Business Wire (01/09/13)
TSR Inc. on Jan. 9 announced financial results for the second quarter ended Nov. 30, 2012. Revenue for the quarter decreased 5.0% from the same quarter last year to $10.6 million. Net income (loss) attributable to TSR decreased from income of $32,000 in the prior year quarter to a loss of $182,000 in the current quarter.
Buyers of a business generally expect sellers to be responsible for certain liabilities relating to when the seller owned its business—a concept mergers and acquisitions professionals refer to as indemnification. Indemnification is one of the most heavily negotiated, and potentially most significant, provisions of a purchase agreement, and understanding the terminology common to such agreements is essential when negotiating a deal. Attorney Paul Pincus of Ortoli Rosenstadt LLP explains what sellers are liable for, how a seller’s liability may be limited, and how buyers may seek to fund potential indemnity claims.
Business Wire (01/09/13)
Corporate Resource Services Inc. on Jan. 9 announced that it closed on its acquisition of Personally Yours Staffing Inc. The effective date for the acquisition was Jan. 3, 2013. Terms of the transaction were not disclosed. Personally Yours Staffing operates three offices in South Florida, and services clients throughout the U.S.
Daily Markets (01/09/13)
Adecco Group has announced the launch of Pontoon, Adecco’s unified global contingent work force management and recruitment process outsourcing organization. Pontoon is the 2012 combination of Adecco Group’s Beeline Managed Service Provider and Adecco Solutions business lines into an independent organization. Headquartered in Jacksonville, FL, Pontoon will provide services in 74 countries. Michael Wachholz is global president of Pontoon.
Bloomberg (01/09/13) Joshua Zumbrun
Congress recently extended emergency jobless benefits, which enable states hit hard by unemployment to offer payments for as long as 73 weeks. Government estimates indicate that long-term unemployment benefits to be paid out this year will total $30 billion, marking a decline from $45.5 billion last year. Mark Zandi, chief economist at Moody’s Analytics, says it is one of the most effective stimulus programs, given that every $1 in benefits that is paid out generates 1.55 times as much economic activity. JPMorgan Chase & Co. economists estimate that economic growth would have fallen by nearly 0.2 percentage point this year if Congress allowed the benefits to expire. The number of Americans collecting extended and emergency benefits decreased from 3.56 million during the last week of 2011 to 2.07 million during the week ended Dec. 15, 2012, due in part to the fact that unemployed workers in states with declining jobless rates no longer qualify for the benefits.
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The benefits of ASA membership cover so many aspects of your business that the association has created the Membership Matters page to give you a quick and comprehensive look at all the resources that could be at your fingertips right now.
Among the top benefits of joining ASA today: free ASAPro webinars and more than 150 free courses for your entire staff. ASAPro Webinars qualify for continuing education hours toward ASA certification renewal.
For additional information, contact ASA at 703-253-2020 or asa@americanstaffing.net.
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