Cambridge Tech reports first-quarter loss
CAMBRIDGE, Mass., April 28 (Reuters) - Computer consulting firm Cambridge Technology Partners Inc. <CATP.O> on Friday reported a slightly smaller-than-expected first-quarter loss and said revenue from its new Internet consulting business rose faster than planned.
Cambridge Technology posted a net loss, after one-time investment gains, of $4.3 million, or 7 cents per share, compared with a profit of $7.5 million, or 12 cents per share, a year earlier.
Excluding the investment gains, Cambridge Technology's first-quarter loss totaled 19 cents per share, a penny less than the loss of 20 cents per share expected by Wall Street analysts polled by research firm First Call/Thomson Financial.
The company said revenues from its global e-Solutions, or Web consulting, business grew by a better-than-expected 59 percent to $77 million in the quarter and are now expected to grow at a faster rate than originally thought. But revenue from its traditional computer and software consulting and services business fell by nearly 50 percent in the quarter, to $38.8 million, and the decline is likely to continue at a quicker pace than previously expected.
The company reiterated earlier guidance that it expects losses in the first half of the year, a profit in the second half and a loss for the full year.
08:43 04-28-00 |
