Sykes Enterprises Inc. (SYKE, Financial) filed Quarterly Report for the period ended 2010-06-30.
Sykes Enterprises Inc. has a market cap of $565.3 million; its shares were traded at around $11.93 with a P/E ratio of 8.6 and P/S ratio of 0.7. Sykes Enterprises Inc. had an annual average earning growth of 106.5% over the past 5 years.SYKE is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors.
On a reporting segment basis, general and administrative expenses from the Americas segment increased $33.9 million, or 105.4%, to $66.0 million for the three months ended June 30, 2010 from $32.1 million for the comparable 2009 period. General and administrative expenses from the EMEA segment increased $0.6 million, or 4.2%, to $15.3 million for the three months ended June 30, 2010 from $14.7 million for the comparable 2009 period. While changes in foreign currency exchange rates positively impacted revenues in the Americas, they negatively impacted general and administrative expenses in 2010 compared to the same period in 2009 by approximately $1.1 million. While changes in foreign currency exchange rates negatively impacted revenues in EMEA, they positively impacted general and administrative expenses in 2010 compared to the same period in 2009 by approximately $0.6 million. Corporate general and administrative expenses increased $2.3 million, or 23.7%, to $12.0 million for the three months ended June 30, 2010 from $9.7 million in the comparable 2009 period. This increase was primarily attributable to ICT acquisition-related costs, comprised of $1.4 million in severance costs and $1.0 million in transaction and integration costs, higher seminar costs of $0.4 million, and higher facility related costs of $0.3 million, partially offset by lower accounting fees costs of $0.4 million, lower legal and professional fees of $0.2 million and lower other costs of $0.2 million.
administrative expenses, partially offset by a $90.3 million increase in revenues and a $1.6 million decrease in impairment loss. This $8.4 million decrease, $4.1 million increase in other expense, net, $0.3 million decrease in interest income, $1.4 million increase in interest expense, partially offset by a favorable $0.3 million net change in tax provision and a $2.1 million impairment loss on investment in SHPS in 2009 resulted in net income of $2.5 million for the three months ended June 30, 2010, a decrease of $11.8 million compared to the same period in 2009.
The increase in the Americas revenue was $169.8 million, or 58.2%, for the six months ended June 30, 2010, compared to the same period in 2009. Excluding the ICT revenues of $163.2 million, the Americas revenue for the six months ended June 30, 2010, compared to the same period in 2009 increased $6.6 million. The $6.6 million increase reflects a positive foreign currency translation impact of $14.6 million and a favorable foreign currency hedging fluctuation of $7.5 million, partially offset by a $15.5 million decrease in revenues principally due to expiration of certain client programs and lower than forecasted demand within certain clients. Revenues from our offshore operations represented 50.2%, or 57.0% excluding ICT revenues, of Americas revenues for the six months ended June 30, 2010, compared to 61.0% for the comparable 2009 period.
On a reporting segment basis, direct salaries and related costs from the Americas segment increased $110.3 million, or 61.7%, to $289.1 million for the six months ended June 30, 2010 from $178.8 million for the comparable 2009 period. Direct salaries and related costs from the EMEA segment increased $1.5 million, or 1.7%, to $86.7 million for the three months ended June 30, 2010 from $85.2 million for the comparable 2009 period. While changes in foreign currency exchange rates positively impacted revenues in the Americas and EMEA, they negatively impacted direct salaries and related costs in 2010 compared to the same period in 2009 by $7.1 million and $1.6 million, respectively.
On a reporting segment basis, general and administrative expenses from the Americas segment increased $58.5 million, or 92.9%, to $121.5 million for the six months ended June 30, 2010 from $63.0 million for the comparable 2009 period. General and administrative expenses from the EMEA segment increased $2.2 million, or 7.7%, to $30.9 million for the six months ended June 30, 2010 from $28.7 million for the comparable 2009 period. While changes in foreign currency exchange rates positively impacted revenues in the Americas and EMEA, they negatively impacted general and administrative expenses in 2010 compared to the same period in 2009 by approximately $1.9 million and $0.6 million, respectively. Corporate general and administrative expenses increased $23.4 million, or 115.3%, to $43.7 million for the six months ended June 30, 2010 from $20.3 million in the comparable 2009 period. This increase was primarily attributable to ICT acquisition-related costs, comprised of $14.0 million in severance costs and $8.7 million in transaction and integration costs, higher compensation costs of $1.0 million, higher facility related costs of $0.3 million, higher consulting costs of $0.3 million, higher seminar costs of $0.3 million and higher insurance costs of $0.2 million, partially offset by lower accounting fees costs of $0.4 million, lower business development costs of $0.4 million, lower legal and professional fees of $0.2 million and lower other costs of $0.4 million.
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Sykes Enterprises Inc. has a market cap of $565.3 million; its shares were traded at around $11.93 with a P/E ratio of 8.6 and P/S ratio of 0.7. Sykes Enterprises Inc. had an annual average earning growth of 106.5% over the past 5 years.SYKE is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
On a reporting segment basis, direct salaries and related costs from the Americas segment increased $65.2 million, or 72.2%, to $155.4 million for the three months ended June 30, 2010 from $90.2 million for the comparable 2009 period. Direct salaries and related costs from the EMEA segment decreased $1.7 million, or 3.8%, to $41.8 million for the three months ended June 30, 2010 from $43.5 million for the comparable 2009 period. While changes in foreign currency exchange rates positively impacted revenues in the Americas, they negatively impacted direct salaries and related costs in 2010 compared to the same period in 2009 by $3.7 million. While changes in foreign currency exchange rates negatively impacted revenues in the EMEA, they positively impacted direct salaries and related costs in 2010 compared to the same period in 2009 by $2.0 million.On a reporting segment basis, general and administrative expenses from the Americas segment increased $33.9 million, or 105.4%, to $66.0 million for the three months ended June 30, 2010 from $32.1 million for the comparable 2009 period. General and administrative expenses from the EMEA segment increased $0.6 million, or 4.2%, to $15.3 million for the three months ended June 30, 2010 from $14.7 million for the comparable 2009 period. While changes in foreign currency exchange rates positively impacted revenues in the Americas, they negatively impacted general and administrative expenses in 2010 compared to the same period in 2009 by approximately $1.1 million. While changes in foreign currency exchange rates negatively impacted revenues in EMEA, they positively impacted general and administrative expenses in 2010 compared to the same period in 2009 by approximately $0.6 million. Corporate general and administrative expenses increased $2.3 million, or 23.7%, to $12.0 million for the three months ended June 30, 2010 from $9.7 million in the comparable 2009 period. This increase was primarily attributable to ICT acquisition-related costs, comprised of $1.4 million in severance costs and $1.0 million in transaction and integration costs, higher seminar costs of $0.4 million, and higher facility related costs of $0.3 million, partially offset by lower accounting fees costs of $0.4 million, lower legal and professional fees of $0.2 million and lower other costs of $0.2 million.
administrative expenses, partially offset by a $90.3 million increase in revenues and a $1.6 million decrease in impairment loss. This $8.4 million decrease, $4.1 million increase in other expense, net, $0.3 million decrease in interest income, $1.4 million increase in interest expense, partially offset by a favorable $0.3 million net change in tax provision and a $2.1 million impairment loss on investment in SHPS in 2009 resulted in net income of $2.5 million for the three months ended June 30, 2010, a decrease of $11.8 million compared to the same period in 2009.
The increase in the Americas revenue was $169.8 million, or 58.2%, for the six months ended June 30, 2010, compared to the same period in 2009. Excluding the ICT revenues of $163.2 million, the Americas revenue for the six months ended June 30, 2010, compared to the same period in 2009 increased $6.6 million. The $6.6 million increase reflects a positive foreign currency translation impact of $14.6 million and a favorable foreign currency hedging fluctuation of $7.5 million, partially offset by a $15.5 million decrease in revenues principally due to expiration of certain client programs and lower than forecasted demand within certain clients. Revenues from our offshore operations represented 50.2%, or 57.0% excluding ICT revenues, of Americas revenues for the six months ended June 30, 2010, compared to 61.0% for the comparable 2009 period.
On a reporting segment basis, direct salaries and related costs from the Americas segment increased $110.3 million, or 61.7%, to $289.1 million for the six months ended June 30, 2010 from $178.8 million for the comparable 2009 period. Direct salaries and related costs from the EMEA segment increased $1.5 million, or 1.7%, to $86.7 million for the three months ended June 30, 2010 from $85.2 million for the comparable 2009 period. While changes in foreign currency exchange rates positively impacted revenues in the Americas and EMEA, they negatively impacted direct salaries and related costs in 2010 compared to the same period in 2009 by $7.1 million and $1.6 million, respectively.
On a reporting segment basis, general and administrative expenses from the Americas segment increased $58.5 million, or 92.9%, to $121.5 million for the six months ended June 30, 2010 from $63.0 million for the comparable 2009 period. General and administrative expenses from the EMEA segment increased $2.2 million, or 7.7%, to $30.9 million for the six months ended June 30, 2010 from $28.7 million for the comparable 2009 period. While changes in foreign currency exchange rates positively impacted revenues in the Americas and EMEA, they negatively impacted general and administrative expenses in 2010 compared to the same period in 2009 by approximately $1.9 million and $0.6 million, respectively. Corporate general and administrative expenses increased $23.4 million, or 115.3%, to $43.7 million for the six months ended June 30, 2010 from $20.3 million in the comparable 2009 period. This increase was primarily attributable to ICT acquisition-related costs, comprised of $14.0 million in severance costs and $8.7 million in transaction and integration costs, higher compensation costs of $1.0 million, higher facility related costs of $0.3 million, higher consulting costs of $0.3 million, higher seminar costs of $0.3 million and higher insurance costs of $0.2 million, partially offset by lower accounting fees costs of $0.4 million, lower business development costs of $0.4 million, lower legal and professional fees of $0.2 million and lower other costs of $0.4 million.
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