TSR, Inc., (Nasdaq:TSRI) a provider of computer programming consulting
services, today announced financial results for the fourth quarter and
fiscal year ended May 31, 2008.
For the quarter, which ended May 31st, revenues decreased 2.9% from the
same quarter last year to $12.5 million. Consolidated net income was
$236,000 or $0.05 per share for the current quarter compared with
$335,000 or $0.07 in the prior year quarter.
For the full year, revenues increased 4.1% from the prior year to $51.7
million. Consolidated net income was $1,276,000 or $0.28 per share
compared to $1,393,000 or $0.30 per share in the prior year.
The Company also announced that the Board of Directors had declared a
cash dividend of $0.08 per share for its fiscal fourth quarter. The
dividend will be payable on September 18, 2008 to shareholders of record
as of August 27, 2008.
Joe Hughes, CEO, stated, “Revenues for the
fiscal year end May 31, 2008 increased 4.1%. This increase resulted
primarily from higher billing rates due to a change in the business mix
toward higher level skills. While revenues for the year increased, we
began to see a negative impact from the economic downturn in the fourth
quarter. For the fourth quarter, revenues decreased 2.9% from the prior
year quarter. The decrease in revenues resulted primarily from the
average number of consultants on billing with clients for the quarter
decreasing from 323 in the quarter ended May 31, 2007 to 313 in the
quarter ended May 31, 2008.”
“As a result of the current economic downturn,
and the uncertainty in the financial services industry, the Company
believes that it will continue to be impacted by decreases in IT
spending resulting from economic conditions and that the impact is
likely to be greater in the financial services industry. The Company
derived approximately 20 percent of its revenues from banking and
brokerage clients in fiscal 2008.”
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
May 31,
(unaudited)
|
|
Year Ended
May 31,
|
|
|
|
2008
|
|
|
2007
|
|
|
2008
|
|
|
2007
|
|
Revenues
|
$
|
12,544,000
|
|
$
|
12,913,000
|
|
$
|
51,723,000
|
|
$
|
49,689,000
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
12,169,000
|
|
|
12,455,000
|
|
|
49,752,000
|
|
|
47,764,000
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
375,000
|
|
|
458,000
|
|
|
1,971,000
|
|
|
1,925,000
|
|
|
|
|
|
|
|
|
|
|
Other income, net
|
|
48,000
|
|
|
98,000
|
|
|
276,000
|
|
|
409,000
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income
|
|
423,000
|
|
|
556,000
|
|
|
2,247,000
|
|
|
2,334,000
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
187,000
|
|
|
221,000
|
|
|
971,000
|
|
|
941,000
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
236,000
|
|
$
|
335,000
|
|
$
|
1,276,000
|
|
$
|
1,393,000
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net income per common share
|
$
|
0.05
|
|
$
|
0.07
|
|
$
|
0.28
|
|
$
|
0.30
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of 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
