Exult Says It Will Meet Financial Targets

Exult Inc., money-losing provider of human resources services, said it expects financial results to meet first-quarter targets, adding that its outlook for continued growth for the entire year is excellent.

Analysts estimated that the Irvine company will lose 26 cents a share for the first quarter, according to a survey by First Call/Thomson Financial.

The company said it is committed to profitability and achieving positive cash flow in the first half of 2002. Exult lost nearly $95 million last year as sales surged to $66.7 million from $4.9 million in 1999.

The stock was off 10 cents a share Tuesday, closing at $10.90 on the Nasdaq market.

Exult also named Mike Henn executive vice president and chief financial officer.

In a news release, the company said Henn had been senior vice president and chief financial officer at KB Home, and served as executive vice president and chief financial and administrative officer with Vons Cos.