This content is for ASA members only.
If you’re already a member, please sign in to read more.
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.
Court: Pre-Existing Condition Does Not Nullify Workers’ Compensation Claim
This content is for ASA members only.
If you’re already a member, please sign in to read more.
Mixed Hiring Results Expected for Manufacturing and Services in November
This content is for ASA members only.
If you’re already a member, please sign in to read more.
Adecco Group Reports Third-Quarter Results
Adecco Group News Release (11/05/15)
Adecco Group reported revenues of €5.7 billion in the third quarter of 2015, up 9% (4% in constant currency) from €5.2 billion in the third quarter of 2014. The company reported a net loss of €513 million, compared with net income of €198 million in the year-ago quarter.
North American revenues totaled €1.2 billion, up 1% (1% in constant currency) from €986 million in the 2014 third quarter. The company reported revenues of €4.3 billion for general staffing, which accounts for approximately half of North American revenues—up 9% (5% in constant currency) from €3.9 billion. Professional staffing revenues were €1.3 billion, up 10% (down 1% in constant currency) from €1.2 billion. Revenues grew 14% for medical and science staffing, 7% for industrial, 5% for finance and legal, and 3% for information technology. Permanent placement revenues in North America were up 17%.
AMN Healthcare Announces Third-Quarter Results
AMN Healthcare Services News Release (11/04/15)
AMN Healthcare Services Inc. reported revenue of $382.9 million in the third quarter of 2015, up 45% from $264.6 million in the third quarter of 2014, driven both by organic growth and by acquisitions. Net income totaled $33.6 million, up from $8.5 million in the year-ago quarter.
By segment, revenue totaled $266 million in the third quarter for nurse and allied health care staffing, up 53% from $174 million in last year’s third quarter; $102 million for locum tenens staffing, up 29% from $79 million; and $15 million for physician permanent placement services, up 29% from $11 million.
CDI Corp. Reports Third-Quarter Results
CDI Corp. News Release (11/04/15)
CDI Corp. reported revenue of $244.7 million in the third quarter of 2015, down 17.3% from $295.7 million in the third quarter of 2014. The company reported a net loss of $20.2 million, compared with net income of $5.4 million in the year-ago quarter. In the third quarter of 2015, the company recorded $21.5 million of impairment charges related to certain businesses in the global engineering and technology solutions segment and the professional staffing services segment.
Revenue totaled $146.9 million for its professional staffing services segment, down 23.7% from $192.4 million in the 2014 third quarter. Revenue totaled $13.5 million for Management Recruiters International Inc., down 9.5% from $14.9 million.
Cross Country Healthcare Announces Third-Quarter Results
Cross Country Healthcare Inc. News Release (11/04/15)
Cross Country Healthcare Inc. reported revenue of $195.7 million in the third quarter of 2015, up 4% from $188.9 million in the third quarter of 2014. Net income totaled $5 million, compared with a net loss of $7.6 million in the year-ago quarter.
By segment, third quarter revenue totaled $157.3 million, up 6% from $147.9 million in last year’s third quarter, and $31 million for physician staffing, down 3% from $32 million.
U.S. Service Sector Seen Expanding More Quickly
Wall Street Journal (11/04/15) Harriet Torry
The U.S. service sector in October grew at a faster pace than in September, according to the Institute for Supply Management. The ISM’s nonmanufacturing purchasing-managers index rose from 56.9 in September to 59.1 in October, a three-month high. Employment rose from 58.3 in September to 59.2.
Separately, data provider Markit said its service-sector composite fell from 55.1 in September to 54.8 in October.
U.S. Productivity Rises at Modest Rate in Third Quarter
Wall Street Journal (11/05/15) Eric Morath; David Harrison
Employee productivity increased at a modest pace in the third quarter, because companies reduced hours when output gains slowed. Nonfarm worker productivity rose at a 1.6% seasonally adjusted annual rate in the third quarter, according to the U.S. Department of Labor. That was a slowdown from the upwardly revised 3.5% productivity gain in the second quarter. However, the increase was above expectations. Economists polled by the Wall Street Journal had forecast a 0.3% decrease from the second quarter. Productivity was up 0.4% from a year ago.
Meanwhile, unit labor costs rose at a 1.4% annual rate in the third quarter, compared with a 1.8% decline in the second quarter. Unit labor costs were up 2.0% on an annual basis.
U.S. Jobless Claims Rise to 276,000
MarketWatch (11/05/15) Jeffry Bartash
The number of people applying for unemployment benefits rose by 16,000 to 276,000 in the week ended Oct. 31, according to the U.S. Department of Labor. Economists polled by MarketWatch had expected claims to increase by 2,000 to 262,000. The average of new claims over the past month rose by 3,500 to a seasonally adjusted 262,750.
Home