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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TSR INC | NASDAQ:TSRI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -0.13% | 7.71 | 7.55 | 8.29 | 8.26 | 7.71 | 7.78 | 973 | 23:00:05 |
TSR, Inc. (Nasdaq:TSRI), a provider of computer programming consulting services, today announced financial results for the second quarter ended November 30, 2017.
For the quarter ended November 30, 2017, revenue increased 9.8% from the same quarter last year to $16.5 million. Net income attributable to TSR for the current quarter was $227,000 as compared to $126,000 in the prior year quarter. Additionally, net income per share for the current quarter was $0.12 compared to $0.06 per share in the prior year quarter.
Christopher Hughes, CEO, stated, “Our revenue increased 9.8% for the second quarter reflecting revenue added primarily from providing an increased number of IT contractors to our clients. Although, gross profit as a percentage of revenue decreased, a decrease in selling, general and administrative expenses, along with the increased revenue, resulted in an increase in net income of $101,000 for the quarter.”
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.
Three Months Ended
Six Months Ended
November 30,2017
November 30,2016
November 30,2017
November 30,2016
Revenue, net $ 16,516,000 $ 15,043,000 $ 33,553,000 $ 30,285,000 Cost of Sales 13,796,000 12,453,000 27,989,000 25,094,000 Selling, general and administrative expenses2,288,000
2,345,000 4,856,000 4,660,000 Total operating expenses16,084,000
14,798,000 32,845,000 29,754,000 Income from operations 432,000 245,000 708,000 531,000Other income, net
10,000
2,000 12,000 8,000 Pre-tax income 442,000 247,000 720,000 539,000Income tax provision
188,000
110,000 306,000 246,000 Consolidated net income 254,000 137,000 414,000 293,000Less: Net income attributable to noncontrolling interest
27,000
11,000
46,000
19,000
Net income attributable to TSR, Inc.
$
227,000
$
126,000
$
368,000
$
274,000
Net income per TSR, Inc. common share
$
0.12
$
0.06
$
0.19
$
0.14
Weighted average common shares outstanding
1,962,000
1,962,000
1,962,000
1,962,000
View source version on businesswire.com: http://www.businesswire.com/news/home/20180109006774/en/
TSR, Inc.John Sharkey, 631-231-0333
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