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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): April 24, 2000
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TELESPECTRUM WORLDWIDE INC.
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(Exact Name of Registrant Specified in Charter)
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<S> <C> <C>
Delaware 0-21107 23-2845501
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(State or Other (Commission File (I.R.S. Employer
Jurisdiction of Number) Identification No.)
Incorporation)
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443 South Gulph Road
King of Prussia, Pennsylvania 19406
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(Address of Principal Executive Offices) (Zip Code)
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Registrant's telephone number, including area code: (610) 878-7400
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS
On April 24, 2000, the Registrant announced that it had hired Vincent J.
Ciavardini as its President and Chief Executive Officer and that Keith E. Alessi
has become Chairman.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
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Exhibit Number Description
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99.1 Press Release issued by the Registrant on April 24, 2000
1998 announcing its new Chairman and its new President
and Chief Executive Officer as well as its financial
results for the first quarter of 2000.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TELESPECTRUM WORLDWIDE INC.
(Registrant)
By /s/ Keith E. Alessi.
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Keith E. Alessi
President and Chief Executive Officer
Dated: April 24, 2000
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EXHIBIT 99.1
NEWS
FOR IMMEDIATE RELEASE
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Contact:
FINANCIAL RELATIONS BOARD - (212) 661-8030
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Kerry Thalheim Nicole Innarella Judith Sylk-Siegel
General Analyst Media
TELESPECTRUM WORLDWIDE INC.
REPORTS FIRST QUARTER RESULTS, NAMES KEITH E. ALESSI CHAIRMAN, VINCENT J.
CIAVARDINI PRESIDENT AND CHIEF EXECUTIVE OFFICER
KING OF PRUSSIA, PA-APRIL 24, 2000-TeleSpectrum Worldwide Inc. (NASDAQ: TLSP)
today announced results for the first quarter, the three months ended March 31,
2000. Net loss was $3.9 million or 12 cents per share versus net income of $4.7
million or 17 cents per share in the prior year. Revenues for the quarter were
$78.7 million, an increase of 64% from the $47.9 million in the prior year's
quarter.
"These results were in line with our expectations", said Keith E. Alessi,
TeleSpectrum's Chairman." We experienced a very soft January and February in our
outbound telemarketing operation as several major accounts were slow in ramping
up their year 2000 marketing plans. We have seen these revenues increase in
March and April and we have a full book of business projected for May and June.
Our Channel Care division continues to make the
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previously announced investments necessary to grow that business. Finally, these
results reflect the ramping up of efforts at the e-Satisfy.com business."
Separately, TeleSpectrum announced that Vincent J. Ciavardini, 44, has been
appointed President and Chief Executive Officer of the Company, effective May 1,
2000. He has also been appointed to TeleSpectrum's Board of Directors. Keith
E. Alessi, 45, who is the current President and Chief Executive Officer was
named Chairman, replacing Jeffery E. Stiefler who was chairman since the merger
with IDRC June 1999. Mr. Stiefler will also continue serving as a director of
the company.
(continued)
TELESPECTRUM WORLDWIDE INC. / PAGE 2
Mr. Alessi commented, "I am delighted that Vince is joining our Company. We had
previously announced that we were seeking to strengthen our senior management
team in order to execute on numerous strategic initiatives. Vince brings the
sort of firepower that we were seeking. He has a strong business development
track record and extensive experience developing client relationships.
Importantly, he also has a clear understanding of how new e-CRM business
opportunities will support our growth objectives. Vince and I share a common
vision for driving shareholder value, and we look forward to working together to
bring it to fruition."
Prior to joining TeleSpectrum, Mr. Ciavardini was President, Chief Operating
Officer and Director for PFPC, Inc., a subsidiary of PNC Financial (NYSE: PNC),
where he focused on business
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development, sales and marketing and strategic planning. PFPC, headquartered in
Wilmington, Delaware, is a financial services company providing a broad array of
financial products and professional services to the global funds marketplace. In
this thirteen-year career at PFPC, he held roles of increasing responsibility in
customer relationship management, product development, finance and operations.
His background also includes experience in auditor positions of increasing
responsibilities with Coopers & Lybrand.
THE COMPANY
Headquartered in King of Prussia, Pa., TeleSpectrum Worldwide Inc. is a premier
provider of multi-channel customer relationship management (CRM) solutions for
Fortune 500 companies in industries including financial services,
telecommunications, technology, insurance, utilities, healthcare/pharmaceutical,
and government. Through its traditional call center offerings and powerful e-
business platform, ChannelCare, TeleSpectrum has the capability to manage the
multiple channels of customer contact: phone, web, e-mail and fax. The Company
presently operates approximately 6,000 workstations in 30 call centers, and
employs approximately 11,000 people in the United States, Canada and United
Kingdom. To learn more about TeleSpectrum and its capabilities, please reference
the Company's web site at www.telespectrum.com.
(continued)
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TELESPECTRUM WORLDWIDE INC. / PAGE 3
FORWARD-LOOKING STATEMENTS
Many statements contained herein regarding TeleSpectrum Worldwide's financial
performance are forward-looking statements that involve substantial risk and
uncertainty. These statements include: we have a full book of business projected
for May and June. For these statements, we claim the protection of the safe
harbor for forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. There are many factors that could effect these
future looking statements, including future changes and developments that
adversely affect Internet commerce and communications, TeleSpectrum's ability to
obtain sufficient capital and hire and retain effective management for the e-
Satisfy and ChannelCare businesses, and other factors discussed in
TeleSpectrum's SEC filings.
- FINANCIAL TABLES FOLLOW -
