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CTG Revenue Up 20%, EMR Is Bright Spot

October 25 2011

Computer Task Group Inc., a Buffalo, N.Y.-based provider of information technology staffing and solutions, reported third-quarter revenue rose 19.7 percent to $101.1 million from $84.5 million in the year-ago quarter.

CTG’s staffing revenue rose 11 percent to $62.3 million on a year-over-year basis. Solutions revenue rose 36 percent to $38.8 million.

“Demand in our higher margin healthcare business remained very strong with healthcare revenue up 32 percent in the third quarter increasing to 30 percent of total revenue, its highest level ever,” said CTG Chairman and CEO James Boldt.

“Electronic medical records (EMR) work was again the primary driver of the growth in our healthcare business in the quarter with EMR revenue up 23% over the 2010 third quarter,” Boldt said. “At the end of the quarter, the number of EMR projects remained unchanged at 17 from the second quarter of 2011. However, new EMR projects are much larger in scope and revenue than those completed.”

Gross margin improved to 20.7 percent from 20.5 percent in the third quarter of last year.

Third-quarter net income rose 47.6 percent to $3.0 million from $2.0 million in the third quarter of 2010.

Computer Task Group Inc. (NASD: CTGX)
For the third quarter ended Sept. 30, 2011, compared with the same period in the previous year.
Revenue: $101.1 million, +19.7 percent
Net income: $3.0 million, +47.6 percent


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