K. Client investment in capital spending and both
permanent and temporary hiring is expected
to continue into the second
quarter.cdicorp.
CDI CORP. AND SUBSIDIARIES
Consolidated Statements of Earnings
Unaudited
(in thousands, except per share data)
For the three months ended
March
31, December 31, March 31,
2005 2004
2004
As Restated
(a)
Revenues
$265,919 261,229 255,987
Cost of services 205,134
202,150 194,823
Gross profit 60,785 59,079 61,164
Operating and administrative
expenses 57,665 66
,491 54,114
Restructuring - (200) -
(Gain) on sale of asset (420) - -
Operating profit
(loss) 3,540 (7,212) 7,050
Interest income, net and other
(147) (85) (268)
Earnings (loss) from operations
before taxes
3,687 (7,127) 7,318
Income tax expense (benefit)
1,373 (3,456) 2,599
Net earnings (loss) $2,314 (3,671
) 4,719
Diluted earnings per share:
Net earnings (loss) $0
.5% 35. In the first quarter, this segment posted 35% growth in revenue
versus the first quarter
of 2004. Excluding the impact of acquisitions, revenue from Accounting
Principals increased 40% versus
the first quarter of 2004."
Conference Call Scheduled Today
The live broadcast of MPS Group's conference call will begin at 10:00 a.0% 144.6% 3.
assignments contract
9 million
.4 million related to a sale of a company
asset. The company also announced a quarterly dividend
of $0.
Corporate Summary
Corporate overhead costs were essentially flat sequentially
after
excluding approximately $1. "We expect to continue
to generate sufficient cash in 2005
to support organic growth, capital
spending and potential acquisitions," said Ballou. The company
assumes no obligation to update such information.
Information Technology Division
Performance
The Company's Information Technology division reported revenue for the
first
quarter of 2005 of $198 million, an increase of 28% versus the first
quarter of 2004. Operating income
from the North American Information
Technology Services segment increased 37% versus the first quarter
of 2004.0% 11.8% 29.carlyle staffing
In spite of the
sequential rebound, operating profits have not yet
returned to year-ago levels
primarily due to investments in revenue generating staff.2 million in
expenses and legal fees associated
with the resolution of litigation, claims and disputes incurred
in the fourth
quarter of 2004.
CDI ended the quarter with approximately $26.m.7%
Operating (loss) profit (184) 434 456
Operating profit
margin (0.0% 16. Excluding the impact of acquisitions, revenue grew 15% versus
the
first quarter of 2004. This segment reported revenue
of $125 million for the first quarter
of 2005, an increase of 23% versus the
first quarter of 2004."
"Our range of guidance for
the second quarter is for revenue of $410
million to $425 million and diluted net income per common
share of $0.
NA Acctg.6% 11.modis assignments
(EDT) today to discuss
this announcement.0% 19.4% 24.8%
Todays Staffing
Revenues
$33,207 32,007 29,901
Gross profit
8,345 8,415 7,986
Gross profit margin 25.6%
Operating profit 3,265 992 2,326
Operating profit
margin 23.09 to $0.
First Quarter Summary
- Revenue was $408 million, up 31% versus the first quarter of 2004;
- Excluding
the impacts of acquisitions and currency exchange rates,
revenue increased 24% versus the
first quarter of 2004;
- Diluted net income per common share was $0. As 2005 unfolds, lower
revenue growth is
expected as Modis International continues to execute its plan to stabilize
gross
margin and improve operating margin by focusing more on the middle
market and by scaling back business
at certain low-margin clients.
The Company intends to use cash on hand to complete strategic
acquisitions
designed to enhance its service delivery network and establish new specialty
lines
of business. In the
past, we have discussed our plans to create greater diversity in our business
,
leverage the investments we made last year in our permanent placement
business, and grow our
IT business organically while stabilizing IT margins in
our European operations.
If you are
unable to participate at that time, online and telephonic
replays will be available two hours after
the call ends and will continue
until 8:00 p. In some cases, you can identify forward-
looking
statements by terminology such as "will," "may," "should," "could,"
"expects," "plans," "hopes,"
"indicates," "projects," "anticipates,"
"perhaps," "believes," "estimates," "appears," "predicts
," "potential,"
"continues," "would," or "become," or the negative of these terms or other
comparable
terminology.
Unaudited Operating Highlights
(in thousands
, except per share amounts)
Three Months
Ended
March 31,
-------------------
2005 2004
--------
--------
Operating Highlights:
Revenue:
North American Professional Services
$125,409 $ 92,803
European Professional Services 84,586
63,765
North American Information Technology
Services
125,493 101,789
European Information Technology Services 72,221
52,124
-------- --------
Total revenue
407,709 310,481
Gross profit:
North American
Professional Services 35,906 25,817
European Professional Services
23,839 17,664
North American Information Technology
Services
32,957 27,752
European Information Technology Services
9,232 7,002
-------- ----
----
Total gross profit 101,934 78,235
-------- --------
Operating income:
North
American Professional Services $ 7,227 $ 4,395
European Professional Services
5,386 2,907
North American Information Technology
Services
7,990 5,827
European Information Technology Services
1,005 204
-------- ------
--
Operating income before unallocated
corporate expenses
21,608 13,333
Unallocated corporate expenses 7,009 5,314
-------- --------
Total operating
income 14,599 8,019
Interest and other income, net
602 635
--------
--------
Income from operations before provision for
income taxes
15,201 8,654
Provision for income taxes 5,852
3,332
-------- --------
Net income
$ 9,349 $ 5,322
======== ========
Diluted net income per common share $
0.9% 0.hitchcock multivalue
"This momentum was driven by increased demand for both permanent
placement and contingent
staffing and by increases in capital spending by
clients in our key vertical industries. Included
in first quarter results are higher-than-
anticipated costs the company incurred related to Sarbanes
-Oxley compliance
and expenses related to previous years' financial restatements totaling
$0.7
million.
Accounting Principals reported a 185% increase in revenue over the first
quarter
of 2004. Revenue from permanent placement
fees in Special Counsel grew 34% versus the same period
last year due to
improved productivity from permanent recruiting staff hired in 2004 and
improved
demand.
Early in the quarter, billable headcount trends rapidly strengthened as normal
year-end
seasonal reductions in billable headcount were recovered by mid-
February.7%
Revenue growth
rate
contributed from
acquisitions 20.placement prism
Operating profits increased
sequentially
driven by increased permanent placement activity in the quarter as solid
demand continued
in the U.1% on a year-over-year basis driven by growth in both retail accounts and
national account
wins. We see the effect of these investment decisions in a continued
strong project pipeline in
Business Solutions, increased staffing requisition
activity in Todays and in increased rates of permanent
hiring reported by a
broad cross-section of our MRI franchise owners. will conduct a conference call
at 11 a. Its operating
units include CDI Business Solutions, CDI AndersElite Limited, Todays
Staffing
, Inc. Readers are cautioned not to place undue
reliance on these forward-looking statements, which
speak only as of the date
hereof.3% 18. Second, as previously announced, the
Company has
begun the process of scaling back relationships with certain low-
margin, volume clients in its European
IT operations in order to focus on
higher-margin clients.3% 1.qualifying huntley
6% 2.8%) 2.12,
" added Robert Crouch, MPS Chief Financial Officer. If you do not have Internet access, you may listen
to the call by dialing (312) 461-9313. Soliant Special
Segment
Principals Health Counsel
-------- ---------- --------
--------
GAAP revenue growth rate
1Q2004 to 1Q2005 35.2% 56.3%
34.modis carlyle
"
Business Segment Discussion
The Business Solutions segment reported sequential
revenue growth of 3.
Business Outlook
"Looking ahead, we anticipate an increase in
sequential revenue growth in
the second quarter," continued Ballou.com.6%
Operating profit
(loss) 3,336 (2,731) 5,878
Operating profit margin
1.2% 22.5%
Management Recruiters International
Revenues
$13,905 14,202 14,119
Gross profit
9,453 10,082 9,551
Gross profit margin 68. Professional
Services division revenue continues to increase as a percentage of the
Company's overall revenue
, representing 52% of the Company's first quarter
revenue.
First quarter revenue for Entegee
rose 22% versus the first quarter of
2004.
About MPS Group
MPS Group is a leading provider of staffing, consulting and solutions in
the disciplines
of information technology, finance and accounting, law,
engineering and healthcare. Forward-looking
statements are not guarantees of
performance. 31,
2005 2004
-------- ---
-----
Cash and cash equivalents $115,555 $106,497
Accounts receivable
, net of allowance 230,984 209,512
Other
21,915 22,773
Current assets 368,454 338
,782
Long-term assets 609,473 615,822
-------- --------
Total assets
$977,927 $954,604
========
========
Current liabilities $120,263 $106,649
Other
12,160 12,292
Stockholders' equity
845,504 835,663
-
------- --------
Total liabilities and stockholders' equity $977,927 $954,604
======== ========
Working capital
$248,191 $232,133
======== ========
MPS Group, Inc.6%
Revenue
growth rate
contributed from
acquisitions 6.oao multivalue
(NYSE: CDI) today
reported
earnings for the first quarter ended March 31, 2005 and announced a
quarterly cash dividend.
AndersElite revenues were down sequentially due to normal seasonality but
up 5."
Conference
Call/Webcast
CDI Corp.4% 1. The flattening was the result of a slowdown in spending at
certain
clients, including one sizeable client.
European Professional Services Segment
The Company's European Professional Services segment is composed of
Badenoch + Clark, a leading
provider of finance and accounting and
professional staffing services in the United Kingdom. Despite
the flatness we experienced in
March, our earnings were up 76% versus the first quarter of last year
. Such forward-looking statements were prepared by the Company
based upon information available at
the time of such statements.09 $ 0.4%
-------- --------
-------- --------
Revenue growth rate 1Q2004
to 1Q2005, excluding
acquisitions
15.chameleon multivalue
Ballou. infrastructure marketplace.1% and 1. We
should be able to generate
low to mid-teen variable contribution margins on
these incremental sales. Visit CDI on the
web
at http://www.2% 48. While the Company believes that these two factors will
continue to impact
revenue to some degree in the second quarter, it is
anticipated that overall Company revenue and
earnings will increase in the
second quarter. Below is further discussion of the first quarter performance
of the
Professional Services division's two reporting segments. Excluding
the impact of currency
exchange rates, revenue grew 29% versus the first
quarter of 2004. At the close of the first quarter
, the Company had a cash balance of
$116 million and no borrowings outstanding under its credit facility
.
Forward-Looking Statements
The statements contained in
this press release should be considered
forward-looking statements that are subject to risks, uncertainties
or
assumptions described above and may be affected by other factors, including,
but not limited
to: fluctuations in the economies and financial markets in the
U.1% 40.cdi assignments
12 per diluted share
, on revenues of $265.8% on a year-over-year basis.cdicorp. An online replay will be available at
http:
//www.com.19) 0.9% 22.5% 7.
Modis' revenue increased significantly versus
the first quarter of 2004. MPS Group delivers its services to government
entities and businesses
in virtually all industries throughout the United
States, Canada, the United Kingdom and Europe.
MPS Group, Inc.05
======== ========
Diluted common shares outstanding 107,074 107
,996
======== ========
As of
-------------------
March 31, Dec
.3%
======== ======== ======== ========
Reconciliation
of Year-Over-Year Quarterly Revenue Growth Rate,
Excluding Acquisitions and the Effects of
Changes in Currency
MPS Prof. Badenoch Modis
Group Division + Clark Intl.0% 20.technosphere prism
cdicorp. and Management
Recruiters International, Inc.1%
For the three
months ended
March 31, December 31, March 31,
2005 2004 2004
Selected Segment Data:
As Restated
(a)
Business Solutions
Revenues
$176,997 171,912 172,452
Gross profit 32,445 30
,940 33,790
Gross profit margin 18.9%
Operating profit
(loss) 893 (600) 1,518
Operating profit margin
2.1% (1.1% 26.05 for
the year-earlier period. Revenue
came in near the low
end of the range of guidance of $410 million to $430
million. Beeline remains on track for strong
revenue growth and profitability
in 2005. It is clear these strategic initiatives are taking
hold
, evidenced by our continuing shift in revenue toward our professional
segments, an 87% year-over
-year increase in permanent placement sales, and a
28% year-over-year increase in IT revenue along
with progress toward
stabilizing European IT margins.m.1% 184.carlyle chameleon
For the quarter ended March
31, 2005, the company reported net earnings of
$2.
"We were also pleased with the sequential
improvement in earnings in
Business Solutions, Management Recruiters International and Anders. Operating
profits increased both
sequentially and on a year-over-year basis due to continued strong royalty
flow and reductions in expenses.4 million in cash and short-
term investments compared to a year
-end total of $32. "We believe that this revenue momentum
combined with anticipated revenue from
our pipeline of new account wins could
translate into 5 to 7% annualized revenue growth for the entire
year.6% 23. Earnings Show Strong Improvement Year Over Year
JACKSONVILLE
, Fla., MPS Group, Inc. To access the telephonic replay, please
dial (719) 457-0820 and enter 3874460
when prompted for the passcode.4% 3.conducive oao
(NYSE: CDI) is a leading provider of engineering and information
technology outsourcing solutions and professional staffing.0% 1.2% 3.3% 26. The
demand from the
manufacturing industry is starting to increase.mpsgroup.com .4% 14.7%
-------- -------- -------- --------
Revenue growth rate
1Q2004 to 1Q2005,
excluding acquisitions
and the effects of
changes in currency
24.This category contains sites which are related to multi-national staffing firms and employment
agencies specializing in the placement of temporary and/or permanent Information Technology personnel
.
issg supplemental
In particular, these
risks and uncertainties include: competitive market pressures, material
changes
in demand from larger customers, availability of labor, the company's
performance on contracts, changes
in customers' attitudes towards outsourcing,
government policies or judicial decisions adverse to
the staffing industry and
changes in economic conditions.3% (2.MPS Group Announces First Quarter
2005 Results
11 previously provided by management. In addition, the Company's Board of Directors
recently
reaffirmed the remaining stock buyback authorization of $25 million.hitchcock modis
Net
earnings include
a pre-tax gain of $0.12 (0.6%) 3.4%
AndersElite
Revenues
$41,810 43,108 39,515
Gross profit
10,542 9,642 9,837
Gross profit margin 25.
(b) Current quarter combined with the three preceding quarters earnings or
(loss) from operations
before income taxes divided by the average
shareholders' equity.
Special Counsel's
first quarter revenue rose moderately on a year-over-
year basis despite the ending of several large
legal projects that were
underway during the first quarter of 2004. Below is further discussion of
the first quarter performance
of the IT division's two reporting segments.
North American
Information Technology Services Segment
The Company's North American Information Technology Services
segment is
composed of Modis, the IT staffing unit; Idea Integration, the IT solutions
unit; and
Beeline, the workforce solutions unit.sapphire excess
Sequential revenues were affected primarily by soft sales
of new franchises.
Company Information
CDI Corp.
Safe Harbor Statement
Certain information in this news release contains forward-looking
statements
as such term is defined in Section 27A of the Securities Act of
1933 and Section 21E of the Securities
Exchange Act of 1934. This strong organic growth is due to continued good execution and strong
demand
from the defense and aerospace industries.
First quarter revenue for Soliant Health grew 71%
versus the first quarter
of 2004.
Management Comments
Timothy Payne, MPS Chief Executive Officer, stated, "While revenue
flattened out in March after
solid growth in January and February, we believe
we are well positioned to resume overall company
growth in the second quarter
and for the remainder of the year. Eastern Time on May 6. The link
for
the online replay may also be found on the Company's website. and foreign countries where we do business
and in the Company's industry
segments in particular; industry trends toward consolidating vendor
lists; the
demand for the Company's services, including the impact of changes in
utilization rates;
consolidation or bankruptcy of major customers; the effect
of competition, including the Company
's ability to expand into new markets and
to remain profitable or maintain profit margins in the face
of pricing
pressures; the Company's ability to retain significant existing customers or
obtain
new customers; the Company's ability to recruit, place and retain
consultants and professional employees;
the Company's ability to identify and
complete acquisition targets and to successfully integrate
acquired operations
into the Company; possible changes in governmental laws and regulations
affecting
the Company's operations, including possible changes to laws and
regulations relating to benefits
for consultants and temporary personnel, and
possible increased regulation of the employer-employee
relationship;
employment-related claims, costs, and other litigation matters; adjustments
during
periodic tax audits; litigation relating to prior and current
transactions and activities; unexpected
fluctuations in interest rates or
foreign currency exchange rates; loss of key employees; fluctuations
in the
price of our common stock due to actual or anticipated changes in quarterly
operating results
, financial estimates, statements by securities analysts, and
other events; and other factors discussed
in the Company's filings with the
Securities and Exchange Commission. Forward-
looking statements
speak only as of the date they are made, and the Company
undertakes no obligation to update publicly
any of them in light of new
information or future events.modis cdi
3 million, or $0.
Todays Staffing
first quarter revenues were up 3.8%
Effective income tax rate 37.0% 71
. Excluding the impact of acquisitions, the
North American Professional Services segment revenue
rose 15% versus the first
quarter of 2004.10 to
$0.
Eastern Time today.1% 32.7% 38
.0%
Revenue growth rate
contributed from effects
of changes in currency
1.9%
======== ======== ======== ========
oao metasearch
11 per
share to
be paid on June 1, 2005 to all shareholders of record as of May 18, 2005.
Investments
in sales-building capabilities during 2004 are beginning to bear
fruit and we anticipate that these
investments will continue to generate
profitable revenue growth as we move forward. The decline
is primarily due to working capital requirements of significant new projects
in Aerospace and
the Process + Industrial verticals.5% 10.
(NYSE: MPS), a leading provider of specialty staffing
, consulting and business
solutions, today announced financial results for the first quarter ended
March
31, 2005.
The Company indicated that revenue came in near the low end of the range
of
guidance primarily due to two factors.6% 70.1% 34.oao conducive
"As anticipated, we saw positive
revenue momentum both on a sequential and
year-over-year basis," said President and Chief Executive
Officer Roger H.0%
and year-over-year revenue growth of 2.7% sequentially and up
11. Readers
are urged to note the various
risks and uncertainties described in our public filings.7% 25
.0% 67.09, up 80% from the first
quarter of 2004;
- EBITDA was $19 million
, an increase of 57% versus the first quarter of
2004;
- Operating income was
$15 million, an increase of 82% versus the first
quarter of 2004;
- Cash flow from
operations was $10 million during the first quarter. Excluding the impacts of acquisitions and changes
in
currency, revenue grew 21% versus the first quarter of 2004. Accounting
Principals completed
the front and back-office integration of Accounting
Solutions during the first quarter, as scheduled
. Demand for nursing and allied health professionals
appears to be improving as healthcare facilities
continue to look for ways to
deal with the shortage of licensed health care workers. Modis International
increased
revenue 39% and increased operating income substantially versus the first
quarter of
2004.m. Readers are urged to review and consider the factors
discussed in our Form 10-K for 2004
and in subsequent filings with the
Securities and Exchange Commission.oao assignments
6%.
Management Recruiters
International (MRI) first quarter revenues declined
both sequentially and year-over-year by 2.7 million
which are not expected to reoccur.24
Diluted number of shares (000) 19,878 19
,681 19,937
March 31, December 31, March 31
,
2005 2004 2004
As Restated
(a)
Selected Balance Sheet Data:
Cash, cash equivalents
and short-term
investments $26,439 32,716 78,719
Accounts receivable, net $208,795 192,145 201,490
Current assets
$251,185 242,628 299,080
Total assets
$366,196 359,019 411,915
Current liabilities $92,004 83,623
99,970
Shareholders' equity $266,708 267,190 304,283
For the three months ended
March 31, December 31, March 31,
2005
2004 2004
As Restated
(a)
Selected Cash Flow Data:
Depreciation expense $2,537 2,368 2,425
Capital expenditures
$2,513 2,744 1,391
Dividends paid $2
,169 2,168 1,765
Free cash flow for the three
months ended March 31
, 2005
is shown below:
Net cash flow used in operating
activities
$(3,153)
Less: capital expenditures (2,513)
Less:
dividends paid (2,169)
Free cash flow for the quarter ended
March 31
, 2005 $(7,835)
Selected Earnings and Other Financial
Data:
Revenues $265,919 261,229 255,987
Gross profit
$60,785 59,079 61,164
Gross profit margin
22.9%
Operating and administrative expenses
as a percentage of revenue
21.5% 21.1%
Corporate expenses $4,190 5,308
3,128
Corporate expenses as
a percentage of revenue 1.5%
Pre-tax return on shareholders'
equity - last
twelve months (b)
2.9% (1.
The Company reported revenue of $408 million and diluted net income
per
common share of $0.
Professional Services Division Performance
The
Company's Professional Services division reported revenue for the
first quarter of 2005 of $210 million
, an increase of 34% versus the first
quarter of 2004. The demand for temporary legal staffing remains
steady, and
demand for outsourced legal project work appears to be improving. Operating income for
Badenoch and Clark was up 85%
as this segment began to show earnings leverage driven by past investments
in
staff and service offerings. "The high end of our
range assumes that we will experience growth
in billable headcount at roughly
the same pace as we did early in the first quarter and that permanent
placement fees will continue to accelerate, while the low end of our range
assumes that billable
headcount and permanent placement fees remain at current
levels through the end of the quarter."
For more information about MPS Group,
visit http://www.
Unaudited Reconciliation of Non
-GAAP Financial Measures to Most
Comparable GAAP Financial Measures
Reconciliation of EBITDA to Net Income
(in thousands
)
Three Months Ended
March 31,
-------------------
2005
2004
-------- --------
EBITDA
$ 18,716 $ 11,941
Depreciation and intangibles amortization
4,117 3,922
-------- ---
-----
Operating income 14,599 8,019
Interest and
other income, net 602 635
-------- --------
Income from operations before provision for
income
taxes 15,201 8,654
Provision for income taxes
5,852 3,332
---
----- --------
Net income $ 9,349 $ 5,322
======== ========
Reconciliation of
Year-Over-Year Quarterly Revenue Growth Rate,
Excluding Acquisitions
Prof.
-------- ------
-- -------- --------
GAAP revenue growth rate
1Q2004 to 1Q2005 31.0%
0.
qualifying placement
Operating profits increased sequentially but declined on a year-over-year
basis primarily
due to margin pressures in the IT Services vertical and
continued increases in employee benefit costs
. Certain forward-
looking statements can be identified by the use of forward-looking terminology
such as "believes," "expects," "may," "will," "should," "could," "seeks,"
"approximately," "hopes
," "intends," "plans," "estimates," or "anticipates" or
the negative thereof or other comparable terminology
, or by discussions of
strategy, plans or intentions.4%) 3.6%) 1.5%
For the three months ended
March 31, December 31, March 31,
2005 2004 2004
As
Restated
Business Solutions Revenue by Vertical: (a)
CDI-Information
Technology Services $63,783 66,831 69,263
CDI-Process and Industrial
79,675 72,103 65,346
CDI-Aerospace 20,118
19,253 22,855
CDI-Government Services 11,321 11,009 12,660
CDI-Life Sciences 2,100 2,716 2,328
Total Business
Solutions Revenue $176,997 171,912 172,452
(a) As disclosed previously
in the company's Form 10-K for 2004, CDI
restated its earnings for the first three quarters
of 2004 for
adjustments impacting its Business Solutions segment. Diluted net income per
common share was within the
range of guidance of $0.S. Undue reliance should not be placed on such
forward-
looking statements.metasearch excess
CDI Corp. Reports First Quarter Financial Results and Announces Dividend
PHILADELPHIA, CDI Corp.
Year-over-year revenues were also impacted by soft franchise sales
largely
offset by royalties increasing by 18. The conference call will be broadcast live over the
Internet and can be accessed by any interested party at
http://www. Forward-looking statements
involve risks and
uncertainties that could cause actual results to differ materially from those
in
the forward-looking statements.2%
Operating profit margin 1.09 for the quarter
ended March 31, 2005, compared with
revenue of $310 million and diluted net income per common share
of $0. First, the Company's North American
IT business flattened in March after two months of growth
in January and
February. Although these trends flattened in March due to the aforementioned
slowdown
in spending by certain clients, job order activity remains strong and
most clients are not reporting
plans to decrease IT contingent labor hiring
levels for the year.
Idea Integration experienced
a moderately slow start to the year, but
improvements in sales and project activity are anticipated
in the second
quarter.
European Information Technology Services Segment
The Company
's European Information Technology Services segment is composed
of Modis International, a leading
provider of IT staffing services throughout
the United Kingdom and continental Europe.
Capital Update
During the first quarter, the Company generated
operating cash flow of $10
million.6% 4.staffing carlyle
Growth occurred primarily in the
Process + Industrial
vertical as new account wins in 2004 began to ramp-up.6%. In the first quarter,
Badenoch + Clark
grew revenue 33% versus the first quarter of 2004. Permanent placement fees were up 80% versus the first
quarter
of 2004, indicating an improvement in productivity on the part of permanent
recruiters
hired in 2004. The link to this event may be found at the Company's
website: http://www.mpsgroup
. Headquartered in Jacksonville,
Florida, MPS Group is a Fortune 1000 company and trades on the New
York Stock
Exchange under the ticker symbol "MPS. Except as expressly stated herein, none of the
information on our website should be considered included in this release.qualifying daly
Operating profits declined
both sequentially and
year-over-year due primarily to continued investment in sales and recruiting
infrastructure, increases in employee benefit costs and margin deterioration.5% respectively.com
for 14 days after the call.
North American Professional Services Segment
The Company
's North American Professional Services segment provides
specialized staffing and recruiting in the
disciplines of accounting, law,
engineering, and healthcare, and its business units go to market
under the
brands Accounting Principals, Special Counsel, Entegee, and Soliant Health,
respectively
. Excluding the impact of currency exchange rates, Modis
International revenue rose 35%.com .
Should one or more of these risks, uncertainties or other factors
materialize, or should underlying
assumptions prove incorrect, actual results,
performance or achievements of the Company may vary
materially from any future
results, performance or achievements expressed or implied by the forward
-
looking statements. Forward-looking statements are based on beliefs and
assumptions of the Company
's management and on information then currently
available to management.0% 7.metasearch excess
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