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Whittman-Hart meets Street

Whittman-Hart posts earnings that meet Wall Street estimates, as the company's net income for the year climbs 72 percent before acquisition charges.

Whittman-Hart, a mid-market IT services and systems integrator, today posted earnings that met Wall Street estimates, as the company's net income for the year climbed 72 percent before acquisition charges.

The Chicago-based company reported net income for the quarter of $6.5 million, or 12 cents a share, on $92 million in revenue. That compares with earnings of $1.4 million, or 3 cents per share, on $54.6 million in revenue, a year earlier.

The company met Wall Street earnings estimates of 12 cents per share, according to First Call.

For the year, the company's revenues climbed 69 percent to $308 million from $182 million in 1997.

Net income for the year, before costs associated with acquisitions, rose 72 percent to $20.3 million, or 37 cents per share, from $11.8 million, or 25 cents per share, last year.

Whittman-Hart, which employs 3,000 people in the United States and the United Kingdom, acquired QCC in the first quarter and North Central Consulting in the third quarter.

After charges, net income for 1998 was $18.8 million or 35 cents per share.

The company's stock was trading this morning at $27.50 a share, up 50 cents.