SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
September 29, 2003
Date of Report (Date of Earliest Event Reported)
TSR, Inc.
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(Exact Name of Registrant as Specified in its Charter)
DELAWARE 0-8656 13-2635899
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(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
400 OSER AVENUE, HAUPPAUGE, NY 11788
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(Address of Principal Executive Offices) (Zip Code)
(Registrant's Telephone Number, Including Area Code)
(631) 231-0333
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(Former Name or Former Address, If Changed Since Last Report)
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not Applicable
(b) Not Applicable
(c) Exhibits
27.1. Press release dated September 29, 2003.
ITEM 12. Results of Operation and Financial Condition.
On September 29, 2003, the Registrant issued a press release with
respect to its operating results for the first quarter ended August 31, 2003, a
copy of which is filed as Exhibit 27.1.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TSR, INC.
By: s/JOHN G. SHARKEY
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Name: John G. Sharkey
Title: Vice President and Secretary
Date: September 29, 2003
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EXHIBIT INDEX
Exhibit No. Description
27.1 Press Release dated September 29, 2003.
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Exhibit 27.1
TSR, INC. REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED AUGUST 31, 2003
AND DECLARES QUARTERLY DIVIDEND OF $ 0.15 PER SHARE.
Hauppauge, NY (September 29, 2003)---TSR, Inc., (Nasdaq:TSRI) a provider of
computer programming consulting services, today announced financial results for
the first quarter ended August 31, 2003 and that its Board of Directors had
declared a quarterly cash dividend of $0.15 per share.
For the quarter ended August 31st, revenues decreased 6.9% from the same quarter
last year to $12.7 million. Consolidated net income decreased 24.1% from the
comparable period to $504,000. Additionally, earnings per share decreased to
$0.11 from $0.15.
The Company also announced that the Board of Directors had declared a cash
dividend of $0.15 per share for its first fiscal quarter. The dividend will be
payable October 31, 2003 to shareholders of record as of October 16, 2003.
Joe Hughes, CEO, stated, "We believe TSR remains one of the few small IT
staffing companies that has been able to maintain profitability and build its
cash during this period of decreased technology spending. As a result TSR paid a
special one-time dividend of $2.00 per share in July and announced a policy of
declaring dividends at the rate of $0.15 per quarter for its current fiscal year
and beyond, provided we are able to maintain cash flow from operations.
Demand for IT professionals in the U.S. continues to be weak and adverse trends
such as the continuing effects of the current economic climate and an increasing
use of offshore development companies have substantially reduced job
opportunities for stateside programmers. While we have experienced a small
increase in the number of consultants on billing from the prior year quarter,
the current weak economic environment has resulted in us realizing less profit
on average from our billable consultants. We hope when increased demand does
return, that we will be able to improve our pricing structure. However, at this
stage, we cannot predict when economic conditions will improve and the demand
for IT services will increase."
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.
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TSR, INC. REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED AUGUST 31, 2003
AND DECLARED QUARTERLY DIVIDEND OF $0.15 PER SHARE.
(CONTINUED)
Based in Hauppauge, New York, TSR, Inc., provides information technology
professionals to major corporations and state and local government agencies.
Three Months Ended
August 31,
2003 2002
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Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 12,737,000 $ 13,681,000
Operating expenses . . . . . . . . . . . . . . . . . . . . . . 11,859,000 12,551,000
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Income from operations . . . . . . . . . . . . . . . . . . . . 878,000 1,130,000
Other income . . . . . . . . . . . . . . . . . . . . . . . . . 30,000 50,000
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Pre-tax income . . . . . . . . . . . . . . . . . . . . . . . . 908,000 1,180,000
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . 404,000 516,000
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Net income . . . . . . . . . . . . . . . . . . . . . . . . . . $ 504,000 $ 664,000
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Basic and diluted net income per common share. . . . . . . . . $ 0.11 $ 0.15
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Weighted average common shares outstanding. . . . . . . . . . . 4,523,000
============ 4,418,000
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Weighted average diluted common shares outstanding. . . . . . . 4,531,000
============ 4,418,000
=========
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