Sykes Enterprises Inc., which provides outsourced customer services, on Monday, said its fourth-quarter profit fell 19%, due to higher taxes and a negative German tax court ruling, the associated press reported.
Net income declined to $7.6 million, or 19 cents per share, from $9.5 million, or 23 cents per share, a year ago. Revenue increased by 2% to $200.8 million from $197.7 million in the fourth quarter.
For the full year, the company's profit increased 52%to $60.6 million, or $1.48 per share, from a profit of $39.9 million, or 98 cents per share, in 2008. Revenue grew to $819.2 million from $710.1 million.
Overseas revenues from the Company's Europe, Middle East and Africa region also decreased 0.3% to $62.5 million, representing 31.1% of Skye's' total revenues for the fourth quarter of 2008 compared to $62.7 million, or 31.7%.
For 2009, the company forecast earnings of $1.26 to $1.32 per share, and sales of $839 million to $843 million, with full year expectation from Wall Street a higher profit of $1.35, and revenue of $838.5 million.
The company said its first-quarter and full-year 2009 results would be hurt by the strong U.S. dollar, with it cutting revenue and earnings per share by about $25 million, or 1 cent per share in the first quarter, and by $70 million, or 4 cents per share, for the year.