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May 12, 2009

CGI Q2 profit up 13% at $66m

Revenue up 2% at $808m

By CBR Staff Writer

IT services vendor CGI Group has reported a 12.7% increase in net income to C$77.5m ($66m) for the second quarter 2009, on revenue up 2% at C$948.3m ($808m) compared to C$930.7m ($793.1m) in the year-ago quarter.

The Canada-based company said earnings from continuing operations grew 10.4% to C$76.3m ($65m), while diluted EPS grew 19% to C$0.25 ($0.21).

Geographically, Canada revenue declined by 11% to C$529.4m ($451.1m), US and India revenue grew 30% to C$343.6m ($292.8m), and Europe and Asia Pacific revenue increased 4% to C$75.2m ($64.1m).

It booked C$1.68 billion ($1.43 billion) in new contract wins, extensions, and renewals, and at the end of December 2008, its order backlog stood at C$12 billion ($10.2 billion). It also appointed Roy A Bernardi as vice president of the consulting services division.

Michael E Roach, president and chief executive at CGI, said: The market response to our solutions accelerated during the quarter as evidenced by a 116% increase in new bookings. All business units executed to our plan in the quarter, generating C$187.3m ($159.6m) in cash from operations allowing us to lower our net debt to C$105.4m ($90m), our lowest level in 13 quarters.

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