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View All NewsTSR net revenue falls 2.7% in fiscal first quarter
Net revenue fell 2.7% at IT staffing provider TSR Inc. (NASD: TSRI) in its fiscal first quarter ended Aug. 31, reflecting a decrease in consultants on billing with customers and a higher discount plan put in place for a major customer.
Net income at the Hauppauge, NY-based company fell 73.0%.
TSR noted in its earnings announcement that its overall average number of consultants on billing with customers decreased to 389 in the quarter from 394 in the year-ago quarter, and the average number of computer programming consultants decreased to 329 from 341.
| (US$) | Q1 2019 | Q1 2018 | % growth |
| Net revenue | $16,581,000 | $17,037,000 | -2.7% |
| Gross profit | $2,596,000 | $2,844,000 | -8.7% |
| Gross margin | 15.7% | 16.7% | |
| Net income attributable to TSR | $38,000 | $141,000 | -73.0% |
Last week, Zeff Capital LP — which last year had sought to acquire all the shares in TSR — notified the company that it intends to nominate two independent director candidates for election to TSR’s board at the 2018 annual meeting of stockholders on Nov. 28.
Share price and market cap
Shares in TSR were down 1.27% to $7.00 as of 10:12 a.m. Eastern time, and the company had a market cap of $13.73 million.