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TSR Inc., a Hauppauge NY-based information technology staffing firm, reported a 10.2% decline in revenue for its fiscal first quarter ended Aug. 31. Revenue totaled almost $12.2 million, down from $13.5 million in the same period last year.
Revenue fell because the number of consultants on assignment decreased to 299 in the first quarter from 335 in the first quarter of last year, said CEO Joe Hughes. The company will face continued decreases in IT spending caused by the economy, Hughes said.
TSR gets 20% of its revenue from banking and brokerage customers, an area particularly hard hit in the economy, he said. One of its customers was Lehman Brothers Holding Inc., a casualty of the crisis on Wall Street.
First-quarter net income for TSR fell 51.9% to $215,000.
TSR Inc. (NASD: TSRI)
For the fiscal first quarter ended Aug. 31, 2008, compared with the same period in the previous year.
Revenue: $12.2 million, -10.2%
Net income: $215,000, -51.9%