The company offers many compelling positives, including a recurring revenue, high operating leverage business model and solid long-term performance,

It seems that the emphasis on expanding distribution outweighs the quest for positive operating leverage in the near term.

Our performance reflects the efficiencies that now exist in the company, and we are optimistic about our ability to capitalize on the opportunities presented by our fast growing market.

To portray a maniac offers a compelling challenge.

We are pleased with our fourth quarter results which, we believe, again demonstrate the Firm's operating leverage and our ability to improve pricing as demonstrated by another sequential improvement in our flex gross margin and earnings per share. We believe that we can continue to migrate the Firm's flex revenue footprint to higher margin business, and are accelerating our hiring of permanent placement associates as the staffing cycle dynamics remain positive. We believe that our ability to generate cash flows from operations of $22.3 million in the fourth quarter, which are the highest quarterly cash flows from operations in the Firm's history, and our strong balance sheet will enable the Firm to capitalize on opportunities to accelerate our growth.

Excluding restructuring and the other non-recurring items we discussed, I expect to see strong second- half performance with solid double-digit earnings growth from our core businesses.