CTG Announces Revised Estimates.Business Editors BUFFALO, N.Y.--(BUSINESS WIRE)--June 19, 2000 CTG CTG Cartridge CTG Center for Technology in Government (SUNY, Albany, New York) CTG Center for Technology in Government CTG Computer Task Group (IT consulting company; Buffalo, NY, USA) (NYSE NYSE See: New York Stock Exchange :TSK tsk interj. Used to express disappointment or sympathy. n. A sucking noise made by suddenly releasing the tongue from the hard palate, used to express disappointment or sympathy. ), an international information technology (IT) and e-business solutions company, today announced that as a result of the continued softness and uncertainty in demand for IT services worldwide, it estimates that it will not achieve its planned financial results, falling below analysts' and the company's expectations. The major causes of this revised forecast are the continued softness in demand for IT Staffing services worldwide, the shutdown of its level one helpdesk business in the Netherlands, and the impact of the weakened Euro currency. CTG is committed to continuing its investment in Zenius(tm), its e-business venture. Based upon the latest information, CTG is anticipating a slight loss to break-even before restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. for fiscal year 2000. Backed by more than 30 years' experience, CTG provides business consulting, e-business, and IT management solutions to help Global 2000 clients focus on their core business and use IT as a competitive advantage to excel in their markets. CTG combines a deep understanding of the business power of the Internet with integrated, end-to-end services, proprietary service methodologies, and CTG's proven track record of delivering solutions that work. With more than 4,500 IT and business consulting professionals worldwide, CTG generated revenues of $472 million in 1999. More information about CTG is available on the Web at http://www.ctg.com. This document contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. concerning the Company's current expectations as to future growth. These statements are based upon a review of industry reports, current business conditions in the areas where the Company does business, the availability of qualified professional staff and other factors that involve risk and uncertainty. As such, actual results may differ materially in response to a change in such factors. Such forward-looking statements should be read in conjunction with the Company's disclosures set forth in the Company's 1999 Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and the Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial section of the Company's 1999 annual report, which are incorporated by reference. Today's news release, along with CTG news releases for the past year, is available by fax at no charge by calling Corporate News on the Net at 800/742-7505 or on the World Wide Web at: http://www.ctg.com. |
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