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51job's CEO Discusses Q1 2011 Results - Earnings Call Transcript

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 second 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 second quarter of 2011 or as a result of new information, future events or otherwise.

Now I’ll turn the call over to Rick.

Rick Yan

Thank you, Linda. And welcome to today’s call. I will begin with highlights of the first quarter, followed by Kathleen with her detailed review of our financial results. I will then discuss current market conditions and recent developments. Finally, we’ll open the call to your questions.

Results for the first quarter came in ahead of guidance as the positive economic climate and robust hiring activity in China throughout demand for our services. We reported total revenues of RMB 325 million or approximately $50 million, an increase of 28% over the first quarter of 2010. We saw solid revenue growth in each business area. The momentum of our online services business remained strong with online revenues increasing 57% year over year.

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