Convergys Posts Year-End Increase in Revenues
Strong performance in the company's core operations offset lower results from the cellular partnership. The cellular partnership produced equity income of $5.5 million ($0.02 per share) excluding special items, compared to $9.7 million ($0.04 per share) last year. Special items recorded in the quarter by the cellular partnership combined with those recorded by the company reduced earnings by approximately $0.07 per diluted share.
Including special items recorded in the fourth quarter, the company reported operating income of $66.2 million and net income of $32.1 million ($0.21 per diluted share).
Full-Year 1999 Results
For the year ended Dec. 31, 1999, the company reported revenues of $1.76 billion, which represents an increase of 22% over $1.45 billion reported in 1998. Operating income, excluding special items, increased 34% to $244.1 million, up from $182.5 million reported last year. Operating margin increased to 13.8% from 12.6%. Net income, excluding special items, increased 40% to $149.9 million ($0.97 per diluted share), up from net income of $107.4 million ($0.75 per diluted share) reported in the full-year 1998.
Excluding special items, the cellular partnership contributed $32.4 million, or $0.13 per share, compared to $0.11 per share in 1998. Including special items, the company reported 1999 operating income of $235.2 million, cellular partnership income of $20.0 million, and net income of $137.0 million ($0.89 per diluted share).