These statements are based upon management’s current expectation and actual results could differ materially. Among the factors that could cause actual results to differ are the number of recruitment advertisements placed, sales orders received and customer contracts executed during the remaining weeks of the first quarter of 2011, any accounting adjustments that may occur during the quarterly close; fluctuations in the value of the Renminbi against the U.S. dollar and other currency; behavioral and operational changes of customers in meeting their human resource needs as they respond to evolving social, economic and political changes in China as well as stock market volatilities; introduction by competitors of new or enhanced products or services; price competition in the market for the various human resource services that the company provides in China; acceptance of new products and services developed or introduced by the company outside of the human resources industry and fluctuations in general economic conditions.
For additional information on these and other factors that may affect the company’s financial results, please refer to the risk factor section of the company’s filings with the Securities and Exchange Commission. 51job undertakes no obligation to update targets prior to announcing final results for the first quarter of 2011 or as a result of new information, future events or otherwise.
Now I’ll turn the call over to Rick.
Rick YanThank you, Linda. And welcome to today’s call. I will begin with highlights of the fourth quarter and full-year 2010, followed by Kathleen with her detailed review of our financial results. I will then discuss our observations of current market conditions, as well as our objectives going forward. Finally, we’ll open the call to your questions. 2010 was a memorable year for 51job with record revenues, margins and profits. As market conditions improved and demand rebound, we achieved progressively better financial results during the year through consistent execution of our strategic initiatives. We closed out the year with an outstanding fourth quarter with revenues of RMB302 million, or approximately $46 million, well ahead of forecast.