TSR, Inc. Reports Results for the Third Quarter Ended February 28, 2023
Net Income for FY23 Q3 Versus a Net Loss in FY22 Q3
For the quarter ended
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
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. The Company is under no obligation to publicly update or revise forward-looking statements.
Three Months Ending |
Nine Months Ending |
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2023 Unaudited |
2022 Unaudited |
2023 Unaudited |
2022 Unaudited |
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Revenue, net |
$ |
24,257,000 |
|
$ |
24,383,000 |
|
$ |
76,487,000 |
|
$ |
71,113,000 |
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Cost of sales |
|
20,267,000 |
|
|
20,590,000 |
|
|
63,434,000 |
|
|
59,462,000 |
|
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Selling, general and administrative expenses |
|
3,768,000 |
|
|
3,830,000 |
|
|
11,072,000 |
|
|
11,628,000 |
|
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|
|
24,036,000 |
|
|
24,420,000 |
|
|
74,506,000 |
|
|
71,090,000 |
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Income (loss) from operations |
|
221,000 |
|
|
(37,000 |
) |
|
1,981,000 |
|
|
23,000 |
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Other income (expense), net |
|
(13,000 |
) |
|
(21,000 |
) |
|
(60,000 |
) |
|
6,646,000 |
|
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Pre-tax income (loss) |
|
208,000 |
|
|
(58,000 |
) |
|
1,921,000 |
|
|
6,669,000 |
|
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Income tax provision (benefit) |
|
110,000 |
|
|
(14,000 |
) |
|
629,000 |
|
|
(1,000 |
) |
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Consolidated net income (loss) |
|
98,000 |
|
|
(44,000 |
) |
|
1,292,000 |
|
|
6,670,000 |
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Less: Net income attributable to noncontrolling interest |
|
18,000 |
|
|
3,000 |
|
|
44,000 |
|
|
72,000 |
|
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Net income (loss) attributable to |
$ |
80,000 |
$ |
(47,000 |
) |
$ |
1,248,000 |
|
$ |
6,598,000 |
|
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Basic net income (loss) per |
$ |
0.04 |
|
$ |
(0.02 |
) |
$ |
0.58 |
|
$ |
3.33 |
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Diluted net income (loss) per |
$ |
0.04 |
|
$ |
(0.02 |
) |
$ |
0.56 |
|
$ |
3.19 |
|
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Basic weighted average common shares outstanding |
|
2,134,660 |
|
|
2,027,494 |
|
|
2,140,344 |
|
|
1,983,146 |
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Diluted weighted average common shares outstanding |
2,234,600 |
|
2,027,494 |
|
|
2,235,173 |
|
|
2,066,976 |
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631-231-0333
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