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UNIFORCE TEMPORARY PERSONNEL ANNOUNCES THIRD QUARTER EARNINGS AND TENTATIVE LITIGATION SETTLEMENT

      UNIFORCE TEMPORARY PERSONNEL ANNOUNCES THIRD QUARTER EARNINGS
                  AND TENTATIVE LITIGATION SETTLEMENT
    NEW HYDE PARK, N.Y., Nov. 13 /PRNewswire/ -- Uniforce Temporary Personnel, Inc. (NASDAQ: UNFR), today announced its revenues and earnings for the third quarter 1991.  Revenues were $24,283,995 for the quarter ended Sept. 30, 1991, as compared to $29,977,050 for the third quarter of 1990.  Net earnings for the quarter were $312,424 ($.07 per share) versus $738,352 ($.17 per share) for 1990.
    Commenting on the company's third quarter performance, John Fanning, president and chief executive officer, stated: "The adverse effects of the recession and downturn in the temporary help industry as a whole, particularly in the Northeast, continue to impact our operating results. While forecasts predict a modest recovery and better economic and general employment conditions, we anticipate these improvements to be slow paced.  This gradual recovery should improve our future performance since, historically, the temporary help industry is generally the first to emerge from a recession."
    Fanning also announced a tentative settlement of litigations regarding the company's Brentwood Service Group Inc. subsidiary.  The final settlement is subject to the negotiation and execution of a definitive settlement agreement, which is expected to be signed during the fourth quarter of 1991, and certain judicial approvals.  The terms of the tentative settlement will not have a material adverse effect on the company's financial condition or results of operations.
    The company, under its trade name Uniforce Temporary Services, is a national network of 89 predominantly licensed offices providing temporary personnel in the general and automated office, marketing, accounting, records management, hospitality, MIS, technical and light industrial service categories.
          UNIFORCE TEMPORARY PERSONNEL, INC. AND SUBSIDIARIES
                   Financial Highlights (Unaudited)
      Periods ended        Three Months               Nine Months
      Sept. 30           1991         1990         1991         1990
    Total revenues   $24,283,995  $29,977,050  $69,894,253  $86,091,995
    Net earnings     $   312,424  $   738,352  $ 1,008,530  $ 2,448,903
    Net earnings
     per share              $.07         $.17         $.23         $.54
    Weighted average
     number of shares
     outstanding       4,446,930    4,464,408    4,438,545    4,545,150
    -0-            11/13/91
    /CONTACT:  Harry Maccarrone, vice president and chief financial officer of Uniforce Temporary Personnel, 516-437-3300/
    (UNFR) CO:  Uniforce Temporary Personnel, Inc. ST:  New York IN: SU:  ERN GK-OS -- NY055 -- 3977 11/13/91 13:10 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 13, 1991
Words:384
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