Administaff 3Q down over 50% But Sales Growing

Administaff, Inc. (NYSE: ASF), a leading Professional Employer Organization, yesterday announced results for the third quarter and nine months ended September 30, 2002. For the third quarter, the company reported net income and diluted net income per share of $3.8 million and $0.14, versus $8.7 million and $0.30 in the 2001 period. Administaff's third quarter results reflect the impact of a previously announced plan focused on four priorities: (1) recalibrating pricing for clients that experienced a decline in average payroll cost per worksite employee; (2) matching price and cost for health...