TSR, Inc. Reports Results for the Third Quarter Ended February 29, 2024
16 4월 2024 - 6:00AM
Business Wire
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
29, 2024.
For the quarter ended February 29, 2024, revenue decreased 18.8%
from the same quarter last year to $19.7 million. Net income
attributable to TSR for the current quarter was $411,000, or $0.19
per diluted share, as compared to net income of $80,000, or $0.04
per share, in the prior year quarter. The Company ended the quarter
with a strong balance sheet with $15.2 million in net working
capital or approximately $7.03 per share.
Thomas Salerno, our CEO, stated: “Primarily as the result of
decreases in the number of clerical and administrative contractors
on billing with customers, revenue decreased 18.8% from the prior
year quarter. 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. This year was particularly hard hit
with mandatory furloughs of contractors during the holiday season.
As always, we continue to focus on controlling costs, which has
helped our profitability while customers are reducing their
spending. In the current quarter, selling, general and
administrative expenses were reduced by $401,000 from last year’s
comparable quarter, despite an additional $136,000 spent in the
current quarter on professional fees associated with the review of
strategic alternatives. The current quarter benefited from “Other
Income” of $547,000 resulting from the reversal of advances from
customers.
We continue to navigate an uncertain macro-economic environment,
but we are optimistic that revenue and income will be stronger in
the second half of calendar 2024. The team continues to make
progress with new customers and I am proud of their effort to offer
our legacy customers some of the best service in the business. We
believe that TSR is well-positioned in the industry and has a
strong balance sheet.”
The Company will file its Form 10-Q for the quarter ended
February 29, 2024 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, as amended. The Company is under
no obligation to publicly update or revise forward-looking
statements.
Three Months Ending
Nine Months Ending
February 29,
February 28,
February 29,
February 28,
2024
Unaudited
2023
Unaudited
2024
Unaudited
2023
Unaudited
Revenue, net
$
19,703,000
$
24,257,000
$
63,874,000
$
76,487,000
Cost of sales
16,372,000
20,267,000
52,699,000
63,434,000
Selling, general and administrative
expenses
3,368,000
3,768,000
9,805,000
11,072,000
19,740,000
24,036,000
62,504,000
74,506,000
Income (loss) from operations
(37,000
)
221,000
1,370,000
1,981,000
Other income (expense), net
574,000
(13,000
)
609,000
(60,000
)
Pre-tax income
537,000
208,000
1,979,000
1,921,000
Income tax provision
110,000
110,000
494,000
629,000
Consolidated net income
427,000
98,000
1,485,000
1,292,000
Less: Net income attributable to
noncontrolling interest
16,000
18,000
67,000
44,000
Net income attributable to TSR, Inc.
$
411,000
$
80,000
$
1,418,000
$
1,248,000
Basic net income per TSR, Inc. common
share
$
0.19
$
0.04
$
0.66
$
0.58
Diluted net income per TSR, Inc. common
share
$
0.19
$
0.04
$
0.66
$
0.56
Basic weighted average common shares
outstanding
2,152,323
2,134,660
2,146,551
2,140,344
Diluted weighted average common shares
outstanding
2,152,323
2,234,600
2,146,551
2,235,173
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240415196964/en/
Thomas Salerno 631-231-0333
TSR (NASDAQ:TSRI)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
TSR (NASDAQ:TSRI)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024