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TSR, Inc. Reports Financial Results for the Quarter Ended November 30, 2009

^{Published on 2010-01-08 19:40:15 - Market Wire}
 

HAUPPAUGE, N.Y.--([ BUSINESS WIRE ])--TSR, Inc., (Nasdaq:TSRI) a provider of computer programming consulting services, today announced financial results for the second quarter ended November 30, 2009.

"The broad based economic downturn has had a serious impact on our bottom line as evidenced by the results for the quarter just ended. Additionally, since any improvements appear to be slow and uncertain, we expect the economic conditions to continue to adversely affect earnings throughout our fiscal year."

For the quarter ended November 30th, revenues decreased 19.0% from the same quarter last year to $9.3 million. Consolidated net income attributable to TSR shareholders decreased 63.6% from the comparable period to $80,000. Additionally, earnings per share decreased from $0.05 to $0.02.

Also, the Board of Directors reapproved the stock repurchase authorization initiated in December 2007. The authorization was for 300,000 shares of common stock, of which approximately 239,000 remain available for repurchase. The Company has not made any purchases under this plan since September 2008. Subject to applicable securities laws, such purchases will be at times and in amounts as TSR deems appropriate and may be discontinued at any time. TSR has no obligation or commitment to repurchase all or any portion of the shares covered by the authorization.

Joe Hughes, CEO, stated, "Revenue for the quarter ended November 30, 2009 decreased 19.0% from the prior year period. The decrease in revenue resulted primarily from the average number of consultants on billing with customers decreasing from 281 for the quarter ended November 30, 2008 to 222 for the quarter ended November 30, 2009. Net income attributable to shareholders decreased approximately 63.6% as customers have continued to reduce IT spending, resulting in a reduced number of consultants on billing and reduced opportunities to place consultants on new assignments.

"The broad based economic downturn has had a serious impact on our bottom line as evidenced by the results for the quarter just ended. Additionally, since any improvements appear to be slow and uncertain, we expect the economic conditions to continue to adversely affect earnings throughout our 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.