<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION PRIVATE
Washington, DC 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 14, 1998
--------------
PERSONNEL GROUP OF AMERICA, INC.
-----------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Delaware 001-13956 56-1930691
- ---------------------------- ------------------------ -------------------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
6302 Fairview Road, Suite 201
Charlotte, North Carolina 28210
---------------------------------------------------------------------
(Address of Principal Executive Offices)
(Zip Code)
(704) 442-5100
---------------------------------------------------------------------
(Registrant's Telephone Number, Including Area Code)
Not Applicable
---------------------------------------------------------------------
(Former name or address, if changed from last report)
<PAGE> 2
Item 5. Other Events.
Personnel Group of America, Inc. issued a press release on May 14,
1998 (a copy of which is attached as Exhibit 99.1), the contents of which are
incorporated herein by reference.
Item 7. Exhibits.
The following exhibit is filed as part of this report.
Exhibit 99.1 -- Press release dated May 14, 1998
2
<PAGE> 3
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.
Date: May 14, 1998
PERSONNEL GROUP OF AMERICA, INC.
By: /s/ KEN R. BRAMLETT, JR.
----------------------------
Ken R. Bramlett, Jr.
Senior Vice President
3
<PAGE> 4
Exhibit Index
<TABLE>
<CAPTION>
Exhibit Exhibit No.
------- -----------
<S> <C>
Press release dated May 14, 1998 99.1
</TABLE>
4
<PAGE> 1
FOR IMMEDIATE RELEASE Contact: Edward P. Drudge, Jr.
Chairman and
Chief Executive Officer
Personnel Group of America, Inc. Offers
7.0 Million Shares in Follow-On Public Offering
CHARLOTTE, NC (May 14, 1998) -- Personnel Group of America, Inc.
(NYSE:PGA) today announced a public offering of 7.0 million shares of common
stock at a price of $20.00 per share. The offering was underwritten by a group
led by Salomon Smith Barney.
All of the shares are being offered by the Company. The Company has
granted the underwriters a 30-day over-allotment option to purchase an
additional 1,050,000 shares of common stock. The Company intends to use all of
the net proceeds of this offering to repay outstanding indebtedness under its
revolving credit facility.
A copy of the final prospectus relating to this offering may be
obtained from Salomon Smith Barney, 333 West 34th Street, New York, New York
10001.
Personnel Group of America, Inc. is a diversified staffing services
company providing a full range of information technology and commercial staffing
services. The Company operates through 138 offices in 25 states and the District
of Columbia. PGA's Information Technology Division is comprised of 14 companies,
and its Commercial Staffing Division is comprised of 25 companies. Each of PGA's
companies operates in a decentralized manner and typically retains its local
brand name.
Information contained in this press release, other than historical
information, may be considered forward-looking in nature and is subject to
various risks, uncertainties and assumptions. Should one or more of these risks
or uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those anticipated, estimated or
expected. Among the key factors that may have a direct bearing on PGA's
operating results, performance or financial condition are fluctuations in the
economy, the degree and nature of competition and the demand for PGA's services,
changes in laws and regulations affecting PGA's business, PGA's inability at any
time to complete acquisitions and integrate the operations of acquired
businesses, to recruit and place temporary professionals, to expand into new
markets, and to maintain profit margins in the face of pricing pressures and
wage inflation, and numerous other factors discussed in PGA's filings with the
Securities and Exchange Commission.
-- END --
