TSR reports Q2 EPS (5c) vs. 12c last year
Reports Q2 revenue $16.4M vs. $16.5M last year. Christopher Hughes, CEO, stated, "Although our revenue decreased 0.7% for the second quarter reflecting a decrease in average billing rates for consultants on billing with customers and a higher discount plan put in place for a major customer, cost of sales decreased at a greater rate yielding a slightly improved gross margin. However, an increase in selling, general and administrative expenses of $594,000 created the swing from profit to loss for the quarter. The increase in SG&A was due to a significant increase in professional and advisory fees in connection with various stockholder lawsuits and our on-going contested proxy solicitation relating to our annual meeting, which we postponed to a date to be determined as a result of these lawsuits and the shareholder proposals to be brought before the annual meeting."