TSR, Inc. Reports Results for the Third Quarter Ended February 28, 2023
April 11 2023 - 6:00AM
Business Wire
Net Income for FY23 Q3 Versus a Net Loss in
FY22 Q3
TSR, Inc. (Nasdaq: TSRI) (“TSR” or “The Company”), a provider of
information technology consulting and recruiting services, today
announced financial results for the third quarter ended February
28, 2023.
For the quarter ended February 28, 2023, revenue decreased 0.5%
from the same quarter last year to $24.3 million. Net income
attributable to TSR for the current quarter was $80,000, or $0.04
per diluted share, as compared to a net loss of $47,000, or $(0.02)
per share, in the prior year’s third quarter.
Thomas Salerno, our CEO, stated: “Improvements this quarter
resulted in income from operations of $221,000 as compared to a
loss from operations of $37,000 in the prior year’s third quarter.
Continued strategic business development efforts, additional
investment in our higher profit margin permanent placement business
and continued focus on controlling costs helped us swing to
profitability in the fiscal third quarter for the first time in
many years. This is particularly noteworthy because our fiscal
third quarter is traditionally the most challenging of the year.
Workdays are reduced due to the holiday season and payroll tax
expenses are at their highest at the beginning of the calendar
year.
As we continue to navigate an uncertain macro-economic
environment, we are optimistic that revenue and income will
continue to grow. We firmly believe that TSR is well-positioned in
the industry and has a strong balance sheet. The share buy-back
program we adopted last fall demonstrates our long-term confidence
in the Company’s future.”
The Company will file its Form 10-Q for the quarter ended
February 28, 2023 today with further details at www.sec.gov.
About TSR, Inc.
Founded in 1969, TSR, Inc. is a leading staffing company focused
on recruiting Information Technology professionals for short- and
long-term assignments, permanent placements, and project work. For
over 50 years, TSR has successfully served clients in banking,
asset management, pharmaceuticals, insurance, health care, public
utility, publishing, and other industries. We provide candidate
screening, timely placement and a real understanding of the right
skill sets required by our clients. To learn more, please visit our
website at www.tsrconsulting.com.
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 statements
concerning the success of the Company’s plan for growth, both
internally and through the previously announced pursuit of suitable
acquisition candidates; the successful integration of announced and
completed acquisitions and any related benefits therefrom; the
impact of adverse economic conditions on client spending which have
a negative impact 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; the Company’s ability to adapt to changing
market conditions; the risks, uncertainties and expense of the
legal proceedings to which the Company is a party; 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 Ending February 28,
Nine Months Ending February 28,
2023
Unaudited
2022
Unaudited
2023
Unaudited
2022
Unaudited
Revenue, net
$
24,257,000
$
24,383,000
$
76,487,000
$
71,113,000
Cost of sales
20,267,000
20,590,000
63,434,000
59,462,000
Selling, general and administrative
expenses
3,768,000
3,830,000
11,072,000
11,628,000
24,036,000
24,420,000
74,506,000
71,090,000
Income (loss) from operations
221,000
(37,000
)
1,981,000
23,000
Other income (expense), net
(13,000
)
(21,000
)
(60,000
)
6,646,000
Pre-tax income (loss)
208,000
(58,000
)
1,921,000
6,669,000
Income tax provision (benefit)
110,000
(14,000
)
629,000
(1,000
)
Consolidated net income (loss)
98,000
(44,000
)
1,292,000
6,670,000
Less: Net income attributable to
noncontrolling interest
18,000
3,000
44,000
72,000
Net income (loss) attributable to TSR,
Inc.
$
80,000
$
(47,000
)
$
1,248,000
$
6,598,000
Basic net income (loss) per TSR, Inc.
common share
$
0.04
$
(0.02
)
$
0.58
$
3.33
Diluted net income (loss) per TSR, Inc.
common share
$
0.04
$
(0.02
)
$
0.56
$
3.19
Basic weighted average common shares
outstanding
2,134,660
2,027,494
2,140,344
1,983,146
Diluted weighted average common shares
outstanding
2,234,600
2,027,494
2,235,173
2,066,976
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version on businesswire.com: https://www.businesswire.com/news/home/20230411005331/en/
Thomas Salerno 631-231-0333
TSR (NASDAQ:TSRI)
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