To: James Strauss who wrote (14626 ) 6/8/1998 2:33:00 PM From: Susan Saline Read Replies (3) | Respond to of 53068
TSRI News out, This is causing it to be up 1 11/16 today 06/08/98 13:27 TSR (NASDAQ:TSRI) consulting unit leads to record growth [Reuters, 200 words] 06/08/98 12:59 TSR Makes Announcement [BusinessWire, 390 words] HAUPPAUGE, N.Y.--(BUSINESS WIRE)--June 8, 1998--TSR Inc. (NASDAQ:TSRI), a provider of computer programming consulting services and Year 2000 software solutions released an interim unaudited report reviewing performance for fiscal year ending May 31, 1998. Joe Hughes, president, stated, "On May 31st, TSR completed its most successful year. We estimate net income will be over 80% higher than fiscal 1997, our prior record year, with earnings per share in the range of $0.57. Furthermore, TSR is now stronger financially than at any other time in its history." "Consulting Services, our main business, achieved record earnings and revenue growth which was attributable to the broadening of our client base and generating meaningful revenue growth from both new and existing clients. "Our Year 2000 business unit contributed about 15% of this year's net income. Revenues in the fourth quarter are expected to be approximately equivalent to the prior quarter. As revenue growth and contract awards have been below our expectations, we are in the process of reducing expenses in this area in order to continue to realize profits near term. "We are optimistic about 1999's results. Assuming the consulting segment of the industry continues the strong growth trend, and we are able to participate along with the industry's growth, then it's reasonable to assume TSR will achieve record profits in the coming year." 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. CONTACT: TSR Inc., Hauppauge Joseph F. Hughes, 516/231-0333