Wall Street Journal (06/30/14)
Corporate Resource Services Inc. reported revenues of $819.7 million for its 2013 fiscal year, up 20.6% from $679.8 million in fiscal 2012. The company reported a gross profit for fiscal 2013 of $96.4 million, up 20.5% from $80 million. Net income totaled $2.8 million, compared with a net loss of $1.7 million in fiscal 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 (06/30/14) Jess Bravin
The U.S. Supreme Court has ruled 5 to 4 that “closely held” companies can opt out on religious grounds of the Affordable Care Act’s requirement that workers’ health plans cover contraception. The case involved Hobby Lobby Stores Inc. and Conestoga Wood Specialties Corp.’s objections to covering the morning-after pill and certain intrauterine devices because they were tantamount to abortion, according to the owners’ religious beliefs. The White House said the Obama administration would look into legislative or executive fixes to ensure affected workers receive coverage.
Federal Reserve Bank of Dallas (06/30/2014)
The Federal Reserve Bank of Dallas reports a gain in factory activity, with the production index as measured by the Texas Manufacturing Outlook Survey rising to 15.5 in June from 11.0 in May. The new orders index climbed from 3.8 to 6.5, the general business activity index edged up from 8.0 to 11.4, and the company outlook index jumped four points to 8.4.
Meanwhile, the employment index surged from 2.9 in May to 13.1 in June, with 21% of the 112 manufacturers surveyed reporting net hiring and only 8% reporting net layoffs. Hours worked also increased from 2.8 to 4.7. The survey reveals a gain in the index of future general business activity of seven points to 18.7, and the index of future company outlook of 14 points to 33.8, marking a three-year high.
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Whether your firm spearheaded a successful environmental stewardship campaign or helped organize a scholarship fund designed for students in need, submit an entry to the 2014 ASA Care Awards—which recognize current corporate social responsibility (CSR) best practices among staffing firms. A panel of CSR experts will review entries and select the winners. Honorees will be recognized at Staffing World®, Oct. 13–15 in metro Washington, DC, and featured in this newsletter and in Staffing Success magazine.
The deadline for submissions is today—entries postmarked by today will be accepted. For more information and to submit an entry, visit ASA Central.
Staffing World is the largest, most comprehensive convention and expo in the staffing, recruiting, and workforce solutions industry. This year’s event takes place Oct. 13–15 at the Gaylord National Resort and Convention Center in metro Washington, DC.
Staffing World will feature two Affordable Care Act-specific sessions to ensure staffing firms are 100% prepared for the employer mandates that go into effect in January:
Come to Staffing World for the last opportunity to discuss ACA compliance issues with your peers before 2015. Don’t delay—save up to $150 per person when you register by Sept. 5.
Get more information and register online at staffingworld.net. ASA members save even more, so join today.
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