Stream Global Services, Inc., (NYSE AMEX: SGS), a leading global business process outsource (BPO) service provider specializing in customer relationship management including technical support and sales programs for Fortune 1000 companies, today announced consolidated financial results for the three months and year ended December 31, 2011. On February 29, 2012 Stream also filed its Annual Report on Form 10-K with the Securities and Exchange Commission for the fiscal year ended December 31, 2011.
CEO CommentaryKathryn Marinello, Chairman and Chief Executive Officer of Stream, said, “We are very pleased to report record Net Income and record Adjusted EBITDA for the fourth quarter. Execution of our strategy that we initiated over a year ago yielded the intended results – net income of $4 million and a 32% growth in Adjusted EBITDA over the same quarter for the prior year. Further, for the year, we saw strong demand for our services as demonstrated by our 6% growth in year-over-year in revenue.”
“Our strategy was to significantly invest in our business – our people and our infrastructure – with the expectation that we would see a return on this investment. We invested $20 million more in capital expenditures this year and spent $5 million more on agent incentives. We measure our clients’ and employees’ satisfaction levels and we are very pleased that during 2011, our client satisfaction scores increased 20% over the prior year and our agent survey results show a similar marked increase in satisfaction with Stream Global Services.”
Fourth Quarter 2011 Financial Highlights• Net income was $4 million for the three months ended December 31, 2011 compared to a net loss of $9 million for the three months ended December 31, 2010. • Revenue for the quarter ended December 31, 2011 was $220 million, a decrease of $2 million, or 1%, from the same period in 2010 principally due to (i) the previously announced cessation of our South Africa operations, (ii) not renewing a seasonal program with a medical insurance company as the work volumes available were lower than the prior year, and (iii) the change in foreign exchange rates from 2010 to 2011 which lowered revenue by approximately $1 million.
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