FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(Mark One)
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended September 28, 1997
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from _______________________ to
______________________
Commission File No. 0-28274
SYKES ENTERPRISES, INCORPORATED
(Exact name of Registrant as specified in its charter)
Florida 56-1383460
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
100 North Tampa Street, Suite 3900, Tampa, FL 33602
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: 813/274-1000
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that
the registrant was required to file such reports), and (2) has been
subject to such filing requirements for at least the past 90 days.
[X] Yes [ ] No
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDING DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a
plan confirmed by a court.
[ ] Yes [ ] No
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date:
Common Stock, $0.01 Par Value, 35,516,969 shares as of November 10, 1997
Page 1 of 15 Pages
The Exhibit Index Appears on Page 14
2
PART I
Item 1 - Financial Statements
SYKES ENTERPRISES, INCORPORATED
CONSOLIDATED BALANCE SHEETS
(Unaudited)
December 31, September 28,
1996 1997
ASSETS
Current assets
Cash and cash equivalents................ $ 90,131,568 $ 84,655,755
Receivables, including unbilled.......... 42,747,451 46,409,222
Prepaid expenses and other current assets 2,328,930 5,009,310
----------- -----------
Total current assets................... 135,207,949 136,074,287
Property and equipment, net................ 41,428,383 46,095,557
Marketable securities...................... - 11,866,667
Deferred charges and other assets.......... 1,884,475 2,332,678
----------- -----------
$ 178,520,807 $ 196,369,189
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Current installments of long-term debt... $ 1,776,697 $ 799,149
Accounts payable......................... 7,954,633 6,297,123
Income tax payable....................... 358,366 3,340,711
Accrued employee compensation and benefits 9,631,574 9,588,765
Other accrued expenses and current
liabilities........................... 5,613,526 3,930,877
----------- -----------
Total current liabilities.............. 25,334,796 23,956,625
Long-term debt............................. 1,566,658 756,053
Deferred income taxes...................... 3,378,700 4,574,380
Deferred grants............................ 11,669,273 13,561,837
Commitments and contingencies (Note 1)
Shareholders' equity
Preferred stock, $0.01 par value,
10,000,000 shares authorized; no
shares issued and outstanding.......... - -
Common stock, $0.01 par value; 200,000,000
shares authorized; 35,320,392 and
35,516,969 issued and outstanding....... 353,204 355,170
Additional paid-in capital............... 124,970,452 127,182,627
Retained earnings........................ 11,100,673 25,045,860
Accumulated foreign currency translation
adjustments............................ 147,051 (816,030)
Unrealized gain on securities, net of
taxes.................................. - 1,752,667
----------- -----------
Total shareholders' equity............. 136,571,380 153,520,294
----------- -----------
$ 178,520,807 $ 196,369,189
=========== ===========
See accompanying notes to consolidated financial statements
3
SYKES ENTERPRISES, INCORPORATED
CONSOLIDATED STATEMENTS OF INCOME
Nine and Three Months Ended September 29, 1996 and September 28, 1997
(Unaudited)
Nine Months Ended Three Months Ended
September 29, September 28, September 29, September 28,
1996 1997 1996 1997
Revenues........................... $ 111,392,461 $ 147,893,818 $ 40,616,657 $ 49,340,938
----------- ----------- ---------- ----------
Operating expenses
Direct salaries and related costs. 66,845,639 84,490,781 24,860,891 27,626,921
General and administrative........ 34,592,565 43,855,413 11,991,377 14,725,346
----------- ----------- ---------- ----------
Total operating expenses......... 101,438,204 128,346,194 36,852,268 42,352,267
----------- ----------- ---------- ----------
Income from operations............. 9,954,257 19,547,624 3,764,389 6,988,671
Other income (expense)
Interest.......................... (207,468) 2,236,281 197,444 815,771
Other............................. 172,458 5,282 9,329 (61,590)
----------- ----------- ---------- ----------
Total other income (expense)..... (35,010) 2,241,563 206,773 754,181
----------- ----------- ---------- ----------
Income before income taxes......... 9,919,247 21,789,187 3,971,162 7,742,852
Provision for income taxes......... 3,792,654 7,844,000 1,496,627 2,792,000
----------- ----------- ---------- ----------
Net income before dividends........ 6,126,593 13,945,187 2,474,535 4,950,852
Preferred stock dividends.......... 47,343 - - -
----------- ----------- ---------- ----------
Net income applicable to common
shareholders...................... $ 6,079,250 $ 13,945,187 $ 2,474,535 $ 4,950,852
----------- ----------- ---------- ----------
Pro forma income data:
Income before income taxes......... $ 9,919,247 $ 3,971,162
Pro forma provision for income
taxes relating to S corporation... 67,000 -
Actual provision for income taxes.. 3,792,654 1,496,627
----------- ----------
Total provision and pro forma
provision for income taxes...... 3,859,654 1,496,627
----------- ----------
Pro forma net income applicable
to common shareholders............ 6,059,593 2,474,535
Preferred stock dividends.......... 47,343 -
----------- ----------
Pro forma net income applicable
to common shareholders............ $ 6,012,250 $ 2,474,535
=========== ==========
Pro forma net income per share
(actual for 1997)................. $ 0.19 $ 0.38 $ 0.07 $ 0.14
=========== =========== ========== ==========
Pro forma weighted average
common and common equivalent
shares outstanding................ 31,317,214 36,496,179 34,072,703 36,532,363
See accompanying notes to consolidated financial statements
4
SYKES ENTERPRISES, INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended September 29, 1996 and September 28, 1997
(Unaudited)
1996 1997
Cash flows from operating activities
Net income................................ $ 6,126,593 $ 13,945,187
Depreciation and amortization............. 4,425,293 5,751,315
Deferred income taxes..................... 1,057,441 81,680
Loss on disposal of property and equipment 117,805 146,121
ESOP allocation (unearned compensation)... 332,676 -
Changes in assets and liabilities
Receivables, including unbilled.......... (11,223,422) (3,811,771)
Prepaid expenses and other current assets (1,048,023) (2,680,380)
Deferred charges and other assets........ (355,894) 413,234
Accounts payable......................... (2,887) (1,657,510)
Income tax payable....................... (1,359,437) 2,982,345
Accrued employee compensation and benefits (132,282) (42,809)
Other accrued expenses and current
liabilities............................. (605,672) (1,682,649)
----------- -----------
Net cash provided by (used for)
operating activities.................... (2,667,809) 13,444,763
----------- -----------
Cash flows from investing activities
Capital expenditures...................... (12,287,252) (11,250,676)
Investment in marketable securities....... - (8,000,000)
Acquisition of business................... - (1,800,000)
Proceeds from sale of property and
equipment................................ 168,435 237,193
----------- -----------
Net cash used for investing activities.. (12,118,817) (20,813,483)
----------- -----------
Cash flows from financing activities
Paydowns under revolving line of credit
agreements............................... (20,196,569) (72,441,000)
Borrowings under revolving line of credit
agreements............................... 21,387,268 72,441,000
Proceeds from issuance of stock........... 39,820,944 2,403,307
Proceeds from grants...................... 1,708,054 2,430,000
Payment of long-term debt................. (9,903,058) (1,788,153)
Distribution.............................. (353,707) (189,166)
----------- -----------
Net cash provided by financing activities 32,462,932 2,855,988
----------- -----------
Adjustment for foreign currency translation (117,904) (963,081)
----------- -----------
Net increase (decrease) in cash and cash
equivalents............................... 17,558,402 (5,475,813)
Cash and cash equivalents - beginning...... 2,631,135 90,131,568
----------- -----------
Cash and cash equivalents - ending......... $ 20,189,537 $ 84,655,755
=========== ===========
See accompanying notes to consolidated financial statements
5
SYKES ENTERPRISES, INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Nine Months Ended September 29, 1996 and September 28, 1997
(Unaudited)
The accompanying unaudited condensed consolidated financial statements
have been prepared in accordance with generally accepted accounting
principles for interim financial information and with the instructions to
Form 10-Q. Accordingly, they do not include all of the information and
notes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary for a fair
presentation have been included. Operating results for the nine month
period ended September 28, 1997 are not necessarily indicative of the
results that may be expected for the year ending December 31, 1997. For
further information, refer to the consolidated financial statements and
notes thereto as of and for the year ended December 31, 1996 included in
the Company's Form 8-K dated June 16, 1997 as filed with the United States
Securities and Exchange Commission on October 21, 1997.
Sykes Enterprises, Incorporated and consolidated subsidiaries (the
"Company") provide comprehensive information technology outsourcing
services including information technology support services, consisting of
technical product support, help desk services and diagnostic software
tools, and information technology development services and solutions,
consisting of software design, development, integration and implementation
and documentation, foreign language translation and localization services.
The Company's services are provided to a wide variety of industries.
Unless otherwise noted, all information in this Form 10-Q has been
adjusted to retroactively reflect the three-for-two stock split in the
form of a 50% stock dividend to shareholders of record on May 19, 1997,
which was reflected on the Nasdaq National Market on May 29, 1997.
Note 1 - Commitments and Contingencies
The Company from time to time is involved in legal actions arising in the
ordinary course of business. With respect to these matters, management
believes that it has adequate legal defenses and/or provided adequate
accruals for related costs such that the ultimate outcome will not have a
material adverse effect on the Company's future financial position.
Note 2 - Earnings Per Share
Primary earnings per share are based on the weighted average number of
common shares and common share equivalents outstanding during the periods
and assumes, (i) that the redeemable preferred stock was converted at the
beginning of the 1996 period, or date of issuance, if later, and (ii) that
earnings were increased for preferred dividends that would not have been
incurred had conversion taken place. Common share equivalents include,
when applicable, dilutive stock options using the treasury stock method.
Fully diluted earnings per share assumes, in addition to the above, the
additional dilutive effect of stock options.
6
The numbers of shares used in the earnings per share computation are as
follows:
Nine Months Ended Three Months Ended
September 29, September 28, September 29, September 28,
1996 1997 1996 1997
Primary
Weighted average common outstanding..... 29,764,929 35,419,442 32,519,412 35,515,649
Conversion of preferred stock........... 302,868 - - -
Stock options........................... 1,182,459 1,063,598 1,495,404 1,007,892
---------- ---------- ---------- ----------
Total primary............................ 31,250,256 36,483,040 34,014,816 36,523,541
Fully Diluted
Additional dilution of stock options.... 66,958 13,139 57,887 8,822
---------- ----------
Total fully diluted...................... 31,317,214 36,496,179 34,072,703 36,532,363
========== ========== ========== ==========
The Company is required to adopt Statement of Financial Accounting
Standards (SFAS) No. 128, "Earnings Per Share" for periods ending after
December 15, 1997. The Company has not calculated the impact, if any, SFAS
No. 128 will have on the earnings per share calculation contained in the
Company's consolidated financial statements.
Note 3 - Acquisitions and Mergers
On March 31, 1997, the Company acquired Info Systems of North Carolina,
Inc. ("Info Systems") in exchange for approximately 1.1 million shares of
the Company's common stock as adjusted for the three-for-two stock split.
The Company accounted for the acquisition utilizing the pooling-of-
interests method of accounting. Info Systems is engaged in the design,
development, licensing and support of information management solutions to
the retail, manufacturing and distribution industries. Info Systems
employs 160 employees and had 1996 revenues of approximately $25.2 million
and an after-tax loss of approximately $2.0 million.
On June 16, 1997, the Company acquired all of the stock of Telcare
Gesellschaft fur Telekommunikations-Mehrwertdieste mbH ("Telcare") of
Wilhelmshaven, Germany, in exchange for 750,000 shares of the Company's
common stock. The Company accounted for the acquisition utilizing the
pooling-of-interests method of accounting. Telcare operates an
information technology call center and provides technical product support
and service to numerous industries in Germany, and expands the Company's
presence in Europe.
On September 26, 1997, the Company acquired all of the stock of TAS
Telemarketing Gesellschaft fur Kommunikation und Dialog mbH ("TAS I") of
Bochum, Germany in exchange for 400,000 shares of the Company's common
stock. The Company accounted for the acquisition utilizing the pooling-
of-interests method of accounting. TAS I employs 150 employees and had
1996 revenue of approximately $7.2 million and after-tax earnings of
approximately $403,000.
On September 26, 1997, the Company acquired all of the stock of TAS Hedi
Fabinyi GmbH ("TAS II") of Stuttgart, Germany, in exchange for 180,000
shares of the Company's common stock. The Company accounted for the
acquisition utilizing the pooling-of-interest method of accounting. TAS
II employs 75 employees and had 1996 revenue of approximately $3.5 million
and after tax earnings of approximately $124,000.
7
Telcare employs 160 employees and had 1996 revenues of approximately $6.4
million and after-tax earnings of approximately $282,000.
The above transactions have been accounted for utilizing the pooling-of-
interests method of accounting and, accordingly, the consolidated
financial statements for the periods presented have been restated to
include the accounts of Info Systems, Telcare, TAS I and TAS II.
Separate results of operations for the periods prior to the acquisition of
Telcare, Info Systems, TAS I and TAS II are outlined below:
Nine Months Three Months
Ended Ended
September 29, September 29,
1996 1996
Revenues:
Sykes Enterprises, Incorporated..... $ 81,008,314 $ 28,541,164
Telcare............................. 4,505,809 1,409,034
Info Systems........................ 19,034,075 7,874,176
TAS I............................... 4,581,654 1,911,006
TAS II.............................. 2,262,609 881,277
----------- ----------
Combined............................. $111,392,461 $ 40,616,657
=========== ==========
Net income (loss):
Sykes Enterprises, Incorporated..... $ 6,107,604 $ 2,452,104
Telcare............................. 303,299 (43,347)
Info Systems........................ (694,024) (49,845)
TAS I............................... 371,401 167,686
TAS II.............................. (9,030) (52,063)
----------- ----------
Combined............................. $ 6,079,250 $ 2,474,535
=========== ==========
Other changes in shareholders' equity:
Sykes Enterprises, Incorporated...... $ 39,376,210 $ 39,219,221
Telcare.............................. (37,488) (37,488)
Info Systems......................... 343,287 232,395
TAS I................................ - -
TAS II............................... - -
----------- ----------
Combined.............................. $ 39,682,009 $ 39,414,128
=========== ==========
8
Note 4 - Purchase of Marketable Securities
On May 8, 1997, the Company purchased approximately 1.066 million shares
of SystemSoft Corp. common stock in conjunction with a strategic
technology exchange agreement between the parties. On June 20, 1997 the
Company converted a $1.0 million note receivable into a to be determined
number of shares of InfoCure Corporation common stock, which will have a
market value of $1.0 million. In accordance with Statement of Financial
Accounting Standards No. 115, "Accounting for Certain Investments in Debt
and Equity Securities", the investments are classified as available-for-
sale securities and are carried at an aggregate market value of $11.9
million as of September 28, 1997. The Company's cost basis in these
investments is $9.0 million, and the unrealized gain of $2.9 million, net
of deferred income taxes of approximately $1.1 million, is reported as a
separate component of shareholders' equity.
9
Item 2 - Management's Discussion and Analysis of Financial Condition and
Results of Operations
The following should be read in conjunction with the Sykes Enterprises,
Incorporated Consolidated Financial Statements, including the notes
thereto. The Company completed business combinations with Info Systems of
North Carolina, Inc. ("Info Systems"), Telcare Gesellschaft fur
Telekommunikations-Mehrwertdieste mbH ("Telcare"), TAS Telemarketing
Gesellschaft fur Kommunikation und Dialog mbH ("TAS I") and TAS Hedi
Fabinyi GmbH ("TAS II") on March 31, 1997, June 16, 1997, September 26,
1997 and September 26, 1997, respectively. These combinations were
accounted for utilizing the pooling-of-interests. The following
discussion and analysis contains forward-looking statements that involve
risks and uncertainties. Future events and the Company's actual results
could differ materially from the results reflected in these
forward-looking statements, as a result of certain of the factors set
forth below and elsewhere in this analysis.
Financial Condition
Management considers liquidity to be the Company's ability to generate
adequate cash to meet its short and long-term business needs. The
principal internal source of such cash is the Company's operations while
the primary external source is the issuance of equity securities and
credit borrowings.
During the nine month period ended September 28, 1997, the Company
generated approximately $14.4 million in cash, net, from operations,
approximately $2.4 million from the exercise of stock options and
approximately $2.4 million from the receipt of grants, which in the
aggregate funded the purchase of approximately $11.3 million of capital
equipment, $8.0 million associated with the technology exchange agreement
further detailed below, and $3.6 million used for the purchase price and
debt repayment associated with acquisitions completed during this time
period. The capital expenditures, which were comprised primarily of
computer and telephone equipment and furniture, were purchased pursuant to
the continued growth within the technical support business and the
associated increase in call volume capacity within the United States and
Europe. During the third quarter, the Company completed construction of
its eighth domestic call center (fifteenth total) which became operational
during the same period. Pursuant to contractual terms, the Company
received a package of incentives associated with this center consistent
with those previously obtained. As a continued result of the increased
demand for the Company's services, it is estimated that 1997 capital
expenditures will approximate $14.0 million.
During the third quarter of 1997, the Company increased its European
technical support service capabilities through the acquisitions of TAS
Telemarketing Gesellschaft fur Kommunikations und Dialog mbH ("TAS I") and
TAS Hedi Fabinyi GmbH ("TAS II"), ("the acquisitions"). The purchase
price for the acquisitions was 580,000 shares of common stock, and was
accounted for using the pooling-of-interests method of accounting. TAS I
and TAS II provide value-added technical support and service capacity
through its call centers located in Germany highlighting the Company's
continued focus on key strategic objectives, specifically to pursue
additional expansion within Europe. The Company anticipates the
integration of the acquisitions will require additional financial
resources, including the potential for additional capital expenditures for
the 1997 year. However, the Company does not believe the resources
required will be significant to the overall operations of the consolidated
organization.
In addition, during 1997, the Company entered into a technology exchange
agreement with SystemSoft Corp. ("SystemSoft") to integrate SystemSoft's
connectivity, software diagnostic, communication and remote control
technologies to its hardware diagnostic and sophisticated telephone
support capabilities, which will bring the Company's remote access
solution to the marketplace sooner than originally anticipated. Pursuant
to this agreement, the Company also purchased in excess of one million
newly issued shares of SystemSoft common stock for $8.0 million. It is
the Company's intention to hold the stock for investment and the agreement
contains certain restrictions, including a holding period existing to
September 5, 1997 before a request can be made for registration under the
Securities Act, associated with its sale.
10
The Company believes that its cash position, combined with cash flows from
current and future operations and available funds under its credit
facilities, will be adequate to meet its capital requirements for the
foreseeable future.
Results of Operations
For the nine and three months ended September 28, 1997, the Company posted
consolidated revenues of $147.9 million and $49.3 million, respectively,
an increase of $36.5 million and $8.7 million, respectively, from the
comparable periods of the previous year. The 1997 results represent
increases of 33% and 21% from the 1996 comparable period information.
This growth in revenues for each period was primarily the result of a
$31.1 million and $9.9 million, respectively, or 48% and 43%,
respectively, increase in revenues within technical support services, and
occurred primarily from the continued investment in call centers and
capital equipment the Company has made and the resultant increase in call
volumes from clients. During calendar 1996, the Company opened three new
call centers that were fully operational throughout the 1997 periods. In
addition, during the nine months ended September 28, 1997, the Company
recognized a revenue increase of $5.4 million from information services
and solutions when compared to the same period of 1996. This growth was
primarily the result of increased hours at an increased average bill rate.
During the three months ended September 28, 1997, the Company had a
reduction of revenue of $1.2 million from information services and
solutions when compared to the same period of 1996. This reduction was
primarily a result of reduced revenue associated with the Company retail
group due to the timing of customer orders.
Direct salaries and related costs increased $17.7 million and $2.8
million, respectively, to $84.5 and $27.6 million, respectively, for the
nine and three month periods in 1997 from the comparable periods in 1996.
This represents an increase of 26% and 11%, respectively, however, as a
percentage of revenues, direct salaries and related costs decreased to 57%
and 56%, respectively, for the nine and three month periods in 1997 from
60% and 61%, respectively, during the comparable periods in 1996. The
increase in the amount of direct salaries and related costs was
attributable to the addition of personnel to support revenue growth. The
decrease as a percentage of revenues resulted from economies of scale
associated with spreading costs over a larger revenue base.
General and administrative expenses increased $9.3 million and $2.7
million, or 27% and 23%, respectively, to $43.8 million and $14.7 million,
respectively, for the nine and three month periods in 1997 from the
comparable periods in 1996. As a percentage of revenues, general and
administrative expenses was 30% for the 1997 periods compared to 31% and
30%, respectively, for the nine and three month comparable periods in
1996. The increase in the amount of general and administrative expenses
was primarily attributable to the addition of management, sales and
administrative personnel to support the Company's growth, and the increase
in depreciation expense associated with facility and capital equipment
expenditures incurred primarily in connection with the technical support
call centers.
Interest and other income increased to $2.2 million and $0.8 million,
respectively, during the nine and three month periods in 1997, from
interest and other expense of $35,000 for the nine month comparable 1996
period and interest and other income of $207,000 for the three month
comparable 1996 period. As a percentage of revenues, interest and other
income was 2% for the 1997 periods from interest and other expense or
income of less than 1% during the 1996 periods. The increase was
attributable to growth in the Company's cash position as a result of
public offerings completed during 1996 and cash flows from operations
during 1997. During 1996, the Company repaid a significant portion of its
outstanding under bank borrowing arrangements and subsequently has
invested the remaining net proceeds of the offerings in short term
investment grade securities and money market instruments.
11
The provision for income taxes increased $4.0 million and $1.3 million,
respectively, to $7.8 million and $2.8 million, respectively, for the nine
and three month periods in 1997 from the comparable periods in 1996. As a
percentage of income before income taxes, the provision for income taxes
decreased to 36% during the 1997 periods when contrasted to 39% and 38%,
respectively, for the comparable 1996 periods. This reduction in the
Company's effective tax rate is due to the recognition of tax-exempt
interest income earned, the tax benefit realized from operating loss
carryforwards from a foreign subsidiary and nondeductible expenses as a
lower percentage of a larger income before income tax base in 1997 as
compared to 1996.
12
Part II - OTHER INFORMATION
Item 1 - Legal proceedings
None
Item 2 - Changes in securities
None
Item 3 - Defaults upon senior securities
None
Item 4 - Submission of matters to a vote of security holders
None
Item 5 - Other information
None
Item 6 - Exhibits and Reports on Form 8-K
(a) Exhibits
The following document is filed as an exhibit to this Report:
27.1 Financial Data Schedule
(b) Reports on Form 8-K
The Registrant filed a Form 8-K, dated June 16, 1997, on
October 21, 1997, reporting under Item 5 the completed
business combinations of the Registrant with Info Systems
of North Carolina, Inc. ("Info Systems") and Telcare
Gesellschaft fur Telekommunikations-Mehrwertdieste mbH
("Telcare"). As part of the Form 8-K, the Registrant filed
Consolidated Financial Statements as of December 31, 1995
and 1996 and for the year ended July 31, 1994, the five
months ended December 31, 1994, and for the years ended
December 31, 1995 and 1996 which have been restated to give
retroactive effect to the combination with Info Systems and
Telcare, and include the combined operations of the
Registrant, Info Systems, and Telcare for all periods
presented.
13
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
SYKES ENTERPRISES, INCORPORATED
(Registrant)
Date: November 10, 1997 By: /s/Scott J. Bendert
Scott J. Bendert
Vice President-Finance
and Treasurer
(Principal Financial and
Accounting Officer)
14
SYKES ENTERPRISES, INCORPORATED
FORM 10-Q
(For the Nine and Three Months Ended September 28, 1997)
EXHIBIT INDEX
EXHIBIT PAGE
NUMBER NUMBER
27.1 Financial Data Schedule. . . . . . . . . . . 15