Sitel Reports Fourth-Quarter Results Down

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Sitel Corp. saw its income dip in the fourth quarter of 2001, the company said yesterday as it reported a net loss for 2001 as a result of charges due to its summer restructuring.

The teleservices agency's fourth-quarter 2001 income was $2.9 million, compared to $3.6 million during the same period in 2000. Revenues for the quarter increased to $189.4 million, compared to $186.7 million during the same period in 2000.

Overall 2001 revenues declined to $725 million, down from $764.4 million in 2000. Sitel recorded a $22.6 million loss in 2001, compared to a $12.7 million profit in 2000.

The 2001 loss included $26.2 million in charges stemming from the company's workforce reduction in June. Sitel cut 350 employees and 2,100 workstations for an annual savings of $20 million, and reorganized its business units as well.

Sitel is projecting first-quarter 2002 revenues of between $183 million to $188 million. The company said it has been encouraged by analyst predictions of increased call volumes this year.

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