Thursday June 17, 4:05 pm Eastern Time
Note: there is a subsequent correction for this article.
Company Press Release
SOURCE: Cotelligent, Inc.
Cotelligent Announces First Quarter Expectations
SAN FRANCISCO, June 17 /PRNewswire/ -- Cotelligent, Inc. (NYSE: CGZ - news), a leading provider of information technology (IT) consulting services, today announced earnings expectations for the three months ending June 30, 1999. These expectations are based upon the preliminary results for the months of April and May 1999.
The Company expects revenues in excess of $88 million for the quarter ending June 30, 1999, compared to $54.3 million for the comparable period in the prior year. After a pretax restructuring charge of approximately $4.2 million and impairment of long-lived assets resulting in a pretax write-down of goodwill of $20.0 million, the Company expects a net loss of between $13 million and $15 million for the quarter ending June 30, 1999 as compared to net income of $1.8 million for the same period in the prior year.
The Company is experiencing a downturn in demand for its services, which it believes to be principally related to strategies
being employed by the Company's customers of reducing investment
in IT infrastructures while their Y2K compliance is being
ascertained. While the downturn in demand is broadly based, it is
most pronounced in the financial services sector. The restructuring charge is related to the reorganization to the Company's new five practice group operating structure. This reorganization is anticipated to favorably position the Company in the future ...
Thursday June 17, 5:15 pm Eastern Time
Note: this is a correction for a previous article.
Company Press Release
Correction -- Cotelligent, Inc. (NYSE: CGZ)
In SFTH068, ''Cotelligent Announces First Quarter Expectations,'' moved earlier today, we are advised by the company that the second graph, second line should read ''$73.0 million,'' rather than ''$54.3 million,'' and the second graph, last line should read, ''$3.5 million,'' rather than ''$1.8 million,'' as previously issued. |
