St. Louis, MO ? Outsourcing Solutions Inc. (OSI) announced total revenues for the year ending December 31, 2000 of $542.6 million, a 7.6 % increase from $504.4 million in fiscal 1999. Operating earnings before nonrecurring and transaction-related expenses for the year were $45.0 million, up 26.1% from $35.7 million in 1999.
Revenues for the fourth quarter increased to $138.1 million, up 11.0% from $124.4 million during the same period in 1999. Operating earnings before nonrecurring and transaction-related expenses for the quarter were $11.2 million, up 36.6% from $8.2 million in 1999.
Commenting on the results for the year, Timothy G. Beffa, President and Chief Executive Officer of OSI, said, ?Our realignment initiatives, substantially completed during the third quarter, continued to show benefits as reflected in operating earnings being up 37% in the fourth quarter. Largely because of these benefits, coupled with the revenue growth of 7.6%, operating earnings for the year were up 26%. In addition, as part of our strategy to expand outsourcing services, we acquired substantially all the assets of RWC Consulting Group, Inc. in September 2000 and Coast-to-Coast Consulting, Inc. in March 2001. RWC Consulting Group is a service company providing highly skilled consultants to banks to assist in their back office functions. Coast-to-Coast Consulting provides highly skilled experts to a large group of healthcare clients to assist in the billing and collection of patient accounts. With the addition of these two companies, our 2000 performance to build upon, and recent increases in delinquencies and charge-offs by many of our customers, we anticipate a strong 2001.?
OSI is the nation?s leading provider of strategic receivables management services, enhancing the financial performance of America?s leading companies. With industry-specific strategies and services, OSI delivers results that improve the bottom line through accelerated cash flow, lower operating costs, reduced bad debt expense and improved customer retention. OSI provides outsourcing, collection and portfolio services to a blue chip roster of Fortune 500 clients.
Headquartered in St. Louis, OSI has approximately 7,600 employees in 70 locations across 25 states plus Canada, Mexico and Puerto Rico. More information about OSI can be found by visiting www.osi.to.
*Note: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, regarding OSI’s business strategy and future plans and projected results of operations. Forward-looking statements involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this press release. These and other important factors, including those mentioned in various Securities and Exchange Commission filings made periodically by OSI, may cause OSI?s actual results and performance to differ materially from the future results and performance expressed in or implied by such forward-looking statements. The forward-looking statements contained in this press release speak only as of the date hereof and OSI expressly disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in OSI?s expectations or future events.
For more information contact:
Timothy G. Beffa, President & Chief Executive Officer
314-514-2600
Gary L. Weller, Executive Vice President & Chief Financial Officer
314-514-2614
