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ICTG > SEC Filings for ICTG > Form 8-K on 30-Apr-2009All Recent SEC Filings

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Form 8-K for ICT GROUP INC


30-Apr-2009

Results of Operations and Financial Condition, Financial Statements and Exhibits


Item 2.02. Results of Operations and Financial Condition.

On April 30, 2009, ICT Group, Inc. (the "Company") issued a press release announcing certain financial results for the first quarter ended March 31, 2009. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

The press release includes a reconciliation of income (loss) before income taxes to adjusted net loss to eliminate the effect of a net restructuring charge reversal for the three-month period ended March 31, 2009 and a government grant adjustment for the three-month period ended March 31, 2008. Management of the Company believes that the adjustment of net income (loss) and net income (loss) per share to eliminate the effect of these reversals and adjustments is useful to investors because it enables them to better assess the performance of the Company's core operations, exclusive of charges, reversals and adjustments that are not reflective of the Company's day-to-day operations. In addition, management focuses on such adjusted measures for planning purposes.

The press release also includes a reconciliation of cash flow from operating activities to free cash flow for the three-month periods ended March 31, 2009 and March 31, 2008 because management of the Company believes that free cash flow is useful to investors, as it is useful to management, as a measure of liquidity.

The press release also includes a table breaking out the Company's revenue for the three-month periods ended March 31, 2009 and March 31, 2008 into vertical market segments and Core/Non-Core business revenue because management focuses on Core business revenue and vertical market revenue for planning purposes and believes this breakout is useful to investors. This table reflects revenue as reported for these periods and on a constant currency basis (using the foreign currency exchange rates reflected in the Company's revenue for the first quarter of 2009 in recalculating the Company's revenue for the first quarter of 2008).

The information in this Form 8-K and the exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.



Item 9.01. Financial Statements and Exhibits.

The following exhibit is being furnished with this report

(a) Financial Statements of Businesses Acquired.

None.

(b) Pro Forma Financial Information.

None.

(d) Exhibits.

--------------------------------------------------------------------------------
                  Exhibit
                  Number    Exhibit Title
                  99.1      Press Release dated April 30, 2009.


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