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Technology Stocks : Sykes Enterprises (SYKE) -- Ignore unavailable to you. Want to Upgrade?

To: John Ritter who wrote (28)2/7/2000 6:20:00 PM
From: Ken M  Respond to of 48
(COMTEX) B: Milberg Weiss Announces Class Action Against Sykes Enterp
B: Milberg Weiss Announces Class Action Against Sykes Enterprises, Inc.

NEW YORK, Feb 7, 2000 (BUSINESS WIRE) -- The following was announced
today by the law firm of Milberg Weiss Bershad Hynes & Lerach LLP:

Notice is hereby given that a class action lawsuit was filed on
February 2, 2000, in the United States District Court for the Middle
District of Florida, Tampa Division, on behalf of all persons who
purchased the common stock of Sykes Enterprises, Inc. ("Sykes" or the
"Company") (Nasdaq: SYKE) between Oct. 25, 1999, and Jan. 31, 2000,
inclusive (the "Class Period").

If you wish to discuss this action or have any questions concerning
this notice or your rights or interests with respect to these matters,
please contact, Milberg Weiss Bershad Hynes & Lerach ("Milberg Weiss"),
in Boca Raton: Kenneth Vianale or Maya Saxena at 5355 Town Center Road,
Suite 900, Boca Raton, Florida 33486, by telephone (561) 361-500, or in
New York: Steven G. Schulman or Samuel H. Rudman at One Pennsylvania
Plaza, 49th Floor, New York, New York 10119-0165, by telephone
1-800-320-5081 or via e-mail: or visit our website

The complaint charges Sykes and certain of its senior officers and
directors with violations of Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The
complaint alleges that defendants issued a series of materially false
and misleading statements concerning the Company's financial condition,
revenues and earnings. The complaint further alleges that on February
1, 2000, the Company announced that it would be forced to delay the
release of fourth quarter earnings because its audit was "incomplete."
In response, the stock fell nearly 33% on unusually large trading
volumes of over 11,000,000.

Plaintiff seeks to recover damages on behalf of class members and is
represented by the law firm of Milberg Weiss, and others. Milberg Weiss
maintains offices in New York City, San Diego, Los Angeles, San
Francisco and Boca Raton and is active in major litigations pending in
federal and state courts throughout the United States. Milberg Weiss
has taken a leading role in numerous important actions on behalf of
defrauded investors, and is responsible for a number of outstanding
recoveries which, in the aggregate, total approximately $2 billion. For
more information about Milberg Weiss, please visit our website at

If you are a member of the class described above you may, not later
than sixty days from Feb. 2 move the Court to serve as lead plaintiff
of the class, if you so choose. In order to serve as lead plaintiff,
however, you must meet certain legal requirements.

Copyright (C) 2000 Business Wire. All rights reserved.

Distributed via COMTEX.
CONTACT: Milberg Weiss Bershad Hynes & Lerach LLP
Boca Raton Office
Kenneth Vianale/Maya Saxena
New York Office
Shareholders Services Dept.




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*** end of story ***

To: John Ritter who wrote (28)2/7/2000 6:21:00 PM
From: Ken M  Respond to of 48
REUTERS) Sykes Q4 net rises, restates Q2 and Q3 results
Sykes Q4 net rises, restates Q2 and Q3 results

TAMPA, Fla., Feb 7 (Reuters) - Sykes Enterprises Inc.,
which provides technology services to business, Monday posted
lower-than-expected 1999 fourth-quarter profits and forecast
disappointing earnings for 2000.
The company also announced revised results for the 1999
second and third quarters that were down sharply from the
original figures.
Shares of Sykes <SYKE.O> were off 3-5/8 at 14-5/16 at
midday on the Nasdaq stock market.
Fourth-quarter net income was $7.4 million, or 17 cents per
diluted share, excluding charges, the company said. Wall Street
had expected 21 cents per share, according to First
Call/Thomson Financial.
In the 1998 fourth quarter Sykes earned $11.9 million, or
28 cents per diluted share, excluding charges.
Fourth-quarter revenues rose to $163.6 million from $142.4
million a year earlier.
In the quarter, Sykes had special charge that included a
one-time, acquisition-related charge of $1.4 million, as well
as an additional charge of $7.3 million. The company also had a
fourth quarter severance charge of $500,000, as well as a $6.0
million charge.
The company did not immediately return calls to clarify
what these charges were related to.
Chairman and Chief Executive John Sykes said the company
would be looking for "strategic alternatives" for its wholly
owned subsidiary SHPS Inc.
The Tampa, Fla.-based company said the restatement of its
second and third quarter results stemmed from delayed revenues
in connection with certain software and service contracts.
In light of the restatement, the company now expects 2000
earnings at about $1.10 per share on revenues of about $735
million. Analysts were expecting earnings of $1.53 per share,
according to First Call.
Second quarter net income was restated as $4.0 million, or
9 cents per diluted share, from $11.5 million, or 27 cents a
share. Revenues were restated to $134.1 million from $146.1
Third quarter net income was restated as $4.3 million, or
10 cents per diluted share, from $14.1 million, or 33 cents per
share. Revenues were revised to $141.0 million from $161.0
((--New York Technology Desk 212/859.1860))
*** end of story ***

To: John Ritter who wrote (28)2/7/2000 6:22:00 PM
From: Ken M  Respond to of 48
(REUTERS) RESEARCH ALERT - Sykes cut to market perform
RESEARCH ALERT - Sykes cut to market perform

NEW YORK, Feb 7 (Reuters) - Banc of America Securities
analyst Jim Janesky said Monday he lowered his rating on Sykes
Enterprises Inc. <SYKE.O> to market perform from strong buy.
-- shares of Sykes were off 3-3/8 trading at 14-9/16 on the
Nasdaq stock market.
-- Janesky said Sykes reported fourth quarter earnings of
17 cents per share and a fiscal 1999 EPS of 60 cents per share,
below Janesky's estimate of 20 cents per share for the quarter
and $1.03 for the year.
-- said earnings for the second and third quarter of 1999
have been restated to 9 cents from 27 cents per share and to 10
cents from 33 cents per share, respectively.
-- said the company is also giving new guidance for 2000 of
$1.10 per share.
-- said the company has decided to recognize all costs
related to pending contracts, but no revenues. The recognition
of costs, but not revenues defies the accounting logic of
matching revenues with expenses in any given period.
-- said there is no visibility for 2000. On the conference
call, management stated that, on advice of counsel, they are
unable to comment on performance in 1999.
-- said lawsuits could prevent the company from signing
pending contracts.
-- said the company previously said it was unable to
recognize revenues related to three contracts that were being
performed, but had not been signed. One contract was related to
a current client, Adobe Systems Inc. <ADBE.O>, which the
company said was signed on Monday. The other two contracts are
-- said Sykes has indicated the lawsuits may complicate the
company's ability to sign the new contracts.
-- Janesky believes Sykes is still in discussions with its
auditors regarding appropriate revenue recognition principles,
which makes it more difficult to have confidence that future
earnings per share expectations won't be revised downward.
-- said although the stock currently trades at 13 times
Janesky's 2000 estimate of $1.10, he cannot say with sufficient
confidence that earnings estimates represent a trough for the
(( -- New York Technology Desk 212/859.1860))

*** end of story ***

To: John Ritter who wrote (28)2/7/2000 6:27:00 PM
From: Ken M  Read Replies (1) | Respond to of 48
If their is a bounce tomorrow it will be off the ceiling.

Good luck