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|ICT GROUP MEDIA CONTACT:||ICT GROUP INVESTOR CONTACT:|
|BERNS COMMUNICATIONS GROUP, LLC||MBS VALUE PARTNERS, LLC|
|Michael McMullan||Betsy Brod/Lynn Morgen|
ICT GROUP REPORTS FOURTH QUARTER AND FULL YEAR 2008 RESULTS
~ Core Business Revenue up in Fourth Quarter on 14% Increase in Core Production Volume ~
NEWTOWN, PA, FEBRUARY 25, 2009 ICT GROUP, INC. (NASDAQ:ICTG) today reported results for the fourth quarter and year ended December 31, 2008.
Fourth Quarter 2008 Results
Total revenue for the fourth quarter was $101.6 million compared to $112.5 million in last years fourth quarter and $108.3 million in the 2008 third quarter. Core business revenue, comprised primarily of North American customer care, BPO, technology and international operations, was $92.0 million, up 1% from the comparable year-ago period but down 2% sequentially. Year-over-year and sequential revenue growth was impacted by the significant strengthening of the U.S. dollar in the fourth quarter of 2008, which resulted in lower revenue measured in U.S. dollars from the international markets that ICT GROUP serves. On a constant currency basis (using the same foreign exchange rates in both periods), fourth quarter core business revenue was up 9% year-over-year and 3% sequentially. Core business production volume was 4.5 million hours in the 2008 fourth quarter, up 15% from the comparable period last year and up 3% sequentially. The non-core production volume of non-core business (which consists of U.S. and Canada financial telesales and market research services) was 571,000 hours, down 54% year-over-year and 29% sequentially.
The Company incurred a net loss of $21.4 million, or $1.34 per diluted share in the fourth quarter of 2008, which included restructuring charges of $6.4 million, non-cash asset impairment charges of $14.5 million, and other charges of $1.6 million. Excluding these charges, ICT GROUP would have reported net income of $981,000, or $0.06 per diluted share. In last years fourth quarter, the Company reported a net loss of $3.0 million, or $0.19 per diluted share, which included pre-tax restructuring and other charges aggregating $3.2 million. Excluding these charges, ICT GROUP would have reported net income of $388,000, or $0.02 per diluted share for the 2007 fourth quarter.
The following information was filed by Ict Group Inc on Wednesday, February 25, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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