Daily News
View All NewsTSR net revenue falls 3% in fiscal Q4
Net revenue fell 3.1% at IT staffing provider TSR Inc. (NASD: TSRI) in its fiscal fourth quarter ended May 31. Net income increased at the Hauppauge, NY-based company due to a decrease in selling, general and administrative expenses of $210,000 compared with the year-ago quarter resulting primarily from the retirement of former Chairman and CEO Joseph Hughes and other cost savings, according to the company.
The average number of consultants on billing with customers decreased to 378 in the quarter from 392 in the year-ago quarter, while the average number of computer programming consultants decreased to 319 from 340.
| (US$) | Q4 2018 | Q4 2017 | % growth |
| Net revenue | $16,380,000 | $16,897,000 | -3.1% |
| Gross profit | $2,531,000 | $2,652,000 | -4.6% |
| Gross margin | 15.5% | 15.7% | |
| Net income attributable to TSR | $137,000 | $62,000 | 121.0% |
Investor Zeff Capital LP, which last year sought to acquire all the shares in IT staffing provider TSR Inc. (NASD: TSR), last month upped its stake to 19.5% of the company. TSR Founder Joseph Hughes and his wife, Winifred, sold their stake in the company to Zeff Capital, QAR Industries Inc. and Fintech Consulting LLC.
Quote
“The 378 consultants on billing for the current quarter include 59 administrative workers, compared with 52 in the prior year quarter, which we placed at billing rates substantially lower than those charged for computer programming consultants,” CEO Christopher Hughes said.
Full-year results
| (US$ thousands) | FY 2018 | FY 2017 | % growth |
| Revenue | $64,990,000 | $62,573,000 | 3.9% |
| Gross profit | $10,381,000 | $10,246,000 | 1.3% |
| Gross margin | 16.0% | 16.4% | |
| Net income attributable to TSR | $486,000 | $268,000 | 81.3% |
Share price and market cap
Shares in TSR were down 1.26% to $7.85 as of 11:56 a.m. Eastern time, and the company had a market cap of $15.40 million.