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TSR, Inc. Reports Financial Results for the Second Quarter Ended November 30, 2012

TSR, Inc., (Nasdaq:TSRI) a provider of computer programming consulting services, today announced financial results for the second quarter ended November 30, 2012.

For the quarter ended November 30th, revenue decreased 5.0% from the same quarter last year to $10.6 million. Net income (loss) attributable to TSR decreased from income of $32,000 in the prior year quarter to a loss of $182,000 in the current quarter. Additionally, net income (loss) per share decreased from income of $0.02 to a loss of $0.09.

Joe Hughes, CEO, stated, “Expenses continue to increase as part of our plan for internal growth. These include the costs relating to an increase in the number of recruiting and sales personnel and costs associated with our recruiting training program. Losses will be incurred until such time as these recruiting trainees and new sales hires contribute to a sufficient increase in revenue. Revenue for the quarter was impacted by the loss of billable workdays for our contractors on billing with customers due to the effects of tropical storm Sandy.”

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: 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, such as the use of vendor management companies in connection with the consultant procurement process, the increase in customers moving IT operations offshore 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.

Based in Hauppauge, New York, TSR, Inc., provides information technology professionals to major corporations.

 

Three Months Ended

November 30,
(unaudited)

 

Six Months Ended

November 30,
(unaudited)

 
2012   2011 2012   2011
 

Revenue, net

$ 10,560,000

$ 11,115,000

$ 21,849,000

$ 22,488,000

 
Operating expenses 10,819,000 11,039,000 22,221,000 22,304,000
 
Income (loss) from operations (259,000) 76,000 (372,000) 184,000
 
Other income (loss), net (1,000) 7,000 1,000 9,000
 
Pre-tax income (loss) (260,000) 83,000 (371,000) 193,000
 
Income taxes (benefit)

(79,000)

44,000 (116,000) 91,000
 
Consolidated net income (loss)

(181,000)

39,000

(255,000)

102,000

 
Less: Net income attributable to

 

 

noncontrolling interest

1,000

7,000

21,000

23,000

 

 

 

 

Net income (loss) attributable to

TSR, Inc.

$ (182,000) $ 32,000 $ (276,000) $ 79,000
 

Basic and diluted net income (loss)
per TSR, Inc. common share

$ (0.09)

$ 0.02

$ (0.14)

$ 0.04

 

Weighted average basic and diluted
common shares outstanding

1,980,000

2,004,000

1,981,000

2,012,000

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