TSR, Inc. Reports Financial Results for the Quarter Ended August 31, 2009

• Press Release
• Source: TSR, Inc.
• On 5:00 pm EDT, Wednesday October 7, 2009

HAUPPAUGE, N.Y.--(BUSINESS WIRE)--TSR, Inc., (Nasdaq:TSRI - News) a provider of computer programming consulting services, today announced financial results for the first quarter ended August 31, 2009.

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Symbol	Price	Change
TSRI	2.32	+0.02

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For the quarter ended August 31st, revenues decreased 25.2% from the same quarter last year to $9.1 million. Consolidated net income attributable to TSR shareholders decreased 70.7% from the comparable period to $63,000. Additionally, earnings per share decreased from $0.05 to $0.02.

Joe Hughes, CEO, stated, “Revenue for the quarter ended August 31, 2009 decreased 25.2% from the prior year period. The decrease in revenue resulted primarily from the average number of consultants on billing with customers decreasing from 299 for the quarter ended August 31, 2008 to 215 for the quarter ended August 31, 2009. Net income attributable to shareholders decreased approximately 70.7% as customers have continued to reduce IT spending, resulting in a reduced number of consultants on billing and reduced opportunities to place consultants on new assignments.

“The broad based economic downturn has had a serious impact on our bottom line as evidenced by the results for the quarter just ended. Additionally, since any improvements appear to be slow and uncertain, we expect the economic conditions to continue to adversely affect earnings throughout our fiscal year.”

Certain statements contained herein, including statements as to the Company’s plans, 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 the following: the impact of current adverse conditions in the credit markets and current adverse economic conditions on the Company’s business; risks relating to the competitive nature of the markets for contract computer programming services; the extent to which market conditions for the Company’s contract computer programming services will continue to adversely affect the Company’s business; the concentration of the Company’s business with certain customers; uncertainty as to the Company’s ability to maintain its relations with existing customers and expand its business; the impact of changes in the industry and the Company’s ability to adapt to changing market conditions and other risks and uncertainties described in the Company’s filings under the Securities Exchange Act of 1934.

Based in Hauppauge, New York, TSR, Inc., provides information technology professionals to major corporations.

TSR, Inc.
John Sharkey, 631-231-0333