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TSR, Inc. Reports Financial Results for the Fourth Quarter and Fiscal Year Ended May 31, 2017
[August 15, 2017]

TSR, Inc. Reports Financial Results for the Fourth Quarter and Fiscal Year Ended May 31, 2017


TSR (News - Alert), Inc., (Nasdaq:TSRI) a provider of computer programming consulting services, today announced financial results for the fourth quarter and fiscal year ended May 31, 2017.

For the quarter ended May 31st, revenue increased 9.0% from the same quarter last year to $16.9 million. Net income attributable to TSR for the current quarter was $62,000 as compared to $169,000 in the prior year quarter. Additionally, net income per share for the current quarter was $0.03 compared to $0.09 per share in the prior year quarter.

For the year ended May 31st, revenue increased 2.6% from last year to $62.6 million. Net income attributable to TSR decreased from $399,000 in the prior year to net income of $268,000 in the current year. Additionally, net income per share decreased from $0.20 to $0.14 per share.

Christopher Hughes (News - Alert), CEO, stated, "Our revenue increased 9.0% for the fourth quarter and 2.6% for the fiscal year reflecting revenue added from providing administrative staff in addition to IT contractors to two of our major clients. However, reduced gross profit percentages and increased selling, general and administrative expenses resulted in a reduction in net income. Although we are experiencing an increase in revenue, profitability will continue to be affected until such time as our new sales and recruiting hires 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.





       
Three Months Ended Fiscal Year Ended
 
May 31,     May 31, May 31,     May 31,

2017

2016

2017

2016

 
Revenue, net $ 16,897,000 $ 15,504,000 $ 62,573,000 $ 60,998,000
 
Cost of Sales 14,245,000 12,874,000 52,327,000 51,039,000

Selling, general and administrative expenses

  2,502,000   2,329,000   9,684,000   9,120,000
Total operating expenses   16,747,000   15,203,000   62,011,000   60,159,000
 
Income from operations 150,000 301,000 562,000 839,000
 
Other income, net   3,000   4,000   15,000   6,000
 
Pre-tax income 153,000 305,000 577,000 845,000
 
Income tax provision   75,000   119,000   263,000   389,000
 
Consolidated net income 78,000 186,000 314,000 456,000
 

Less: Net income attributable to noncontrolling interest

 

16,000

 

17,000

 

46,000

 

57,000

 

Net income attributable to TSR, Inc.

$

62,000

$

169,000

$

268,000

$

399,000

 

Net income per TSR, Inc. common share

$

0.03

$

0.09

$

0.14

$

0.20

 

Weighted average common shares outstanding

 

1,962,000

 

1,962,000

 

1,962,000

 

1,962,000

 


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