Brief: Computer Task Group Q3 adjusted earnings $0.04/shr

Computer Task

25/10/2016 11:55

Oct 25 (Reuters) - Computer Task Group Inc  CTG.O  
    * Ctg reports 2016 third quarter results 
    * Q3 non-gaap earnings per share $0.04 
    * Q3 gaap loss per share $1.03 
    * Sees fy 2016 revenue $320 million to $322 million 
    * Q3 revenue $78.1 million versus i/b/e/s view $80.2 million 
    * Q3 earnings per share view $0.03 -- Thomson Reuters 
I/B/E/S 
    * Sees q4 2016 non-gaap earnings per share $0.04 to $0.06 
    * Sees fy 2016 gaap loss per share $2.24 to $2.26 
    * Sees q4 2016 revenue $73 million to $75 million 
    * Fy2016 earnings per share view $0.20, revenue view $330.4 
million -- Thomson Reuters I/B/E/S 
    * Q4 earnings per share view $0.04, revenue view $80.9 
million -- Thomson Reuters I/B/E/S 
    * Computer task group inc - full year 2016 non-gaap net 
income is expected to be between $0.20 and $0.22 per diluted 
share 
    * Computer task group inc - full year 2016 non-gaap net 
income outlook  excludes non-cash goodwill impairment charges of 
$37.3 million 
    * Computer task group - largest staffing client informed 
they would reduce portion of ctg-provided services beginning in 
q4 
    * Computer task group - staffing client to reduce portion of 
ctg-provided services due to a "consolidation of service 
providers" 
    * Computer task group -recorded severance charges of $1.5 
million, in third of quarter related to two former executives 
related to 2 former executives 
    * Computer task group-expect size of reduction of services 
by client to be about 20% of historical revenue from this 
account on an annualized basis 
    * Computer task group - for portion of remaining business 
with largest staffing client, expect a slight reduction in 
profitability due to lower pricing 
    * Computer task group-taken further action to reduce costs 
to more than offset impact of loss of revenue and profit from 
reduction of services by client 
    * Computer task group inc - recorded a non-cash impairment 
charge of $15.8 million, in q3 of 2016 for write-down of 
goodwill related to healthcare business 
 
Source text for Eikon:  ID:nGNXNKJUDa  
Further company coverage:  CTG.O  
 
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