CDI Corp. News Release (05/02/13)
CDI Corp. reported revenues of $269.5 million for the first quarter of 2013, down 4% from $280.6 million during the same period last year. The company’s net income was $2.6 million, down from $3.9 million in the first quarter of 2012. CDI’s professional services staffing segment reported revenue of $177.1 million, down 2.5% from the year-ago period, and its management recruiters international segment reported revenue of $14.3 million, down 18.7%.
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 (05/02/13) Sudeep Reddy
The Institute for Supply Management’s measure of U.S. manufacturing activity declined in April to 50.7, falling from 51.3 in March. A measure of 50 indicates economic expansion. New orders and production improved, although hiring stagnated.
Bradley Holcomb, chairman of the ISM’s manufacturing survey committee, says the sector is experiencing momentary softness, but the survey’s respondents anticipate a more robust second half of the year.
Bloomberg (05/02/13) Alex Kowalski; Shobhana Chandra
The number of workers filing claims for unemployment insurance fell to the lowest level last week since January 2008, suggesting employers are retaining staff even though the economy is cooling. Applications for jobless benefits declined 18,000 to 324,000 in the week ended April 27, according to the U.S. Department of Labor. Economists had forecast 345,000 applications, according to a Bloomberg survey. Meanwhile, the previous week’s figures were revised upward to 342,000 from an initially reported 339,000.
Gallup Economy (05/01/13) Elizabeth Mendes
Gallup’s U.S. Job Creation Index reached +19 in April, with 35% of workers polled indicating that their employers were hiring and 16% stating that their employers were letting workers go. The Job Creation Index was -10 among federal workers, up from -18 in March, and +22 among nongovernment workers, up from +20. Job creation has picked up steam since 2009, but hiring reports have hovered in the mid-30% range. Federal workers continue to report lower levels of hiring than nongovernment workers.
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Participate in the ASA Sector Benchmarking Survey to benchmark your performance against similar staffing firms. The survey covers sales and operational metrics for the health care; industrial; office–administrative; professional; search and placement; and technical, IT, and scientific industry sectors. ASA member companies that complete the survey will receive a free full survey report that provides key metrics such as data on gross margins by sector, average employee placements by company size, and more.
Interested in participating? Contact ASA at sections@americanstaffing.net to receive a customized link. To learn more and view sample survey questions, go to americanstaffing.net. The survey deadline is May 21.
Is your website an asset or a liability for your company? Find out how to take ownership of your online reputation and position your firm in the best light during the ASAPro webinar “Online Branding and Reputation Management—It’s More Important Than You Think,” Thursday, May 16, 3–4 p.m. Eastern time. Brad Smith of Haley Marketing Group will help you assess whether your website differentiates your company from your competitors in an effective and valid way.
This webinar is free for ASA members and qualifies for continuing education hours toward ASA certification renewal. Register online at americanstaffing.net.
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