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TSR revenue up 11%

October 12, 2015

TSR Inc. (NASD: TSRI), a Hauppauge, NY-based supplier of IT staffing, reported revenue rose 11.3% to $15.2 million in its fiscal first quarter ended Aug. 31.

Last month, Joseph Hughes resumed his duties as the company’s chairman, president, CEO and treasurer, following an 80-day medical leave of absence.

(US$ thousands) Q1 2016 Q1 2015 % growth
Revenue $15,235 $13,686 11.3%
Net income attributable to TSR $134 $25 436.0%

Quote

“Our revenue increase of 11.3% for the first quarter reflects continued improved growth resulting from the efforts of our new hires in sales and recruiting” said CEO Joe Hughes. “The increase in revenue resulted from the average number of consultants on billing with customers increasing from 331 in the quarter ended August 31, 2014 to 345 in the quarter ended August 31, 2015. Additionally, the average daily rate charged for the consultants on billing with customers increased approximately 7.4% in the current quarter compared with the prior year quarter. This rate increase is a result of placing more consultants in higher level positions. Although we are experiencing a gradual increase in revenue, profitability will continue to be affected until such time as our new sales and recruiting hires contribute to a sufficient increase in revenue.”

Share price and market cap

Shares in TSR rose 1.64% in early afternoon trading today to $4.70 and TSR had a market cap of $9.22 million, according to Yahoo!