-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BErDxiBDA3p40sI3KZ3Q0eYIkmJpu46gcMxdN8X5UX+I13sEwR7Q05coMVKBNgg2 I3xje474iMx1elead+P8qA== 0000930420-97-000004.txt : 19971117 0000930420-97-000004.hdr.sgml : 19971117 ACCESSION NUMBER: 0000930420-97-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971114 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROMAC INTERNATIONAL INC CENTRAL INDEX KEY: 0000930420 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HELP SUPPLY SERVICES [7363] IRS NUMBER: 593264661 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-26058 FILM NUMBER: 97720740 BUSINESS ADDRESS: STREET 1: 120 W HYDE PARK PL STREET 2: SUITE 150 CITY: TAMPA STATE: FL ZIP: 33606 BUSINESS PHONE: 8132511700 MAIL ADDRESS: STREET 1: 120 W HYDE PARK PLACE STREET 2: SUITE 150 CITY: TAMPA STATE: FL ZIP: 33606 10-Q 1 ============================================================================== SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ____________________________________ FORM 10-Q (Mark One) /X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1997 OR / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ______________________________ Commission file number 0-26058 ROMAC INTERNATIONAL, INC. (Exact name of registrant as specified in its charter) FLORIDA 59-3264661 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 120 West Hyde Park Place Suite 150 Tampa, Florida 33606 (Address of principal executive offices) (zip-code) Registrant's telephone number, including area code: (813) 251-1700 ______________________________ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) had been subject to such filing requirements for the past 90 days. YES X NO Indicate the number of shares outstanding of each of the issuer's classes of common stock as of October 31, 1997. 25,279,742 shares of $.01 par value Common Stock ============================================================================== PART I --- FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENT ROMAC INTERNATIONAL, INC. CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS)
September December 30 31 1997 1996 ------ ------ (unaudited) Assets: Current Assets: Cash and cash equivalents $ 2,459 $39,555 Short-term investments 1,193 880 Trade receivables, net of allowance for doubtful accounts of $772 and $617 respectively 31,548 17,061 Notes receivable from franchisees, current 122 193 Receivables from related parties, current 222 100 Deferred tax asset 262 243 Prepaid expenses and other current assets 1,545 1,214 ------ ------ Total current assets 37,351 59,246 Note receivable from franchisees, less current portion 72 75 Receivables from related parties, less current portion 1,188 862 Deferred tax asset 206 209 Furniture and equipment, net 9,022 5,346 Goodwill, net of accumulated amortization of $1,982 and $1,108, respectively 61,618 10,915 Other assets, net 2,703 906 ------- ------- Total assets $112,160 $77,559 ======= ======= Liabilities and Shareholders' Equity: Current Liabilities: Accounts payable and other accrued liabilities $ 2,756 $ 1,723 Accrued payroll costs 7,040 2,976 Bank line of credit 6,070 -- Current portion of notes payable and capital lease obligations 891 -- Current portion of payables to related parties 4,285 23 Income taxes payable 3,435 304 ------ ------ Total current liabilities 24,477 5,026 Notes payable and capital lease obligations, less current portion 1,276 -- Payables to related parties, less current portion 1,575 -- Other long-term liabilities, less current portion 2,005 1,249 ------ ------ Total liabilities 29,333 6,275 Commitment and contingencies -- -- Shareholders' Equity: Preferred stock, par value $.01; 30,000 shares authorized, none issued and outstanding -- -- Common stock, par value $.01; 200,000 shares authorized, 24,906 and 24,268 issued, respectively 249 242 Additional paid-in-capital 65,381 61,405 Stock subscriptions receivable -- (13) Retained earnings 18,122 10,575 Less reacquired stock at cost; 676 shares, respectively (925) (925) ------ ------ Total shareholders' equity 82,827 71,284 ------ ------ Total liabilities and shareholders' equity $112,160 $77,559 ======= =======
The accompanying notes are an integral part of these consolidated financial statements. 1 ============================================================================== ROMAC INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Three Months Ended Nine Months Ended September September September September 30 30 30 30 1997 1996 1997 1996 ------ ------ ------ ------ (unaudited) (unaudited) (unaudited) (unaudited) Net service revenues $45,915 $26,433 $120,507 $64,788 Direct costs of service 27,324 15,064 71,905 36,812 ------ ------ ------ ------ Gross profit 18,591 11,369 48,602 27,976 Selling, general and administrative expenses 13,000 8,575 35,387 21,029 Depreciation and amortization 851 451 2,137 1,226 Other (income) expense (311) (666) (1,374) (1,128) ------ ------ ------ ------ Income before income taxes 5,051 3,009 12,452 6,849 Provision for income taxes 2,010 1,204 4,905 2,731 ------ ------ ------ ------ Net income $ 3,041 $ 1,805 $ 7,547 $ 4,118 ======= ======= ======= ======= Net income per share-Primary $0.12 $0.07 $0.29 $0.18 ===== ===== ===== ===== Weighted average shares outstanding-Primary 26,328 25,425 25,670 22,821 ======= ======= ======= ======= Net income per share- Fully Diluted $0.12 $0.07 $0.29 $0.18 ===== ===== ===== ===== Weighted average shares outstanding-Fully Diluted 26526 25,603 25,834 22,964 ======= ======= ======= =======
The accompanying notes are an integral part of these consolidated financial statements. 2 ============================================================================== ROMAC INTERNATIONAL, INC. CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 (AMOUNTS IN THOUSANDS) (UNAUDITED)
Shares Amounts COMMON STOCK: Balance at December 31, 1996 24,268 $ 242 Exercise of stock options 638 7 ------ ------ Balance at September 30, 1997 24,906 $ 249 ====== ====== ADDITIONAL PAID-IN CAPITAL: Balance at December 31, 1996 $61,405 Exercise of stock options 2,613 Tax benefit related to employee stock options 1,363 ------ Balance at September 30, 1997 $65,381 ======= STOCK SUBSCRIPTIONS RECEIVABLE: Balance at December 31, 1996 $ (13) Payments 13 ------ Balance at September 30, 1997 $ (-) ======= RETAINED EARNINGS: Balance at December 31, 1996 $10,575 Net income 7,547 ------ Balance at September 30, 1997 $18,122 ======= REAQUIRED STOCK: Balance at December 31, 1996 $ (925) ------ Balance at September 30, 1997 $ (925) =======
The accompanying notes are an integral part of these consolidated financial statements. 3 ============================================================================= ROMAC INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (AMOUNTS IN THOUSANDS)
Nine Months Ended September September 30 30 1997 1996 ------ ------ (unaudited) (unaudited) Cash flows from operating activities: Net income $ 7,547 $ 4,118 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 2,137 1,226 Provision for losses on accounts and notes receivable 409 (96) Deferred tax asset (16) (Increase) decrease in operating assets: Trade receivables, net (14,896) (8,649) Notes receivable from franchisees, current 71 (128) Prepaid expenses and other current assets (331) (981) Notes receivable from franchisees, less current portion 3 (61) Other assets, net (1,797) (259) Increase (decrease) in operating liabilities: Accounts payable and other accrued liabilities 1,033 705 Accrued payroll costs 4,064 1,996 Income taxes payable 4,494 1,335 Other long-term liabilities 756 62 ------ ------ Cash (used in) provided by operating activities 3,474 (732) Cash flows from investing activities: Capital expenditures (4,088) (2,890) Acquisitions (51,576) (11,192) Payments for the purchase of short-term investments (3,023) -- Proceeds from the sale of short-term investments 2,710 7,054 Proceeds from the sale fo fixed assets 1,674 -- ------ ------ Cash (used in) provided by investing activities (54,303) (7,028) Cash flows from financing activities: Payments on notes receivable from stock subscriptions 13 4 Proceeds from bank line of credit 6,070 Payments on notes payable and capital lease obligations (359) (181) Payments on payable to related parties -- (6) Issuance of payables to related parties 5,837 257 Payments on receivables from related parties 56 269 Net proceeds from secondary offering -- 47,305 Issuance of receivables from related parties (504) (519) Proceeds from exercise of stock options 2,620 461 ------ ------ Cash provided by (used in) financing activities 13,733 47,590 ------ ------ Decrease in cash and cash equivalents (37,096) 39,830 Cash and cash equivalents at beginning of period 39,555 620 ------ ------ Cash and cash equivalents at end of period $ 2,459 $40,450 ======= ======= Supplemental Cash Flows Information Cash paid during the period for: Interest $ 45 $ 69 Income Taxes $ 1,495 $ 1,400 Non cash investing and financing activity: Capital lease transaction $ 2,526 --
The accompanying notes are an integral part of these consolidated financial statements. 4 ============================================================================== ROMAC INTERNATIONAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 1997 (Unaudited) Note A --- Summary of Significant Accounting Policies Principles of Consolidation. The Consolidated Financial Statements include the accounts of Romac International, Inc. (the "Company") and its subsidiaries. All material intercompany accounts and transactions have been eliminated in the consolidated financial statements. Interim Financial Information. The Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and, in management's opinion, include all adjustments necessary for a fair statement of results for such interim periods. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to SEC rules or regulations; however, the Company believes that the disclosures made are adequate to make the information presented not misleading. Revenue Recognition. Net service revenues consist of sales, net of credits and discounts. The Company recognizes flexible revenue based on hours worked by assigned personnel on a weekly basis. Search Fees are recognized in contingency search engagements upon the successful completion of the assignment. In a retained search engagement the initial retainer is recognized upon execution of the agreement, with the balance recognized on completion of the search. Franchise fees were determined based upon a contractual percentage of the revenue billed by the franchisees. Costs relating to the support of franchised operations were included in the Company's selling, general and administrative expenses. The last remaining franchisee and licensee was terminated at the end of the second quarter of 1997. The Company was the legal employer of temporary and contract personnel under its licensing agreements, and accordingly includes revenues and related direct costs of licensed offices in its net service revenues and direct costs of services, respectively. Commissions paid to licensees were based upon a percentage of the gross profit generated, and was included in the Company's direct cost of services. Reserves are established to estimate losses due to placed candidates not remaining in employment for the Company's guarantee period, typically 90 days. Cash and Cash Equivalents. The Company classifies all highly-liquid investments with an initial maturity of three months or less as cash equivalents. Income Taxes. The Company accounts for income taxes under the principles of Statement ofFianacial Accounting Standards No. 109 "Accounting for Income Taxes" ("SFAS 109"). SFAS 109 requires an asset and liability approach to the recognition of deferred tax assets and liabilities for the expected future tax consequences of differences between the carrying amounts and the tax bases of other assets and liabilities. The tax effects of deductions attributable to employees' disqualifying dispositions of shares obtained from incentive stock options were reflected in additional paid-in capital. Earnings Per Share. In March 1997, Statement of Financial Accounting Standards No. 128 "Earnings Per Share" ("SFAS 128") was issued which requires disclosure of basic earnings per share and modifies existing guidance for computing fully dilulted earnings per share. Under the new standard, basic earnings per share is computed as earnings divided by weighted average shares excluding the dilutive effects of stock options and other potentially dilutive securities. The effective date of SFAS 128 is for periods ending after December 15, 1997 and early adoption is not permitted. The pro forma impact of adoption of SFAS 128 had no material impact on the period ended September 30, 1997, however the Company expects that this pronouncement could have a material impact on Earnings Per Share for the year ended December 31, 1997. The financial statements have been adjusted to reflect the two for one stock split effected as a 100% stock dividend effective October 3, 1997. Note B---Acquisitions The following unaudited, pro forma, selected income statement data has been prepared to reflect the effect on the Company as if the acquisitions (which were accounted for under the purchase method) of Uni*Quality Solutions Inc. ("UQ) (September 1997) and Sequent Associates, Inc. (Sequent") (September 1997) had occurred as of January 1, 1997 and 1996 respectively. Nine Months Ended September September 30 30 1997 1996 (unaudited) (unaudited) Pro forma net service revenues $149,075 $ 91,335 Pro forma gross profit 55,914 34,544 Pro forma income before income taxes 12,700 7,635 Pro forma net income 7,620 4,581 Pro forma net income per share - Primary $.30 $.20 Pro forma weighted average shares outstanding Primary 25,670 22,821 Pro forma net income per share - Fully Diluted $.29 $.20 Pro forma weighted average shares outstanding Fully Diluted 25,834 22,964 5 ============================================================================== ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements, particularly with respect to the Liquidity and Capital Resources section of Management's Discussion and Analysis of Financial Condition and Results of Operations. Additional written or oral forward-looking statements may be made by the Company from time to time, in filings with the Securities and Exchange Commission or otherwise. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 (the "Securities Act') and Section 21 E of the Securities Exchange Act of 1934 (the "Exchange Act"). Such statements may include, but not be limited to, projections of revenue, income, losses, cash flows, capital expenditures, plans for future operations, financing needs or plans, plans relating to products or services of the Company, estimates concerning the effects of litigation or other disputes, as well as assumptions to any of the foregoing. Forward-Looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted. Future events and actual results could differ materially from those set forth in or underlying the forward-looking statements. Results of Operations for each of the Three and Nine Months Ended September 30, 1997 and 1996. Revenues. Net service revenues increased 73.9% and 86.0% respectively, to $45.9 million and $120.5 million for the three and nine month periods ending September 30, 1997 as compared to $26.4 million and $64.8 million for the same periods in 1996. These increases were comprised of a $17.9 million and $50.0 million increase in Flexible Billings (Professional Temporary and Contract Services revenues combined) and a $1.5 million and $5.8 million increase in Search Services for the three and nine month periods ending September 30, 1997, as described below. Flexible billings increased 84.8% and 97.1%, respectively, to $39.0 million and $101.5 million for the three and nine month periods ending September 30, 1997 as compared to $21.1 million and $51.5 million for the same periods in 1996. This increase is a result of an increase in the number of hours billed by Company-owned operations as compared to the same periods in 1996. The average hourly bill rate for the three and nine months period ended September 30, 1997 increased to $36.5 and $34.5 from $29.2 and $27.5 for the three and nine month periods ended September 30, 1996 due to the mix of contract business as a percentage of total flexible billings. In addition, the Company's Emerging Technologies initiative increased its bill rates 24.0% and 23.3% for the three and nine month periods ended September 30, 1997 compared to the same periods in 1996 as the demand for these highly skilled knowledge workers continues to build. Search services increased 27.8% and 43.6%, respectively, to $6.9 million and $19.1 million for the three and nine month periods ended September 30, 1997 compared to $5.4 million and $13.3 million for the same periods in 1996. The increase resulted primarily from an increase in the number of search sales consultants, which increased the number of search placements made during the three and nine month periods ending September 30, 1997 as compared to the same periods in 1996. The average fee for each search placement made during the periods remained relatively constant. The Company from time to time experiences fluctuations in its monthly revenues in its operations. For example, July results for Information Technology Services showed no improvement over the previous month, but that segment has since returned to historical growth rates. 6 ============================================================================= Gross Profit. Gross profit increased 63.2% and 73.6% respectively, to $18.6 million and $48.6 million for the three and nine month periods ending September 30, 1997 as compared to $11.4 million and $28.0 million for the same periods in 1996. Gross profit as a percentage of net service revenues decreased to 40.5% and 40.3% respectively, for the three and nine month periods ending Septebmer 30, 1997 as compared to 43.2% for the same periods in 1996. This decrease was a result of the continuing change in the Company's business mix whereby revenues from Flexible Billings, traditionally lower gross margins than Search services, increased to 84.8% and 97.1% of the Company's total revenues for the three and nine month periods ending September 30, 1997 as compared to 79.9% and 79.5% for the same periods in 1996. Selling, general and administrative expenses. Selling, general and administrative expenses increased 51.2% and 68.6% respectively, to $13.0 million and $35.4 million for the three and nine month periods ended September 30, 1997 as compared to $8.6 million and $21.0 million for the same periods in 1996. Selling, general and administrative expenses as a percentage of net service revenues decreased to 28.3% and 29.4% respectively, for the three and nine month periods ended September 30 1997 compared to 32.6% and 32.4% for the same period in 1996. This decrease in selling, general and administrative expense as a percentageof net service revenues resulted from greater operating efficiencies and economies of scale gained from a larger revenue base. Depreciation and amortization expense. Depreciation and amortization expense increased 88.7% and 75.0% respectively, to approximately $851,000 and $2.1 million for the three and nine month periods ended September 30, 1997 compared to approximately $451,000 and $1.2 million for the same periods in 1996. Depreciation and amortization expense as a percentage of net service revenues increased to 1.9% for the three month period ended September 30, 1997 and decreased to 1.7% for the nine month period ended September 30, 1997 as compared to 1.7% and 1.9% for the same periods in 1996. The increase as a percentage of net service revenues in the three months ended September 30, 1997 as compared to 1996 is due to the goodwill amortization of the 1997 acquititions of UQ Solutions, Inc, Sequent Associates, Inc, Career Enhancement International, and Professional Application Resources in 1997. The decrease as a percentage of net service revenues for the nine months ended September 30, 1997 as compared to the same period in 1996 is due to a change in accounting estimate of the amortization period for goodwill related to certain acquisitions from 15 to 30 years. Other (income) expense. Other (income) expense decreased 53.3% for the three months ended September 30, 1997 compared to the same period in 1996 and it increased 27.3% for the nine months ended September 30, 1997 compared to the same period in 1996 to approximately $311,000 and $1.4 million for the three and nine month periods ended September 30, 1997 compared to approximately $666.000 and $1.1 million, respectively for the same periods in 1996. The decrease in other income during the three months ended September 30, 1997 was due to a decrease in interest income from short-term investments used to finance acquisitions as well as interest expense from the Revolving Line of Credit and equipment leases. The increase during the nine months ended September 30, 1997 compared to the same period in 1996 is due to interest earned on the investment of the proceeds from the May 1996 secondary offering. Income Before Taxes. Income before taxes increased 70.0% and 83.8% respectively, to $5.1 million and $12.5 million for the three and nine month periods ended September 30, 1997 as compared to $3.0 million and $6.8 million for the same periods in 1996, primarily as a result of the above factors. Provision For Income Taxes. Provision for income taxes increased 66.7% and 81.5%, respectively, to $2.0 million and $4.9 million for the three and nine month periods ended September 30, 1997 compared to $1.2 million and $2.7 million for the same periods in 1996. The effective tax rate was 39.8% and 39.4% for the three and nine month periods ended September 30, 1997 compared to approximately 40.0% for all periods in 1996. Net Income. Net income increased 66.7% and 82.9% respectively to $3.0 million and $7.5 million for the three and nine month periods ended September 30, 1997 compared to $1.8 million and $4.1 million for the same periods in 1996. These increases were due to the revenue increases discussed above offset by a decrease in the gross profit as a percentage of net service revenues due to the continuing change in the business mix towards flexible billings which has traditionally lower gross margins and a decrease in selling, general and administrative expenses as a percentage of net service revenues (although selling, general and administrative expenses increased in absolute dollars) due to econimies of scale gained from a larger revenue base. Liquidity and Capital Resources As of September 30, 1997 the Company's sources of liquidity included approximately $2.5 million in cash and cash equivalents, approximately $1.2 million in short-term investments, and approximately $12.4 million in additional net working capital. In addition, as of September 30, 1997, $6.1 million was outstanding on the Company's line of credit and $23.9 million was available for borrowing under the Company's line of credit. The Company entered into a new Revolving Line of Credit Loan Agreement with Nationsbank, N.A. (the "Line of Credit") during September 1997. The Line of Credit expires on March 31, 2000 and amounts outstanding under the line of credit accrue interest at an annual rate equal to 65 basis points above the 90-day London Interbank Offering interest rate ("LIBOR"). As of September 30, 1997, the interest rate on the Line of Credit was 6.42%. The borrowings under the Line of Credit were primarily used for the acquisition of Sequent Associates, Inc. On November 6, 1997, the Company received $76.0 million from the proceeds net of a common stock offering a portion of which was utilized to repay the indebtedness outstanding under the Line of Credit. The Company intends to use the remaining portion of the net proceeds for general corporate purposes, including possible acquisitions, expansion of the Company's operations and certain capital expenditures related to the Company's expansion. Pending such uses, the net proceeds will be invested in short term, investment grade securities, certificates of deposit, or direct or guaranteed obligations of the United States government. 8 ============================================================================== During the first nine months of 1997, cash flow provided by operations was approximately $3.5 million, resulting primarily from net income, non-cash expenses (depreciation and amortization) and increases in operating payroll liabilities, offset by an increase in accounts receivable. The increase in accounts receivable reflects the increased volume of business during the first nine months of 1997 from locations and the initial funding of the accounts receivable base in acquired operations. The Company has entered into a letter of intent, dated September 18, 1977 regarding the possible purchase of substantially all of the assets of a company engaged in the business of providing information technology contract services. The purchase price is expected to be approximately $3.3 million. The Company is in the final stages of negotiating a definitive acquisition agreement. Accordingly, there can be no assurances that this possible acquisition will be consummated. During the first nine months of 1997, cash flow used in investing activities was approximately $54.3 million, resulting primarily from the Company's use of approximately $51.6 million in cash for acquisitions. The Company believes that cash flow from operations and borrowings under the Company's Line of Credit, or other credit facilities that may become avaliable to the Company in the future will be adequate to meet the working capital requirements of the Company's current operations for at least the next 12 months. The Company's estimate of the period of time the proceeds of the November 1997 common stock offering will fund its working capital requirements is a forward-looking statement that is subject to risks and uncertainities. Actual results could differ from those indicated as a result of a number of factors, including the use of such proceeds to fund possible acquisitions. 9 =============================================================================== PART II -- OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS None ITEM 2. CHANGES IN SECURITIES None ITEM 3. DEFAULTS UPON SENIOR SECURITIES None ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS None ITEM 5. OTHER INFORMATION None ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits None (b) Reports: Current reports on Form 8-K and Form 8-K/A filed during the quarter ended September 30, 1997 were as follows: i) Form 8-K dated September 5, 1997 (filed on September 22, 1997) regarding Acquisition of Uni*Quality Systems Solutions, Inc. ============================================================================= 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. ROMAC INTERNATIONAL, INC. (Registrant) /s/ Thomas M Calcaterra _______________________________________ Thomas M Calcaterra, Chief Financial Officer and Secretary Date: November 14, 1997 ============================================================================== EX-27 2 EXHIBIT 27
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S 10-Q REPORT FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1 9-MOS YEAR DEC-31-1997 DEC-31-1996 JAN-01-1997 JAN-01-1996 SEP-30-1997 DEC-31-1996 2,459 39,555 1,193 880 31,548 17,678 772 617 0 0 37,351 59,246 13,612 8,181 4,590 2,834 112,160 77,559 24,477 5,026 0 0 0 0 0 0 249 242 82,578 71,042 112,160 77,559 0 0 120,507 94,210 0 0 71,905 53,839 (1,374) (350) 0 0 0 78 12,452 9,946 4,905 3,965 7,547 5,981 0 0 0 0 0 0 7,547 5,981 .29 .25 .29 .25
-----END PRIVACY-ENHANCED MESSAGE-----