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CTG revenue down 25%

October 28 2009
Staffing Industry Analysts North American Daily News

Computer Task Group Inc. (NASD: CTGX) reported third-quarter revenue of $66.8 million, down 25.1% from the third quarter of 2008.

The Buffalo NY-based firm, which provides information technology staffing and solutions, said third-quarter staffing revenue fell by approximately 30.0% to $43.2 million.

Third-quarter gross margin improved to 22.8% from 22.0% in the year-ago quarter.

However, CTG's third-quarter net income fell 22.8% to $1.6 million from $2.1 million in the same period last year.

CTG estimated fourth-quarter revenue of $67.0 million to $69.0 million, a decrease of approximately 17% to 20% from the fourth quarter of 2008.

The company said it was awarded six new electronic medical record projects which will be completed over the next two to three years. Chairman and CEO James Boldt said demand is increasing for electronic medical records support based on federal stimulus funds. Financing for the work is taking longer than expected, he said, but the company believes demand will accelerate in 2010.

Computer Task Group Inc. (NASD: CTGX)
For the third quarter ended Oct. 2, 2009, compared with the same period in 2008.
Revenue: $66.8 million, -25.1%
Net income: $1.6 million, -22.8%


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