Convergys Q1 Performance Holds Nearly Steady

Convergys Corp.'s first-quarter 2002 revenue and income decreased only slightly from last year, the Cincinnati-based teleservices provider said yesterday.

Revenue was $587.5 million, down from $591.5 million in the same period in 2001. Operating income slipped to $98.5 million, from $99.9 million.

Net income for the quarter was $59.6 million, about flat compared with first-quarter 2001.

Convergys' customer management group, which includes the company's teleservices segment, reported revenue of $354.2 million in the first quarter of 2002, down 5 percent. The decline reflected general weakness in the economy and reduced spending by clients, Convergys said.

Growth in services provided to clients DirecTV, Microsoft and Sprint eased the effect of the reduced spending, the company said. Convergys said it expected revenue from the customer management group to rise 4 percent to 7 percent in 2002 from the segment's performance in 2001.

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