TSR, INC. 
By TSR, Inc., (Nasdaq:TSRI), a provider of computer programming consulting services, today announced financial results for the second quarter ended November 30, 2013.
For the quarter ended November 30th, revenue increased 15.2% from the same quarter last year to $12.2 million. Net income (loss) attributable to TSR increased from a loss of $182,000 in the prior year quarter to income of $32,000 in the current quarter. Additionally, net income (loss) per share increased from a loss of $0.09 to income of $0.02.
Joe Hughes, CEO, stated, "Our revenue increase of 15.2% for the second quarter continued improved growth resulting from the efforts of our new hires in sales and recruiting. The increase in revenue resulted primarily from the average number of consultants on billing with customers increasing from 260 in the quarter ended November 30, 2012 to 306 in the quarter ended November 30, 2013. Average billing rates declined during the quarter as a result of a shift in the business mix, offsetting the effect of the increase of consultants on billing with customers. A higher percentage of new placements have been with customers where there is stronger competition due to managed services programs. We also anticipate a continued increase of selling, general and administrative expenses. These increased expenses are associated with hiring of additional recruiters and the increase in expenses associated with the hiring of new sales professionals. Although we are experiencing an increase in revenue under the Company's plan for internal growth, we anticipate that our net income will continue to be affected, with only gradual improvement until such time as the additional recruiters and sales executives begin to generate a sufficient increase in revenue."
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 success of the Company's plan for internal growth, the impact of 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. The Company is under no obligation to publicly update or revise forward-looking statements.
TSR, Inc. Reports Financial Results for the Second Quarter Ended November 30, 2013.
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Three Months Ended
November 30, (unaudited) |
Six Months Ended
November 30, (unaudited) | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenue, net | $ | 12,166,000 | $ | 10,560,000 | $ | 24,253,000 | $ | 21,849,000 | ||||||||
| Operating expenses | 12,081,000 | 10,819,000 | 24,109,000 | 22,221,000 | ||||||||||||
| Income (loss) from operations | 85,000 | (259,000 | ) | 144,000 | (372,000 | ) | ||||||||||
| Other income (loss), net | 3,000 | (1,000 | ) | 3,000 | 1,000 | |||||||||||
| Pre-tax income (loss) | 88,000 | (260,000 | ) | 147,000 | (371,000 | ) | ||||||||||
| Income taxes (benefit) | 36,000 | (79,000 | ) | 56,000 | (116,000 | ) | ||||||||||
| Consolidated net income (loss) | 52,000 | (181,000 | ) | 91,000 | (255,000 | ) | ||||||||||
| . | ||||||||||||||||
Less: Net income attributable to noncontrolling interest | 20,000 | 1,000 | 48,000 | 21,000 | ||||||||||||
Net income (loss) attributable to TSR, Inc. | $ | 32,000 | $ | (182,000 | ) | $ | 43,000 | $ | (276,000 | ) | ||||||
| Net income (loss) per TSR, Inc. common share | $ | 0.02 | $ | (0.09 | ) | $ | 0.02 | $ | (0.14 | ) | ||||||
| Weighted average common shares outstanding | 1,962,000 | 1,980,000 | 1,962,000 | 1,981,000 | ||||||||||||
TSR, Inc.
John Sharkey, 631-231-0333
