1
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------
FORM 10-Q
(MARK ONE)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2001
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
---------
COMMISSION FILE NUMBER 0-26058
KFORCE.COM, INC.
(Exact name of registrant as specified in its charter)
FLORIDA 59-3264661
(STATE OR OTHER JURISDICTION (I.R.S. EMPLOYER
OF INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
120 WEST HYDE PARK PLACE
SUITE 150
TAMPA, FLORIDA 33606
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP-CODE)
Registrant's telephone number, including area code: (813) 251-1700
---------
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) had been subject to such
filing requirements for the past 90 days. YES [X] NO [ ]
As of May 8, 2001 the registrant had 31,292,818 shares of common stock, $.01
par value per share, issued and outstanding.
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2
ITEM 1. FINANCIAL STATEMENTS
KFORCE.COM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
(UNAUDITED)
MARCH 31, DECEMBER 31,
2001 2000
-------- ------------
Assets
Current Assets:
Cash and cash equivalents $ 3,333 $ 1,865
Trade receivables, net of allowance for doubtful accounts of $7,522 and
$6,649, respectively 116,230 125,931
Deferred tax asset, current 4,872 4,872
Prepaid expenses and other current assets 5,541 3,682
-------- --------
Total current assets 129,976 136,350
Receivables from officers and related parties 1,058 1,058
Furniture and equipment, net 22,998 23,115
Deferred tax asset, non-current 1,250 1,250
Other assets, net 22,428 23,481
Goodwill, net of accumulated amortization of $14,161 and $13,135, respectively 91,739 92,764
-------- --------
Total assets $269,449 $278,018
======== ========
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable and other accrued liabilities $ 23,609 $ 17,464
Accrued payroll costs 34,002 37,778
Bank overdrafts 2,633 8,083
Income taxes payable 2,169 2,140
-------- --------
Total current liabilities 62,413 65,465
Long term debt 37,000 45,000
Other long-term liabilities 10,811 12,516
-------- --------
Total liabilities 110,225 122,981
-------- --------
Commitments and contingencies
Stockholders' Equity:
Preferred stock, par value $.01; 15,000 shares authorized, none
issued and outstanding -- --
Common stock, par value $.01; 250,000 shares authorized,
46,965 and 46,959 issued and outstanding, respectively 470 470
Additional paid-in-capital 188,972 191,007
Accumulated other comprehensive loss (267) (267)
Retained earnings 49,206 46,363
Less reacquired stock at cost; 14,283 and 14,802 shares, respectively (79,157) (82,536)
-------- --------
Total stockholders' equity 159,224 155,037
-------- --------
Total liabilities and stockholders' equity $269,449 $278,018
======== ========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE UNAUDITED
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.
3
KFORCE.COM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND OTHER COMPREHENSIVE INCOME (LOSS)
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
THREE MONTHS ENDED
MARCH 31, MARCH 31,
2001 2000
--------- ---------
Net service revenues $191,620 $195,063
Direct costs of services 111,520 106,862
-------- --------
Gross profit 80,100 88,201
Selling, general and administrative expenses 68,959 89,310
Depreciation and amortization expense 3,990 3,704
Other expense (income), net 2,141 (683)
-------- --------
Income (loss) before income taxes 5,010 (4,130)
Provision for (benefit from) income taxes 2,167 (1,735)
-------- --------
Net income (loss) 2,843 (2,395)
Other comprehensive income (loss):
Foreign currency translation -- (5)
-------- --------
Comprehensive income (loss) $ 2,843 $ (2,400)
======== ========
Net income (loss) per share- Basic $ .09 $ (.05)
======== ========
Weighted average shares outstanding- Basic 32,703 44,182
======== ========
Net income (loss) per share- Diluted $ .09 $ (.05)
======== ========
Weighted average shares outstanding- Diluted 32,761 44,182
======== ========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE UNAUDITED
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.
4
KFORCE.COM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
THREE MONTHS ENDED
MARCH 31, MARCH 31,
2001 2000
--------- ---------
Cash flows from operating activities:
Net income (loss) $ 2,843 $ (2,395)
Adjustments to reconcile net income (loss) to cash provided by
(used in) operating activities:
Depreciation and amortization 3,990 3,704
Provision for fallouts and bad debts on accounts and notes receivable 872 --
Loss on asset sales/disposals 25 1
Decrease (increase) in cash surrender value of life insurance policies 1,437 (602)
(Increase) decrease in operating assets:
Trade receivables, net 8,828 (19,200)
Prepaid expenses and other current assets (1,832) 663
Other assets, net 813 332
Increase (decrease) in operating liabilities:
Accounts payable and other accrued liabilities 6,144 (6,030)
Accrued payroll costs (1,850) 6,895
Bank overdrafts (5,450) (984)
Income tax refund (payable) 29 (1,362)
Other long-term liabilities (1,704) 874
-------- --------
Cash provided by (used in) operating activities 14,145 (18,104)
-------- --------
Cash flows from investing activities:
Capital expenditures, net (3,580) (1,114)
Acquisitions, net of cash acquired and including
payment on earnout settlements -- (1,155)
Proceeds from sale of furniture and equipment 3 14
-------- --------
Cash used in investing activities (3,577) (2,255)
-------- --------
Cash flows from financing activities:
(Payments on) proceeds from bank line of credit (8,000) 16,462
Payments on capital lease obligations -- (205)
Payments on notes payable to related parties -- (2,000)
Proceeds from exercise of stock options 9 1,880
Repurchase of common stock (1,109) (1,884)
------- --------
Cash (used in) provided by financing activities (9,100) 14,253
------- --------
Increase (decrease) in cash and cash equivalents 1,468 (6,106)
Cumulative translation adjustment -- (5)
Cash and cash equivalents at beginning of period 1,865 7,919
------- --------
Cash and cash equivalents at end of period $ 3,333 $ 1,808
======= ========
Supplemental Cash Flow Information
Cash paid (refunded) during the period for:
Income taxes $ 2,124 $ (243)
Interest 933 86
Supplemental Non Cash Flow Information
401(k) matching contribution 847 --
Deferred compensation plan contribution 518 --
Employee stock purchase plan contribution 1,079 --
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE UNAUDITED
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.
5
KFORCE.COM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 2001
(AMOUNTS IN THOUSANDS)
(UNAUDITED)
ACCUMULATED
COMMON ADDITIONAL OTHER REACQUIRED
STOCK PAID-IN COMPREHENSIVE RETAINED STOCK
Shares Amounts CAPITAL INCOME EARNINGS Shares Amounts TOTAL
STOCKHOLDERS' EQUITY:
Balance at December 31, 2000 46,959 $470 $191,007 $(267) $46,363 14,802 $(82,536) $155,037
Exercise of stock options 6 0 9 9
401(k) matching contribution (502) (242) 1,349 847
Deferred compensation plan contribution (307) (148) 825 518
Employee stock purchase plan contribution (1,235) (415) 2,314 1,079
Net income 2,843 2,843
Repurchase of common stock 285 (1,109) (1,109)
------ ---- -------- ----- ------- ------ -------- --------
Balance at March 31, 2001 46,965 $470 $188,972 $(267) $49,206 14,282 $(79,157) $159,224
====== ==== ======== ===== ======= ====== ======== ========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.
6
KFORCE.COM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2001
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation. The Consolidated Financial Statements include the
accounts of kforce.com, Inc. and its subsidiaries (the "Company"). All material
transactions and balances have been eliminated in consolidation.
Interim Financial Information. The Consolidated Financial Statements have been
prepared pursuant to the rules and regulations of the Securities and Exchange
Commission ("SEC") and, in management's opinion, include all adjustments
necessary for a fair statement of results for such interim periods. Certain
information and note disclosures normally included in annual financial
statements prepared in accordance with accounting principles generally accepted
in the United States of America have been condensed or omitted pursuant to SEC
rules or regulations; however, the Company believes that the disclosures made
are adequate to make the information presented not misleading.
Revenue Recognition. Net service revenues consist of sales, net of credits
discounts and fallout reserve. The Company recognizes Flexible Billings based
on hours worked by assigned personnel on a weekly basis. Search Fees are
recognized in contingency search engagements upon the successful completion of
the assignment. Revenue from search fees is shown on the accompanying
Consolidated Statements of Operations net of amounts written off for
adjustments due to placed candidates not remaining in employment for the
guarantee period.
Cash and Cash Equivalents. The Company classifies all highly-liquid investments
with an initial maturity of three months or less as cash equivalents.
Self-insurance. The Company offers an employee benefit program for all eligible
employees for which it is self-insured for a portion of the cost. The Company
is liable for claims up to $150 per claim and aggregate claims up to a defined
yearly payment limit. All full-time employees and salaried consultants are
eligible to participate in the program. Self-insurance costs are accrued using
estimates to approximate the liability for reported claims and claims incurred
but not reported.
Income Taxes. The Company accounts for income taxes under the principles of
Statement of Financial Accounting Standard No. 109 "Accounting for Income
Taxes" ("SFAS 109"). SFAS 109 requires an asset and liability approach to the
recognition of deferred tax assets and liabilities for the expected future tax
consequences of differences between the carrying amounts and the tax bases of
other assets and liabilities. The tax effects of deductions attributable to
employees' disqualifying dispositions of shares obtained from incentive stock
options are reflected in additional paid-in capital.
Other Comprehensive Income (Loss). Other comprehensive income (loss) includes
foreign currency translation adjustments which arise primarily from activities
of the Company's Canadian operations. Results of operations are translated
using the weighted average exchange rates during the period, while assets and
liabilities are translated into U.S. dollars using current or historical rates
depending upon the related assets. Resulting foreign currency translation
adjustments are recorded in Stockholder's Equity.
Earnings Per Share. Options to purchase 7,186 and 6,266 shares of common stock
were not included in the computation of diluted earnings per share during the
three months ended March 31, 2001 and 2000, respectively, because these options
were anti-dilutive. Options to purchase 172 shares of common stock were
included in the computation of diluted earnings per share during the three
months ended March 31, 2001.
Accounting for Derivatives. In June 1998, SFAS No. 133, "Accounting for
Derivative Instruments and Hedging Activities", was issued. SFAS No. 133, as
amended by SFAS Nos. 137 and 138, establishes accounting and reporting
standards for derivative instruments, including certain derivative instruments
embedded in other contracts (collectively referred to as derivatives), and for
hedging activities. It also requires that all derivatives and hedging
activities be recognized as either assets or liabilities in the Consolidated
Balance Sheets and be measured at fair value. The accounting for changes in the
fair value of the derivative (that is, gains and losses) depends upon the
intended use of the derivative and resulting designation if used as a hedge.
SFAS No. 133, as amended, is effective for all fiscal quarters of fiscal years
beginning after June 15, 2000. The Company adopted SFAS 133, as amended, on
January 1, 2001. The implementation of SFAS 133 had no impact on the Company's
results of operations or financial position for the quarter ended March 31,
2001.
7
NOTE B -- SEGMENT ANALYSIS
In 1998, the Company adopted Statement of Accounting Standards No. 131,
"Disclosures about Segments of Enterprise and Related Information" ("SFAS
131"). SFAS 131 supersedes SFAS 14, "Financial Reporting for Segments of a
Business Enterprise," replacing the "industry segment" approach with the
"management" approach of determining reportable segments of an organization.
The management approach designates the internal organization that is used by
management for making operation decisions and addressing performance as the
source of determining the Company's reportable segments. Historically, the
Company's internal reporting followed its four functional service offerings,
which included: Information Technology, Finance and Accounting, Human Resources
and Operating Specialities. In January 2001, the Company reorganized its
management and reporting to include the results of Human Resources within the
Information Technology organizational structure. All prior period information
has been adjusted to reflect the effects of this change.
The Company generates only sales and gross profit information on a functional
basis. As such, asset information by segment is not disclosed. Substantially
all operations and long-lived assets are located in the U.S.
For the three months ended March 31,
Information Finance & Operating
Technology Accounting Specialties TOTAL
----------- ----------- ---------- ---------
2001
Sales $103,205 $ 56,125 $32,290 $191,620
Gross Profit 37,616 30,576 11,908 80,100
2000
Sales 114,092 57,269 23,702 195,063
Gross Profit 45,930 33,046 9,225 88,201
8
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements,
particularly with respect to the Liquidity and Capital Resources section of
Management's Discussion and Analysis of Financial Condition and Results of
Operations. Additional written or oral forward-looking statements may be made
by the Company from time to time, in filings with the SEC or otherwise. Such
forward-looking statements are within the meaning of that term in Section 27A
of the Securities Act of 1933 and Section 21 E of the Securities Exchange Act
of 1934. Such statements may include, but not be limited to, projections of
revenue, income, losses, cash flows, capital expenditures, plans for future
operations, the effects of interest rate variations, financing needs or plans,
plans relating to products or services of the Company, estimates concerning the
effects of litigation or other disputes, as well as assumptions to any of the
foregoing. In addition, when used in this discussion the words "anticipate",
"estimates", "expects", "intends", "plans", and variations thereof and similar
expressions are intended to identify forward looking statements.
Forward-looking statements are inherently subject to risks and uncertainties,
some of which can not be predicted. Future events and actual results could
differ materially from those set forth in or underlying the forward looking
statements. Readers are cautioned not to place undue reliance on any forward
looking statements contained in this report which speak only as of the date of
this report. The Company undertakes no obligation to publicly publish the
results of any adjustments to these forward looking statements that may be made
to reflect events on or after the date of this report or to reflect the
occurrence of unexpected events.
Results of Operations
The following table sets forth certain items in the Company's consolidated
statements of operations, as a percentage of net service revenues, for the
indicated periods:
Three months ended March 31,
2001 2000
----- -----
Flexible billings 82.8% 76.7%
Search Fees 17.2 23.3
----- -----
Net service revenues 100.0 100.0
----- -----
Gross profit 41.8 45.2
Selling, general, and administrative expenses 36.0 45.8
Income (loss) before taxes 2.6 (2.1)
----- -----
Net income (loss) 1.5 (1.2)
===== =====
Results of Operations for each of the Three Months Ended March 31, 2001 and
2000.
Net service revenues. Net service revenues decreased 1.8% to $191.6 million for
the three months ending March 31, 2001 as compared to $195.1 million for the
same period in 2000. The decrease was comprised of a $12.4 million decrease in
Search Services partially offset by an $8.9 million increase in Flexible
Billings for the three months ending March 31, 2001, as described below.
Flexible Billings increased 6.0% to $158.6 million for the three months ending
March 31, 2001 as compared to $149.7 million for the same period in 2000. The
increase in Flexible Billings in 2001, as compared to the same period in 2000
is attributable to a 3.6% increase in total hours billed and a slight increase
in average billing rates. The increase was partially offset by a $2.0 million
reduction in revenue for the same period in 2000 from the Company's solutions
business, kforce Consulting, which was wound down during the first quarter of
2001.
Search Fees decreased 27.2% to $33.0 million for the three months ended March
31, 2001 as compared to $45.4 million for the same period in 2000. The decrease
resulted from a 29.1% decrease in the number of placements made versus the same
period in 2000 partially offset by a 2.3% increase in the average fee for
placements.
Gross profit. Gross profit decreased 9.2% to $80.1 million during the three
months ended March 31, 2001 as compared to $88.2 million for the same period in
2000. Gross profit as a percentage of net service revenues decreased to 41.8%
in 2001 as compared to 45.2% for the same period in 2000. The decrease was
primarily attributable to the decrease in higher margin Search Services as a
percent of total revenues from 23.3% in 2000 to 17.2% in 2001.
Selling, general and administrative expenses. Selling, general and
administrative expenses decreased 22.8% to $69.0 million for
9
the three months ended March 31, 2001 as compared to $89.3 million for the same
period in 2000. Selling, general and administrative expenses as a percentage of
net service revenues decreased to 36.0% in 2001 compared to 45.8% in 2000. The
decrease in selling, general and administrative expense as a percentage of net
service revenues in the three months ended March 31, 2001 resulted primarily
from the benefits of initiatives taken by management to re-engineer and
streamline back-office operations, a reduction in advertising expense, and
reductions in other selling, general and administrative expenses to better
align expenses with revenues.
Depreciation and amortization expense. Depreciation and amortization expense
increased 7.7% to $4.0 million for the three months ended March 31, 2001
compared to $3.7 million for the same period in 2000. Depreciation and
amortization expense as a percentage of net service revenues increased to 2.1%
for 2001, as compared to 1.9% for 2000. The increase as a percentage of net
service revenues for 2001 as compared to 2000 is due primarily to increased
amortization of computer software utilized to increase back office efficiency.
Other expense (income), net. Other expense (income), net, increased 413.5% for
the three months ended March 31, 2001 compared to the same period in 2000. The
increase in other expense during 2001 as compared to 2000 was primarily due to
an increase in interest expense and decrease in interest income resulting from
borrowings used to repurchase $55.0 million of common stock in a modified Dutch
Auction Self Tender Offer completed in December 2000.
Income (loss) before taxes. Income (loss) before taxes increased 221.3% for the
three months ended March 31, 2001, to income before taxes of $5.0 million, as
compared to a loss before taxes of $4.1 million for the same period in 2000,
primarily as a result of the decrease in selling, general and administrative
expenses, as discussed above and a $1.0 million reduction in operating loss
from kforce Consulting as a result of the wind down of this business.
Provision for (benefit from) income taxes. Provision for (benefit from) income
taxes increased 224.9% to an expense of $2.2 million for the three months ended
March 31, 2001 compared to a tax benefit of $1.7 million for the same period in
2000. The effective tax rate was 43.3% for the three months ended March 31,
2001 compared to 42.0% for the same period in 2000.
Net Income. Net income increased to $2.8 million in the three months ended
March 31, 2001 as compared to a net loss of $2.4 million for the same period in
2000 primarily as a result of the factors discussed above related to selling,
general and administrative expenses, which were partially offset by the income
tax benefit recognized as a result of the pre-tax loss in 2000.
Beginning in the first quarter 2001, the Company incorporated the results of
its Human Resources business unit into the results of the Information
Technology Business segment for reporting purposes. Results for the same period
in 2000 have been adjusted for comparability.
Liquidity and Capital Resources
As of March 31, 2001, the Company's sources of liquidity included $3.3 million
in cash and cash equivalents, and $64.2 million in additional net working
capital. In addition, as of March 31, 2001, the Company has approximately $37
million outstanding under its $90 million Amended and Restated Credit Facility
with Bank of America (the "Credit Facility"). This Credit Facility, which was
entered into on November 3, 2000, has an initial term of three years. The
Credit Facility provides for a maximum revolving credit facility of $90 million
(not to exceed 85% of the Company's "Eligible Receivables" as such term is
defined in the Credit Facility).
The Credit Facility contains a provision that limits the dollar amount of
common stock the Company may repurchase subsequent November 3, 2000 to $55
million. On February 12, 2001, the Credit Facility was amended to increase the
maximum amount of common stock the Company may repurchase to $72 million.
Subsequent to March 31, 2001, the Company entered into two fixed interest rate
swap contracts in relation to a portion of its Credit Facility for a total
notional amount of $22 million with terms expiring no later than May 2003. The
Company considers these financial instruments cash flow hedges under SFAS No.
133, as amended.
During the three months ended March 31, 2001, cash provided by operations was
$14.1 million, resulting primarily from a decrease in accounts receivable and
an increase in accounts payable and other accrued liabilities, partially offset
by an decrease in accrued payroll costs, bank overdrafts and long-term
liabilities related to the Company's Deferred Compensation Plan. The decrease
in accounts receivable reflects the decreased volume of business during the
first three months of 2001, and increased collection activity. The increase in
accounts payable and other accrued liabilities and the decrease in accrued
payroll costs and bank overdrafts are primarily due to the timing of payment of
these liabilities.
For the three months ended March 31, 2001, cash used in investing activities
was $3.6 million, primarily for capital expenditures.
10
During the three months ended March 31, 2001, cash used in financing activities
was $9.1 million primarily from the repayment of $8.0 million of borrowing
under the Company's Credit Facility and repurchase of $1.1 million in common
stock. Through May 8, 2001, the Company had repurchased approximately 1.7
million shares of common stock in 2001, including 1.4 million shares subsequent
to March 31, 2000, for a total purchase price of $8.0 million.
On March 11, 1999, the Company announced that its Board of Directors had
authorized the repurchase of up to $50 million of its common stock on the open
market, from time to time, depending on market conditions. On October 24, 2000,
the Board of Directors authorized an increase to up to $100 million for stock
repurchases. As of March 31, 2001 and May 8, 2001, respectively, the Company
had repurchased approximately 14.7 million shares and 16.1 million shares under
this plan. Approximately $9.3 million was available under the current board
authorization as of May 8, 2001. Additional stock repurchases may have a
material impact on the Company's cash flow requirements for the next twelve
months.
The Company believes that cash from operations and borrowings under its Line of
Credit, or other credit facilities that may become available to the Company in
the future, will be adequate to meet the working capital requirements of
current operations for at least the next twelve months. However, there is no
assurance: (i) that the Company will be able to obtain financing in amounts
sufficient to meet its operating requirements or at terms which are
satisfactory and which allow the Company to remain competitive, or (ii) that
the Company will be able to meet the financial covenants contained in the
Credit Facility. The Company's expectation that existing resources will fund
its working capital requirements is a forward-looking statement that is subject
to risks and uncertainties. Actual results could differ from those indicated as
a result of a number of factors, including the use of such resources for
possible acquisitions and the announced stock repurchase plan.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The Company is exposed to a variety of risks, including foreign currency
fluctuations and changes in interest rates on its borrowings. The effect of a
1% change in interest rates would currently have an impact of $150,000. The
Company does not engage in trading market risk sensitive instruments for
speculative purposes. The Company is managing its exposure to changes in
interest rates from its Credit Facility by entering into interest rate swap
agreements which allow it to convert $22 million of its debt from variable to
fixed interest rates. The Company believes that effects of changes in interest
rates or foreign currency are limited and would not have a material impact to
its operations.
11
PART II -- OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None
ITEM 2. CHANGES IN SECURITIES
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
None
(b) Reports:
The Company filed no reports on Form 8-K during the quarter ended
March 31, 2001.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
KFORCE.COM, INC.
(Registrant)
By: /s/ William L. Sanders
------------------------------------------
William L. Sanders, Senior Vice President,
Chief Financial Officer
By: /s/ David M. Kelly
------------------------------------------
David M. Kelly, Chief Accounting Officer
Date: May 10, 2001