This excerpt taken from the GVHR 8-K filed Apr 11, 2005.
Comments on the quarter
The company said that in the first quarter it was pleased with sales production and productivity results. In the period, approximately 6,000 new client employees were added, in line with internal targets as the company continues to ramp up its sales and marketing efforts. According to Erik Vonk, Gevitys Chairman and Chief Executive Officer, On the other side of the equation, primarily due to seasonal influences in January, we saw attrition in the period of approximately 6,000 client employees from the core business and 4,500 from the acquired portfolios, ending the first quarter with approximately 125,500 client employees. Mr. Vonk added, Continuation of the positive sequential improvement in retention that we have seen during the quarter will help keep us on course to reach the planned inflection point during the year when production will outpace combined attrition.
Mr. Vonk stated further, Our optimism with respect to achieving full year targets is supported by a number of factors. First and foremost is the competitive advantage of our new, industry leading highly flexible HR solution, which greatly expands our target market. We also are seeing continuing improvement in key sales metrics as well as sales force dynamics, such as tenure, turnover and productivity, all bolstered by intensified training and the continuing strengthening of our marketing support activities. The latter include several new initiatives launched in the first quarter, and more to come in the remainder of the year. As 2005 unfolds, building on the strong base we have developed, the transition to a new chapter in the Gevity growth story should be increasingly apparent.
Contact: Anne-Marie Megela
Senior Director, Investor Relations
1.800.2GEVITY (1.800.243.8489), x4672
Interested investors are invited to listen to a live audio web cast of the companys presentation at the SunTrust Robinson Humphrey 34th Annual Institutional Investor Conference by logging onto http://www.wsw.com/webcast/strh13/gvhr/. Gevity will present at 9:45 a.m. Presentation slides will accompany the web cast. The presentation will also be archived on the Gevity web site.