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Business Wire
TSR ANNOUNCES FINANCIAL RESULTS BUSINESS
EDITORS
HAUPPAUGE, N.Y.--(BUSINESS WIRE)--April 9, 1997--TSR Inc.
(NASDAQ:TSRI.O), a provider of computer programming services and Year
2000 software solutions today reported sharply higher operating
results for the three months and nine months ended Feb. 28, 1997.
The comparative results are:
-0-
*T
Three Months Ended Nine Months Ended
Feb. 28, Feb. 28,
1997 1996 1997 1996
Revenues $13,046,000 $ 7,988,000 $34,746,000 $23,178,000
Operating expenses 12,317,000 7,682,000 32,843,000 22,214,000
Income from
operations 729,000 306,000 1,903,000 964,000
Other income:
Investment income,
net 83,000 57,000 179,000 187,000
Gain on sales of
assets - 2,000 78,000 -
Pre-tax income 812,000 365,000 2,160,000 1,151,000
Income taxes 358,000 164,000 956,000 513,000
Net income $ 454,000 $ 201,000 $ 1,204,000 $ 638,000
Earnings per
share $ 0.16 $ 0.07 $ 0.41 $ 0.21
Average shares
outstanding 2,914,000 2,984,000 2,914,000 3,014,000
*T
NOTE: Earnings per share and the average shares outstanding have
been adjusted for a two for one stock split declared Oct. 28, 1996
and paid Nov. 14, 1996.
J.F. Hughes, president, stated, "The increase in operating
income for both the current three month and nine month periods
occurred primarily because of revenue growth of 73% and 62%
respectively, in the contract programming services business. Such
increase is directly attributable to an increase in the number of
programmers on billing with customers which primarily occurred in the
first and second quarters of fiscal 1997.
Additionally, during the quarter and nine month periods the
company incurred operating expenses of $157,000 and $303,000
respectively, in connection with the development and marketing costs
of our proprietary Year 2000 compliance solution. Year 2000
development, production and marketing expenses are expected to rise
by an estimated $200,000 in the fourth quarter as planned and these
expenses will, therefore, impact fourth quarter earnings."
Hughes added, "The Fortune 500 company who gave us our first
pilot, an 80,000 line COBOL application, has advised us that they
are very satisfied with the results, and we are currently discussing
a broad agreement. In addition a number of other major companies
have given us pilots in order to evaluate the effectiveness of our
solution. Based on the feedback to date, we are optimistic that the
successful completion of these pilots will result in meaningful
revenue. However, there can be no assurance that the test results
will be satisfactory to these companies or that even if the results
are satisfactory, it will result in contracts for conversion
of software programs or material revenues."
The information contained herein includes certain
forward-looking statements, including statements concerning the
future prospects of TSR's CATCH/21 software. These statements
involve risks and uncertainties, including the risk that the
CATCH/21 software will not perform satisfactorily in future testing,
result in orders or achieve commercial acceptance, as detailed in
the company's filings with the Securities and Exchange Commission.
--30--kam/ny* lb
CONTACT: TSR Inc., Hauppauge
J.F. Hughes, 516/231-0333
KEYWORD: NEW YORK
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED EARNINGS
REPEATS: New York 212-752-9600 or 800-221-2462; Boston 617-236-4266 or
800-225-2030; SF 415-986-4422 or 800-227-0845; LA 310-820-9473
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com
Copyright 1997, Business Wire
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