Convergys Corporation Reports Second Quarter 2000 Financial Results.Business Editors NOTE: A video, audio, powerpoint A presentation graphics program from Microsoft for Macintosh and Windows. It was the first desktop presentation program for the Mac and provides the ability to create output for overheads, handouts, speaker notes and film recorders. presentation, financial tables and logo relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc this story will be available to 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. today at www.newstream.com CINCINNATI--(BUSINESS WIRE)--July 27, 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) ) -- Revenues increased 22 percent and net income increased 31 percent -- 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 38 percent -- Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of increased 26 percent to $0.29 -- Cash earnings per share of $0.33 Convergys Corporation (NYSE:CVG), the global leader in providing outsourced, integrated, billing and customer care, announced today its financial results for the second quarter and six months ended June June: see month. 30, 2000. During the second quarter 2000, total revenues increased 22 percent to $521.9 million compared to $426.2 million reported in the second quarter of 1999. Operating income increased 38 percent to $77.6 million, up from $56.1 million, excluding a special item that was recorded in the second quarter of 1999. Operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: increased to 14.9 percent from 13.2 percent. Net income increased 31 percent to $45.5 million or $0.29 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. ), from $34.8 million or $0.23 per share (diluted) last year. Strong performance in the company's core operations offset lower results from the cellular partnership. The cellular partnership produced equity income of $5.4 million, or $0.02 per share compared to $9.1 million, or $0.04 per share last year. Cash earnings per share, excluding goodwill amortization, increased 27 percent to $0.33 from $0.26 in the second quarter of 1999. Last year's second quarter results included a $2 million special item relating to Convergys' acquisition of a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in Wiztec Solutions, Ltd. "We had a successful second quarter with higher revenues and operating income. Our contracts with OmniSky, AT&T Business Services, and our progress in the IP billing and CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. marketplaces reflect our increased emphasis on sales and marketing," said 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. "I also want to acknowledge an important milestone for us -- our addition to the S&P 500 index, which recognizes the financial strength and performance of our company." For the first half of 2000, revenues increased 25 percent to $1.04 billion. Operating income increased 40 percent to $152.3 million and net income increased 34 percent to $90.0 million excluding the impact of special items. Diluted earnings per share excluding special items increased 30 percent to $0.57. Second Quarter 2000 Highlights During the second quarter of 2000, Convergys -- Signed a 3-year contract with OmniSky Corporation, a provider of complete wireless 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 services for users of handheld handheld: see personal digital assistant. mobile devices. The contract is for Convergys' Catalys(SM) integrated Internet billing and customer care solution as well as its integrated customer contact centers. -- Renewed a billing contract with AT&T Business Services for three years. The contract is valued at more than $100 million. To expand service offerings with associated underlying technology in the areas of integrated contact centers and eCRM, Convergys -- Entered into a joint Internet video Video material obtained from the Internet. It may refer to streaming video from real time broadcasts, streaming archival material or downloading video files for watching later, all of which are viewed on the computer. and VoIP marketing agreement with VideoGate.com, a developer of premiere customer communication tools for the Internet and Intranet. Convergys also made an equity investment in VideoGate.com. In April we entered into an alliance with NativeMinds (formerly Neuromedia), an automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. natural-language sales and customer service solution for the Web. Convergys will incorporate NativeMinds' virtual sales and customer service representative (vRepTM) software into its customer management solutions for clients worldwide. Convergys also holds a small equity investment in NativeMinds. -- Acquired MAXWorldwide LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , 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 designs and operates innovative and unique customer loyalty programs for Fortune 500 corporations. To extend Convergys' acknowledged leadership in the area of billing for IP service providers and XSPs, it -- Entered into a global alliance with XACCT Technologies, a leading provider of intelligent business infrastructure solutions for IP networks. We have integrated XACCT's advanced mediation mediation, in law, type of intervention in which the disputing parties accept the offer of a third party to recommend a solution for their controversy. Mediation has long been a part of international law, frequently involving the use of an international commission, capabilities into Catalys. -- Announced the completion of benchmark testing that produced landmark results for IP usage collection and rating in conjunction with NARUS NARUS Navy Aircraft Resources Utilization Study , Inc., the pioneer and leading provider of Internet Business Infrastructure (IBI See Information Builders. ) solutions. We demonstrated a throughput rate Throughput rate is an obsolete term[1] in the terminology of automated chemical analysis. It may mean either:
1. ^ International Union of Pure and Applied Chemistry. "throughput rate". of nearly 6,000 billing events per second, an unparalleled demonstration of complex IP usage-based rating scalability How much a system can be expanded. See scalable. scalability - How well a solution to some problem will work when the size of the problem increases. For example, a central server of some kind with ten clients may perform adequately but with a thousand clients it . This is equivalent to 50 million subscribers on an IP services network. Orr commented, "A key component of our growth strategy has been to seek out strategic alliances and acquisitions. As you can see from our second quarter activities, we remained committed to this plan, and in turn continued to build our strong presence in web based Coming from a Web server. See Web application. customer care. The alliances and acquisition with prestigious eCRM solutions providers exemplify 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 commitment to creating or acquiring best-of-breed The best product of its type. Organizations often purchase software from different vendors in order to obtain the best-of-breed for each application area; for example, a human resources package from one vendor and an accounting package from another. technology and services capabilities for our clients." 2000 Highlights to Date -- A five-year contract for a billing and customer care system 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 wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. provider in the U.S. with more than 25 million wireless voice and data customers. With this new contract, Convergys will now serve the top four wireless providers 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. . The new relationship with Verizon Wireless extends Convergys' pre-existing Adj. 1. pre-existing - existing previously or before something; "variations on pre-existent musical themes" pre-existent, preexistent, preexisting antecedent - preceding in time or order relationships with AirTouch AirTouch Communications was a U.S.-based wireless service provider that was created when PacTel Cellular was spun off from Pacific Telesis on April 1, 1994, forming both AirTouch Cellular and AirTouch Paging. , PrimeCo PrimeCo Communications was a joint venture of Bell Atlantic and AirTouch Communications, and was the first wireless telecommunications provider to turn up CDMA service on the PCS (1900-MHz) band in late 1995. Hailed as the largest wireless phone service launch in U.S. , and GTE GTE General Telephone & Electronics GTE Génie Thermique et Énergie (French) GTE Gas Turbine Engine GTE Global Tropospheric Experiment GTE Geothermal Energy GTE Gas Turbine Efficiency plc (Sweden & USA) , and adds some important new markets. -- A contract and alliance with Naviant Marketing Solutions, Inc., a leading provider of precision marketing solutions to Web advertisers, Web publishers, and consumer marketers to provide additional capabilities in the development of Convergys' suite of eCRM services and products. Orr continued, "Our third quarter is off to a very strong start as evidenced by the major announcement regarding Verizon Wireless. This contract win underscores our leading position in our industry as we continue to sign major customers with significant market share positions within their respective fields. It also exemplifies the value of our reputation for operational excellence in servicing carrier class wireless operators and the functionality and scalability of our systems." Information Management Group Revenues Increased 13 Percent; Operating Income Increased 17 Percent Excluding intercompany sales, second quarter 2000 Information Management Group (IMG IMG International medical graduate, see there ) revenues increased 13 percent to $184.2 million, from $162.4 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 15 percent to $116.3 million from $100.8 million, primarily as a result of subscriber growth at key wireless clients. Professional and consulting revenues decreased 9 percent to $34.1 million, reflecting the expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of a small Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. wireless client billing relationship. License and other increased to $12.3 million from $11.1 million due to higher license fees. International revenues increased over $8 million or 65 percent to $21.5 million, primarily reflecting implementation fees associated with IMG's wireless billing contract with Telesp Telesp - Telecomunicações de São Paulo S.A. (NYSE: TSP) is a telecommunications company in São Paulo state, Brazil. The company was originally formed as part of Telebrás, the state-owned telecom monopoly at the time. Celular. Operating income for IMG increased 17 percent to $38.2 million from $32.7 million excluding the special item reported in the second quarter 1999. Operating margin for IMG in the second quarter was 20.7 percent compared to 20.1 percent in the second quarter last year. IMG's results reflect earnings from higher revenues partially offset by higher spending on research and development, higher depreciation from data center upgrades, and higher amortization of acquisition-related intangibles. Customer Management Group Revenues Increased 28 Percent; Operating Income Increased 64 Percent Customer Management Group (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 ) revenues were $337.7 million, up 28 percent compared to $263.8 million in the second quarter of 1999, fueled by strong demand for services from AT&T and DirecTV DirecTV (trademarked as "DIRECTV") is a direct broadcast satellite (DBS) service based in El Segundo, California, USA, that transmits digital satellite television and audio to households in the United States, the Caribbean and Latin America except for Mexico. as well as increases in technical support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services and web-based customer relationship management services. These revenue increases were partially offset by a decrease in traditional, program-based services. Operating income for CMG increased 64 percent to $41.3 million, up from $25.2 million in the same period last year. Operating margin improved to 12.2 percent in the second quarter 2000 versus 9.6 percent reported in the comparable year-ago period. This marks the eighth consecutive quarter of margin improvement and stems from the profit flow-through from higher revenues and the ongoing benefits of continuous process improvements. Orr concluded, "As we look to the second half of 2000, we are encouraged by our competitive position. Our financial results for the quarter, in addition to new customers in IP billing and customer care, exemplify our ability to execute on our growth strategies providing value to our clients and our shareholders." 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 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. 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 communications, Internet, cable and broadband services See broadband and broadband service provider. , technology, consumer products, 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. , utilities, healthcare and hospitality. 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 42,500 people in its 41 customer contact centers and in its data centers and other offices in the United States, Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , Israel, and Europe. Convergys is on the Internet at convergys.com (Convergys is pronounced: kun VER Ver personification; portrayed as infantile and tender. [Rom. Myth.: LLEI, I: 322] See : Spring jis. Convergys, Catalys, and the Convergys logo are service marks of Convergys Corporation.) 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.
CONVERGYS CORPORATION
Revenues, Net Income and Earnings Per Common Share
In Millions Except Per Share Amounts
(Unaudited)
Second Quarter
Change
2000 1999 Amount %
Revenues:
- Information Mgmt. Grp. $ 188.4 $ 171.1 $ 17.3 10
- Customer Mgmt. Group 337.7 263.8 73.9 28
- Eliminations & Other (4.2) (8.7) 4.5 (52)
--------- --------- ------- ---
--Total $ 521.9 $ 426.2 $ 95.7 22
Operating Income:
- Information Mgmt. Grp. $ 38.2 $ 30.7 (a) $ 7.5 24
- Customer Mgmt. Group 41.3 25.2 16.1 64
- Eliminations & Other (1.9) (1.8) (0.1) 6
--------- --------- ------- ---
--Total $ 77.6 $ 54.1 (a) $ 23.5 43
Net Income $ 45.5 $ 32.8 (a) $ 12.7 39
Earnings Per Common Share
- Basic $0.30 $0.22 (a) $ 0.08 36
- Diluted $0.29 $0.21 (a) $ 0.08 38
Weighted Average Common Shares Outstanding
- Basic 152.4 151.6 0.8
- Diluted 158.1 154.1 4.0
Six Months
Change
2000 1999 Amount %
Revenues:
- Information Mgmt. Grp. $ 368.2 $ 328.2 $ 40.0 12
- Customer Mgmt. Group 677.7 515.5 162.2 31
- Eliminations & Other (10.4) (17.7) 7.3 (41)
--------- --------- ------- ---
--Total $1,035.5 $ 826.0 $209.5 25
Operating Income:
- Information Mgmt. Grp. $ 74.1 $ 61.0 (a) $ 13.1 21
- Customer Mgmt. Group 82.0 48.9 33.1 68
- Eliminations & Other (3.8) (3.0) (0.8) 27
--------- --------- ------- ---
--Total $ 152.3 $ 106.9 (a) $ 45.4 42
Net Income $ 90.0 $ 65.2 (a) $ 24.8 38
Earnings Per Common Share
- Basic $0.59 $0.43 (a) $ 0.16 37
- Diluted $0.57 $0.42 (a) $ 0.15 36
Weighted Average Common Shares Outstanding
- Basic 152.2 151.6 0.6
- Diluted 157.4 154.1 3.3
(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 $0.23 and $0.44 for the three and
six month periods ended June 30, 1999.
Convergys Corporation
Consolidated Statements of Income
In Millions Except Per Share Amounts
(Unaudited)
For the Three Months For the Six Months
Ended Jun. 30, % Ended Jun. 30, %
2000 1999 Chg. 2000 1999 Chg.
Revenues:
Information Mgmt. Grp.
Data Processing $116.3 $100.8 15 $ 229.2 $195.1 17
Prof. & Consulting 34.1 37.5 (9) 68.0 75.0 (9)
License & Other 12.3 11.1 11 26.2 17.4 51
International 21.5 13.0 65 34.4 23.0 50
----- ------ -- ------ ----- --
External Revenues 184.2 162.4 13 357.8 310.5 15
Interco. Svcs. for CMG 4.2 8.7 (52) 10.4 17.7 (41)
----- ------ -- ------ ----- --
Total IMG Revenues 188.4 171.1 10 368.2 328.2 12
Customer Management Grp.
Dedicated Services 292.0 205.1 42 578.0 391.9 47
Traditional Services 32.8 44.3 (26) 73.5 94.0 (22)
International 12.9 14.4 (10) 26.2 29.6 (11)
----- ------ -- ------ ----- --
Total CMG Revenues 337.7 263.8 28 677.7 515.5 31
Eliminations & Other (4.2) (8.7) - (10.4) (17.7) -
----- ------ -- ------ ----- --
Total Revenues 521.9 426.2 22 1035.5 826.0 25
Costs & Expenses:
Cost of Providing
Services & Products Sold 296.7 243.3 22 588.9 470.8 25
Selling, General & Admin. 85.5 73.0 17 171.5 137.2 25
Research & Development 22.7 20.4 11 45.6 39.9 14
Depreciation 26.8 20.3 32 51.8 40.4 28
Amortization 12.6 10.3 22 25.1 19.8 27
Year 2000 Programming - 2.8 - 0.3 9.0 (97)
Purchased R&D Costs - 2.0 - - 2.0 -
----- ----- -- ------ ----- --
Total Costs and Expenses 444.3 372.1 19 883.2 719.1 23
Operating Income 77.6 54.1 43 152.3 106.9 42
Equity in Earnings of
Cellular Partnership 5.4 9.1 (41) 11.3 16.7 (32)
Other Income(Expense), Net - (0.5) - (0.1) (1.2)(92)
Interest Expense 8.8 8.5 4 16.9 16.0 6
----- ----- -- ------ ----- --
Income Before Inc. Taxes 74.2 54.2 37 146.6 106.4 38
Income Taxes 28.7 21.4 34 56.6 41.2 37
----- ------ -- ------ ----- --
Net Income $ 45.5 $ 32.8 39 $ 90.0 $ 65.2 38
----- ------ -- ------ ----- --
----- ------ -- ------ ----- --
Earnings Per Common Share
-Basic $ 0.30 $ 0.22 36 $ 0.59 $ 0.43 37
-Diluted $ 0.29 $ 0.21 38 $ 0.57 $ 0.42 36
Weighted Average Common Shares Outstanding (millions)
-Basic 152.4 151.6 152.2 151.6
-Diluted 158.1 154.1 157.4 154.1
Other Data
Operating Margin (a) 14.9% 13.2% 14.7% 13.2%
Market Price Per Share
High $ 51.922 $ 21.813 $ 51.922 $ 23.000
Low $ 30.500 $ 15.938 $ 26.625 $ 14.500
Close $ 51.875 $ 19.375 $ 51.875 $ 19.375
(a) Excludes purchased research and development costs of $2.0 million
for the three and six months ended June 30, 1999.
Convergys Corporation
Consolidated Balance Sheets
In Millions
(Unaudited)
Jun. 30, Dec. 31, Jun. 30,
2000 1999 1999
Assets
Cash and Cash Equivalents $ 31.8 $ 30.8 $ 20.3
Receivables - Net 192.8 214.8 339.6
Other Current Assets 77.3 52.3 48.0
Property & Equipment-Net 361.7 335.6 290.5
Other Assets 902.3 946.0 849.2
Total Assets $ 1,565.9 $ 1,579.5 $ 1,547.6
Liabilities and Shareowners' Equity
Debt Maturing in One Year $ 8.7 $ 48.0 $ 464.0
Other Current Liabilities 280.6 339.4 251.4
Other Liabilities 15.2 14.6 13.4
Long-Term Debt 252.2 250.3 -
Minority Interest - - 10.6
Common Shareowners' Equity 1,009.2 927.2 808.2
Total Liabilities
& Shareowners' Equity $ 1,565.9 $ 1,579.5 $ 1,547.6
Convergys Corporation
Information Management Group
Operating Segment Data
In Millions
(Unaudited)
For the Three Months For the Six Months
Ended Jun. 30, % Ended Jun. 30, %
2000 1999 Chg. 2000 1999 Chg.
Revenues:
Data Processing $116.3 $100.8 15 $229.2 $ 195.1 17
Prof. & Consulting 34.1 37.5 (9) 68.0 75.0 (9)
License & Other 12.3 11.1 11 26.2 17.4 51
International 21.5 13.0 65 34.4 23.0 50
----- ------ -- ----- ------ --
External Revenues 184.2 162.4 13 357.8 310.5 15
Interco. Svcs. for CMG 4.2 8.7 (52) 10.4 17.7 (41)
----- ------ -- ----- ------ --
Total IMG Revenues 188.4 171.1 10 368.2 328.2 12
Costs & Expenses:
Cost of Providing
Services & Products Sold 95.6 89.9 6 187.3 174.8 7
Selling, General & Admin. 21.6 19.6 10 41.1 36.5 13
Research & Development 18.9 16.8 13 37.6 30.3 24
Depreciation 9.4 7.1 32 18.5 13.9 33
Amortization 4.7 2.4 96 9.3 4.1 127
Year 2000 Programming - 2.6 - 0.3 5.6 (95)
Purchased R&D Costs - 2.0 - - 2.0 -
------ ------ -- ------ ------ --
Total Costs and Expenses 150.2 140.4 7 294.1 267.2 10
------ ------ -- ------ ------ --
Operating Income $ 38.2 $ 30.7 24 $ 74.1 $ 61.0 21
------ ------ ------ ------
------ ------ ------ ------
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 June 30, 2000.
Convergys Corporation
Customer Management Group
Operating Segment Data
In Millions
(Unaudited)
For the Three Months For the Six Months
Ended Jun. 30, % Ended Jun. 30, %
2000 1999 Chg. 2000 1999 Chg.
Revenues:
Dedicated Services $292.0 $205.1 42 $ 578.0 $391.9 47
Traditional Services 32.8 44.3 (26) 73.5 94.0 (22)
International 12.9 14.4 (10) 26.2 29.6 (11)
------ ------ -- ------- ------ --
Total CMG Revenues 337.7 263.8 28 677.7 515.5 31
Costs & Expenses:
Cost of Providing
Services & Products Sold 205.4 161.9 27 411.8 313.6 31
Selling, General & Admin. 63.0 52.0 21 127.9 98.4 30
Research & Development 3.7 3.7 - 8.0 9.7 (18)
Depreciation 16.4 12.9 27 32.0 25.8 24
Amortization 7.9 7.8 1 15.8 15.7 1
Year 2000 Programming - 0.3 - 0.2 3.4 (94)
------ ------ -- ------- ------ --
Total Costs and Expenses 296.4 238.6 24 595.7 466.6 28
------ ------ -- ------- ------ --
Operating Income $ 41.3 $ 25.2 64 $ 82.0 $ 48.9 68
------ ------ ------- ------
------ ------ ------- ------
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 June 30, 2000.
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