-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VhVJzsfHCa0/VPiRaptVLvE2Z0a28iUyQtS28mXwnignl7YLzyiirVcBPS/FoQ7u esboRDeUDxtThvWf+UMqSg== 0000950110-97-000630.txt : 19970414 0000950110-97-000630.hdr.sgml : 19970414 ACCESSION NUMBER: 0000950110-97-000630 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970228 FILED AS OF DATE: 19970411 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: TSR INC CENTRAL INDEX KEY: 0000098338 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING SERVICES [7371] IRS NUMBER: 132635899 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-08656 FILM NUMBER: 97578809 BUSINESS ADDRESS: STREET 1: 400 OSER AVE CITY: HAUPPAUGE STATE: NY ZIP: 11788 BUSINESS PHONE: 5162310333 MAIL ADDRESS: STREET 1: 400 OSER AVENUE CITY: HAUPPAUGE STATE: NY ZIP: 11788 FORMER COMPANY: FORMER CONFORMED NAME: TIME SHARING RESOURCES INC DATE OF NAME CHANGE: 19840129 10-Q 1 FORM 10-Q =============================================================================== UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 --------- FORM 10-Q --------- [X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the period ended February 28, 1997 ----------------- [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ______ to ______ Commission File Number: ---------------------------- 0-8656 TSR, Inc. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) DELAWARE 13-2635899 - ------------------------------------ -------------------------------------- (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 400 OSER AVENUE, HAUPPAUGE, NY 11788 ---------------------------------------- (Address of principal executive offices) 516-231-0333 ------------------------------- (Registrant's telephone number) NONE ---------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. [X] Yes [ ] No SHARES OUTSTANDING 2,914,138 shares of common stock, par value $.01 per share, as of March 31, 1997. =============================================================================== Page 1 TSR, INC. AND SUBSIDIARIES INDEX Page Number ------ Part I. Financial Information: Item 1. Financial Statements: Consolidated Condensed Balance Sheets -- February 28, 1997 and May 31, 1996.................................... 3 Consolidated Condensed Statements of Earnings -- For the three months and nine months ended February 28, 1997 and 1996. 4 Consolidated Condensed Statements of Cash Flows -- For the nine months ended February 28, 1997 and 1996.................. 5 Notes to Consolidated Condensed Financial Statements.................... 6 Item 2. Management's Discussion and Analysis.............................. 7 Part II. Other Information................................................. 10 Signatures..................................................................10 Page 2 Part I. Financial Information Item 1. Financial Statements TSR, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEET
February 28, May 31, 1997 1996 ------------ ------------ ASSETS Current Assets: Cash and cash equivalents ..................................... $ 1,765,928 $ 2,958,922 Marketable securities (Note 5).................................. 958,478 1,691,462 Accounts receivable (net of allowance for doubtful accounts of $166,000 and $164,000).................. 10,214,966 6,022,264 Other receivables............................................... 94,718 35,315 Prepaid expenses................................................ 24,400 34,039 Prepaid and recoverable income taxes............................ 14,238 29,875 Deferred income taxes........................................... 81,000 118,000 ----------- ----------- Total current assets......................................... 13,153,728 10,889,877 Equipment and leasehold improvements, at cost (net of accumulated depreciation and amortization of $795,000 and $699,000)......... 317,391 220,723 Other assets........................................................ 33,895 34,091 Deferred income taxes............................................... 24,000 22,000 ----------- ----------- $13,529,014 $11,166,691 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts and other payables..................................... $ 180,804 $ 159,797 Accrued and other liabilities................................... 2,670,087 1,841,107 Income taxes payable............................................ 91,348 130,695 Advances from customers......................................... 747,853 399,945 ---------- ---------- Total current liabilities.................................... 3,690,092 2,531,544 Shareholders' Equity: Preferred stock, $1 par value, authorized 1,000,000 shares; none issued................................ -- -- Common stock, $.01 par value, authorized 4,000,000 shares; issued 2,914,138 and 2,469,596 shares................ 29,141 24,696 Additional paid-in capital...................................... 1,562,973 1,562,973 Retained earnings............................................... 8,246,808 10,334,277 Less: 1,012,527 common shares in treasury, at cost........... -- (3,286,799) ----------- ----------- 9,838,922 8,635,147 ----------- ----------- $13,529,014 $11,166,691 =========== ===========
The accompanying notes are an integral part of these consolidated condensed financial statements. Page 3 TSR, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS FOR THE THREE AND NINE MONTHS ENDED FEBRUARY 28, 1997 AND 1996
Three Months Ended Nine Months Ended February 28, February 28, 1997 1996 1997 1996 ------------ ------------ ------------ ------------ Revenues ................................ $ 13,046,530 $ 7,988,438 $ 34,745,867 $ 23,177,618 Cost of sales ........................... 10,016,593 5,884,589 26,322,588 16,915,219 Selling, general and administrative expenses .............. 2.300,731 1,797,778 6,520,348 5,298,497 ------------ ------------ ------------ ------------ 12,317,324 7,682,367 32,842,936 22,213,716 ------------ ------------ ------------ ------------ Income from operations .................. 729,206 306,071 1,902,931 963,902 Other income: Interest and dividend income ........ 32,062 53,059 121,843 175,565 Gain (loss) from sales of securities 50,444 4,131 57,351 12,242 Gain (loss) from sales of assets .... -- 1,500 77,650 (424) ------------ ------------ ------------ ------------ Income before income taxes .............. 811,712 364,761 2,159,775 1,151,285 Provision for income taxes .............. 358,000 164,000 956,000 513,000 ------------ ------------ ------------ ------------ Net income.......................... $ 453,712 $ 200,761 $ 1,203,775 $ 638,285 ============ ============ ============ ============ Net income per common share............. $ 0.16 $ 0.07 $ 0.41 $ 0.21 ============ ============ ============ ============ Weighted average number of common shares outstanding ............ 2,914,138 2,984,472 2,914,138 3,014,250 ============ ============ ============ ============
The accompanying notes are an integral part of these consolidated condensed financial statements. Page 4 TSR, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED FEBRUARY 28, 1997 AND 1996
Nine Months Ended February 28, 1997 1996 ----------- ----------- Cash flows from operating activities: Net income ...................................................... $ 1,203,775 $ 638,285 ----------- ----------- Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization ................................ 116,377 118,299 Provision for losses on accounts receivable .................. -- 10,000 Gain on sales of securities .................................. (57,351) (12,242) Deferred income taxes ........................................ 35,000 (7,000) Loss (gain) on sales of assets ............................... (77,650) 424 Changes in assets and liabilities: Trade accounts receivable ................................ (4,192,702) (976,277) Other accounts receivable ................................ (59,403) 44,940 Prepaid expenses ......................................... 9,639 (15,762) Prepaid and recoverable income taxes ..................... 15,637 25,106 Other assets ............................................. 196 (9,645) Accounts payable and accrued expenses .................... 849,987 49,531 Income taxes payable ..................................... (39,347) (8,134) Advances from customers .................................. 347,908 129,703 ----------- ----------- Total adjustments ............................................ (3,051,709) (651,057) ----------- ----------- Net cash provided by (used in) operating activities ............. (1,847,934) (12,772) ----------- ----------- Cash flows from investing activities: Proceeds from sales of marketable securities ................. 3,655,638 4,633,298 Purchase of marketable securities ............................ (2,865,303) (2,640,233) Purchase of fixed assets ..................................... (213,045) (139,351) Proceeds from sales of assets ................................ 77,650 15,756 ----------- ----------- Net cash provided by investing activities ....................... 654,940 1,869,470 ----------- ----------- Cash flows from financing activities: Purchase of treasury stocks .................................. -- (246,475) Cash dividends ............................................... -- (605,828) ----------- ----------- Net cash used in financing activities ........................... -- (852,303) ----------- ----------- Net increase (decrease) in cash and cash equivalents ................ (1,192,994) 1,004,395 Cash and cash equivalents at beginning of period .................... 2,958,922 633,656 ----------- ----------- Cash and cash equivalents at end of period .......................... $ 1,765,928 $ 1,638,051 =========== =========== Supplemental Disclosures: Income tax payments (refunds), net .............................. $ 945,000 $ 503,000 =========== =========== Interest paid................................................... $ -- $ -- =========== ===========
The accompanying notes are an integral part of these consolidated condensed financial statements. Page 5 TSR, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS FEBRUARY 28, 1997 1. The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions of Form 10- Q of Regulation S-X. Accordingly, they do not include all the information and notes required by generally accepted accounting principles for complete financial statements. For further information refer to the Registrant's consolidated financial statements and notes thereto included in the Registrant's Annual Report on Form 10-K for the year ended May 31, 1996. 2. In the opinion of the Registrant, the accompanying unaudited consolidated condensed financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the consolidated financial position, the consolidated results of operations, and consolidated cash flows for the periods presented. 3. The Registrant is engaged primarily in the business of providing contract computer programming services and Year 2000 software solutions. In addition, the Registrant provides maintenance and support for its conversion software and provides program updating and consulting services to American Express Bank, Ltd. (AEBL). Previously, until March 1, 1996, the Registrant provided construction specifications databases on magnetic media, and until October 8, 1995, provided temporary nursing services and nurses' aides to health care facilities and home care patients. The results of operations for the nine month period ended February 28, 1997 are not necessarily indicative of the results to be expected for the full year. 4. The consolidated condensed financial statements include the accounts of TSR, Inc. and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. 5. Marketable securities consist primarily of United States Treasury Bills with a maturity at acquisition in excess of 90 days. Such investments are expected to be held to maturity and are carried at amortized cost. Included with marketable securities are the Registrant's trading securities which consist of those investments the Registrant considers short-term in nature. Such investments are carried at their fair market value. At February 28, 1997, the amortized cost was approximately $ 12,000 above fair market value and therefore were adjusted with a credit to earnings. A breakdown of the investments are as follows: Held to maturity....... $ 473,105 Trading securities..... 485,373 ---------- $ 958,478 ========== 6. On July 18, 1995, the Board of Directors of the Company declared a cash dividend of $0.40 per share on Common Stock payable on August 28,1995 to shareholders of record on July 31, 1995. The Company funded such dividend from its available cash and United States Treasury Bills. This dividend, which amounted to $605,828, did not have a material impact on the liquidity of the Company. The Registrant has not adopted a policy of paying dividends on a regular periodic basis. 7. On October 8, 1995, the Registrant discontinued its health care services business by transferring the existing caseload to another licensed home care agency, which did not result in a gain or loss to the Company. Based on the agreement, the purchasing agency pays the Company 50% of the gross profit generated from the transferred accounts for a period of two years, which amounted to $ 103,000 included in revenue in the nine month period of fiscal 1997. 8. The Registrant's exclusive license to market construction specifications databases expired March 1, 1996. In June 1996, the Company sold its customer database for $76,850 which was recorded as non-operating income in the first quarter of fiscal 1997. As of February 28, 1997, the Registrant had an accrued liability of $ 64,000 which it deems adequate for ongoing customer support costs associated with the terminated business. 9. On October 10, 1996, the Board of Directors of the Company declared a two for one stock split on the shares of Common Stock, payable November 14, 1996 to stockholders of record as of October 28, 1996. Also, prior to the split, the Board of Directors authorized the retirement of 1,012,527 shares of Treasury Stock. Prior period earnings per share and weighted average shares outstanding have been adjusted accordingly. Page 6 Part I.Financial Information Item 2. TSR, INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION The following discussion and analysis should be read in conjunction with the consolidated condensed financial statements and the notes to the consolidated condensed financial statements. Results of Operations Three Months Ended February 28, 1997 as compared with February 28, 1996 For the quarter ended February 28, 1997, revenues increased $5,058,000 or 63% over the prior year period. In the prior year quarter construction specifications and health care services revenues were $468,000, while such revenues were only $20,000 in the current quarter due to the discontinuance of these businesses in fiscal 1996. In the current quarter the Registrant recorded its first revenue from its Year 2000 software solutions business which amounted to $ 45,000. Contract computer programming services revenues increased $5,462,000, or 73% over the prior year period, which resulted primarily from further penetration within existing accounts by the sales personnel, mostly with the three companies which resulted from the split up of AT&T. The Registrant ended the quarter ended February 28, 1997 with 425 contract computer programming consultants on billing with customers, the highest level that the Registrant has attained, as compared with 400 consultants at November 30, 1996 and 250 consultants at February 28, 1997. The increase in consultants on billing occurred primarily during the first and second quarters of fiscal 1997. Orders for consultants placed on billing during those quarters were generally for large blocks of consultants and a significant portion of the consultants placed by the Registrant have been concentrated at relatively few accounts. During the quarter ended February 28, 1997, the Registrant observed a continuing trend of a tightening in the number of computer programmers available in the market place. To date such tightening has not limited the Registrant's ability to obtain consultants for placements with customers (or the costs of obtaining consultants). However, in the future, further tightening of the available supply of consultants may have such impacts. Cost of sales increased $4,132,000 or 70% over the prior year quarter. This increase resulted from additional costs of $4,097,000 from contract computer programming, which resulted primarily from the above-mentioned revenue increase. The additional costs included $117,000 associated with pilot projects to test the Registrant's Year 2000 conversion software. Year 2000 development and production costs are expected to rise by an estimated $200,000 in the fourth quarter as planned as additional test projects are undertaken. The increase in cost of sales was offset to an extent by increased margins in the contract computer programming business. Gross margins for the quarter ended February 28, 1997 were 23.7% compared to 22.8% for the prior year period. The increase in gross margins continues the trend started in the fourth quarter of fiscal 1996 and is attributable to increased billing rates on a portion of the Registrant's lower margin business. Cost of sales decreased by $82,000 in the construction specifications and health care service businesses, as compared to the prior year period, due to the termination of these businesses. Selling, general, and administrative expenses increased $503,000, or 28% over the prior year period. The increase in expenses in the contract computer programming business of $679,000, were primarily due to additional commission based compensation and the hiring of additional sales and recruiting employees, including those hired to staff a new office in Connecticut. This new office also added to facility costs. These increases were made pursuant to the Registrant's plan for growth which seeks to focus on bringing in new accounts to reduce its concentration of business risk. Included in this increase is $40,000 of expenses related to the establishment of a Year 2000 software solutions business. The termination in fiscal 1996 of the construction specifications and health care services businesses was responsible for a reduction of $216,000 in expenses. Interest and dividend income decreased by $21,000 in the quarter, primarily due to a decrease of investable funds, which has occurred due to the increase in accounts receivable. Gains from the sales of securities resulted from the purchase and sale of marketable equity securities during the period, along with adjusting their carrying value to market value at February 28, 1997. Page 7 TSR, INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION, CONTINUED Nine Months Ended February 28, 1997 as compared with February 28, 1996 For the nine months ended February 28, 1997, revenues increased $11,568,000 or 50% over the prior year period. In the prior year period construction specifications and health care services revenues were $1,783,000, while such revenues were only $103,000 in the current period due to the discontinuance of these businesses in fiscal 1996. Contract computer programming services revenues increased by $13,203,000, or 62% over the prior year period, which resulted primarily from further penetration within existing accounts by the sales personnel, mostly with the three companies which resulted from the split up of AT&T. In the current nine month period the Registrant recorded its first revenues amounting to $45,000 from its Year 2000 conversion practice. Cost of sales increased $9,407,000 or 56% over the prior year period. This increase included additional costs of $9,716,000 from contract computer programming, which resulted primarily from the above-mentioned revenue increase. The additional costs included $201,000 associated with pilot projects to test the Registrant's Year 2000 conversion software. Year 2000 development and production costs are expected to rise by an estimated $200,000 in the fourth quarter as planned as additional test projects are undertaken. The increase in cost of sales was offset to an extent by increased margins in the contract computer programming business. Gross margins for the nine months ended February 28, 1997 were 24.5% as compared to 23.3% during the prior year period. This increase in gross margins continues the trend started in the fourth quarter of fiscal 1996 and is attributable to increased billing rates on a portion of the Registrant's lower margin business. Cost of sales decreased by $510,000 in the construction specifications and health care service businesses as compared to the prior year period, due to the termination of these businesses. Selling, general, and administrative expenses increased $1,222,000, or 23% over the prior year period. The contract computer programming business increases of $1,840,000 were primarily due to additional commission based compensation and the hiring of additional sales and recruiting employees, including those hired to staff a new office in Connecticut. This new office also added to facility costs. These increases are being made pursuant to the Registrant's plan for growth which seeks to focus on bringing in new accounts. Included in this increase is $102,000 of expenses related to the establishment of a Year 2000 software solutions business. The termination in fiscal 1996 of the construction specifications and health care services was responsible for a reduction of $720,000 in expenses. Interest and dividend income decreased by almost $54,000 in the period, primarily due to a decrease of investable funds, which has occurred due to the increase in accounts receivable and the dividend paid at the end of the first quarter of fiscal 1996. Gains from the sales of securities resulted from the purchase and sale of marketable equity securities during the period. The gain on sales of assets resulted primarily from the sale of the construction specifications customer and prospect list for approximately $77,000. Liquidity, Capital Resources and Changes in Financial Condition The Registrant's cash flow from operations has historically been sufficient to fund the Registrant's cash requirements. Primarily as a result of the significant growth in the Registrant's contract computer programming business, the Registrant's accounts receivable have increased significantly ($10,214,966 at February 28, 1997 as compared to $6,022,264 at May 31, 1996), resulting in a reduction in the Registrant's liquid assets. If the growth which the Registrant has experienced over the past nine months in its contract computer programming business continues or the Registrant requires substantial funding for its Year 2000 code conversion business, the Registrant may require financing in addition to cash flow from operations and available cash and short-term securities to meet its needs. In anticipation of possible future requirements, the Registrant is exploring the establishment of credit facilities with lending institutions. Net cash flow used in operations resulted primarily from the increase in accounts receivable, which occurred primarily because of the significant revenue increase and partly due to a longer collection cycle on a portion of the Registrant's business. The Registrant's receivables increased to $10,214,966 at February 28, 1997 from $6,022,264 at May 31, 1996. Page 8 TSR, INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION, CONTINUED Liquidity, Capital Resources and Changes in Financial Condition, Continued Cash flow provided by investing activities resulted from the Registrant not rolling over part of its United States Treasury Bill portfolio as it matured. This resulted in funds being reclassified from marketable securities to cash and cash equivalents. The Registrant's capital resource commitments at February 28, 1997 consisted of lease obligations on its branch and corporate locations. The Registrant intends to finance these commitments from cash provided from operations. The Registrant has recently entered the highly competitive market to correct problems which will occur in client application systems resulting from the upcoming change in the century on January 1, 2000. The Registrant's approach, which it believes is innovative, utilizes recently created CATCH/21 conversion software. CATCH/21 examines the source code of an application and with the assistance of an analyst builds a date table that identifies all date fields used in the application program with their formats. Another CATCH/21 program automates the conversion process. CATCH/21 operates by embedding a subroutine in the source code of the application which takes control of adjusting the date information. The subroutine separately adjusts the date information using a sliding century approach, and returns control to the application program. The Registrant believes that its approach is more automated than approaches being used by certain other companies and less expensive (estimated at $0.20 per-line-of-code using CATCH/21) than such approaches. Other companies are also developing or may in the future develop Year 2000 conversion software, including MatriDigm Corp. which recently announced development of an automated conversion program. There can be no assurance that the Registrant will be able to compete with any conversion software or other approaches developed by others. The Registrant has recently completed a field test of its system on an 80,000 line COBOL application with a Fortune 500 company and has been advised that such company is very satisfied with the results. The Registrant is currently discussing a broad agreement with this company, although there can be no assurance that an agreement will be entered into. In addition, a number of other companies are conducting field tests of the Registrant's Catch/21 conversion software in which the Registrant is converting small COBOL application software programs to be Year 2000 compliant in order to enable such other companies to evaluate the overall effectiveness of the Registrant's conversion software. Based on feedback to date, the Registrant is optimistic that the field tests currently being conducted will result in contracts for conversion of software programs, which could result in meaningful revenues. However, there can be no assurance that the test results will be satisfactory to these companies or that, even if the results are satisfactory, it will result in contracts for conversion of software programs or material revenues. The Registrant has not yet received any orders for CATCH/21, and there can be no assurance that the Registrant's approach will receive any significant customer acceptance, that the Registrant will be successful in the code conversion market, or that such business will be profitable. The Registrant operates this business through a newly-created subsidiary which is 80% owned by the Registrant and 20% owned by the creator of the software. Additionally, while the Registrant believes that its approach is innovative and has filed a patent application with respect to its method, there can be no assurance that a patent will be issued. Furthermore, even if a patent is issued with respect to the Registrant's method, the Registrant does not believe that the patent would prevent others from developing conversion software that could compete with CATCH/21. There can be no assurance that, if issued, a patent will afford adequate protection to the Registrant or not be challenged, invalidated, infringed, or circumvented, or that any rights granted thereunder will provide competitive advantage to the Registrant. Forward-Looking Statements This Form 10-Q contains certain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements concerning the development of the Registrant's CATCH/21 product, future prospects and the Registrant's future cash flow requirements, that involve risks and uncertainties, including risks relating to the competitive nature of the markets for contract computer programming services and the newly developed code conversion market, concentration of the Registrant's business with certain customers and uncertainty as to the Registrant's ability to bring in new customers, and the risk that the CATCH/21 software will not perform satisfactorily or achieve commercial acceptance, as detailed above and in the Registrant's Annual Report on Form 10-K for the Year Ended May 31, 1996 and from time to time in the Registrant's filings with the Securities and Exchange Commission. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements. Page 9 TSR, INC. AND SUBSIDIARIES Part II. Other Information Item 6. Exhibits and Reports on Form 8K (a). Exhibit 27: Financial Data Schedule (b). Reports on Form 8K: None 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 thereunto duly authorized. TSR, INC. ------------------------------ (Registrant) Date: April 10, 1997 /s/ J.F. HUGHES ---------------------------------------------- J.F. Hughes, Chairman, President and Treasurer Date: April 10, 1997 /s/ JOHN G. SHARKEY ---------------------------------------------- John G. Sharkey, Vice President, Finance Page 10 EX-27 2 FDS
5 TSR, INC. AND SUBSIDIARIES Exhibit 27, Financial Data Schedule to Report on Form 10Q, February 28, 1997 9-MOS MAY-31-1997 FEB-28-1997 1,765,928 958,478 10,214,966 166,247 0 13,153,728 1,112,044 794,653 13,529,014 3,690,092 0 0 0 29,141 9,809,781 13,529,014 0 34,745,867 0 26,322,588 6,520,348 0 0 2,159,775 956,000 1,203,775 0 0 0 1,203,775 0.41 0.41
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