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TSR, Inc. Reports Financial Results for the Fourth Quarter and Fiscal Year Ended May 31, 2014

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, 2014.

For the quarter ended May 31st, revenue increased 4.8% from the same quarter last year to $13.1 million. Net loss attributable to TSR for the current quarter was $38,000 as compared to net income attributable to TSR of $11,000 in the prior year quarter. Additionally, net loss per share for the current quarter was $0.02 compared to net income of $0.01 per share in the prior year quarter. The net loss in the current quarter resulted from the reversal of income tax benefits recorded in the third fiscal quarter.

For the year ended May 31st, revenue increased 10.3% from last year to $49.5 million. Net loss attributable to TSR decreased from a loss of $520,000 in the prior year to a loss of $86,000 in the current year. Additionally, net loss per share decreased from a loss of $0.26 to a loss of $0.04.

Joe Hughes, CEO, stated, “Our revenue increase of 4.8% for the fourth quarter continued to reflect improved 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 301 in the quarter ended May 31, 2013 to 319 in the quarter ended May 31, 2014. We also anticipate a continued increase of selling, general and administrative expenses. These increased expenses are associated with hiring of additional recruiters and the increase in expenses associated with the hiring of new sales professionals. Although we experienced an increase in revenue and a decrease in the net loss attributable to TSR, Inc. for the fiscal year under the Company’s plan for internal growth, we anticipate that our results will continue to be affected, with only gradual improvement until such time as the additional recruiters and sales executives begin to 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,
2014

     

May 31,
2013

May 31,
2014

     

May 31,
2013

 
Revenue, net

$

13,149,000

$

12,550,000

$

49,530,000

$

44,914,000

 
Operating expenses 13,079,000 12,517,000 49,505,000 45,630,000
 
Income (loss) from operations 70,000 33,000 25,000 (716,000)
 
Other income, net 4,000 5,000 9,000 13,000
 
Pre-tax income (loss) 74,000 38,000 34,000 (703,000)
 
Income taxes (benefit) 83,000 18,000 17,000 (214,000)
 
Net income (loss)

(9,000)

20,000

17,000

(489,000)

 

 

Less: Net income attributable to
noncontrolling interest

29,000

9,000

103,000

31,000

 

 

 

Net income (loss) attributable to
TSR, Inc.

$

(38,000)

$

11,000

$

(86,000)

$

(520,000)

 

 

 

 

 

Net income (loss) per
TSR, Inc. common share

$

(0.02)

$

0.01

$

(0.04)

$

(0.26)

 

Weighted average common shares
outstanding

1,962,000

1,962,000

1,962,000

1,971,000

 

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