| Staff Leasing, Inc. | |||
| Ticker: | STFF | 600 301 Boulevard West, Suite 202 | |
| Exchange: | NASDAQ-National Market | Bradenton, FL 34205 | |
| Industry: | Service (SIC Code 7363) | (941) 748-4340 | |
| Type of Shares: | Common Shares | Filing Date: | 3/7/97 | |
| U.S. Shares: | 4,000,000 | Offer Date: | 6/25/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $15.00 - $17.00 | |
| Primary Shares: | 3,500,000 | Offer Price: | $17.00 | |
| Secondary Shares: | 500,000 | Gross Spread: | $1.19 | |
| Offering Amount: | $64,000,000 | Selling: | $0.70 | |
| Expenses: | - | Reallowance: | $0.10 | |
| Shares Out After: | - |
| Manager | Tier | Phone |
| Lehman Brothers Incorporated | Lead Manager | (212) 526-8100 |
| Donaldson, Lufkin & Jenrette Securities Corp. | Co-manager | (212) 371-0641 |
| Montgomery Securities | Co-manager | (415) 627-2100 |
| Issuer's Law Firm: | Powell, Goldstein, Frazer & Murphy |
| Bank's Law Firm: | O'Melveny & Meyers |
| Auditor: | Deloitte & Touche |
Dollar amounts in U.S. millions except for per share data | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/96 | 12/31/96 | ||||
| Revenue: | $1,432.13 | Assets: | $65.76 | ||
| Net Income: | -$3.87 | Curr Assets: | |||
| EPS: | -$0.28 | Liabilities: | $101.66 | ||
| Prior EPS: | Curr Liabilities: | ||||
| Cash Flow/Oper: | -$1.92 | Equity: | -$35.90 | ||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company is the largest professional employer organization in the United States. As of February 28, 1997, the company served over 7,800 clients with over 89.500 worksite employees, principally in Florida, Texas and Georgia. The company believes that it has more than twice the number of clients and worksite employees as any PEO competitor and that its 1996 revenues of $1.4 billion exceeded the PEO revenues of any competitor by more than $500 million. The company provides its clients with a broad range of services, including payroll administration, risk management, benefits administration, unemployment services and human resource consulting services. The company's clients are typically small to medium-sized businesses with between five and 100 employees. According the U.S. Small Business Administration, this segment of the U.S. economy is estimated to consist of six million businesses, with 53 million employees and $1.4 trillion in annual wages, and is projected to be a major source of employment growth in the U.S. economy. The company's revenues have increased annually since its inception in 1984 and, during the last three years, have increased from $735.8 million in 1994 to $1.4 billion in 1996. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay indebtedness outstanding under the company's bank credit facility, to prepay certain capitalized lease obligations and to repurchase certain preferred limited partnership interests in the partnership, for general corporate purposes which may include strategic acquisitions of PEOs and related businesses. |