TSR, Inc., (Nasdaq:TSRI) a provider of computer programming consulting services, today announced financial results for the quarter ended February 29, 2008.
For the quarter ended February 29th, revenues increased 5.4% from the same quarter last year to $12.4 million. Consolidated net income increased 6.5% from the comparable period to $214,000. Additionally, earnings per share increased to $0.05 from $0.04.
The Company also announced that the Board of Directors had declared a cash dividend of $0.08 per share for its third fiscal quarter. The dividend will be payable May 5, 2008 to shareholders of record as of April 18, 2008.
Joe Hughes, CEO, stated, “Revenues increased 5.4% in the quarter ended February 29, 2008 over the prior year quarter. While the average number of consultants on billing with clients for the quarter increased slightly, revenues increased primarily due to a change in business mix toward higher level skills, which allowed the Company to increase its average billing rates to customers.”
“As a result of the recent economic downturn, and the uncertainty in the financial services industry, the Company expects that overall IT spending will decrease in the short term and that the impact is likely to be greater in the financial services industry. These economic conditions have reduced the opportunities to place new consultants on billing with clients. The Company currently derives 15 to 20 percent of its revenues from the financial services industry.”
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: risks relating to the extent to which market conditions for the Company’s contract computer consulting services will continue to adversely affect the Company’s business and the Company’s ability to adapt to changing market conditions, 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 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 | | Nine Months Ended |
| | | February 29, | | February 28, | | February 29, | | February 28, |
| | | (unaudited) | | (unaudited) |
| | | 2008 | | 2007 | | 2008 | | 2007 |
| Revenues | | $ | 12,412,000 | | $ | 11,774,000 | | $ | 39,179,000 | | $ | 36,775,000 |
| | | | | | | | | |
| Operating expenses | | | 12,095,000 | | | 11,500,000 | | | 37,583,000 | | | 35,309,000 |
| | | | | | | | | |
| Income from operations | | | 317,000 | | | 274,000 | | | 1,596,000 | | | 1,466,000 |
| | | | | | | | | |
| Other income, net | | | 68,000 | | | 111,000 | | | 228,000 | | | 311,000 |
| | | | | | | | | |
| Pre-tax income | | | 385,000 | | | 385,000 | | | 1,824,000 | | | 1,777,000 |
| | | | | | | | | |
| Income taxes | | | 171,000 | | | 184,000 | | | 784,000 | | | 720,000 |
| | | | | | | | | |
| Net income | | $ | 214,000 | | $ | 201,000 | | $ | 1,040,000 | | $ | 1,057,000 |
| | | | | | | | | |
| Basic and diluted net income per common share | | $ | 0.05 | | $ | 0.04 | | $ | 0.23 | | $ | 0.23 |
| | | | | | | | | |
| Weighted average basic and diluted common shares outstanding | | | 4,568,000 | | | 4,568,000 | | | 4,568,000 | | | 4,568,000 |
TSR, Inc.
John Sharkey, 631-231-0333
