ENGLEWOOD, Colo., Oct. 25 /PRNewswire-FirstCall/ -- CSG Systems
International, Inc. (Nasdaq: CSGS), a leading provider of customer care and
billing solutions, today reported results for the quarter ended September 30,
2005.
Third Quarter 2005 Highlights:
* On October 7, 2005, CSG announced it had reached an agreement to sell
its Global Software Services ("GSS") business to Comverse, Inc., a
division of Comverse Technology, Inc., for $251 million in cash,
subject to certain adjustments. As a result, the GSS business, as
described below, is reflected as discontinued operations in CSG's
results of operations for the periods ended September 30, 2005 and
2004.
* Results from continuing operations were as follows: total revenues
were $96.8 million; operating income was $23.3 million; and income
from continuing operations (net of tax) was $14.2 million, or $0.30
per diluted share.
* Loss from discontinued operations (net of tax) was ($0.7) million, or
($0.02) per diluted share.
* Net income was $13.5 million, or $0.28 per diluted share.
* Cash flows from operations for the quarter ended September 30, 2005
were $24.7 million.
* During the quarter, CSG repurchased 796,000 shares of its common stock
for approximately $15 million (weighted-average price of $18.84 per
share) under its stock repurchase program.
* CSG's customers continue to migrate to its enhanced solutions, CSG
Advanced Convergent Platform (ACP) and Kenan FX. To date,
approximately 22 million video customer accounts have migrated to ACP
and 16 telecommunications providers are live on Kenan FX.
"We executed on all fronts this quarter by continuing to migrate customers
to our new billing platform ACP, increasing the penetration of our ancillary
products and services and adding new subscribers," Ed Nafus, chief executive
officer and president for CSG Systems International, Inc. said. "To date, we
have approximately 22 million subscribers on our ACP solution."
"In early October, we announced the sale of our GSS Division to Comverse,
Inc.," Nafus added. "When approached about this transaction, we worked
closely with our management team and board in determining what would be the
best long-term direction for the business. Our Broadband and GSS Divisions
did not have extensive synergies as they operated autonomously and had
different business models. We believe this divestiture will allow us to
intensify our focus on our core competencies in the broadband space and create
the greatest long-term value for shareholders."
Summary GAAP Results of Operations Information (unaudited)
(in thousands, except per share amounts and percentages):
Three Months Ended Nine Months Ended
September 30, September 30,
Percent Percent
2005 2004 Change 2005 2004 Change
Continuing
operations:
Total
revenues $96,800 $90,059 7% $291,803 $269,549 8%
Operating
income 23,280 22,247 5% 67,083 72,538 (8%)
Income from
continuing
operations 14,205 13,029 9% 40,635 36,865 10%
Discontinued
operations,
net of tax (703) 3,304 NM (10,005) (1,943) NM
Net income 13,502 16,333 (17%) 30,630 34,922 (12%)
Diluted earnings
(loss) per share:
Income from
continuing
operations $0.30 $0.26 15% $0.83 $0.72 15%
Discontinued
operations,
net of tax (0.02) 0.06 NM (0.20) (0.04) NM
Net income $0.28 $0.32 (13%) $0.63 $0.68 (7%)
Third Quarter 2005 Results
Total revenues from continuing operations for the third quarter of 2005
were $96.8 million, an increase of seven percent, when compared to
$90.1 million for the same period in 2004, and down three percent when
compared to $99.3 million for the second quarter of 2005. The components of
total revenues from continuing operations are as follows: Processing revenues
for the third quarter of 2005 were $87.6 million, up eight percent when
compared to $80.7 million for the same period last year, and down one percent
when compared to $88.7 million for the second quarter of 2005. Processing
revenues for the second quarter of 2005 included approximately $2.3 million of
one-time, nonrecurring revenues related to contract termination and client
bankruptcy settlements. Software, maintenance and services revenues were
$9.2 million for the current quarter, a one percent year-over-year decrease,
and a decrease of 13 percent when compared to $10.6 million for the second
quarter of 2005. The decrease in software, maintenance and services revenues
from continuing operations between sequential quarters relates primarily to
strong software sales in the second quarter of 2005, when compared to the
third quarter of 2005.
Income from continuing operations (net of tax) for the third quarter of
2005 was $14.2 million, or $0.30 per diluted share, up nine percent when
compared to $13.0 million, or $0.26 per diluted share, for the third quarter
of 2004, and down three percent when compared to $14.7 million, or $0.30 per
diluted share for the second quarter of 2005.
Income (loss) from discontinued operations (net of tax) was ($0.7)
million, or ($0.02) per diluted share, for the third quarter of 2005, compared
to $3.3 million, or $0.06 per diluted share, for the same period in 2004, and
an improvement of 89 percent when compared to ($6.2) million, or ($0.13) per
diluted share, for the second quarter of 2005. Net income for the third
quarter of 2005 was $13.5 million, or $0.28 per diluted share, down 17 percent
when compared to $16.3 million, or $0.32 per diluted share, for the third
quarter of 2004, and up 58 percent when compared to $8.5 million, or $0.17 per
diluted share for the second quarter of 2005.
Broadband Division (Continuing Operations)
As a result of the sale of the GSS business, CSG's results of operations
from continuing operations consists of the Broadband Services Division and
corporate overhead expense related to CSG's ongoing business, which were as
follows for the periods ended September 30, 2005 and 2004 (in thousands):
Three Months Ended Nine Months Ended
September 30, September 30,
2005 2004 2005 2004
Total revenues $96,800 $90,059 $291,803 $269,549
Operating expenses:
Broadband Services
Division 62,802 58,797 185,199 166,099
Corporate overhead
expense:
Neal Hansen
retirement
benefits (1) 181 -- 8,670 --
Restructuring charges 3 105 9 1,015
All other corporate
overhead expense 10,534 8,910 30,842 29,897
Total corporate
overhead expense 10,718 9,015 39,521 30,912
Total operating
expenses 73,520 67,812 224,720 197,011
Operating income 23,280 22,247 67,083 72,538
Other income (expense),
net (2) (1,085) (1,727) (3,593) (14,481)
Income from continuing
operations, before
income taxes 22,195 20,520 63,490 58,057
Income tax provision (7,990) (7,491) (22,855) (21,192)
Income from continuing
operations $14,205 $13,029 $40,635 $36,865
(1) Corporate overhead expense includes $0.2 million and $8.7 million
for the three months and nine months ended September 30, 2005,
respectively, for benefits related to the retirement of CSG's former
CEO, Neal Hansen, effective June 30, 2005.
(2) Other income (expense) includes the write-off of deferred financing
costs of $6.6 million during the nine months ended September 30,
2004.
Total domestic customer accounts processed on CSG's systems as of
September 30, 2005 were 44.7 million, compared to 44.4 million as of June 30,
2005. To date, approximately 22 million subscribers have migrated to CSG's
Advanced Convergent Platform. The annualized revenue per processing unit
("ARPU") for the third quarter of 2005 was $7.86 compared to $8.02 for the
second quarter of 2005. The ARPU for the second quarter of 2005 included
$0.21 related to the $2.3 million of revenues for the one-time, nonrecurring
contract termination and bankruptcy settlements mentioned above.
After the end of the quarter, CSG signed a new client, Eastlink, a
convergent cable operator in Nova Scotia. Eastlink has over 250,000 cable,
high-speed data and telephony customers.
Discontinued Operations
On October 7, 2005, CSG announced it had reached an agreement to sell its
GSS business to Comverse, Inc., a division of Comverse Technology, Inc., for
$251 million in cash, subject to certain adjustments. This transaction is
expected to close no later than January 31, 2006. The GSS business to be
purchased by Comverse includes: (i) the Kenan FX software and services
portfolio acquired from Lucent Technologies in 2002 (previously reported as
the GSS Division by CSG); (ii) the ICMS customer care and billing assets
acquired from IBM in 2002 (previously reported as part of the Broadband
Services Division by CSG); and (iii) certain corporate personnel and functions
that directly support the GSS business (previously reported as part of CSG's
corporate overhead expense). These three components are collectively referred
to as the "GSS Business". As a result of this transaction, the GSS Business
is reflected as discontinued operations in CSG's results of operations for the
periods ended September 30, 2005 and 2004.
The components of the GSS Business included in discontinued operations are
as follows (in thousands):
Three Months Ended Nine Months Ended
September 30, September 30,
2005 2004 2005 2004
Total revenues $44,615 $43,013 $128,236 $ 123,551
Operating expenses:
GSS Division and ICMS 39,069 38,092 118,917 113,572
Corporate overhead
expense 5,346 5,774 17,161 16,473
Restructuring charges 171 (14) 7,009 1,372
Total operating
expenses 44,586 43,852 143,087 131,417
Operating income (loss) 29 (839) (14,851) (7,866)
Other income (expense),
net 1,613 1,711 3,276 1,165
Discontinued operations,
before income taxes 1,642 872 (11,575) (6,701)
Income tax (provision)
benefit (2,345) 2,432 1,570 4,758
Discontinued operations,
net of income taxes $(703) $3,304 $(10,005) $(1,943)
The amounts reported as GSS Business assets held for sale and liabilities
related to GSS Business assets held for sale in the accompanying September 30,
2005 unaudited Condensed Consolidated Balance Sheet were as follows (in
thousands):
As of
September 30, 2005
GSS Business assets held for sale:
Cash, cash equivalents, and short-term
investments (3) $7,400
Trade accounts receivable, net of allowance
for doubtful accounts 39,702
Property and equipment, net of depreciation 11,265
Software, net of amortization 14,760
Goodwill 204,963
Other assets 23,010
Total GSS Business assets held for sale 301,100
Liabilities related to GSS Business assets
held for sale:
Trade accounts payable 5,739
Accrued employee compensation 14,907
Deferred revenue 37,541
Income taxes payable 4,875
Other liabilities 19,660
Total liabilities related to GSS Business
assets held for sale 82,722
Net GSS Business assets held for sale $218,378
(3) This represents the targeted amount of cash, cash equivalents and
short-term investments that will be transferred as part of the sale
of the GSS Business.
Supplemental Data - Continuing Operations (unaudited)
The following information is provided to assist readers in further
evaluating CSG's performance, which are reflected in CSG's continuing
operations (in thousands, except per share amounts):
Three Months Ended Three Months Ended
September 30, 2005 September 30, 2004
Per Diluted Per Diluted
Share Share
Amount (5) Impact (6) Amount (5) Impact (6)
Certain non-cash
expenses (4):
Depreciation $2,357 $0.03 $2,615 $0.03
Amortization 3,746 0.05 3,437 0.05
Stock-based employee
compensation 3,233 0.04 2,540 0.03
Total $9,336 $0.12 $8,592 $0.11
Nine Months Ended Nine Months Ended
September 30, 2005 September 30, 2004
Per Diluted Per Diluted
Share Share
Amount (5) Impact (6) Amount (5) Impact (6)
Certain key expense
items:
Neal Hansen
retirement benefits $8,670 $0.11 $-- $--
Write-off of
deferred financing
costs -- -- 6,569 0.08
Restructuring charges 9 0.00 1,015 0.01
Total $8,679 $0.11 $7,584 $0.09
Certain non-cash
expenses (4):
Depreciation $7,513 $0.10 $7,977 $0.10
Amortization 11,053 0.14 9,861 0.12
Stock-based employee
compensation 10,190 0.13 8,493 0.10
Total $28,756 $0.37 $26,331 $0.32
(4) These items are calculated in accordance with GAAP, and are
reflected as part of continuing operations in the accompanying
Unaudited Condensed Consolidated Statements of Income.
(5) These items (on a pretax basis) are included in CSG's determination
of income from continuing operations on a GAAP basis.
(6) This represents the after tax impact to income from continuing
operations on a per diluted share basis using CSG's estimated annual
effective income tax rate from continuing operations of 36% for the
three and nine months ended September 30, 2005, and 36.5% for the
three and nine months ended September 30, 2004.
Financial Condition
As of September 30, 2005, CSG had cash, cash equivalents and short-term
investments of $161.4 million (which excludes $7.4 million included in the GSS
Business assets held for sale). Cash, cash equivalents and short-term
investments prior to the designation of the GSS Business as discontinued
operations totaled $164.9 million as of June 30, 2005 and $157.5 million as of
December 31, 2004. Net billed accounts receivable related to continuing
operations (exclusive of amounts related to the GSS Business) were
$95.9 million as of September 30, 2005, compared to $90.9 million as of June
30, 2005, and $93.6 million as of December 31, 2004.
In accordance with GAAP, cash flows related to continuing operations have
not been segregated from cash flows related to discontinued operations in the
accompanying Condensed Consolidated Statements of Cash Flows. Cash flows from
operations for the quarter ended September 30, 2005 were $24.7 million,
comparable to $24.8 million for the same period in 2004.
Cash flows from operations for the quarter ended June 30, 2005 were
$43.3 million, a decrease of $18.6 million sequentially between quarters. The
second quarter 2005 cash flows from operations included the impact of a
domestic client making payment on certain invoices in the second quarter that
had been delayed from the first quarter of 2005. The payment of these
invoices, along with the benefits from the contract termination and client
bankruptcy settlements mentioned above, contributed approximately $12 million
to CSG's cash flows from operations for the second quarter of 2005.
Stock Repurchase Program
In April 2005, CSG established a Rule 10b5-1 Plan to repurchase shares of
CSG common stock on the open market. Any shares repurchased under the Rule
10b5-1 Plan are counted towards the 15 million share limit authorized under
the terms of CSG's stock repurchase program. The Rule 10b5-1 Plan supplements
any stock repurchases that CSG may decide to purchase under the existing terms
of the stock repurchase program. The maximum quarterly repurchase limitation
established under the Plan is $15 million.
During the third quarter of 2005, CSG repurchased 796,000 shares of its
common stock at a total purchase price of $15.0 million (a weighted-average
price of $18.84 per share). Including these shares, the total shares
repurchased under CSG's stock repurchase program since its inception in August
1999 is 12.5 million shares, at a total repurchase price of $310.6 million (a
weighted-average price of $24.88 per share). As of September 30, 2005, the
remaining number of shares authorized for repurchase under the program is
2.5 million shares.
Fourth Quarter and Full Year 2005 Financial Guidance
"For the fourth quarter of 2005, we are expecting revenues from continuing
operations of between $96 million and $99 million and income from continuing
operations per diluted share of between 30 and 31 cents," Peter Kalan, chief
financial officer, said. "We are updating our guidance for full-year 2005
based on our previous nine months' performance and the fourth quarter guidance
above. We now expect revenues from continuing operations to be between $388
million and $391 million and income from continuing operations per diluted
share of between $1.13 and $1.14 for 2005."
"In addition, there are approximately $9.4 million of non-cash items
included in our fourth quarter income from continuing operations per diluted
share guidance, or approximately 12 cents per diluted share," Kalan said.
"These non-cash items include amortization of approximately $3.8 million,
depreciation expense of approximately $2.4 million, and stock-based employee
compensation expense of approximately $3.2 million. Our guidance for
continuing operations does not include any restructuring charges or expenses
associated with the divestiture that may be incurred during the fourth quarter
of 2005 as we are not able to estimate them today."
Conference Call
CSG will host a one-hour conference call on Tuesday, October 25, at 5 p.m.
EDT, to discuss CSG's third quarter results. The call will be carried live
and archived on the Internet. A link to the conference call is available at
http://www.csgsystems.com.
Additional Information
For additional information about CSG, please visit CSG's web site at
http://www.csgsystems.com. Additional information can be found in the Investor
Relations section of the web site.
About CSG Systems International
Headquartered in Englewood, Colorado, CSG Systems International
(Nasdaq: CSGS) is a leader in next-generation billing and customer care
solutions for the cable television, direct broadcast satellite, advanced IP
services, next generation mobile, and fixed wireline markets. CSG's unique
combination of proven and future-ready solutions, delivered in both outsourced
and licensed formats, empowers its clients to deliver unparalleled customer
service, improve operational efficiencies and rapidly bring new
revenue-generating products to market. CSG is an S&P Midcap 400 company. For
more information, visit CSG's Web site at http://www.csgsystems.com.
This news release contains forward-looking statements as defined under the
Securities Act of 1933, as amended, that are based on assumptions about a
number of important factors and involve risks and uncertainties that could
cause actual results to differ materially from what appears in this news
release. These factors include, but are not limited to: 1) CSG's ability to
continue to perform satisfactorily and maintain good customer relations with
its two largest customers, Comcast Corporation and Echostar Communications,
which combined represent approximately 40% of CSG's revenues from continuing
operations; 2) the continued acceptance of CSG ACP and its related products
and services; 3) CSG's ability to enhance current products and develop new
technology that will retain existing clients and capture new market share; 4)
significant forays into new markets, which may prove costly and unprofitable;
5) the degree to which CSG's expectations of market penetration and consumer
acceptance of broadband, wireline and wireless services prove true -- and even
if realized, CSG's ability to meet the billing and customer care needs of
those markets; 6) client consolidation, which has decreased the number of
potential buyers for many of CSG's products and services; 7) CSG's ability to
renew contracts and sell additional products and services to existing and new
clients; 8) CSG's ability to successfully deliver on lengthy and/or complex
implementation projects, which by their nature, carry much more risk; and 9)
if the sale of the GSS Business to Comverse, as discussed above, is terminated
or delayed for any reason, there is a risk that the resulting disruption to
the GSS Business could negatively impact the division's operational and
financial performance. This list is not exhaustive and readers are encouraged
to review the additional risks and important factors described in CSG's
reports on Forms 10-K and 10-Q and other filings made with the SEC.
CSG SYSTEMS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS -- UNAUDITED
(in thousands, except share and per share amounts)
September 30, December 31,
2005 2004
ASSETS
Current assets:
Cash and cash equivalents $120,073 $133,551
Short-term investments 41,363 23,927
Total cash, cash equivalents and
short-term investments 161,436 157,478
Trade accounts receivable --
Billed, net of allowance of $1,499
and $4,818 95,897 142,056
Unbilled and other 6,911 14,030
Deferred income taxes 10,044 5,336
Income taxes receivable -- 4,064
Other current assets 8,183 11,723
GSS Business assets held for sale 301,100 --
Total current assets 583,571 334,687
Property and equipment, net of depreciation
of $77,397 and $87,068 21,010 34,476
Software, net of amortization of $41,009
and $77,086 -- 24,695
Goodwill 12,816 218,346
Client contracts, net of amortization of
$65,129 and $62,898 45,919 50,427
Deferred income taxes 35,883 39,478
Other assets 6,532 8,298
Total assets $705,731 $710,407
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Client deposits $19,235 $19,497
Trade accounts payable 13,101 22,412
Accrued employee compensation 26,175 31,859
Deferred revenue 12,056 53,250
Income taxes payable 11,485 15,085
Other current liabilities 11,091 19,909
Liabilities related to GSS Business
assets held for sale 82,722 --
Total current liabilities 175,865 162,012
Non-current liabilities:
Long-term debt 230,000 230,000
Deferred revenue 5,889 6,844
Other non-current liabilities 2,233 3,481
Total non-current liabilities 238,122 240,325
Total liabilities 413,987 402,337
Stockholders' equity:
Preferred stock, par value $.01 per share;
10,000,000 shares authorized;
zero shares issued and outstanding -- --
Common stock, par value $.01 per share;
100,000,000 shares authorized;
48,818,505 shares and 51,016,326 shares
outstanding 605 595
Additional paid-in capital 311,160 298,767
Deferred employee compensation (51) (1,320)
Treasury stock, at cost, 11,645,090 shares
and 8,482,496 shares (281,977) (224,008)
Accumulated other comprehensive
income (loss):
Unrealized gain (loss) on short-term
investments, net of tax 4 (5)
Cumulative translation adjustments 6,732 9,400
Accumulated earnings 255,271 224,641
Total stockholders' equity 291,744 308,070
Total liabilities and
stockholders' equity $705,731 $710,407
CSG SYSTEMS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME -- UNAUDITED
(in thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
2005 2004 2005 2004
Revenues:
Processing and
related services $87,568 $80,748 $259,651 $242,775
Software, maintenance
and services 9,232 9,311 32,152 26,774
Total revenues 96,800 90,059 291,803 269,549
Cost of revenues:
Processing and
related services 42,669 37,864 126,853 106,296
Software, maintenance
and services 7,253 9,598 22,094 26,647
Total cost of revenues 49,922 47,462 148,947 132,943
Gross margin (exclusive
of depreciation) 46,878 42,597 142,856 136,606
Operating expenses:
Research and development 9,009 8,392 24,867 23,906
Selling, general and
administrative 12,229 9,238 43,384 31,170
Depreciation 2,357 2,615 7,513 7,977
Restructuring charges 3 105 9 1,015
Total operating
expenses 23,598 20,350 75,773 64,068
Operating income 23,280 22,247 67,083 72,538
Other income (expense):
Interest expense (1,887) (1,972) (5,766) (8,329)
Write-off of deferred
financing costs -- -- -- (6,569)
Interest and investment
income, net 787 243 2,158 561
Other, net 15 2 15 (144)
Total other (1,085) (1,727) (3,593) (14,481)
Income from continuing
operations before
income taxes 22,195 20,520 63,490 58,057
Income tax provision (7,990) (7,491) (22,855) (21,192)
Income from continuing
operations 14,205 13,029 40,635 36,865
Discontinued operations:
Income (loss) from
discontinued operations 1,642 872 (11,575) (6,701)
Income tax (provision)
benefit (2,345) 2,432 1,570 4,758
Discontinued operations,
net of tax (703) 3,304 (10,005) (1,943)
Net income $13,502 $16,333 $30,630 $34,922
Basic earnings (loss)
per common share:
Income from continuing
operations $0.30 $0.26 $0.85 $0.73
Discontinued operations,
net of taxes (0.01) 0.07 (0.21) (0.04)
Net income 0.29 0.33 0.64 0.69
Diluted earnings (loss)
per common share:
Income from continuing
operations 0.30 0.26 0.83 0.72
Discontinued operations,
net of taxes (0.02) 0.06 (0.20) (0.04)
Net income $0.28 $0.32 $0.63 $0.68
Weighted-average common
shares outstanding:
Basic shares 47,303 49,565 48,166 50,844
Diluted shares 47,983 50,324 48,816 51,558
CSG SYSTEMS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS -- UNAUDITED
(in thousands)
Nine Months Ended
September 30, September 30,
2005 2004
Cash flows from operating activities:
Net income $30,630 $34,922
Adjustments to reconcile net income
to net cash provided by
operating activities --
Depreciation 11,209 10,688
Amortization 21,405 20,328
Restructuring charge for abandonment
of facilities 3,570 654
Gain on short-term investments (306) (4)
Write-off of deferred financing costs -- 6,569
Deferred income taxes 1,772 10,927
Tax benefit of stock-based
compensation awards 1,138 1,253
Stock-based employee compensation 12,678 11,448
Changes in operating assets and liabilities:
Trade accounts and other
receivables, net (1,001) 10,752
Other current and non-current assets (1,179) (428)
Arbitration charge payable -- (25,181)
Income taxes payable/receivable 5,893 29,183
Accounts payable and accrued liabilities 3,384 (9,332)
Deferred revenues (2,333) (4,823)
Net cash provided by
operating activities 86,860 96,956
Cash flows from investing activities:
Purchases of property and equipment (9,356) (5,454)
Purchases of short-term investments (57,159) (30,679)
Proceeds from sale of
short-term investments 40,038 20,610
Acquisition of and investments in assets (487) (699)
Acquisition of and investments in
client contracts (5,508) (2,254)
Net cash used in investing activities (32,472) (18,476)
Cash flows from financing activities:
Proceeds from issuance of common stock 3,170 5,564
Repurchase of common stock (61,081) (53,538)
Proceeds from long-term debt -- 230,000
Payments on long-term debt -- (228,925)
Payments of deferred financing costs (87) (8,127)
Net cash used in financing activities (57,998) (55,026)
Effect of exchange rate fluctuations on cash (2,468) (65)
Net increase (decrease) in cash and
cash equivalents (6,078) 23,389
Cash and cash equivalents,
beginning of period 133,551 100,397
Cash and cash equivalents, end of period $127,473 $123,786
Cash and cash equivalents, end of period,
classified as follows:
Continuing operations $120,073 $123,786
GSS Business assets held for sale 7,400 --
Total cash and cash equivalents,
end of period $127,473 $123,786
Supplemental disclosures of
cash flow information:
Cash paid (received) during
the period for --
Interest $3,195 $5,059
Income taxes 15,491 (24,537)
(Logo: http://www.newscom.com/cgi-bin/prnh/20020627/CSGSLOGO)
SOURCE CSG Systems International, Inc.
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Related links:
http://www.csgsystems.com
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CONTACT:
Liz Bauer, Senior Vice President of CSG
Systems International, Inc., +1-303-804-4065,
liz_bauer@csgsystems.com
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