Third Quarter 2011 Operational Highlights
During the third quarter of 2011, the Company:
- Continued its sales momentum signing two new agreements with an expected annual contract value of nearly $8 million, bringing the total 2011 new bookings to approximately $28 million in expected annual contract value;
- Experienced sequential quarterly revenue growth of 14% in its client base exclusive of its two largest customers, and 25% growth compared to the third quarter of 2010;
- Expanded its international presence by opening a second Latin American facility with commitments from an existing client;
- Continued growth in the Philippines, increasing the number of agents to over 2,500, representing a 19% increase from last quarter and a 70% increase from the third quarter of 2010;
- Reduced its North American footprint by closing one of its Kingston, Ontario sites and downsizing its Cornwall, Ontario and Collinsville, Virginia sites;
- Reported revenue concentration from its largest customer of 54% compared to 63% in the second quarter of 2011 and 66% in the third quarter of 2010.
“We continue an intense focus on taking steps toward right-sizing the SG&A structure of the Company,” stated Chad Carlson, StarTek’s President and CEO. “Striking the right balance of cost reduction while ensuring success of our offshore ramps, IT transformation and implementation of our operating platform is critical to our execution and client satisfaction. We have made progress on these initiatives which we believe, in the long-term, will result in a stable, more efficient, less costly operating platform. During the quarter, we also further diversified our business model with new client programs, growth within existing accounts and by adding a new geography with the launch of our Honduras location. We believe these initiatives will position the Company for long-term sustainable profitability,” concluded Carlson.
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