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TSR Inc. (NASD: TSRI), a Hauppauge NY-based information technology staffing firm, announced this week that revenue fell 21.4% year-over-year to $9.8 million in its fiscal third quarter that ended Feb. 28 due to a tough economic environment.
Gross margin, however, improved to 18.4% from 17.6%. The company said cost of sales as a percentage of revenue decreased to 81.6% from 82.4% in the same period last year primarily because of fewer consultants on billing at its client AT&T, which has historically been its lowest margin business, according to its 10-Q filing.
Net income at TSR fell 56.5% to $93,000 from $214,000 in the same period last year.
TSR Inc. (NASD: TSRI)
For the fiscal third quarter ended Feb. 28, 2009, compared with the same period in the previous year.
Revenue: $9.8 million, -21.4%
Net income: $93,000, -56.5%