TSR Inc., a leading IT staffing provider, reported a 0.5% decrease in revenue to $24.3 million for its fiscal third quarter which ended on February 28th. However, the company shifted focus to their higher profit margin permanent placement business and achieved profitability for the first time in many years.
CEO Thomas Salerno said this “strategic business development” and “cost control” has led to a swing back to profitability. The number of clerical and administrative contractors decreased to 173 while the number of IT contractors rose to 467, both when compared to last year’s third quarter.
As of 10:42 a.m. Eastern time, TSR’s share price had decreased 8.68% to $8.00, but was still 22.70% above its 52-week low. The company’s market cap was reported at $18.64 million.