It's still too early to learn how public companies fared in 2009. However, based on a sampling of firms that reported quarters ending just before the end of the year, signs weren't all that encouraging.

• In a December earnings report, Accenture noted, "our clients continue to remain cautious in terms of initiating new projects, which is impacting revenues in our consulting and outsourcing businesses. These changing demand patterns had an adverse effect on our new contract bookings and revenue growth, compared to the prior fiscal year." The firm reported a 15 percent drop in its quarterly net revenues from its consulting business (down from $3.66 billion to $3.12 billion, when comparing the same quarter one year ago). There may be some good news. The firm explained to investors "although the changes and challenges in the last year have been significant, market demand has recently improved in certain areas of our consulting business."

• IBM's numbers aren't much better. In the quarter ending at the end of September 2009, the firm's Global Business Services business unit fell 11.5 percent (11 percent adjusted for currency). The earnings report said these numbers reflect "the challenges in the more economically-sensitive consulting business."

• Middle-market firms, such as CIBER, were also hurting going into the end of the year. Based on the three months ending September 2009, the firm's consulting business fell by just over 14 percent. Gross profit for consulting work fell 20 percent, due, in part, to a 7 percent drop in average hourly billing rates. CIBER was able to hold utilization rates steady, year over year, though it did require cutting headcount by about six percent.

• It's not all bad news. Tata Consultancy Services reported substantial top- and bottom-line growth in its most recent quarter. In the three months that ended on Dec. 31, TCS' revenue climbed 10.3 percent (compared to the same period in 2008) and net profit climbed 38.9 percent. It was the third consecutive quarter of growth in its bottom line.

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