SITEL Updates Status of Financial Reporting
31 Marzo 2006 - 1:16AM
Business Wire
SITEL Corporation (NYSE:SWW), a leading global provider of
outsourced customer support services, announced today that, due to
the continuing investigation of certain irregularities at one of
its international subsidiaries and to allow KPMG LLP time to
complete their audit of the Company's financial statements, it has
determined that it will be unable to timely file its Annual Report
on Form 10-K for the year ended December 31, 2005. The Company is
continuing to work diligently to complete the restatements of its
previously issued financial statements for the fiscal years 2000
through 2004 and potentially for each of the three-month periods
covered by the interim quarterly reports for the fiscal year 2005
determined necessary as a result of the investigation. The Company
intends to complete the restatements and to file all required SEC
reports as quickly as practicable but cannot predict a precise date
at this time. The Company is in discussions with its lenders
concerning waiver of the technical event of default that will
result from the Company's inability to deliver its audited
financial statements for the year ended December 31, 2005 to its
lenders by March 31, 2006. About SITEL SITEL is a leading global
provider of outsourced customer support services. On behalf of many
of the world's leading organizations, SITEL designs and improves
customer contact models across its clients' customer acquisition,
retention and development cycles. SITEL manages approximately two
million customer interactions per day via the telephone, e-mail,
Internet and traditional mail. SITEL has over 36,000 employees in
91 global contact centers, utilizing more than 32 languages and
dialects to serve customers in 56 countries SITEL is a leader in
the contact center industry. Please visit SITEL's website at
www.sitel.com for further information. This news release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act and Section 21E of the Exchange Act. The words
"expects," "intends," "will" and similar expressions in this news
release identify forward-looking statements, which speak only as of
the date the statement is made. SITEL assumes no obligation to
update any such forward-looking statement. Although SITEL believes
that the expectations reflected in such forward-looking statements
are reasonable, there can be no assurance that such expectations
will prove to be correct. Because forward-looking statements
involve risks and uncertainties, future events and actual results
could differ materially from those set forth in, contemplated by or
underlying the forward-looking statements. Important factors that
could cause actual results to differ materially from SITEL's
expectations may include, but are not limited to the following,
many of which are outside SITEL's control: results of the
continuing review into the irregularities, ability to obtain the
lenders' waiver of events of default, the independent auditor's
requirements associated with the restatements of previously issued
financial statements and the completion of the 2005 year end audit,
SITEL's Form 10-K, 10-Q and 8-K reports filed with the Securities
and Exchange Commission describe other important factors that may
impact SITEL's business, results of operation and financial
condition and cause actual results to differ materially from those
set forth in, contemplated by or underlying the forward-looking
statements. SITEL Corporation 7277 World Communications Drive
Omaha, NE 68122
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