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View All NewsTSR net revenue edges down in fiscal third quarter
Net revenue edged down 2.2% at IT staffing provider TSR Inc. (NASD: TSRI) in its fiscal third quarter ended Feb. 28. Net loss narrowed at the Hauppauge, NY-based company due to a decrease in selling, general and administrative expenses of $197,000 compared with the prior-year quarter, resulting primarily from the retirement of the former chairman and CEO Joseph Hughes and other cost savings, according to the company.
The average number of consultants on billing with customers decreased to 370 in the quarter from 394 in the year-ago quarter, while the average number of computer programming consultants decreased to 324 from 328.
| (US$) | Q3 2018 | Q3 2017 | % growth |
| Net revenue | $15,057,682 | $15,390,236 | -2.2% |
| Gross profit | $2,286,096 | $2,401,959 | -4.8% |
| Gross margin | 15.2% | 15.6% | |
| Net loss attributable to TSR | ($18,846) | ($68,401) | nm |
Quote
“Our revenue for the quarter ended Feb. 28, 2018, decreased $332,000 from the prior year comparable quarter,” CEO Christopher Hughes said. “This decrease resulted primarily from heavier-than-usual furloughing of consultants on billing with customers around the holidays and other customer budget reduction measures.”
Share price and market cap
Shares in TSR were down 12.98% to $5.70 as of 12:21 p.m. Eastern time, and the company had a market cap of $11.18 million.