Teleservices firm TeleSpectrum, King of Prussia, PA, posted a net loss of $21.8 million for 2000, but the company's chief executive predicted a year of transition ahead.
TeleSpectrum posted $303.5 million in revenue for 2000, up from $266.8 million in 1999. But the company's performance deteriorated during 2000 largely because of management turnover, increased costs and reduced work volume from several customers, CEO J. Peter Pierce said.
Projected revenue for 2001 is $250 million to $275 million, the company said. TeleSpectrum is integrating its inbound and outbound operations and is completing a cost-reduction program, Pierce said.
The company delayed releasing its 2000 financial results until it signed a credit agreement with its bank group this month.