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TechTeam revenue falls 22%

March 30 2010

TechTeam Global Inc. (NASD: TEAM), a Southfield MI-based firm that provides information technology solutions as well as some staffing, reported that fourth-quarter revenue fell 21.7% to $48.5 million from $61.9 million in the fourth quarter of the previous year.

Fourth-quarter gross margin narrowed to 23.0% from 24.6% in the year-ago quarter.

TechTeam posted a net loss of $22.4 million in the fourth quarter compared with net income of $1.2 million in the fourth quarter of 2008. The company recorded an impairment charge of $27.5 million in the fourth quarter of 2009.

Full-year 2009 revenue at TechTeam fell 18.7% to $211.2 million. Full-year gross margin rose to 23.9% from 23.2%.

TechTeam reported a full-year net loss of $18.6 million compared with net income of $3.0 million in 2008.

TechTeam Global Inc. (NASD: TEAM)
For the fourth quarter ended Dec. 31, 2009, compared with the same period in the previous year.
Revenue: $48.5 million, -21.7%
Net loss: $22.4 million vs. net income of $1.2 million

For the full year ended Dec. 31, 2009, compared with the previous year.
Revenue: $211.2 million, -18.7%
Net loss: $18.6 million vs. net income of $3.0 million

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