Barrett Business Services News Release (07/29/14)
Barrett Business Services Inc. reported revenues of $798.4 million in the second quarter, up 18.0% from $675.0 million a year ago. Net income totaled $7.3 million in the second quarter, up 24.0% from $5.9 million in the year-ago quarter.
Revenues from staffing services totaled $38.6 million in the second quarter, up 9.25% from $35.3 million a year ago.
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.
TeamHealth Holdings News Release (07/29/14)
Team Health Holdings Inc. reported net revenue of $675.1 million for the second quarter of 2014, up 16.4% from $579.7 million in the year-ago quarter. Net earnings totaled $30.2 million, up 64.0% from net earnings of $18.4 million in the second quarter of 2013.
Impellam Group News Release (07/30/2014)
Impellam Group PLC reported revenue of £612.3 million for the first half of 2014, up 3.5% on a constant currency basis from £591.7 million during the corresponding period in 2013. Gross profits totaled £91 million, up 8.6% from £83.8 million a year ago. Revenue totaled £298.1 million in its staffing segment, up 2.1% from £295.6 million.
The company’s North American revenue totaled £86.0 million, down 2.3% from £95.2 million.
ADP National Employment Report (07/30/14)
Private sector employment increased by 218,000 jobs from June to July, according to the July ADP National Employment Report. Goods-producing employment rose by 16,000 jobs in July, down from 43,000 jobs gained in June. The construction industry added 12,000 jobs over the month, less than half of the gain seen in June. Meanwhile, manufacturing added 3,000 jobs in July, less than one-third the number of jobs added in June.
Service-providing employment rose by 202,000 jobs in July, down from 238,000 in June. Professional and business services contributed 61,000 jobs in July, down from 79,000 in June. Expansion in trade, transportation, and utilities grew by 52,000, down slightly from June’s 56,000.
“Although down from June, the July jobs number marks the fourth straight month of employment gains above 200,000,” says Carlos Rodriguez, president and chief executive officer of ADP.
Wall Street Journal (07/30/14) Eric Morath; Nick Timiraos
U.S. gross domestic product increased a seasonally adjusted 4.0% in the second quarter, according to the advance estimate released by the U.S. Department of Commerce. Economists surveyed by the Wall Street Journal had forecast growth of 3.0% for the quarter. The growth may signal that the economy is improving following a first-quarter contraction. The economy shrank 2.1% in the first quarter, based on revisions to the previous estimate, and grew just 1.0% during the first half of the year. Annual revisions indicate the economy expanded at a 4.0% pace in the second half of 2013, the best six-month stretch in 10 years.
Conference Board News Release (07/30/14)
Online advertised vacancies showed a small drop of 15,500 to 5.04 million in July, according to the Conference Board Help Wanted OnLine Data Series. The June supply and demand rate stands at 1.9 unemployed workers for each advertised vacancy, with a total of 4.4 million more unemployed workers than the number of advertised vacancies. The number of unemployed was 9.5 million in June.
“Labor demand continues to be at historically high levels, with employer demand running at about five million ads each month,” says Gad Levanon, director of macroeconomics and labor markets at the Conference Board. “While the average monthly increases have become more modest since early 2013, the overall trend has helped lower unemployment levels and reduced the U.S. [supply and demand] rate from a peak of 5.2 in June 2009 to 1.9 in June 2014.”
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Staffing World 2014, the largest, most comprehensive convention and expo in the staffing, recruiting, and workforce solutions industry, takes place Oct. 13–15 at the Gaylord National Resort and Convention Center in metro Washington, DC. Register by Sept. 5 for a special discounted rate to be sure you can enjoy all the high-caliber content, high-quality networking opportunities, and the largest industry expo anywhere. Plus, get the latest information available about the Affordable Care Act and what your firm should be doing right now to be ready to comply with the law in January.
Get more information and register online at staffingworld.net.
The association’s quarterly Staffing Employment and Sales Survey for the second quarter of 2014 is now open. Share your firm’s data with ASA so you can get the staffing industry information you’re looking for—participate in this survey by Aug. 20. Staffing firms that complete the seven-question survey will receive an exclusive report on the results—now enhanced with new graphs, including representations of sector-level data.
The data collected by this survey, which is sponsored by ASA research partner CareerBuilder, enables ASA to track staffing sales and gross margin trends. To register to take the survey, or view the questionnaire, go to americanstaffing.net. There are no fees to participate.
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