TMCnet News
TSR, Inc. Reports Financial Results for the Fourth Quarter and Fiscal Year Ended May 31, 2015TSR (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, 2015. For the quarter ended May 31st, revenue increased 13.8% from the same quarter last year to $15.0 million. Net income attributable to TSR for the current quarter was $112,000 as compared to net loss attributable to TSR of $38,000 in the prior year quarter. Additionally, net income per share for the current quarter was $0.06 compared to net loss of $0.02 per share in the prior year quarter. For the year ended May 31st, revenue increased 15.9% from last year to $57.4 million. Net income attributable to TSR increased from a loss of $86,000 in the prior year to net income of $193,000 in the current year. Additionally, net income per share increased from a loss of $0.04 to net income of $0.10. Christopher Hughes (News - Alert), Acting CEO, stated, "Our revenue increased 13.8% for the fourth quarter reflecting continued 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 approximately 319 in the quarter ended May 31, 2014 to approximately 347 in the quarter ended May 31, 2015. The current year quarter was affected by an increase in cost of sales as a result of utilizing a higher percentage of employees, with their related payroll costs, rather than utilizing subcontractors to perform services for our customers. Reliance on employees rather than subcontractors is a function of changing customer requirements. Although we are experiencing a gradual 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.
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