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
per share $.07 $.17 $.23 $.54
number of shares
outstanding 4,446,930 4,464,408 4,438,545 4,545,150
/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