TSR Inc., Hauppauge
Provider of computer programming consulting services
Quarter: Ended Nov. 30, 2009
Net income: $101,000 compared with $236,000 in the same period last year.
Revenue: $9.3 million compared with $11.5 million in the year-ago quarter.
Outlook: "The broad based economic downturn has had a serious impact on our bottom line as evidenced by the results for the quarter just ended. 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," chief executive Joe Hughes said.
Company statement: "...The average number of consultants on billing with customers decreasing from 281 for the quarter ended November 30, 2008 to 222 for the quarter ended November 30, 2009," led to a 19 percent drop in the recent quarter compared to the year-ago quarter.
"Net income attributable to shareholders decreased approximately 63.6 percent as customers have continued to reduce IT spending, resulting in a reduced number of consultants on billing and reduced opportunities to place consultants on new assignments." -- Joseph Mallia