Olsten Corporation facing possible loss
Olsten Corporation facing possible loss
Officials of the Melville, NY-based Olsten Corp. say they expect the charges related to restructuring the company's home health operations to be greater than the anticipated profit, resulting in a second-quarter 1998 (2Q98) loss of about $34 million, or 41 cents a share in its Staffing and Information Technology Services business. Although the company is still reviewing 2Q98 figures, officials say they believe that its staffing business will reflect continuing improvement in Europe and in Information Technology Services, flattening the revenue in North America and continuing investments in new systems and infrastructure, meaning reduced profitability. The company has also talked of eliminating jobs but has not released a number.
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