Daily NewsView All News
TechTeam Global Inc. (NASD: TEAM) reported a 3.7% decline in fourth-quarter revenue to $61.9 million. The Southfield MI-based firm, which provides information technology solutions as well as some staffing, reported fourth-quarter gross margin rose to 26.8% year-over-year from 24.9%.
TechTeam's fourth-quarter net income fell 33.2% to $1.2 million from $1.8 million in the fourth quarter of 2007.
The fourth quarter included a $1.8 million pre-tax restructuring charge that included reductions in capacity at leased facilities and severance costs for restructuring in Europe.
Full-year 2008 revenue rose 17.0% to almost $260.0 million, while gross margin narrowed to 25.5% from 25.6% in the previous year.
Net income fell 52.9% to $3.0 million in 2008.
TechTeam Global Inc. (NASD: TEAM)
For the fourth quarter ended Dec. 31, 2008, compared with the same period in the previous year.
Revenue: $61.9 million, -3.7%
Net income: $1.2 million, -33.2%
For the full year ended Dec. 31, 2008, compared with the previous year.
Revenue: $260.0 million, +17.0%
Net income: $3.0 million, -52.9%