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CTG revenue rises 17.4%

July 23 2008

Second-quarter revenue rose 17.4% at Computer Task Group Inc. (NASD: CTGX). The Buffalo NY-based information technology staffing and solutions company posted second-quarter revenue of $94.1 million, compared with $80.1 million in the same period last year.

CTG's second-quarter staffing revenue rose 19.0% to $62.2 million. The company said its managed services segment drove growth in the division.

The company's Gross margin improved to 23.0% from 22.4%.

Second-quarter net income surged 105.2% to $2.1 million from $999,000 in the previous year. Chairman and CEO James Boldt said the bottom line was helped by the company's higher margin solutions business.

"CTG has excellent momentum going into the second half of the year despite signs of further weakness in the general economy," Boldt said. "Our strength in healthcare ' combined with our strong managed staffing services business is mitigating the impact of the current economic downturn."

CTG estimated third-quarter revenue of between $89 million and $91 million, an increase of 10% to 13% compared with the third quarter of 2007.

The company also increased its full-year 2008 revenue estimate to between $363 million and $367 million, an increase of 12% to 13% over 2007 revenue.

Computer Task Group Inc. (NASD: CTGX)
For the second quarter ended, June 27, 2008, compared with the same period in 2007.
Revenue: $94.1 million, +17.4%
Net income: $2.1 million, +105.2%

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