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CTG First Quarter EPS Increased 18% to $0.20

BUFFALO, N.Y. April 23, 2012 March 30

2012 First Quarter Review

Revenue, operating income, net income, and diluted net income per share for the 2012 first quarter as compared with the 2011 first quarter are as follows (dollar amounts in thousands except per-share data):




Revenue

$

103,367

$

95,909

$

7,458

7.8%

Operating income 

$

5,599

$

4,599

$

1,000

21.7%

Net income

$

3,360

$

2,828

$

532

18.8%

Diluted net income per share

$

0.20

$

0.17

$

0.03

17.6%

The Company’s operating margin expanded by 60 basis points to 5.4% from 4.8% in the 2011 first quarter.

James R. Boldt

Mr. Boldt added, "This quarter’s significant increase in healthcare IT revenue is coming from continued growth in electronic medical records (EMR) work, as well as other healthcare IT projects. We are starting to benefit from the ramp-up of large EMR projects won last year, as reflected in the 12% rise in first quarter EMR revenue.  We expect revenue growth from healthcare and EMR-related work to continue at a robust pace in 2012.  At quarter end, we were working on 18 large EMR projects and there were four EMR proposals that we previously bid on and are waiting for client decisions."     

$7.5 million $41.2 million $62.2 million $62.2 million $17.2 million $17.1 million $0.7 million Brussels

There were 64 billing days in the first quarter of 2012 and 65 billing days in the first quarter of 2011.  

$16.3 million $15.2 million

$2.4 million $7.2 million March 30, 2012 $19.3 million $8.9 million

Stock Repurchase Program

$14.47
April 2012 March 30, 2012

2012 Guidance

$425 million to $435 million February 21

 

 

2012 Second Quarter

 

Range

 

Range midpoint


quarter at range midpoint

Revenue

$104-$106 million

$105 million

+ 6.8%

Diluted net income per share

$0.20 – $0.22

$0.21

+ 23.5%

 

2012 Full Year  

 

 

Range

 

Range midpoint

Change from 2011

at range midpoint

Revenue

$420-$430 million

$425 million

+ 7.2%

Diluted net income per share 

$0.81 – $0.91

$0.86

+ 21.1%

Mr. Boldt commented, "This year is off to an excellent start with first quarter results indicative of our expectation that the growth in earnings in 2012 will accelerate faster than revenue based on the higher growth rates we are seeing in our solutions business which is smaller but more profitable than our staffing business.  Visibility is favorable for our healthcare business based on the pipeline of existing EMR work and proposals already submitted, along with continued strength in market demand for large EMR implementations and transitional application management, both areas where CTG is a recognized industry leader.

Mr. Boldt concluded, "Our strategy of focusing on higher growth industries, particularly healthcare and technology services, has delivered steady and increasingly profitable growth over the last decade while creating greater value for CTG’s shareholders.  We are committed to staying on our successful strategic course and to building on the track record of consistency, stability, and financial strength that sets CTG apart from our peers in the IT services and solutions market."

About CTG

North America www.ctg.com

Safe Harbor Statement

This document contains certain forward-looking statements concerning the Company’s current expectations as to future growth. These statements are based upon a review of industry reports, current business conditions in the areas where the Company does business, the availability of qualified professional staff, the demand for the Company’s services, and other factors that involve risk and uncertainty. As such, actual results may differ materially in response to a change in such factors. Such forward-looking statements should be read in conjunction with the Company’s disclosures set forth in the Company’s 2011 Form 10-K, which is incorporated by reference. The Company assumes no obligation to update the forward-looking information contained in this release.

Conference Call and Webcast

Tuesday, April 24, 2012 10:00 a.m. Eastern Time James R. Boldt between 9:45 a.m. and 9:50 a.m. 12:00 p.m. Eastern Time April 24, 2012 11:00 p.m. Eastern Time April 27, 2012

http://www.ctg.com http://investor.ctg.com/events.cfm

 


(amounts in thousands, except per share data)

For the Quarter Ended

March 30,

April 1,

2012

2011

Revenue

$

103,367

$

95,909

Direct costs

81,515

76,112

Selling, general and administrative expenses

16,253

15,198

Operating income

5,599

4,599

Other expense, net

(50)

(37)

Income before income taxes

5,549

4,562

Provision for income taxes

2,189

1,734

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