Code:
package {

    import flash.display.DisplayObject;
    import flash.display.Sprite;
    import flash.geom.Matrix;
    import flash.geom.Point;
    import flash.text.Font;
    import flash.text.TextField;
    import flash.text.TextFieldAutoSize;
    import flash.text.TextFormat;

    public class CircleExample extends Sprite {

        public static const TEXT:String       = "dynamic text";
        public static const TOTAL_FIELDS:uint = 10;
        public static const CENTER:Point      = new Point(200.0, 200.0);
        public static const RADIUS:Number     = 100.0;
        public static const ROTATION:Number   = (2*Math.PI) /
                                                    CircleExample.TOTAL_FIELDS;

        [Embed(source="nasaliza.ttf", fontFamily="Nasaliza")]
        private var NasalizaFont:Class;

        public function CircleExample() {

            var nasaliza:Font = new NasalizaFont();
            var format:TextFormat = new TextFormat;
            format.font = nasaliza.fontName;

            var accumulator:Number = 0.0;
            for(var i:int=0;i<CircleExample.TOTAL_FIELDS;++i) {
                var field:TextField = new TextField();
                
                field.embedFonts        = true;
                field.defaultTextFormat = format;
                field.autoSize          = TextFieldAutoSize.LEFT;
                field.text              = CircleExample.TEXT;

                CircleExample.place(field,
                                    CircleExample.CENTER,
                                    accumulator,
                                    CircleExample.RADIUS);
                accumulator += CircleExample.ROTATION;

                this.addChild(field);
            }
        }

        // center rotation distance
        public static function place(graphic:DisplayObject,
                                     c:Point,
                                     r:Number,
                                     d:Number):void {
            var m:Matrix = graphic.transform.matrix;

            m.translate(-graphic.width*0.5, -graphic.height*0.5);
            m.rotate(r);

            if(m.d < 0) {
                m.rotate(Math.PI);
                d *= -1;
            }
            m.translate(c.x + m.d*d, c.y + m.b * d);

            graphic.transform.matrix = m;
        }
    }

}
Hope this helps.