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Previous: OHIO POWER CO, 10-K405/A, 1998-04-01 |
Next: ORANGE & ROCKLAND UTILITIES INC, 8-K, 1998-04-01 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
AMENDMENT NO. 1
to
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 28, 1997
Commission File No. 0-3532
OLSTEN CORPORATION
-----------------------------------------------------
(Exact name of Registrant as specified in its charter)
DELAWARE 13-2610512
------------------------------- ----------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
175 Broad Hollow Road, Melville, New York 11747-8905
--------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (516) 844-7800
--------------
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange
Title of each class on which registered
------------------- ---------------------
Common Stock, $.10 par value New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
Class B Common Stock, $.10 par value
------------------------------------
(Title of class)
<PAGE>
PART IV
Item 14. Exhibits, Financial Statement Schedules,
- ------- ---------------------------------------
and Reports on Form 8-K.
-----------------------
(a)(3) Exhibits:
*27 Financial Data Schedule.
- -----------------------
*Filed herewith.
- 2 -
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
OLSTEN CORPORATION
(REGISTRANT)
Date: April 1, 1998 By:/s/ Laurin L. Laderoute, Jr.
----------------------------
Laurin L. Laderoute, Jr.
Vice President
- 3 -
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Olsten
Corporation and Subsidiaries Consolidated Balance Sheets at December 28, 1997
and Olsten Corporation and Subsidiaries Consolidated Statements of Income for
the year ended December 28, 1997 and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-28-1997
<PERIOD-END> DEC-28-1997
<CASH> 84,810
<SECURITIES> 0
<RECEIVABLES> 872,745
<ALLOWANCES> 25,326
<INVENTORY> 56,893
<CURRENT-ASSETS> 1,022,944
<PP&E> 317,414
<DEPRECIATION> 131,067
<TOTAL-ASSETS> 1,750,201
<CURRENT-LIABILITIES> 335,431
<BONDS> 0
0
0
<COMMON> 8,131
<OTHER-SE> 833,646
<TOTAL-LIABILITY-AND-EQUITY> 1,750,201
<SALES> 4,113,014
<TOTAL-REVENUES> 4,113,014
<CGS> 3,016,802
<TOTAL-COSTS> 3,016,802
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 28,605
<INTEREST-EXPENSE> 25,362
<INCOME-PRETAX> 160,479
<INCOME-TAX> 62,587
<INCOME-CONTINUING> 93,028
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 93,028
<EPS-PRIMARY> 1.15
<EPS-DILUTED> 1.15
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Olsten
Corporation and Subsidiaries Consolidated Balance Sheets at SEPTEMBER 28,
1997 (unaudited) and Olsten Corporation and Subsidiaries Consolidated
Statements of Income for the nine months ended September 28, 1997
(unaudited) and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-28-1997
<PERIOD-END> SEP-28-1997
<CASH> 33,564
<SECURITIES> 0
<RECEIVABLES> 863,773
<ALLOWANCES> 31,680
<INVENTORY> 0
<CURRENT-ASSETS> 955,723
<PP&E> 296,354
<DEPRECIATION> 123,671
<TOTAL-ASSETS> 1,678,969
<CURRENT-LIABILITIES> 295,919
<BONDS> 0
0
0
<COMMON> 8,129
<OTHER-SE> 826,123
<TOTAL-LIABILITY-AND-EQUITY> 1,678,969
<SALES> 3,028,519
<TOTAL-REVENUES> 3,028,519
<CGS> 2,220,043
<TOTAL-COSTS> 2,220,043
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 18,080
<INCOME-PRETAX> 118,899
<INCOME-TAX> 46,371
<INCOME-CONTINUING> 69,753
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 69,753
<EPS-PRIMARY> .86
<EPS-DILUTED> .86
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Olsten
Corporation and Subsidiaries Consolidated Balance Sheets at June 29,
1997 (unaudited) and Olsten Corporation and Subsidiaries Consolidated
Statements of Income for the six months ended June 29, 1997 (unaudited) and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-28-1997
<PERIOD-END> JUN-29-1997
<CASH> 23,691
<SECURITIES> 0
<RECEIVABLES> 851,950
<ALLOWANCES> 27,701
<INVENTORY> 0
<CURRENT-ASSETS> 949,035
<PP&E> 282,277
<DEPRECIATION> 115,685
<TOTAL-ASSETS> 1,632,876
<CURRENT-LIABILITIES> 311,599
<BONDS> 0
0
0
<COMMON> 8,123
<OTHER-SE> 805,658
<TOTAL-LIABILITY-AND-EQUITY> 1,632,876
<SALES> 1,965,238
<TOTAL-REVENUES> 1,965,238
<CGS> 1,441,367
<TOTAL-COSTS> 1,441,367
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 11,531
<INCOME-PRETAX> 75,065
<INCOME-TAX> 29,276
<INCOME-CONTINUING> 44,496
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 44,496
<EPS-PRIMARY> .55
<EPS-DILUTED> .55
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Olsten
Corporation and Subsidiaries Consolidated Balance Sheets at March 30,
1997 (unaudited) and Olsten Corporation and Subsidiaries Consolidated
Statements of Income for the three months ended March 30, 1997 (unaudited)
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-28-1997
<PERIOD-END> MAR-30-1997
<CASH> 37,557
<SECURITIES> 0
<RECEIVABLES> 742,256
<ALLOWANCES> 22,111
<INVENTORY> 0
<CURRENT-ASSETS> 862,222
<PP&E> 255,672
<DEPRECIATION> 103,762
<TOTAL-ASSETS> 1,458,800
<CURRENT-LIABILITIES> 262,273
<BONDS> 0
0
0
<COMMON> 8,120
<OTHER-SE> 782,380
<TOTAL-LIABILITY-AND-EQUITY> 1,458,800
<SALES> 950,851
<TOTAL-REVENUES> 950,851
<CGS> 696,535
<TOTAL-COSTS> 696,535
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 5,601
<INCOME-PRETAX> 31,840
<INCOME-TAX> 12,418
<INCOME-CONTINUING> 19,167
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 19,167
<EPS-PRIMARY> .24
<EPS-DILUTED> .24
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Olsten
Corporation and Subsidiaries Consolidated Balance Sheet at December, 29
1996 and Olsten Corporation and Subsidiaries Consolidated Statement of
Income for the year ended December 29, 1996 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-29-1996
<PERIOD-END> DEC-29-1996
<CASH> 105,725
<SECURITIES> 0
<RECEIVABLES> 688,105
<ALLOWANCES> 26,299
<INVENTORY> 52,440
<CURRENT-ASSETS> 878,435
<PP&E> 228,492
<DEPRECIATION> 98,471
<TOTAL-ASSETS> 1,439,240
<CURRENT-LIABILITIES> 262,842
<BONDS> 0
0
0
<COMMON> 8,074
<OTHER-SE> 761,199
<TOTAL-LIABILITY-AND-EQUITY> 1,439,240
<SALES> 3,377,729
<TOTAL-REVENUES> 3,377,729
<CGS> 2,422,160
<TOTAL-COSTS> 2,422,160
<OTHER-EXPENSES> 80,000
<LOSS-PROVISION> 20,342
<INTEREST-EXPENSE> 21,329
<INCOME-PRETAX> 94,861
<INCOME-TAX> 38,627
<INCOME-CONTINUING> 54,642
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 54,642
<EPS-PRIMARY> .71
<EPS-DILUTED> .71
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Olsten
Corporation and Subsidiaries Consolidated Balance Sheet at September, 29
1996 (unaudited) and Olsten Corporation and Subsidiaries Consolidated
Statement of Income for the nine months ended September 29, 1996 (unaudited)
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-29-1996
<PERIOD-END> SEP-29-1996
<CASH> 121,152
<SECURITIES> 0
<RECEIVABLES> 633,626
<ALLOWANCES> 18,017
<INVENTORY> 0
<CURRENT-ASSETS> 839,985
<PP&E> 220,511
<DEPRECIATION> 94,286
<TOTAL-ASSETS> 1,382,358
<CURRENT-LIABILITIES> 243,671
<BONDS> 0
0
0
<COMMON> 7,939
<OTHER-SE> 730,171
<TOTAL-LIABILITY-AND-EQUITY> 1,382,358
<SALES> 2,446,755
<TOTAL-REVENUES> 2,446,755
<CGS> 1,730,876
<TOTAL-COSTS> 1,730,876
<OTHER-EXPENSES> 80,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 16,192
<INCOME-PRETAX> 66,704
<INCOME-TAX> 27,615
<INCOME-CONTINUING> 38,092
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 38,092
<EPS-PRIMARY> .50
<EPS-DILUTED> .50
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Olsten
Corporation and Subsidiaries Consolidated Balance Sheet at June 30,
1996 (unaudited) and Olsten Corporation and Subsidiaries Consolidated
Statement of Income for the six months ended June 30, 1996 (unaudited) and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-29-1996
<PERIOD-END> JUN-30-1996
<CASH> 144,874
<SECURITIES> 0
<RECEIVABLES> 623,790
<ALLOWANCES> 22,196
<INVENTORY> 0
<CURRENT-ASSETS> 839,986
<PP&E> 212,047
<DEPRECIATION> 87,108
<TOTAL-ASSETS> 1,367,380
<CURRENT-LIABILITIES> 211,359
<BONDS> 0
0
0
<COMMON> 7,932
<OTHER-SE> 748,608
<TOTAL-LIABILITY-AND-EQUITY> 1,367,380
<SALES> 1,570,386
<TOTAL-REVENUES> 1,570,386
<CGS> 1,100,914
<TOTAL-COSTS> 1,100,914
<OTHER-EXPENSES> 5,500
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 10,866
<INCOME-PRETAX> 87,545
<INCOME-TAX> 35,777
<INCOME-CONTINUING> 51,190
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 51,190
<EPS-PRIMARY> .69
<EPS-DILUTED> .66
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Olsten
Corporation and Subsidiaries Consolidated Balance Sheet at March 31,
1996 (unaudited) and Olsten Corporation and Subsidiaries Consolidated
Statement of Income for the three months ended March 31, 1996 (unaudited)
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-29-1996
<PERIOD-END> MAR-31-1996
<CASH> 257,781
<SECURITIES> 0
<RECEIVABLES> 589,466
<ALLOWANCES> 25,602
<INVENTORY> 0
<CURRENT-ASSETS> 912,637
<PP&E> 183,629
<DEPRECIATION> 65,573
<TOTAL-ASSETS> 1,416,391
<CURRENT-LIABILITIES> 208,978
<BONDS> 0
0
0
<COMMON> 7,367
<OTHER-SE> 597,877
<TOTAL-LIABILITY-AND-EQUITY> 1,416,391
<SALES> 766,043
<TOTAL-REVENUES> 766,043
<CGS> 534,795
<TOTAL-COSTS> 534,795
<OTHER-EXPENSES> 5,500
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4,670
<INCOME-PRETAX> 36,671
<INCOME-TAX> 15,064
<INCOME-CONTINUING> 21,425
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 21,425
<EPS-PRIMARY> .29
<EPS-DILUTED> .28
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Olsten
Corporation and Subsidiaries Consolidated Balance Sheet at December 31,
1995 and Olsten Corporation and Subsidiaries Consolidated Statement of
Income for the year ended December 31, 1995 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<CASH> 107,418
<SECURITIES> 0
<RECEIVABLES> 548,094
<ALLOWANCES> 30,660
<INVENTORY> 46,488
<CURRENT-ASSETS> 717,944
<PP&E> 184,246
<DEPRECIATION> 75,154
<TOTAL-ASSETS> 1,138,410
<CURRENT-LIABILITIES> 223,974
<BONDS> 0
0
0
<COMMON> 7,349
<OTHER-SE> 579,040
<TOTAL-LIABILITY-AND-EQUITY> 1,138,410
<SALES> 2,813,768
<TOTAL-REVENUES> 2,813,768
<CGS> 1,956,308
<TOTAL-COSTS> 1,956,308
<OTHER-EXPENSES> 12,308
<LOSS-PROVISION> 18,193
<INTEREST-EXPENSE> 13,026
<INCOME-PRETAX> 155,434
<INCOME-TAX> 65,231
<INCOME-CONTINUING> 90,290
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 90,290
<EPS-PRIMARY> 1.23
<EPS-DILUTED> 1.19
</TABLE>
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