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Cotelligent Group, Inc. Announces Record Third Quarter Results SAN FRANCISCO, Jan. 29 /PRNewswire/ -- Cotelligent Group Inc a leading provider of information technology (IT) consulting services today announced record results of operations for the three months and nine months ended December 31, 1996. The Company operates from offices located in 17 major metropolitan areas throughout the United States. THIRD QUARTER HIGHLIGHTS: * Pro forma earnings per share of $0.18 compared to $0.15 for the comparable period in the prior year. * Acquired three businesses with seven operating locations. * Number of consultants increased during the quarter by 233 to 1,467. Pro forma revenues increased $10.0 million, or 38%, to $36.2 million for the three months ended December 31, 1996 as compared to $26.2 million for the same period in fiscal 1996. Pro forma net income increased $556,000 or 50%, to a record $1.7 million for the quarter ended December 31, 1996 compared to $1.1 million for the quarter ended December 31, 1995. Pro forma earnings per share for the third quarter of fiscal 1997 increased 20% to $0.18 compared to $0.15 per share for the third quarter of fiscal 1996. Pro forma revenues increased $21.6 million, or 28%, to $99.4 million for the nine months ended December 31, 1996 compared to $77.9 million for the nine months ended December 31, 1995. Pro forma net income for the nine months ended December 31, 1996 increased $1.6 million, or 52%, to $4.6 million compared to $3.0 million for the nine months ended December 31, 1995. Pro forma earnings per share for the first nine months of fiscal 1997 was $0.49, or a 17% increase over the $0.42 for the first nine months of fiscal 1996. Revenues increased $25.6 million, or 243% to $36.2 million from $10.6 million for the three months ended December 31, 1996 as compared to the same period in fiscal 1996. Net income increased $858,000, or 164%, to $1.4 million in the third quarter of fiscal 1997 from $524,000 in the same period in fiscal 1996. Earnings per share for the third quarter of 1997 after deducting non-recurring transaction costs of $322,000 incurred in connection with an acquisition accounted for as a pooling of interests was $0.15. For the nine months ended December 31, 1996, revenues increased $66.5 million, or 202%, to $99.4 million from $32.9 million in the corresponding period in the prior year. Net income for the nine month period ended December 31, 1996 increased $1.3 million, or 70%, to $3.2 million as compared to $1.9 million in the same period in the prior year. Earnings per share for the nine months ended December 31, 1996 after deducting non-recurring transaction costs of $1.1 million incurred in connection with four acquisitions accounted for as poolings of interests was $0.34. "We continue to be pleased with our operating results. The acquisition of Pittsburgh Business Consultants during the quarter validates our strategy of growth through the acquisition of successful local and regional companies," stated James R. Lavelle, Chairman and Chief Executive Officer. Michael L. Evans, President and Chief Operating Officer, added, "Our increased national presence has favorably changed the way we are received, offering Cotelligent access to increased national marketing opportunities." | ||||||||||||||
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