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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.
Adecco Reports Second Quarter Results
Adecco Group News Release (08/08/13)
Adecco Group reported revenues of €4.9 billion in the second quarter of 2013, down 5% from €5.2 billion during the same period last year, and a gross profit of €884 million, down 4% from €917 million. Net income was €126 million, up 12% from €113 million in the second quarter of 2012.
In North America, revenues were €960 million, up 3% organically. General staffing revenues were flat in constant currency, with growth in industrial and a small decline in office, while professional staffing revenues grew by 4% organically. Permanent placement revenues continued to develop well, up 10% in constant currency.
RCM Technologies Inc. Reports Second Quarter Results
RCM Technologies News Release (08/07/2013)
RCM Technologies Inc. has reported revenues of $42.4 million for the second quarter of 2013, up 18.4% from $35.8 million for the second quarter of 2012. Net income for the second quarter of 2013 totaled $1.5 million, up 300% from $0.5 million for the second quarter of 2012.
CTPartners Executive Search Inc. Reports Second Quarter Results
CTPartners News Release (08/07/13)
CTPartners Executive Search Inc. reported total revenue of $35.4 million in the second quarter of 2013, up 1.27% from $34.9 million in the second quarter of 2012. Net revenue was $34.2 million, up 1.39% from $33.8 million during the same period last year. The company reported a net loss of $324,000, unchanged from the year-ago period.
The company’s North American revenue totaled $21.7 million for the second quarter of 2013, up 1.7% from $21.4 million in the prior year’s second quarter. By practice, revenue was $8.1 million for financial services, down 27.6% from $11.2 million a year ago; $4.5 million for technology, media, and telecom, up 19.1% from $3.8 million; $6.8 million for life sciences, up 24.9% from $5.4 million; $5.8 million for professional services, up 39.1% from $4.1 million; $5.4 million for consumer and retail, down 15.1% from $6.3 million; and $3.7 million for industrial, up 28.4% from $2.9 million.
Jobless Claims in U.S. Over Past Month Drop to Lowest Since 2007
Bloomberg (08/08/13) Shobhana Chandra
The average number of people who applied for unemployment benefits over the last month was the lowest since before the recession, demonstrating that the labor market is growing stronger. Jobless claims rose 5,000 last week to 333,000, according to the U.S. Department of Labor. Economists surveyed by Bloomberg had predicted an increase to 335,000. The four-week average of new jobless claims dropped to 335,500, the least since November 2007.
Sections Sound Off: How Does CSR Help Your Firm?
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Entries for National Staffing Employee of the Year Due Today
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What’s Trending on ASA Central Right Now
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Recipients of the 2013 ASA Care Awards Announced
Last week, the American Staffing Association bestowed ASA Care Awards to two staffing companies and one industry supplier. The awards recognize outstanding corporate social responsibility (CSR) initiatives—business processes that produce an overall positive effect on society—among ASA member companies, associate members, and affiliated chapters.
A panel of independent CSR specialists selected the winners in three categories: AMN Healthcare (firms with more than $100 million in annual sales), Incepture (firms with $25 million–$100 million in annual sales), and Assurance Agency Ltd. (industry supplier). In addition, honorable mentions were conferred to three staffing firms, two industry suppliers, and one affiliated chapter.
ASA Care Award honorees will be formally honored at Staffing World® 2013, the ASA convention and expo, Oct. 8–10 in Orlando, FL. For more information about the ASA Care Awards, visit americanstaffing.net.
Volunteers Needed for Online Focus Groups About E-Verify
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Massachusetts Publishes Right to Know Information in Spanish, Portuguese
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Pennsylvania Court: Staffing Firm Not Negligent for Failing to Report Temporary Employee’s Drug Abuse
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State Temporary Worker Pleads Guilty, Faces Prison for Stealing $90K
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Hiring Demand in Construction Keeps Building
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Out of Work Over Nine Months? Good Luck Finding a Job
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