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CTG Reports 2018 Third Quarter Results
Revenue Grew 21.9% Year-over-Year, Exceeding High-End of Guidance
BUFFALO, N.Y., Oct. 18, 2018 CTG (NASDAQ: CTG), a leading provider of information technology (IT) solutions and services in North America and Western Europe, today announced its financial results for the third quarter ended September 28, 2018.
Third Quarter Financial Summary
Revenue grew 21.9% year-over-year to $90.3 million, above the high-end of guidance
European revenue, including the Soft Company acquisition, grew 56% and represented 34% of total revenue, compared with 27% of total revenue in year-ago quarter
Revenue from Solutions grew 32% year-over-year, expanding to over 32% of consolidated revenue
Revenue from Staffing grew 17% year-over-year, primarily from our largest staffing clients, and represented 68% of total revenue
GAAP net income was $1.2 million, or $0.08 per diluted share, which included a $0.06 per share non-taxable gain from life insurance and $0.04 per share from acquisition-related expenses; non-GAAP earnings per diluted share were $0.06
Repurchased 178,000 shares of common stock for $1.0 million
Year-to-date revenue increased 17.2% as compared with the same nine-month period in 2017
Year-to-date GAAP earnings per share increased 113% to $0.17; non-GAAP earnings per diluted share increased 25% to $0.20
Third Quarter and Recent Business Highlights
Secured three new Health Solutions clients, and either expanded or extended contracts with ten existing healthcare clients
Advanced two meaningful new business engagements:
Legacy system support for an electronic health records (EHR) implementation with a sizeable U.S.-based hospital system
Enterprise Information Management (EIM) solution with a large existing energy client
CEO Comments on Financial Results and Strategic Growth
Third quarter revenue grew nearly 22% year-over-year to $90.3 million, which was above the high-end of our $86 to $90 million guidance range due to the ramp-up of our Health Solutions business with multiple new clients, and continued growth in our European operations, stated Bud Crumlish, CTG President and CEO. Third quarter earnings per share, excluding the non-taxable gain from life insurance and acquisition-related expenses, were in-line with expectations as we continue to invest in new business development to drive sustainable long-term growth.
In the U.S., our Health Solutions business had a strong quarter comprised of a series of new contract wins and meaningful contribution from multiple previously secured accounts, highlighted by three new healthcare provider clients for our Application Advantage solution. Additionally, we recently expanded the scope of services on CTGs previously announced partnership with CHI to implement an Epic EHR system. More broadly, the healthcare industry continues to transition toward value-based care, and we believe CTG is well-positioned with our expanding and cost-effective offerings as demand grows for both our Application Advantage and EIM Advantage solutions.
The following information was filed by Computer Task Group Inc (CTG) on Thursday, October 18, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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