RTTNews | Oct 14, 2021 06:55AM EDT

06:55 Thursday, October 14, 2021 (RTTNews.com) - Shares of information technology consulting and recruiting services provider TSR, Inc. (TSRI) are up more than 34% in the pre-market trade on Thursday after reporting more than 50% growth in its first-quarter revenue.

Revenue for the quarter increased 57.5% to $22.9 million from the same quarter last year. The company said this revenue growth was helped by new business development, acquisition, and organic growth.

TSR reported net income of $6.4 million or $3.18 per share in the first quarter compared with net loss of $3,000, or less than $0.01 per share, in the prior year quarter. This was primarily attributable to the forgiveness of principal and interest on the company's SBA PPP Loan of $6.74 million.

"The integration of the Geneva and TSR teams has continued to go smoothly and we believe the acquisition has helped us accelerate growth and will improve returns for shareholders. We are in the process of upgrading and modernizing several of our back-office systems that we believe will help improve efficiencies and allow the business to continue to scale. As we expect a gradual return to normalcy from the COVID-19 pandemic, we are guardedly optimistic of continued revenue growth in the improving business climate," said Thomas Salerno, CEO of TSR.

TSRI closed Wednesday's trade at $9.19, up 0.36%. The stock is currently at $12.41.

Read the original article on RTTNews ( https://www.rttnews.com/3232658/tsr-surges-34-in-pre-market-as-quarterly-revenue-jumps.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved