Revenue and Income - Revenue for the quarter ended February 28, 2023 was $24,257,000, a decrease of approximately $126,000 or 0.5% from $24,383,000 in the same quarter of 2022[70] - Revenue for the nine months ended February 28, 2023 increased by approximately $5,374,000 or 7.6% to $76,487,000 from $71,113,000 in the prior year[80] - Net income attributable to TSR, Inc. for the quarter ended February 28, 2023 was $80,000, compared to a net loss of $47,000 in the same quarter of 2022[77] - Net income attributable to TSR for the nine months ended February 28, 2023 was $1,248,000, a significant decrease from $6,598,000 in the same period of 2022, primarily due to the prior year's PPP Loan forgiveness[87] - The company reported consolidated net income of $1,292,000 for the nine months ended February 28, 2023, a decrease from $6,670,000 in the same period the previous year[91] Costs and Expenses - Cost of sales for the quarter ended February 28, 2023 decreased to $20,267,000, a reduction of approximately $323,000 or 1.6% from $20,590,000 in the prior year[73] - Selling, general and administrative expenses for the quarter ended February 28, 2023 decreased to $3,769,000, down approximately $61,000 or 1.6% from $3,830,000 in the same quarter of 2022[74] - Cost of sales as a percentage of revenue improved from 84.4% in the quarter ended February 28, 2022 to 83.6% in the quarter ended February 28, 2023[73] Cash Flow and Working Capital - Net cash flow from operations for the nine months ended February 28, 2023 was approximately $2,393,000, compared to a net cash outflow of $2,472,000 in the prior year[91] - As of February 28, 2023, the company had working capital of approximately $12,848,000, an increase from $10,912,000 at May 31, 2022[90] Shareholder Activities - The company repurchased a total of 22,834 shares of common stock at an average price of $7.90 per share under its stock repurchase program[112] - The stock repurchase program authorized up to $500,000 of the company's outstanding common stock, which commenced on September 15, 2022[112] Legal and Financial Obligations - The company has accrued $75,000 to selling, general and administrative expenses as an estimate for a possible settlement payment related to ongoing legal proceedings[107] - The company's future lease payment obligations had a net present value of approximately $538,000 as of February 28, 2023[95] - The company has no off-balance sheet arrangements that could materially affect its financial condition[96] Contractor Information - The average number of IT contractors increased from 443 to 467 from February 28, 2022 to February 28, 2023, while clerical and administrative contractors decreased from 278 to 173[72] Debt and Credit Facilities - The Company had no net borrowings outstanding against its Credit Facility as of February 28, 2023, with a maximum available amount of $2,000,000[89]
TSR(TSRI) - 2023 Q3 - Quarterly Report