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Ortoli | Rosenstadt: What Exactly Is a Seller Responsible for When Selling Its Staffing Firm?
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.
CDI Corp. Reports Second Quarter Results
CDI Corp. News Release (08/01/13)
CDI Corp. reported revenue of $263.4 million for the second quarter of 2013, down 4% from $274.4 million in the second quarter of 2012. The company’s net income was $3.5 million, down 30% from $5.1 million in the year-ago period.
Revenue for its professional services staffing segment was $168.8 million in the second quarter, down 3.7% from $175.3 million the prior year. Revenue for its Management Recruiters International segment was $14.7 million in the second quarter, down 20.2% from $18.4 million in the year-ago quarter.
Insperity Reports Second Quarter Results
Insperity Inc. News Release (08/01/13)
Insperity Inc. has reported revenues of $547.3 million for the second quarter of 2013, compared with $519.3 million for the second quarter of 2012 (up 5.4%). Net income for the second quarter of 2013 was $3.49 million, compared with $5.6 million for the second quarter of 2012 (down 37.9%).
Tepid Growth Restrains Fed
Wall Street Journal (07/31/13) Neil Shah; Ben Casselman; Jon Hilsenrath
The U.S. economy grew at a less than optimal rate in the first half of the year. According to the U.S. Department of Commerce, the economy grew at a 1.7% annual rate in the second quarter, a tepid pace by historic standards. However, the growth rate was sufficient to ease concerns about a full-blown summertime economic stall. Economists had been concerned that weak global growth and the effects of the sequester would result in even slower growth of less than 1% in the second quarter. The economy grew by a revised 1.1% in the first quarter.
ADP Report: 200,000 Private-Sector Jobs Added in July
Wall Street Journal (07/31/13) Kathleen Madigan
According to Moody’s Analytics and Automatic Data Processing Inc., the private sector added 200,000 jobs in July, beating the 183,000 new jobs predicted by economists. Small businesses added 82,000 jobs, midsize businesses added 60,000 new jobs, and large businesses added 57,000 new jobs. The June employment increase has been revised to 198,000, up from 188,000 reported a month ago.
Jobless Claims in U.S. Fall to Lowest Level in Five Years
Bloomberg (08/01/13) Lorraine Woellert
The number of people who applied for unemployment benefits last week dropped to the lowest level since January 2008. Jobless claims fell 19,000 to 326,000 in the week ended July 27, according to the U.S. Department of Labor. Economists surveyed by Bloomberg had forecast an increase to 345,000. The less-volatile four-week moving average of new jobless claims fell to 341,250 last week from 345,750.
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Free ASAPro Webinar Today—Save Costs With Tax Credits
Be sure to attend the free ASAPro webinar “Get the Most Out of Tax Credit Programs” today from 3 to 4 p.m. Eastern time. Mike Nethery, a tax credit consultant with HK Payroll Services Inc., will teach you how to improve your bottom line through employer tax credit programs.
ASAPro webinars are free for ASA members and qualify for continuing education hours toward ASA certification renewal. To learn more and to register, visit americanstaffing.net.
Participate in the ASA Staffing Employment and Sales Survey This Month
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 Aug. 23. 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 data collected by this survey are 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.
New EEOC Suit Reminds Employers Not to Make Pregnancy-Related Inquiries
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Confidence of Information Technology Workers Increases Five Points in Second Quarter
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NFIB Says Small-Business Job Creation Weak in July
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Online Labor Demand Down 92,200 in July
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