Computer Task Group's CEO Discusses Q1 2012 Results - Earnings Call Transcript
Before we begin, I want to mention that statements in the course of this conference call that state the company’s or management’s intentions, hopes, beliefs, expectations and predictions for the future are forward-looking statements.
It’s important to note that the company’s actual results could differ materially from those projected. Additional information concerning factors that could cause actual results to differ from those in the forward-looking statements is contained in our earnings release as well as in the company’s SEC filings. You can find these at our website or at the SEC’s website at sec.gov. Please review our forward-looking statements in conjunction with these precautionary factors.
With that, I’d like to turn it over to Jim to begin the discussion.
James BoldtThanks, Jim, and good morning, everyone. This is Jim Boldt. I want to thank you for joining us this morning for our first quarter earnings conference call. As you saw in our news release, we had a solid first quarter with revenue and earnings per share both at the midpoint of our guidance. Revenue in 2012 increased over 2011 by 8%, the operating margin expanded by 60 basis points and earnings per share increased 18%. As we expected, our higher margin Solutions business grew by 22% in the first quarter of 2012 while our lower margin Staffing business was approximately the same as it was in the first quarter of 2011.I’m going to talk more about our results and what we see for 2012’s second quarter and the full year, but first I’m going to ask Brendan to start us off with the review of our financial results. Brendan?Brendan Harrington
Thanks, Jim. Good morning, everyone. For the first quarter of 2012, CTG’s revenue was $103.4 million, an increase of $7.5 million or 8% compared with the first quarter of 2011. First quarter 2012 had 64 billing days, one less day than the first quarter 2011. On a per billing day basis, revenue increased by 9.5%.
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