TSR, Inc. Reports Results for the First Quarter Ended August 31, 2022
11 Ottobre 2022 - 1:00PM
Business Wire
Revenue increased 14.6% from Q1 FY22
TSR, Inc. (Nasdaq: TSRI) (“TSR” or “The Company”), a provider of
information technology consulting and recruiting services, today
announced financial results for the first quarter ended August 31,
2022.
For the quarter ended August 31, 2022, revenue increased 14.6%
from the same quarter last year to $26.2 million. Net income
attributable to TSR for the current quarter was $495,000, or $0.22
per diluted share, as compared to net income of $6,402,000, or
$3.18 per share, in the prior year quarter. The prior year quarter
benefitted from a gain of $6,735,000 from forgiveness of the PPP
loan and accrued interest.
Thomas Salerno, our CEO, stated “The demand for staffing
services remained strong during the quarter. Our revenue increased
14.6% over the prior year’s first quarter due to organic growth
from new and existing customers. Operating income for the current
quarter was $755,000 as compared to a loss of $355,000 in the prior
year’s first quarter. The prior year’s first quarter was impacted
by a charge of $580,000 for the legal settlement with the former
Chief Executive Officer. If our current trends continue, we expect
operating income to continue to grow on an annual basis as we
leverage selling, general and administrative expenses.
“TSR is firmly committed to exceeding the expectations of our
customers. Double digit organic growth is a good validation that we
are providing a high level of customer satisfaction. As we have
been saying, we have made significant commitments to streamlining
our processes to provide top quality candidates to our valuable
customers on a cost competitive basis. It is very exciting to see
these efforts starting to positively affect our bottom line. We
believe that we are well positioned in the industry and have
adopted a share buy-back program as a demonstration of our
long-term confidence.”
The Company will file its Form 10-Q for the quarter ended August
31, 2022 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.
TSR, Inc. Reports Results for the First Quarter Ended August
31, 2022
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, which include, but are
not limited to, the current adverse economic conditions associated
with the COVID-19 global health pandemic and the associated
financial crisis, stay-at-home and other orders which may
significantly reduce client spending, and which may 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 August
31,
2022
2021
Unaudited
Unaudited
Revenue, net
$
26,199,000
$
22,866,000
Cost of sales
21,767,000
19,056,000
Selling, general and administrative
expenses
3,678,000
4,165,000
25,445,000
23,221,000
Income (loss) from operations
755,000
(355,000
)
Other income (expense), net
(29,000
)
6,699,000
Pre-tax income
726,000
6,344,000
Income tax provision (benefit)
218,000
(115,000
)
Consolidated net income
508,000
6,459,000
Less: Net income attributable to
noncontrolling interest
13,000
57,000
Net income attributable to TSR, Inc.
$
495,000
$
6,402,000
Basic net income per TSR, Inc. common
share
$
0.23
$
3.26
Diluted net income per TSR, Inc. common
share
$
0.22
$
3.18
Basic weighted average common shares
outstanding
2,146,448
1,962,062
Diluted weighted average common shares
outstanding
2,236,674
2,014,699
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version on businesswire.com: https://www.businesswire.com/news/home/20221011005343/en/
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