UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 28, 2004
SPHERION CORPORATION
(Exact name of registrant as specified in its charter)
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| Delaware | | 1-11997 | | 36-3536544 |
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(State or other jurisdiction
of incorporation or
organization) | | (Commission
File Number) | | (I.R.S. Employer
Identification No.) |
2050 Spectrum Boulevard
Fort Lauderdale, Florida 33309
(Address, including zip code, of Principal Executive Offices)
Registrant’s telephone number, including area code: (954) 308-7600
ITEM 5. OTHER EVENTS AND REQUIRED FD DISCLOSURE
On June 28, 2004, Spherion Corporation issued a press release announcing that it had successfully completed the planned divestiture of its Australian operations. A copy of the press release is attached as an exhibit hereto.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | | SPHERION CORPORATION |
| Date: June 28, 2004 | | By: /s/ Roy G. Krause
President & Chief Operating Officer |
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[spherion logo]
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| | Investor Contact: | | Teri Miller |
| | | | (954) 308-8216 |
| | | | terilmiller@spherion.com |
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| | Media Contact: | | Kip Havel |
FOR IMMEDIATE RELEASE | | | | (954) 308-6324
(800) 422-3819 |
| | | | kiphavel@spherion.com |
SPHERION COMPLETES AUSTRALIAN DIVESTITURE
FORT LAUDERDALE, Fla., June 28, 2004 — Spherion Corporation (NYSE: SFN) today announced that it has successfully completed the planned divestiture of its Australian operations. The transaction included an initial cash payment of $14 million, another $3 million due September 2005 and additional possible payments based on the future performance of the divested business.
The company’s second quarter earnings conference call is scheduled for July 27, 2004. Additional details on how to access the call will be provided at a later date.
About Spherion
Spherion Corporation is a leader in the staffing industry in North America, providing value-added staffing, recruiting and workforce solutions. Spherion has helped companies improve their bottom line by efficiently planning, acquiring and optimizing talent since 1946. To learn more, visit www.spherion.com.
This release contains statements that are forward looking in nature and, accordingly, are subject to risks and uncertainties. Factors that could cause future results to differ from current expectations include risks associated with: Competition — our business operates in highly competitive markets with low barriers to entry; Economic conditions — a significant economic downturn could result in our clients using fewer temporary employees or the loss or bankruptcy of a significant client could materially adversely affect our business results; Changing market conditions — our business is dependent upon the availability of qualified personnel; Corporate strategy — we may not achieve the intended effect of our business strategy; Technology investments – our investment in technology initiatives may not yield their intended results; Tax filings – regulatory challenges to our tax filing positions could result in additional taxes; Debt Compliance- Failure to meet certain covenant requirements under our credit facility could impact part or all of our availability to borrow; Litigation — we are a defendant in a variety of litigation and other actions from time to time and we may be exposed to employment–related claims and costs; Other — government regulation may increase our costs; business risks associated with international operations could make those operations more costly; failure or inability to perform under customer contracts could result in damage to our reputation and give rise to legal claims; certain contracts contain termination provisions and pricing risks; and managing or integrating any future acquisitions may strain our resources. These and additional factors discussed in this release and in Spherion’s filings with the Securities and Exchange Commission could cause the Company’s actual results to differ materially from any projections contained in this release.
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