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TechTeam Global Inc. (NASD: TEAM) reported third-quarter net income of $2.1 million, up 460.8% from $370,000 in the same period last year. The company said third-quarter 2006 net income included expenses from a settlement that cut income by four cents a share. In 2006, TechTeam reported it struck a deal to settle claims brought against it by its former CEO and its former CFO.
The Southfield MI-based information technology solutions and staffing company reported that third-quarter 2007 revenue increased 40.7% to $59.2 million from $42.0 million in the third quarter of 2006. The company said acquisitions boosted revenue and favorable foreign exchange rates also helped by $1.4 million. In August, TechTeam said it acquired RL Phillips Inc., a
TechTeam's third-quarter gross margin improved to 26.4% from 24.1%.
The company also said it hired an executive search firm to find a replacement for President and CEO William Brown, who will remain until a new top executive is found.
TechTeam Global Inc. (NASD: TEAM)
For the third quarter ended Sept. 30, 2007, compared with the same period in 2006.
Revenue: $59.2 million, +40.7%Net income: $2.1 million, +460.8%