Quarterly Financial Information (Tables)

12 Months Ended

Oct. 28, 2012

Quarterly Financial Information Disclosure [Abstract]

Selected Consolidated Statements of Operations Data

The following table presents selected Consolidated Statements of Operations data for each quarter for the fiscal year ended October 28, 2012 (in thousands):

	January 29, 2012			April 29, 2012			July 29, 2012			October 28, 2012
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
REVENUE:
Staffing services	$	479,217		$	521,278		$	508,154		$	518,952
Other revenue		63,876			52,165			49,878			52,607
NET REVENUE		543,093			573,443			558,032			571,559
EXPENSES:
Direct cost of staffing services revenue		415,868			441,341			441,124			440,600
Cost of other revenue		43,435			42,759			38,296			39,363
Selling, administrative and other operating costs		74,492			77,003			78,093			81,259
Amortization of purchased intangible assets		345			345			344			348
Gain on sale of building		-			-			-			(4,418	)
Fees related to restatement and associated investigations		9,031			9,169			9,800			14,906
TOTAL EXPENSES		543,171			570,617			567,657			572,058
OPERATING INCOME (LOSS)		(78	)		2,826			(9,625	)		(499	)
OTHER INCOME (EXPENSE):
Interest income		124			118			227			123
Interest expense		(703	)		(699	)		(736	)		(726	)
Foreign exchange gain (loss), net		455			(1,043	)		774			(317	)
Other expense, net		(293	)		(324	)		(321	)		(495	)
INCOME (LOSS) BEFORE INCOME TAXES		(495	)		878			(9,681	)		(1,914	)
Income tax provision		402			331			1,560			98
NET INCOME (LOSS)	$	(897	)	$	547		$	(11,241	)	$	(2,012	)
PER SHARE DATA:
Basic:
Net income (loss)	$	(0.04	)	$	0.03		$	(0.54	)	$	(0.10	)
Weighted average number of shares		20,813			20,813			20,813			20,813
Diluted:
Net income (loss)	$	(0.04	)	$	0.03		$	(0.54	)	$	(0.10	)
Weighted average number of shares		20,813			20,902			20,813			20,813

The following table presents selected Consolidated Statements of Operations data for each quarter for the fiscal year ended October 30, 2011 (in thousands):

	January 30, 2011			May 1, 2011			July 31, 2011			October 30, 2011
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
REVENUE:
Staffing services	$	469,166		$	494,277		$	490,997		$	503,465
Other revenue		66,519			64,019			64,933			84,733
NET REVENUE		535,685			558,296			555,930			588,198
EXPENSES:
Direct cost of staffing services revenue		403,032			431,057			430,081			434,541
Cost of other revenue		40,870			38,507			40,658			46,176
Selling, administrative and other operating costs		73,536			75,220			76,636			77,490
Amortization of purchased intangible assets		313			344			345			345
Fees related to restatement and associated investigations		15,517			12,415			9,821			11,440
TOTAL EXPENSES		533,268			557,543			557,541			569,992
OPERATING INCOME (LOSS)		2,417			753			(1,611	)		18,206
OTHER INCOME (EXPENSE):
Interest income		183			170			169			165
Interest expense		(654	)		(619	)		(613	)		(690	)
Foreign exchange gain (loss), net		411			(2,159	)		553			626
Other expense, net		(789	)		(306	)		(431	)		(500	)
INCOME (LOSS) BEFORE INCOME TAXES		1,568			(2,161	)		(1,933	)		17,807
Income tax provision (benefit)		(2,371	)		110			110			1,803
NET INCOME (LOSS)	$	3,939		$	(2,271	)	$	(2,043	)	$	16,004
PER SHARE DATA:
Basic:
Net income (loss)	$	0.19		$	(0.11	)	$	(0.10	)	$	0.77
Weighted average number of shares		20,813			20,813			20,813			20,813
Diluted:
Net income (loss)	$	0.19		$	(0.11	)	$	(0.10	)	$	0.77
Weighted average number of shares		20,850			20,813			20,813			20,866

Selected Consolidated Balance Sheet Data

The following table presents selected Consolidated Balance Sheet data for each quarter for the fiscal year ended October 28, 2012 (in thousands):

	January 29, 2012			April 29, 2012			July 29, 2012			October 28, 2012
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	46,399		$	28,425		$	33,118		$	26,483
Restricted cash		80,654			87,424			73,681			61,927
Short-term investments		5,370			5,608			5,482			5,611
Trade accounts receivable, net		291,831			340,145			328,189			334,947
Recoverable income taxes		13,100			13,564			13,775			13,884
Prepaid insurance		10,855			17,140			12,372			11,138
Other current assets		19,898			17,951			18,861			15,406
TOTAL CURRENT ASSETS		468,107			510,257			485,478			469,396
Prepaid insurance and other assets, excluding current portion		28,790			24,678			29,624			32,460
Deferred income taxes		6,459			6,462			6,458			6,019
Property, equipment and software, net		41,768			40,632			40,473			39,052
Purchased intangible assets, net		11,550			11,402			10,732			10,645
TOTAL ASSETS	$	556,674		$	593,431		$	572,765		$	557,572
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accrued compensation	$	54,666		$	56,537		$	58,279		$	58,183
Accounts payable		98,850			110,244			92,206			86,523
Accrued taxes other than income taxes		29,555			37,339			30,901			29,361
Accrued insurance and other		40,362			36,859			34,770			34,927
Deferred revenue, net, current portion		30,357			30,704			31,649			24,240
Short-term borrowings, including current portion of long-term debt		105,529			125,831			144,246			145,727
TOTAL CURRENT LIABILITIES		359,319			397,514			392,051			378,961
Accrued insurance, excluding current portion		8,981			7,914			6,976			9,010
Deferred revenue, net, excluding current portion		10,261			8,300			6,452			4,268
Income taxes payable, excluding current portion		9,339			9,339			9,339			10,424
Deferred income taxes		3,494			3,493			3,531			2,759
Long-term debt, excluding current portion		9,615			9,425			9,231			9,033
TOTAL LIABILITIES		401,009			435,985			427,580			414,455
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Preferred stock		-			-			-			-
Common stock		2,350			2,350			2,350			2,350
Paid-in capital		71,518			71,623			71,618			71,591
Retained earnings		126,270			126,944			115,771			113,795
Accumulated other comprehensive loss		(2,593	)		(1,591	)		(2,674	)		(2,739	)
Treasury stock, at cost		(41,880	)		(41,880	)		(41,880	)		(41,880	)
TOTAL STOCKHOLDERS’ EQUITY		155,665			157,446			145,185			143,117
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	556,674		$	593,431		$	572,765		$	557,572

The following table presents selected Consolidated Balance Sheet data for each quarter for the fiscal year ended October 30, 2011 (in thousands):

	January 30, 2011			May 1, 2011			July 31, 2011			October 30, 2011
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	71,210		$	38,004		$	33,279		$	44,567
Restricted cash		69,141			69,216			70,641			74,150
Short-term investments		5,485			5,793			5,631			5,583
Trade accounts receivable, net		290,826			315,256			314,733			320,459
Recoverable income taxes		12,327			12,966			15,482			12,540
Prepaid insurance		13,425			19,357			14,018			12,740
Other current assets		20,439			22,881			23,132			19,243
TOTAL CURRENT ASSETS		482,853			483,473			476,916			489,282
Prepaid insurance and other assets, excluding current portion		24,957			19,960			24,469			28,414
Deferred income taxes		9,485			9,494			9,492			6,461
Property, equipment and software, net		45,867			45,306			46,027			43,270
Purchased intangible assets, net		12,968			13,042			12,609			12,052
TOTAL ASSETS	$	576,130		$	571,275		$	569,513		$	579,479
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accrued compensation	$	56,985		$	57,869		$	58,573		$	60,291
Accounts payable		93,986			96,535			93,514			100,084
Accrued taxes other than income taxes		25,928			20,245			18,295			23,224
Accrued insurance and other		42,422			40,702			40,096			41,013
Deferred revenue, net, current portion		69,915			63,185			56,092			40,251
Short-term borrowings, including current portion of long-term debt		73,783			83,385			102,602			113,201
TOTAL CURRENT LIABILITIES		363,019			361,921			369,172			378,064
Accrued insurance, excluding current portion		10,770			9,755			7,122			7,916
Deferred revenue, net, excluding current portion		25,997			23,799			20,182			14,204
Income taxes payable, excluding current portion		8,612			8,612			8,612			9,339
Deferred income taxes		13,633			13,628			13,629			3,492
Long-term debt, excluding current portion		10,337			10,162			9,983			9,801
TOTAL LIABILITIES		432,368			427,877			428,700			422,816
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Preferred stock, par value $1.00		-			-			-			-
Common stock, par value $0.10		2,350			2,350			2,350			2,350
Paid-in capital		71,132			71,276			71,382			71,464
Retained earnings		115,116			112,774			110,554			126,800
Accumulated other comprehensive loss		(2,956	)		(1,122	)		(1,593	)		(2,071	)
Treasury stock, at cost		(41,880	)		(41,880	)		(41,880	)		(41,880	)
TOTAL STOCKHOLDERS’ EQUITY		143,762			143,398			140,813			156,663
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	576,130		$	571,275		$	569,513		$	579,479

Selected Consolidated Cash Flows Data

The following table presents selected Consolidated Cash Flows data for each quarter for the fiscal year ended October 28, 2012 (in thousands):

	Three Months Ended												Year ended
	January 29, 2012			April 29, 2012			July 29, 2012			October 28, 2012			October 28, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(897	)	$	547		$	(11,241	)	$	(2,012	)	$	(13,603	)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
Depreciation and amortization		4,354			4,075			4,022			4,062			16,513
Provisions for doubtful accounts and sales allowances		(138	)		5			333			(86	)		114
Unrealized foreign currency exchange loss (gain)		475			8			(427	)		216			272
Gain on dispositions of property, equipment and software		(107	)		(32	)		(367	)		(4,392	)		(4,898	)
Deferred income tax (benefit) provision		269			203			1,348			(14	)		1,806
Share-based compensation expense related to employee stock options		54			105			(5	)		(27	)		127
Change in operating assets and liabilities:
Trade accounts receivable		28,558			(48,654	)		11,663			(6,286	)		(14,719	)
Restricted cash related to customer contracts		(5,167	)		(6,752	)		13,451			12,082			13,614
Prepaid insurance and other assets		28			(84	)		(3,864	)		2,363			(1,557	)
Accounts payable		(851	)		11,265			(17,865	)		(5,618	)		(13,069	)
Accrued expenses		3,854			4,969			(5,809	)		(1,307	)		1,707
Deferred revenue, net		(14,262	)		(1,700	)		(779	)		(9,686	)		(26,427	)
Other liabilities		(79	)		(54	)		44			10			(79	)
Income taxes		(682	)		(588	)		(271	)		1,303			(238	)
Net cash provided by (used in) operating activities		15,409			(36,687	)		(9,767	)		(9,392	)		(40,437	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Sales of investments		718			358			399			445			1,920
Purchases of investments		(505	)		(360	)		(389	)		(442	)		(1,696	)
Acquisitions, net		(1,822	)		-			-			-			(1,822	)
Proceeds from sales of property, equipment and software		485			375			1,379			5,419			7,658
Purchases of property, equipment, and software		(2,950	)		(2,960	)		(4,627	)		(3,165	)		(13,702	)
Net cash provided by (used in) investing activities		(4,074	)		(2,587	)		(3,238	)		2,257			(7,642	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in cash restricted as collateral for borrowings		(1,337	)		(18	)		292			(328	)		(1,391	)
Net change in short-term borrowings		(7,708	)		20,312			18,415			1,435			32,454
Repayment of long-term debt		(172	)		(175	)		(178	)		(183	)		(708	)
Net cash provided by (used in) financing activities		(9,217	)		20,119			18,529			924			30,355
Effect of exchange rate changes on cash and cash equivalents		(287	)		1,181			(831	)		(424	)		(360	)
Net increase (decrease) in cash and cash equivalents		1,832			(17,974	)		4,693			(6,635	)		(18,084	)
Cash and cash equivalents, beginning of period		44,567			46,399			28,425			33,118			44,567
Cash and cash equivalents, end of period	$	46,399		$	28,425		$	33,118		$	26,483		$	26,483
Cash paid during the year
Interest expense	$	697		$	697		$	740		$	732		$	2,866
Income taxes	$	875		$	833		$	786		$	1,246		$	3,740

The following table presents selected Consolidated Cash Flows data for each quarter for the fiscal year ended October 30, 2011 (in thousands):

	Three Months Ended												Year ended
	January 30, 2011			May 1, 2011			July 31, 2011			October 30, 2011			October 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	3,939		$	(2,271	)	$	(2,043	)	$	16,004		$	15,629
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
Depreciation and amortization		5,218			5,004			4,756			4,757			19,735
Provisions for doubtful accounts and sales allowances		380			(1,758	)		220			684			(474	)
Unrealized foreign currency exchange loss (gain)		(220	)		1,850			(607	)		(542	)		481
Gain on dispositions of property, equipment and software		(491	)		(756	)		(98	)		(704	)		(2,049	)
Deferred income tax (benefit) provision		(2,453	)		542			539			(3,561	)		(4,933	)
Share-based compensation expense related to employee stock options		128			143			107			82			460
Change in operating assets and liabilities:
Trade accounts receivable		37,981			(23,062	)		813			(6,377	)		9,355
Restricted cash related to customer contracts		2,883			(1,386	)		3,892			(4,423	)		966
Prepaid insurance and other assets		5,023			(2,886	)		(2,036	)		(1,355	)		(1,254	)
Accounts payable		(9,186	)		2,568			(3,019	)		6,569			(3,068	)
Accrued expenses		(2,769	)		(8,260	)		(2,259	)		7,465			(5,823	)
Deferred revenue, net		(15,460	)		(8,930	)		(10,422	)		(22,071	)		(56,883	)
Other liabilities		(138	)		(265	)		(454	)		492			(365	)
Income taxes		(205	)		(749	)		(2,849	)		3,674			(129	)
Net cash provided by (used in) operating activities		24,630			(40,216	)		(13,460	)		694			(28,352	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Sales of investments		570			498			357			1,431			2,856
Purchases of investments		(435	)		(570	)		(424	)		(1,514	)		(2,943	)
Proceeds from sales of property, equipment and software		529			1,030			358			1,878			3,795
Purchases of property, equipment, and software		(5,243	)		(4,321	)		(5,243	)		(3,110	)		(17,917	)
Net cash provided by (used in) investing activities		(4,579	)		(3,363	)		(4,952	)		(1,315	)		(14,209	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in cash restricted as collateral for borrowings		(669	)		1,311			(5,316	)		913			(3,761	)
Net change in short-term borrowings		777			9,503			19,198			10,585			40,063
Repayment of long-term debt		(158	)		(161	)		(165	)		(168	)		(652	)
Net cash provided by (used in) financing activities		(50	)		10,653			13,717			11,330			35,650
Effect of exchange rate changes on cash and cash equivalents		125			(280	)		(30	)		579			394
Net increase (decrease) in cash and cash equivalents		20,126			(33,206	)		(4,725	)		11,288			(6,517	)
Cash and cash equivalents, beginning of period		51,084			71,210			38,004			33,279			51,084
Cash and cash equivalents, end of period	$	71,210		$	38,004		$	33,279		$	44,567		$	44,567
Cash paid during the year
Interest expense	$	658		$	616		$	639		$	672		$	2,585
Income taxes	$	674		$	824		$	2,372		$	1,987		$	5,857