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Gevity taking charge of up to $5.5 million

March 18 2008

Gevity HR Inc. (NASD: GVHR), a Bradenton FL-based professional employer organization, said it will take a pre-tax charge of $4.5 million to $5.5 million in the first half of this year due to the write-off of its Gevity Edge Select assets, according to its 10-K filing with the U.S. Securities and Exchange Commission. Gevity Edge Select was an offering by Gevity that provided human resource services, but not on a co-employed basis. Gevity said it plans to end Gevity Edge Select and transition clients to either its full-service PEO offering or another provider.

Gevity said in the filing it will end Gevity Edge Select no later than June 30 and will close its Charlotte NC office as part of the process. The company plans to cut 30 internal jobs in Charlotte and at a branch office in Atlanta in the process. Gevity had approximately 900 internal employees as of Dec. 31.

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