Exhibit 99.1

 

 

 

News Release

 

 

LOGO

 

 

 

SYKES Enterprises, Incorporated

Corporate Headquarters:

400 North Ashley Drive

Tampa, FL USA 33602

1 • 800 • TO • SYKES

http://www.sykes.com

EMEA Operations:

599 Calder Road

Edinburgh EH11 4GA

Scotland

+44 (0) 131 458-6500

 

LOGO

 

FOR IMMEDIATE RELEASE    May 6, 2019            

SYKES ENTERPRISES, INCORPORATED REPORTS

FIRST QUARTER 2019 FINANCIAL RESULTS

--First quarter 2019 comparable operating margin and capacity utilization rate increase

validate capacity rationalization actions

--Momentum continues for projected growth ramps and greater operational efficiencies

--First quarter 2019 cash from operations increases double digits

--Updating 2019 business outlook

TAMPA, FL – May 6, 2019 - Sykes Enterprises, Incorporated (“SYKES” or the “Company”) (NASDAQ: SYKE), a leading provider of multichannel demand generation and global customer engagement services, announced today its financial results for the first-quarter ended March 31, 2019.

First Quarter 2019 Financial Highlights

 

   

First quarter 2019 revenues of $402.9 million decreased $11.5 million, or 2.8%, from $414.4 million in the comparable quarter last year, with the change due to softness in the communications vertical coupled with the impact of a strategic decision in the second quarter 2018 to discontinue a financial services program due to the lack of long-term viability. This more than offset demand growth stemming from new client wins as well as existing and new program expansions across verticals such as transportation & leisure, healthcare, technology and other, which includes retail

 

 

   

Non-GAAP first quarter 2019 constant currency revenues (see section titled “Non-GAAP Financial Measures” for an explanation and see Exhibit 9 for reconciliation) decreased 0.1% comparably, driven largely by the aforementioned factors. Separately, the discontinued program’s impact on first quarter 2019 constant currency comparable revenue decrease was approximately 2.1%

 

 

   

First quarter 2019 operating margin increased to 4.2% from 3.4% for the comparable period last year. On a non-GAAP basis (see Exhibit 5 for reconciliation), which excludes the impact of acquisition-related intangibles and fixed-asset write-ups, restructuring charges and merger and integration costs, first quarter 2019 operating margin was 6.7% versus 5.8% in the same period last year. The increase in the comparable operating margins was due primarily to actions related to capacity rationalization coupled with an improvement in the mix of business in the U.S., partly related to those actions. In addition, the first quarter 2019 operating margin reflects a $1.2 million negative impact, or 30 basis points, associated with a mark-to-market adjustment of stock-based deferred compensation programs funded through Rabbi Trust investments, which were impacted by the recent increase in global financial markets

 

 

   

First quarter 2019 diluted earnings per share were $0.28 versus $0.26 in the same period last year with the increase due principally to success around actions related to

 
 

 

1


The following information was filed by Sykes Enterprises Inc (SYKE) on Monday, May 6, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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