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Sykes Enterprises, Incorporated Reports Fourth-Quarter And Full-Year 2012 Financial Results

Stocks in this article: SYKE

Sequentially, revenues from continuing operations from the Company's EMEA region increased 6.9% to $46 million for the fourth quarter of 2012 compared to $43.0 million, or 15.3% of SYKES' total revenues in the third quarter of 2012 (EMEA's revenues were up 4.0% on a constant currency basis sequentially). The constant currency increase in EMEA revenues from continuing operations was driven largely by client demand within the technology, communications and financial services verticals.

The EMEA region's income from continuing operations for the fourth quarter of 2012 was $3.6 million, or 7.9% of EMEA revenues, versus an operating loss of $4.9 million, or negative 10.1% of revenues, in the comparable quarter last year. On a non-GAAP basis, the operating margin from continuing operations increased to 6.2% from 1.8% in the same period last year. The more-than-three-fold increase was due to a combination of higher capacity utilization rate and cost savings resulting from the previously discussed strategic actions (see Exhibit 7 for reconciliation).

Sequentially, the EMEA region's income from continuing operations for the fourth quarter of 2012 increased to $3.6 million, or 7.9% of revenues, from $2.4 million, or 5.5% of revenues, in the third quarter of 2012. On a non-GAAP basis, the EMEA operating margin from continuing operations was 6.2% versus 5.7% in the third quarter of 2012, with the increase due to better demand coupled with an increase in capacity utilization (see Exhibit 7 for reconciliation).

Corporate G&A Expenses

Corporate costs increased to $12.1 million, or 4.0% of revenues, in the fourth quarter of 2012, compared to $10.7 million, or 3.9% of revenues, in the comparable quarter last year, with the increase driven by a combination of professional services fees and integration costs associated with the Alpine Access acquisition. On a non-GAAP basis, corporate costs as a percentage of revenues remained unchanged on a comparable basis at 3.7% of revenues (see Exhibit 7 for reconciliation).

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