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BPO Management Services Announces Financial Results for Fourth Quarter and Full Year 2008
Date:4/1/2009

cies and enhance the quality of their technology investment. We are operating at approximately 25% percent capacity, providing lots of room to grow without adding significant costs. Our future ability to grow has been somewhat tempered by the ongoing crisis in the capital/credit markets, which like most companies today, has made obtaining additional growth capital very challenging. We are actively pursuing several strategic alternatives in order to strengthen our balance sheet and provide the necessary working capital to fully accelerate our growth as we continue to drive towards critical mass."

Fiscal 2008 Financial Results

Revenue for the full year ended December 31, 2008 was $28.1 million, an increase of 71% compared to the $16.5 million for the full year 2007. The Company experienced a 40% increase in Enterprise Content Management (ECM) revenue, to $14.2 million compared to $10.1 million last year. IT Outsourcing Services (ITO) revenue increased 118% to $12.2 million from $5.6 million last year. Human Resource Outsourcing (HRO) revenue increased 143% to $1.7 million from $712,000 in the year-ago period.

Total operating expenses increased 106.5% to $45.7 million after a goodwill and intangible asset charge of $10.6 million compared to $22.1 million for of the same period last year. Inclusive in this increase was an increase in cost of services provided to $15.3 million from $8.0 million last year. SG&A expenses, as a percent of revenue, decreased to 53% from 72.7% in the full year last year, demonstrating strong expense management and the inherent leverage in the Company's business model. The loss from operations for the year was $17.6 million, inclusive of $14.8 million in non-cash expenses, compared to a loss from operations of $5.7 million, inclusive of $3.0 in non-cash expenses in 2007. The non-cash expenses included a one-time, non-cash $10.6 million charge for impairment of goodwill and intangible asset
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SOURCE BPO Management Services, Inc.
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