TSR, Inc. Reports Record Revenue for the Second Quarter Ended November 30, 2021
TSR, Inc. (Nasdaq: TSRI) reported a 48.5% revenue increase in Q2 2021, reaching $23.9 million, up from $16.1 million in Q2 2020. The company achieved net income of $243,000, or $0.12 per diluted share, contrasting with a net loss of ($247,000) a year ago. TSR ended the quarter with a strong balance sheet featuring over $6.2 million in net cash and minimal debt. CEO Thomas Salerno highlighted persistent demand for staffing services, attributing growth to both new and existing clients.
- Revenue increased 48.5% year-over-year to $23.9 million.
- Net income of $243,000 compared to a net loss of $247,000 in the prior year.
- Operating income rose to $415,000 from an operating loss of $223,000.
- Strong balance sheet with over $6.2 million in net cash and less than $50,000 in debt.
- None.
Revenue increase
Balance Sheet Remains Strong with over
For the quarter ended
Both the second quarter of fiscal 2022 and the second quarter of fiscal 2021 contained results from the acquisition of
“TSR’s operational team as well as the hundreds of high-quality consultants working with our clients are all doing a fantastic job. We spent the first part of the 2021 calendar year building the team and modernizing several of our back office systems and we are now seeing some of the benefits of those investments with both sequential growth in revenues and solid operating income. We believe our strong balance sheet and largely untapped credit facility provide us the ability to further accelerate revenue and earnings growth through acquisitions.”
The Company will file its Form 10-Q for the quarter year 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, 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 Ended
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Six Months Ended
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2021
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2020
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2021
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2020
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Revenue, net |
$ |
23,864,000 |
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$ |
16,069,000 |
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$ |
46,730,000 |
$ |
30,583,000 |
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Cost of sales |
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19,816,000 |
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13,233,000 |
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38,871,000 |
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25,417,000 |
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Selling, general and administrative expenses |
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3,633,000 |
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3,059,000 |
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7,799,000 |
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5,330,000 |
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23,449,000 |
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16,292,000 |
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46,670,000 |
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30,747,000 |
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Income (loss) from operations |
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415,000 |
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(223,000 |
) |
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60,000 |
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(164,000 |
) |
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Other income (expense), net |
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(32,000 |
) |
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(54,000 |
) |
|
6,667,000 |
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(116,000 |
) |
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Pre-tax income (loss) |
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383,000 |
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(277,000 |
) |
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6,727,000 |
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(280,000 |
) |
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Income tax provision (benefit) |
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128,000 |
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(30,000 |
) |
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13,000 |
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(35,000 |
) |
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Consolidated net income (loss) |
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255,000 |
|
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(247,000 |
) |
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6,714,000 |
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(245,000 |
) |
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Less: Net income attributable to noncontrolling interest |
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12,000 |
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- |
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69,000 |
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5,000 |
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Net income (loss) attributable to |
$ |
243,000 |
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$ |
(247,000 |
) |
$ |
6,645,000 |
$ |
(250,000 |
) |
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Basic net income (loss) per |
$ |
0.12 |
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$ |
(0.13 |
) |
$ |
3.39 |
$ |
(0.13 |
) |
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Diluted net income (loss) per |
$ |
0.12 |
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$ |
(0.13 |
) |
$ |
3.27 |
$ |
(0.13 |
) |
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Basic weighted average common shares outstanding |
1,962,062 |
1,962,062 |
1,962,062 |
1,962,062 |
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Diluted weighted average common shares outstanding |
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2,032,878 |
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1,962,062 |
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2,031,690 |
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1,962,062 |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20220110005956/en/
631-231-0333
Source:
FAQ
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