SECURITIES EXCHANGE COMMISSION
WASHINGTON, D.C. 20552
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported):
June 29, 1997
INTERIM SERVICES INC.
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
0-23198
(Commission File Number)
36-3536544
(IRS Employer Identification no.)
2050 SPECTRUM BOULEVARD
FORT LAUDERDALE, FLORIDA 33309-3008
(954) 938-7780
(Address, including zip code, and telephone number
of principal executive offices)
Not Applicable
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS
On June 29, 1997, the Registrant entered into a definitive agreement to
sell its Interim Healthcare business (the "Healthcare Division") to Cornerstone
Equity Investors IV, L.P. for $134 million in cash. The Registrant will use the
net proceeds of the transaction to reduce its outstanding debt. The sale of the
Healthcare Division is expected to close on or before September 30, 1997.
The divestment of the Healthcare Division will enable the Registrant to
focus its energies and resources on its core Commercial Division. The
Registrant's Commercial Division is divided between Commercial Staffing (made up
of clerical and light industrial staffing, plus the Registrant's "On Premise"
operations) and Professional Services (consisting of technology,
accounting/finance, legal, human resources and search). Revenues for the
Registrant's Commercial Division have grown at a compound annual growth rate of
31% from 1994 to 1996. The Registrant anticipates that its 1997 revenues,
exclusive of the Healthcare Division, will reach approximately $1.4 billion in
1997 and will be derived 53% from Commercial Staffing and 47% from Professional
Services.
This report and the exhibits hereto contain certain forward-looking statements
regarding the prospects of Interim Services Inc. which involve risks and
uncertainties. The Registrant's actual results could differ materially from the
results anticipated in these forward-looking statements as a result of certain
factors set forth in the Registrant's reports on Forms 10-K, 10-Q and 8-K made
under the Securities Exchange Act of 1934. In addition, changes in market,
business or economic conditions, fluctuations in currency exchange rates or
significant acquisitions or other transactions could create material differences
in the results anticipated in these forward-looking statements.
ITEM 7. EXHIBITS
(c) EXHIBITS.
The following exhibit is filed with this report:
Number Description
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99.1 Press release dated June 30, 1997, and related Investor Fact
Sheet.
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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, thereunto duly authorized.
INTERIM SERVICES INC.
DATE: July 10, 1997 By: /s/ John B. Smith
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John B. Smith, Esq.
Senior Vice President and
General Counsel
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EXHIBIT INDEX
Exhibit Number Description
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99.1 Press release dated June 30, 1997, and related Investor Fact
Sheet
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