Southfield-based TechTeam Global (NASDAQ: TEAM) Thursday reported net income of $1.7 million or 16 cents a share for the first quarter ended March 31, up from $904,000 or 9 cents a share in the same quarter a year earlier.

Revenue was $66 million, up 42.8 percent over $46.2 million last year through a combination of growth via acquisitions and 20.6 percent organic growth net of acquisitions.

Revenue from private-enterprise customers grew 26.1 percent to $43.9 million, while government business grew 94 percent to $22 million.

The company also opened three new offices in Dresden, Germany, Sibiu, Romania and Stockholm, Sweden.
 
"TechTeam achieved another quarter of solid growth, record revenue and improved year-over-year profitability in the first quarter of 2008, our strongest first quarter performance since 2005," said Gary J. Cotshott, president and CEO. "In spite of a somewhat challenging economic environment, we continue to be cautiously optimistic about our prospects for the full year given our ability to help our customers optimize their IT costs. We're executing against the opportunities to grow profitably and to establish TechTeam as a service provider of choice for Fortune 1000 companies and government organizations."

The company's gross margin (gross profit as a percentage of revenue) decreased slightly to 24.9 percent from 25.1 percent due to a slightly higher mix of government business carrying modestly lower year-to-year margins.

To listen in on a conference call discussing the results, call (888) 286-8010 in the United States or (617) 801-6888 elsewhere, using the pass code 10062448.

More at www.techteam.com.