GVHR » Topics » • New service offerings cater to broader market • Growth in employee count served yields a disproportionate increase in operating income

This excerpt taken from the GVHR 8-K filed Feb 17, 2005.

•     New service offerings cater to broader market
•    Growth in employee count served yields a disproportionate increase in operating income

BRADENTON, FL, February 17, 2005 — Gevity (NASDAQ: GVHR) announced today that fourth quarter diluted earnings per common share rose 131.6% to $0.44 for the quarter ended December 31, 2004 on 28.4 million diluted common shares, from $0.19 in the same quarter of 2003 on 26.5 million diluted common shares. Reported earnings for the last quarter of 2004 include a $0.13 positive impact attributable to an adjustment of $5.4 million to previously estimated cost of claims in recognition of continued favorable maturation trends in the company’s insurance programs.

For the year ended December 31, 2004, pro-forma diluted earnings per common share increased 100.0% to $1.24 compared to $0.62 per share in 2003. Without the impact of the $5.4 million adjustment to previously estimated cost of claims, 2004 pro-forma diluted earnings per share would have been $1.11. The 2004 results were on 27.8 million diluted common shares, compared to 24.6 million diluted common shares at year-end 2003.

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