| ACSYS, Inc. | |||
| Ticker: | ACSY | 2000 Pennsylvania Avenue, N.W., Suite 7650 | |
| Exchange: | NASDAQ-National Market | Washington, DC 20006 | |
| Industry: | Service (SIC Code 7363) | (202) 872-0303 | |
| # of Employees: | 210 | ||
| Type of Shares: | Common Shares | Filing Date: | 10/22/97 | |
| U.S. Shares: | 2,750,000 | Offer Date: | 2/5/98 | |
| Non-U.S. Shares: | 0 | Filing Range: | $9.00 - $11.00 | |
| Primary Shares: | 2,430,000 | Offer Price: | $8.50 | |
| Secondary Shares: | 320,000 | Gross Spread: | $0.60 | |
| Offering Amount: | $27,500,000 | Selling: | $0.35 | |
| Expenses: | $1,600,000 | Reallowance: | $0.10 | |
| Shares Out After: | 10,743,220 |
| Manager | Tier | Phone |
| J.C. Bradford & Co. | Lead Manager | (615) 748-9347 |
| Janney Montgomery Scott | Co-manager | (215) 665-6520 |
| Issuer's Law Firm: | Nelson Mullins Riley & Scarbourough |
| Bank's Law Firm: | Latham & Watkins |
| Auditor: | Arthur Andersen |
| Registrar/Transfer Agent: | SunTrust Bank of Atlanta |
Dollar amounts in U.S. millions except for per share data | |||||
| 6 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/96 | 6/30/97 | 6/30/96 | 6/30/97 | ||
| Revenue: | $45.91 | $26.36 | $22.21 | Assets: | $16.50 |
| Net Income: | $2.34 | $1.64 | -$0.92 | Curr Assets: | |
| EPS: | $0.27 | $0.19 | -$0.20 | Liabilities: | $14.65 |
| Prior EPS: | $0.14 | Curr Liabilities: | |||
| Cash Flow/Oper: | Equity: | $1.85 | |||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company is one of the leading accounting and finance temporarry staffing and permanent placement firms in the U.S. The company operates 15 offices serving the Atlanta, Charlotte, Central New Jersey, Philadelphia, Tampa and Washington, D.C. areas. The Company was formed in March 1997 and since its formation has acquired seven accounting and finance specialty professional staffing companies which had an average operating history of 15 years. The Company's goal is to build a national specialty professional staffing business with offices in major United States metropolitan markets. The Company's clients include Fortune 1000 companies, middle market companies, governmental agencies and nonprofit organizations.The Company believes that its decentralized management structure enables it to be more responsive to its clients' needs. Further, the Company believes that its specialty professional focus makes it more attractive to staffing consultants and temporary and permanent placement candidates. The Company's goal is to build a national specialty professional staffing business with offices in major United States metropolitan markets by pursuing strategic acquisitions, enhancing and expanding existing offices, introducing new services and opening new offices. |
| Competition |
| The staffing industry is highly competitive, with limited barriers to entry. The Company believes that availability and quality of employment candidates, reliability of service and price of services are the most significant competitive factors in the specialty professional staffing sector. The Company believes it derives a competitive advantage from its long experience with and commitment to the specialty professional staffing market, its strong local market presence and reputation, and its various marketing activities. A number of firms offer services similar to the Company's on a national, regional or local basis. The Company competes for clients, candidates and acquisitions with many local and regional companies and also faces competition from a number of international and national specialty professional staffing companies that include Robert Half International Inc., Romac International, Inc., Accountants, Inc., Source Services, Inc. and Accountants On Call, as well as professional staffing divisions of larger general staffing firms, such as Interim Services Inc., Norrell, Inc. and Olsten Corporation. These firms have materially greater financial and operating resources than the Company. |
| Business Plan |
| The key elements of the Company's operating strategy are as follows: (I) Focus on Specialty Professional Markets, (ii) Emphasize Client Relationships, (iii) Foster Entrepreneurial Environment with Hub-Center Management Model, (iv) Provide Corporate Level Support and (v) Attract, Motivate and Retain Staffing Consultants with Specialty Professional Skills. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay certain indebtedness, enhance management information systems and for working capital and general corporate purposes including acquisitions and the opening of new offices. |
| Name of Shareholder | % Owned Before | % Owned After |
| David C. Cooper | 18.50% | 14.60% |
| Harry J. Sauer | 11.70% | 9.20% |
| Edward S. Baumstein | 11.70% | 9.20% |
| Mark E. Strassman | 7.90% | 5.40% |
| Beth Monroe-Chase | 7.90% | 5.40% |
| Louis Boohaker | 7.20% | 5.70% |
| John R. Ficquette | 7.20% | 5.70% |
| Rosemarie Mahoney | 5.30% | 3.20% |
| Kevin W. Cole | 5.30% | 3.20% |
| Officer Name | Title | Age |
| David C. Cooper | Chairman of the Board | 41 |
| Beth Monroe-Chase | Chief Development Officer, Executive Vice President and Director | 45 |
| Timothy Mann, Jr. | Chief Executive Officer and Director | 32 |
| Lester E. Gallagher, III | Chief Financial Officer | 41 |
| Edward S. Baumstein | President, Chief Operating Officer and Director | 42 |