{"id":789799,"date":"2023-10-11T19:01:28","date_gmt":"2023-10-11T23:01:28","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/tsr-inc-reports-results-for-the-first-quarter-ended-august-31-2023\/"},"modified":"2023-10-11T19:01:28","modified_gmt":"2023-10-11T23:01:28","slug":"tsr-inc-reports-results-for-the-first-quarter-ended-august-31-2023","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/tsr-inc-reports-results-for-the-first-quarter-ended-august-31-2023\/","title":{"rendered":"TSR, Inc. Reports Results for the First Quarter Ended August 31, 2023"},"content":{"rendered":"

<\/p>\n

TSR, Inc. Reports Results for the First Quarter Ended August 31, 2023<\/b><\/p>\n

Net Income increased 10.5% from Q1 FY23<\/b><\/p>\n

HAUPPAUGE, N.Y.–(BUSINESS WIRE<\/a>)–
\nTSR, Inc. (Nasdaq: TSRI) (\u201cTSR\u201d or \u201cThe Company\u201d), a provider of information technology consulting and recruiting services, today announced its financial results for the first quarter ended August 31, 2023.<\/p>\n

\nFor the quarter ended August 31, 2023, revenue decreased 14.1% from the same quarter last year to $22.5 million. Net income attributable to TSR for the current quarter was $547,000, or $0.24 per diluted share, as compared to $495,000, or $0.22 per share, in the prior year\u2019s first quarter. The Company ended the quarter with a strong balance sheet with $14.25 million in net working capital or approximately $6.65 per share.<\/p>\n

\nThomas Salerno, our CEO, stated: \u201cImprovements in gross margins and cost reductions this quarter resulted in net income $547,000 as compared to $475,000 in the prior year\u2019s first quarter. We continued to focus on our more specialized and higher margin IT business and are seeing solid results from our fledgling permanent placement business. As always, we continue to focus on controlling costs, which has helped us increase profitability in the current quarter.<\/p>\n

\nWe continue to navigate an uncertain macro-economic environment, but we are optimistic that revenue and income will grow in the long run. 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.\u201d<\/p>\n

\nThe Company will file its Form 10-Q for the quarter ended August 31, 2023, today with further details at www.sec.gov<\/a>.<\/p>\n

\nAbout TSR, Inc.<\/p>\n

\nFounded 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<\/a>.<\/p>\n

\nCertain statements contained herein, including statements as to the Company\u2019s 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\u2019s 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\u2019s business; risks relating to the competitive nature of the markets for contract computer programming services; the extent to which market conditions for the Company\u2019s contract computer programming services will continue to adversely affect the Company\u2019s business; the concentration of the Company\u2019s business with certain customers; uncertainty as to the Company\u2019s 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\u2019s 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\u2019s filings under the Securities Exchange Act of 1934. The Company is under no obligation to publicly update or revise forward-looking statements.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n

\nThree Months Ending August 31,<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2023
\n
<\/span>Unaudited<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

2022
\n
<\/span>Unaudited<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRevenue, net<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n22,513,000<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$<\/p>\n<\/td>\n

\n

\n26,199,000<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCost of sales<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n18,486,000<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n21,767,000<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nSelling, general and<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nadministrative expenses<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,252,000<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,678,000<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n21,738,000<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n25,445,000<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome from operations<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n775,000<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n755,000<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther income (expense), net<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(29,000<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPre-tax income<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n775,000<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n726,000<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome tax provision<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n203,000<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n218,000<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nConsolidated net income<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n572,000<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n508,000<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nLess: Net income attributable to noncontrolling interest<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n25,000<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n13,000<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income attributable to TSR, Inc.<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

547,000<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

$<\/b><\/p>\n<\/td>\n

\n

495,000<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nBasic net income per TSR, Inc. common share<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

0.26<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

$<\/b><\/p>\n<\/td>\n

\n

0.23<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted net income per TSR, Inc. common share<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

0.24<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

$<\/b><\/p>\n<\/td>\n

\n

0.22<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\u00a0<\/td>\n<\/tr>\n
\n

\nBasic weighted average common shares outstanding<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2,143,712<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

2,146,448<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted weighted average common shares outstanding<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2,247,300<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

2,236,674<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\n\u00a0<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20231011987466\/en\/<\/a><\/span><\/p>\n

Thomas Salerno
\n<\/b>
631-231-0333<\/b><\/p>\n

KEYWORDS:<\/b> United States North America New York<\/p>\n

INDUSTRY KEYWORDS:<\/b> Finance Consulting Professional Services Other Professional Services Human Resources<\/p>\n

MEDIA:<\/b><\/p>\n\n","protected":false},"excerpt":{"rendered":"

TSR, Inc. Reports Results for the First Quarter Ended August 31, 2023 Net Income increased 10.5% from Q1 FY23 HAUPPAUGE, N.Y.–(BUSINESS WIRE)– TSR, Inc. (Nasdaq: TSRI) (\u201cTSR\u201d or \u201cThe Company\u201d), a provider of information technology consulting and recruiting services, today announced its financial results for the first quarter ended August 31, 2023. For the quarter ended August 31, 2023, revenue decreased 14.1% from the same quarter last year to $22.5 million. Net income attributable to TSR for the current quarter was $547,000, or $0.24 per diluted share, as compared to $495,000, or $0.22 per share, in the prior year\u2019s first quarter. The Company ended the quarter with a strong balance sheet with $14.25 million in net working capital or approximately … <\/p>\n

Continue reading “TSR, Inc. Reports Results for the First Quarter Ended August 31, 2023”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-789799","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nTSR, Inc. Reports Results for the First Quarter Ended August 31, 2023 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/tsr-inc-reports-results-for-the-first-quarter-ended-august-31-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TSR, Inc. 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Reports Results for the First Quarter Ended August 31, 2023 - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/tsr-inc-reports-results-for-the-first-quarter-ended-august-31-2023\/","og_locale":"en_US","og_type":"article","og_title":"TSR, Inc. Reports Results for the First Quarter Ended August 31, 2023 - Market Newsdesk","og_description":"TSR, Inc. Reports Results for the First Quarter Ended August 31, 2023 Net Income increased 10.5% from Q1 FY23 HAUPPAUGE, N.Y.–(BUSINESS WIRE)– TSR, Inc. (Nasdaq: TSRI) (\u201cTSR\u201d or \u201cThe Company\u201d), a provider of information technology consulting and recruiting services, today announced its financial results for the first quarter ended August 31, 2023. For the quarter ended August 31, 2023, revenue decreased 14.1% from the same quarter last year to $22.5 million. Net income attributable to TSR for the current quarter was $547,000, or $0.24 per diluted share, as compared to $495,000, or $0.22 per share, in the prior year\u2019s first quarter. The Company ended the quarter with a strong balance sheet with $14.25 million in net working capital or approximately … Continue reading \"TSR, Inc. Reports Results for the First Quarter Ended August 31, 2023\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/tsr-inc-reports-results-for-the-first-quarter-ended-august-31-2023\/","og_site_name":"Market Newsdesk","article_published_time":"2023-10-11T23:01:28+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20231011987466r1&sid=flmnd&distro=nx&lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/tsr-inc-reports-results-for-the-first-quarter-ended-august-31-2023\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/tsr-inc-reports-results-for-the-first-quarter-ended-august-31-2023\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"TSR, Inc. 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