0000950144-01-508066.txt : 20011030 0000950144-01-508066.hdr.sgml : 20011030 ACCESSION NUMBER: 0000950144-01-508066 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20011018 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20011025 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OUTSOURCE INTERNATIONAL INC CENTRAL INDEX KEY: 0001013316 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HELP SUPPLY SERVICES [7363] IRS NUMBER: 650675628 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23147 FILM NUMBER: 1765686 BUSINESS ADDRESS: STREET 1: 1690 S. CONGRESS AVE CITY: DELRAY BEACH STATE: FL ZIP: 33445 BUSINESS PHONE: (561) 454-3500 MAIL ADDRESS: STREET 1: 1690 S. CONGRESS AVE CITY: DELRAY BEACH STATE: FL ZIP: 33445 8-K 1 g72231e8-k.txt OUTSOURCE INTERNATIONAL, INC FPRM 8-K 10-18-2001 -------------------------------------------------------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 OCTOBER 24, 2001 ---------------- Date of Filing of Form 8-K OCTOBER 18, 2001 ---------------- Date of Report (Date of earliest event reported) OUTSOURCE INTERNATIONAL, INC. ------------------------------ (Exact Name of Registrant as Specified in its Charter) FLORIDA 000-23147 65-0675628 ------- --------- ---------- (State or other jurisdiction of (Commission File Number) (IRS Employer incorporation) Identification No.)
1690 SOUTH CONGRESS AVENUE DELRAY BEACH, FLORIDA 33445 --------------------------- (Address of principal executive offices) (561) 454-3500 -------------- (Registrant's telephone number, including area code) N/A --------------------------- (Former name or former address, if changed since last report) -------------------------------------------------------------------------------- Item 5. Other Events As previously reported, Outsource International, Inc., a Florida corporation (the "Company"), together with all of its operating subsidiaries, filed voluntary Petitions for Relief under the provisions of Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Central District of California ("Bankruptcy Court"), Case Nos. LA-01-28160-BB, LA-01-28173-BB, LA-01-28179-BB, LA-01-28185-BB, LA-01-28191-BB, LA-01-28197-BB and LA-01-28201-BB Jointly Administered, on June 11, 2001. The Company retains control of its assets and is authorized to operate its business as a debtor in possession under the jurisdiction of the Bankruptcy Court. As a result of the Chapter 11 proceeding, the Company is filing with the Office of the U.S. Bankruptcy Trustee ("Bankruptcy Trustee") the Company's Monthly Operating Report (the "Monthly Operating Report") and Interim Statement (the "Interim Statement"). The Company intends to file with the Securities and Exchange Commission (the "SEC"), each under the cover of a Form 8-K, the Monthly Operating Report and Interim Statement filed with the Bankruptcy Trustee. On October 9, 2001, the Company filed a Form 8-K, which contained the Company's Monthly Operating Report and Interim Statement for the period from July 30, 2001 to August 26, 2001 (the "August Report") filed with the Bankruptcy Trustee in connection with the Company's ongoing proceeding under Chapter 11 of the U.S. Bankruptcy Code. On October 18, 2001, the Company filed with the Bankruptcy Trustee an amendment to the August Report (the "Amendment"). Exhibit 99.1 to this Current Report on Form 8-K contains the text of the Amendment filed with the Bankruptcy Trustee. The Company cautions investors and potential investors not to place undue reliance upon the information contained in the Amendment. The Amendment contains unaudited information. There can be no assurance that, from the perspective of an investor or potential investor in the Company's securities, the Amendment is complete. The Amendment also contains information for periods which may be shorter or otherwise different from those required in the Company's reports pursuant to the Securities Exchange Act of 1934, as amended ("Exchange Act"). Such information may not be indicative of the Company's financial condition or operating results for the periods which would be reflected in the Company's financial statements or in its reports pursuant to the Exchange Act. Moreover, the Amendment and other communications from the Company may include forward-looking statements subject to various assumptions regarding the Company's operating performance that may not be realized and subject to significant business, economic and competitive uncertainties and contingencies many of which are beyond the Company's control. Consequently, such matters should not be regarded as a representation or warranty by the Company that such matters will be realized or are indicative of the Company's financial condition or operating results for future periods. Actual results for such periods may differ materially from the information contained in the Amendment, and the Company undertakes no obligations to update or revise the Amendment. 2 ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (c) Exhibits.
Exhibit No. Description ----------- ----------- 99.1 Amendment to Monthly Operating Report for the period from July 30, 2001 to August 26, 2001 filed with the Bankruptcy Court on October 18, 2001
3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. OUTSOURCE INTERNATIONAL, INC. By: /s/ Michael A. Sharp --------------------------- Name: Michael A. Sharp Title: Chief Financial Officer and Chief Restructuring Officer Date: October 23, 2001 EX-99.1 3 g72231ex99-1.txt MONTHLY OPERATING REPORT OFFICE OF THE UNITED STATES TRUSTEE Page 1 of 3
In re: OUTSOURCE INTERNATIONAL, INC. DEBTOR IN POSSESSION TO OPERATING REPORT DEBTOR CONSOLIDATED: 2 Chapter 11 Case No. LA 01-28173-BB For the Period FROM: 7/30/01 -------------- TO: 8/26/01 CONSOLIDATED 1. Profit and Loss Statement (Accrual Basis Only) A. Related to Business Operations: Gross Sales $ 18,375,668 Less: Sales Returns & Discounts (78,742) ------------ Net Sales $ 18,296,927 Less: Cost of Goods Sold: 14,584,105 ------------ Gross Profit $ 3,712,821 Other Operating Revenues -- Less: Operating Expenses -- Officer Compensation 89,155 Salaries and Wages -- Other Employees 1,749,505 ------------ Total Salaries and Wages 1,838,660 Employee Benefits and Pensions 98,912 Payroll Taxes 142,418 Real Estate Taxes 4,020 Federal and State Income Taxes 13,500 ------------ Total Taxes 159,938 Rent and Lease Exp. (Real Property and Personal Property) 261,884 Interest Expense (Mortgage, Loan, etc.) (214,342) Insurance 27,266 Automobile Expense 79,493 Utilities (Gas, Electric, Water, Telephone, etc.) 202,446 Depreciation and Amortization 446,462 Repairs and Maintenance 20,887 Advertising 12,422 Supplies, Office Expenses, Photocopies, etc. 131,776 Bad Debts 11,452 Misc Op Exp (T&E, relo, rep, meet, recruit, bank/collect fees lic/tax) 261,296 ------------ Total Operating Expenses 1,241,041 ------------ Net Gain/Loss from Business Operations 374,270 B. Not Related to Business Operations: Income: Interest Income 8,014 Other Non-Operating Revenues (lawsuit settlement paid) (66,066) Gross Proceeds on Sale of Assets Less: Original Cost of Assets plus Expenses of Sale Net Gain/Loss on Sale of Assets 4,900 ------------ Total Non-Operating Income (53,152) Expenses Not Related to Business Operations: ACCOUNTING & AUDITING FEES 5,000 LEGAL FEES 126,940 OTHER PROF./CONSULT FEES 332,691 Other Non-Operating Expenses (Specify) 300 ------------ Total Non-Operating Expenses 464,931 ------------ NET INCOME/LOSS FOR PERIOD $ (143,813) ============
OFFICE OF THE UNITED STATES TRUSTEE Page 1 of 3
In re: OUTSOURCE INTERNATIONAL, OF AMERICA INC. DEBTOR IN POSSESSION TO OPERATING REPORT DEBTOR REPORT NUMBER: 2 Chapter 11 Case No. LA 01-28191-BB For the Period FROM: 7/30/01 -------------- TO: 8/26/01 OUTSOURCE INTERNATIONAL OF AMERICA, INC. 1. Profit and Loss Statement (Accrual Basis Only) A. Related to Business Operations: Gross Sales $ 2,804,275 Less: Sales Returns & Discounts (14,313) ------------ Net Sales $ 2,789,963 Less: Cost of Goods Sold: 2,079,030 ------------ Gross Profit $ 710,933 Other Operating Revenues -- Less: Operating Expenses -- Officer Compensation 89,155 Salaries and Wages--Other Employees 669,190 ------------ Total Salaries and Wages 758,345 Employee Benefits and Pensions 48,747 ------------ Payroll Taxes 51,658 Real Estate Taxes 1,858 Federal and State Income Taxes 13,500 ------------ Total Taxes 67,016 Rent and Lease Exp. (Real Property and Personal Property) 86,255 Interest Expense (Mortgage, Loan, etc.) (390,400) Insurance 19,651 Automobile Expense 34,077 Utilities (Gas, Electric, Water, Telephone, etc.) 59,951 Depreciation and Amortization 194,206 Repairs and Maintenance 4,569 Advertising 857 Supplies, Office Expenses, Photocopies, etc. 51,306 Bad Debts 10,542 Misc Op Exp (bank fees, lic/tax, collect fees, recruit, relo. nonbid rep, meeting) 118,312 ------------ Total Operating Expenses 189,326 ------------ Net Gain/Loss from Business Operations (352,501) B. Not Related to Business Operations: Income: Interest Income 7,888 Other Non-Operating Revenues (lawsuit settlement paid) (67,109) Gross Proceeds on Sale of Assets Less: Original Cost of Assets plus Expenses of Sale Net Gain/Loss on Sale of Assets 4,900 ------------ Total Non-Operating Income (54,322) Expenses Not Related to Business Operations: ACCOUNTING & AUDITING FEES 5,000 LEGAL FEES 40,967 OTHER PROF./CONSULT FEES 138,899 Other Non-Operating Expenses (Specify) 300 ------------ Total Non-Operating Expenses 185,167 ------------ NET INCOME/LOSS FOR PERIOD $ (591,989) ============