Correction - Selected Consolidated Balance Sheet Data -- On Assignment, Inc. 2003 First Quarter Results.Business Editors CALABASAS, Calif.--(BUSINESS WIRE)--May 12, 2003 On Assignment, Inc. (Nasdaq:ASGN ASGN Assign ) today issued a correction to the Selected Consolidated Balance Sheet consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. Data included in its May 6, 2003 press release for the first quarter ended March 31, 2003. This correction, detailed further below, does not impact either the Consolidated Statements of Income or the other Supplemental Financial Information included in the May 6, 2003 press release. The consolidated balance sheet data in the May 6, 2003 release incorporated overstatements of Income Taxes Receivable of $2,631,000, Long-term Deferred Tax Assets of $494,000 and Long-term Deferred Tax Liabilities of $3,125,000. The impact on Working Capital, Total Assets and Long-term Liabilities Long-Term Liabilities Recorded on the balance sheet, a company's liabilities for leases, bond repayments and other items due in more than one year. Notes: A company's long-term liabilities are accounted for by its debt obligations to other parties which last longer than is reflected in the following table.
(unaudited)
(in thousands of dollars)
SELECTED CONSOLIDATED BALANCE SHEET DATA
As of March 31,
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CORRECTED REPORTED
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May 12,
2003 May 6, 2003
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2003 2003 2002
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Cash, Cash Equivalents and Marketable
Securities $29,488 $29,488 $99,776
Accounts Receivable, less allowances 35,009 35,009 21,665
Working Capital 52,734 55,365 113,532
Total Assets 216,959 220,084 132,901
Current Liabilities 17,859 17,859 11,785
Long-term Liabilities 2,008 5,133 -
Stockholders' Equity 197,092 197,092 121,116
Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Except for strictly historical information contained herein, statements contained in this news release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and involve a high degree of risk and uncertainty. Forward-looking statements include statements regarding the effectiveness of On Assignment's cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. measures, the implementation of its long-term strategy, its positioning for future success and other statements regarding On Assignment's expectations, beliefs, hopes, intentions or strategies regarding the future. All forward-looking statements included in this news release are based upon information available to On Assignment as of the date hereof. Actual results could differ materially from On Assignment's current expectations contained in such forward-looking statements. Factors that could cause or contribute to such differences include general economic and business conditions, quarterly fluctuations in On Assignment's results of operations, On Assignment's ability to attract, train and retain qualified Staffing Consultants, On Assignment's ability to remain competitive in obtaining and retaining temporary staffing clients, the availability of qualified temporary nurses and other qualified temporary professional employees, the integration of acquired operations, management of growth, and other risks detailed from time to time in On Assignment's reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2002, as filed with the SEC on March 31, 2003. On Assignment specifically disclaims any intention or duty to update any forward-looking statements contained in this news release. About On Assignment On Assignment is a leading international science and healthcare temporary staffing company providing services in laboratory support, nursing, allied healthcare and medical-financial staffing. The corporate headquarters and Lab Support Division are located in Calabasas, California Calabasas is a city in Los Angeles County, California, in the western United States. As of the 2000 census, the city population was 23,123. The city was formally incorporated in 1991. . The Healthcare Staffing Division, that offers nursing, allied, clinical lab and administrative/clerical temporary professional employees, operates out of centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. operations in Cincinnati, Ohio “Cincinnati” redirects here. For other uses, see Cincinnati (disambiguation). Cincinnati is a city in the U.S. state of Ohio and the county seat of Hamilton County. . On Assignment was founded in 1985 as On Assignment/Lab Support and went public in 1992. In 2002 the company was again recognized by Forbes Magazine as one of the 200 Best Small Companies in America, recognition it has received for a record ten consecutive years. The company's branch network encompasses 85 operational markets across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , the United Kingdom, the Netherlands and Belgium. On Assignment, Inc. common stock is traded on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the symbol ASGN. |
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