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TechTeam Global Inc. (NASD: TEAM), which announced a deal last week to be acquired by Stefanini International Holdings Ltd., reported third-quarter revenue fell 8.3% to $46.2 million.
The decrease in revenue was primarily the result of a wind-down of certain contracts in the company’s government solutions business, according to the company. TechTeam sold that business to Jacobs Engineering Group Inc. in an earlier deal which closed after the third quarter.
TechTeam is a Southfield MI-based information technology solutions firm. Its services also include staffing.
Gross margin narrowed to 22.4% in the third quarter from 23.4% in the year-ago quarter.
The company reported a third-quarter net loss of $8.4 million compared to net income of $862,000 in the third quarter of 2009. The third quarter of 2010 included a noncash impairment charge of $9.4 million.
TechTeam Global Inc. (NASD: TEAM)
For the third quarter ended Sept. 30, 2010, compared with the same period in 2009.
Revenue: $46.2 million, -8.3%
Net loss: $8.4 million vs. net income of $862,000