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 2012; any accounting adjustments that may occur during the quarterly close; fluctuations in the value of the renminbi against the US dollar and other currencies; 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 Factors 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 2012 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 an overview of the first quarter, followed by Kathleen with a detailed presentation of our financial results. Then I will discuss current market conditions in our guidance. Finally, we’ll open the call to your questions. Our first quarter results were very much as expected. We achieved revenues of RMB381 million, near the midpoint of our guidance, and non-GAAP EPS of RMB2.23, or slightly ahead of our forecast due to improved operating efficiencies. In line with the initial market assessment we shared on our conference call in February, we have observed healthy customer demand in 2012 but in a more modest level compared to the prior two years. Concerns about global macroeconomic conditions and growth in China are [weighing] on our customers as they navigate through another period of uncertainty. That said, on the bright side, hiring patterns so far this year have been largely within our expectations.
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