WALNUT CREEK, CA, June 20, 2000
Westaff, Inc. (NASDAQ: WSTF), a leader in essential
staffing services, announced today that the Board of
Directors has declared a dividend of 30 cents per share
payable on July 18, 2000 to shareholders of record on
July 5, 2000.
This action is based on the Company's
strong cash flow and is a vote of confidence by the
Board in the Company's ability to produce positive operating
results.
Westaff provides essential staffing
services to and employment opportunities at competitive
businesses in global markets. Westaff annually employs
approximately 270,000 people worldwide and services
approximately 25,000 clients from more than 360 offices
located throughout the U.S., the United Kingdom, Australia,
New Zealand, Norway and Denmark, and achieved fiscal
1999 system revenue of $690 million. For more company
information, visit Westaff's website at www.westaff.com.
The statement in paragraph two
of this press release is a forward-looking statement
that involves a number of risks and uncertainties. The
actual results of future events described in this forward-looking
statement could differ materially from those stated
in the forward-looking statement. The Company's financial
performance is subject to risks, uncertainties or assumptions
including but not limited to fluctuation in the economy
and financial markets, the availability of temporary
workers, the demand for temporary workers, the effectiveness
of the Company's management information systems, the
Company's ability to complete the implementation of
existing systems and planned new systems, the effectiveness
of corporate and field management, the variability of
employee-related costs, the highly competitive industry,
the Company's ability to increase the productivity of
existing offices, the Company's ability to expand operations,
the risk of losing customers, the risks related to franchise
and license operations, the risk associated with controlling
operating expenses, the risks associated with acquisitions,
and the risk of realizing the remaining medical assets
in a timely and cost-effective manner. Should one or
more of these risks, uncertainties or other factors
materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from any
future estimates. Forward-looking statements are based
on beliefs and assumptions of the Company's management
and are based on information currently available to
management. The Company undertakes no responsibility
to publicly update or revise any forward-looking statement.
Additional information concerning the risks and uncertainties
listed above, and other factors you may wish to consider,
is contained in the Company's filings with the Securities
and Exchange Commission, including the Company's filings
on Form 10-K, Form 10-Q, Form 8-K and other filings
which contain a description of certain factors that
could cause actual results to differ from current expectations
and the forward-looking statements in this press release.
| ANALYSTS/INVESTORS CONTACT : |
Dirk A. Sodestrom
Senior Vice President and
Chief Financial Officer
Telephone: 925.930.5300
e-mail: dsodestrom@westaff.com |
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| PRESS CONTACT: |
Linda Gaebler
Public Relations Director
925-952-2546, cell: 510-610-4845
e-mail: lgaebler@westaff.com |
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