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) May 21, 1996
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CAREER HORIZONS, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 0-23534 22-3038096
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
177 Crossways Park Drive, Woodbury, NY 11797
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (516) 682-1400
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ITEM 5. Other Events
On May 17, 1996, Career Horizons, Inc. (the "Registrant") acquired the
business of WHY Systems, Inc. ("WHY"), a provider of information
technology professionals for supplemental staffing.
Based in Vienna, Virginia, WHY provides information technology consultants with
a broad range of skills and experience to organizations in the greater
Washington, D.C. area. In addition, WHY offers temp-to-perm, total project
management and personnel outsourcing services. WHY had revenues of
approximately $3.5 million for the year ended December 31, 1995.
Terms of the acquisition of the privately-held firm were not disclosed. The
Registrant funded the acquisition from working capital.
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SIGNATURES
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.
CAREER HORIZONS, INC.
(Registrant)
Date: May 21, 1996 By: /s/ Michael T. Druckman
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Michael T. Druckman
Senior Vice President,
Treasurer and Asst. Secretary
(Principal Financial and
Accounting Officer)
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CAREER HORIZONS, INC. and SUBSIDIARIES
INDEX TO EXHIBITS
EXHIBIT NO. DESCRIPTION
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99 Press Release Announcing the Acquisition of WHY Systems,
Inc.
For Immediate Release
Career Horizons Acquires WHY Systems, Inc.
Woodbury, NY--May 20, 1996 -- Career Horizons, Inc. (NYSE: CHZ) today
announced the acquisition of WHY Systems, Inc., a provider of information
technology supplemental staffing services. Terms of the cash transaction were
not disclosed.
WHY Systems provides information technology consultants with a broad range of
skills and experience to organizations in the greater Washington, D.C. area
from its office in Vienna, Virginia. In addition, WHY Systems offers
temp-to-perm, total project management and personnel outsourcing services.
Founded in 1989, revenues for its current fiscal year are projected to be
approximately $6 million.
The founder of WHY Systems, William H. Young, will remain with the firm in a
sales capacity. WHY Systems will operate as a sales office for Career
Horizons' Computer Consulting Group, which serves the Southeastern United
States.
"We welcome WHY Systems, our sixth information technology acquisition, with
its growing presence in the important metro-D.C. market," said Walter W.
Macauley, President and Chief Executive Officer. "As an established sales
office for Computer Consulting Group, WHY Systems fits our strategy of adding
selected geographic markets to our nationwide network by acquisition of
attractive companies and by internal development."
In addition to general and supplemental staffing, Career Horizons serves two
specialty markets: health care and information technology. It has 534
company-owned, franchised and private label offices operating under recognized
local and regional brand names in 43 states and the District of
Columbia.
Contacts:
Career Horizons, Inc. Lundy Associates,Inc.
Barry Gilman Michael A. Lundy
516-682-1465 201-660-1100
