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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Filed pursuant to Section 13 or 15(d) of
THE SECURITIES EXCHANGE ACT OF 1934
March 30, 1998 (March 27, 1998)
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Date of Report (Date of earliest event reported)
OLSTEN CORPORATION
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(Exact name of registrant as specified in charter)
Delaware
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(State or other jurisdiction of incorporation)
0-3532
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(Commission File Number)
13-2610512
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(IRS Employer Identification No.)
175 Broad Hollow Road
Melville, New York 11747-8905
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(Address of principal executive offices)
(516) 844-7800
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
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Registrant released the press release attached hereto as
Exhibit 99 on March 27, 1998.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
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(c) Exhibits
Exhibit 99 -- Press release dated March 27, 1998.
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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.
OLSTEN CORPORATION
(REGISTRANT)
Date: March 30, 1998 By:/s/ Laurin L. Laderoute, Jr.
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Laurin L. Laderoute, Jr.
Vice President
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CONTACTS: David R. Fluhrer
Vice President-Communications
(516) 844-7590
[email protected]
www.olsten.com
Anthony J. Puglisi
Senior Vice President
and Chief Financial Officer
(516) 844-7110
FOR IMMEDIATE RELEASE
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OLSTEN CORPORATION ANTICIPATES LOWER FIRST QUARTER
NET INCOME OF APPROXIMATELY $ .18 PER SHARE
Melville, NY, March 27, 1998 -- Olsten Corporation (NYSE:OLS) today said that it
anticipates net income for the first quarter ending March 29, 1998 of
approximately $ .18 per share, versus $.24 per share for the same period last
year, due to ongoing challenges in Health Services.
"The Company expects Health Services' revenues to be down about five
percent and anticipates that it will operate at approximately break even for the
first quarter of 1998," said Olsten Chairman and Chief Executive Officer Frank
N. Liguori. "Olsten Health Services continues to experience a loss in nursing
visits due to a tough competitive environment, tighter controls over visits by
physicians and other referral sources, the elimination of Medicare reimbursement
for in-home venipuncture services and the impact of the new Medicare Interim
Payment System that reduces reimbursements for patient visits and sets an annual
limit for benefits on a per-patient basis."
Olsten Corporation is a world leader in staffing services and North
America's largest provider of home health care and related services. Primarily
through Olsten Staffing Services, the Company operates more than 900 staffing or
information technology offices in North America, South America and Europe,
providing assignment employees to business, industry and government, as well as
services for the design, development and maintenance of information systems.
Through its Olsten Health Services subsidiary, the Company's approximately 500
-more-
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health care offices in the United States and Canada provide health care Network
Services and caregivers for home health care and institutions, home infusion and
other therapies, and management services to hospital-based home health agencies.
In 1997, Olsten Corporation employed approximately 670,000 people serving
approximately 625,000 client/patient accounts. The Company achieved 1997
systemwide sales of $4.8 billion and revenues of $4.1 billion.
Information contained in this news release, other than historical
information, should be considered forward-looking and is subject to various risk
factors and uncertainties. For instance, the Company's strategies and operations
involve risks of competition, changing market conditions, changes in laws and
regulations affecting our industries and numerous other factors discussed in
this release and in the Company's filings with the Securities and Exchange
Commission. Accordingly, actual results may differ materially from those in any
forward-looking statements.
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