TSR, Inc. Reports Results for the Third Quarter Ended February 29, 2024
For the quarter ended
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
About
Founded in 1969,
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 |
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2024
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2023
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2024
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2023
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Revenue, net |
$ |
19,703,000 |
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$ |
24,257,000 |
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$ |
63,874,000 |
$ |
76,487,000 |
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Cost of sales |
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16,372,000 |
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20,267,000 |
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52,699,000 |
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63,434,000 |
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Selling, general and administrative expenses |
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3,368,000 |
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3,768,000 |
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9,805,000 |
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11,072,000 |
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19,740,000 |
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24,036,000 |
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62,504,000 |
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74,506,000 |
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Income (loss) from operations |
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(37,000 |
) |
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221,000 |
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1,370,000 |
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1,981,000 |
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Other income (expense), net |
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574,000 |
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(13,000 |
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609,000 |
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(60,000 |
) |
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Pre-tax income |
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537,000 |
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208,000 |
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1,979,000 |
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1,921,000 |
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Income tax provision |
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110,000 |
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110,000 |
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494,000 |
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629,000 |
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Consolidated net income |
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427,000 |
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98,000 |
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1,485,000 |
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1,292,000 |
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Less: Net income attributable to noncontrolling interest |
16,000 |
18,000 |
67,000 |
44,000 |
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Net income attributable to |
$ |
411,000 |
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$ |
80,000 |
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$ |
1,418,000 |
$ |
1,248,000 |
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Basic net income per |
$ |
0.19 |
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$ |
0.04 |
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$ |
0.66 |
$ |
0.58 |
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Diluted net income per |
$ |
0.19 |
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$ |
0.04 |
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$ |
0.66 |
$ |
0.56 |
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Basic weighted average common shares outstanding |
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2,152,323 |
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2,134,660 |
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2,146,551 |
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2,140,344 |
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Diluted weighted average common shares outstanding |
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2,152,323 |
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2,234,600 |
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2,146,551 |
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2,235,173 |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240415196964/en/
631-231-0333
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