Sykes Enterprises Inc. (SYKE, Financial) filed Quarterly Report for the period ended 2012-03-31.
Sykes Entrp Inc has a market cap of $699.8 million; its shares were traded at around $16.14 with a P/E ratio of 12.1 and P/S ratio of 0.6. Sykes Entrp Inc had an annual average earning growth of 13.7% over the past 10 years.
In the Americas segment, as a percentage of revenues, general and administrative expenses increased to 25.8% for the three months ended March 31, 2012 from 25.4% in the comparable period in 2011. This increase of 0.4%, as a percentage of revenues, was primarily attributable to higher compensation costs of 0.3%, higher bad debt expense of 0.3% and higher facility-related costs of 0.2%, partially offset by lower depreciation and amortization costs of 0.2% and lower other costs of 0.2%.
As a result of the foregoing, we reported income from continuing operations for the three months ended March 31, 2012 of $14.7 million, a decrease of $1.2 million from the comparable period in 2011. This decrease was principally attributable to a $21.4 million decrease in revenues, partially offset by a $15.6 million decrease in direct salaries and related costs, a $4.0 million decrease in general and administrative expenses and a $0.6 million decrease in the impairment of long-lived assets. In addition to the $1.2 million decrease in income from continuing operations, we experienced a $2.8 million increase in income taxes, a $0.2 million increase in loss from discontinued operations and a $10.7 million loss on the sale of discontinued operations, partially offset by an increase of $0.1 million in interest income and a $0.9 million decrease in other (expense), net, resulting in a net loss of $0.8 million for the three months ended March 31, 2012, a decrease of $13.9 million compared to the same period in 2011.
Total consolidated revenues included $30.3 million, or 10.9%, of consolidated revenues, for the three months ended March 31, 2012 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 $29.5 million and $0.8 million in revenue from the Americas and EMEA, respectively, for the three months ended March 31, 2012. Our next largest client accounted for $16.8 million, or 6.0%, of consolidated revenues, for the three months ended March 31, 2012.
Net cash flows provided by operating activities for the three months ended March 31, 2012 were $4.1 million, compared to $20.0 million for the comparable 2011 period. The $15.9 million decrease in net cash flows from operating activities was due to a $13.9 million decrease in net income and a net decrease of $8.4 million in cash flows from assets and liabilities, partially offset by a $6.4 million increase in non-cash reconciling items such as loss on the sale of discontinued operations, unrealized foreign currency transaction losses and bad debt expense. The $8.4 million decrease in cash flows from assets and liabilities was principally a result of a $12.3 million increase in receivables and a $1.7 million increase in other assets, partially offset by a $3.4 million increase in income taxes payable, a $1.5 million increase in other liabilities and a $0.7 million increase in deferred revenue. The decrease in cash flows from assets and liabilities primarily relates to the timing of receivables billings and subsequent payments of those billings, coupled with a reduction in revenues in the first quarter in 2012 over the comparable period in 2011.
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Sykes Entrp Inc has a market cap of $699.8 million; its shares were traded at around $16.14 with a P/E ratio of 12.1 and P/S ratio of 0.6. Sykes Entrp Inc had an annual average earning growth of 13.7% over the past 10 years.
Highlight of Business Operations:
On a geographic segment basis, revenues from the Americas region, including the United States, Canada, Latin America, Australia and the Asia Pacific Rim, represented 82.7%, or $230.1 million, for the three months ended March 31, 2012 compared to 82.3%, or $246.5 million, for the comparable period in 2011. Revenues from the EMEA region, including Europe, the Middle East and Africa represented 17.3%, or $48.0 million, for the three months ended March 31, 2012 compared to 17.7%, or $53.0 million, for the comparable period in 2011.In the Americas segment, as a percentage of revenues, general and administrative expenses increased to 25.8% for the three months ended March 31, 2012 from 25.4% in the comparable period in 2011. This increase of 0.4%, as a percentage of revenues, was primarily attributable to higher compensation costs of 0.3%, higher bad debt expense of 0.3% and higher facility-related costs of 0.2%, partially offset by lower depreciation and amortization costs of 0.2% and lower other costs of 0.2%.
As a result of the foregoing, we reported income from continuing operations for the three months ended March 31, 2012 of $14.7 million, a decrease of $1.2 million from the comparable period in 2011. This decrease was principally attributable to a $21.4 million decrease in revenues, partially offset by a $15.6 million decrease in direct salaries and related costs, a $4.0 million decrease in general and administrative expenses and a $0.6 million decrease in the impairment of long-lived assets. In addition to the $1.2 million decrease in income from continuing operations, we experienced a $2.8 million increase in income taxes, a $0.2 million increase in loss from discontinued operations and a $10.7 million loss on the sale of discontinued operations, partially offset by an increase of $0.1 million in interest income and a $0.9 million decrease in other (expense), net, resulting in a net loss of $0.8 million for the three months ended March 31, 2012, a decrease of $13.9 million compared to the same period in 2011.
Total consolidated revenues included $30.3 million, or 10.9%, of consolidated revenues, for the three months ended March 31, 2012 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 $29.5 million and $0.8 million in revenue from the Americas and EMEA, respectively, for the three months ended March 31, 2012. Our next largest client accounted for $16.8 million, or 6.0%, of consolidated revenues, for the three months ended March 31, 2012.
Net cash flows provided by operating activities for the three months ended March 31, 2012 were $4.1 million, compared to $20.0 million for the comparable 2011 period. The $15.9 million decrease in net cash flows from operating activities was due to a $13.9 million decrease in net income and a net decrease of $8.4 million in cash flows from assets and liabilities, partially offset by a $6.4 million increase in non-cash reconciling items such as loss on the sale of discontinued operations, unrealized foreign currency transaction losses and bad debt expense. The $8.4 million decrease in cash flows from assets and liabilities was principally a result of a $12.3 million increase in receivables and a $1.7 million increase in other assets, partially offset by a $3.4 million increase in income taxes payable, a $1.5 million increase in other liabilities and a $0.7 million increase in deferred revenue. The decrease in cash flows from assets and liabilities primarily relates to the timing of receivables billings and subsequent payments of those billings, coupled with a reduction in revenues in the first quarter in 2012 over the comparable period in 2011.
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