convergys corp (CVG) Key Developments
Jarrod Pontius Begins Tenure as General Counsel and Chief Administrative Officer for Convergys Corporation
Jul 1 15
Convergys Corporation announced that Jarrod Pontius formally begins his role as General Counsel and Chief Administrative Officer, effective July 1, 2015. Pontius has been with Convergys for nearly three years, most recently serving as Deputy General Counsel and Corporate Secretary. He assumes this new role following the retirement of Claudia Cline, Executive Vice President and General Counsel for Convergys. In addition to overseeing the company's legal operations, Pontius is now responsible for Convergys' Security & Business Continuity, Information Security, Compliance, Human Resources, Compensation & Benefits, and Communications & Branding functions. He will also continue to serve as the company's Corporate Secretary.
Convergys Expands its Rio Rancho Operations
Jun 3 15
Convergys announced that it will expand its Rio Rancho operations and, as a result, add 250 new jobs. The announcement comes on the heels of the same company adding 200 jobs in Las Cruces.
Convergys Corporation Presents at Macquarie Capital Extreme Services Conference, May-11-2015
May 8 15
Convergys Corporation Presents at Macquarie Capital Extreme Services Conference, May-11-2015 . Venue: The Waldorf=Astoria Hotel, New York, New York, United States.
Convergys Corporation Declares First Quarterly Dividend, Payable on July 2, 2015; Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Provides Earnings Guidance for the Second Quarter and Revises Earnings Guidance for the Full Year of 2015
May 5 15
The Board of Directors of Convergys Corporation approved a 14% increase in the quarterly dividend to $0.08 per share. The first dividend payment of $0.08 per share is scheduled to be made on July 2, 2015, to shareholders of record at the close of business on June 18, 2015.
The company announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total revenues of $740.5 million against $605.7 million a year ago. Operating income was $49.2 million against $22.0 million a year ago. Income from continuing operations, net of tax was $39.3 million or $0.40 per diluted share against $13.7 million or $0.14 per diluted share a year ago. Net income was $39.4 million or $0.37 per diluted share against $14.2 million or $0.13 per diluted share a year ago. Income before income taxes and discontinued operations was $47.4 million against $16.1 million a year ago. Adjusted operating income was $64.2 million against $52.3 million a year ago. Adjusted income from continuing operations, net of tax was $49.8 million or $0.47 per diluted share against $34.0 million or $0.32 per diluted share a year ago. EBITDA was $95.6 million against $50 million a year ago. Adjusted EBITDA was $98.1 million against $75.1 million a year ago. Net cash provided by operating activities was $65.1 million against $15.7 million a year ago. Capital expenditures were $28.6 million against $18.3 million a year ago. Adjusted free cash flow was $41 million against $61.8 million a year ago. Free cash flow was $36.5 million against negative free cash flow of $2.6 million a year ago. Net debt totaled $152 million at March 31, 2015, compared with $164 million at December 31, 2014, and $252 million excluding the Stream in-substance debt defeasance at the end of the first quarter last year.
For 2015, the company expects revenue of $2.950 billion to $3.030 billion, including approximately $0.065 billion negative impact of foreign exchange rates compared with 2014 rates, changed from the approximately $0.045 billion negative impact included in prior guidance; adjusted EBITDA of $375 million to $395 million, unchanged from prior guidance; adjusted effective tax rate to approximate 23%, unchanged from prior guidance; diluted shares outstanding to approximate 105 million, reduced from prior guidance of 106 million shares; and adjusted EPS of $1.65 to $1.75, unchanged from prior guidance.
The company expects seasonal negative impacts on revenue, EBITDA and EPS in the second quarter of 2015 with sequential improvement in quarterly results beginning in the third quarter.
Michael L. Wooden to Resign as Chief Commercial Officer of Convergys Corporation
May 1 15
On April 28, 2015, Michael L. Wooden, Chief Commercial Officer of Convergys Corporation, notified the company of his intent to resign to pursue other interests. Mr. Wooden will remain with the company through approximately May 22, 2015 to assist with an orderly transition.