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WALNUT CREEK, CA, Monday, July 25, 2005 —
Westaff, Inc. (NASDAQ: WSTF), a leading provider of staffing services, today announced the appointment of Stephen J. Russo as senior vice president of Field Operations in the United States. In his new position, Russo will be responsible for overseeing nine geographic regions under a new structure designed to position Westaff for future growth and increased profitability.
"Steve's experience as a strong operational leader, combined with his financial background, will help Westaff achieve and sustain top line growth and provide consistent, high quality service to our clients," said Trish Newman, president and chief executive officer of Westaff. "I'm delighted that Steve has accepted this new responsibility, and I look forward to working closely with him as Westaff continues to strengthen its market position."
Prior to assuming his new role, Russo managed Westaff's Western Zone, which experienced significant growth under his leadership. 2005 YTD sales increased 9.8 percent, while gross profit increased 14.5 percent, and net income rose 62.8 percent. Russo attributes the success to a tactical approach focused on growth and complemented by long-term investments in people and systems. Earlier in his career, Russo also served for four years as Westaff's treasurer.
"Westaff is committed to enhancing its performance and strategic growth opportunities," said Russo. "I'm very excited to be a part of the new regional structure, which will allow us to create a uniform approach to business solutions across the country as we develop and build new markets."
Westaff provides staffing services and employment opportunities for businesses in global markets. Westaff annually employs approximately 150,000 people and services more than 15,000 client accounts from more than 240 offices located throughout the United States, the United Kingdom, Australia and New Zealand. For more information, please visit our Web site at www.westaff.com.
This press release contains forward-looking statements as defined in the Securities Exchange Act of 1934, and is subject to the safe harbors created by law. Forward-looking statements contained herein include, but are not limited to, the statements regarding revenue and the prospects for fiscal 2005. The forward-looking statements contained herein involve a number of assumptions, risks and uncertainties. Actual results could differ materially from estimates. Among the factors affecting future operating results are: credit facilities and compliance with debt covenants, liquidity, workers' compensation collateral requirements, possible adverse effects of fluctuations in the general economy, variability of employee-related costs including workers' compensation liabilities, a highly competitive market, control by a significant shareholder, the volatility of the Company's stock price, reliance on management information systems, risks related to customers, variability of operating results and the seasonality of the business cycle, reliance on executive management, risks related to international operations, risks related to franchise agent and licensed operations, uncertain ability to continue and manage growth, reliance on field management, employer liability risks and ability to attract and retain the services of qualified temporary personnel and regulatory mandates, including potential mandated health insurance.
Forward-looking statements are based on the beliefs and assumptions of the Company's management and on currently available information. 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 most recent Form 10-K, Form 10-Q, Form 8-K and other filings.
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