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þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware (State or other jurisdiction of incorporation or organization) | 84-1370538 (I.R.S. employer Identification No.) | |
44 Cook Street, 4th Floor Denver, Colorado (Address of principal executive offices) | 80206 (Zip code) |
(Registrant’s telephone number, including area code)
Title of Each Class | Name of Each Exchange on Which Registered | |
Common Stock, $.01 par value | New York Stock Exchange, Inc. |
None
Large accelerated filero | Accelerated filerþ | Non-accelerated filero | Smaller reporting companyo | |||
(Do not check if a smaller reporting company) |
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Exhibit 10.1 | ||||||||
Exhibit 31.1 | ||||||||
Exhibit 31.2 | ||||||||
Exhibit 32.1 |
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• | certain statements, including possible or assumed future results of operations, in “Management’s Discussion and Analysis of Financial Condition and Results of Operations;” | ||
• | any statements contained herein regarding the prospects for our business or any of our services; | ||
• | any statements preceded by, followed by or that include the words “may,” “will,” “should,” “seeks,” “believes,” “expects,” “anticipates,” “intends,” “continue,” “estimate,” “plans,” “future,” “targets,” “predicts,” “budgeted,” “projections,” “outlooks,” “attempts,” “is scheduled,” or similar expressions; and | ||
• | other statements contained herein regarding matters that are not historical facts. |
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Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Revenue | $ | 69,056 | $ | 63,169 | $ | 199,420 | $ | 179,648 | ||||||||
Cost of services | 60,761 | 52,853 | 173,128 | 151,885 | ||||||||||||
Gross profit | 8,295 | 10,316 | 26,292 | 27,763 | ||||||||||||
Selling, general and administrative expenses | 10,205 | 9,693 | 30,522 | 28,125 | ||||||||||||
Impairment losses and restructuring charges | 346 | 1,032 | 5,954 | 4,050 | ||||||||||||
Operating loss | (2,256 | ) | (409 | ) | (10,184 | ) | (4,412 | ) | ||||||||
Net interest and other (expense) income | (304 | ) | 232 | 96 | 563 | |||||||||||
Loss from continuing operations before income taxes | (2,560 | ) | (177 | ) | (10,088 | ) | (3,849 | ) | ||||||||
Income tax benefit | (1,111 | ) | (548 | ) | (3,789 | ) | (588 | ) | ||||||||
Net (loss) income from continuing operations | (1,449 | ) | 371 | (6,299 | ) | (3,261 | ) | |||||||||
Loss from discontinued operations, net of tax | (461 | ) | — | (461 | ) | — | ||||||||||
Net (loss) income | $ | (1,910 | ) | $ | 371 | $ | (6,760 | ) | $ | (3,261 | ) | |||||
Net (loss) income per share from continuing operations: | ||||||||||||||||
Basic | $ | (0.10 | ) | $ | 0.03 | $ | (0.43 | ) | $ | (0.22 | ) | |||||
Diluted | $ | (0.10 | ) | $ | 0.03 | $ | (0.43 | ) | $ | (0.22 | ) | |||||
Net (loss) income per share including discontinued operations: | ||||||||||||||||
Basic | $ | (0.13 | ) | $ | 0.03 | $ | (0.46 | ) | $ | (0.22 | ) | |||||
Diluted | $ | (0.13 | ) | $ | 0.03 | $ | (0.46 | ) | $ | (0.22 | ) | |||||
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As of | ||||||||
September 30, 2008 | December 31, 2007 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 15,953 | $ | 23,026 | ||||
Investments | 14,737 | 16,349 | ||||||
Trade accounts receivable, less allowance for doubtful accounts of $0 and $0, respectively | 47,041 | 48,887 | ||||||
Income tax receivable | 4,039 | 2,502 | ||||||
Prepaid expenses and other current assets | 3,587 | 2,408 | ||||||
Total current assets | 85,357 | 93,172 | ||||||
Property, plant and equipment, net | 62,421 | 57,532 | ||||||
Long-term deferred income tax assets | 6,066 | 3,686 | ||||||
Other assets | 724 | 1,068 | ||||||
Total assets | $ | 154,568 | $ | 155,458 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 11,458 | $ | 5,908 | ||||
Accrued liabilities: | ||||||||
Accrued payroll | 8,261 | 7,902 | ||||||
Accrued compensated absences | 5,163 | 5,072 | ||||||
Other accrued liabilities | 4,609 | 1,494 | ||||||
Current portion of long-term debt | 3,607 | 3,975 | ||||||
Other current liabilities | 927 | 2,632 | ||||||
Total current liabilities | 34,025 | 26,983 | ||||||
Long-term debt, less current portion | 4,678 | 7,380 | ||||||
Long-term deferred rent liability | 4,785 | 2,731 | ||||||
Other liabilities | 127 | 150 | ||||||
Total liabilities | 43,615 | 37,244 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity: | ||||||||
Common stock, 32,000,000 non-convertible shares, $0.01 par value, authorized; 14,797,171 and 14,735,791 shares issued and outstanding at September 30, 2008 and December 31, 2007, respectively | 148 | 147 | ||||||
Additional paid-in capital | 63,930 | 62,776 | ||||||
Cumulative translation adjustment, net of tax | 1,728 | 2,553 | ||||||
Unrealized loss on investments available for sale, net of tax | (234 | ) | (29 | ) | ||||
Unrealized (loss) gain on derivative instruments, net of tax | (606 | ) | 20 | |||||
Retained earnings | 45,987 | 52,747 | ||||||
Total stockholders’ equity | 110,953 | 118,214 | ||||||
Total liabilities and stockholders’ equity | $ | 154,568 | $ | 155,458 | ||||
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Nine Months Ended | ||||||||
September 30, | ||||||||
2008 | 2007 | |||||||
Operating Activities | ||||||||
Net loss | $ | (6,760 | ) | $ | (3,261 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities | ||||||||
Depreciation | 13,473 | 12,724 | ||||||
Non-cash compensation cost | 1,054 | 760 | ||||||
Impairment losses | 4,070 | 3,583 | ||||||
Deferred income taxes | (3,532 | ) | 482 | |||||
Realized loss on investments available for sale | 437 | — | ||||||
Loss on sale of assets | 16 | 53 | ||||||
Changes in operating assets and liabilities: | ||||||||
Trade accounts receivable, net | 1,751 | (4,230 | ) | |||||
Prepaid expenses and other assets | (200 | ) | 644 | |||||
Accounts payable | 4,693 | (1,624 | ) | |||||
Income taxes receivable, net | (1,570 | ) | (2,579 | ) | ||||
Accrued and other liabilities | 5,416 | 1,719 | ||||||
Net cash provided by operating activities | 18,848 | 8,271 | ||||||
Investing Activities | ||||||||
Purchases of investments available for sale | (11,384 | ) | (28,931 | ) | ||||
Proceeds from disposition of investments available for sale | 12,229 | 18,569 | ||||||
Purchases of property, plant and equipment | (22,964 | ) | (10,605 | ) | ||||
Net cash used in investing activities | (22,119 | ) | (20,967 | ) | ||||
Financing Activities | ||||||||
Principal payments on borrowings | (3,042 | ) | (4,191 | ) | ||||
Principal payments on line of credit | (82,346 | ) | (29,603 | ) | ||||
Proceeds from line of credit | 82,346 | 29,603 | ||||||
Proceeds from issuance of common stock | 101 | — | ||||||
Principal payments on capital lease obligations | (42 | ) | — | |||||
Net cash used in financing activities | (2,983 | ) | (4,191 | ) | ||||
Effect of exchange rate changes on cash | (819 | ) | 507 | |||||
Net decrease in cash and cash equivalents | (7,073 | ) | (16,380 | ) | ||||
Cash and cash equivalents at beginning of period | 23,026 | 33,437 | ||||||
Cash and cash equivalents at end of period | $ | 15,953 | $ | 17,057 | ||||
Supplemental Disclosure of Cash Flow Information | ||||||||
Cash paid for interest | $ | 532 | $ | 585 | ||||
Income taxes paid | $ | 1,940 | $ | 1,576 | ||||
Unrealized (loss) gain on investments available for sale, net of tax | $ | (205 | ) | $ | 36 | |||
Property, plant and equipment acquired or refinanced under long-term debt | $ | 385 | $ | — |
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Level 1 | Valuation is based upon quoted prices for identical instruments traded in active markets. | ||
Level 2 | Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. | ||
Level 3 | Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. |
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Facility-Related Costs | ||||
Balance as of January 1, 2008 | $ | 502 | ||
Expense | 1,538 | |||
Payments | (583 | ) | ||
Foreign currency translation adjustment | (84 | ) | ||
Balance as of September 30, 2008 | $ | 1,373 | ||
Facility-Related Costs | ||||
Balance as of January 1, 2008 | $ | — | ||
Expense | 346 | |||
Payments | (32 | ) | ||
Reclassification of long-term liability | 132 | |||
Balance as of September 30, 2008 | $ | 446 | ||
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Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Net (loss) income from continuing operations | $ | (1,449 | ) | $ | 371 | $ | (6,299 | ) | $ | (3,261 | ) | |||||
Loss from discontinued operations, net of tax | (461 | ) | — | (461 | ) | — | ||||||||||
Net (loss) income | $ | (1,910 | ) | $ | 371 | $ | (6,760 | ) | $ | (3,261 | ) | |||||
Weighted average shares of common stock | 14,708 | 14,696 | 14,706 | 14,696 | ||||||||||||
Dilutive effect of stock options | — | 1 | — | — | ||||||||||||
Common stock and common stock equivalents | 14,708 | 14,697 | 14,706 | 14,696 | ||||||||||||
Basic net (loss) income per share from: | ||||||||||||||||
Continuing operations | $ | (0.10 | ) | $ | 0.03 | $ | (0.43 | ) | $ | (0.22 | ) | |||||
Discontinued operations | (0.03 | ) | — | (0.03 | ) | — | ||||||||||
Net (loss) income | $ | (0.13 | ) | $ | 0.03 | $ | (0.46 | ) | $ | (0.22 | ) | |||||
Diluted net (loss) income per share from: | ||||||||||||||||
Continuing operations | $ | (0.10 | ) | $ | 0.03 | $ | (0.43 | ) | $ | (0.22 | ) | |||||
Discontinued operations | (0.03 | ) | — | (0.03 | ) | — | ||||||||||
Net (loss) income | $ | (0.13 | ) | $ | 0.03 | $ | (0.46 | ) | $ | (0.22 | ) | |||||
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Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
AT&T, Inc. | 56.4 | % | 49.0 | % | 52.6 | % | 51.4 | % | ||||||||
T-Mobile, a subsidiary of Deutsche Telekom | 26.3 | % | 22.7 | % | 27.6 | % | 21.0 | % |
As of | ||||||||||||||||
September 30, 2008 | December 31, 2007 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
Cash and cash equivalents | $ | 15,953 | $ | — | $ | 23,026 | $ | — | ||||||||
Investments | 14,737 | — | 16,349 | — | ||||||||||||
Derivative instruments | — | 882 | 27 | — | ||||||||||||
Total | $ | 30,690 | $ | 882 | $ | 39,402 | $ | — | ||||||||
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Gross | Gross | |||||||||||||||
Unrealized | Unrealized | Fair | ||||||||||||||
Basis | Gains | Losses | Value | |||||||||||||
Corporate debt securities | $ | 15,088 | $ | 11 | $ | (362 | ) | $ | 14,737 | |||||||
Assets and Liabilities at Fair Value as of September 30, 2008 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Financial assets: | ||||||||||||||||
Commercial paper | $ | — | $ | 5,469 | $ | — | $ | 5,469 | ||||||||
Corporate debt securities | 14,737 | — | — | 14,737 | ||||||||||||
Total financial assets | $ | 14,737 | $ | 5,469 | $ | — | $ | 20,206 | ||||||||
Financial liabilities: | ||||||||||||||||
Derivative instruments | $ | — | $ | 882 | $ | — | $ | 882 | ||||||||
Total financial liabilities | $ | — | $ | 882 | $ | — | $ | 882 | ||||||||
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Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Net (loss) income | $ | (1,910 | ) | $ | 371 | $ | (6,760 | ) | $ | (3,261 | ) | |||||
Other comprehensive (loss) income: | ||||||||||||||||
Foreign currency translation adjustments, net of tax | (374 | ) | 679 | (825 | ) | 1,586 | ||||||||||
Unrealized (loss) gain on available for sale securities, net of tax | (138 | ) | 27 | (205 | ) | 36 | ||||||||||
Change in fair value of derivative instruments, net of tax | (585 | ) | 667 | (626 | ) | 1,110 | ||||||||||
Comprehensive (loss) income | $ | (3,007 | ) | $ | 1,744 | $ | (8,416 | ) | $ | (529 | ) | |||||
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Weighted Average | Aggregate | |||||||||||||||
Weighted Average | Remaining | Intrinsic Value | ||||||||||||||
Shares | Exercise Price | Contractual Term (yrs) | (000s) | |||||||||||||
Outstanding as of January 1, 2008 | 1,620,342 | $ | 12.50 | |||||||||||||
Granted | 407,000 | 9.02 | ||||||||||||||
Exercised | — | — | ||||||||||||||
Forfeited | (359,208 | ) | 11.91 | |||||||||||||
Outstanding as of September 30, 2008 | 1,668,134 | $ | 11.78 | 8.24 | $ | — | ||||||||||
Exercisable as of September 30, 2008 | 577,457 | $ | 15.64 | 7.03 | $ | — | ||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2008 | 2007 | 2008 | 2007 | |||||
Risk-free interest rate | 3.19% | 3.90% – 4.62% | 2.76% – 3.60% | 3.90% – 4.74% | ||||
Dividend yield | 0% | 0% | 0% | 0% | ||||
Expected volatility | 44.38% | 43.12% – 43.45% | 43.81% – 45.13% | 43.12% – 50.47% | ||||
Expected life in years | 4.0 | 4.0 | 4.1 | 4.4 |
Restricted Shares | Grant Date Fair Value | |||||||
Nonvested balance as of January 1, 2008 | 40,000 | $ | 12.37 | |||||
Granted | 47,800 | 9.01 | ||||||
Vested | (16,033 | ) | 11.80 | |||||
Forfeited | (5,000 | ) | 9.01 | |||||
Nonvested balance as of September 30, 2008 | 66,767 | $ | 10.35 | |||||
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Nine Months Ended September 30, | ||||||||
2008 | 2007 | |||||||
U.S. statutory tax rate | 35.0 | % | 35.0 | % | ||||
Effect of state taxes (net of Federal benefit) | 2.3 | % | 2.8 | % | ||||
Work opportunity credits | 7.2 | % | 20.0 | % | ||||
Effect of change in Canadian tax rate | (4.5 | %) | 0.0 | % | ||||
Capital loss valuation allowance | 0.5 | % | (43.8 | %) | ||||
Other, net | (2.9 | %) | 1.3 | % | ||||
Total | 37.6 | % | 15.3 | % | ||||
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Three Months | Three Months | % change Q3 | ||||||||||||||||||
Ended September 30, | % of | Ended September 30, | % of | 2007 to Q3 | ||||||||||||||||
2008 | Revenue | 2007 | Revenue | 2008 | ||||||||||||||||
Revenue | $ | 69,056 | 100.0 | % | $ | 63,169 | 100.0 | % | 9.3 | % | ||||||||||
Cost of services | 60,761 | 88.0 | % | 52,853 | 83.7 | % | 15.0 | % | ||||||||||||
Gross profit | 8,295 | 12.0 | % | 10,316 | 16.3 | % | -19.6 | % | ||||||||||||
Selling, general and administrative expenses | 10,205 | 14.8 | % | 9,693 | 15.3 | % | 5.3 | % | ||||||||||||
Impairment losses and restructuring charges | 346 | 0.5 | % | 1,032 | 1.6 | % | -66.5 | % | ||||||||||||
Operating loss | (2,256 | ) | -3.3 | % | (409 | ) | -0.6 | % | 451.6 | % | ||||||||||
Net interest and other (expense) income | (304 | ) | -0.4 | % | 232 | 0.4 | % | -231.0 | % | |||||||||||
Loss from continuing operations before income taxes | (2,560 | ) | -3.7 | % | (177 | ) | -0.2 | % | 1346.3 | % | ||||||||||
Income tax benefit | (1,111 | ) | -1.6 | % | (548 | ) | -0.8 | % | 102.7 | % | ||||||||||
Net (loss) income from continuing operations | (1,449 | ) | -2.1 | % | 371 | 0.6 | % | -490.6 | % | |||||||||||
Loss from discontinued operations, net of tax | (461 | ) | -0.7 | % | — | 0.0 | % | 100.0 | % | |||||||||||
Net (loss) income | $ | (1,910 | ) | -2.8 | % | $ | 371 | 0.6 | % | -614.8 | % | |||||||||
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% change | ||||||||||||||||||||
YTD | ||||||||||||||||||||
Nine Months | Nine Months | September 30, | ||||||||||||||||||
Ended September 30, | % of | Ended September 30, | % of | 2007 to | ||||||||||||||||
2008 | Revenue | 2007 | Revenue | 2008 | ||||||||||||||||
Revenue | $ | 199,420 | 100.0 | % | $ | 179,648 | 100.0 | % | 11.0 | % | ||||||||||
Cost of services | 173,128 | 86.8 | % | 151,885 | 84.5 | % | 14.0 | % | ||||||||||||
Gross profit | 26,292 | 13.2 | % | 27,763 | 15.5 | % | -5.3 | % | ||||||||||||
Selling, general and administrative expenses | 30,522 | 15.3 | % | 28,125 | 15.7 | % | 8.5 | % | ||||||||||||
Impairment losses and restructuring charges | 5,954 | 3.0 | % | 4,050 | 2.3 | % | 47.0 | % | ||||||||||||
Operating loss | (10,184 | ) | -5.1 | % | (4,412 | ) | -2.5 | % | 130.8 | % | ||||||||||
Net interest and other income | 96 | 0.0 | % | 563 | 0.3 | % | -82.9 | % | ||||||||||||
Loss from continuing operations before income taxes | (10,088 | ) | -5.1 | % | (3,849 | ) | -2.2 | % | 162.1 | % | ||||||||||
Income tax benefit | (3,789 | ) | -1.9 | % | (588 | ) | -0.4 | % | 544.4 | % | ||||||||||
Net loss from continuing operations | (6,299 | ) | -3.2 | % | (3,261 | ) | -1.8 | % | 93.2 | % | ||||||||||
Loss from discontinued operations, net of tax | (461 | ) | -0.2 | % | — | 0.0 | % | 100.0 | % | |||||||||||
Net loss | $ | (6,760 | ) | -3.4 | % | $ | (3,261 | ) | -1.8 | % | 107.3 | % | ||||||||
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Nine Months Ended September 30, | ||||||||
2008 | 2007 | |||||||
Net cash provided by (used in): | ||||||||
Operating activities | $ | 18,848 | $ | 8,271 | ||||
Investing activities | (22,119 | ) | (20,967 | ) | ||||
Financing activities | (2,983 | ) | (4,191 | ) | ||||
Effect of foreign exchange rates on cash | (819 | ) | 507 | |||||
Net decrease in cash and cash equivalents | $ | (7,073 | ) | $ | (16,380 | ) | ||
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Less Than | One to Three | Three to Five | More Than | |||||||||||||||||
One Year | Years | Years | Five Years | Total | ||||||||||||||||
Operating leases(1) | $ | 6,703 | $ | 12,739 | $ | 7,560 | $ | 7,578 | $ | 34,580 | ||||||||||
Capital leases(2) | 69 | 155 | 119 | — | 343 | |||||||||||||||
Purchase obligations(3) | 397 | 16 | — | — | 413 | |||||||||||||||
Long-term debt (4) | 3,538 | 4,404 | — | — | 7,942 | |||||||||||||||
Total contractual obligations | $ | 10,707 | $ | 17,314 | $ | 7,679 | $ | 7,578 | $ | 43,278 | ||||||||||
(1) | We lease facilities and equipment under various non-cancelable operating leases. | |
(2) | We lease equipment under certain capital lease agreements. | |
(3) | Purchase obligations include commitments to purchase goods and services that in some cases may include provisions for cancellation. | |
(4) | Our outstanding debt obligations as of September 30, 2008 are described below. |
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If we are unable to renew or replace sources of capital funding on satisfactory terms, potential growth and results of operations may suffer.
We currently have three debt facilities in place, with approximately $7.9 million in debt outstanding as of September 30, 2008. One of these facilities, a $10.0 million line of credit, is scheduled to expire in June 2009 (See footnote (4) in “Contractual Obligations” section of Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources “). If we are unable to renew this line of credit or are unable to secure alternative sources of capital funding under satisfactory terms, we may be unable to meet short-term cash needs required for operations or growth opportunities.
Our client base is concentrated in the communications industry and our strategy partially depends on a trend of communications companies continuing to outsource non-core services. If the communications industry suffers a downturn or the trend toward outsourcing reverses, our business will suffer.
Our current clients are almost exclusively communications companies, which include companies in the wire-line, wireless, cable and broadband lines of business. Over 95% of our revenue in 2007 was concentrated in the telecommunications industry. Our business and growth is largely dependent on continued demand for our services from clients in this industry, and other industries that we may target in the future, and on trends in those industries to purchase outsourced services. A general and continuing economic downturn in the telecommunications industry or in other industries that we target, or a slowdown or reversal of the trend in these industries to outsource services we provide, could adversely affect our business, results of operations, growth prospects, and financial condition. A general and continuing economic downturn in other industries may result in excess capacity of contact center services in those industries attracting clients in the telecommunications industry or in other industries that we target. If this happens, it could adversely affect our business, results of operations, growth prospects, and financial condition.
We may not collect on a $740 thousand note receivable due from the purchasers of our Supply Chain Management Services platform.
On December 16, 2005, we sold our Supply Chain Management Services platform. In connection with the transaction, we accepted a 5-year unsecured $740 thousand note. The terms of the note call for the buyer to make quarterly interest payments to us at a fixed rate of 7% per annum for the first two years of the note. Thereafter, the buyer must pay us interest plus set principal amounts, in accordance with the terms of the note, with the entire balance due on or before December 16, 2010. The buyer of the Supply Chain Management Services platform is a startup company that commenced operations at the time of the purchase. Management actively monitors activity related to this note receivable and regularly assesses the collectibility of the principal and interest payments due. The buyer has fallen behind in interest payments, amounting to approximately $52 thousand, and management believes the buyer will miss the first principal payment of $185 thousand due in December 2008 with the way the note is currently structured. As a result, a reserve has been created for uncollectible amounts of this note receivable. We intend to work with the buyer to restructure the note. However, given the uncertainty about our ability to collect on the note receivable, we recorded a reserve for the entire principal balance, which was recorded as a loss from discontinued operations, and we also wrote-off the past due interest payments during the three months ended September 30, 2008.
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STARTEK, INC. | ||||
(REGISTRANT) | ||||
By: | /s/ A. LAURENCE JONES | Date: October 31, 2008 | ||
President and Chief Executive Officer | ||||
(Principal Executive Officer) | ||||
By: | /s/ DAVID G. DURHAM | Date: October 31, 2008 | ||
Executive Vice President, Chief Financial Officer and Treasurer | ||||
(Principal Financial and Accounting Officer) |
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Incorporated Herein by Reference | ||||||||||||
Exhibit | Description | Form | Exhibit | Filing Date | ||||||||
3.1 | Restated Certificate of Incorporation of the Company. | S-1 | 3.1 | 1/29/1997 | ||||||||
3.2 | Restated Bylaws of the Company. | 8-K | 3.2 | 8/2/2007 | ||||||||
3.3 | Certificate of Amendment to the Certificate of Incorporation of StarTek, Inc. filed with the Delaware Secretary of State on May 21, 1999. | 10-K | 3.3 | 3/8/2000 | ||||||||
3.4 | Certificate of Amendment to the Certificate of Incorporation of StarTek, Inc. filed with the Delaware Secretary of State on May 23, 2000. | 10-Q | 3.4 | 8/14/2000 | ||||||||
4.1 | Specimen Common Stock certificate. | 10-Q | 4.2 | 11/6/2007 | ||||||||
10.1 | * | Amended 2008 Sales Commission Plan. | ||||||||||
10.2 | † | Transition Agreement between StarTek, Inc. and Mr. Michael Griffith effective September 30, 2008. | 8-K | 10.1 | 9/30/2008 | |||||||
10.3 | & | Amendment 20070105.006.S.007.A.001 effective July 14, 2008 between StarTek, Inc. and AT&T Crop. | 10-Q | 10.17 | 8/11/2008 | |||||||
10.4 | & | General Agreement Order 20070105.006.S.012 effective July 10, 2008 by and between StarTek, Inc. and AT&T Services, Inc. | 10-Q | 10.22 | 8/11/2008 | |||||||
31.1 | * | Certification of A. Laurence Jones pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||||||||||
31.2 | * | Certification of David G. Durham pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||||||||||
32.1 | * | Written Statement of the Chief Executive Officer and Chief Financial Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
* | Filed with this Form 10-Q. | |
† | Management contract or compensatory plan or arrangement. | |
& | Certain portions of this exhibit have been omitted pursuant to a request for confidential treatment and have been filed separately with the Securities and Exchange Commission. |
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