ISG sees revenues tick down in Q1
STAMFORD — IT consulting and research firm Information Services Group this week reported a slight dip in revenues and a small loss for the past quarter as it grappled with the early stages of the coronavirus crisis.
First-quarter revenues totaled about $64 million, down about 2 percent from the same period in 2019. For the quarter, the company recorded a nearly $1.4 million loss, compared with a loss of $898,000 a year ago.
“We delivered good results in the first quarter, demonstrating the power of our innovative product and service offerings and our disciplined operational execution,” CEO and Chairman Michael Connors said in a statement. “The impact of the global COVID-19 pandemic has resulted in unprecedented challenges for many of our clients. I am proud of how we quickly responded by taking actions to keep our employees safe and maintain the integrity and continuity of our service delivery to clients.”
Following the release of the results, ISG shares tumbled nearly 17 percent Tuesday, to close at $2.24. Their 52-week high was
$3.76.
ISG officials said they anticipated more short-term disruption from the pandemic, but that they expected to “accelerate our clients’ digital transformations” in 2021 and see “growing business opportunities” after the end of the global recession.
Among developments not related to the pandemic in the past quarter, ISG joined the new Governor’s Innovation Fellowship, an initiative that will provide year-long fellowships to recent college graduates.
ISG is based in 18,000-squarefoot headquarters at 2187 Atlantic St. in the Harbor Point neighborhood of Stamford’s South End. The firm had formerly occupied about 9,000 square feet in the downtown office block at 281 Tresser Blvd., which had been its home since its 2006 founding.