I discovered TSRI on the WEB in the Investor's Business Dailey % rise in volume column and all the numbers looked great. I researched it on the web the same evening and bought the next morning at 13 3/4. This was in the first week of October. It has split since then and today it closed at 12 1/2. The sales and earnings are accelerating!
I had to do a few adjustments and shorten some headings to get adecent alignment of the report.
Last Friday's news:
TSR announces financial results
BusinessWire, Friday, December 13, 1996 at 13:19
HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Dec. 13, 1996--TSR Inc.
(NASDAQ:TSRI), a provider of computer programming services and Year
2000 software solutions today reported sharply higher operating
results for the three months and six months ended Nov. 30, 1996.
The comparative results are:
*T
Three Months Ended Six Months Ended
Nov. 30, Nov. 30,
1996 1995 1996 1995
Revenues $11,792,000 $ 7,608,000 $21,699,000 $15,189,000
Op expenses 11,158,000 7,327,000 20,526,000 14,531,000
Income 634,000 281,000 1,173,000 658,000
Other income:
Inv income, net 33,000 62,000 98,000 131,000
Sales of assets 1,000 5,000 78,000 (2,000)
Pre-tax income 668,000 348,000 1,349,000 787,000
Income taxes 302,000 156,000 598,000 349,000
Net income $ 366,000 $ 192,000 $ 751,000 $ 438,000
Earnings share$ 0.13 $ 0.06 $ 0.26 $ 0.14
Average shares
outstanding 2,914,000 3,030,000 2,914,000 3,030,000
*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 six month periods
occurred primarily because of revenue growth of 67% and 57%
respectively, in the contract programming services business. Such increase is directly attributable to an increase in the number of programmers on billing with customers. Additionally, during the quarter and six month periods the company incurred operating expenses of $118,000 and $146,000 respectively, in connection with the creation of a Year 2000 conversion solution without any corresponding revenue. The company's construction specifications subsidiary which terminated
business March 1, 1996 had contributed operating profit in the prior
year of $90,000 and $184,000 in the three and six month periods. In
the quarter ended Aug. 31, 1996 this subsidiary recorded
approximately $77,000 of non-operating income in accordance with a
termination agreement signed in June 1996."
CONTACT: TSR Inc., Hauppauge
J.F. Hughes, 516/231-0333 |
