<PAGE> 1
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) - January 28, 1998
THE WACKENHUT CORPORATION
-------------------------
(Exact Name of Registrant as Specified in Charter)
Florida 1-5450 59-0857245
------- ------ ----------
(State or Other Jurisdiction (Commission (IRS Employer of
of Incorporation) File Number) Identification No.)
4200 Wackenhut Drive #100, Palm Beach Gardens, FL 33410-4243
- ------------------------------------------------------------- ----------
(Address of Principal Executive Offices) (Zip Code)
(Registrant's Telephone Number, Including Area Code) (561) 622-5656
- ---------------------------------------------------------------------
Not Applicable
- --------------------------------------------------------------------------------
(Former Name or Former Address; if Changed Since Last Report)
Page 1 of ___ pages.
Exhibit Index at Page ___.
<PAGE> 2
Item 5. Other Events.
This Current Report on Form 8-K is for the purpose of filing the press
release, dated January 28, 1998, which is set forth in Exhibit 99 hereto.
Item 7. Financial Statement and Exhibits
(c) Exhibits.
<TABLE>
<CAPTION>
Sequential
Exhibit No. Description Page Number
----------- ----------- -----------
<S> <C> <C>
99 Press Release dated January 28, 1998
</TABLE>
2
<PAGE> 3
SIGNATURE
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.
THE WACKENHUT CORPORATION
January 28, 1998
By: /s/ Philip L. Maslowe
-------------------------------
Philip L. Maslowe
Senior Vice President, Finance and
Chief Financial Officer
3
<PAGE> 1
EXHIBIT 99
WACKENHUT
NEWS RELEASE
WR-98-02 FOR IMMEDIATE RELEASE
WACKENHUT SELLS SUBSIDIARY,
TAKES ONE-TIME CHARGE,
EXPECTS STRONG 1998 PERFORMANCE
PALM BEACH GARDENS, FL, January 28, 1998 -- The Wackenhut Corporation (NYSE:
WAK, WAKB) announced today it will take a pretax charge of $18.3 million
against 1997 earnings. After tax, the one-time charge will reduce net income
by $11.3 million. The company's Australian security subsidiary has been sold,
resulting in $6 million ($3.8 million after tax) of the charge. The remainder
is the result of the write down of deferred costs of information systems and
other investments. Earnings results for 1997 will be announced in mid-February.
"While the impact on 1997 net income is substantial, we do not expect that
these one-time charges will result in any additional cash requirements," said
Richard R. Wackenhut, president and chief operating officer. "This move
positions Wackenhut for a very strong performance in 1998. Our operating
earnings were at record levels in 1997 and by exiting the Australian security
market and writing off these non-performing investments, 1998 promises to be a
very good year for the company's earnings."
The company acquired Wackenhut Australia in September 1995 for approximately $3
million. The Australian subsidiary provided security-related services to
business and government. In 1996 the subsidiary recorded an operating loss of
$2.3 million; in 1997 it had an operating loss of $1.7 million.
The Wackenhut Corporation is a worldwide provider of security-related and
diversified human resources services to business, industry and government
agencies. With operations throughout the United States and over 50 countries
on six continents, it is a leader in the privatization of public services for
municipal, state and federal agencies, and also serves a wide range of
industrial and commercial customers.
This press release contains forward-looking statements regarding future events
and future performance of the company that involve risks and uncertainties that
could materially affect actual results. Investors should refer to documents
that the company files from time to time with the Securities and Exchange
Commission for a description of certain factors that could cause actual results
to vary from current expectations and forward-looking statements contained in
this press release. Such filings include, without limitation, the company's
Form 10-K, Form 10-Q and Form 8-K reports.
- -------------------------------------------------------------------------------
Contact: Robert Harwood, Investor/Public relations - (561) 691-6698
www.wackenhut.com
