to adversely affect earnings for the remainder of the fiscal year."

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 current adverse conditions in the credit markets and current 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.

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