Convergys Q4 results - Net Income growth in 56%;
this is great news
CINCINNATI, Jan. 25 (Reuters) -
In Millions Except Per Share Amounts
(Unaudited)
Fourth Quarter
Change
1999 1998 Amount %
Revenues:
- Information Mgmt. Grp. $ 179.8 $ 164.1 $ 15.7 10
- Customer Mgmt. Group 315.5 249.5 66.0 26
- Eliminations & Other (8.6) (8.9) 0.3 (3)
--Total 486.7 404.7 82.0 20
Operating Income:
- Information Mgmt. Grp. 37.0 33.0 4.0 12
- Customer Mgmt. Group 30.3 (b) 22.7 7.6 33
- Eliminations & Other (1.1) (1.9) 0.8 (42)
--Total 66.2 53.8 12.4 23
Net Income 32.1 (c) 34.1 (2.0) (6)
Earnings Per Common Share (c) (d)
- Basic 0.21 0.22 (0.01) (5)
- Diluted 0.21 0.22 (0.01) (5)
Weighted Average Common Shares Outstanding (d)
- Basic 151.5 152.0 (0.5)
- Diluted 155.2 152.6 2.6
Twelve Months
Change
1999 1998 Amount %
Revenues:
- Information Mgmt. Grp.$ 687.1 $ 602.0 $ 85.1 14
- Customer Mgmt. Group 1,110.9 869.9 241.0 28
- Eliminations & Other (35.1) (24.7) (10.4) 42
--Total 1,762.9 1,447.2 315.7 22
Operating Income:
- Information Mgmt. Grp.
132.3 (a) 116.5 15.8 14
- Customer Mgmt. Group
108.7 (b) 25.6 (a) 83.1 -
- Eliminations & Other (5.8) (2.2) (3.6) 164
--Total 235.2 139.9 95.3 68
Net Income 137.0 (c) 81.0 (a) 56.0 69
Earnings Per Common Share (c)(d)
- Basic 0.90 0.57 0.33 58
- Diluted 0.89 0.57 0.32 56
Weighted Average Common Shares Outstanding (d)
- Basic 151.6 142.7 8.9
- Diluted 154.5 142.9 11.6
NOTE: (a) Includes purchased research and development costs
of $2.0 (before and after tax) at IMG for the twelve months
ended Dec. 31,1999 and of $42.6 ($26.4 after tax) at CMG for
the twelve months ended Dec. 31, 1998.
(b) Includes facility consolidation costs of $6.9 ($4.3
after tax) for the three and twelve months ended Dec. 31,
1999.
(c) Net income includes the special items included in
operating income above as well as $12.4 ($7.8 after tax) in one
time charges associated with the Company's interest in a
cellular partnership and a non-recurring realized investment
gain of $1.9 ($1.2 after tax) in the three months ended Dec.
31, 1999.
Excluding these special items, earnings per diluted common
share were $0.97 and $0.75 for the twelve months ended Dec. 31,
1999 and 1998, respectively, and $0.28 for the three months
ended Dec. 31, 1999.
(d) Effective Aug. 4, 1998, the Company approved a share
split, which increased the number of then outstanding common
shares to 137.0 million.
On Aug. 13, 1998, the Company issued an additional
14,950,000 common shares to the public in an initial public
offering.
Basic and diluted earnings per share for the periods prior
to the initial public offering have been calculated using the
137.0 million common share total.
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