Make us your home page
Instagram

Sykes posts net loss for fourth quarter but still earns $43.2 million for the year

Tampa call center operator Sykes Enterprises swung to a net loss of $4.7 million in its fourth quarter with operating profits wiped out by higher-than-expected costs to close its purchase of ICT Group.

The loss, which translates to 11 cents a share, compares with net income of $7.6 million, or 19 cents, in the year-ago period.

Sykes said it borrowed $75 million in a short-term loan on Feb. 2 to close the ICT acquisition, which came in $10 million higher than it had previously estimated.

The loan triggered Sykes to permanently reinvest $85 million of its foreign subsidiaries' accumulated and undistributed earnings. The fall-out was a fourth-quarter charge of 36 cents per share.

Sykes' quarterly revenues rose to $220.5 million, up 9.8 percent or $19.7 million, driven by higher revenues in the communications, financial services, health care and transportation sectors.

For the year, Sykes posted net income of $43.2 million, or $1.05 per share, compared with net income of $60.6 million, or $1.48 a share, in 2008. Revenues rose 3 percent, from $819 million to $846 million.

Sykes posts net loss for fourth quarter but still earns $43.2 million for the year 03/01/10 [Last modified: Monday, March 1, 2010 7:18pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Strategic Property Partners launches website for Water Street Tampa

    Business

    Strategic Property Partners has launched its official website for Water Street Tampa, its 53-acre redevelopment project in downtown Tampa Tuesday.

    Strategic Property Partners on Tuesday announced the name of its new development: Water Street Tampa. [Photos courtesy of SPP]
  2. ReliaQuest CEO Brian Murphy named sole Tampa Bay winner in EY state entrepreneur contest

    Business

    ReliaQuest founder and CEO Brian Murphy was named one of nine winners statewide and the only one from the Tampa Bay area in the Ernst and Young Entrepreneur Of The Year 2017 Florida Awards program. Murphy won in the IT security division after starting ReliaQuest in 2007. Five of the nine winners were from the Miami …

    Tampa's ReliaQuest founder and CEO Brian Murphy was named one of nine winners statewide and the only one from the Tampa Bay area in the Ernst and Young Entrepreneur Of The Year 2017 Florida Awards program. Murphy won in the IT security division after starting ReliaQuest in 2007.
  3. U.S. Rep. Charlie Crist and estranged wife Carole put Beach Drive condo on the market

    Real Estate

    ST. PETERSBURG — U.S. Rep. Charlie Crist and his estranged wife, Carole, have put their Beach Drive condo on the market for $1.5 million.

    Former Florida Gov. and current U.S. Rep. Charlie Crist and his estranged wife, Carole, have put their condo in downtown St. Petersburg on the market for $1.5 million. [Courtesy of Rhonda Sanderford]
  4. First WannaCry, now cyberattack Petya spreads from Russia to Britain

    Business

    Computer systems from Russia to Britain were victims of an international cyberattack Tuesday in a hack that bore similarities to a recent one that crippled tens of thousands of machines worldwide.

    A computer screen cyberattack warning notice reportedly holding computer files to ransom, as part of a massive international cyberattack, at an office in Kiev, Ukraine, on Tuesday.  A new and highly virulent outbreak of malicious data-scrambling software appears to be causing mass disruption across Europe.
[Oleg Reshetnyak via AP]