FARMINGTON HILLS, MICH. — Covansys, formerly known as Complete Business Solutions Inc. (CBSI), posted a loss of $1.95 million, or 7 cents per share, for the first quarter.
During the same period a year ago, the company, which offers information technology services, earned $5.01 million, or 13 cents per share.
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According to company spokeswoman Laura Livingston, the Covansys Providence office now employs some 75 people. (PBN’s 2001 Book of Lists recorded that number as 125). The company went through a restructuring effort last year, which included strengthening its sales force and consolidating offices in Chicago. Costs associated with the restructuring totaled some $16 million, according to Covanys’ fourth quarter and year-end earnings report.
In a statement accompanying first quarter results, Covansys president and CEO Michael Bealmar said the company intends to focus on offshore business. Earlier this year, the company entered into a partnership with Ford Motor Co. to develop e-commerce solutions for Ford’s operations in its Asia Pacific region, in offices located in Chennai, India.
