Insperity Inc. News Release (02/08/13)
Insperity Inc. reported net income of $9.4 million in the fourth quarter of 2012, up 12.9% from the same period in 2011. Net income was $40.4 million for all of 2012, up 32.6% from 2011. The human resources and business performance solutions provider also reported a 7.5% jump in revenues to $532.4 million in the fourth quarter. Revenues were up 9.2% to $2.2 billion for all of 2012.
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.
Wall Street Journal (02/11/13) Scott Thurm
Despite gains in fourth-quarter earnings, many U.S. executives are worried about the global economy and are lowering financial forecasts. FactSet Research says 63 companies on the Standard & Poor’s 500 stock index have reduced first-quarter earnings forecasts, compared to 17 firms that have raised them. Executives cite shrinking European economies and the impact of ongoing Washington gridlock on consumer spending. According to a survey of 50 S&P companies by the Wall Street Journal, firms will boost investment by 2% this year, down from 8% during the first nine months of 2012 and 20% in 2011.
USA Today (02/11/13) Paul Davidson; Barbara Hansen
With gains in the stock market and the housing market, economists surveyed by USA TODAY expect economic growth to pick up steam this summer, with the growth rate for the following nine months to hit a three-year high. Richard Moody, chief economist at Regions Bank, says, “I think we’re really on the verge of this becoming a self-sustaining recovery.” They predict that 171,000 jobs on average will be added each month and that the unemployment rate will slip to 7.5% by the end of the year.
Wall Street Journal (02/11/13) Louise Radnofsky
With governors in 25 states looking to opt out of the Medicaid expansion pushed by the federal health care law, employers are concerned about being forced to insure their low-wage workers or pay fines of $2,000 or more per person. Business groups are calling on states to take part in the Medicaid expansion, given that the federal government will cover 100% of the costs from 2014 to 2016 and at least 90% in each subsequent year. Some employers say they will have to raise prices for consumers or reduce wages if they are forced to take on the burden of insuring these workers.
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The Obama administration has released proposed regulations that detail the obligations of employers under the Affordable Care Act. Be prepared for how the law will affect your firm—join the American Staffing Association.
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