Convergys Corporation Reports Record Quarterly Financial Results.Business Editors NOTE: Multimedia assets relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc this story will be available for journalists to download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. beginning today at www.newstream.com CINCINNATI--(BUSINESS WIRE)--Oct. 24, 2000 Convergys Convergys (NYSE: CVG) is a multi-national corporation that provides management consulting services, outsourced billing, customer care and employee care, and transaction management software. Corporation (NYSE NYSE See: New York Stock Exchange :CVG CVG Convergys Corp CVG Corporación Venezolana de Guayana CVG Clear Vertical Grain (woodworking) CVG Carrier Group CVG Corporacion Venezolana de Guyana CVG Comprehensive Video Group (South Hackensack, NJ, USA) ) IN THE THIRD QUARTER: -- Revenues increased 21 percent to $544.5 million and operating income increased 34 percent -- Net income increased 27 percent and diluted earnings per share increased 23 percent to $0.32 -- Cash earnings per share increased 20 percent to $0.36 -- CMG revenues up 22 percent and IMG revenues up 18 percent -- Significant technology enhancements such as IP revenue assurance positioned the Company to be a global leader in "Next Generation" billing and customer care solutions -- Revenue, net income, operating income, EBITDA, and EPS were all at record high levels for the quarter Convergys Corporation (NYSE:CVG), the global leader in providing outsourced, integrated, billing and customer care, announced today its financial results for the third quarter and nine months ended September September: see month. 30, 2000. During the third quarter 2000, total revenues increased 21 percent to $544.5 million compared to $450.2 million reported in the third quarter of 1999. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased 34 percent to $83.2 million, up from $62.1 million. Operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: increased to 15.3 percent from 13.8 percent. Net income increased 27 percent to $50.4 million or $0.32 per share (diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ), an increase over net income of $39.7 million or $0.26 per share (diluted) last year. Cash earnings per share, excluding goodwill amortization, increased 20 percent to $0.36 from $0.30 in the third quarter of 1999. During the first nine months of 2000, total revenues increased 24 percent to nearly $1.6 billion compared to nearly $1.3 billion reported in the 1999 nine-month period. Operating income increased 38 percent to $235.5 million, up from $171.0 million, excluding a special item recorded in the second quarter of 1999. Operating margin increased to 14.9 percent from 13.4 percent. Net income increased 31 percent to $140.5 million or $0.89 per share (diluted), an increase over net income of $106.9 million or $0.69 per share (diluted) last year, excluding the 1999 special item. Commenting on the company's financial performance, Jim Orr Orr , Robert Gordon Called "Bobby." Born 1948. Canadian-born hockey player. He led the National Hockey League in scoring in 1970 and 1975 and was the first defenseman to score more than 100 points in a season. Noun 1. , chairman, president, & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Convergys said, "We are pleased to report such strong third quarter and nine month financial results. Our results reflect continuing subscriber growth and demand for the Company's innovative billing and customer care services. Of note was our 150-basis point operating margin improvement, which was achieved through ongoing cost productivity programs in CMG CMG Coastal & Marine Geology (USGS) CMG Chipotle Mexican Grill, Inc. (stock symbol) CMG Companion (of the Order Of) St Michael and St George CMG Computer Measurement Group as well as operating leverage Operating Leverage A measurement of the degree to which a firm or project relies on fixed rather than variable costs. Notes: The higher the degree of operating leverage, the greater the potential danger from forecasting risk. associated with the IMG IMG International medical graduate, see there business model." Third Quarter 2000 Highlights During the third quarter of 2000, Convergys: -- Signed a five-year contract for billing and customer care systems with Verizon Wireless Cellco Partnership, doing business as Verizon Wireless, owns and operates the second largest wireless telecommunications network in the United States, based on total wireless customers. , the largest wireless communications provider in the U.S. with more than 25 million wireless voice and data customers. -- Signed a two-year contract renewal with Microsoft (Microsoft Corporation, Redmond, WA, www.microsoft.com) The most successful and influential software company. Microsoft's software and Intel's hardware pioneered the PC and revolutionized the computer industry. WebTV Networks, Inc. Convergys has been providing customer care for WebTV's thousands of subscribers through its internal customer service system since 1998. -- Signed an agreement to enhance customer care for iBasis' VoCore Unified Communications The real time redirection of a voice, text or e-mail message to the device closest to the intended recipient at any given time. For example, voice calls to desk phones could be routed to the user's cellphone when required. solution through Catalys (SM), Convergys' carrier class Internet protocol See Internet and TCP/IP. (networking) Internet Protocol - (IP) The network layer for the TCP/IP protocol suite widely used on Ethernet networks, defined in STD 5, RFC 791. IP is a connectionless, best-effort packet switching protocol. (IP) subscriber billing, collection, and customer care application. Key features of the joint solution include e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. support, real-time processing Noun 1. real-time processing - data processing fast enough to keep up with an outside process real-time operation data processing - (computer science) a series of operations on data by a computer in order to retrieve or transform or classify information capabilities, and pre- pre- word element [L.], before (in time or space). pre- pref. 1. Earlier; before; prior to: prenatal. 2. and post-pay support for iBasis' subscriber base, estimated to grow to 2 million over the next five years. -- Signed a three-year agreement to provide cable and broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). billing services to Cablemas Cablemas is the second-largest cable operator in Mexico. It has offered cable since the late 1980s, and broadband internet since the late 1990s for nearly forty cities in Mexico with approximately 600,000 customers. , Mexico's second-largest cable provider as measured by number of subscribers (250,000). Convergys will upgrade Cablemas to its state-of-the-art Integrated Communications Operations Management Operations management is an area of business that is concerned with the production of goods and services, and involves the responsibility of ensuring that business operations are efficient and effective. System (ICOMS ICOMS Integrated Communications Operations Management system ICOMS Improved Conventional Mine System (TM)). Mr. Orr continued, "Exemplifying ex·em·pli·fy tr.v. ex·em·pli·fied, ex·em·pli·fy·ing, ex·em·pli·fies 1. a. To illustrate by example: exemplify an argument. b. our strong customer relationships are the recent customer care contract renewals and expansions signed with Verizon Wireless and Microsoft WebTV. In addition, our new agreement with iBasis is further evidence of Convergys' distinct competitive advantage of being the sole provider of end-to-end end-to-end a pattern of anastomosis in which severed ends are matched and united, in contrast with other patterns such as end-to-side or side-to-side. Usually applied to anastomosis of the intestine. , comprehensive billing and customer care solutions." To extend its technology leadership position in delivering next-generation billing and customer care capabilities to its clients, Convergys: -- Demonstrated, through a landmark test conducted in conjunction with its strategic partner NARUS NARUS Navy Aircraft Resources Utilization Study , the capability to ensure that every billable usage event in a service provider network is accounted for and that any lost revenue is identified as a part of a Revenue Assurance infrastructure for IP services. The testing by Convergys and NARUS involved more than 105 million billing events generated over a 24-hour period. To expand the Company's service offerings with associated technology in the areas of integrated contact centers and eCRM, Convergys: -- Acquired Taima Corporation, a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. that operates world-class world-class adj. 1. Ranking among the foremost in the world; of an international standard of excellence; of the highest order: a world-class figure skater. 2. , integrated, technical help desk support services for Internet Service Providers Internet service provider (ISP) Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. (ISPs) and other Internet-based clients. Taima's client list includes Road Runner, PSINet, Net Zero, Nortel Networks (Nortel Networks Limited, Brampton, Ontario, www.nortelnetworks.com) A world leader in telecommunications products, which includes switching, wireless and broadband systems for service providers and carriers, telephones and systems for residential and business users, computer telephony , AltaVista (AltaVista Company, Palo Alto, CA, www.altavista.com) The first search engine to index every word on a page and provide a retrieval system to extract relevant information. Developed by Digital's Research Labs in Palo Alto in 1995, the AltaVista search engine is available in more than 25 , and Comcast Corporation. Fourth Quarter 2000 Highlight -- Atlys (SM) 6.0: New release of Convergys' Atlys software features substantially enhanced functionality to enable global wireless carriers to offer a wide new array of data services and customer care capabilities, and will support emerging m-commerce services over 3G broadband wireless See wireless broadband. networks. Mr. Orr continued, "Enhancing Convergys' position as the premier provider of outsourced, next generation capabilities in the communications industry communications industry, broadly defined, the business of conveying information. Although communication by means of symbols and gestures dates to the beginning of human history, the term generally refers to mass communications. has been a top priority in 2000. Specifically, the scalability and revenue assurance features of the Convergys/NARUS solution for IP services will be critical in helping telecommunications companies See telecom company. get over the hurdle HURDLE, Eng. law. A species of sledge, used to draw traitors to execution. of transitioning their businesses from circuit to packet switch transmissions, and will also support young companies looking to develop emerging businesses and technologies. Furthermore, our new Atlys 6.0 release now supports the explosive GPRS (General Packet Radio Service) The first high-speed digital data service provided by cellular carriers that used the GSM technology. GPRS added a packet-switched channel to GSM, which uses dedicated, circuit-switched channels for voice conversations. and IP billing markets, and is our latest step in providing support for third generation applications." Operating Performance by Segment Information Management Group (IMG) Excluding intercompany sales, third quarter 2000 IMG revenues increased 18 percent to $201.8 million, from $170.3 million in the same period last year. Data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a revenues increased 14 percent to $125.3 million from $110.3 million, primarily as a result of subscriber growth at the company's key wireless clients. Professional and consulting revenues increased 27 percent to $44.4 million reflecting increased enhancement requests from wireless carriers including Sprint PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. and Verizon. License and other increased to $12.8 million from $10.4 million due to growth in cable support fees. International revenues increased nearly $5 million or 31 percent to $19.3 million, primarily reflecting fees associated with wireless billing contracts. Operating income for IMG increased 25 percent to $43.0 million from $34.3 million. Operating margin for IMG in the third quarter was 21.3 percent compared to 20.1 percent in the third quarter last year. IMG's results reflect higher revenues partially offset by increased investment in marketing and sales efforts, higher spending on research and development and higher depreciation from data center upgrades. Customer Management Group (CMG) CMG revenues were $342.7 million, up 22 percent compared to $279.9 million in the third quarter of 1999, fueled by increases from AT&T, DirecTV, and technical support clients. These revenue increases were partially offset by decreases in traditional, program-based services and international revenues. Operating income for CMG increased 42 percent to $42.1 million, up from $29.6 million in the same period last year. Operating margin improved to 12.3 percent in the third quarter 2000 versus 10.6 percent reported in the comparable year-ago period. This continued margin improvement stems from profit flow-through from higher revenues and the ongoing benefits of cost reduction programs. Mr. Orr concluded, "As we look to the remainder of 2000, we will continue to develop unique billing and customer care services and seek out strategic acquisitions or partnerships, in an effort to enhance further our integrated suite of end-to-end solutions (jargon) end-to-end solution - (E2ES) A term that suggests that the supplier of an application program or system will provide all the hardware and/or software components and resouces to meet the customer's requirement and no other supplier need be involved. Compare: turn-key solution. . In a short amount of time we have significantly ramped-up our eCRM capabilities and we will continue to improve upon our ever-evolving world-class billing and customer care technology that has served our clients since the first wireless phone call was placed in 1983." About Convergys Convergys Corporation (NYSE:CVG), a member of the S&P 500, is the global leader in providing outsourced, integrated, billing and customer care services, bringing together world-class resources and expertise to help clients transform customer relationships into a competitive advantage. Convergys software produces more than one million bills each day, and Convergys contact centers handle more than one million customer interactions each day. Convergys (SM) provides billing, customer care, and employee care services to the top companies in a wide range of industries, including telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , cable and broadband services See broadband and broadband service provider. , technology, and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . Headquartered in Cincinnati, Ohio “Cincinnati” redirects here. For other uses, see Cincinnati (disambiguation). Cincinnati is a city in the U.S. state of Ohio and the county seat of Hamilton County. , Convergys employs over 45,000 people in its 46 customer contact centers and in its data centers and other offices in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada, Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , Israel, and Europe. Convergys is on the Internet at www.convergys.com (Convergys is pronounced: kun VER Ver personification; portrayed as infantile and tender. [Rom. Myth.: LLEI, I: 322] See : Spring jis. Convergys, Catalys, Atlys, and the Convergys logo are service marks and ICOMS is a trademark of Convergys Corporation.) NOTE: Convergys Corporation will host a conference call on Tuesday, October 24 at 10:00 A.M. Eastern Daylight Time, to discuss the company's third quarter earnings results. The one-hour conference call will feature Jim Orr, chairman, president, & CEO, and Steve Rolls, CFO See Chief Financial Officer. . This call will be carried live on the Internet via www.streetevents.com and www.streetfusion.com. Internet replays of this conference call will be available from these sources through November 11, 2000. NOTE: Information included in this news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve potential risks for Convergys Corporation. The future results of Convergys could differ materially from those discussed herein. Factors that could cause or contribute to such differences include, but are not limited to, the loss of a significant client, difficulties in completing or integrating acquisitions, and other factors disclosed in the Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1999, filed with the SEC by Convergys Corporation. (tables follow)
CONVERGYS CORPORATION
Revenues, Net Income and Earnings Per Common Share
In Millions Except Per Share Amounts
(Unaudited)
Third Quarter
Change
2000 1999 Amount %
Revenues:
- Information Mgmt. Grp. $ 205.4 179.1 $ 26.3 15
- Customer Mgmt. Group 342.7 279.9 62.8 22
- Eliminations & Other (3.6) (8.8) 5.2 (59)
--------- --------- ------- ---
--Total $ 544.5 $ 450.2 $ 94.3 21
Operating Income:
- Information Mgmt. Grp. $ 43.0 $ 34.3 $ 8.7 25
- Customer Mgmt. Group 42.1 29.6 12.5 42
- Eliminations & Other (1.9) (1.8) (0.1) 6
--------- --------- ------- ---
--Total $ 83.2 $ 62.1 $ 21.1 34
Net Income $ 50.4 $ 39.7 $ 10.7 27
Earnings Per Common Share
- Basic $0.33 $0.26 $ 0.07 27
- Diluted $0.32 $0.26 $ 0.06 23
Weighted Average Common Shares Outstanding
- Basic 153.1 151.7 1.4
- Diluted 158.6 155.0 3.6
Nine Months
Change
2000 1999 Amount %
Revenues:
- Information Mgmt. Grp. $ 573.6 $ 507.3 $ 66.3 13
- Customer Mgmt. Group 1,020.4 795.4 225.0 28
- Eliminations & Other (14.0) (26.5) 12.5 (47)
--------- --------- ------- ---
--Total $1,580.0 $1,276.2 $303.8 24
Operating Income:
- Information Mgmt. Grp. $ 117.1 $ 95.3 (a) $ 21.8 23
- Customer Mgmt. Group 124.1 78.4 45.7 58
- Eliminations & Other (5.7) (4.7) (1.0) 21
--------- --------- ------- ---
--Total $ 235.5 $ 169.0 (a) $ 66.5 39
Net Income $ 140.5 $ 104.9 (a) $ 35.6 34
Earnings Per Common Share
- Basic $0.92 $0.69 (a) $ 0.23 33
- Diluted $0.89 $0.68 (a) $ 0.21 31
Weighted Average Common Shares Outstanding
- Basic 152.5 151.7 0.8
- Diluted 157.8 154.4 3.4
(a) Includes $2.0 million in acquired research and development costs
which reduced net income by $2.0. Excluding this special item,
earnings per diluted share were $0.69 for the nine month period
ended September 30, 1999.
Convergys Corporation
Consolidated Statements of Income
In Millions Except Per Share Amounts
(Unaudited)
For the Three Months For the Nine Months
Ended Sept. 30, % Ended Sept. 30, %
2000 1999 Chg. 2000 1999 Chg.
Revenues:
Information Mgmt. Grp.
Data Processing $125.3 $110.3 14 $ 354.5 $ 305.4 16
Prof. & Consulting 44.4 34.9 27 112.4 109.9 2
License & Other 12.8 10.4 23 39.0 27.8 40
International 19.3 14.7 31 53.7 37.7 42
----- ------ -- ------- ------- --
External Revenues 201.8 170.3 18 559.6 480.8 16
Interco. Svcs. for CMG 3.6 8.8 (59) 14.0 26.5 (47)
----- ------ -- ------- ------- --
Total IMG Revenues 205.4 179.1 15 573.6 507.3 13
Customer Management Grp.
Dedicated Services 301.6 224.0 35 879.6 615.9 43
Traditional Services 29.7 42.6 (30) 103.2 136.6 (24)
International 11.4 13.3 (14) 37.6 42.9 (12)
----- ------ -- ------- ------- --
Total CMG Revenues 342.7 279.9 22 1,020.4 795.4 28
Eliminations & Other (3.6) (8.8) (59) (14.0) (26.5)(47)
----- ------ -- ------- ------- --
Total Revenues 544.5 450.2 21 1,580.0 1,276.2 24
Costs & Expenses:
Cost of Providing
Services & Products Sold 306.6 255.1 20 895.5 725.9 23
Selling, General & Admin. 90.5 74.5 21 262.3 211.7 24
Research & Development 23.4 22.1 6 69.0 62.0 11
Depreciation 28.3 21.8 30 80.1 62.2 29
Amortization 12.5 12.4 1 37.6 32.2 17
Year 2000 Programming - 2.2 - - 11.2 -
Purchased R&D Costs - - - - 2.0 -
----- ------ -- ------- ------- --
Total Costs and Expenses 461.3 388.1 19 1,344.5 1,107.2 21
Operating Income 83.2 62.1 34 235.5 169.0 39
Equity in Earnings of
Cellular Partnership 6.0 10.2 (41) 17.3 26.9 (36)
Other Income(Expense), Net 1.1 0.3 - 1.1 (0.9) -
Interest Expense (8.2) (8.4) (2) (25.1) (24.4) 3
----- ------ -- ------- ------- --
Income Before Inc. Taxes 82.1 64.2 28 228.8 170.6 34
Income Taxes 31.7 24.5 29 88.3 65.7 34
----- ------ -- ------- ------- --
Net Income $ 50.4 $ 39.7 27 $ 140.5 $ 104.9 34
----- ------ -- ------- ------- --
----- ------ -- ------- ------- --
Earnings Per Common Share
-Basic $ 0.33 $ 0.26 27 $ 0.92 $ 0.69 33
-Diluted $ 0.32 $ 0.26 23 $ 0.89 $ 0.68 31
Weighted Average Common Shares Outstanding (millions)
-Basic 153.1 151.7 152.5 151.7
-Diluted 158.6 155.0 157.8 154.4
Other Data
Operating Margin (a) 15.3% 13.8% 14.9% 13.4%
Market Price Per Share
High $ 55.438 $ 23.625 $ 55.438 $ 23.625
Low $ 35.688 $ 18.500 $ 26.625 $ 14.500
Close $ 38.875 $ 19.813 $ 38.875 $ 19.813
(a) Excludes purchased research and development costs of $2.0 million
for the nine months ended September 30, 1999.
Convergys Corporation
Consolidated Balance Sheets
In Millions
(Unaudited)
Sept. 30, Dec. 31, Sept. 30,
2000 1999 1999
Assets
Cash and Cash Equivalents $ 37.4 $ 30.8 $ 42.4
Receivables - Net 320.2 214.8 351.8
Other Current Assets 87.5 52.3 57.4
Property & Equipment-Net 367.6 335.6 298.1
Other Assets 886.9 946.0 913.3
Total Assets $ 1,699.6 $ 1,579.5 $ 1,663.0
Liabilities and Shareowners' Equity
Debt Maturing in One Year $ 0.6 $ 48.0 $ 500.5
Other Current Liabilities 315.3 339.4 289.2
Other Liabilities 17.2 14.6 14.0
Long-Term Debt 312.2 250.3 -
Minority Interest - - 1.7
Common Shareowners' Equity 1,054.3 927.2 857.6
Total Liabilities
& Shareowners' Equity $ 1,699.6 $ 1,579.5 $ 1,663.0
Convergys Corporation
Information Management Group
Operating Segment Data
In Millions
(Unaudited)
For the Three Months For the Nine Months
Ended Sept. 30, % Ended Sept. 30, %
2000 1999 Chg. 2000 1999 Chg.
Revenues:
Data Processing $125.3 $110.3 14 $354.5 $305.4 16
Prof. & Consulting 44.4 34.9 27 112.4 109.9 2
License & Other 12.8 10.4 23 39.0 27.8 40
International 19.3 14.7 31 53.7 37.7 42
----- ------ -- ----- ----- --
External Revenues 201.8 170.3 18 559.6 480.8 16
Interco. Svcs. for CMG 3.6 8.8 (59) 14.0 26.5 (47)
----- ------ -- ----- ----- --
Total IMG Revenues 205.4 179.1 15 573.6 507.3 13
Costs & Expenses:
Cost of Providing
Services & Products Sold 102.9 92.2 12 290.2 266.9 9
Selling, General & Admin. 25.0 20.6 21 66.1 57.1 16
Research & Development 19.7 18.0 9 57.3 48.3 19
Depreciation 10.1 7.7 31 28.6 21.7 32
Amortization 4.7 4.5 4 14.0 8.6 63
Year 2000 Programming - 1.8 - 0.3 7.4 (96)
Purchased R&D Costs - - - - 2.0 -
------ ------ -- ------ ----- --
Total Costs and Expenses 162.4 144.8 12 456.5 412.0 11
------ ------ -- ------ ----- --
Operating Income $ 43.0 $ 34.3 25 $117.1 $95.3 23
------ ------ ------ -----
------ ------ ------ -----
Note: The operating segment data for the Information Management
Group (IMG) shown above reflects the detailed revenue and expense
data for IMG that will be presented in the Convergys 10-Q for the
quarterly period ended September 30, 2000.
Convergys Corporation
Customer Management Group
Operating Segment Data
In Millions
(Unaudited)
For the Three Months For the Nine Months
Ended Sept. 30, % Ended Sept. 30, %
2000 1999 Chg. 2000 1999 Chg.
Revenues:
Dedicated Services $301.6 $224.0 35 $ 879.6 $615.9 43
Traditional Services 29.7 42.6 (30) 103.2 136.6 (24)
International 11.4 13.3 (14) 37.6 42.9 (12)
------ ------ -- -------- ------ --
Total CMG Revenues 342.7 279.9 22 1,020.4 795.4 28
Costs & Expenses:
Cost of Providing
Services & Products Sold 207.5 171.7 21 619.3 485.4 28
Selling, General & Admin. 64.7 52.6 23 192.8 151.0 28
Research & Development 3.5 4.1 (15) 11.5 13.7 (16)
Depreciation 17.0 13.6 25 49.0 39.5 24
Amortization 7.9 7.9 - 23.7 23.6 -
Year 2000 Programming - 0.4 - - 3.8 -
------ ------ -- -------- ------ --
Total Costs and Expenses 300.6 250.3 20 896.3 717.0 25
------ ------ -- -------- ------ --
Operating Income $ 42.1 $ 29.6 42 $ 124.1 $ 78.4 58
------ ------ -------- ------
------ ------ -------- ------
Note: The operating segment data for the Customer Management Group
(CMG) shown above reflects the detailed revenue and expense data
for CMG that will be presented in the Convergys 10-Q for the
quarterly period ended September 30, 2000.
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