Third Quarter 2011 Operational HighlightsDuring 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.