Subject: Re: Another Y2K stock
Date: Wed, Dec 17, 1997 21:08 EST
From: STKMAS
This might interest some of you--if not don't read--the y2k problem is HUGE!!
AUPPAUGE, NY--(BUSINESS WIRE)--Dec. 17, 1997--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, 1997. The
comparative results are:
-0-
*T
Three Months Ended Six Months Ended
November 30, November 30,
1997 1996 1997 1996
Revenues $17,516,000 $11,792,000 $33,294,000 $21,699,000
Operating
expenses 15,972,000 11,157,000 30,898,000 20,526,000
Income from
operations 1,544,000 635,000 2,396,000 1,173,000
Other income 44,000 32,000 88,000 175,000
Pre-tax income 1,588,000 667,000 2,484,000 1,348,000
Income taxes 707,000 302,000 1,134,000 598,000
Net income $ 881,000 $ 365,000 $ 1,350,000 $ 750,000
Earnings per
share $ 0.15 $ 0.06 $ 0.23 $ 0.13
Average shares
outstanding 5,967,000 5,828,000 5,942,000 5,828,000
*T
NOTE: Earnings per share and the average shares outstanding have
been adjusted for a two for one stock split declared Oct. 22, 1997
and paid Nov. 17, 1997.
Joe Hughes, chairman, stated, "The significant increase in
operating income for the current quarter over the comparable period
in the prior fiscal year occurred due to the combination of revenue
growth in the contract programming services business of 36% and the
first profitable quarterly results from our Year 2000 business.
"The revenue growth in the contract computer programming services
business is directly attributable to the number of programmers on
billing with customers which totaled 468 at Nov. 30, 1997 compared
with 392 at Nov. 30, 1996.
"The Year 2000 business posted its first operating profit of
$253,000 on revenues of $1,580,000 for the quarter ended Nov. 30,
1997. This is an improvement in income from operations of $750,000
over the prior quarter ending Aug. 31, 1997. Revenues for the six
month period totaled $2,165,000 while there were no revenues for the
corresponding three and six month periods in the prior fiscal year.
Providing we continue to provide quality compliance services, we
expect continued significant growth in this area.
"We are very pleased at this stage with the progress of our Year
2000 business unit that markets its compliance services under the
name 'Catch/21(TM)'. We now have agreements with or are providing
services to 12 blue chip companies, and most of them are in the
early stages of compliance. We are also working on several large
prospects, most of whom we believe we will close in the next two
months.
"We believe a distinctive benefit our proprietary software
provides is that it enables us to employ analytically bright people
who don't have any programming training. Recent hires without prior
programming experience are functioning as competent analysts in less
than a month. This gives us the ability to increase production
capacity rapidly and at a lower cost than originally anticipated,
since we will not have to compete for scarce, experienced COBOL
programmers."
Certain statements contained herein are forward looking
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