WALNUT CREEK, CA, Thursday,
April 11, 2002
Westaff, Inc. (NASDAQ:WSTF) announced
today that its Board of Directors has decided to end
the Company's engagement with Arthur Andersen LLP as
its independent public accountants.
The decision by Westaff, a leading
provider of temporary office and light industrial staff,
was based on the recommendation of the Board's Audit
Committee.
"First of all, we want to thank
Arthur Andersen for its three years of service to the
Company," said Dwight S. Pedersen, President and
Chief Executive Officer of Westaff. "We also want
to note the professionalism of the Andersen personnel
with whom we have worked."
The change was recommended on April
4th after a very thorough deliberation and extensive
evaluation process that considered proposals from several
other major auditing firms. The selection of Westaff's
new auditing firm will become final upon the successful
conclusion of due diligence by the firm of Westaff and
its executive officers.
"Our Board felt this change
to be in the best interests of our Company and our stockholders,"
Pedersen added.
Andersen served as the Company's
principal independent public accountants for fiscal
2001, 2000 and 1999. It was selected in July 1999 and
accepted the engagement in August 1999.
Westaff noted in a Form 8-K filed
today with the Securities and Exchange Commission that
during its two most recent fiscal years and the subsequent
interim period through April 5, 2002, there were no
disagreements between the Company and Andersen on any
matters of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure.
Westaff provides employment opportunities
and staffing services for businesses in global markets.
With headquarters in Walnut Creek, California, Westaff
annually employs approximately 175,000 people and services
more than 20,000 clients from more than 330 offices
located throughout the United States, the United Kingdom,
Australia, New Zealand, Norway and Denmark. Westaff
achieved fiscal 2001 system revenues of more than $580
million. For more information, please visit our Web
site at www.westaff.com.
This press release contains
forward-looking statements regarding future events and
future performance of the Company that involve assumptions,
risks and uncertainties. Although Westaff believes that
the expectations reflected in its forward-looking statements
are reasonable, actual results could differ materially
from those expectations or from historical results.
Important factors that could cause such differences
can be found in Westaff's Annual Report on Form 10-K
and its most recent Quarterly Report on Form 10-Q, as
filed with the Securities and Exchange Commission. Westaff
is not obligated to revise or update any forward-looking
statements in order to reflect events or circumstances
that may arise after the date of this 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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