DALLAS, May 17 /PRNewswire-FirstCall/ -- SOURCECORP, Inc. (Nasdaq: SRCP) a
leading provider of business process outsourcing solutions and specialized
high value consulting services announced today that it has won a competitive
procurement to provide paper-to-image conversion services to the Workers
Compensation Board (WCB) for the state of New York. The five-year contract is
currently estimated to generate $25 million and contains the provision for
five potential one-year extensions.
SOURCECORP's primary responsibilities under the contract include
transporting, converting, indexing, and delivering the images and associated
data to the WCB. Production volume is approximately 60,000 images per day.
"We recognize the tremendous success that New York State has achieved in
streamlining its claims and related compliance processes and are proud to be
associated with that success," stated Kerry Walbridge, President
of SOURCECORP's Business Process Solutions Unit. "SOURCECORP is extremely
pleased to have been selected again for this work."
Ed Bowman, President and CEO of SOURCECORP stated, "SOURCECORP has been
providing these document management services to the WCB since 1998 under a
similar competitively procured contract. We look forward to continuing the
great working relationship with the WCB that has developed over the last seven
years."
The support for these services will come from SOURCECORP's local facility
in Binghamton, New York. At this facility SOURCECORP employs more than 300
New York based employees and provides services for a diverse client base.
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 commercial, financial, government, healthcare, and legal.
Headquartered in Dallas, the Company serves clients throughout the United
States through a network of locations in the U.S., 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 (2001). SOURCECORP has also been
recognized twice by Forbes magazine as one of the 200 Best Small Companies
(1998, 1999), based on return equity, sales growth, and EPS growth, and by
FORTUNE magazine as one of America's 100 Fastest Growing Public Companies
(1999). For more information about SOURCECORP's solutions, including case-
study examples, visit the SOURCECORP website at http://www.sourcecorp.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
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Related links:
http://www.sourcecorp.com
CONTACT:
Mary Leos, Director, Corporate Marketing &
Communications of SOURCECORP, +1-214-740-6907, or
maryleos@srcp.com
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