QUOTE AND NEWS
GenEng News  May 30  Comment 
Investigators at The Scripps Research Institute (TSRI) say they have discovered a way to structurally modify vancomycin to make the antibiotic more powerful. "Doctors could use this modified form of vancomycin without fear of resistance...
GenEng News  May 12  Comment 
Scientists led by associate professor Vijay Reddy, Ph.D., at The Scripps Research Institute (TSRI) say they have discovered the structural details that make one virus a better tool for future therapies than a closely related virus. The team wrote...
GenEng News  Apr 24  Comment 
The Scripps Research Institute (TSRI) and its affiliate, the California Institute for Biomedical Research (Calibr), established a drug discovery and development collaboration with China’s HitGen to identify new drug candidates in therapeutic...
GenEng News  Mar 29  Comment 
Using cryo-electron microscopy, researchers based at The Scripps Research Institute (TSRI) and Montana State University (MSU) analyzed how viruses defeat CRISPR, the bacterial immune system. Viruses, these scientists learned, have at least a...
GenEng News  Mar 17  Comment 
Researchers from the Florida campus of The Scripps Research Institute (TSRI) say they have developed a new drug delivery method that produces strong results in treating cancers in animal models, including some hard-to-treat solid and liquid...
GenEng News  Jan 24  Comment 
Investigators at The Scripps Research Institute (TSRI) report the development of the first stable semisynthetic organism. Building on their 2014 study in which they synthesized a DNA base pair, the researchers created a new bacterium that uses the...
newratings.com  Jan 12  Comment 
WASHINGTON (dpa-AFX) - Scientists have announced the development of the first stable semisynthetic organism. Building on their 2014 study in which they synthesized a DNA base pair, the researchers at The Scripps Research Institute (TSRI) in the...
GenEng News  Dec 30  Comment 
A research team led by scientists at The Scripps Research Institute (TSRI) Florida campus has identified a novel approach to treating prostate cancer that involves blocking a newly discovered, constitutively active signaling circuit that plays a...
GenEng News  Dec 13  Comment 
Researchers based on the Florida campus of The Scripps Research Institute (TSRI) say they have developed broad methods to design precision medicines against currently incurable diseases caused by RNA. In a study ("Precise Small Molecule...




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TSR, Inc. (NASDAQ: TSRI) is primarily engaged in the business of providing contract computer programming services to its clients. The Company provides its clients with technical computer personnel to supplement their in-house information technology ("IT") capabilities. The Company's clients for its contract computer programming services consist primarily of Fortune 1000 companies with significant technology budgets. In the year ended May 31, 2008, the Company provided IT staffing services to approximately 85 clients.

The Company was incorporated in Delaware in 1969. The Company's executive offices are located at 400 Oser Avenue, Hauppauge, NY 11788, and its telephone number is (631) 231-0333.

Operations

TSR, Inc. (NASDAQ: TSRI) provides contract computer programming services in the New York metropolitan area, New England, and the Mid-Atlantic region. The Company provides its services principally through offices located in New York, New York, Edison, New Jersey and Long Island, New York.

The Company's contract computer programming services involve the provision of technical staff to clients to meet the specialized requirements of their IT operations. The technical personnel provided by the Company generally supplement the in-house capabilities of the Company's clients. The Company's approach is to make available to its clients a broad range of technical personnel to meet their requirements rather than focusing on specific specialized areas. The Company has staffing capabilities in the areas of mainframe and mid-range computer operations, personal computers and client-server support, internet and e-commerce operations, voice and data communications (including local and wide area networks) and help desk support. The Company's services provide clients with flexibility in staffing their day -to-day operations, as well as special projects, on a short-term or long-term basis.

IT Staffing

Contract Personnel Services. Clients with excess work loads or special projects hire TSR consultants to work on an “as needed” or contract basis, for short or long terms. TSR can provide specialists proficient in nearly every IT discipline and experience level, when and where they're needed.

Client-Referred Personnel Services. If customers require the expertise of specific individuals on a temporary basis, you can refer them to TSR (referred to as pay rolling or pass-thru). TSR can supply these individuals as our contract employees, and if you desire, they can be converted to direct staff members at any time with no additional fee.

Direct Staffing

Contract-to-Direct Hires (Right-to-Hire). Through TSR, clients can initially hire a promising candidate as a contract employee. If the individual performs well and the client are completely satisfied, he or she can then be offered a direct position after an agreed upon period with no additional fee.

Direct Hires. TSR can help customers find qualified personnel for direct placement using our direct placement services. The company's recruiting process keeps them up-to-date on the employment status and job requirements of tens of thousands of IT specialists, enabling TSR to become in effect a rapid-response extension of any human resources department.

Telecommunication

TSR has an entire division focused exclusively on the telecommunications industry. TSR’s expertise gives us the capability to recruit consultants with the necessary education, experience and skills needed in the rapidly changing telecommunications world.

Project Management

For clients who need projects outsourced, TSR provides complete project management services. The company has a proven track record of delivering high-quality results on-time and on-budget. TSR leverages its senior technology experts together with its outstanding recruiting organization and works with you to meet all of your objectives.

Marketing and Clients

The Company focuses its marketing efforts on large businesses and institutions with significant IT budgets and recurring staffing and software development needs.[1] The Company provided services to approximately 85 clients during the year ended May 31, 2008 as compared to 90 in the prior fiscal year. The Company has historically derived a significant percentage of its total revenue from a relatively small number of clients. In the fiscal year ended May 31, 2008, the Company had two clients which constituted more than 10% of consolidated revenue (Procurestaff Ltd., 13.5% and The McGraw Hill Companies 12.2%). Procurestaff Ltd. is a vendor management services provider. In excess of 90% of the revenue generated from Procurestaff, Ltd. was from AT&T as the end client. Additionally, the Company's top ten clients accounted for 66% of consolidated revenue in fiscal 2008 and 71% in fiscal 2007. While continuing its efforts to expand further its client base, the Company's marketing efforts are focused primarily on increasing business from its existing accounts.

Additionally, Ensemble-Chimes, a vendor management company which had accounted for approximately 11.3% of the Company's consolidated revenue in the fiscal year ended May 31, 2007 filed for bankruptcy in January 2008. In excess of 90% of the consolidated revenue from Ensemble-Chimes was derived from McGraw Hill and another client. The Company did not suffer a material reduction in consolidated revenue from these clients as a result of Ensemble-Chimes' bankruptcy filing.

The Company's marketing is conducted through account executives that are responsible for customers in an assigned territory. Account executives call on potential new customers and are also responsible for maintaining existing client contacts within an assigned territory. Instead of utilizing technical managers to oversee the services provided by technical personnel to each client, the account executives are responsible for this role. As a result of the cost savings due to the combined functions of the account executives, the Company is able to provide its account executives with significantly higher incentive-based compensation. In addition, the Company generally pairs each account executive with a recruiter of technical personnel, who also receives incentive-based compensation. The Company believes that this approach allows the Company to more effectively serve its clients' needs for technical personnel, as well as providing its account executives and recruiters with incentives to maximize revenue in their territories.

The Company's marketing has been affected because some major customers have retained a third party to provide vendor management services and centralize the consultant hiring process. Under this system, the third party retains the Company to provide contract computer programming services, the Company bills the third party and the third party bills the ultimate customer. This process weakens the relationship the Company has built with its client contacts, the project managers, who the Company would normally work directly with to place consultants. Instead, the Company is required to interface with the vendor management provider, making it more difficult to maintain its relationships with its customers and preserve and expand its business. These changes have also reduced the Company's profit margins because the vendor management company is retained for the purpose of keeping costs down for the end client and receives a processing fee which is deducted from the payment to the Company.

In accordance with industry practice, most of the Company's contracts for contract computer programming services are terminable by either the client or the Company on short notice. The Company does not believe that backlog is material to its business.

Competition

The technical staffing industry is highly competitive and fragmented and has low barriers to entry. The Company competes for potential clients with providers of outsourcing services, systems integrators, computer systems consultants, other providers of technical staffing services and, to a lesser extent, temporary personnel agencies. Many of the Company's competitors are significantly larger and have greater financial resources than the Company. The Company believes that the principal competitive factors in obtaining and retaining clients are accurate assessment of clients' requirements, timely assignment of technical employees with appropriate skills and the price of services. The principal competitive factors in attracting qualified technical personnel are compensation, availability, quality and variety of projects and schedule flexibility. The Company believes that many of the technical personnel included in its database may also be pursuing other employment opportunities. Therefore, the Company believes that its responsiveness to the needs of technical personnel is an important factor in the Company's ability to fill projects. Although the Company believes it competes favorably with respect to these factors, it expects competition to increase and there can be no assurance that the Company will remain competitive.

Trends

Rapidly Changing Technology

The computer industry is characterized by rapidly changing technology and evolving industry standards. These include the overall increase in the sophistication and interdependency of computer technology and a focus by IT managers on cost-efficient solutions. Recently, there has been an increased focus on the Internet and e-Commerce and there has been a shift away from mainframe legacy systems. Historically, much of the Company's staffing services has related to mainframe legacy systems. There can be no assurance that these changes will not adversely affect demand for technical staffing services. Organizations may elect to perform such services in-house or outsource such functions to companies that do not utilize temporary staffing, such as that provided by the Company.

Additionally, a number of companies have begun limiting the number of companies on their approved vendor lists, and in some cases this has required the Company to sub-contract with a company on the approved vendor list to provide services to customers. The staffing industry has also experienced margin erosion caused by this increased competition, and customers leveraging their buying power by consolidating the number of vendors with which they deal.

In addition to these factors, there has been intense price competition in the area of IT staffing, pressure on billing rates and pressure by customers for discounts.

The Company cannot predict at this time what long-term effect these changes will have on the Company's business and results of operations.

Vendor Management Companies

There have been recent changes in the industry, which could potentially affect the Company's operating results. Many customers have begun retaining third parties to provide vendor management services. The third party is then responsible for retaining companies to provide temporary IT personnel. This results in the Company contracting with such third parties and not directly with the ultimate customer. This change weakens the Company's relationship with its customer, which makes it more difficult for the Company to maintain and expand its business. It also reduces the Company's profit margins.

In addition, the agreement with the vendor management companies are frequently structured as subcontracting agreements with the vendor management company entering into a services agreement directly with the end clients. As a result, in the event of a bankruptcy of a vendor management company, the Company's ability to collect its outstanding receivables and continue to provide services could be adversely affected. However, in connection with the bankruptcy of Ensemble-Chimes, the Company was able to collect its outstanding receivables and continue its relationship with the end clients. See. Item 1 Business-Marketing and Clients.

Offshore Outsourcing

The current trend of companies moving technology jobs and projects offshore has caused and could continue to cause revenue to decline. In the past few years, more companies are using or are considering using low cost offshore outsourcing centers, particularly in India, to perform technology related work and projects. This trend has contributed to the decline in domestic IT staffing revenue for the industry. There can be no assurance that this trend will not continue to adversely impact the Company's IT staffing revenue.

Effect of Current Economic Uncertainties

Demand for the Company's IT staffing services is significantly affected by the general economic environment. During periods of slowing economic activity, customers may reduce their IT projects and their demand for outside consultants. As a result, any significant economic downturn could have material adverse affect on the Company's results of operations. As a result of the current economic downturn and, specifically, the impact of the adverse conditions in the credit markets on the financial services industry, the Company expects that IT spending will decrease in the short term and that the impact is likely to be greater in the financial services industry. These economic conditions have reduced the opportunities to place new consultants on billing with clients. The Company derived approximately 20 percent of its revenue from banking and brokerage clients in fiscal 2008.

Risk Factors

Dependence On Key Personnel

The Company is dependent on its Chairman of the Board, Chief Executive Officer and President, Joseph Hughes. The Company has employment agreement with Mr. Hughes which expires May 31, 2009. The Company is also dependent on certain of its account executives who are responsible for servicing its principal customers and attracting new customers. The Company does not have employment contracts with these persons. There can be no assurance that the Company will be able to retain its existing personnel or find and attract additional qualified employees. The loss of the service of any of these personnel could have a material adverse effect on the Company.

Dependence On Significant Customers

In the fiscal year, ended May 31, 2008, the Company's largest clients, Procurestaff Ltd. and The McGraw Hill Companies accounted for 13.5% and 12.2% of the Company's consolidated revenue, respectively. Procurestaff is a vendor management company. In excess of 90% of the revenue received from Procurestaff relate to a single customer, AT&T. Client contract terms vary depending on the nature of the engagement, and there can be no assurance that a client will renew a contract when it terminates. In addition, the Company's contracts are generally cancelable by the client at any time on short notice, and clients may unilaterally reduce their use of the Company's services under such contracts without penalty. See "Rapidly Changing Industry" below.

In addition, because of the amount of outstanding receivables that the Company may have with its larger clients at any one time, if a client filed for bankruptcy protection, it could prevent the Company from collecting on the receivables and have an adverse effect on the Company's results of operations.

Competitive Market Fore Technical Personnel

The Company's success is dependent upon its ability to attract and retain qualified computer professionals to provide as temporary personnel to its clients. Competition for the limited number of qualified professionals with a working knowledge of certain sophisticated computer languages, which the Company requires for its contract computer services business, is intense. The Company believes that there is a shortage of, and significant competition for, software professionals with the skills and experience necessary to perform the services offered by the Company.

The Company's ability to maintain and renew existing engagements and obtain new business in its contract computer programming business depends, in large part, on its ability to hire and retain technical personnel with the IT skills that keep pace with continuing changes in software evolution, industry standards and technologies, and client preferences. Although the Company generally has been successful in attracting employees with the skills needed to fulfill customer engagements, demand for qualified professionals conversant with certain technologies may outstrip supply as new and additional skills are required to keep pace with evolving computer technology or as competition for technical personnel increases. Increasing demand for qualified personnel could also result in increased expenses to hire and retain qualified technical personnel and could adversely affect the Company's profit margins.

Management Team

Joseph F. Hughes Chairman of the Board CEO / President & Treasurer

Christopher Hughes Director President, TSR Consulting Services, Inc.

John G. Sharkey Vice President, Finance & Secretary

Robert A. Esernio Director Audit Committee Chairman

James J.Hill Director

John H. Hochuli, Jr. Director

Raymond A. Roel Director

Financials



References

  1. TSR, Inc., 10-K 2008
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