HomeTop MoversHere is why TSR Inc (TSRI) stock skyrocketed in the after-hours on...

Here is why TSR Inc (TSRI) stock skyrocketed in the after-hours on Wednesday?

TSR Inc. (TSRI) shares surged 35.86% in after-hours on Wednesday, October 13, 2021, and closed the daily trading at $12.49. In the regular trading session of Wednesday, TSRI’s stock gained 0.36%. TSRI shares have risen 80.26% over the last 12 months, and they have moved down 11.09% in the past week. Over the past three months, the stock has lost 7.88%, while over the past six months, it has gained 9.84%.

Let’s see, is there any news behind its exceptional gains on Wednesday?


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TSRI’s recent financial results announcement

On October 13, 2021, TSR, Inc. (TSRI) announced financial results for the first quarter ended on August 31, 2021.

Q1 2022 financial highlights

  • TSRI reported record revenue of $22.9 million for Q1 2022 compared to $14.5 million in Q1 2021.
  • Selling, general and administrative expenses were $4.2 million compared to $2.3 million in Q1 2021.
  • Operating loss for the current quarter was $355,000 as compared to operating income of $60,000 in the prior-year quarter.
  • It earned a net income of $6,402,000, or $3.18 per diluted share in Q1 2022, as compared to a net loss of ($3,000), or less than $0.01 per share in Q1 2021.

TSRI settled its dispute with former CEO

On October 05, 2021, TSR, Inc. (TSRI) settled litigation brought by its former CEO, Christopher Hughes, through mediation.

On the settlement, Chairman of TSR Inc. Bradley M. Tirpak said that he believed that it was in the best interests of the Company to resolve the matter so TSR could move forward with its business. He also thanked Mr. Hughes for his 34 years of dedicated service to the Company.

TSRI FY 2021 financial results announcement

On August 23, 2021, TSR, Inc. (TSRI) announced financial results for the fourth quarter and fiscal year ended May 31, 2021.

FY 2021 financial highlights

  • TSRI reported total revenue of $68.8 million for FY 2021 compared to $59.12 million for FY 2020.
  • The cost of sales was $57.5 million in FY 2021 compared to $50 million in FY 2020.
  • It suffered a net loss of $0.6 million for FY 21 compared to a net loss of $1.12 million in FY 2020.

Final Court Order Settlement in the Stockholder Action

On May 24, 2021, the Supreme Court of the State of New York, Queens County issued a final order and judgment approving the settlement in the stockholder class and derivative action captioned Susan Paskowitz v. James J. Hill et al., No. 715541/2018, filed by Susan Paskowitz, a stockholder of the Company TSR, Inc. (TSRI), on October 16, 2018.

The Company entered a Stipulation and Agreement of Settlement with Susan Paskowitz on December 16, 2019, providing for the settlement of the Stockholder Action. On May 21, 2020, the Court entered an order preliminarily approving the settlement.

Conclusion

The Q1 2022 financial results were the reason behind its top-notch performance in the after-hours on Wednesday. it reported the record revenue for the quarter and we can expect it to further surge in the coming trading sessions.

 

 

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