This excerpt taken from the GVHR 8-K filed Feb 17, 2005.
Milestones toward insurance neutrality
Commenting on these results, Erik Vonk, Gevitys Chairman and Chief Executive Officer stated, We realized significant milestones in our strategic objective of achieving insurance neutrality. 2004 has been remarkable in this regard. We secured insurance to significantly limit our residual risk under the 2000-02 workers compensation programs, entered into an agreement to reduce the deductible applicable to our 2005 workers compensation program from $1 million to $750,000 per occurrence, and determined that continuing positive developments made it appropriate to reduce previously estimated cost of claims by $5.4 million.
Continuing, Mr. Vonk said, 2004 also marked a year in which we achieved both quantitative and qualitative successes. Our company performance has been outstanding, even without the positive impact of the insurance related adjustments. For the fourth quarter, without the effect of the adjustment to previously estimated cost of claims, diluted earnings per share would have been $0.31. Of particular significance are the improved productivity and stability of the sales force, higher price points, further ability to leverage our infrastructure, and the simplification and increase of our equity base.