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Computer Task Group Inc., a Buffalo, N.Y.-based provider of information technology staffing and solutions, reported fourth-quarter revenue rose 15.6 percent to $100.9 million from $87.3 million in the year-ago quarter.
“Electronic medical records projects continue to be the major contributor to the growth of our healthcare business with [electronic medical records] revenue up 33 percent from the 2010 fourth quarter and 36 percent for the full year,” said CTG Chairman and CEO James Boldt. “We finished the year working on 18 EMR projects up from 17 at the end of the 2011 third quarter.”
CTG’s staffing revenue rose approximately 8 percent to $60.4 million, on a year-over-year basis. Solutions revenue rose approximately 30 percent to $40.5 million.
Gross margin improved to 22.6 percent from 21.9 percent in the fourth quarter of last year.
Fourth-quarter net income rose 23.9 percent to $3.3 million from $2.7 million in the fourth quarter of 2010.
Revenue for the full year totaled $396.3 million, a 19.6 percent increase over $331.4 million in 2010. Gross margin for the full year was 21.3 percent, compared to 21.5 percent in 2010.
2011 net income rose 23.9 percent to 11.9 million from $8.4 million in 2010. $12 million, up 42.6 percent from $8.4 million in 2010.
Computer Task Group Inc. (NASD: CTGX)
For the fourth quarter ended Dec. 31, 2011, compared with the same period in the previous year.
Revenue: $100.9 million, +15.6 percent
Net income: $3.3 million, +23.9 percent
For the 2011 fiscal year ended Dec. 31, 2011, compared with the previous year.
Revenue: $396.3 million, +19.6 percent
Net income: $11.9 million, +42.6 percent