BDude,..... Here is the other half to the story...
CORESTAFF Announces Sale Of Non-Core Physical Therapy Business
PR Newswire - February 04, 1997 18:08
FINANCIAL CSTF NURS TNM V%PRN P%PRN
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HOUSTON, Feb. 4 /PRNewswire/ -- CORESTAFF, INC. (Nasdaq: CSTF), one of the
largest national providers of information technology and staffing services,
today announced it has sold its physical therapy staffing business to
International Nursing Services, Inc. (Nasdaq: NURS) in an all-cash
transaction. Other terms of the transaction were not disclosed.
CORESTAFF's physical therapy staffing business accounted for less than
2 percent of the Company's 1996 consolidated revenues and operating income.
The Company will take a one-time, after-tax charge to earnings of $1.4 million
($0.05 per share) in the fourth quarter of 1996 related to the sale.
Commenting on the transaction, Michael T. Willis, CORESTAFF's chairman and
chief executive officer, said, "Although this is a profitable business, the
sale results from our decision not to pursue the healthcare staffing business
as a separate line of business. We will continue to focus on the development
of our core businesses, information technology and staffing services. We
believe we can enhance the value of the Company by re-deploying the sales
proceeds into our core businesses."
Established in 1993, CORESTAFF, INC. has quickly become one of the largest
national providers of information technology and staffing services through its
two operating units: COMSYS Information Technology Services and CORESTAFF
Services. The Company, with pro forma 1996 revenues in excess of $750 million,
operates more than 150 branches across the United States and has operations in
the United Kingdom.
SOURCE COREStaff, Inc.
NOTE TO EDITORS: For further information regarding CORESTAFF, INC. free
of charge via fax, dial 1-800-PRO-INFO and enter "CSTF."
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