TSR, Inc. (TSRI) experienced a decrease of 7.42% in the aftermarket. However, the last trading session closed at $9.3 with a decline of 3.12%.
First Quarter 2021 Financial Results
TSRI announced the recorded revenue for the first quarter on 13th October 2021. The revenue grew 57.5 percent to $22.9 million in the quarter ending August 31, 2021. Due to new business development, purchase, and organic growth, revenue climbed 57.5 percent in the first quarter. The current quarter’s operational deficit of TSRI was $355,000, compared to a $60,000 operating profit the previous quarter. A charge of $580,000 was recorded in the current quarter as a result of the settlement of litigation with the former CEO.
Moreover, TSR would have made a $225,000 operating profit for the quarter if this one-time charge had not occurred. The rise in SG&A compared to the prior-year quarter was primarily attributable to the expansion of the recruiting team. In addition, higher expenditures were incurred as a result of the purchase of Geneva Consulting Group, Inc. Lastly, the current quarter’s net income was $6,402,000. This was mostly due to the cancellation of principal and interest on the $6,735,000 SBA PPP Loan.
Fourth Quarter Fiscal Year Results 2021
TSRI announced fourth-quarter fiscal year results on 23rd August 2021. Revenue grew to $21.1 million in the quarter ending May 31, 2021. The previous quarter’s operating income was $15,000, down from $350,000 the previous quarter. The current quarter’s net loss applicable to TSR was $46,000. TSRI’s whole staff has worked tirelessly to produce excellent outcomes in a difficult climate.
They’re now seeing the actual results of their efforts. Not only this but the skills and resiliency they have built during these extraordinary circumstances have better positioned their team members for success in a more typical market. The Geneva purchase, as well as organic growth and new business development within the existing Geneva customer base, boosted revenue by 16.4% for the year. Last but not least, TSRI’s net loss was reduced to $601,000 from $1,126,000 the previous year as a result of this.
Third Quarter 2021 Results by TSRI
TSRI reported third-quarter 2021 results on 15th April 2021. Revenue grew from 21.3 percent to $17.1 million. The current quarter’s net loss was $339,000, contrasted to a prior-year quarter’s operating loss of $1,251,000. The current quarter’s net loss owing to TSR was $305,000, compared to a $945,000 net loss related to TSR in the previous quarter.
Furthermore, the selling, marketing, and administrative costs fell $187,000. The decline in SG&A was mostly attributable to an $818,000 accrual for a litigation agreement. Lastly, TSRI has started upgrading and modernizing a few of its back-office systems in the hopes of improving efficiency and allowing TSRI to grow.
