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CTG's profits grow as sales jump 22 percent

Computer Task Group's third-quarter profits matched analyst forecasts as the Buffalo-based information technology company's revenues jumped 22 percent.

CTG earned $1.4 million, or 8 cents per share, during the quarter, after roughly breaking even during the same period last year. Excluding one-time items, CTG earned $900,000, or 6 cents per share, up from $700,000, or 5 cents per share, a year ago, which was in line with analyst expectations.

Revenues rose to $90.3 million from $74 million, fueled by a 56 percent jump in European sales caused largely by its acquisition of the Soft Co., along with a 17 percent increase in staffing revenues and 32 percent growth at its solutions business, led by new work at its U.S. health solutions unit.

CTG said it expects to earn between 3 cents and 7 cents per share during the current quarter, on revenues of $89 million to $94 million. Excluding one-time items, CTG said it expects to earn 6 cents to 10 cents per share in the fourth quarter.

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