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Sykes Enterprises Inc. (SYKE) filed Quarterly Report for the period ended 2011-09-30.
Sykes Enterprises Inc. has a market cap of $758.5 million; its shares were traded at around $16.12 with a P/E ratio of 11.7 and P/S ratio of 0.7. Sykes Enterprises Inc. had an annual average earning growth of 9% over the past 5 years.
This is the annual revenues and earnings per share of SYKE over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of SYKE.
Highlight of Business Operations:
of $21.5 million, an increase of $8.1 million from the comparable period in 2010. This increase was principally attributable to an $8.0 million increase in revenues, a $3.3 million decrease in general and administrative expenses, a decrease in impairment of goodwill and intangibles of $0.4 million and a decrease in the impairment of long-lived assets of $3.1 million, partially offset by a $6.7 million increase in direct salaries and related costs. In addition to the $8.1 million increase in income from continuing operations, we experienced an increase in interest income of $0.1 million, a decrease in interest (expense) of $1.0 million, a $0.2 million decrease in other income (expense), net, and a decrease of $0.4 million of loss from discontinued operations, partially offset by an increase of $5.3 million in income taxes, resulting in net income of $18.1 million for the three months ended September 30, 2011, an increase of $4.5 million compared to the same period in 2010.As a result of the foregoing, we reported income from continuing operations for the nine months ended September 30, 2011 of $52.0 million, an increase of $33.9 million from the comparable period in 2010. This increase was principally attributable to a $73.0 million increase in revenues, a $13.1 million decrease in general and administrative expenses, a $3.4 million increase in net (gain) on disposal of property and equipment, a decrease in impairment of goodwill and intangibles of $0.4 million and a decrease in the impairment of long-lived assets of $2.3 million, partially offset by a $58.3 million increase in direct salaries and related costs. In addition to the $33.9 million increase in income from continuing operations, we experienced an increase in interest income of $0.2 million, a decrease in interest (expense) of $3.9 million, a $3.4 million decrease in other income (expense), net, and a decrease of $3.2 million of loss from discontinued operations, partially offset by an increase of $8.0 million in income taxes, resulting in net income of $43.3 million for the nine months ended September 30, 2011, an increase of $36.6 million compared to the same period in 2010.
Total consolidated revenues included $33.6 million, or 11.1%, and $100.7 million, or 10.9%, of consolidated revenues, for the three and nine months ended September 30, 2011, respectively, from AT&T Corporation, a major provider of communication services for which we provide various customer support services over several distinct lines of AT&T business. This included $32.8 million and $98.2 million in revenue from the Americas for the three and nine months ended September 30, 2011, respectively, and $0.8 million and $2.5 million in revenue from EMEA for the three and nine months ended September 30, 2011, respectively. Our next largest client accounted for $16.6 million, or 5.5%, and $48.4 million, or 5.2%, of consolidated revenues, for the three and nine months ended September 30, 2011.
The consolidated revenues for the comparable periods as it relates to this relationship were $38.1 million, or 12.9%, and $115.6 million, or 13.6%, of consolidated revenues, for the three and nine months ended September 30, 2010, respectively. This included $37.0 million and $110.4 million in revenue from the Americas for the three and nine months ended September 30, 2010, respectively, and $1.1 million and $5.2 million in revenue from EMEA for the three and nine months ended September 30, 2010, respectively. Our next largest client accounted for $14.5 million, or 4.9%, and $35.9 million, or 4.2%, of consolidated revenues, for the three and nine months ended September 30, 2010.
Net cash flows provided by operating activities for the nine months ended September 30, 2011 were $79.9 million, compared to $40.2 million provided by operating activities for the comparable 2010 period. The $39.7 million increase in net cash flows from operating activities was due to a $36.6 million increase in net income and a net increase of $7.2 million in cash flows from assets and liabilities partially offset by $4.1 million decrease in non-cash reconciling items such as net (gain) on disposal of property and equipment, depreciation and amortization, deferred income taxes, stock-based compensation and unrealized gains on financial instruments. The $7.2 million increase in cash flows from assets and liabilities was principally a result of a $3.1 million decrease in receivables, a $4.3 million increase in income taxes payable, a $1.4 million increase in deferred revenue and a $1.3 million increase in other liabilities, partially offset by a $2.9 million increase in other assets. The increase in cash flows from assets and liabilities primarily relates to the timing of current billings, subsequent payments and tax payments over the comparable period in 2010.
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