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

s. Excluding non-cash expenses, the loss from operations for the full year period was $2.8 million from $3.8 million in the year-ago period. The net loss for the full year 2008 was $18.1 million, or $(5.74) per basic and fully diluted share (based on 3.2 million shares) compared to a net loss of $5.9 million, or $(0.67) per basic and fully diluted share (based on 9.5 million shares).

Fourth Quarter 2008 Financial Results

For the fourth quarter, total revenue decreased 4.9% to $7.1 million from $7.5 million for the same period last year. The change was due to decreases in the ECM and HRO business segments offset by a 25.5% increase in ITO revenue. ECM revenue reduction was a result of the recent decline in value of the Canadian dollar vs. the U.S. dollar and greater focus on higher margin opportunities yielding improved bottom-line performance. HRO experienced a revenue decline as the Company shifts focus from one-time licensing fees to growing Software as a Service, recurring revenue contracts generating long-term customer relationships Total operating expenses for the quarter were $20.5 million, an increase of 105.6% compared to total operating expenses of $10.0 million during the fourth quarter last year. Included in the operating expenses was a 36.5% increase in cost of services provided, reflecting a spike in short-term migration expenses as new ITO service contracts are migrated into the BPOMS processing environment. The loss from operations for the quarter increased to $13.4 from $2.5 million in the prior-year fourth quarter. Included in the operating loss was a one-time, non-cash charge for the impairment of goodwill totaling $10.6 million, as well as depreciation and amortization and share-based compensation, which in aggregate totaled $12.0 million for the fourth quarter of 2008 and $2.5 million for the fourth quarter of 2007. Excluding these non-cash expenses, the Company's operating loss was $1.4 million during the fourth
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SOURCE BPO Management Services, Inc.
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