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News Breaks
July 15, 2014
07:32 EDTCTGComputer Task Group reports Q2 preliminary EPS 20c, consensus 22c
Reports Q2 preliminary revenue $100M, consensus $101.4M. The lower EPS is down primarily due to an increase in medical costs based on significantly higher than expected claims in the quarter from its self-insured medical plan. The lower revenue is due to lower than anticipated revenue from the company's staffing business.
News For CTG From The Last 14 Days
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June 16, 2015
08:02 EDTCTGComputer Task Group exploring potential sale of HQ building
Cliff Bleustein, President and CEO of CTG, commented, “After careful review of our software’s capabilities and additional conversations with executives at payers, providers, and life science companies, it’s now become clear that our application designed to reduce the cost of treating end-stage renal and potentially other chronic diseases is not going to be commercially viable and while disappointing, necessitates my decision to write off our investment in the software application...We are also exploring the possibility for additional efficiencies from the sale of our headquarters building at 800 Delaware Avenue in Buffalo. By consolidating our Buffalo-based personnel in our remaining facility in Buffalo, we believe we can reduce our operating costs and improve operational effectiveness. Although a sale is not guaranteed, we feel that exploring this option makes sense at this time.” As part of the company’s future growth strategy, the Nominating and Corporate Governance Committee is in the process of identifying new directors for CTG’s board. The Committee’s goal is to appoint individuals with appropriate qualifications to help accelerate the company’s growth, CTG noted.
08:00 EDTCTGComputer Task Group lowers FY15 EPS view to 29c-37c from 36c-44c
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07:59 EDTCTGComputer Task Group lowers Q2 EPS view to 1c-3c from 9c-11c
Consensus 11c. Backs Q2 revenue guidance of $93M-$95M, consensus $94.64M.
07:39 EDTCTGComputer Task Group to record charges of about 9c per share in Q2
CTG announced that it will record charges in Q2 totaling approximately 9c per diluted share. CTG will write off the net book value of its IT medical management software for severe and chronic diseases and record a non-cash charge of approximately $1.1M, or 4c per diluted share. The company developed its medical management application, initially for chronic kidney disease, to improve the cost effectiveness of treatment and patient outcomes. The software tool became commercial in 2013 and, although CTG experienced some sales success with research institutions, the company has been unable to sell the product to payers, its intended market. The professional staff involved in the development, architecture, and delivery of the software will be assigned to billable positions within the existing healthcare technology consulting practice. The remaining non-billable positions will be eliminated. Severance and other related charges are not expected to be significant. An additional charge of approximately $1.2M, or 5c per diluted share, will result from the elimination under statutory severance requirements of thirteen employees in Europe. The company determined that the majority of the individuals involved were not likely to become billable. A portion of the savings will be used to hire sales personnel and sales support to improve growth within CTG’s respective markets. The remaining savings will be used to improve operating margins.

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