The founder of IT staffing provider TSR Inc. (NASD: TSR) has asked the board of directors to pursue a sale of the company. The request from founder Joseph Hughes and Winifred Hughes came to the company via a letter on their behalf from their son, James Hughes, that was dated Monday.

Joseph and Winifred Hughes own 41.8% of outstanding shares in the Hauppauge, NY-based company. Joseph Hughes founded TSR in 1969, but he retired last July. Another son, Christopher Hughes, took over as chairman, president, CEO and treasurer.

“At Friday’s closing price of $4.60 per share, TSRI's stock is trading at a price that does not accurately reflect its true value,” according to the letter. “The reported sales and earnings for the first nine months of the fiscal year ending May 31, 2018 are a disappointment.”

Net revenue rose 6.4% to $48.6 million in the first nine months of the company’s current fiscal year; it had reported results on April 12. Gross margin for the first three quarters of the year narrowed to 16.1% from 16.6% in the same period last year. Net income attributable to TSR rose to $349,000 from $206,000 in the year-ago period.

“I ask that you immediately pursue a sale of TSRI,” according to the letter. “I believe that while the Board needs to conduct an appropriate process in evaluating my request to sell the company, time is of the essence and your prompt consideration of this proposal is requested.”

The announcement comes after the company rejected a buyout offer in May 2017 from Zeff Capital LP to acquire all shares of the company.

In February, Joseph and Winifred Hughes sold 42,982 shares of common stock, leaving them with 819,491 shares, or 41.8% of the company, according to a filing with the US Securities and Exchange Commission.