FCG reports 2Q revenue decline
First Consulting Group (FCG) of Long Beach, Calif., has reported financial results for the second quarter of FY04, ending June 25th.
The company said net revenues reached $67.9 million, compared with $71.3 million in the second quarter of FY03.
Revenues in the second quarter were up 2.7 percent from $66.1 million in the prior quarter primarily due to increases in the Health Delivery and Meditech Service Center delivery units and in other business due to Paragon Solutions, FCG said.
FCG reported net income of $1 million, compared with a net loss of $3.5 million in the second quarter of FY03.
"For the remainder of the year, we expect to continue improving our Outsourcing operating margins and are working hard to significantly reduce our losses in Life Sciences through the balance of 2004 so that we can reach profitability in that business in the first quarter of 2005," said Luther Nussbaum, FCG's chairman and CEO.
The company said net revenues reached $67.9 million, compared with $71.3 million in the second quarter of FY03.
Revenues in the second quarter were up 2.7 percent from $66.1 million in the prior quarter primarily due to increases in the Health Delivery and Meditech Service Center delivery units and in other business due to Paragon Solutions, FCG said.
FCG reported net income of $1 million, compared with a net loss of $3.5 million in the second quarter of FY03.
"For the remainder of the year, we expect to continue improving our Outsourcing operating margins and are working hard to significantly reduce our losses in Life Sciences through the balance of 2004 so that we can reach profitability in that business in the first quarter of 2005," said Luther Nussbaum, FCG's chairman and CEO.