Cambridge Tech meets Street
The consulting and systems integration firm posts second-quarter results that meet expectations with a 52 percent increase in revenues.
Cambridge reported earnings of 22 cents per share for the quarter. The earnings on revenues of $146.3 million met the 22 cents per share analysts had projected, according to First Call, the investment research network.
The revenues represent a 52 percent increase compared to revenues of $96.5 million for the same period in 1997. Net income also increased for the quarter to $13.6 million, an increase of 49 percent compared to $9.1 million for the same period in 1997. In the year-ago quarter, Cambridge earned 16 cents per share.
"We are very excited about the growth we experienced in our second quarter and the significant achievements we have made in the first half of 1998," said James K. Sims, president and CEO. "With a revenue run rate approaching $600 million, we continued to see a strong demand for all of our services in all geographies."
Sims said the demand was fueled by market growth for IT. He added that international business grew significantly in the second quarter, representing about 35 percent of total revenue.
"In addition...our interactive solutions business accelerated and 60 percent of all new engagements contained an Internet component," Sims added.
The company, based in Cambridge, Massachusetts, was founded in 1991, and employs more than 3,500 people in 49 offices worldwide.