UNITED STATES
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 (April 18, 1994): April 21, 1994
Alexander & Alexander Services Inc.
(Exact name of registrant as specified in its charter)
Maryland 1-8282 52-0969822
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
organization)
1211 Avenue of the Americas 10036
New York, New York (Zip Code)
(Address of principal executive offices)
(212) 840-8500
(Registrant's telephone number,
including area code:)
Not Applicable
(Former name or former address,
if changed since last report.<PAGE>
Item 5. Other Events.
A. On April 18, 1994, Alexander & Alexander Services Inc. (the "Company")
issued the following press release:
A&A EXPECTS 1ST QUARTER NET LOSS OF APPROXIMATELY $0.15 PER SHARE
BUT ANTICIPATES FULL YEAR 1994 TO BE PROFITABLE
NEW YORK, April 18 -- Alexander & Alexander Services Inc. (NYSE: AAL) today
announced that it expects to report a net loss per share of approximately
$0.15 for the first quarter ended March 31, 1994. The company anticipates a
net profit from continuing operations for the full year.
A&A said the first quarter results were caused primarily by lower-than-expected
revenues in its North American risk management and insurance services
operations.
Robert E. Boni, chairman of the Board of Directors, noted, "This
underperformance largely reflects the effect of management changes in the U.S.
and management's acceleration of the pace of business segmentation. These
changes have had a short-term impact on revenues."
He added, "I believe business segmentation and our other initiatives will
provide substantial long-term benefits for our clients and shareholders as
well as A&A."
A&A's human resource management subsidiary, the Alexander Consulting Group, also
anticipates a loss for the quarter, in part because of highly competitive
market conditions.
The expected net loss for the quarter also includes an after-tax charge of
approximately $2.7 million, or $0.06 per share, for the adoption of
SFAS No. 112 regarding accounting for post-employment benefits.
Dr. Boni said, "A&A's results for the full quarter are not acceptable.
However, I believe both ACG and our North American risk management and
insurance services operations will have improved performance in the months
ahead. I am particularly pleased with recent successes in winning major
new corporate accounts."
Complete financial results for the quarter will be announced later this month.
A&A Services Inc. is a global organization of professional advisers providing
risk management, insurance brokerage and human resource management consulting
services from offices in more than 80 countries.
B. In addition, effective April 1, 1994, T.H. Irvin, chief executive
officer of the Company, retired. Mr. Irvin will continue to serve as a
director of the Company until the Annual Meeting of Stockholders to be held
on May 19, 1994. The position of chief executive officer will remain vacant
until the board of directors completes its search for a successor. In
January, the Company announced Mr. Irvin's intention to retire and that it had
commenced an international search for his successor.
<PAGE>
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.
ALEXANDER & ALEXANDER SERVICES INC.
By:/s/Ronald J. Roessler
Ronald J. Roessler
Senior Vice President &
General Counsel
Date: April 21, 1994
ht:Z:FORM8K:4/94<PAGE>
Alexander & Alexander Services Inc.
1211 Avenue of the Americas
New York, NY 10036
Telephone 212 444-4500
FAX 212 444-4696
VIA EDGAR
April 21, 1994
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Re: Current Report on Form 8-K
Gentlemen:
Enclosed for filing please find one conformed copy of the Current Report on Form
8-K for Alexander & Alexander Services Inc. (the "Company"). This filing
notices the April 18, 1994 press release by the Company, together with the
retirement of the Company's chief executive officer.
Sincerely,
/s/ Andrea L. Schuman
Andrea L. Schuman
Attorney
ALS/ht
Enc.
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