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TSR revenue rises 5%, net loss reported

August 05, 2014

Information technology staffing firm TSR Inc. (NASD: TSRI) reported revenue rose 4.8 percent year over year to $13.1 million in its fiscal fourth quarter ended May 31. However, the Hauppauge, N.Y.-based firm reported a net loss attributable to TSR of $38,000 compared to net income of $11,000 in the year-ago quarter.

The increase in revenue resulted primarily from an increase in the average number of consultants on billing with customers. This number rose to 319 from 301 in same quarter year prior, according to CEO Joe Hughes.

For the full fiscal year, revenue increased 10.3 percent to $49.5 million, and TSR reported a net loss attributable to the company of $86,000 compared to a net loss of $520,000 in fiscal year 2013.

Quote
“We also anticipate a continued increase of selling, general and administrative expenses,” Hughes said. “These increased expenses are associated with hiring of additional recruiters and the increase in expenses associated with the hiring of new sales professionals. Although we experienced an increase in revenue and a decrease in the net loss attributable to TSR Inc. for the fiscal year under the company’s plan for internal growth, we anticipate that our results will continue to be affected, with only gradual improvement until such time as the additional recruiters and sales executives begin to generate a sufficient increase in revenue.”

Revenue

  Q4 2014 ($000s) Q4 2013 ($000s) % growth
Revenue $13,149 $12,550 4.8%

Net loss

  Q4 2014 ($000s) Q4 2013 ($000s) % growth
Net loss attributable to TSR -$38 $11 -445.5%

Share price and market cap
Shares in TSR fell 0.21 percent to $3.12 in early afternoon trading today and TSR had a market cap of $6.12 million, according to Yahoo!

Full-year results

  FY 2014 ($000s) FY 2013 ($000s) % growth
Revenue $49,530 $44,914 10.3%
Net loss attributable to TSR -$86 -$520 -83.5%