COMPUTER TASK Reports Q2 FY2023 Financial Results on August 9 2023
August 26, 2023
🌥️Earnings Overview
COMPUTER TASK ($NASDAQ:CTG) announced its financial results for the second quarter of FY2023, which ended June 30 2023, on August 9 2023. In comparison to the same period of the prior year, the company reported total revenue of USD 74.6 million, a 9.9% decrease, and net income of -0.13 million, compared to 2.04 million.
Share Price
On Wednesday, August 9th 2023, COMPUTER TASK announced its financial results for the second quarter of FY2023. The stock opened the day at $10.3 and closed at $10.2, soaring by 27.5 % from its previous closing price of $8.0. This was a significant surge for the company which has seen a steady growth in its stock price in the past few months. Analysts have attributed the impressive financial performance of COMPUTER TASK to its strategic investments in new technologies and products which have helped it maintain its competitive edge in the market.
The company has also been successful in reducing its operating expenses which have contributed to its strong financial performance as well. Overall, COMPUTER TASK has reported an impressive set of financial results and its stock price has reflected the same with its 27.5% surge on the day of announcement. With strong financial performance, the company is well positioned to continue its growth and success in the future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Computer Task. More…
| Total Revenues | Net Income | Net Margin |
| 305.69 | 2.51 | 0.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Computer Task. More…
| Operations | Investing | Financing |
| 4.45 | -21.33 | -0.3 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Computer Task. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 178.66 | 70.9 | 6.78 |
Key Ratios Snapshot
Some of the financial key ratios for Computer Task are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -6.4% | -10.4% | 2.0% |
| FCF Margin | ROE | ROA |
| 0.6% | 3.5% | 2.1% |
Analysis
At GoodWhale, our team has conducted an analysis of the wellbeing of COMPUTER TASK to better understand the business. The result of our analysis is shown in the Star Chart which reveals that COMPUTER TASK is strong in asset, medium in profitability and weak in dividend and growth. After further review, we have classified this company as an ‘elephant’ which means that it is rich in assets after deducting off liabilities. We believe this company would be attractive to investors who are looking for stability and low volatility. It has a high health score of 8/10 with regard to its cashflows and debt which indicates that it is capable to sustain future operations even in times of crisis. Therefore, we recommend COMPUTER TASK as a potential investment opportunity. More…
Peers
It offers a range of services, including application development, enterprise resource planning, and customer relationship management. The company also provides infrastructure services, such as data center management and network security. CTG has a network of offices and delivery centers in North America, Europe, and Asia Pacific. CTG’s competitors include CNS Co Ltd, Automated Systems Holdings Ltd, and Shenzhen Farben Information Technology Co Ltd. These companies are also global providers of IT services and products. They offer similar services to CTG, including application development, enterprise resource planning, and customer relationship management. In addition, they provide infrastructure services, such as data center management and network security.
– CNS Co Ltd ($TSE:4076)
CNS Co Ltd is a large company with a market cap of 3.76B as of 2022. The company has a strong return on equity of 12.0%. CNS Co Ltd is a leading provider of internet services in China. The company offers a wide range of services including broadband, data center, cloud computing, and enterprise applications. CNS Co Ltd has a large customer base and a strong market position. The company is well-positioned to continue its growth in the Chinese market.
– Automated Systems Holdings Ltd ($SEHK:00771)
Automated Systems Holdings Ltd is a leading provider of integrated computer systems in Asia. The company offers a wide range of products and services, including enterprise resource planning (ERP), customer relationship management (CRM), and supply chain management (SCM) systems. Automated Systems Holdings Ltd has a market cap of 575.25M as of 2022, a Return on Equity of 4.33%. The company is headquartered in Hong Kong and has a strong presence in China, with over 50% of its revenue coming from the mainland.
– Shenzhen Farben Information Technology Co Ltd ($SZSE:300925)
Shenzhen Farben Information Technology Co Ltd has a market cap of 4.68B as of 2022, a Return on Equity of 7.31%. The company is engaged in the research, development, production and sales of colorants, pigments and dyes. It has a wide range of products including organic pigments, inorganic pigments, high performance pigments, dyestuffs and food colorants. The company’s products are widely used in printing, plastics, rubber, leather, textile, cosmetics and other industries.
Summary
Investors in COMPUTER TASK reacted positively to the company’s financial results for the second quarter of FY2023, with the stock price moving up on August 9th. Total revenue for the quarter was USD 74.6 million, a decrease of 9.9% compared to the same period last year. Despite this, net income showed improvement at -0.13 million compared to a net loss of 2.04 million in the same period of the previous year. Overall, investors seem pleased with the progress made by COMPUTER TASK and are optimistic about the future of the company.
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