FARMINGTON HILLS, MICH. — Information technology services company Covansys (formerly known as Complete Business Solutions), which has offices in Providence, today posted a loss of $11.27 million, or 39 cents per share, for the second quarter.
The company lost $2.04 million, or 6 cents per share, during the same period last year.
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Covansys posted $16.1 million in pre-tax charges for the most recently completed quarter. The charges consisted of a write-down of an investment in a management consulting firm that began in 1998, and performance on a $13.6 million guaranteed loan to that firm.
Excluding charges, the company said it earned 3 cents per share.
Covanys has a worldwide workforce of 5,000. Some 75 of those employees work in the company’s Providence offices. During the past year, it has undergone a restructuring with the aim of strengthening its sales force and cutting costs. Last month, Covansys announced that Employees Retirement System of Rhode Island (ERSRI) had extended its Clarety Project with Covansys by including the implementation of Covansys’ eClarety Internet functions, which will provide ERSRI members and retirees Web-enabled access to manage their personal retirement account information.
