Daily News
View All NewsTSR revenue up 11.8%, but gross margin narrows at IT staffing firm
IT staffing provider TSR Inc. (NASD: TSRI) reported revenue rose 11.8% in its fiscal first quarter ended Aug. 31. But gross margin narrowed and net income fell at the Hauppauge, NY-based firm.
| (US$ thousands) | Q1 2018 | Q1 2017 | % growth |
| Net revenue | $17,037 | $15,242 | 11.8% |
| Gross profit | $2,844 | $2,601 | 9.3% |
| Gross margin | 16.7% | 17.1% | |
| Net income attributable to TSR | $141 | $148 | -4.7% |
Quote
“Our revenue increased 11.8% for the first quarter reflecting revenue added from providing administrative staff in addition to IT contractors to our clients,” said CEO Christopher Hughes. “However, reduced gross profit as a percentage of revenue and increased selling, general and administrative expenses resulted in a reduction in net income. Although we are experiencing an increase in revenue, profitability will continue to be affected until such time as we place a greater number of IT contractors with clients to generate increased revenue and profit.”
Share price and market cap
Shares in TSR fell 6.38% in late morning trading to $4.40. The company had a market cap of $8.6 million, according to Yahoo.