SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
July 26, 2004
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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) Identificaion Number)
incorporation
400 Oser Avenue, Hauppauge, NY 11788
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(Address of Principal Executive Offices) (Zip Code)
(631) 231-0333
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(Registrant's telephone number, including area code)
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(Former Name or Former Address, If Changed Since Last Report)
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ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not Applicable
(b) Not Applicable
(c) Exhibits
27.1. Press release dated July 26, 2004.
ITEM 12. Results of Operation and Financial Condition.
On July 26, 2004, the Registrant issued a press release with respect to
its operating results for the year ended May 31, 2004, a copy of which is filed
as Exhibit 27.1.
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: August 2, 2004
EXHIBIT INDEX
Exhibit No. Description
27.1 Press Release dated July 26, 2004.
Exhibit 27.1
TSR, Inc. Reports Financial Results for the Fourth Quarter and Fiscal Year Ended
May 31, 2004
Hauppauge, NY (July 26, 2004)---TSR, Inc., (Nasdaq:TSRI) a provider of computer
programming consulting services, today announced financial results for the
fourth quarter and fiscal year ended May 31, 2004.
For the quarter, which ended May 31st, revenues increased 3.9% from the same
quarter last year to $13.4 million. Consolidated net income increased 1.7% from
the comparable period to $546,000. Additionally, basic and diluted earnings per
share remained $0.12.
For the full year, revenues decreased 1.4% from the prior year to $51.7 million.
Consolidated net income decreased 10.1% from the prior year to $2,124,000.
Earnings per share decreased to $0.47 from $0.53.
Joe Hughes, CEO, stated, "In the current quarter, although revenues were up
almost 4% from the prior year quarter, net income did not keep pace due to a
higher effective income tax rate. For the fiscal year, revenues were down
slightly due to lower prices charged to customers. While margins were up, net
income decreased approximately 10%, primarily due to increased selling, general
and administrative expenses".
Mr. Hughes added, "Demand for IT professionals in the U.S. continues to be weak
and adverse trends such as an increasing use of offshore development companies
have substantially reduced job opportunities for stateside programmers. The
competitive market environment has resulted in us realizing less revenue and
profit on average from our consultants, while increasing the costs associated
with placing consultants. We cannot predict when competitive market 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 Fourth Quarter and Fiscal Year
Ended May 31, 2004
(Continued)
Based in Hauppauge, New York, TSR, Inc., provides information technology
professionals to major corporations and state and local government agencies.
Three Months Ended Year Ended
May 31, May 31,
2004 2003 2004 2003
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Revenues. . . . . . . . . . . . . . . . $ 13,421,000 $ 12,916,000 $ 51,725,000 $ 52,443,000
Operating expenses . . . . . . . . . . . 12,435,000 12,020,000 48,029,000 48,469,000
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Income from operations . . . . . . . . . 986,000 896,000 3,696,000 3,974,000
Other income . . . . . . . . . . . . . . 13,000 34,000 63,000 182,000
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Pre-tax income . . . . . . . . . . . . . 999,000 930,000 3,759,000 4,156,000
Income taxes. . . . . . . . . . . . . . 453,000 393,000 1,635,000 1,794,000
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Net income . . . . . . . . . . . . . . . $ 546,000 $ 537,000 $ 2,124,000 $ 2,362,000
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Basic and diluted net income per common
share . . . . . . . . . . . . . . . . . $ 0.12 $ 0.12 $ 0.47 $ 0.53
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Weighted average number of basic common
shares outstanding. . . . . . . 4,568,000 4,418,000 4,546,000 4,418,000
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Weighted average number of diluted
common shares outstanding. . . . . . . 4,570,000 4,418,000 4,551,000 4,418,000
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