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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): MARCH 19, 1998
COMPLETE BUSINESS SOLUTIONS, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
MICHIGAN
(STATE OR OTHER JURISDICTION OF INCORPORATION)
0-22141 38-2606945
(COMMISSION FILE NUMBER) (I.R.S. EMPLOYER IDENTIFICATION NUMBER)
32605 WEST TWELVE MILE ROAD, SUITE 250, FARMINGTON HILLS, MI 48334
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE) (ZIP CODE)
(248) 488-2088
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
NONE
(FORMER NAME AND FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
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Item 5. OTHER EVENTS
On March 19, 1998, the Company paid to shareholders of record as of March 5,
1998 the previously announced stock dividend.
The registrant issued the following press release on Thursday, February 19,
1998:
FARMINGTON HILLS, MI, FEBRUARY 19, 1998--COMPLETE BUSINESS SOLUTIONS, INC.
(NASDAQ: CBSL), a worldwide information technology (IT) consultant and service
provider to large and medium-sized organizations, today announced that its
Board of Directors declared a 2-for-1 split on the Company's common stock. The
split will take the form of a 100 percent stock dividend, payable March 19,
1998, to owners of record at the close of business on March 5, 1998. The stock
split will increase the number of common shares outstanding to approximately
26.9 million shares.
"Our stock price has risen five-fold since our initial public offering on March
5, 1997," said Raj Vattikuti, Complete Business Solutions' president and chief
executive officer. "All of the growth strategies we outlined in our IPO have
proven to be successful, including a carefully planned and executed mergers and
acquisitions strategy. As we approach this one-year anniversary, we are very
excited about our future."
CBSL offers its clients a broad range of IT services, from advising clients on
strategic technology plans to developing and implementing appropriate IT
applications solutions. CBSL offers custom-tailored solutions based on an
assessment of each client's needs. The Company's services include: Year 2000
conversion and testing services; large systems applications development and
maintenance; re-engineering legacy applications to client/server technology;
client/server applications development; IT consulting services; packaged
software implementation; and contract programming services. For 1997, CBSL's
revenues increased approximately 33 percent to $123.8 million, from $92.8
million in 1996 (both periods restated for a fourth quarter, 1997 merger).
This release contains forward-looking statements relating to plans or business
expectations. Business plans may change as circumstances warrant and as a
result of factors over which the company has no control and other business
risks. Such factors include, but are not limited to: mergers and the ability to
integrate them on a timely basis, significant client assignments, recruiting
and new business solicitation efforts, domestic and foreign government
regulations, and general economic conditions. These risk factors and additional
information are included in the company's reports on file with the Securities
and Exchange Commission.
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SIGNATURES
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 hereunto duly authorized.
Complete Business Solutions, Inc.
By: /s/ Timothy S. Manney
--------------------------------
Timothy S. Manney
Executive Vice President for Finance and Administration
Date: April 8, 1998
