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CTG surges in 3Q on health-care biz

Business First
Wednesday, October 27, 2010, 8:45am

Continued demand in health-care solutions helped lift CTG in the third quarter as profits and revenue each rose more than 26 percent.

The Buffalo-based IT company (NASDAQ: CTGX) reported Tuesday net income of $2.03 million, or 13 cents per share, compared to $1.61 million, or 10 cents per share, in the comparable period a year ago.

Revenue increased 26.5 percent to $84.63 million from $66.71 million.

Also, operating income was $3.12 million, up from $2.49 million, an increase of 25.3 percent.

“A very strong quarter in our managed staffing services business, along with continued growth in health-care business, pushed revenue above our forecast and earnings to the top end of our guidance,” CTG Chairman and Chief Executive Officer James Boldt said. “Demand for technical resources from our clients is still strong and we are staffing up for new health-care solutions work, resulting in a 200 person addition to our headcount in the quarter.

Much of the growth is related to electronic medical records solutions projects CTG is working on as health-care revenue was up 32 percent in the period.