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Computer Staffing Firm Revenues Drop

LongIsland.com

TSR's revenue and income fell for the quarter and the year.

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TSR reported lower revenue and rising legal fees, which hurt its top and bottom lines.

Photo by: TSR

TSR, a Hauppauge-based provider of computer programming consulting services, said fourth-quarter and full-year revenue fell due to lower average billing rates and increased legal fees.

The company said revenue for the quarter ended May 31, 2019 declined 4.9 percent to $15.6 million. In part due to lower sales, TSR took a $601,000 fourth-quarter loss, down from $137,000 income a year ago.

Revenue for the year fell 2.5 percent  to $63.3 million, as the company took a $1,336,000 loss compared to $486,000 income for the prior year.

CEO Christopher Hughes attributed the weaker performance to a “decrease in average billing rates for consultants "  and to "a higher discount plan put in place for a major customer.”

Cost of sales decreased, but at a lower rate, he said, resulting in thinner gross margins. Selling, general and administrative expenses increased by $932,000 for the quarter and $2,201,000 for the year.

Hughes attributed that to  “a significant increase in professional and advisory fees in connection with various stockholder lawsuits.”

The company engaged in a legal fight concerning a proxy solicitation relating to its 2018 annual meeting, which was postponed as a result of lawsuits.