Convergys, CSG: Steady as She Goes
by Mike Farrell -- Multichannel News, 5/4/2009 2:00:00 AM
Kauffman Bros. technology analyst Karl Keirstead issued separate reports on two cable tech companies last week — Convergys and CSG Systems International — and was encouraged by their ability to hold their own in the first quarter, despite the economic climate.
Convergys fared the worst in the first quarter, with a 3% dip in revenue (9% if acquisitions are backed out). But the provider of call-center software and services to cable and other companies reported modest year-over-year margin improvement and reaffirmed full-year guidance at its large call-center outsourcing unit, which represents 74% of revenues, posted margin upside, according to the analyst.
“After a string of disappointments, this was the second quarter in a row of in-line results and the stock is up 48% since March 1 to 10 times 2009 expected earnings,” Keirstead wrote.
CSG reported a typical in-line quarter, Keirstead added, with organic revenues flat year-over-year and better-than-expected margins. The cable billing service provider also slightly increased its 2009 revenue and cash-flow guidance — to between $488 million and $498 million and between $100 million and $104 million respectively.
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tinasilvee - 5/4/2009 8:16:53 AM EDT
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