<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 11K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 [NO FEE REQUIRED, EFFECTIVE OCTOBER 7, 1996]. FOR THE FISCAL YEAR ENDED
DECEMBER 31, 1996.
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED].
FOR THE TRANSITION PERIOD FROM TO
------------ -----------
COMMISSION FILE NUMBER: 0-24300
A. Full title of the plan and address of the plan, if different from that
of the issuer named below: NORRELL CORPORATION 401 (K) RETIREMENT SAVINGS
PLAN.
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office: NORRELL CORPORATION, 3535 PIEDMONT
ROAD, NE, ATLANTA, GA 30305.
<PAGE> 2
NORRELL CORPORATION
401(k) RETIREMENT SAVINGS PLAN
FINANCIAL STATEMENTS AND SCHEDULES
AS OF DECEMBER 31, 1996 AND 1995
TOGETHER WITH
AUDITORS' REPORT
<PAGE> 3
NORRELL CORPORATION
401(k) RETIREMENT SAVINGS PLAN
FINANCIAL STATEMENTS AND SCHEDULES
DECEMBER 31, 1996 AND 1995
TABLE OF CONTENTS
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
FINANCIAL STATEMENTS
Statement of Net Assets Available for Benefits-December 31, 1996
Statement of Net Assets Available for Benefits-December 31, 1995
Statement of Changes in Net Assets Available for Benefits for the Year
Ended December 31, 1996
NOTES TO FINANCIAL STATEMENTS AND SCHEDULES
SCHEDULES SUPPORTING THE FINANCIAL STATEMENTS
Schedule I: Item 27a -- Schedule of Assets Held for Investment
Purposes-December 31, 1996
Schedule II: Item 27d -- Schedule of Reportable Transactions for the Year
Ended December 31, 1996
<PAGE> 4
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Administrator of the
Norrell Corporation
401 (k) Retirement Savings Plan:
We have audited the accompanying statements of net assets
available for benefits of the NORRELL CORPORATION 401 (k) RETIREMENT
SAVINGS PLAN as of December 31, 1996 and 1995 and the related statement
of changes in net assets available for benefits for the year ended
December 31, 1996. These financial statements and the schedules
referred to below are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements
and schedules based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the net assets available for
benefits of the Plan as of December 31, 1996 and 1995 and the
changes in net assets available for benefits for the year ended
December 31, 1996 in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The supplemental
schedules of assets held for investment purposes and reportable
transactions are presented for purposes of additional analysis and are
not a required part of the basic financial statements but are
supplementary information required by the Department of Labor Rules and
Regulations for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974. The fund information in the statement of
net assets available for benefits and the statement of changes in net
assets available for benefits is presented for purposes of additional
analysis rather than to present the net assets available for plan
benefits and changes in net assets available for plan benefits of each
fund. The supplemental schedules and fund information have been
subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, are fairly stated, in
all material respects, in relation to the basic financial statements
taken as a whole.
/s/ Arthur Andersen LLP
Atlanta, Georgia
May 30, 1997
<PAGE> 5
NORRELL CORPORATION
401(k) RETIREMENT SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1996
<TABLE>
<CAPTION>
PARTICIPANT-DIRECTED
--------------------------------------------------------------------------
FIDELITY 20TH WARBURG
FIDELITY ADVISOR CENTURY PINCUS
GUARANTEED ASSET GROWTH ULTRA INTERNATIONAL
LONG-TERM MANAGER OPPORTUNITY INVESTORS EQUITY
FUND FUND FUND FUND FUND
---------- -------- ----------- --------- --------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair value (Note 1 and Schedule I):
Common Stock--Norrell Corporation $ 0 $ 0 $ 0 $ 0 $ 0
Investments in registered investment companies 0 784,911 4,835,004 861,667 725,842
Pooled separate account 6,480,038 0 0 0 0
---------- --------- ------------ -------- --------
Total investments 6,480,038 784,911 4,835,004 861,667 725,842
Receivables:
Employer contributions 0 0 0 0 0
---------- --------- ------------ -------- --------
Total assets 6,480,038 784,911 4,835,004 861,667 725,842
LIABILITIES 0 0 0 0 0
---------- --------- ------------ -------- --------
NET ASSETS AVAILABLE FOR BENEFITS $6,480,038 $ 784,911 $ 4,835,004 $861,667 $725,842
========== ========= ============ ======== ========
</TABLE>
<TABLE>
<CAPTION>
PARTICIPANT-
DIRECTED
------------
NONPARTICPANT-
DIRECTED
NORRELL NORRELL
STOCK STOCK
FUND FUND TOTAL
---------- ---------- -----------
<S> <C> <C> <C>
ASSETS
Investments, at fair value (Note I and Schedule I):
Common Stock--Norrell Corporation $9,693,766 $5,529,137 $15,222,903
Investments in registered investment companies 0 0 7,207,421
Pooled separate account 0 0 6,480 038
---------- ---------- -----------
Total investments 9,693,766 5,529,137 28,910,365
Receivables:
Employer contributions 0 457,776 457,776
---------- ---------- -----------
Total assets 9,693,766 5,986,913 29,368,141
LIABILITIES 0 0 0
---------- ---------- -----------
NET ASSETS AVAILABLE FOR BENEFITS $9,693,766 $5,986,913 $29,368,141
========== ========== ===========
</TABLE>
The accompanying notes are an integral part of this statement.
<PAGE> 6
NORRELL CORPORATION
401(k) RETIREMENT SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1995
<TABLE>
<CAPTION>
PARTICIPANT-DIRECTED
--------------------------------------------------------------------------
FIDELITY 20TH WARBURG
FIDELITY ADVISOR CENTURY PINCUS
GUARANTEED ASSET GROWTH ULTRA INTERNATIONAL
LONG-TERM MANAGER OPPORTUNITY INVESTORS EQUITY
FUND FUND FUND FUND FUND
---------- -------- ----------- --------- --------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair value (Note 1 and Schedule I):
Common Stock--Norrell Corporation $ 0 $ 0 $ 0 $ 0 $ 0
Investments in registered investment companies 0 477,645 3,648,970 424,947 405,461
Pooled separate account 5,499,027 0 0 0 0
---------- -------- ---------- --------- ---------
Total investments 5,499,027 477,645 3,648,970 424,947 405,461
Receivables:
Participant contributions 46,031 9,642 28,891 8,801 8,820
Employer contributions 0 0 0 0 0
---------- -------- ---------- --------- ---------
Total receivables 46,031 9,642 28,891 8,801 8,820
---------- -------- ---------- --------- ---------
Accrued income 0 0 0 0 0
---------- -------- ---------- --------- ---------
Total assets 5,545,058 487,287 3,677,861 433,748 414,281
LIABILITIES 0 0 0 0 0
---------- -------- ---------- --------- ---------
NET ASSETS AVAILABLE FOR BENEFITS $5,545,058 $487,287 $3,677,861 $ 433,748 $ 414,281
========== ======== ========== ========= =========
</TABLE>
<TABLE>
<CAPTION>
PARTICIPANT-
DIRECTED
-------------
NONPARTICIPANT-
DIRECTED
NORRELL NORRELL
STOCK STOCK
FUND FUND TOTAL
---------- -------------- -----------
<S> <C> <C> <C>
ASSETS
Investments, at fair value (Note 1 and Schedule I):
Common Stock--Norrell Corporation $5,097,284 $2,577,707 $ 7,674,991
Investments in registered investment companies 0 0 4,957,023
Pooled separate account 0 0 5,499,027
---------- ---------- ------------
Total investments 5,097,284 2,577,707 18,131,041
---------- ---------- ------------
Receivables:
Participant contributions 13,740 0 115,925
Employer contributions 0 585,285 585,285
---------- ---------- ------------
Total receivables 13,740 585,285 701,210
---------- ---------- ------------
Accrued income 15,604 0 15,604
---------- ---------- ------------
Total assets 5,126,628 3,162,992 18,847,855
LIABILITIES 0 0 0
---------- ---------- ------------
NET ASSETS AVAILABLE FOR BENEFITS $5,126,628 $3,162,992 $18,847,855
========== ========== ============
</TABLE>
The accompanying notes are an integral part of this statement
<PAGE> 7
NORRELL CORPORATION
401(k) RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR DECEMBER 31, 1996
<TABLE>
<CAPTION>
PARTICIPANT-DIRECTED
------------------------------------------------------------------------
FIDELITY 20TH WARBURG
FIDELITY ADVISOR CENTURY PINCUS
GUARANTEED ASSET GROWTH ULTRA INTERNATIONAL
LONG-TERM MANAGER OPPORTUNITY INVESTORS EQUITY
FUND FUND FUND FUND FUND
---------- -------- ------------ --------- ------------
<S> <C> <C> <C> <C> <C>
PARTICIPANT CONTRIBUTONS $1,030,606 $273,374 $ 765,924 $ 348,250 $246,950
EMPLOYER CONTRIBUTIONS 87,076 20,053 57,979 22,596 18,758
---------- -------- ---------- --------- --------
1,117,682 293,427 823,903 370,846 265,708
NET INVESTMENT INCOME IN POOLED SEPARATE
ACCOUNT 338,246 0 0 0 0
NET INVESTMENT INCOME IN REGISTERED
INVESTMENT COMPANIES 0 74,306 677,457 66,459 49,967
INTEREST AND DIVIDENDS 0 0 0 0 0
BENEFITS PAID TO PARTICIPANTS (548,450) (59,541) (306,911) (54,257) (72,657)
INTERFUND TRANSFERS 27,502 (10,568) (37,306) 44,871 68,543
NET INCREASE IN NET ASSETS AVAILABLE FOR ---------- -------- ---------- --------- --------
BENEFITS 934,980 297,624 1,157,143 427,919 311,561
NET ASSETS AVAIALBLE FOR BENEFITS AT
DECEMBER 31, 1995 5,545,058 487,287 3,677,861 433,748 414,281
---------- -------- ---------- --------- --------
NET ASSETS AVAIALBLE FOR BENEFITS AT
DECEMBER 31, 1996 $6,480,038 $784,911 $4,835,004 $ 861,667 $725,842
========== ======== ========== ========= ========
</TABLE>
<TABLE>
<CAPTION>
PARTICIPANT-
DIRECTED
------------
NONPARTICIPANT-
DIRECTED
NORRELL NORRELL
STOCK STOCK
FUND FUND TOTAL
---------- -------------- -----------
<S> <C> <C> <C>
PARTICIPANT CONTRIBUTONS $ 438,548 $ 0 $ 3,103,652
EMPLOYER CONTRIBUTIONS 2,349 457,776 666,587
---------- ---------- -----------
440,897 457,776 3,770,239
NET INVESTMENT INCOME IN POOLED SEPARATE
ACCOUNT 0 0 338,246
NET INVESTMENT INCOME IN REGISTERED
INVESTMENT COMPANIES 4,395,861 2,656,021 7,920,071
INTEREST AND DIVIDENDS 47,204 27,041 74,245
BENEFITS PAID TO PARTICIPANTS (223,782) (316,917) (1,582,515)
INTERFUND TRANSFERS (93,042) 0 0
NET INCREASE IN NET ASSETS AVAILABLE FOR ---------- ---------- -----------
BENEFITS 4,567,138 2,823,921 10,520,286
NET ASSETS AVAIALBLE FOR BENEFITS AT
DECEMBER 31, 1995 5,126,628 3,162,992 18,847,855
---------- ---------- -----------
NET ASSETS AVAIALBLE FOR BENEFITS AT
DECEMBER 31, 1996 $9,693,766 $5,986,913 $29,368,141
========== ========== ===========
</TABLE>
The accompanying notes are an integral part of this statement
<PAGE> 8
NORRELL CORPORATION
401(K) RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS AND SCHEDULES
DECEMBER 31, 1996 AND 1995
1. DESCRIPTION OF THE PLAN
The following brief description of the Norrell Corporation 401(K)
Retirement Savings Plan (the "Plan") is provided for general information
purposes only. Participants should refer to the plan agreement for more
complete information.
The Plan is a defined contribution salary deferral and profit-sharing
plan for the exclusive benefit of eligible employees of the Norrell
Corporation (the "Company"). An employee is eligible to participate on the
next entry date following the date he or she completes one year of
qualifying service and attains age 18. The entry date is the first day of
each calendar month during the period in which the Plan remains in effect.
Participants may contribute, via payroll deductions, up to 15% of their
before-tax compensation, as defined, subject to certain provisions of the
Internal Revenue Code("IRC"), into any one of the six existing investment
options or a combination thereof in increments of 1%. The participant
elections toward allocating contributions may be changed quarterly. For
each $1 of annual compensation deferred up to the first 4% of annual
compensation, the participant will receive a matching company contribution
of $.25. All participant and employer matching contributions are 100%
participant-directed. The Company may, at its discretion, make an
annual contribution, all of which is invested in the Norrell
Stock Fund.
Under the terms of the Plan, participants are eligible for
distribution of their accounts upon the earlier of death, retirement,
disability, or termination of employment. Distributions of a
participant's deferral account, as defined, may also be made for certain
defined hardships.
The Plan provides each participant with an individual account, which
reflects the participant's interest in the fund resulting from
contributions, interest, dividends, realized and unrealized gains, and
other sources of income, less realized and unrealized losses, expenses,
and other distributions which are attributable to the interest of each
participant. Contributions attributable to a specific participant are
recorded to his or her account. The Company's discretionary
contributions are allocated annually based on the ratio of the
participant's annual salary to the total annual salaries of all
participants who are eligible to receive an allocation and are made only
to the Norrell Stock Fund. In 1996, the Company contributed $457,776 to
the Plan. Income or loss of each individual fund shall be allocated to
each participant based on the ratio of each participant's average account
balance to the average total account balances of all participants.
<PAGE> 9
-2-
During the 1995 Plan year, the Guaranteed Income Fund, the Value Equity
Fund, and both Balanced Fund options were discontinued as participant
investment elections. Three new funds (the Fidelity Asset Manager, the
Warburg Pincus International Equity, and the 20th Century Ultra
Investors Funds), two funds from Tascor, Inc.'s plan (the Guaranteed
Long-Term Fund and the Fidelity Advisor Growth Opportunity Fund) and the
Norrell Stock Fund were offered as alternative investment options. A
description of each investment option is provided below:
GUARANTEED LONG TERM FUND
This fund provides a fixed annual rate of return under
unallocated insurance contracts issued by Connecticut General Life
Insurance Company ("CIGNA"). The principal of all funds invested,
along with credited interest, is guaranteed against loss by CIGNA.
Interest rates are declared every six months in advance.
FIDELITY ASSET MANAGER FUND
This fund seeks high total return with reduced risk over the
long term by allocating its assets among stocks, bonds, and short-
term instruments, both in the United States and internationally.
FIDELITY ADVISOR GROWTH OPPORTUNITY FUND
This fund is invested primarily in common stocks and securities
convertible into common stocks that provide capital growth.
20th CENTURY ULTRA INVESTORS FUND
This fund is normally invested in equity securities, primarily
common stocks, of companies that have record of at least three years
continuous operation.
WARBURG PINCUS INTERNATIONAL EQUITY FUND
This fund seeks long-term capital appreciation by investing in
a broadly diversified portfolio of equity securities of financially
strong non-U.S. issuers located in growing international economies.
NORRELL STOCK FUND
This fund invests solely in the Company's common stock. This
fund seeks long-term appreciation based on equities of Norrell
Corporation and is appropriate for those willing to accept a
potentially high level of value fluctuation.
Participants are fully vested in any contributions they make and vest
in company contributions after three years of qualifying service.
Forfeitures on nonvested company contributions are offset against the
company contribution.
Although the Company intends for the Plan to be permanent, the
Company may terminate it at any time. In the event of plan termination,
participants become 100% vested in their balances.
<PAGE> 10
-3-
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The accompanying financial statements have been prepared using the
accrual basis of accounting. The preparation of the financial statements
in conformity with generally accepted accounting principles requires the
Plan's management to use estimates and assumptions that affect the
accompanying financial statements and disclosures. Actual results could
differ from these estimates.
VALUATION OF INVESTMENTS
The value for the Plan's investments in the registered investment
companies is determined by the trustee based on the unit value for each
fund, which, in turn, is based on the market value of the investments'
underlying assets.
Investment in Company common stock as of December 31, 1996 and 1995
is stated at market value as determined by the trade price on the New
York Stock Exchange.
American Institute of Certified Public Accountants Statement of
Position ("SOP") No. 94-4, "Reporting of Investment Contracts Held by
Health and Welfare Benefit Plans and Defined Contribution Pension Plans,"
requires fair value reporting of investment contracts that are not fully
benefit-responsive. The pooled separate account of the Plan was
previously reported at contract value. The Plan has adopted this SOP
effective January 1, 1996, and because the Plan's pooled separate account
is not fully responsive, it is required to be reported at fair value.
Fair value is determined based on discounted cash flows at a market
interest rate for investments with similar characteristics. At January 1,
1996, fair value approximated contract value; therefore, no cumulative
effect of an accounting change is reflected in the accompanying financial
statements.
ADMINISTRATIVE EXPENSES
The Company pays all administrative expenses of the Plan.
RECLASSIFICATION OF PRIOR YEAR FINANCIAL STATEMENTS
Certain prior year balances have been reclassified to conform with
the current year presentation.
3. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available
for benefits per the financial statements to the Form 5500 for the year
ended December 31, 1996:
<TABLE>
<S> <C>
Net assets available for benefits per the financial
statements $29,368,141
Amounts allocated to withdrawing participants (52,000)
-----------
Net assets available for benefits per the Form 5500 $29,316,141
===========
</TABLE>
<PAGE> 11
-4-
The following is a reconciliation of benefits paid to participants
per the financial statements to the Form 5500 as of December 31, 1996:
<TABLE>
<S> <C>
Benefits paid to participants per the financial statements $1,582,515
Add amounts allocated to withdrawing participants at
December 31, 1996 52,000
Less amounts allocated to withdrawing participants at
December 31, 1995 (292,000)
----------
Benefits paid to participants per the Form 5500 $1,342,515
==========
</TABLE>
Amounts allocated to withdrawing participants are recorded on the Form
5500 for benefit claims that have been processed and approved for payment
prior to December 31, 1996 but not yet paid as of that date.
4. TAX STATUS
The Plan obtained its latest determination letter dated April 29,
1996 in which the Internal Revenue Service stated that the Plan, as
amended and restated, was in compliance with the applicable requirements
of the Internal Revenue Code ("IRC"). Therefore, management believes that
the Plan was being operated in accordance with applicable provisions of
the IRC as of December 31, 1996 and 1995.
5. SUBSEQUENT EVENT
Effective January 1, 1997, the Plan was amended to provide a matching
company contribution of $.50 for each $1 of annual compensation deferred
up to the first 4% of annual compensation of a participant.
<PAGE> 12
SCHEDULE I
NORRELL CORPORATION
401(K) RETIREMENT SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1996
<TABLE>
<CAPTION>
IDENTITY OF ISSUER, BORROWER,
LESSOR, OR SIMILAR PARTY DESCRIPTION OF INVESTMENT UNITS COST CURRENT VALUE
---------------------------- ----------------------------------- ------- ---------- -------------
<S> <C> <C> <C> <C>
* CONNECTICUT GENERAL LIFE
INSURANCE COMPANY Guaranteed Long-Term Fund 191,826 $6,480,038 $ 6,480,038
* CONNECTICUT GENERAL LIFE
INSURANCE COMPANY Fidelity Asset Manager Fund 41,787 649,262 784,911
* CONNECTICUT GENERAL LIFE
INSURANCE COMPANY Fidelity Advisor Growth Opportunity Fund 100,203 3,257,737 4,835,004
* CONNECTICUT GENERAL LIFE
INSURANCE COMPANY 20th Century Ultra Investors Fund 26,752 732,268 861,667
* CONNECTICUT GENERAL LIFE
INSURANCE COMPANY Warburg Pincus International Fund 31,007 617,686 725,842
* CONNECTICUT GENERAL LIFE
INSURANCE COMPANY Norrell Stock Fund 558,066 6,049,173 15,222,903
</TABLE>
* Denotes party in interest.
The accompanying notes are an integral part of this schedule.
<PAGE> 13
SCHEDULE II
NORRELL CORPORATION
401(K) RETIREMENT SAVINGS PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS (a)
FOR THE YEAR ENDED DECEMBER 31, 1996
<TABLE>
<CAPTION>
NUMBER COST
OF PURCHASE SELLING OF NET
IDENTITY OF PARTY INVOLVED DESCRIPTION OF ASSET TRANSACTIONS PRICE PRICE ASSET GAIN
-------------------------- -------------------------- ------------ ---------- -------- ---------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
* CONNECTICUT GENERAL LIFE Guaranteed Long Term Fund:
INSURANCE COMPANY Purchases (b) $1,877,575 $ 0 $1,877,575 $ 0
Sales 0 896,564 896,564 0
* CONNECTICUT GENERAL LIFE Norrell Stock Fund:
INSURANCE COMPANY Purchases 90 1,351,888 0 1,351,888 0
Sales 99 0 926,117 437,365 488,752
</TABLE>
* Denotes a party in interest.
(a) Represents transactions or a series of transactions in securities in excess
of 5% of the fair value of plan assets at the beginning of the year.
(b) Information could not be obtained from the Plan's trustee.
The accompanying notes are an integral part of this schedule.
<PAGE> 14
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
NORRELL CORPORATION
401 (K) RETIREMENT
SAVINGS PLAN
By: NORRELL CORPORATION,
as Plan Administrator
Date: June 26, 1997 By: /s/ Michael Smith
----------------------------
Michael Smith
V.P., Compensation and Benefits
Norrell Corporation
<PAGE> 15
INDEX TO EXHIBITS
Exhibit
Number Description
------- -----------
23 Consent of Arthur Andersen LLP.
<PAGE> 1
EXHIBIT 23
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation of
our report included in this Form 11-K into Norrell Corporation's previously
filed Registration Statement No. 33-82350.
ARTHUR ANDERSEN LLP
Atlanta, Georgia
June 26, 1997
