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Revenue fell 25.4% year over year to $9.4 million at TSR Inc. (NASD: TSRI), a Hauppauge NY-based information technology staffing firm, in the company's fiscal fourth quarter ended May 31.
Fourth-quarter net income fell 60.6% to $93,000 from $236,000 in the year-ago quarter.
For the full fiscal year, revenue fell 17.2% to $42.8 million from $51.7 million in the previous year.
Full-year net income fell 51.3% to $621,000 from $1.3 million in the previous year.
"The deteriorating economy has spread beyond the financial services sector where TSR had historically obtained approximately 20% of its revenue," CEO Joe Hughes said in a statement. "This broadening has had a serious impact on our bottom line as evidenced by the results for the quarter just ended. Additionally, since leading economists are not predicting an upturn in the near term, we expect the economic conditions to continue to adversely affect earnings well into next fiscal year."
TSR Inc. (NASD: TSRI)
For the fiscal fourth quarter ended May 31, 2009, compared with the same period in the previous year.
Revenue: $9.4 million, -25.4%
Net income: $93,000, -60.6%
For the full fiscal year ended May 31, 2009, compared with the same period in the previous year.
Revenue: $42.8 million, -17.2%
Net income: $621,000, -51.3%