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          <p align="center"><strong>UNITED STATES<br>
          SECURITIES AND EXCHANGE COMMISSION<br>
          Washington, D.C. 20549</strong></p>
  
          <p align="center"><strong>FORM 8-K</strong></p>
  
          <p align="center"><strong>CURRENT REPORT<br>
          <font size="2">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></strong></p>
  
          <p>Date of report (Date of earliest event reported) <u>August 6, 2008</u></p>
  
          <p align="center"><strong>TSR, INC.<br>
          </strong>(Exact Name of Registrant as Specified in its charter)</p>
  
          <p></p>
  
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                  <td width="188">
                      <p align="center"><font size="2"><u><strong>Delaware</strong></u></font></p>
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                  <td width="12">
                      <p align="center">&nbsp;</p>
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                  <td width="188">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="center"><u><b><font size="2">0-8656</font></b></u></p>
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                  <td width="12">
                      <p align="center">&nbsp;</p>
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                  <td width="188">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="center"><u><b><font size="2">13-2635899</font></b></u></p>
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                      <p align="center">&nbsp;</p>
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                  <td width="188">
                      <p align="center"><font size="2">(State or Other Jurisdiction<br>
                      of Incorporation</font></p>
                  </td>
  
                  <td width="12">
                      <p align="center">&nbsp;</p>
                  </td>
  
                  <td width="188">
                      <p align="center"><font size="2">(Commission File Number)</font></p>
                  </td>
  
                  <td width="12">
                      <p align="center">&nbsp;</p>
                  </td>
  
                  <td width="188">
                      <p align="center"><font size="2">(I.R.S. Employer Identification No.)</font></p>
                  </td>
  
                  <td width="12">
                      <p align="center">&nbsp;</p>
                  </td>
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              <tr height="15">
                  <td width="188">
                      <p align="center">&nbsp;</p>
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                  <td width="12">
                      <p align="center">&nbsp;</p>
                  </td>
  
                  <td width="188">
                      <p align="center">&nbsp;</p>
                  </td>
  
                  <td width="12">
                      <p align="center">&nbsp;</p>
                  </td>
  
                  <td width="188">
                      <p align="center">&nbsp;</p>
                  </td>
  
                  <td width="12">
                      <p align="center">&nbsp;</p>
                  </td>
              </tr>
  
              <tr style="BORDER-BOTTOM-COLOR: #000000; BORDER-TOP-STYLE: none; BORDER-RIGHT-STYLE: none; BORDER-LEFT-STYLE: none; BORDER-BOTTOM-STYLE: solid">
                  <td colspan="5">
                      <p align="center"><strong><font size="2"><u>400 Oser Avenue, Hauppauge, NY&nbsp; 11788</u></font></strong></p>
                  </td>
  
                  <td width="12">
                  </td>
              </tr>
  
              <tr height="19">
                  <td colspan="5">
                      <p align="center"><font size="2">(Address of Principal Executive Offices)&nbsp;&nbsp; (Zip Code)</font></p>
                  </td>
  
                  <td width="12">
                      <p align="center">&nbsp;</p>
                  </td>
              </tr>
  
              <tr>
                  <td colspan="5">
                      <p align="left"><font size="2">Registrant's Telephone number, Including Area Code&nbsp;&nbsp; <strong><u>(631) 231-0333</u></strong></font></p>
                  </td>
  
                  <td width="12">
                  </td>
              </tr>
  
              <tr>
                  <td colspan="5">
                      <p align="center"><font size="2">______________________________________________________________________________________<br>
                      (Former Name or Former Address, If Changed Since Last Report)</font></p>
                  </td>
  
                  <td width="12">
                  </td>
              </tr>
          </table>
          <br>
          <br>
  
          <p align="left">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.</p>
  
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                          <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Wingdings" size="+0">o</font></p>
  
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                          <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
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                          <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
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                          <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Wingdings">o</font></p>
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                          <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font size="2">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
  
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                          <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font face="Times New Roman" size="2">Pre-commencement communications pursuant to rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
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          <p>&nbsp;</p>
  
          <p><strong><font face="Times New Roman">Section 2 Financial Information<br>
          </font></strong><strong><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 2.02 Results of Operations and Financial Condition</font></strong></p>
  
          <p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On August 6, 2008, the Registrant issued a press release with respect to its operating results for the year ended May 31, 2008, a copy of which is filed as Exhibit 99.1.</font></p>
  
          <p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;The information included in this Current Report, including the information included in Exhibit 99.1 attached hereto, is intended to be&nbsp;furnished pursuant to &ldquo;Item 2.02. Disclosure of Results of Operations and Financial Condition&rdquo; and not deemed to be &ldquo;filed&rdquo; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
          &ldquo;Exchange Act&rdquo;), or incorporated by reference in any filing under the Securities Act of 1933, as amended (&ldquo;Securities Act&rdquo;) or the Exchange Act, or otherwise subject to the liabilities of that Section or Sections 11 and 12 (a) (2) of the Securities Act.</font></p>
  
          <p><strong><font face="Times New Roman">Section 9 Financial Statements and Exhibits<br>
          Item 9.01 Financial Statements and Exhibits.</font></strong></p>
  
          <p><font face="Times New Roman">(c) Exhibits.</font></p>
  
          <p><font face="Times New Roman">99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press Release dated August 6, 2008 &ldquo;TSR, Inc. Reports Financial Results for the Fourth Quarter and Fiscal Year Ended May 31, 2008".</font></p>
  
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          <p align="center"><strong><font face="Times New Roman">SIGNATURES</font></strong></p>
  
          <p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
  
          <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left" align="right">
          <font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          TSR, INC.</font></p>
  
          <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left">
          <font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:
          <u>/s/ John G. Sharkey</u>____________________</font></p>
  
          <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-ALIGN: left">
          <font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Name: John G. Sharkey</font></p>
  
          <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.25in; TEXT-ALIGN: left">
          <font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Title: Vice President and&nbsp;Secretary</font></p>
  
          <div align="left">
              &nbsp;
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              &nbsp;
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                          <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Times New Roman" size="2">Date:</font></p>
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                      <td style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt" valign="top" nowrap width="109">
                          <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
  
                          <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify"><font face="Times New Roman" size="2">August 7, 2008</font></p>
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          <p>&nbsp;</p>
  
          <p><font size="2">Exhibit 99.1</font></p>
  
          <p><strong><font size="2">TSR, Inc. Reports Financial Results for the Fourth Quarter and Fiscal Year Ended May 31, 2008</font></strong></p>
  
          <p><font size="2">Hauppauge, NY (August 6, 2008)---TSR, Inc., (Nasdaq:TSRI) a provider of computer programming consulting services, today announced financial results for the fourth quarter and fiscal year ended May 31, 2008.</font></p>
  
          <p><font size="2">For the quarter, which ended May 31st, revenues decreased 2.9% from the same quarter last year to $12.5 million. Consolidated net income was $236,000 or $0.05 per share for the current quarter compared with $335,000 or $0.07 in the prior year quarter.</font></p>
  
          <p><font size="2">For the full year, revenues increased 4.1% from the prior year to $51.7 million. Consolidated net income was $1,276,000 or $0.28 per share compared to $1,393,000 or $0.30 per share in the prior year.</font></p>
  
          <p><font size="2">The Company also announced that the Board of Directors had declared a cash dividend of $0.08 per share for its fiscal fourth quarter. The dividend will be payable on September 18, 2008 to shareholders of record as of August 27, 2008.</font></p>
  
          <p><font size="2">Joe Hughes, CEO, stated, &ldquo;Revenues for the fiscal year end May 31, 2008 increased 4.1%. This increase resulted primarily from higher billing rates due to a change in the business mix toward higher level skills. While revenues for the year increased, we began to see a negative impact from the economic downturn in the fourth quarter. For the fourth quarter, revenues decreased 2.9% from the prior year quarter. The decrease in revenues resulted primarily from the
          average number of consultants on billing with clients for the quarter decreasing from 323 in the quarter ended May 31, 2007 to 313 in the quarter ended May 31, 2008.&rdquo;</font></p>
  
          <p><font size="2">"As a result of the current economic downturn, and the uncertainty in the financial services industry, the Company believes that it will continue to be impacted by decreases in IT spending resulting from economic conditions and that the impact is likely to be greater in the financial services industry. The Company derived approximately 20 percent of its revenues from banking and brokerage clients in fiscal 2008."</font></p>
  
          <p><font size="2">Certain statements contained herein, including statements as to the Company&rsquo;s plans, are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those set forth in the forward-looking statements due to known and unknown risks and uncertainties, including but not limited to the following: risks relating to the extent to which market conditions for the Company&rsquo;s contract
          computer consulting services will continue to adversely affect the Company&rsquo;s business and the Company&rsquo;s ability to adapt to changing market conditions, the concentration of the Company&rsquo;s business with certain customers, uncertainty as to the Company&rsquo;s ability to maintain its relations with existing customers and other risks and uncertainties described in the Company&rsquo;s filings under the Securities Exchange Act of 1934.</font></p>
  
          <p>&nbsp;</p>
  
          <p align="center">Page 1 of 2</p>
  
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          <p>&nbsp;</p>
  
          <p><strong>TSR Inc. Reports Financial Results for the Fourth Quarter and Fiscal Year Ended May 31, 2008<br>
          (Continued)</strong></p>
  
          <p>Based in Hauppauge, New York, TSR, Inc., provides information technology professionals to major corporations.</p>
  
          <p></p>
  
          <table style="MARGIN-LEFT: 0.4pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="684" border="0">
              <tr>
                  <td valign="top" colspan="1">
                  </td>
  
                  <td colspan="2">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Three Months Ended</font></p>
  
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">May 31,</font></p>
  
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">(unaudited)</font></p>
  
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                  </td>
  
                  <td colspan="2">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">Year Ended</font></p>
  
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">May 31,</font></p>
                  </td>
              </tr>
  
              <tr>
                  <td valign="top" width="243">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.25in; TEXT-ALIGN: center"><u><font size="2">2008</font></u></p>
                  </td>
  
                  <td valign="top" width="109">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.25in; TEXT-ALIGN: center"><u><font size="2">2007</font></u></p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 12pt; TEXT-ALIGN: center"><u><font size="2">2008</font></u></p>
                  </td>
  
                  <td valign="top" width="102">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 12pt; TEXT-ALIGN: center"><u><font size="2">2007</font></u></p>
                  </td>
              </tr>
  
              <tr>
                  <td valign="top" width="243">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Revenues..........................................</font></p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.25in"><font size="2">&nbsp;&nbsp;&nbsp; $12,544,000</font></p>
                  </td>
  
                  <td valign="top" width="109">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 15pt" align="right"><font size="2">&nbsp;&nbsp;$12,913,000</font></p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right" align="right"><font size="2">$51,723,000</font></p>
                  </td>
  
                  <td valign="top" width="102">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right" align="right"><font size="2">$49,689,000</font></p>
                  </td>
              </tr>
  
              <tr>
                  <td valign="top" width="243">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 92.25pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
  
                  <td valign="top" width="109">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 87.75pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
  
                  <td valign="top" width="102">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
              </tr>
  
              <tr>
                  <td valign="top" width="243">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Operating expenses&nbsp;...........................</font></p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24pt" align="right"><font size="2">&nbsp;&nbsp;&nbsp; <u>12,169,000</u></font></p>
                  </td>
  
                  <td valign="top" width="109">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21pt" align="right"><font size="2"><u>12,455,000</u></font></p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><u><font size="2">49,752,000</font></u></p>
                  </td>
  
                  <td valign="top" width="102">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><u><font size="2">47,764,000</font></u></p>
                  </td>
              </tr>
  
              <tr>
                  <td valign="top" width="243">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
  
                  <td valign="top" width="109">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
  
                  <td valign="top" width="102">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
              </tr>
  
              <tr>
                  <td valign="top" width="243">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Income from operations .....................</font></p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 38.25pt" align="right"><font size="2">375,000</font></p>
                  </td>
  
                  <td valign="top" width="109">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 35.25pt" align="right"><font size="2">458,000</font></p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,971,000</font></p>
                  </td>
  
                  <td valign="top" width="102">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">1,925,000</font></p>
                  </td>
              </tr>
  
              <tr>
                  <td valign="top" width="243">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
  
                  <td valign="top" width="109">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
  
                  <td valign="top" width="102">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
              </tr>
  
              <tr>
                  <td valign="top" width="243">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Other income, net ..............................</font></p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 44.25pt" align="right"><font size="2"><u>48,000</u></font></p>
                  </td>
  
                  <td valign="top" width="109">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 41.25pt" align="right"><font size="2"><u>98,000</u></font></p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 15pt; TEXT-ALIGN: right"><u><font size="2">276,000</font></u></p>
                  </td>
  
                  <td valign="top" width="102">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 15pt; TEXT-ALIGN: right"><u><font size="2">409,000</font></u></p>
                  </td>
              </tr>
  
              <tr>
                  <td valign="top" width="243">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
  
                  <td valign="top" width="109">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
  
                  <td valign="top" width="102">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
              </tr>
  
              <tr>
                  <td valign="top" width="243">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Pre-tax income .................................</font></p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 38.25pt" align="right"><font size="2">&nbsp;&nbsp;423,000</font></p>
                  </td>
  
                  <td valign="top" width="109">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 35.25pt" align="right"><font size="2">&nbsp;&nbsp;556,000</font></p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,247,000</font></p>
                  </td>
  
                  <td valign="top" width="102">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="2">2,334,000</font></p>
                  </td>
              </tr>
  
              <tr>
                  <td valign="top" width="243">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
  
                  <td valign="top" width="109">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
  
                  <td valign="top" width="102">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
              </tr>
  
              <tr>
                  <td valign="top" width="243">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Income taxes...................................</font></p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 38.25pt" align="right"><font size="2">&nbsp;&nbsp;<u>187,000</u></font></p>
                  </td>
  
                  <td valign="top" width="109">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 35.25pt" align="right"><font size="2">&nbsp;&nbsp;<u>221,000</u></font></p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 15pt; TEXT-ALIGN: right"><u><font size="2">971,000</font></u></p>
                  </td>
  
                  <td valign="top" width="102">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 15pt; TEXT-ALIGN: right"><u><font size="2">941,000</font></u></p>
                  </td>
              </tr>
  
              <tr>
                  <td valign="top" width="243">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
  
                  <td valign="top" width="109">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
  
                  <td valign="top" width="102">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
              </tr>
  
              <tr>
                  <td valign="top" width="243">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Net income .....................................</font></p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt" align="right"><b><font size="2">$</font></b><u><b><font size="2">236,000</font></b></u></p>
                  </td>
  
                  <td valign="top" width="109">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 12pt" align="right"><b><font size="2">$</font></b><u><b><font size="2">335,000</font></b></u></p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: right"><b><font size="2">$</font></b><u><b><font size="2">1,276,000</font></b></u></p>
                  </td>
  
                  <td valign="top" width="102">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: right"><b><font size="2">$</font></b><u><b><font size="2">1,393,000</font></b></u></p>
                  </td>
              </tr>
  
              <tr>
                  <td valign="top" width="243">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
  
                  <td valign="top" width="109">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
  
                  <td valign="top" width="102">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
              </tr>
  
              <tr>
                  <td valign="top" width="243">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Basic and diluted net income per common share&nbsp;................................</font></p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 86.25pt; TEXT-ALIGN: right">&nbsp;</p>
  
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 12pt" align="right"><b><font size="2">$</font></b><u><b><font size="2">0.05</font></b></u></p>
                  </td>
  
                  <td valign="top" width="109">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 81.75pt; TEXT-ALIGN: right">&nbsp;</p>
  
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 12pt" align="right"><b><font size="2">$</font></b><u><b><font size="2">0.07</font></b></u></p>
                  </td>
  
                  <td valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
  
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><b><font size="2">$</font></b><u><b><font size="2">0.28</font></b></u></p>
                  </td>
  
                  <td valign="top" width="102">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
  
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><b><font size="2">$</font></b><u><b><font size="2">0.30</font></b></u></p>
                  </td>
              </tr>
  
              <tr style="HEIGHT: 4pt">
                  <td style="HEIGHT: 4pt" valign="top" width="243">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                  </td>
  
                  <td style="HEIGHT: 4pt" valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
  
                  <td style="HEIGHT: 4pt" valign="top" width="109">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
  
                  <td style="HEIGHT: 4pt" valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
  
                  <td style="HEIGHT: 4pt" valign="top" width="102">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
                  </td>
              </tr>
  
              <tr>
                  <td valign="top" width="243">
                      <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Weighted average number of basic and diluted common shares outstanding........................................</font></p>
                  </td>
  
                  <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
  
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
  
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 12pt; TEXT-ALIGN: right"><b><font size="2">4,568,000</font></b></p>
                  </td>
  
                  <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" width="109">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
  
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
  
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: right"><b><font size="2">4,568,000</font></b></p>
                  </td>
  
                  <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" width="115">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
  
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
  
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: right"><b><font size="2">4,568,000</font></b></p>
                  </td>
  
                  <td style="BORDER-BOTTOM: black 2.25pt double" valign="top" width="102">
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
  
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;</p>
  
                      <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: right"><b><font size="2">4,568,000</font></b></p>
                  </td>
              </tr>
          </table>
          <br>
          <br>
  
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "tsrinc1.htm", "description": "TSR INC", "secsgml_size_bytes": 45440}]
metadata_filer: {"company-data": {"conformed-name": "TSR INC", "cik": "0000098338", "assigned-sic": "7371", "irs-number": "132635899", "state-of-incorporation": "DE", "fiscal-year-end": "0531"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-08656", "film-number": "08998470"}, "business-address": {"street1": "400 OSER AVE", "city": "HAUPPAUGE", "state": "NY", "zip": "11788", "phone": "5162310333"}, "mail-address": {"street1": "400 OSER AVENUE", "city": "HAUPPAUGE", "state": "NY", "zip": "11788"}, "former-company": {"former-conformed-name": "TIME SHARING RESOURCES INC", "date-changed": "19840129"}}
text: UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of report (Date of earliest event reported)
  August 6, 2008
  TSR, INC.
  (Exact Name of Registrant as Specified in its charter)
  Delaware
  0-8656
  13-2635899
  (State or Other Jurisdiction
  of Incorporation
  (Commission File Number)
  (I.R.S. Employer Identification No.)
  400 Oser Avenue, Hauppauge, NY  11788
  (Address of Principal Executive Offices)   (Zip Code)
  Registrant's Telephone number, Including Area Code
  (631) 231-0333
  ______________________________________________________________________________________
  (Former Name or Former Address, If Changed Since Last Report)
  Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.
  o
  Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  o
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  o
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  o
  Pre-commencement communications pursuant to rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Section 2 Financial Information
  Item 2.02 Results of Operations and Financial Condition
  On August 6, 2008, the Registrant issued a press release with respect to its operating results for the year ended May 31, 2008, a copy of which is filed as Exhibit 99.1.
  The information included in this Current Report, including the information included in Exhibit 99.1 attached hereto, is intended to be furnished pursuant to "Item 2.02. Disclosure of Results of Operations and Financial Condition" and not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
          "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended ("Securities Act") or the Exchange Act, or otherwise subject to the liabilities of that Section or Sections 11 and 12 (a) (2) of the Securities Act.
  Section 9 Financial Statements and Exhibits
  Item 9.01 Financial Statements and Exhibits.
  (c) Exhibits.
  99.1     Press Release dated August 6, 2008 "TSR, Inc. Reports Financial Results for the Fourth Quarter and Fiscal Year Ended May 31, 2008".
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  TSR, INC.
  By:
  /s/ John G. Sharkey
  ____________________
  Name: John G. Sharkey
  Title: Vice President and Secretary
  Date:
  August 7, 2008
  Exhibit 99.1
  TSR, Inc. Reports Financial Results for the Fourth Quarter and Fiscal Year Ended May 31, 2008
  Hauppauge, NY (August 6, 2008)---TSR, Inc., (Nasdaq:TSRI) a provider of computer programming consulting services, today announced financial results for the fourth quarter and fiscal year ended May 31, 2008.
  For the quarter, which ended May 31st, revenues decreased 2.9% from the same quarter last year to $12.5 million. Consolidated net income was $236,000 or $0.05 per share for the current quarter compared with $335,000 or $0.07 in the prior year quarter.
  For the full year, revenues increased 4.1% from the prior year to $51.7 million. Consolidated net income was $1,276,000 or $0.28 per share compared to $1,393,000 or $0.30 per share in the prior year.
  The Company also announced that the Board of Directors had declared a cash dividend of $0.08 per share for its fiscal fourth quarter. The dividend will be payable on September 18, 2008 to shareholders of record as of August 27, 2008.
  Joe Hughes, CEO, stated, "Revenues for the fiscal year end May 31, 2008 increased 4.1%. This increase resulted primarily from higher billing rates due to a change in the business mix toward higher level skills. While revenues for the year increased, we began to see a negative impact from the economic downturn in the fourth quarter. For the fourth quarter, revenues decreased 2.9% from the prior year quarter. The decrease in revenues resulted primarily from the
          average number of consultants on billing with clients for the quarter decreasing from 323 in the quarter ended May 31, 2007 to 313 in the quarter ended May 31, 2008."
  "As a result of the current economic downturn, and the uncertainty in the financial services industry, the Company believes that it will continue to be impacted by decreases in IT spending resulting from economic conditions and that the impact is likely to be greater in the financial services industry. The Company derived approximately 20 percent of its revenues from banking and brokerage clients in fiscal 2008."
  Certain statements contained herein, including statements as to the Company's plans, are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those set forth in the forward-looking statements due to known and unknown risks and uncertainties, including but not limited to the following: risks relating to the extent to which market conditions for the Company's contract
          computer consulting services will continue to adversely affect the Company's business and the Company's ability to adapt to changing market conditions, the concentration of the Company's business with certain customers, uncertainty as to the Company's ability to maintain its relations with existing customers and other risks and uncertainties described in the Company's filings under the Securities Exchange Act of 1934.
  Page 1 of 2
  TSR Inc. Reports Financial Results for the Fourth Quarter and Fiscal Year Ended May 31, 2008
  (Continued)
  Based in Hauppauge, New York, TSR, Inc., provides information technology professionals to major corporations.
  Three Months Ended
  May 31,
  (unaudited)
  Year Ended
  May 31,
  2008
  2007
  2008
  2007
  Revenues..........................................
  $12,544,000
  $12,913,000
  $51,723,000
  $49,689,000
  Operating expenses ...........................
  12,169,000
  12,455,000
  49,752,000
  47,764,000
  Income from operations .....................
  375,000
  458,000
  1,971,000
  1,925,000
  Other income, net ..............................
  48,000
  98,000
  276,000
  409,000
  Pre-tax income .................................
  423,000
  556,000
  2,247,000
  2,334,000
  Income taxes...................................
  187,000
  221,000
  971,000
  941,000
  Net income .....................................
  $
  236,000
  $
  335,000
  $
  1,276,000
  $
  1,393,000
  Basic and diluted net income per common share ................................
  $
  0.05
  $
  0.07
  $
  0.28
  $
  0.30
  Weighted average number of basic and diluted common shares outstanding........................................
  4,568,000
  4,568,000
  4,568,000
  4,568,000