| OutSource International, Inc. | |||
| Ticker: | OSIX | 1144 East Newport Center Drive | |
| Exchange: | NASDAQ-National Market | Deerfield Beach, FL 33442 | |
| Industry: | Service (SIC Code 7363) | (954) 418-6200 | |
| # of Employees: | 786 | ||
| Type of Shares: | Common Shares | Filing Date: | 8/12/97 | |
| U.S. Shares: | 3,700,000 | Offer Date: | 10/23/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $14.00 - $16.00 | |
| Primary Shares: | 3,000,000 | Offer Price: | $15.00 | |
| Secondary Shares: | 700,000 | Gross Spread: | $1.05 | |
| Offering Amount: | $55,500,000 | Selling: | $0.63 | |
| Expenses: | - | Reallowance: | $0.10 | |
| Shares Out After: | 8,993,666 |
| Manager | Tier | Phone |
| Smith Barney Inc. | Lead Manager | (212) 723-7300 |
| Donaldson, Lufkin & Jenrette Securities Corp. | Co-manager | (212) 371-0641 |
| Robert W. Baird & Company | Co-manager | (414) 765-3632 |
| Issuer's Law Firm: | Holland & Knight |
| Bank's Law Firm: | Steel Hector & Davis |
| Auditor: | Deloitte & Touche |
| Registrar/Transfer Agent: | BankBoston |
Dollar amounts in U.S. millions except for per share data | |||||
| 3 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/96 | 3/31/97 | 3/31/96 | 3/31/97 | ||
| Revenue: | $389.31 | $110.71 | $72.19 | Assets: | $81.49 |
| Net Income: | $3.22 | $1.23 | $0.07 | Curr Assets: | $32.88 |
| EPS: | $0.47 | $0.17 | $0.01 | Liabilities: | $87.19 |
| Prior EPS: | $0.20 | Curr Liabilities: | $21.84 | ||
| Cash Flow/Oper: | -$1.28 | Equity: | -$5.70 | ||
| Cash Flow/Fin: | $4.65 | Cash: | $0.09 | ||
| Cash Flow/Inv: | -$4.83 | Working Cap: | $11.04 | ||
| Business Description |
| The company is a rapidly growing national provider of human resource services focusing on the flexible industrial staffing market through its Tandem division and on the professional employer organization market through its Synadyne division. The Tandem division recruits, trains and deploys temporary industrial personnel and provides payroll administration, risk management and benefits administration services to its clients. Tandem's clients include businesses in the manufacturing, distribution, hospitality and construction industries. Through its Synadyne division, the Company offers a comprehensive package of PEO services including payroll administration, risk management, benefits administration and human resource consultation to companies in a wide range of industries. The Company's operations began in Chicago, Illinois in 1974. As of June 30, 1997, the Company and its franchise associates operated 163 offices, with an estimated 31,000 employees, in 38 states and the District of Columbia. |
| Competition |
| The staffing industry is highly competitive, with approximately 7,000 companies providing flexible staffing services through approximately 17,000 locations and approximately 2,000 companies providing PEO services. The Company competes with larger full-service and specialized flexible staffing and PEO competitors in national, regional and local markets. In addition, the Company may encounter substantial competition from new market entrants. Many of the Company's competitors have significantly greater name recognition and have greater marketing, financial and other resources than the Company. The Company expects that there will be significant consolidation in the staffing industry in the future, resulting in increased competition from larger national and regional companies. There can be no assurance that the Company will be able to compete effectively against such competitors in the future. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to redeem indebtedness under certain credit obligations; repay related party notes and indebtedness incurred in connection with certain acquisitions. |