This excerpt taken from the ICTG 8-K filed Jul 30, 2009.
Summary and Outlook
Our business, while subject to macroeconomic conditions, appears to have stabilized as core business volume and revenue continues to grow, and we are benefiting from our greatly reduced exposure to non-core services as well as the more severely impacted market in the U.K. Clients are expanding existing programs and adding new services for both on-shore and offshore delivery. As a result, we are increasingly optimistic about the second half of the year in terms of revenue growth, profitability improvement and cash flow projections as we continue to add new business and keep SG&A and capital expenditures under control, added Mr. Brennan.
In the second quarter, ICT GROUP benefited from its strategic realignment as well as the cost reduction efforts taken in prior quarters and began to see significantly improved profitability, on an adjusted basis. The Company believes that this will continue into the third quarter and expects incremental growth in the range of 6% to 8% for core business revenue measured in constant currency as compared to the third quarter of 2008 driven by an expected increase of 10% to 12% in core production volume. As a result, ICT GROUP anticipates continued sequential improvement in financial performance for the upcoming quarter. For the third quarter, the Company now expects total revenue to be in the range of $98 to $102 million and pre-tax earnings to be modestly above second quarter adjusted results.
The Company reiterates its guidance of positive year-over-year growth in core business revenue throughout 2009 and expects to continue to achieve operating leverage through increased productivity, greater workstation utilization and lower SG&A expenses as a percentage of revenue. The Company does not anticipate taking any additional restructuring charges in the second half of 2009.
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This excerpt taken from the ICTG 8-K filed Apr 30, 2009.
Summary and Outlook
ICT GROUP demonstrated solid performance in the 2009 first quarter. Through the allocation of resources to more predictable business and the ongoing commitment to continuous improvement, the Company has made significant progress. First quarter pre-tax break-even results surpassed the Companys guidance as cost reductions outpaced investments in sales and marketing. While operating conditions remain challenging, we believe we have stabilized our business by focusing on our core service offerings and significantly reducing our exposure to more volatile non-core business, Mr. Brennan said.