Science & Technology
Wed, January 11, 2012
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, 2011.
"The turmoil in the world economy, particularly the effects on financial institutions, has shown there is still significant uncertainty in the economic environment. Negotiating the business through these uncertain times has been and will continue to be a challenge."
For the quarter ended November 30th, revenue increased 13.9% from the same quarter last year to $11.1 million. Net income attributable to TSR decreased from $150,000 in the prior year quarter to $32,000 in the current quarter. Additionally, net income per share decreased from $0.07 to $0.02.
Joe Hughes, CEO, stated, aThe increase in revenue for the second quarter of 13.9% resulted primarily from the average number of consultants on billing with customers increasing from 232 for the quarter ended November 30, 2010 to 265 for the current quarter. However, although revenue increased, expenses continue to increase at a greater rate than revenue due to increased recruiting and other costs resulting from more demanding client specifications, pricing and other competitive pressures, as well as increased costs relating to training entry level recruiters. The increased competitive pressures have also negatively impacted our gross profit percentages.
aThe turmoil in the world economy, particularly the effects on financial institutions, has shown there is still significant uncertainty in the economic environment. Negotiating the business through these uncertain times has been and will continue to be a challenge.a
Certain statements contained herein, including statements as to the Companyas 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 adverse economic conditions on the Companyas business; risks relating to the competitive nature of the markets for contract computer programming services; the extent to which market conditions for the Companyas contract computer programming services will continue to adversely affect the Companyas business; the concentration of the Companyas business with certain customers; uncertainty as to the Companyas ability to maintain its relations with existing customers and expand its business; the impact of changes in the industry and the Companyas ability to adapt to changing market conditions and other risks and uncertainties described in the Companyas filings under the Securities Exchange Act of 1934. The Company is under no obligation to publicly update or revise forward-looking statements.
Based in Hauppauge, New York, TSR, Inc., provides information technology professionals to major corporations.
Three Months Ended | Six Months Ended | ||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||
| Revenue, net | $ | 11,115,000 | $ | 9,757,000 | $ | 22,488,000 | $ | 19,121,000 | |||||
| Operating expenses | 11,039,000 | 9,466,000 | 22,304,000 | 18,759,000 | |||||||||
| Income from operations | 76,000 | 291,000 | 184,000 | 362,000 | |||||||||
| Other income, net | 7,000 | 8,000 | 9,000 | 11,000 | |||||||||
| Pre-tax income | 83,000 | 299,000 | 193,000 | 373,000 | |||||||||
| Income taxes | 44,000 | 124,000 | 91,000 | 157,000 | |||||||||
Net income | 39,000 | 175,000 | 102,000 | 216,000 | |||||||||
Less: Net income attributable to noncontrolling interest | 7,000 | 25,000 | 23,000 | 44,000 | |||||||||
Net income attributable to TSR, Inc. | $ | 32,000 | $ | 150,000 | $ | 79,000 | $ | 172,000 | |||||
Net income per TSR, Inc. common share | $ | 0.02 | $ | 0.07 | $ | 0.04 | $ | 0.09 | |||||
| Weighted average common shares outstanding | 2,004,000 | 2,019,000 | 2,012,000 | 2,020,000 | |||||||||
