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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]
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