HAUPPAUGE, N.Y. - TSR, Inc. (NASDAQ:TSRI), a company specializing in IT consulting and recruiting services, has reported a decrease in revenue and net income for its second quarter ending November 30, 2023. The company's revenue fell by 16.8% to $21.7 million compared to the same quarter in the previous year, while net income dropped to $460,000, or $0.20 per diluted share, from $674,000, or $0.30 per share.
The reduction in revenue has been primarily attributed to a decrease in the number of clerical and administrative contractors working with customers. Despite this downturn, the company has managed to reduce its selling, general, and administrative expenses by $440,000 in comparison to the previous year's quarter, aligning with the revenue decrease and helping to maintain profitability.
CEO Thomas Salerno expressed optimism for the company's long-term growth, citing efforts to control costs and the company's strong balance sheet, which shows $14.8 million in net working capital, equating to approximately $6.91 per share.
TSR, Inc., which has been operating for over five decades, serves various industries including banking, asset management, pharmaceuticals, insurance, and healthcare.
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