Here is some new news, but is this positive or negative?
They did miss by a penny, I believe.
Friday July 31, 12:30 pm Eastern Time
Company Press Release
TSR Inc. Reports Record Fiscal 1998 Fourth-Quarter and Full-Year
Financial Results
HAUPPAUGE, N.Y.--(BUSINESS WIRE)--July 31, 1998--TSR Inc. (NASDAQ:TSRI - news), a provider of computer
programming consulting services and Year 2000 software solutions, today announced financial results for the fiscal 1998
fourth quarter and year ending May 31, 1998.
Revenues and earnings per share for both the fourth quarter and full year were the highest ever reported for any three-month
period and fiscal year.
For the fourth quarter, which ended May 31, 1998, revenues increased 28 percent to $19.2 million from last year's $15
million. Fourth-quarter net income advanced 74 percent to $1 million, or $0.17 per share (diluted), from last year's net
income of $592,000, or $0.10 per share. For the fiscal 1998 fourth quarter, there were approximately 5.7 percent more
average shares outstanding than for the same period last year.
For the full year, revenues rose 42 percent to $70.4 million from the $49.7 million reported for fiscal 1997. Net income was
$3.4 million, or $0.57 per share (diluted), a 91 percent increase from fiscal 1997's $1.8 million, or $0.31 per share.
Year-over-year, there were 3.5 percent more average shares outstanding in fiscal 1998.
''We are pleased with the company's improved financial results, which were led by a higher operating profit margin from our
computer programming services business,'' stated Joseph Hughes, TSR's Chairman and Chief Executive Officer.
''Our computer consulting services business is continuing its steady revenue growth and, as a result, we expect our revenues
and earnings for the first quarter will exceed the comparable prior quarter and that we will show strong growth for fiscal
1999,'' Hughes added.
Certain statements contained herein 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 those described in the company's filings under the Securities
Exchange Act of 1934.
Based in Hauppauge, TSR Inc. provides a full range of consulting services for mainframe and microcomputer related
applications. In addition, the company has developed Catch/21, a semi-automated Year 2000 compliance solution for
information systems.
Three Months Ended Year Ended
May 31, May 31,
1998 1997 1998 1997
Revenues $19,174,000 $14,958,000 $70,435,000 $49,704,000
Operating expenses 17,359,000 13,891,000 64,370,000 46,734,000
Income from
operations 1,815,000 1,067,000 6,065,000 2,970,000
Other income 40,000 40,000 163,000 297,000
Pre-tax income 1,855,000 1,107,000 6,228,000 3,267,000
Income taxes 826,000 515,000 2,798,000 1,471,000
Net income $ 1,029,000 $592,000 $ 3,430,000 $ 1,796,000
Basic earnings per
share $ 0.17 $ 0.10 $ 0.58 $ 0.31
Diluted earnings
per share $ 0.17 $ 0.10 $ 0.57 $ 0.31
Average diluted
shares
outstanding 6,173,000 5,840,000 6,035,000 5,831,000
NOTE: Earnings per share and the average shares outstanding have been adjusted for a 2-for-1 stock split declared Oct. 22,
1997 and paid Nov. 17, 1997. |
