Marketwatch (03/28/13)
Volt Information Sciences Inc. has reported unaudited financial information for the fiscal first quarter. Staffing services, which account for a majority of the company’s total revenue, had approximately $471 million in revenue in the first quarter of 2013 compared to approximately $478 million for the same period in 2012, a 1.5% decrease.
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.
Seacoast Online (04/01/13) Aaron Sanborn
The first of 27 civil lawsuits against Exeter Hospital in New Hampshire and Triage Staffing Inc., Maxim Staffing Solutions, SpringBoard Staffing, American HealthCare Services Association, and the American Registry of Radiologic Technologists related to hepatitis C infections will go to trial Nov. 10, 2014. Attorneys expect a number of the cases to be settled through mediation, as some already have done. Traveling medical worker David Kwiatkowski is accused of injecting himself with drugs intended for patients and infecting 32 patients in Exeter, six in Kansas, five in Maryland, and one in Pennsylvania with hepatitis C through tainted syringes.
Dallas Business Journal (03/29/13) Lance Murray
Ground employees for Southwest Airlines Co. picketed at Dallas Love Field on March 28, unhappy with the company’s plan to use temporary workers on the ramp. Southwest Airlines wants to be able to outsource 20% of it ground work to temporary workers, and that plan is opposed by members of the Transport Workers Union Local 555. The union says it has more than 9,400 members in Local 555, and that Southwest’s plan could allow for 2,000 temporary workers. The union has been in contract talks with the airline for 19 months.
Reuters (03/29/13)
The Thomson Reuters/University of Michigan’s final reading on the overall index of consumer sentiment came in at 78.6, up from 77.6 the month before. The final March figure was up sharply from the preliminary reading of 71.8, and above the median forecast of 72.5 among economists polled by Reuters, and was also the highest reading since November. The survey—released on March 29—found that Americans discounted the effects of government budget cuts and instead saw continued healing in the labor market.
Wall Street Journal (03/30/13) Sarah Portlock; Kathleen Madigan
The U.S. Commerce Department on March 29 reported that consumer spending rose 0.7% in February, the largest gain since September. The increase prompted several economists to revise upward their growth estimates for the first part of 2013. Macroeconomic Advisers said it now expects 3.5% growth in the first quarter, up three-tenths of a percentage point from earlier estimates. Americans saw bigger paychecks and stepped up their spending last month, despite higher taxes and gas prices, boosting the economy’s growth outlook for the first quarter.
Share your firm’s data with ASA so you can get the staffing industry information you’re looking for. Participate in the association’s quarterly Staffing Employment and Sales Survey by May 24. Staffing firms that complete the survey receive an exclusive report on the results, which includes temporary and contract staffing sales and gross margin data by sector.
The information collected by this survey provides data essential to the association’s legal and legislative advocacy efforts on behalf of the staffing industry. Register to take the survey or view a PDF version of the questionnaire at americanstaffing.net. This survey is conducted by ASA research partner Inavero, and there are no fees to participate.
ASA will soon launch a powerful online resource that will change how staffing companies access industry supplier information and make important purchasing decisions. ASA Marketplace, a feature-rich, interactive, searchable website, will allow users to find supplier products and services in various categories by using a host of tools. Stay tuned for more information about the ASA Marketplace. There’s never been anything like it in the staffing business.
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