Business Context and Reporting Period
This Form 8-K Current Report was filed by Romac International, Inc. (not Kforce Inc.) on October 9, 1997, regarding an event that occurred on September 26, 1997. The registrant is a Florida corporation headquartered in Tampa.
Key Financial Metrics
The filing details a specific transaction rather than periodic financial performance metrics such as revenue, profit, or cash flow.
- Transaction Value: Approximately $20.3 million.
- Financing Sources: Proceeds from a May 1996 common stock offering (held in short-term government securities) and a Revolving Line of Credit with NationsBank, N.A.
- Financial Statements: Historical financial statements for the acquired business and pro forma financial information are not included in this filing as they are deemed impracticable to provide at this time.
Material Changes
On September 26, 1997, Romac International, Inc. consummated the purchase of substantially all assets of Sequent Associates, Inc. Sequent is a California corporation specializing in providing contract information technology professionals. The purchase price is subject to adjustment based on the attainment of certain operating results and includes indemnity obligations.
Guidance, Outlook, and Risks
The filing contains forward-looking statements regarding projections of revenues, income, capital expenditures, and future operations. Management cautions that actual results could differ materially from these projections due to inherent risks and uncertainties. The company intends to file the required financial statements and pro forma information within 60 days of this report.
Investor Verification Checklist
- Verify the final purchase price after adjustments for operating results and indemnity obligations.
- Review the upcoming financial statements of Sequent Associates, Inc. to be filed within 60 days.
- Examine the pro forma financial information to understand the impact of the acquisition on Romac's consolidated results.
- Confirm the terms of the Revolving Line of Credit with NationsBank, N.A. utilized for financing.