SEC Filing Summary: Romac International, Inc. (Form 8-K)
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Romac International, Inc. (Romac) on July 1, 1996, reporting an event that occurred on June 18, 1996. The filing details the completion of an asset acquisition involving the former legal entity for Romac's San Francisco franchise.
Key Financial Metrics
- Transaction Value: Approximately $5.0 million purchase price.
- Payment Terms: Subject to adjustment based on the attainment of certain operating results.
- Financing Source: Proceeds from Romac's secondary public offering, which were held in short-term government securities since May 1996.
- Assets Acquired: Fixed assets and intangible assets of Bayshare, Inc.
- Revenue/Profit/Cash Flow: The filing text does not provide specific revenue, profit, cash flow, margin, or debt figures for the company or the acquired entity at this time.
Material Changes
The primary material change is the expansion of Romac's asset base through the acquisition of Bayshare, Inc.'s fixed and intangible assets. This transaction consolidates the San Francisco franchise under Romac International, Inc. following the completion of the Asset Acquisition Agreement.
Guidance, Outlook, and Risks
- Financial Reporting Status: It is currently impracticable to provide financial statements for the acquired business or pro forma financial information.
- Future Filings: Romac intends to file the required financial statements and pro forma information as soon as practicable, but no later than 60 days from the date of this filing.
- Contingencies: The final purchase price is contingent upon the achievement of specific operating results.
Investor Verification Checklist
- Verify the final purchase price once operating result adjustments are calculated.
- Monitor the upcoming filing (within 60 days) for the acquired business's financial statements and pro forma data.
- Review the full Asset Acquisition Agreement (Exhibit 2.1) for specific details on the operating result triggers and asset definitions.
- Confirm the impact of the acquisition on Romac's overall liquidity and capital structure once pro forma data is released.