TeleSpectrum Posts 3Q Loss, Revenue Drop

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Teleservices agency TeleSpectrum reported that it lost $9.2 million in the third quarter of 2001 and saw its revenue slip to $52.3 million compared with $73.1 million during the same period last year.

The third-quarter loss includes $2.5 million in expenses for the closing of four call centers, the company said. The Sept. 11 attacks led to a substantial reduction in outbound calling by TeleSpectrum clients. But the company is not expecting any further impact of the terrorist attacks on its future performance, said J. Peter Pierce, TeleSpectrum's chairman/CEO.

The company said it had failed to make an interest payment to its lenders for October 2001. However, TeleSpectrum is negotiating with its lenders and expects to reap better-than-expected gains from cost-cutting measures already taken, Pierce said.

TeleSpectrum, King of Prussia, PA, operates 20 contact centers in the United States, Canada and the United Kingdom. The company employs about 6,000 people worldwide.

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