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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): JULY 1, 1997
METRO INFORMATION SERVICES, INC.
(Exact name of registrant as specified in its charter)
VIRGINIA 000-22035 54-1112301
(State of incorporation) (Commission File No.) (I.R.S. Employer Identification
Number)
POST OFFICE BOX 8888 VIRGINIA BEACH, VIRGINIA 23450
(Address of principal executive office) (Zip Code)
(757) 486-1900
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
On July 1, 1997, Metro Information Services, Inc. acquired the business
operations of Kansas City-based J2, Inc., d.b.a. DP Career Associates. The
purchase price is $3.9 million with up to an additional $1.3 million contingency
payment due in the first quarter of 1998, assuming certain gross profit targets
are attained by the acquired business. The acquisition was accomplished using a
portion of the proceeds of the initial public offering completed by Metro in
January 1997 and will be accounted for using the purchase method of accounting.
As a result of this acquisition, Metro will initially record goodwill of
approximately $3.9 million. A copy of the News Release announcing the
acquisition is attached.
ITEM 7 (c). EXHIBITS
1. News Release dated July 1, 1997 announcing the acquisition of DP Career
Associates.
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned, thereunto the duly authorized.
METRO INFORMATION SERVICES, INC.
Date Signed: July 11, 1997 By: /s/ Robert J. Eveleigh
Chief Financial Officer
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For Immediate Release For Further Information
Julann Oppasser
Investor Relations
(757) 306-0299 or
Dean Dranias,
Dresner Corp. Services
(312) 726-3200
Metro Information Services Expands Missouri And Kansas Market Presence:
Acquires DP Career Associates, A Kansas City IT Services Firm
Virginia Beach, Virginia, July 1, 1997--Metro Information Services, Inc.
(NASDAQ-MISI) today purchased DP Career Associates (DPCA) a Kansas City
information technology services provider with 1997 revenues projected to exceed
$5 million.
While the acquisition terms were not disclosed, Metros strategy is to
make accretive acquisitions. Jay Mathews and Jim Gallimore, DPCA's present
management team, will continue operating the business as a division of Metro
which went public in January 1997. With this acquisition, Metro has 27
offices located in the United States and Puerto Rico.
John H. Fain, Metro's President and CEO said, "DPCA's location gives us
entry into a dynamic growing market for technology-driven companies. DPCA
fits well into our business model and complements our St. Louis office, which
opened April 1st. Equally important, a management team that we respect and
admire will remain active in the business," Fain added.
Jay Mathews, DPCA's CEO, said, "Kansas City has a diverse and growing
business community. Our ability to serve our clients will be enhanced by the
additional resources and systems Metro provides. In addition, our consultants
will benefit from Metro's substantial training and recruiting capabilities."
Metro provides a wide range of information technology consulting and
software development services and has more than 1,350 consultants and a total
staff of more than 1,500. Metro's services include application systems
development and maintenance, information technology architecture and
engineering, systems consulting, project outsourcing (including Year 2000
compliance) and general support services. Information about Metro is
available via the Internet's World Wide Web at http://www.MetroIS.com.
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"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: Forward-looking statements involve risks and uncertainties that
could cause actual results to vary materially from those referred to in such
statements. Please refer to a discussion of these and other factors in the
Company's Annual Report on Form 10-K, plus Form 10-Qs and other Securities
and Exchange Commission filings.
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Corporate Headquarters
200 Golden Oak Court
Reflections II, 3rd Floor
Virginia Beach, VA 23452
Arizona Ohio
Phoenix Cincinnati
Columbus
Colorado
Denver Pennsylvania
Philadelphia
Caribbean Islands
San Juan, Puerto Rico South Carolina
Columbia
District of Columbia Greenville
Washington
Tennessee
Florida Nashville
Ft.Lauderdale
Jacksonville Texas
Orlando Dallas/Ft.Worth
Tampa Houston
Georgia Virginia
Atlanta Richmond
Roanoke
Illinois Virginia Beach/Norfolk
Chicago
Washington
Kansas/Missouri Seattle
Kansas City
St. Louis
North Carolina
Charlotte
Greensboro/Winston-Salem
Raleigh/Durham
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