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Interlogix, Sitel issue earnings forecasts

Sitel Corp. (NYSE: SWW) said Wednesday it sees higher revenue for the second quarter, but earnings may be below estimates.

The maker of electronic customer relationship management (eCRM) software, said revenue for the second quarter should to be between $190 and $195 million, compared to revenue of $178 million for the second quarter of 1999.

Net income is expected to be between 5 and 6 cents a share diluted, higher than the penny a share in last year's second quarter, but possibly lower than First Call's consensus, which saw the company earning 6 cents a share for the quarter.

Results exclude the effect of a previously announced, one time, after tax charge of $2 million related to the partnership between Sitel and Bellsystem24, and the acquisition of certain assets by Bellsystem24.

The company expects to report its results for the second quarter after the close of the markets on July 26.

The company said it issued guidance "given (its) limited research coverage and the significant decline in (its) stock price." It added that it continues to make progress improving operating margins and bottom line results, and expects to report continued strengthening of its balance sheet, with outstanding indebtedness at June 30 about $10 million lower than at March 31.

This year, the company has repaid over $30 million of debt with cash generated from operations.

The company's competitors include APAC Customer Services (Nasdaq: APAC) and TeleTech Holdings (Nasdaq: TTEC) according to Hoover's Online.

  • Interlogix, Inc. (Nasdaq: ILXI), which makes electronic security systems, warned Wednesday that second quarter consolidated sales will be about $121 million, less than the prior year's. There was no First Call estimate for the company.

    Interlogix said that revenue, on a pro forma basis with the inclusion of ITI revenues for the full quarter will be comparable with prior year sales of $132 million on a consolidated pro forma basis.

    Interlogix was formed through the merger of ITI Technologies, Inc. and SLC Technologies. Results for Interlogix will include three months of SLC Technologies activity and two months of ITI Technologies in the second quarter.

    As discussed in the proxy statement relating to the merger, sales have been dented by weaker demand for corporate enterprise systems and the strength of the U.S. dollar, causing currency translation adjustments.

    Interlogix said currency adjustments alone will shave off $5 million in revenue as compared to the second quarter of 1999. Revenue are also impacted by lower demand than expected by a major distributor.

    These factors will impact gross margins, the company added. Second quarter results will also include charges of about $55 million pre-tax relating to the merger.

    The company said the integration of its businesses, new product launches in the second half, and restructuring initiatives already announced will result in first year cost savings exceeding the $10 million anticipated at the time of the merger. The results of these initiatives are expected to increase revenues during the second half of the year as compared to the second half of 1999.

    Interlogix is scheduled to announce its second quarter earnings in early August. The company's competitors include Honeywell International (NYSE: HON).