DALLAS, April 26 /PRNewswire-FirstCall/ -- SOURCECORP, Inc. (Nasdaq: SRCP)
a leading provider of consulting and business process outsourcing solutions
(BPO) announced today that it finished the first quarter of 2004 with strong
sales of $52.4 Million in new contract value resulting from business process
outsourcing and consulting services. These contracts reflect organic business
growth spanning diverse industry segments such as healthcare (payer and
provider), mortgage, government, commercial and transportation. This strong
performance resulted from contract wins in a highly competitive market,
characterized by lengthy sales cycles. Though the larger BPO deals have a
longer revenue ramp up, the recurring revenue backlog that they create will
strengthen SOURCECORP's base revenue entering 2005 and beyond.
"In 2003 we made significant investments in enhancing our national sales
presence with a 'best in class' group of sales professionals. The results of
that investment have created the largest sales pipeline in our company
history. Our sales in the first quarter represented the second most
successful quarter of contract signings in the company's history and we
believe is a direct result of the emphasis we have placed on investment in our
people, solutions and business processes," said Ed H. Bowman Jr., President
and CEO of SOURCECORP. "Based on client feedback, FASTRIEVE(TM), our
proprietary data repository, was a key differentiator in winning much of this
new business," added Bowman.
SOURCECORP provides repository services through FASTRIEVE(TM), a
proprietary document management repository. FASTRIEVE(TM) houses more than
1.4 billion digitally-imaged documents in a hosted document management system
and has specific workflows for industries such as healthcare (patient records)
and accounts payable (invoices and invoice processing). "To our knowledge, no
other hosted document management system in the industry offers the large
volume capability, combined with sophisticated workflows, that FASTRIEVE(TM)
makes available to our customers," stated Steve Davis SOURCECORP CIO.
FASTRIEVE(TM) currently supports, on average, more than 1.2 million document
retrievals a day with sub-second response times.
Contract highlights include:
-- A major healthcare payer; SOURCECORP will provide mailroom
outsourcing, scanning, data entry and repository services
-. A major mortgage lender; SOURCECORP will provide document
preparation, scanning, quality control and repository services
-. Methodist Medical Center; SOURCECORP will provide managed care
compliance review services
-. St. Thomas Health Services; SOURCECORP will provide managed care
compliance review services
About SOURCECORP(R)
SOURCECORP, Incorporated provides business process outsourcing solutions
and specialized high value consulting services to clients throughout the
U.S. SOURCECORP focuses on business processes in information-intensive
industries including healthcare, legal, financial services, government and
transportation & logistics. Headquartered in Dallas, the Company serves
clients throughout the United States through a network of locations in the US,
Mexico and India.
SOURCECORP is a component of both the S&P SmallCap 600 Index and the
Russell 2000 Index. The Company has been cited among the Top 100 Hot Growth
Companies by BusinessWeek magazine. SOURCECORP has also been recognized twice
by Forbes magazine as one of the 200 Best Small Companies, based on return
equity, sales growth, and EPS growth, and by FORTUNE magazine as one of
America's 100 Fastest Growing Public Companies. For more information
about SOURCECORP's solutions, including case-study examples, visit
the SOURCECORP website at http://www.srcp.com .
The statements in this press release, which are not historical fact, are
forward-looking statements that involve risks and uncertainties, which could
cause actual results to differ materially from such forward-looking
statements. These forward-looking statements include, but are not limited to,
any financial estimates, projections, and estimates of future contract values
included in this press release. The aforementioned risks and uncertainties
include, without limitation, the risks of integrating our operating companies
of the timing and magnitude of technological advances, of the occurrences of a
diminution in our existing customers' needs for our services, of a change in
the amount companies outsource business processes, of the impact to margins
resulting from a change in revenue mix as well as the risks detailed
in SOURCECORP's filings with the Securities and Exchange Commission, including
without limitation, those detailed under the heading "Risk Factors" in the
Company's most recent annual report on Form 10-K. SOURCECORP disclaims any
intention or obligation to revise any forward-looking statements, including
financial estimates, whether as a result of new information, future events, or
otherwise, except as required by law.
SOURCE SOURCECORP
 back to top
Related links:
http://www.srcp.com
Company News On-Call:
http://www.prnewswire.com/comp/117986.html
CONTACT:
Mary Leos, Director, Corporate Marketing &
Communications of SOURCECORP, +1-214-740-6907, or
maryleos@srcp.com
|
