January 31, 2003 |
Exult Inc. is starting to reap the benefits of other companies' cost cutting. The Irvine-based company, which provides human resource services to corporate giants including Bank of America Corp. and oil company BP, reported its first profitable quarter Thursday. Formed in late 1998, Exult tracks payroll, cuts workers' checks and manages employee benefits for large companies that are looking to cut overhead in the current economic slump by outsourcing such services.
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.
October 19, 2001 |
Exult Inc., which runs human resources departments for companies, said Thursday that it won a $600-million contract to manage International Paper Co.'s payroll and employee benefits for 10 years. The Irvine company said it will manage International Paper's human resources department in Memphis, Tenn., and administer payroll, benefits and support for the company's 70,000 U.S. employees. Exult will offer jobs to more than 200 International Paper employees in Memphis.
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 13, 2001
Exult Inc., an Irvine provider of human-resource services, reported that its loss for the second quarter widened to $24.8 million, or 27 cents a share, from $13.8 million, or 40 cents a share, a year earlier on a smaller number of shares outstanding. The loss for the recent quarter included $7.3 million in charges for such items as severance and facility consolidation. Revenue surged to $64.3 million from $8.2 million.
June 30, 2001
Exult Inc. and shareholders, including majority owner General Atlantic Partners LLC, filed to sell 10 million shares of the Irvine human resources services provider--a stake worth $170.5 million based on Friday's closing price. Exult plans to sell 6.7 million shares, worth $114 million after the stock lost 68 cents Friday on Nasdaq to close at $17.05 a share. Despite the drop, the stock has gained 29% this year.