TSR, Inc. Reports Financial Results for the Third Quarter Ended February 29, 2020
Summary
HAUPPAUGE, N.Y.--(BUSINESS WIRE)--TSR, Inc. (Nasdaq:TSRI), a provider of computer programming consulting services, today announced financial results for the third quarter ended February 29, 2020. Bradley Tirpak, Chairman, stated, “During the quarter, five members of the Board resigned in accordance with the Settlement Agreement entered into in August 2019. There was also a decrease in the Company’s professional and advisory fees of $625,000 due to the settlement of various lawsuits and the contested proxy solicitation relating to our 2018 annual meeting, which had been rescheduled and was held on October 22, 2019. I applaud their efforts to adjust during this difficult time.” The Company will file its Form 10-Q for the quarter and nine months ended February 29, 2020 today with further details at www.sec.gov. 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, the following: the statements concerning the success of the Company’s plan for growth, both internal and through the previously announced pursuit of suitable acquisition candidates; the impact of adverse economic conditions on client spending which have a negative impact on the Company’s business, which includes, but is not limited to, the current adverse economic conditions associated with the COVID-19 global health pandemic and the associated financial crisis, stay-at-home and other orders, which may significantly reduce client spending and which may have a negative impact on the Company’s business; risks relating to the competitive nature of the markets for contract computer programming services; the extent to which market conditions for the Company’s contract computer programming services will continue to adversely affect the Company’s business; the concentration of the Company’s business with certain customers; uncertainty as to the Company’s ability to maintain its relations with existing customers and expand its business; the impact of changes in the industry such as the use of vendor management companies in connection with the consultant procurement process; the increase in customers moving IT operations offshore; the Company’s ability to adapt to changing market conditions; the risks, uncertainties and expense of the legal proceedings to which the Company is a party; and other risks and uncertainties described in the Company’s filings under the Securities Exchange Act of 1934.