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) October 17, 1996
APAC TeleServices, Inc.
(Exact name of registrant as specified in charter)
Illinois 0-26786 36-2777140
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
One Parkway North Center, Suite 510, Deerfield, Illinois 60015
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (847) 945-0055
(Former name or former address, if changed since last report)
Item 5. Other Events.
The Registrant is filing, as Exhibit 99, a press release dated October 17,
1996, in which the Registrant reports revenues and earnings for each of the
thirteen weeks and thirty-nine weeks ended September 29, 1996.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Page Number
Number Description In This
Report
(99) Press release, dated October 17, 1996, 4
reporting the Registrant's revenues and
earnings for each of the thirteen weeks
and thirty-nine weeks ended September 29,
1996.
SIGNATURES
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.
APAC TELESERVICES, INC.
Date: October 18, 1996 By: /s/ Robert D. Mitchum
Robert D. Mitchum
Its: Senior Vice President -- Finance
EXHIBIT 99
FOR IMMEDIATE RELEASE
CONTACT: Marc S. Simon
Chief Financial Officer
(847) 945-0055
APAC REPORTS RECORD REVENUE AND EARNINGS
Deerfield, IL, October 17, 1996 - APAC TeleServices, Inc. (Nasdaq Symbol
"APAC"), the outsourced customer service and sales company, today reported its
financial results for its third quarter of fiscal 1996.
APAC announced record revenue of $75.4 million for the thirteen weeks ended
September 29, 1996, up 212% from $24.1 million in the same period a year ago.
Net income increased 514% to $8.6 million for the 1996 third quarter compared to
$1.4 million on a pro forma basis for the 1995 third quarter. Earnings per
share in the third quarter of 1996 increased 500% to $0.18 as compared to $0.03
in the same prior year quarter.
For the thirty-nine weeks ended September 29, 1996, APAC reported record
revenue of $188.6 million, an increase of 191% from the prior year's revenue of
$64.8 million for the same period. Net income for the first three quarters of
fiscal 1996 was $20.4 million as compared to $4.7 million for the same period in
1995, a 334% increase. Earnings per share for the period ended September 29,
1996 was $0.43, up 258% from $0.12 for the same period in 1995.
Prior to October 16, 1995, APAC had elected to be treated as a S
corporation and, accordingly, was not subject to Federal and state income taxes.
Pro forma net income amounts reflect an assumed provision for income taxes as if
the Company had been subject to Federal and state income taxes in all periods
presented.
APAC Teleservices, Inc. provides outsourced customer service and sales
solutions to major corporations nationwide. The company has more than 11,000
employees located in 56 call centers offering a strategic alternative to in-
house operations. APAC's clients represent a wide range of industries,
including entertainment, financial services, insurance, parcel delivery,
telecommunications and utilities.
APAC TELESERVICES, INC.
STATEMENTS OF INCOME
(000S OMITTED, EXCEPT FOR PER SHARE DATA)
Thirteen Weeks Ended
SEPTEMBER 29, OCTOBER 1,
1996 1995
(PRO FORMA)
(Unaudited)
Net Revenue $75,361 $24,143
Operating Expenses
Cost of services 52,372 17,437
Selling, general and
administrative 8,979 4,209
expenses
Income from Operations 14,010 2,497
Interest Income (Expense) (39) (266)
Income before Income Taxes 13,971 2,231
Provision for Income Taxes 5,351 877
Net income $8,620 $1,354
Earnings per share $0.18 $0.03
Weighted average number of
shares outstanding 48,116 40,086
Note 1 - Income taxes, net income and net income per share for
the thirteen weeks ended October 1, 1995, are presented
on a pro forma basis and assume that the company was
subject to Federal and state income taxes for the
period presented.
Note 2 - Net income per share and the weighted average number of
shares outstanding for each period presented reflect a
two-for-one stock split in the form of a dividend paid
on May 15, 1996.
APAC TELESERVICES, INC.
STATEMENTS OF INCOME
(000S OMITTED, EXCEPT FOR PER SHARE DATA)
Thirty-Nine Weeks Ended
SEPTEMBER 29, OCTOBER 1,
1996 1995
(PRO FORMA)
(Unaudited)
Net Revenue $188,804 $64,785
Operating Expenses:
Cost of services 132,547 44,627
Selling, general and
administrative expenses 22,762 11,601
Income from Operations 33,295 8,557
Interest income (Expense) 240 (828)
Income before Income Taxes 33,535 7,729
Provision for Income Taxes 13,079 3,030
Net income $20,456 $4,699
Earnings per share $0.43 $0.12
Weighted average number of
shares outstanding 47,815 40,086
Note 1 - Income taxes, net income and net income per share for
the thirty-nine weeks ended October 1, 1995, are
presented on a pro forma basis and assume that the
company was subject to Federal and state income taxes
for the period presented.
Note 2 - Net income per share and the weighted average number of
shares outstanding for each period presented reflect a
two-for-one stock split in the form of a dividend paid
on May 15, 1996.
