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Tsr Inc. has a market cap of $8.9 million; its shares were traded at around $2.2 with a P/E ratio of 55 and P/S ratio of 0.2. TSRI is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:Cost of sales for the quarter ended August 31, 2010, increased $211,000 or 2.8% to $7,657,000 from $7,446,000 in the prior year period. The increase in cost of sales resulted primarily from the increase in the number of consultants on billing with clients. Cost of sales as a percentage of revenue decreased from 81.9% in the quarter ended August 31, 2009 to 81.8% in the quarter ended August 31, 2010. The decrease in cost of sales as a percentage of revenue was primarily attributable to a reduced discount structure at one of the Company s major accounts.
Income from operations decreased $49,000 from $120,000 in the quarter ended August 31, 2009 to $71,000 in the quarter ended August 31, 2010. The decrease was primarily attributable to expenses increasing at a greater rate than revenue.
Net income decreased $42,000 from $83,000 in the quarter ended August 31, 2009 to $41,000 in the quarter ended August 31, 2010. Net income decreased primarily due to expenses increasing at a greater rate than revenue.
At August 31, 2010, the Company had working capital (total current assets in excess of total current liabilities) of $12,467,000 including cash and cash equivalents and certificates of deposit and marketable securities of $8,687,000 as compared to working capital of $12,455,000 including cash and cash equivalents and certificates of deposit and marketable securities of $8,685,000 at May 31, 2010.
For the three months ended August 31, 2010, net cash provided by operating activities was $37,000 compared to cash used in operating activities of $208,000 for the three months ended August 31, 2009, or an increase of $245,000. The cash provided by operating activities primarily resulted from net income of $41,000, an increase in accounts and other payables and accrued expenses and other current liabilities of $368,000, an increase in prepaid expenses of $30,000 and an increase in prepaid income taxes of $26,000, offset by an increase in accounts receivable of $430,000. The increase in accounts and other payables and accrued expenses resulted primarily from additional business days included in the accrued payroll. The increase in accounts receivable resulted primarily from additional accounts extending their payment terms from sixty to ninety days. The cash used in operating activities in the three months ended August 31, 2009, resulted primarily from an increase in accounts receivable.
Net cash used in financing activities resulted from distributions to the noncontrolling interest of $4,000 and the purchases of 11,400 shares of common stock for $26,000 in the three months ended August 31, 2010. In December 2009, the Board of Directors of the Company reaffirmed a plan previously approved in December 2007 authorizing the repurchase of shares of Common Stock and approximately 227,000 shares remain available for purchase under this plan. In the three months ended August 31, 2009, net cash used in financing activities resulted from a distribution to the noncontrolling interest of $6,000.
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