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Technology Stocks : TSR, Inc. [TSRI] Good Earnings!
TSRI 13.170.0%May 29 12:00 AM EDT

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To: Susan Saline who wrote (268)1/14/1999 9:59:00 PM
From: Raymond James Norris  Read Replies (1) of 281
 
TSRI's 10Q has been published at the following site:

edgar-online.com

I've read through it and am thoroughly impressed. Among the highlights I thought noteworthy:

* TSRI has 7.6 million in liquid cash. This translates into 1.30 in cash per share. That's very impressive when taken in light of two things: its low share price (12) and its non-existent debt.

* TSRI, as a direct result of the strong cash position, has 22.8 million in current assets vs. 5.1 million in current liabilities (of which, 1 million is simply cash advances: something the company won't have to worry about paying off).

* TSRI's margins improved. Net Profit Margins for this quarter widened to 6% from last year's 5%.

** The most significant item I liked was TSRI's net cash flow provided by operating activities. This was an AMAZING 3.3 million for the 6 months ended November 30, 1998. Compare this with last year's 1 million dollar loss.

All in all, this company is very strong fundamentally and is now growing both the bottom and top lines and strong speeds. Considering the strong ranking of its industry as well as the low p/e (which, while not as important as some believe, is still a relevant factor) of 16 makes it a very attractive investment.

Conservatively Yours,
Raymond J. Norris
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