Kforce Inc. News Release (10/28/14)
Kforce Inc. reported revenues of $313.8 million in the third quarter of 2014, up 12.1% from $280 million in the third quarter of 2013. Net income totaled $65 million, up 622% from $9 million in the year-ago quarter.
By segment, revenue totaled $217.6 million for technology, up 12.4% from $193.6 million; $71.4 million for finance and accounting, up 14.5% from $62.2 million; $24.8 million for government solutions, up 2.9% from $24.1 million.
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. News Release (10/28/14)
CDI Corp. reported revenues of $295.7 million for the third quarter of 2014, up 6.4% from $277.9 million in the third quarter of 2013. Net income totaled $5.4 million, up 19.3% from $4.6 million in the year-ago quarter.
By segment, revenues totaled $192.4 million for Professional Staffing Services, up 5.7% from $182 million in the 2013 third quarter; $14.9 million for Management Recruiters International Inc., up 3.5% from $14.4 million; and $88.4 million for Global Engineering and Technology Solutions, up 8.5% from $81.5 million.
BBSI News Release (10/28/2014)
Barrett Business Services Inc. reported gross revenues of $900.2 million for the third quarter of 2014, up 18.0% from $764.1 million in the third quarter of 2013. Net revenues totaled $175 million, up 18.0% from $145 million in the year-ago quarter. The company posted a net loss of $37.8 million, compared with net income of $9 million in the 2013 third quarter. However, excluding $80.0 million for an increase in workers’ compensation reserves ($47.9 million after tax), the company reported net income increased 20.0% to $10.1 million.
Revenues totaled $851.6 million for professional employer services, up 17.9% from $722.4 million, and $48.5 million for staffing services, up 16.3% from $41.7 million.
Federal Reserve Bank of Richmond (10/28/14)
Fifth District manufacturing activity expanded in October, according to the most recent survey by the Federal Reserve Bank of Richmond. Shipments and the volume of new orders grew robustly this month, while manufacturing employment growth continued at a moderate pace. The October employment index declined from 17 in September to 14 in October. The average workweek index declined from 10 to 9, and the average wage index rose from 9 to 11.
Manufacturers remain optimistic about future business conditions. Producers expect increased capacity utilization and rising backlogs over the next six months. The index for expected employment rose from 17 to 18.
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Three members of the ASA senior management team—president and chief executive officer Richard Wahlquist; chief operating officer Steven P. Berchem, CSP; and senior counsel Edward A. Lenz, Esq.—were named to the 2014 Staffing Industry Analysts North American Staffing 100. This list recognizes the most influential professionals in the staffing industry.
Staffing Industry Analysts’ editorial team reviews all nominations and decides on the individuals to be included in the annual Staffing 100. The list typically includes—but is not limited to—entrepreneurs, chief executive officers of large staffing firms, and individuals who have majorly affected or influenced the industry through mergers and acquisitions or legislative work.
The association’s quarterly Staffing Employment and Sales Survey for the third quarter of 2014 will be open for just a few more weeks. Staffing firms that complete the brief 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 enable ASA to track staffing sales and gross margin trends. Participate in the Staffing Employment and Sales Survey by Nov. 19 to get the staffing industry information you’re looking for.
Register to take the survey, or view the questionnaire, at americanstaffing.net. The survey is sponsored by ASA research partner CareerBuilder, and there are no fees to participate.
Skillful networking can be a roadmap to referrals. Learn the best practices for networking effectively and strategically during the ASA webinar “Become a Master Networker.” It takes place Thursday, Nov. 6, 3–4 p.m. Eastern time.
ASA webinars are $295 for nonmembers and qualify for continuing education hours toward ASA certification renewal. Join ASA and enjoy ASA webinars for FREE.
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