July 22, 2003

West Corporation Reports Second Quarter Results

Company Produces Revenues of $237.6 Million and Net Income of $20.9 Million

OMAHA, Neb., Jul 22, 2003 /PRNewswire-FirstCall via COMTEX/ --

West Corporation (Nasdaq: WSTC), a leading provider of outsourced communication solutions, today announced results for the quarter ended June 30, 2003.


     Financial Summary (unaudited)
     (In thousands, except per share amounts and percentages)

                      Three Months Ended          Six Months Ended
                           June 30                     June 30
                       2003       2002   Percent   2003      2002    Percent
                                          Change                     Change

     Revenue         $237,559   $195,076  21.8% $453,745  $405,624    11.9%
     Operating income $33,490    $31,123   7.6%  $65,397   $65,986    -0.9%
     Net income       $20,861    $20,285   2.8%  $40,956   $42,877    -4.5%
     Earnings per
      share (basic)     $0.31      $0.31           $0.62     $0.65
     Earnings per
      share (diluted)   $0.30      $0.30           $0.60     $0.63

"We were pleased to complete the acquisition of InterCall in May," noted Thomas B. Barker, President and Chief Executive Officer. "The acquisition helped grow our revenue and earnings as expected during the quarter. We remain focused on completing the integration process as smoothly and quickly as possible."

Operating Results

Revenue grew 21.8% in the second quarter of 2003 to $237.6 million compared to revenues of $195.1 million in the same quarter last year. The acquisition of InterCall generated $33.8 million of revenue in the second quarter of 2003. The company reported operating income of $33.5 million for the quarter, up 7.6% from $31.1 million in the second quarter of 2002. Included in operating income was $7.4 million from InterCall operations. Net income also increased to $20.9 million from $20.3 million in last year's second quarter, a 2.8% increase. Diluted earnings per share were $0.30 in the second quarter of 2003, matching $0.30 earned in the same period last year.

Revenues grew 11.9% for the six months ended on June 30, 2003, up from $405.6 million to $453.7 million. During the same six-month period, the company reported operating income of $65.4 million compared to $66.0 million in the comparable period of 2002. In the first six months of 2003, net income was $41.0 million compared to $42.9 million in the comparable period of 2002.

Margins

As a percentage of revenue, operating income was 14.1% in the second quarter of 2003, compared to 16.0% in the comparable quarter of 2002. During the first six months of 2003, operating income as a percentage of revenues was 14.4%, down from 16.3% for the six months ended June 2002.

In the second quarter of 2003, SG&A as a percentage of revenues increased to 41.2% from 36.5% in last year's second quarter. For the first six months of 2003, SG&A as a percentage of revenues rose to 39.4% from 35.6% in the comparable period of last year. These increases can be primarily attributed to increases in depreciation, amorti down from $137.9 at the end of 2002. Approximately $125.6 million was utilized in the acquisition of InterCall, Inc. The company also incurred $250 million of debt in the acquisition.

"InterCall's performance in the second quarter bodes well for the future," said Paul Mendlik, Chief Financial Officer of West Corporation. "The acquisition added approximately 39,000 conferencing ports to our capacity. We also utilize an additional 150,000 ports in our interactive call handling operations."

Conference Call

The company will hold a conference call to discuss earnings on July 23rd at 10:00 AM Central Time. Investors may access the call by visiting the Investor Relations section of the West Corporation website at www.west.com and clicking on the Live Webcast icon. If you are unable to participate during the live webcast, a replay of the call will also be available on the website.

About West Corporation

West Corporation is a leading provider of outsourced communication solutions to many of the world's largest companies. The company helps its clients communicate effectively, maximize the value of their customer relationships and drive greater revenue from each transaction. West's integrated suite of customized solutions includes customer acquisition, customer care and retention services, interactive voice response services, conferencing and accounts receivable management services.

Founded in 1986 and headquartered in Omaha, Nebraska, West has a team of approximately 25,000 employees based in North America, Europe and Asia.

    For more information, please visit www.west.com .

Statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties. Such risks and uncertainties include, but are not limited to: planned expansion of operating facilities; labor market conditions; mergers, acquisitions, or joint ventures, including their execution; customer concentrations; technological innovation; and general economic conditions. Further information regarding the factors that could cause actual results to differ from expected or projected results can be found in documents filed by the Company with the United States Securities and Exchange Commission (the "SEC").


                               WEST CORPORATION
                      CONDENSED STATEMENTS OF OPERATIONS
                                  Unaudited
    ($ in thousands except per share amounts and selected operating data)

                      Three Months Ended           Six Months Ended
                           June 30,                    June 30,
                        2003      2002   % change   2003     2002    % change

    Revenue           $237,559  $195,076   21.8% $453,745  $405,624    11.9%
    Cost of services   106,224    92,787   14.5%  209,486   195,106     7.4%
    Selling, general and
     administrative
     expenses           97,845    71,166   37.5%  178,862   144,532    23.8%
    Operating Income    33,490    31,123    7.6%   65,397    65,986    -0.9%

    Other income
     (expense)            (662)      431 -253.6%     (206)    1,142  -118.0%
    Income before tax   32,828    31,554    4.0%   65,191    67,128    -2.9%
    Income tax expense  11,967    11,220    6.7%   24,070    24,096    -0.1%
    Minority Interest                 49              165       155     6.5%
    Net income         $20,861   $20,285    2.8%  $40,956   $42,877    -4.5%

    Earnings per
     common share
      Basic              $0.31     $0.31            $0.62     $0.65
      Diluted            $0.30     $0.30            $0.60     $0.63

    Weighted average
     number of shares
     outstanding:
      Basic common
       shares           66,569    65,659           66,431    65,506
      Diluted common
       shares           69,097    68,491           68,317    68,530

    Selected Operating Data
    Revenue:
      Communication
       Services*      $203,721  $195,076         $419,907  $405,624
      Conferencing      33,838       n/a           33,838       n/a
      Total           $237,559  $195,076         $453,745  $405,624
    Operating Income:
      Communication
       Services        $26,132   $31,123          $58,039   $65,986
      Conferencing       7,358       n/a            7,358       n/a
      Total            $33,490   $31,123          $65,397   $65,986
    Operating Margin:
      Communication
       Services          12.8%     16.0%            13.8%     16.3%
      Conferencing       21.7%       n/a            21.7%       n/a
      Combined           14.1%     16.0%            14.4%     16.3%

    Number of
     Communication
     Services
     workstations
     (end of period)    14,161    13,357           14,161    13,857
    Number of
     Communications
     Services ports
     (end of period)   150,908   128,187          150,908   128,187


                             Condensed Balance Sheet

                                  June 30,       December 31,
    Current assets:                 2003             2002          % change
      Cash and cash equivalents     $54,386        $137,927        -60.6%
    Accounts receivable, net        147,305         121,868         20.9%
      Other current assets           33,587          29,790         12.7%
        Total current assets        235,278         289,585        -18.8%
      Net property and equipment    254,039         213,641         18.9%
      Goodwill                      385,911         114,146        238.1%
      Other assets                  143,551          53,450        168.6%
        Total assets             $1,018,779        $670,822         51.9%

      Current liabilities          $121,489         $66,322         83.2%
      Other liabilities &
       minority interest            293,271          54,908        434.1%
      Stockholders' equity          604,019         549,592          9.9%
    Total liabilities and
     stockholders' equity        $1,018,779        $670,822         51.9%


    * Communication Services = includes all West Corporation services apart
      from InterCall conferencing

SOURCE West Corporation

Investor Relations, Carol Padon of West Corporation,
+1-402-963-1500
http://www.west.com

Copyright (C) 2003 PR Newswire. All rights reserved.

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