DALLAS, May 19 /PRNewswire-FirstCall/ -- SOURCECORP, Inc. (Nasdaq: SRCP) a
leading provider of business process outsourcing solutions and specialized
high value consulting services announced today that the Company has been
selected to continue providing Medical Evidence of Record (MER) retrieval and
imaging services to the New York State Office of Temporary and Disability
Assistance (OTDA) Division of Disability Determination (DDD). The three-year
contract is currently estimated to generate $9 million in revenue over that
three-year period and contains the provision for two potential one-year
extensions.
The Company has not undertaken, and does not undertake, to update such
estimate over time. In general, anticipated contract volumes and revenue
routinely increase or decrease from the date contracts are executed causing
the contract value estimated at contract execution to change, in some case by
material amounts. Further, contracts from time to time are subsequently
partially or completely terminated by us or by the customer. As such,
estimates on one date may not represent subsequent estimates for such
contracts.
Although SOURCECORP's responsibilities under the contract are primarily
document management, this new contract also includes additional back file and
day forward conversion services.
"We are extremely pleased to continue providing business services to
OTDA/DDD," stated Kerry Walbridge, Group President of SOURCECORP's Business
Process Solutions Unit. "This contract is consistent with our corporate goal
of retaining 'customers for life' and supports our desire to provide
operational and service excellence to our diverse client base."
OTDA/DDD has been a valued SOURCECORP client since 1995. The support for
these services will continue to come from SOURCECORP's local facility in
New York City where it coordinates and manages the efforts of over 35 field
representatives working in over 380 hospitals throughout New York State.
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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