IT staffing provider TSR Inc. (NASDAQ: TSRI) reported revenue fell 4.8% year over year to $24.9 million in its fiscal fourth quarter ended May 31. Gross margin and net income improved, and the company said it is “optimistic” that revenue and income will rise without giving a timeframe.  

Income from operations at the Hauppauge, New York-based firm increased to $716,000 from $356,000 in the prior year’s quarter. 

“We continued to focus on our more specialized and higher margin IT business and are seeing solid results from our fledgling permanent placement business,” CEO Thomas Salerno said in a press release. “As always, we continue to focus on controlling costs, which has helped us increase profitability in the fiscal fourth quarter.” 

For the full fiscal year, revenue increased 4.2% to $101.4 million from the year before. Net income attributable to TSR fell to $1.7 million, but the prior period benefitted from a gain of $6.7 million from forgiveness of the principal on the PPP loan and related accrued interest expense. 

“We continue to navigate an uncertain macro-economic environment, but we are optimistic that revenue and income will grow,” Salerno said. 

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Share price  

Shares in TSR were up 8.9% to $7.64 as of 10:26 a.m. Eastern time; they were 28% above their 52-week low, according to FT.com.