Daily NewsView All News
Third-quarter revenue and profit rose at information technology staffing firm TSR Inc., but its CEO said the economic slowdown will likely hit IT spending, especially in the financial services sector.
Hauppauge NY-based TSR reported net income of $214,000 for its fiscal third quarter ended Feb 29, up 6.5% from $201,000 in the same period last year.
Third-quarter revenue rose 5.4% to $12.4 million from $11.8 million in the same period in the previous year.
The economic slowdown, however, may be felt in IT, CEO Joe Hughes said. "As a result of the recent economic downturn, and the uncertainty in the financial services industry, the company expects that overall IT spending will decrease in the short term and that the impact is likely to be greater in the financial services industry," Hughes said. "The company currently derives 15% to 20% of its revenues from the financial services industry."
TSR Inc. (NASD: TSRI)
For the third quarter ended Feb. 29, 2008, compared with the same period in the previous year.
Revenue: $12.4 million, +5.4%
Net income: $214,000, +6.5%