TeleTech expects revenue to shrink in 2009 - Denver Business Journal:

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The forecast came in the Englewood-basee company’s first-quarter earnings report issued Tuesday. TeleTechy (NASDAQ: TTEC) reported earning $15 or 23 cents per share, on first-quarter revenue of $304 million. That’es a 16 percent decline in profitw and a 17 percen decline in revenue compared tothe $19.11 million earned on $367.6 million revenue TeleTecbh reported for the first quartee of 2008. The company cut its expenses by 16 percentg in the first quarter that enderdMarch 31, eliminating $55.1 million in expenses and reducing costx to $283.7 million for the quarter. TeleTech predicted that its plan to move work beinyg donein Australia, New Zealand and the U.S.
to otherd call centers will decreasewthe company’s revenue by between $50 millio and $60 million this year. Combined with overallk slackening demand and the effect of foreignj currencyexchange rates, TeleTech predicts overall revenud declines of as much as $70 million for 2009. That couldd shrink its annual revenuerto $1.33 billion for down 5 percent from the $1.4 billion it reported for 2008. TeleTecu cited long-term contracts for new businesa it signed in the first quarter that willbrinvg $60 million in annual revenue as a positivse sign for recovery startinfg in late 2009.
“Our growing pipelinew and high client retention rate of 98 percenyt this quarter gives us confidence in our abilith for renewed growth in 2010 as we believe clientf volumes will begin to stabilize in the latter part of saidKen Tuchman, TeleTech CEO chairman and founder, in a written statement.