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Exult Hits Long-Awaited Profitability, Plans to Stay There

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Irvine-based Exult Inc. finally has turned profitable, and says it should stay that way.

For the December quarter, the company made $1.8 million, vs. a $15.6 million loss in the year-ago quarter. Exult posted sales of $121.6 million, up 36% sales from a year earlier.

"This validates the operational success of the Exult model," said Jim Madden, Exults chief executive, in a statement. "We intend to build on this milestone with consistent quarterly profitability throughout 2003, as we progress toward our long-term margin goals."

Exults profit comes as the company cut some 50 jobs in October.

Exult employs about 70 people in OC and some 1,400 in all. The layoffs had "to do with taking advantage of the increased efficiencies of our business," Chief Financial Officer Mike Henn said at the time.

There may be more changes.

The company said in December it plans to "continue to evaluate additional opportunities to improve efficiencies," including doing more work in...