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CTG revenue down 29%

July 29 2009

Second-quarter revenue fell 29.2% year-over-year at Computer Task Group Inc. (NASD: CTGX) to $66.6 million.

Chairman and CEO James Boldt said demand for staffing services stabilized during the second quarter. However, the Buffalo NY-based firm, which provides both information technology staffing and solutions, reported second-quarter revenue in its staffing business was still down 30.1% to $43.5 million compared with the second quarter of last year.

Second-quarter gross margin at CTG narrowed to 22.5% from 23.0%.

Net income fell 32.0% year-over-year in the second quarter to $1.4 million.

CTG estimated third-quarter revenue of between $66 million and $68 million, a year-over-year decrease of 23.7% to 26.0%.

The company also estimated full-year 2009 revenue of between $275 million to $285 million, a year-over-year decrease of 19.3% to 22.1%.

Computer Task Group Inc. (NASD: CTGX)
For the second quarter ended July 3, 2009, compared with the same period in 2008.
Revenue: $66.6 million, -29.2%
Net income: $1.4 million, -32.0%

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