Information Services Group, Inc. (ISG) (Nasdaq:III) today announced financial results for the third quarter of 2011.
- Total revenues of $48.9 million, an increase of 52% from $32.2 million in the third quarter of 2010.
- Operating income of $1.8 million for the third quarter of 2011, including $0.6 million in restructuring costs, compared to a $51.9 million operating loss reported in the third quarter of 2010 which included a $52.5 million charge for the impairment of goodwill and indefinite life assets.
- Fully diluted loss per share (EPS) of ($0.07) per share compared with ($1.61) loss per share for the same prior year period in 2010.
- Cash and cash equivalents totaled $17.1 million, a net increase of $4.3 million from June 30, 2011 levels.
- Total outstanding debt at September 30, 2011 was $71.1 million compared with $72.1 million at June 30, 2011. ISG made principal repayments of $1.0 million during the third quarter of 2011.
- Raises full year revenue guidance to a range of $180- $185 million
Michael P. Connors, Chairman and CEO of ISG, commented:
“We continue to witness broad-based demand across all of our geographies and service lines, extending the favorable revenue trends recorded during the second quarter. The integration of Compass and STA Consulting is nearly complete. Our strong performance reflects the success of our strategy to build a unified go-to-market approach with enhanced product offerings in research, consulting and managed services with a streamlined operational footprint. Based on current business trends, we raise our full year revenue guidance to a range of $180 to $185 million and re-affirm our adjusted EBITDA guidance of $19-$21 million, which excludes integration costs. Based on client demand, we are investing now to enhance our product offerings, expand resources and create new service lines to sustain our growth over the next several years.
We capitalized on recent market volatility by repurchasing $0.6 million of ISG shares in the open market during the quarter, reflecting confidence in our long-term outlook. We will continue to make opportunistic purchases in the future as an effective use for our free cash flow.”
Information Services Group, Inc.
Two Stamford Plaza
281 Tresser Boulevard
Stamford, CT 06901
Information Services Group (ISG), founded in 2006, is a leading technology insights, market intelligence and advisory services company. ISG has three go-to-market brands: TPI, the leading independent sourcing data and advisory firm in the world; Compass, the premier independent global provider of business and information technology benchmarking, performance improvement, data and analytics services; and STA Consulting, a premier independent information technology advisor serving the public sector. The company has nearly 700 professionals and operates in 21 countries. Based in Stamford, Conn., ISG has a proven leadership team with global experience in information-based services and a track record of creating significant value for shareowners, clients and employees.