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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q/A
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended October 1, 2000
OR
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from __________to____________
Commission File Number 001-13956
PERSONNEL GROUP OF AMERICA, INC.
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(Exact name of registrant as specified in its charter)
Delaware 56-1930691
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
5605 Carnegie Blvd., Suite 500, Charlotte, North Carolina 28209
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(Address of principal executive offices) (Zip Code)
(704) 442-5100
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(Registrant's telephone number including area code)
None
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(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
[X] Yes [ ] No
As of November 10, 2000, there were 25,909,031 shares of outstanding common
stock, par value $.01 per share.
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PERSONNEL GROUP OF AMERICA, INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
OCTOBER 1, 2000 AND JANUARY 2, 2000
(IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
OCTOBER 1, JANUARY 2,
ASSETS 2000 2000
--------- ---------
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 2,469 $ 5,752
Accounts receivable, net 137,438 125,968
Prepaid expenses and other current assets 6,488 5,690
Deferred income taxes 9,031 6,594
Notes receivable from sale of discontinued operations 885 885
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Total current assets 156,311 144,889
Property and equipment, net 27,313 25,776
Intangible assets, net 566,482 560,113
Other assets 3,919 4,572
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Total assets $ 754,025 $ 735,350
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LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities:
Current portion of long-term debt $ 795 $ 956
Accounts payable 16,823 8,535
Accrued wages, benefits and other 48,160 47,859
Income taxes payable 27 752
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Total current liabilities 65,805 58,102
Long-term debt 274,021 253,395
Other long-term liabilities 36,442 54,010
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Total liabilities 376,268 365,507
Commitments and contingencies
Shareholders' equity:
Preferred stock, $.01 par value; shares authorized 5,000;
no shares issued and outstanding -- --
Common stock, $.01 par value; shares authorized 95,000;
33,065 shares issued at October 1, 2000 and
January 2, 2000 331 331
Additional paid-in capital 321,609 330,237
Retained earnings 106,535 94,836
Deferred compensation -- (61)
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428,475 425,343
Less common stock held in treasury at cost -
7,160 shares at October 1, 2000 and 7,587 shares
at January 2, 2000 (50,718) (55,500)
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Total shareholders' equity 377,757 369,843
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Total liabilities and shareholders' equity $ 754,025 $ 735,350
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</TABLE>
The accompanying notes are an integral part of these balance sheets.
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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 thereunto duly authorized.
PERSONNEL GROUP OF AMERICA, INC.
(Registrant)
Date: December 5, 2000 By: /s/ James C. Hunt
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James C. Hunt
President and Chief Operating Officer
Date: December 5, 2000 By: /s/ Ken R. Bramlett, Jr.
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Ken R. Bramlett, Jr.
Senior Vice President,
Chief Financial Officer and Treasurer
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