| IPO Company Profile |
| SEC Filings | Peer IPO Companies |
| Corporate Staffing Resources, Inc. |
| One Michiana Square 100 East Wayne Street, South Bend, IN 46601 * (219) 233-8209 |
| The company is a leading provider of diversified staffing, professional and consulting services to businesses, professional and service organizations, educational institutions and governmental agencies. |
| Manager | Tier | Phone |
| Nationsbanc Montgomery Securities, Inc. | Lead Manager | (415) 627-2100 |
| BT Alex Brown | Co-manager | (410) 727-1700 |
| Robinson-Humphrey Company, Inc., The | Co-manager | (404) 266-6450 |
| NASNTL: | CSRI | Service: | SIC 7363 | |
| Type of Shares: | Common Shares | Filing Date: | 5/28/98 | |
| U.S. Shares Filed: | 0 | Filing Price: | - | |
| Non-U.S. Shares Filed: | 0 | Offering Amount: | $75,000,000 | |
| Primary Shares: | 0 | Expenses: | - | |
| Secondary Shares: | 0 | Post-IPO Shares: | ||
| Employees: | 490 |
| Issuer's Law Firm: | Latham & Watkins |
| Bank's Law Firm: | Winston & Strawn |
| Registrar/Transfer Agent: | Harris Trust & Savings Bank |
| Auditor: | Ernst & Young |
Dollar amounts in U.S. millions except for per share data | |||||
| 3 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Audited Income | Balance Sheet | ||
| 12/31/97 | 3/31/98 | 3/31/97 | 3/31/98 | ||
| Revenue: | $114.56 | $53.06 | $16.49 | Assets: | $81.04 |
| Net Income: | $0.13 | $0.49 | -$0.17 | Curr Assets: | $27.60 |
| EPS: | -$0.04 | $0.03 | Liabilities: | $52.11 | |
| Prior EPS: | Curr Liab: | $14.60 | |||
| Cash Flow/Oper: | $4.30 | $1.49 | Equity: | $28.93 | |
| Cash Flow/Fin: | $8.03 | $3.03 | Cash: | $0.28 | |
| Cash Flow/Inv: | -$14.04 | -$3.30 | Working Cap: | $13.00 | |
| Competition |
| The staffing industry is intensely competitive and fragmented and has limited barriers to entry. The Company competes for employees and clients in national, regional and local markets with full-service and specialized temporary staffing services businesses. A significant number of the Company's competitors have greater marketing, financial and other resources and more established operations than the Company. Price competition in the staffing industry is intense, particularly for the provision of commercial personnel, and pricing pressures from competitors and clients are increasing. Many of the Company's clients have relationships with more than one staffing service company. However, in recent years, an increasing number of companies have consolidated their staffing services purchases and entered into exclusive contracts with a single temporary staffing company or a small number of temporary staffing companies. If current or potential clients enter into exclusive contracts with competitors of the Company, it will be difficult or impossible for the Company to obtain business from such clients. The Company expects that the level of competition will remain high in the future, which could limit the Company's ability to maintain or increase its market share or maintain or increase gross margins, either of which could have a material adverse effect on the Company's business, operating results and financial condition. |
| Business Plan |
| The Company has implemented a strategy intended to continue its growth in existing and new markets, the key elements of which are to: (i) increase the Company's focus on Professional Services; (ii) cross-sell service offerings in existing markets and expand into new markets; (iii) focus on commercial staffing in small to mid-size cities; (iv) increase vendor-on-premises relationships; and (v) expand through acquisitions. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay certain indebtedness and for working capital and for general corporate purposes including future acquisitions. |