Sykes Enterprises, Inc. (SYKE: Quote) Monday reported fourth-quarter net income of $5.1 million or $0.12 per share, compared to a net loss of $17.0 million or $0.37 per share in the year-ago quarter.
Results for the quarter include a $0.02 per share loss from discontinued operations, compared with a loss of $0.61 per share in the year-ago quarter.
Earnings per share from continuing operations were $0.14 versus $0.24 in the comparable quarter last year.
On an adjusted basis, earnings per share from continuing operations were $0.27 versus $0.35 in the same period last year, with the decline attributed primarily to a combination of unfavorable foreign currency movements and a higher effective tax rate.
On average, 9 analysts polled by Thomson Reuters expected earnings of $0.28 per share for the quarter. Analysts' estimates typically exclude special items.
Results for the quarter reflect the exclusion of revenues and expenses from the operations in Spain.
Revenues from continuing operations decreased 8.1 percent to $276.2 million from $300.4 million in the year-ago quarter. On a constant currency basis, revenues from continuing operations decreased 6.8 percent. Seven Street analysts had a consensus revenue estimate of $287.7 million.
The company said healthy demand within the financial services vertical was more than offset by a combination of certain previously discussed end-of-life client programs and muted demand.
Going forward, the company remains cautious but is, however, encouraged by the sales pipeline activity and conversion rates from certain existing and new clients within the Americas and EMEA regions.
The company plans to add approximately 3,700 seats on a gross basis in 2012.
The company believes 2012-2011 quarterly revenue comparisons should turn favorable in the fourth quarter of 2012.
For the first quarter, the company expects earnings per share of about $0.12 to $0.15, adjusted earnings per share in the range of $0.20 to $0.23, and revenues in the range of $270.0 million to $275.0 million. Street expect earnings of $0.30 per share on revenues of $300.7 million.
For the full year ending December 31, 2012, the company expects earnings per share of about $0.88 to $0.98, adjusted earnings per share in the range of $1.10 to $1.20, and revenues in the range of $1.095.0 billion to $1.110.0 billion. Analysts currently expect earnings of $1.44 per share on revenues of $1.22 billion.
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by RTT Staff Writer
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