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TSR Inc. (NASD: TSRI), Hauppauge NY-based information technology staffing firm, reported a 19.0% year-over-year decline in revenue to $9.3 million in its fiscal second quarter ended Nov. 30, 2009.
The company said revenue fell as the number of consultants on billing with customers decreased to 222 from 281 in the same quarter last year.
Gross margin improved to 18.1% from 17.9%. However, TSR's second-quarter net income fell to $101,000 from $236,000 in the year-ago quarter.
"The broad-based economic downturn has had a serious impact on our bottom line as evidenced by the results for the quarter just ended," CEO Joe Hughes said. "Additionally, since any improvements appear to be slow and uncertain, we expect the economic conditions to continue to adversely affect earnings throughout our fiscal year."
TSR Inc. (NASD: TSRI)
For the fiscal second quarter ended Nov. 30, 2009, compared with the same period in the previous year.
Revenue: $9.3 million, -19.0%
Net income: $101,000, -57.2%