Dallas, June 8, 2004 - SOURCECORP, Inc. (NASDAQ: SRCP), a leading provider of consulting and business process outsourcing solutions, has recently launched an end-to-end outsourced solution to electronically manage paper tickets for America West Airlines. America West has also contracted to use SOURCECORP's hosted document repository, FASTRIEVETM, to store and retrieve the tickets.
Under the terms of the three-year arrangement, SOURCECORP collects, scans, keys, and stores ticket data electronically for retrieval as needed by America West. The solution involves the monthly processing of hundreds of thousands of tickets, paper coupons, airway bills, delivery receipts, refund requests, and miscellaneous correspondence. This electronic workflow solution, enabled through Optical Character Recognition processes, replaces a paper-based, manual system.
"After a rapid implementation and ramp phase, we are now utilizing SOURCECORP and FASTRIEVE at 100 percent and estimate annual cost savings of 15 percent in processing," said Chris Abbey, senior director of revenue accounting. "With the added benefit of imaging and online retrieval, we're operating more efficiently and have easier simultaneous access to data."
"SOURCECORP has invested in people development, business processes and supporting technology solutions specifically for the transportation industry and we are pleased to add America West to our client base," said Ed H. Bowman, Jr., President and CEO of SOURCECORP. "As a leading provider of BPO services our focus is to provide our clients, like America West, with the right mix of technology and process expertise to help them achieve their business goals."
About SOURCECORP
SOURCECORP, Incorporated provides business process outsourcing solutions and specialized high value consulting services to clients throughout the U.S. SOURCECORP focuses on business processes in information-intensive industries including healthcare, legal, financial services, government and transportation & logistics. Headquartered in Dallas, the Company serves clients throughout the United States through a network of locations in the US, Mexico and India.
SOURCECORP is a component of both the S&P SmallCap 600 Index and the Russell 2000 Index. The Company has been cited among the Top 100 Hot Growth Companies by BusinessWeek magazine. SOURCECORP has also been recognized twice by Forbes magazine as one of the 200 Best Small Companies, based on return equity, sales growth, and EPS growth, and by FORTUNE magazine as one of America's 100 Fastest Growing Public Companies. For more information about SOURCECORP's solutions, including case-study examples, visit the SOURCECORP website at www.srcp.com.
About America West
America West Airlines is the nation's second largest low-fare airline and the only carrier formed since deregulation to achieve major airline status. America West's 13,000 employees serve nearly 55,000 customers a day in 96 destinations in the U.S., Canada, Mexico and Costa Rica.
The statements in this press release, which are not historical fact, are forward-looking statements that involve risks and uncertainties, which could cause actual results to differ materially from such forward-looking statements. These forward-looking statements include, but are not limited to, any financial estimates, projections, and estimates of future contract values included in this press release. The aforementioned risks and uncertainties include, without limitation, the risks of integrating our operating companies of the timing and magnitude of technological advances, of the occurrences of a diminution in our existing customers' needs for our services, of a change in the amount companies outsource business processes, of the impact to margins resulting from a change in revenue mix as well as the risks detailed in SOURCECORP's filings with the Securities and Exchange Commission, including without limitation, those detailed under the heading
Contacts:
Mary Leos, Director, Corporate Marketing & Communications: maryleos@srcp.com 214.740.6904