-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, S/5hPg1SIgT3p16MsQAqToCfj2LqGj5Dbm7U0L3Dgt65uzw1qRZsAPIiI98sVWVk zN5teYqaZoMdBA6SMTV5JQ== 0000891618-96-002349.txt : 19961023 0000891618-96-002349.hdr.sgml : 19961023 ACCESSION NUMBER: 0000891618-96-002349 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961022 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19961022 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ON ASSIGNMENT INC CENTRAL INDEX KEY: 0000890564 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HELP SUPPLY SERVICES [7363] IRS NUMBER: 954023433 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20540 FILM NUMBER: 96646313 BUSINESS ADDRESS: STREET 1: 26651 WEST AGOURA ROAD CITY: CALABASAS STATE: CA ZIP: 91302 BUSINESS PHONE: 8188787900 8-K 1 FORM 8-K FOR PERIOD DATED OCTOBER 22, 1996 1 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 Date of Report (Date of earliest event reported): October 22, 1996 ON ASSIGNMENT, INC. (Exact name of registrant as specified in charter) Delaware 0-20540 94-4023433 (State or other jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 26651 West Agoura Road, Calabasas, California 91302 (Address of principal executive offices) (Zip Code) Company's telephone number, including area code: (818) 878-7900 Not applicable (Former name or former address, if changed since last report.) 2 ITEM 5. OTHER EVENTS. On October 22, 1996 On Assignment, Inc. reported record financial results for the third quarter and nine months ended September 30, 1996. For the quarter, revenues rose to $23,303,000 from $19,201,000 a year ago, an increase of 21 percent. Net income increased 38 percent to $1,573,000, or $0.29 per share, from $1,143,000, or $0.21 per share. Record numbers of employees on assignment and clients, and rising Account Manager productivity in all three divisions -- Lab Support, Finance Support, and EnviroStaff -- contributed to revenue and profit growth. Company-wide profitability (including gross, operating, and net margins) improved for both the quarter and the nine months, reflecting the benefit of higher revenue from existing productive capacity. For the nine months ended September 30, 1996, revenues were $63,643,000, compared with $52,530,000 for the 1995 period, an increase of 21 percent. Net income rose 26 percent to $3,801,000, or $0.70 per share, from $3,020,000, or $0.57 per share. The net income amount for the 1996 period includes the one-time charge of $0.04 per share relating to the acquisition of EnviroStaff. ITEM 7. EXHIBITS. (c) Exhibits: Exhibit Number 20.1 Press Release: "On Assignment, Inc. Reports 1996 Third Quarter and Nine Months Results." 2 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ON ASSIGNMENT, INC. --------------------- (Registrant) Date: October 22, 1996 By: /s/ Ronald W. Rudolph --------------------------- Name: Ronald W. Rudolph Title: Senior Vice President, Chief Financial Officer and Secretary 3 4 EXHIBIT INDEX Description of Document
Exhibit Number - ------ 20.1 Press Release: "On Assignment, Inc. Reports 1996 Third Quarter and Nine Months Results."
4 EX-20.1 2 PRESS RELEASE: 1996 3RD QTR. & 9 MONTHS RESULTS 1 Exhibit 20.1 PRESS RELEASE ON ASSIGNMENT, INC. REPORTS 1996 THIRD QUARTER AND NINE MONTHS RESULTS Calabasas, CA, October 22, 1996 -- On Assignment, Inc. (NASDAQ:ASGN) today reported record financial results for the third quarter and nine months ended September 30, 1996. For the quarter, revenues rose to $23,303,000 from $19,201,000 a year ago, an increase of 21 percent. Net income increased 38 percent to $1,573,000, or $0.29 per share, from $1,143,000, or $0.21 per share. Record numbers of employees on assignment and clients, and rising Account Manager productivity in all three divisions -- Lab Support, Finance Support, and EnviroStaff -- contributed to revenue and profit growth. Company-wide profitability (including gross, operating, and net margins) improved for both the quarter and the nine months, reflecting the benefit of higher revenue from existing productive capacity. For the nine months ended September 30, 1996, revenues were $63,643,000, compared with $52,530,000 for the 1995 period, an increase of 21 percent. Net income rose 26 percent to $3,801,000, or $0.70 per share, from $3,020,000, or $0.57 per share. The net income amount for the 1996 period includes the one-time charge of $0.04 per share relating to the acquisition of EnviroStaff. "During the third quarter we launched an innovative system for apprising current and prospective clients of temporary employees with relevant skills and experience," said H. Tom Buelter, Chairman and Chief Executive Officer. "By efficiently delivering targeted information about available professionals on a weekly basis, Assignment Ready(SM) provides valuable input for faster and better temporary staffing decisions. In addition, the new system provides the Account Manager with more time to make Quality Assignments, which should result in more orders and assignments, further enhancing productivity." Mr. Buelter also commented on early results from the new Account Manager recruiting process, which systematically identifies candidates with the highest probability of success. "The members of the first class of Apprentices, who have completed their initial training program and have begun to grow their businesses, are expected to contribute to our future performance. To make the Account Manager hiring process even more efficient, we have installed a video conferencing facility at our headquarters in Calabasas, which will allow management to conduct final interviews of candidates located virtually anywhere in the United States on short notice." On Assignment, Inc., through its Lab Support, EnviroStaff, and Finance Support divisions, is a leading provider of temporary professionals to the scientific, environmental, and financial industries. On Assignment's branch network encompasses 82 branch offices in 44 operational markets across the United States. "Assignment Ready" is a service mark of On Assignment, Inc. 2 On Assignment, Inc. Common Stock is traded on the NASDAQ Stock Market under the symbol ASGN. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, including the integration of acquired operations, and the management of growth, and other risks detailed from time to time in the Company's reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 1995, as filed with the SEC on March 19, 1996. FOR FURTHER INFORMATION, PLEASE CONTACT: Mr. Ronald W. Rudolph Senior Vice President, Finance and Administration, and Chief Financial Officer (818) 878-7900 3 (Unaudited) (In thousands of dollars, except per share amounts) CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30 SEPTEMBER 30 --------------------- --------------------- 1996 1995 1996 1995 ------- ------- ------- ------- Total Revenues $23,303 $19,201 $63,643 $52,530 Cost of Services 16,244 13,486 44,292 36,784 ------- ------- ------- ------- Gross Profit 7,059 5,715 19,351 15,746 Operating Expenses 4,554 3,923 12,956 11,014 ------- ------- ------- ------- Operating Income 2,505 1,792 6,395 4,732 Non-Recurring Acquisition Costs 0 0 401 0 ------- ------- ------- ------- Income Before Interest and Income Taxes 2,505 1,792 5,994 4,732 Interest Income, net 130 97 370 285 ------- ------- ------- ------- Pretax Income 2,635 1,889 6,364 5,017 Income Taxes 1,062 746 2,563 1,997 ------- ------- ------- ------- Net Income $ 1,573 $ 1,143 $ 3,801 $ 3,020 ======= ======= ======= ======= Earnings Per Share $ 0.29 $ 0.21 $ 0.70 $ 0.57 ======= ======= ======= ======= Weighted Average Shares Outstanding 5,449 5,328 5,445 5,244 ======= ======= ======= =======
SUMMARY CONSOLIDATED BALANCE SHEET DATA
AS OF SEPTEMBER 30 --------------------------- 1996 1995 ------- ------- Cash, Cash Equivalents and Marketable Securities $12,930 * $ 7,872 * Working Capital 21,418 13,736 Total Assets 30,220 22,689 Long-term Liabilities 0 0 Stockholders' Equity 25,187 18,664
* Includes $0 and $1,500 in non-current marketable securities as of September 30, 1996 and 1995, respectively. -----END PRIVACY-ENHANCED MESSAGE-----