Outsourcing Solutions Inc. (OSI) announced total revenues for the quarter ending March 31, 2001 of $151.6 million, a 13.7% increase from $133.3 million in fiscal 2000. Operating earnings for the quarter were $14.9 million, up 35.5% from $11.0 million in 2000.
Commenting on the results, Timothy G. Beffa, President and Chief Executive Officer of OSI, said, “As a result of our recent acquisitions of RWC Consulting and Coast to Coast Consulting, along with new and increased outsourcing services revenue, our first quarter results were strong. Outsourcing services revenue from new and existing business, excluding acquisitions, was up 67% over last year’s first quarter.”
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 8,300 employees in nearly 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.
