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Opinion Research Announces Sale and Closures
Opinion Research Corporation has sold the teleservices part of its business to a management group, and announced the closure of its market research operations in South Korea and Mexico as well as one of its US call centres.
Effective December 31 2005, the teleservices segment was sold in exchange for the assumption of all liabilities and the potential for future payments from the buyer. The company says the sale was 'made desirable by' the recent decline in revenues and resulting losses despite the unit's historic profitability and good performance for its own sub-sector.
One of the company's US call centers will close, and its market research operations in South Korea and Mexico are in the process of closing. The latter have seen erratic operating results and are said to be 'non-strategic in our services to our global clients'.
The three affected units have total revenue of $7.6 million and operating loss of $6.8 million for the nine months ended September 30, 2005, and further losses are expected due to disposal / closure and from discontinued operations in the fourth quarter, lowering overall results compared with earlier guidance.
Founded in 1938, Opinion Research Corporation provides commercial market research, health and demographic research for government agencies, information services and consulting. It is online at www.opinionresearch.com.
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