Kingwood-based Administaff Inc. will cut 5 percent of its corporate employees and increase fees, the company announced last week.

Administaff discussed the moves in a filing with the Securities and Exchange Commission last week announcing its earnings for the last three months of 2009, which came in lower than analysts had expected.

The human resources services company lost $2.8 million, or 11 cents per share, during the last quarter of 2009. That compares with a profit of $9.7 million during the same period in 2008.
Chairman and CEO Paul J. Sarvadi said in a statement the loss was caused primarily by higher-than-expected health care costs.

After the announcement, the company’s stock fell sharply. It finished trading Friday at $16.67, having lost a third of its value from late January, when it was above $24 a share.

For the year, Administaff posted a net income of $17 million, down from $46 million in 2008.
Administaff’s revenues for 2009 were down 4 percent, to $1.65 billion, from the year prior.
The release did not specific when the employee cuts would take place.