July 26, 2000
The Irvine provider of services for large corporations to manage human resources through the Internet posted a second-quarter loss of $13.8 million, or 40 cents a share, compared with a loss of $2.6 million, or 29 cents a share, for the quarter last year. Revenue totaled $8.2 million, up from $213,000. The company completed its initial public stock offering in June.
December 10, 1999 |
In an unprecedented move to use the Internet for personnel operations, BP Amoco has tapped a new Irvine-based consulting firm to handle training, hiring and other human resources chores in a five-year deal worth $600 million. As part of an effort to trim $4 billion in expenses, BP Amoco said Thursday that it is turning over its human resources operations to Exult Inc., which opened shop just 14 months ago.
August 4, 2001
Exult Inc. said its new offering of 12 million shares of common stock has been priced at $13.34 a share. The Irvine company, which provides human resources services, increased the offering by 2 million shares from the amount originally planned. Exult is offering 8 million shares and shareholders are selling the remainder. Exult said it expects to receive about $100.5, after expenses and underwriting discounts and commissions.
July 30, 2002 |
Shares of Exult Inc. lost more than half their value after the Irvine-based company said it will ask the Securities and Exchange Commission for information about an accounting method. Exult, an operator of human resources departments for large companies, said it will ask the SEC whether it should start percentage of completion accounting, without describing the method. The company said it is unable to estimate the effect of this accounting method on financial results.
November 22, 2000 |
Bank of America Corp., the parent company of the biggest U.S. bank, said it agreed to turn over some personnel functions to Web-based human resources provider Exult Inc. in a 10-year, $1.1-billion deal that could reduce the banking company's costs by more than 10% a year. The companies said the contract would give Irvine-based Exult more than $100 million a year in revenue. Under the terms of the pact, Exult will take over various human resources services for the Charlotte, N.C.