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Restructuring Dings Convergys’ 4Q Earnings

1/19/2005 8:09 AM Eastern

Convergys Corp.’s fourth-quarter net income was slashed by a net pretax restructuring charge of $30.4 million, the provider of integrated-billing, employee-care and customer-care services said Wednesday.

The company posted fourth-quarter revenue of $672.2 million compared with $594.5 million in the year-ago period.

GAAP (generally accepted accounting principles) net income was $20.2 million, or $0.14 per diluted share, versus $48.4 million ($0.33) in the fourth quarter of 2003. Pro forma net income, excluding the charge, was $41.2 million, or $0.28 per diluted share, compared with $47.8 million ($0.33) in the prior-year quarter.

“Our restructuring efforts should be substantially concluded by June 30,” chairman, president and CEO Jim Orr said in a prepared statement. “When complete, we expect to generate annual savings in excess of $50 million. Beyond the restructuring, we continue to look for opportunities to improve our cost structure and operating margins.”

 

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