TSR INC : TSR, Inc. Reports Financial Results for the Quarter Ended November 30, 2010
January 08, 2011 at 03:35 am IST
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TSR, Inc., (Nasdaq:TSRI) a provider of computer programming consulting
services, today announced financial results for the second quarter ended
November 30, 2010.
For the quarter ended November 30th, revenues increased 4.5% from the
same quarter last year to $9.8 million. Consolidated net income
attributable to TSR increased from $80,000 in the prior year quarter to
$150,000 in the current quarter. Additionally, earnings per share
increased from $0.04 to $0.07.
Joe Hughes, CEO, stated, ?The increase in revenue for the second quarter
of 4.5% resulted primarily from the average number of consultants on
billing with customers increasing from 222 for the quarter ended
November 30, 2009 to 232 for the current quarter.
?Since 2008, the broad based economic downturn has had a serious impact
on our bottom line. More recently however, there have been indications
that economic conditions are improving, resulting in increased
opportunities to place consultants on billing with customers. Although
our customers' IT spending may be increasing, the economic outlook
remains uncertain and we expect any improvements in our operating
results to also be slow and uncertain.?
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 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.
Three Months Ended
November 30,
(unaudited)
Six Months Ended
November 30,
(unaudited)
2010
2009
2010
2009
Revenue, net
$
9,757,000
$
9,341,000
$
19,121,000
$
18,433,000
Operating expenses
9,466,000
9,171,000
18,759,000
18,143,000
Income from operations
291,000
170,000
362,000
290,000
Other income, net
8,000
13,000
11,000
35,000
Pre-tax income
299,000
183,000
373,000
325,000
Income taxes
124,000
82,000
157,000
141,000
Net income
175,000
101,000
216,000
184,000
Less: Net income attributable to noncontrolling interest
25,000
21,000
44,000
41,000
Net income attributable to TSR, Inc.
$
150,000
$
80,000
$
172,000
$
143,000
Basic and diluted net income per TSR, Inc. common share
$
0.07
$
0.04
$
0.09
$
0.07
Weighted average basic and diluted common shares outstanding
TSR, Inc. is a staffing company, which is focused on recruiting Information Technology (IT) professionals for short- and long-term assignments, permanent placements, project work and providing contract computer programming services to its customers. The Company provides its customers with technical computer personnel to supplement their in-house IT capabilities. Its contract computer programming services involve the provision of technical staff to customers to meet the specialized requirements of their IT operations. The Company has staffing capabilities in the areas of application development in .net and java, mobile applications for Android and IOS platforms, project management, IT security specialists, cloud development and architecture, business analysts, UI design and development, network infrastructure and support and database development and administration. The Company also provides contract administrative (non-IT) workers to support IT customers.
TSR, INC. 
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