6% 2.9
%
Search Revenue (000's) $13,486 $11,690 $8,350
Placements
1,201 1,026 714
Average Fee $11,362
$11,477 $11,742
Billing days 63 62 64
Technology
----------------------------
Flex Revenue (000's)
$84,961 $82,983 $57,601
Revenue per billing day
(000's)
$1,349 $1,338 $900
Sequential Flex Revenue
Change
2.
Key Statistics - Health +
Life
Sciences
(Unaudited)
Q1
2005 Q4 2004 Q1 2004
------------ ------------ -------
------
Healthcare-Nursing
----------------------------
Flex Revenue (000's)
$10,559 $10,352 $9,442
Revenue per billing day
(000's)
$168 $167 $147
Sequential Flex Revenue
Change
2.5% 23.04) (1,776) (0."
Adecco releases its "Where the Jobs Are" report
in advance of the
state unemployment reports to provide more depth and breadth to the
employment
picture in selected regions. (the "Company") as of the date of
this release, and we assume no duty
to update any such forward-looking
statements.com
engineering employment
(NASDAQ:KFRC), a professional staffing
firm, today announced results
for the first quarter of 2005. "Total
Firm revenues are up 48.
We
were excited to see the number of permanent placements continuing
to increase and the average placement
fee remaining strong.1% year over year growth.5 million or 8 cents
per share in Q1 2004. Liberatore
continued; "Flex gross profit at the end of Q1 2005
is 100 basis points higher than a year ago driven
by an improving
spread between bill and pay rate."
Mr.com
About Kforce
Kforce (NASDAQ:KFRC
) is a professional staffing firm providing
flexible and permanent staffing solutions for organizations
in the
skill areas of technology, finance + accounting, and health and life
sciences. Factors
that could cause actual results to differ materially include the
following: business conditions
and growth in the staffing industry and
general economy; competitive factors, risks due to shifts
in the
market demand, including, without limitation, shifts in demand for our
Health and Life
Sciences, Finance and Accounting and Technology
Groups, as well as the market for search and flexible
staffing
assignments; changes in the service mix; ability of the Firm to
complete acquisitions;
and the risk factors listed from time to time
in the Firm's reports filed with the Securities and
Exchange
Commission, as well as assumptions regarding the foregoing.1% 31.5%
Search
Revenue (000's) $7,750 $7,200 $5,441
Placements
706 671 474
Average Fee $11,177 $10,788
$11,535
Health + Life Sciences
----------------------------
Flex Revenue (000
's) $43,174 $41,209 $35,742
Revenue per billing day
(000's)
$685 $665 $558
Sequential Flex Revenue
Change
4.8% 1.3% 30.02) (1,117) (0.03
================
================ =================
Outstanding
Shares -
Diluted 40,026
39,139 32,941
EBITDA, a non-GAAP financial measure, is defined as earnings
before
interest, income taxes, depreciation and amortization. EBITDA should
not be considered
a measure of financial performance under generally
accepted accounting principles.
EBITDA should
not be considered in isolation or as an alternative to
net income, cash flows data or other financial
statement information
presented in the consolidated financial statements as indicators of
financial
performance or liquidity.
DETAILS: The following commentary is offered in advance of the
May
unemployment rate announcement due Friday from the U. Department of Labor:
"We anticipate
another month of respectable job growth in the economy,
although perhaps not the sizeable increase
we saw last month, but a strong
showing nonetheless., offering staffing solutions that include
temporary
staffing services, staff leasing, outsourcing, vendor on-site and
full-time placement.com ."
Chief
among them, Campion says, is a major consumer products
manufacturer that is preparing a new line
for production and
distribution. In addition, many people on
long-term temporary assignments are
being hired full-time by the
client.
Campion notes, "This has been a great year for temporary
staffing
so far.9% from April 2004 to April 2005.
Forward-Looking Statements
Information
in this release may involve guidance, expectations,
beliefs, plans, intentions or strategies regarding
the future. is a Forbes 500 company and the global leader in HR
solutions.
Adecco Staffing USA
serves more than 70,000 clients a year through
a nationwide network of almost 1,100 points of sales
and service.
Adecco USA is a member of the American Staffing Association, an
organization that
promotes legal, ethical, and professional practices
for the staffing industry.adeccousa.business employment
Shareholder
equity at the end of Q1
2005 is $192. We have substantially
completed the integration of VistaRMS
and don't expect any incremental
costs with regard to this transaction to affect Q2.com (select
"Investor Relations") and will be available for Webcast replay until
June 3, 2005. Such forward-looking
statements are within the meaning
of that term in Section 27A of the Securities Act of 1933, as amended
,
and Section 21E of the Securities Act of 1934, as amended.
Summary of
Operations
(In Thousands, Except Per Share Amounts)
(Unaudited)
Quarter Ended
--------------------------------------
March 31, December
31, March 31,
2005 2004 2004
--------------------------------------
Revenue by Function:
Technology
$89,553 $86,497 $59,650
Finance/Accounting 59,029
61,537 33,956
Health and Life Sciences 44,318 42,185 36,602
------------ ------------ ------------
Total Revenue
192,900 190,219 130,208
Revenue by Time:
Perm
13,486 11,690 8,350
Flexible 179,414 178,529
121,858
------------ ------------ ------------
Total Revenue
192,900 190,219 130,208
Cost Of Sales
132,872 130,179 91,500
------------ ------------ -----
-------
Gross Profit 60,028 60,040 38,708
GP %
31.08 $0.45 $0.08
Depreciation and
Amortization (1,755
) (0.05) (883) (0. EBITDA is a key measure used by management to evaluate
its operations and
to provide useful information to investors. People seeking
permanent jobs are increasingly able
to use temporary work as a way in the
door.A. is registered in Switzerland (ISIN: CH0012138605) and
listed on the Swiss Stock Exchange with trading on Virt-x
(SWX/VIRT-X:ADEN), the New York Stock
Exchange (NYSE:ADO) and Euronext
Paris - Premier Marche (EURONEXT: ADE).permanent perm
Staffing employment growth
increased
8.
We believe that these actions will help fuel future growth and
operating results
by allowing our associates to be productive.8 million compared to $93."
Mr.6% in Q4 2004 and 29. We
believe
revenues may be in the $196 to $200 million range and earnings per
share for Q2 may be
in the 11 to 13 cents range which reflects
approximately 41 million weighted average diluted shares
outstanding.kforce.7% 5.9%
Hours (000's) 1,873 2,006
993
Flex GP % 27.8%
Search Revenue (000's)
$1,144 $976 $860
Placements 114 85
80
Average Fee $10,046 $11,454 $10,715
Kforce Inc.3%
Hours (000's) 253 251 236
Flex GP % 23.5% -8.4%
Hours (000's)
118 127 87
Flex GP % 32. EBITDA
as presented
may not be comparable to similarly titled measures of
other companies."
WHEN: Friday
, June 3, 2005
About Kelly Services
Kelly Services, Inc.
Job seekers should take
note that in addition to traditional
temporary hiring, Adecco branches are receiving more requests
for
temp-to-hire and direct hire candidates. People to fill temp-to-hire positions in financial services
,
administration, assembly and packaging are all in high demand from
companies in the New Haven
area.A.compliance energy
The Firm has been able to increase EBITDA per
share 150% over the past year.
The webcast
is also being distributed over CCBN's Investor
Distribution Network to both institutional and individual
investors.com or by visiting any of
the investor sites in CCBN's Individual Investor Network.19
$0.9% 23.03)
Interest Expense
and Other (905) (0.04)
Tax Benefit
(Expense) (2,406) (0.06) 12,636 0.45 $1,067 $0.
WHO: Carl Camden
, president and chief operating officer, Kelly Services. Kelly provides employment to more than 700
,000 employees annually,
with skills including office services, accounting, engineering, information
technology, law, science, marketing, light industrial, education, health care
and home care. New
Haven is one of the many locales
across the country where Adecco is responding to a growing need
for
contingent workers from employers in a variety of industries.temporary permanent
Business Editors/Technology
Writers
TAMPA, Fla.1 million or 3 cents per
share in the first quarter of 2004 and $17. We
reiterate our goal of between 10
to 15% of total Kforce revenue being comprised of permanent
placement
.5% and the 16th consecutive month
of non-farm employment gains. We believe it is
noteworthy that
Technology search was the strongest percentage
contributor to both our sequential and year over year
search growth. Liberatore; "To assist in the comparison with prior
quarters as the result of the
Firm recording income tax expense in the
first quarter of 2005, we believe it is useful to look at
EBITDA, an
indication of cash earnings per share.m.9%
Selling, General + Admin.5%
0.7% -1.7%
Hours (000's) 309 314 275
Flex
GP % 24.
"Demand for staffing services continues to escalate across
the employment
spectrum with a rise in temporary to permanent placement.98 billion. Factors that
could affect the Company's forward-looking
statements include, among other things: the outcome of
investigations
by governmental agencies or stock exchanges; the pace of economic
recovery in various
regions and the demand for temporary staffing; the
impact and result of any litigation (including
US class action
litigation); any adverse developments in existing commercial
relationships, disputes
or legal proceedings; volatility of the
Company's stock price; intense competition in the markets
in which the
Company competes; and negative reactions from the Company's
shareholders, creditors
or vendors with respect to any of the
foregoing matters. Securities and Exchange Commission from
time to time, for a further discussion of the factors and risks
associated with our business.
environmental field
1%
year-over-year.5 million or 19 cents
per share in the fourth quarter of 2004 and $2.1% in Q1
2004.
Institutional investors can access the call via CCBN's
password-protected event management
site, StreetEvents
http://www. The words "should," "believe," "estimate," "expect,"
"intend,"
"anticipate," "foresee," "plan" and similar expressions and
variations thereof identify certain of
such forward-looking
statements, which speak only as of the dates on which they were made.20
$0.6% 7.3% 8.5%
Hours (000's) 213 207
191
Flex GP % 28.19 $2,505 $0.02) (755) (0. EBITDA is not
a measurement
determined in accordance with generally accepted accounting
principles and is thus
susceptible to varying calculations.
"The pace of hiring should now climb steadily heading into
the summer
months.com/cgi-bin/prnh/19991208/KELLYLOGO )
compliance business
1
million or 8 cents per share
compared to $1. Our
Technology flex practice continued to grow with the addition of
VistaRMS in
the first quarter. As expected Finance and Accounting
revenue was impacted by the scaling back of
high bill rate
Sarbanes-Oxley work."
Joe Liberatore, Chief Financial Officer added, "First quarter
earnings per share of 8 cents was impacted by approximately 4 cents
from higher payroll related
taxes that most significantly affect the
Firm in the first quarter, approximately 1 cent for costs
related to
the completion of our 2004 Sarbanes-Oxley 404 assessment and audit and
1 cent of integration
costs related to the acquisition of VistaRMS
revenues.1% 24.6%
Hours (000's)
1,437 1,437 1,045
Flex GP % 24.8%
29.
Business Editors
NEW HAVEN, Conn.A. The Adecco Group network connects up
to 700,000 associates
with business clients each day through its 29,000 employees and 6,000
offices
in 70 territories around the world.solutions resumes
9 million compared to $130.
"We are very pleased that we were
able to reach the top end of our
earnings guidance which, we believe, reflects our enhanced operating
leverage. In addition, we believe
that our diversified balanced service offerings, as well as
offering
both flexible and search, mitigate the impact that any one segment has
on total Firm
performance in the short term.1% in Q4 2004. Sanders, President said; "Search revenues increased for
the sixth straight quarter up 15. Liberatore continued; "Looking forward to the second quarter,
we
expect to continue to realize the benefits of the leverage in our
operating platform, though we still
expect expenses to be affected by
payroll related taxes, applied to both our core and consultant
populations, albeit at a lower level than Q1.
KFORCE INC. + Amort
.4% -3. Items excluded from EBITDA are
significant components in understanding and assessing
financial
performance.Kelly Services Provides Advance Unemployment Rate Announcement
and the
world, today announced it
is seeing increased demand for employees in the New Haven area,
especially
in manufacturing.business temporary
2 million for the first
quarter of 2004 and $190.6 million or 45 cents per
share
in the fourth quarter of 2004. We believe this increase indicates the continuing
strong demand for
Technology staffing services.2 days from
40. Eastern Time.m. As a result,
such forward-looking
statements are not guarantees of future
performance and involve risks and uncertainties, and actual
results
may differ materially from those indicated in the forward-looking
statements as a result
of various factors.1% 24.08
Shares Outstanding - Diluted 40,026 39,139
32,941
EBITDA $8,145 $7,540 $2,505
Selected Cash
Flow Information:
Bad Debt Expense $421 $819 $(226)
Capital
Expenditures $1,926 $2,605 $1,447
Selected Balance Sheet
Information:
Total Cash and Cash Equivalents $189 $363 $10,243
Accounts Receivable, net
$108,227 $90,682 $69,670
Total Assets $309,014 $273,195
$167,996
Current Liabilities $101,373 $89,163 $42,524
Long-Term Liabilities
$14,831 $13,263 $32,016
Total Stockholders' Equity $192,810 $170
,769 $93,456
Other Information:
Billing Days 63 62
64
Kforce Inc.6% 25.0% 0.1% 26
.02
---------------- ---------------- -----------------
Net Income $3
,079 $0.08 $17,645 $0.,
WHAT: Advance comment on the unemployment rate announcement
provided by
global staffing company Kelly Services.
The statements in this release are not guarantees
of future
performance and actual results could differ materially from our
current expectations
. Registered in Switzerland,
and managed by a multinational team with expertise in markets spanning
the globe, the Adecco Group delivers an unparalleled range of flexible
staffing and career resources
to corporate clients and qualified
associates.business staffing
Dunkel, Kforce's Chairman and Chief Executive Officer
. Kforce also has a legacy
of success in permanent placement, which continues to grow as a
percentage
of total revenues, and now represents 7% of the revenue
stream, up from 6. Operating expenses decreased
60 basis points to
28.
The call will begin at 5:00 p.9%
Hours (000's)
4,203 4,342 2,827
Flex GP % 25.7% 0.----In
advance of the
Connecticut state unemployment report, Adecco (NYSE:ADO), the staffing
industry
's market leader in the U.
Adecco is seeing similar percentage growth in the number of associates
we're placing in the New Haven area.S.individual staffing
Dunkel; "We believe macro trends for staffing remain
favorable
with March Bureau of Labor Statistics data indicating
college educated unemployment at 2. We were
particularly pleased with the increase in our
Technology search business, which grew 30.7% sequentially
and 124."
Mr."
Kforce will host a conference call today to discuss these results.
Individual
investors can listen to the call through CCBN's individual
investor center at http://www.fulldisclosure
.kforce. Readers are cautioned not
to place undue reliance on these forward-looking statements.03
EBITDA Per Share $0.5% -0.0% -1.9% 26.20 $7,540 $0
. TROY, Mich. According to the Bureau of Labor Statistics, the nation's
temporary staffing industry
grew 6.permanent environment
4% year over year and the overall staffing capture of total payroll
dollars is within 1/10
of a percent of its all time high. We believe
that the professional segment, particularly Technology
, Finance and
Accounting and Health and Life Sciences, is the sweet spot of
staffing."
William
L.4% sequentially and 61. We are
pleased to note that we are essentially complete with the integration
of VistaRMS and are already beginning to see the benefits across the
entire organization of making
this great team a part of the Firm. We are currently
rolling out a new state of the art front end
system and intend to
upgrade our internal financial systems and processes later this year. Liberatore
continued; "The Firm also continues to exhibit
improved operating leverage through declining operating
costs as a
percentage of revenue.8 days at Q4 2004. The dial-in number is
1-617-786-2963, pass
code 72302390. Backed by more than 1,600 staffing specialists, Kforce
operates with 83 offices in
45 markets in North America.com
Certain of the above statements contained in this press release
are forward-looking statements that involve a number of risks and
uncertainties. In
particular
, there can be no assurance that the above transaction will
be consummated. 52,285
52,715 37,028
Deprec.3%
Search Revenue (000's) $221 $438
$404
Placements 14 29 22
Average Fee
$15,760 $15,033 $18,366
Scientific
-----
-----------------------
Flex Revenue (000's) $8,359 $8,360 $7,059
Revenue per billing day
(000's) $132 $135 $110
Sequential Flex Revenue
Change 0.kellyservices.
(Logo:
http://www. All
forward-looking statements included in this release are based on
information available
to Adecco S. Please refer to the Company's Annual Report on Form
20-F for the year ended December
28, 2003, and other reports filed
with or submitted to the U.compliance energy
Positive operating trends for the Firm
continued in Q1 as
revenues grew sequentially for the sixth straight quarter, search
revenues
increased for the sixth straight quarter, the spread between
bill rates and pay rates improved for
the fourth straight quarter, and
operating expenses as a percentage of revenue again declined," said
David L. We continue to see improvement in
the spread between bill rates and pay rates in all
three business
segments, which we believe is the result of our continued focus on
pricing, client
mix and business mix and are optimistic that
improvement will continue.9% 3.1%
Search Revenue (000's) $4,592 $3,514 $2,049
Placements
381 270 160
Average Fee $12,092 $13,197
$12,870
Finance and Accounting
----------------------------
Flex Revenue
(000's) $51,279 $54,337 $28,515
Revenue per billing day
(000's)
$814 $876 $446
Sequential Flex Revenue
Change
-5.Adecco's 'Where-the-Jobs-Are' Report Shows Increased Hiring in Greater
New Haven Area
Paul Campion, Adecco's area vice president for the New Haven
market, says,
"The economy is beginning to stabilize, and we are
seeing a growing number of local employers making
hiring decisions. With
headquarters in Melville, NY, Adecco employs about 3,100 full-time
employees
and places more than 130,000 temporary associates each week.temp resources
----Kforce Inc.1% year over year. We
will
also continue to emphasize the training of our associates as well
as providing them with state of
the art tools.streetevents.
Additionally, any statements related to future integrations are
forward
-looking statements.7%
Flex GP% 25.9% 27.3% 28.7%
25.6%
Search Revenue (000's) $190 $149 $101
Placements
20 17 15
Average Fee $9,553
$8,771 $6,714
Healthcare- Non Nursing
----------------------------
Flex Revenue (000's) $7,476 $7,548 $5,433
Revenue per billing day
(000's) $119 $122 $85
Sequential Flex Revenue
Change -1.8% 29.
Selected Financial
Information
(In Thousands, Except Per Share Amounts)
(Unaudited)
EBITDA Reconciliation
Q1 2005 Q4 2004
Q1 2004
---------------- ---------------- -----------------
Per share Per share Per share
--------------
-- ---------------- -----------------
EBITDA $8,145 $0. Visit
http://www.newscom
.S. The trends in these regions are not intended to be
indicators of nationwide trends. These
forward
-looking statements involve risks and uncertainties. Numerous factors could cause or contribute to
such
differences.
The Adecco Group comprises three Divisions: Adecco Staffing,
Ajilon Professional
and LHH Career Services.
Additional information is available at www.field compliance
2 million for the quarter
ended December 31,
2004. The Firm reported earnings for the first quarter of 2005 of $3. Revenue
growth for our HLS group remains strong
with 21."
Continued Mr."
Continued Mr. EBITDA for the
first quarter
was $8. The replay of the call will be
available from 7:00 p. Eastern Time Tuesday
, May 3 through May 10,
2005, by dialing 1-617-801-6888, pass code 33934523.9% 27.4%
25.5% 27.5% 24. (Nasdaq: KELYA, KELYB) is a Fortune 500 company
headquartered in
Troy, Mich. Revenue in 2004 was $4. "Despite what the national manufacturing job numbers are
showing
, we are seeing positive growth in this area," he said.
About Adecco
Adecco S. In Adecco
Staffing, the
Adecco network focuses on flexible staffing solutions for global
industries in transition
, including automotive, banking, electronics,
logistics and telecommunications; Ajilon Professional
offers an
unrivaled range of specialized branded businesses; LHH Career Services
encompasses our
portfolio of outplacement and coaching consultancy
businesses.
Adecco S.solutions energy
Kforce Inc. Reports First
Quarter Results; Revenue of $192.9 Million and EPS of 8 Cents
"
Continued Mr.5%
year-over-year
.8% of all receivables past due more than 60 days from
the date of invoice as of quarter end. For
more
information, please visit our Web site at http://www. The Firm undertakes no obligation to
publicly
update or revise any forward-looking statements.
Key Statistics
(Unaudited)
Q1 2005 Q4
2004 Q1 2004
------------ ------------ -------------
Total Firm
----------------------------
Flex Revenue (000's) $179,414
$178,529 $121,858
Revenue per billing day
(000's) $2,848
$2,879 $1,904
Sequential Flex Revenue
Change 0
.5%
Search Revenue (000's) $126 $139 $42
Placements
13 8 5
Average Fee $9,711
$17,400 $8,316
Clinical Research
----------------------------
Flex Revenue (000's) $16,780 $14,949 $13,808
Revenue per billing day
(000's) $266 $241 $216
Sequential Flex Revenue
Change 12.1% 3.0%
Search Revenue (000's)
$607 $250 $313
Placements 67 31
38
Average Fee $9,056 $8,043 $8,196
Kforce Inc.S.individual engineering
Revenue for the quarter ended March 31,
2005 was $192. We remain
positive
for a continued ramp up in search revenues in 2005. Sanders; "As we look forward, we are continuing
our
emphasis on acquiring and retaining great people and believe that the
acquisition of VistaRMS
is a reflection of this commitment.1 million or 20 cents per share versus $7.5 million at the end of
Q1
2004, representing an increase of 106%.0% in Q1 2005 from 28. This
decrease is attributable
to continued scrutiny of all controllable
costs including the management of our accounts receivable
portfolio,
which had only 3. As of Q1 2005, days sales
outstanding (DSO) on accounts receivable
declined to 32.
It will also be Webcast live at http://www.6% 29. 1,755
1,776 883
------------ ------------ ------------
Income from Operations 5,988 5,549 797
Other Expense
503 540 292
------------ ----
-------- ------------
Earnings Before Taxes 5,485 5,009 505
Income Tax (Expense) Benefit (2,406) 12,636 562
------------ ------------ ------------
Net Income $3,079
$17,645 $1,067
============ ============ ============
Earnings Per Share - Diluted $0.4% 27.4%
Hours (000's)
893 899 789
Flex GP % 27.0% -3.32 562
0. Kelly owns and operates nearly 2,600 offices in 27
countries. The report is based on
interviews
with Adecco recruiters across the country and consists of
press releases that report on hiring trends
in regions experiencing
employment growth.business perm
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