This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

StarTek, Inc. Reports Fourth Quarter And Full Year 2010 Results

StarTek, Inc. (NYSE:SRT) today announced its financial results for the fourth quarter and full year ended December 31, 2010. The Company reported fourth quarter 2010 revenue of $64.7 million and annual revenue of $265.4 million. Net loss was $0.44 per share in the fourth quarter of 2010 and $1.30 per share for the year ended December 31, 2010.

The Company continued to execute on its three point strategy: expanding offshore, rationalizing U.S. operations, and reducing its Canadian exposure. Fourth quarter revenue from offshore facilities grew 22% vs. the third quarter of 2010 and 155% vs. the fourth quarter of 2009. The offshore operations also returned to profitability with a gross margin of 6% in the fourth quarter of 2010. During the quarter, the Company consolidated two U.S. sites in Greeley and Grand Junction, Colorado, and announced the ramp-down of its Alexandria, Louisiana facility, which will result in future utilization and margin improvements. Also in the quarter, the Company completed the closure of its Sarnia, Ontario site announced earlier in 2010 leaving only three sites in its Canadian operation. All three of these initiatives are intended to increase offshore delivery capacity and restore profitability through utilization and margin improvements.

Financial Highlights

Fourth quarter 2010 revenue decreased 1.4% compared to the third quarter of 2010, and 10.8% compared to the fourth quarter of 2009. For the full year, revenue decreased 8.2% from $289 million in 2009. The decline from 2009 was due to six North American site closures during 2010, the ramp-down of another site that closed in early 2011, and lower North American wireless and wireline volumes. Revenue was down slightly from third quarter 2010, due to site closures and consolidations, partially offset by offshore segment growth, which expanded by $2.1 million, or 21%, compared to the third quarter of 2010.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,050.51 -75.61 -0.42%
S&P 500 2,115.34 -5.45 -0.26%
NASDAQ 5,093.4210 -4.5550 -0.09%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs