Kelly Services, Inc. (NASDAQ: KELYA) (NASDAQ: KELYB), a leader in
providing workforce solutions, today announced results for the
second quarter of 2012.
Carl T. Camden, President and Chief Executive Officer, announced
revenue for the second quarter of 2012 totaled $1.4 billion, a 3%
decrease compared to the corresponding quarter of 2011.
Earnings from operations for the second quarter of 2012 totaled
$23.8 million, compared to $21.3 million reported for the second
quarter of 2011. Included in the results from operations for the
second quarter of 2012 is a benefit due to changes in the estimated
cost of restructuring of $2.2 million. The results from operations
in the second quarter of 2011 also included a benefit due to
changes in the estimated cost of restructuring of $0.6 million.
Excluding the adjustments to restructuring charges, earnings from
operations were $21.6 million in the second quarter of 2012
compared to $20.7 million in 2011.
Diluted earnings per share from continuing operations in the
second quarter of 2012 were $0.40 compared to $0.53 per share in
the second quarter of 2011. The benefit from adjustments to
restructuring costs was $0.06 per share in the second quarter of
2012 and $0.02 per share in the second quarter of 2011.
Commenting on the second quarter results, Camden stated,
"Despite tepid economic growth in the US and recessionary
conditions across much of Europe, Kelly made positive strides in
the second quarter. We increased our GP, improved our operating
profit, and kept a tight lid on expenses -- all while delivering
solid, sustained growth in OCG and our higher-margin staffing
businesses."
Kelly also reported that on August 7, its board of directors
declared a dividend of $0.05 per share. The dividend is payable
September 6, 2012 to shareholders of record as of the close of
business on August 17, 2012.
In conjunction with its second quarter earnings release, Kelly
Services, Inc. will host a conference call at 9:00 a.m. (ET) on
August 8 to review the results and answer questions. The call may
be accessed in one of the following ways:
Via the Telephone:
U.S.: 1 800 288-9626 International: 1 651 291-5254
The pass code is Kelly Services
Via the Internet:
The call is also available via the internet through the Kelly
Services website: kellyservices.com
This release contains statements that are forward looking in
nature and accordingly, are subject to risks and uncertainties.
These factors include, but are not limited to, competitive market
pressures including pricing, changing market and economic
conditions, our ability to achieve our business strategy, including
our ability to successfully expand into new markets and service
lines, material changes in demand from or loss of large corporate
customers, impairment charges triggered by adverse industry or
market developments, unexpected termination of customer contracts,
availability of temporary workers with appropriate skills required
by customers, liabilities for employment-related claims and losses,
including class action lawsuits and collective actions, liability
for improper disclosure of sensitive or private employee
information, unexpected changes in claim trends on workers'
compensation and benefit plans, our ability to maintain specified
financial covenants in our bank facilities, our ability to access
credit markets and continued availability of financing for funding
working capital, our ability to sustain critical business
applications through our key data centers, our ability to
effectively implement and manage our information technology
programs, our ability to retain the services of our senior
management, local management and field personnel, the impact of
changes in laws and regulations (including federal, state and
international tax laws and the expiration of the U.S. work
opportunity credit program), the net financial impact of the
Patient Protection and Affordable Care Act on our business, risks
associated with conducting business in foreign countries, including
foreign currency fluctuations, and other risks, uncertainties and
factors discussed in this release and in the Company's filings with
the Securities and Exchange Commission. Actual results may differ
materially from any forward looking statements contained herein,
and we have no intention to update these statements.
About Kelly Services® Kelly Services, Inc. (NASDAQ: KELYA) (NASDAQ: KELYB)
is a leader in providing workforce solutions. Kelly® offers a
comprehensive array of outsourcing and consulting services as well
as world-class staffing on a temporary, temporary-to-hire and
direct-hire basis. Serving clients around the globe, Kelly provides
employment to more than 550,000 employees annually. Revenue in 2011
was $5.6 billion. Visit kellyservices.com and connect with us on
Facebook, LinkedIn, & Twitter. Click to download The Talent
Project, our free iPad app.
KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE 13 WEEKS ENDED JULY 1, 2012 AND JULY 3, 2011
(UNAUDITED)
(In millions of dollars except per share data)
2012 2011 Change % Change
--------- --------- ------- --------
Revenue from services $ 1,366.1 $ 1,405.8 $ (39.7) (2.8)%
Cost of services 1,142.9 1,183.7 (40.8) (3.4)
--------- --------- ------- --------
Gross profit 223.2 222.1 1.1 0.5
Selling, general and
administrative expenses 199.4 200.8 (1.4) (0.7)
--------- --------- ------- --------
Earnings from operations 23.8 21.3 2.5 12.0
Other expense, net (0.5) (0.7) 0.2 21.4
--------- --------- ------- --------
Earnings from continuing
operations before taxes 23.3 20.6 2.7 13.0
Income taxes 8.3 0.6 7.7 NM
--------- --------- ------- --------
Earnings from continuing
operations 15.0 20.0 (5.0) (24.6)
Earnings (loss) from
discontinued operations, net
of tax - (1.2) 1.2 NM
--------- --------- ------- --------
Net earnings $ 15.0 $ 18.8 $ (3.8) (19.9)%
========= ========= ======= ========
Basic earnings per share on
common stock
Earnings from continuing
operations $ 0.40 $ 0.53 $ (0.13) (24.5)%
Earnings (loss) from
discontinued operations - (0.03) 0.03 NM
Net earnings 0.40 0.50 (0.10) (20.0)
Diluted earnings per share on
common stock
Earnings from continuing
operations $ 0.40 $ 0.53 $ (0.13) (24.5)%
Earnings (loss) from
discontinued operations - (0.03) 0.03 NM
Net earnings 0.40 0.50 (0.10) (20.0)
--------- --------- ------- --------
STATISTICS:
Gross profit rate 16.3% 15.8% 0.5 pts.
Selling, general and
administrative expenses:
% of revenue 14.6 14.3 0.3
% of gross profit 89.4 90.5 (1.1)
% Return:
Earnings from operations 1.7 1.5 0.2
Earnings from continuing
operations before taxes 1.7 1.5 0.2
Earnings from continuing
operations 1.1 1.4 (0.3)
Net earnings 1.1 1.3 (0.2)
Effective income tax rate 35.5% 3.3% 32.2 pts.
Average number of shares
outstanding (millions):
Basic 37.0 36.8
Diluted 37.0 36.8
Shares adjusted for nonvested
restricted awards (millions):
Basic 37.8 37.4
Diluted 37.8 37.4
KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE 26 WEEKS ENDED JULY 1, 2012 AND JULY 3, 2011
(UNAUDITED)
(In millions of dollars except per share data)
2012 2011 Change % Change
--------- --------- ------- --------
Revenue from services $ 2,720.9 $ 2,744.9 $ (24.0) (0.9)%
Cost of services 2,274.0 2,311.6 (37.6) (1.6)
--------- --------- ------- --------
Gross profit 446.9 433.3 13.6 3.1
Selling, general and
administrative expenses 408.4 410.4 (2.0) (0.5)
--------- --------- ------- --------
Earnings from operations 38.5 22.9 15.6 68.3
Other expense, net (1.1) (1.1) - (2.8)
--------- --------- ------- --------
Earnings from continuing
operations before taxes 37.4 21.8 15.6 71.5
Income taxes 13.2 0.7 12.5 NM
--------- --------- ------- --------
Earnings from continuing
operations 24.2 21.1 3.1 15.0
Earnings (loss) from
discontinued operations, net
of tax 0.4 (1.2) 1.6 NM
--------- --------- ------- --------
Net earnings $ 24.6 $ 19.9 $ 4.7 24.0%
========= ========= ======= ========
Basic earnings per share on
common stock
Earnings from continuing
operations $ 0.64 $ 0.56 $ 0.08 14.3%
Earnings (loss) from
discontinued operations 0.01 (0.03) 0.04 NM
Net earnings 0.65 0.53 0.12 22.6
Diluted earnings per share on
common stock
Earnings from continuing
operations $ 0.64 $ 0.56 $ 0.08 14.3%
Earnings (loss) from
discontinued operations 0.01 (0.03) 0.04 NM
Net earnings 0.65 0.53 0.12 22.6
--------- --------- ------- --------
STATISTICS:
Gross profit rate 16.4% 15.8% 0.6 pts.
Selling, general and
administrative expenses:
% of revenue 15.0 15.0 0.0
% of gross profit 91.4 94.7 (3.3)
% Return:
Earnings from operations 1.4 0.8 0.6
Earnings from continuing
operations before taxes 1.4 0.8 0.6
Earnings from continuing
operations 0.9 0.8 0.1
Net earnings 0.9 0.7 0.2
Effective income tax rate 35.2% 3.4% 31.8 pts.
Average number of shares
outstanding (millions):
Basic 36.9 36.7
Diluted 37.0 36.7
Shares adjusted for nonvested
restricted awards
(millions):
Basic 37.8 37.4
Diluted 37.8 37.4
KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)
Second Quarter
-----------------------------------------
Constant
Currency
2012 2011 Change Change
------- ------- ------ --------
Americas Commercial
Revenue from services (including
fee-based income) $ 668.6 $ 670.3 (0.3) % 1.0%
Fee-based income 4.2 2.8 48.9 54.2
Gross profit 97.7 93.3 4.7 6.0
Gross profit rate 14.6% 13.9% 0.7 pts.
Americas PT
Revenue from services (including
fee-based income) $ 262.4 $ 247.7 5.9 % 6.2%
Fee-based income 4.2 3.7 13.3 13.5
Gross profit 39.7 35.9 10.4 10.7
Gross profit rate 15.1% 14.5% 0.6 pts.
Total Americas
Revenue from services (including
fee-based income) $ 931.0 $ 918.0 1.4 % 2.4%
Fee-based income 8.4 6.5 28.7 31.1
Gross profit 137.4 129.2 6.3 7.3
Total SG&A expenses 99.0 95.8 3.3 4.5
Earnings from operations 38.4 33.4 14.7
Gross profit rate 14.8% 14.1% 0.7 pts.
Expense rates:
% of revenue 10.6 10.4 0.2
% of gross profit 72.0 74.1 (2.1)
Operating margin 4.1 3.6 0.5
EMEA Commercial
Revenue from services (including
fee-based income) $ 213.7 $ 258.8 (17.4) % (9.1)%
Fee-based income 6.2 6.6 (6.6) 3.4
Gross profit 34.2 42.3 (19.1) (10.6)
Gross profit rate 16.0% 16.3% (0.3) pts.
EMEA PT
Revenue from services (including
fee-based income) $ 41.6 $ 45.8 (9.1) % 0.1%
Fee-based income 4.4 5.3 (16.0) (7.8)
Gross profit 10.9 12.4 (12.1) (3.2)
Gross profit rate 26.1% 27.0% (0.9) pts.
Total EMEA
Revenue from services (including
fee-based income) $ 255.3 $ 304.6 (16.2) % (7.7)%
Fee-based income 10.6 11.9 (10.7) (1.5)
Gross profit 45.1 54.7 (17.5) (8.9)
SG&A expenses excluding
restructuring charges 41.9 47.3 (11.4)
Restructuring charges (2.2) (0.6) 268.8
Total SG&A expenses 39.7 46.7 (14.9) (6.2)
Earnings from operations 5.4 8.0 (32.9)
Earnings from operations
excluding restructuring charges 3.2 7.4 (57.0)
Gross profit rate 17.6% 17.9% (0.3) pts.
Expense rates (excluding
restructuring charges):
% of revenue 16.4 15.5 0.9
% of gross profit 93.0 86.6 6.4
Operating margin (excluding
restructuring charges) 1.2 2.4 (1.2)
KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)
Second Quarter
-----------------------------------------
Constant
Currency
2012 2011 Change Change
------- ------- ------ --------
APAC Commercial
Revenue from services (including
fee-based income) $ 84.3 $ 102.3 (17.6) % (14.1)%
Fee-based income 3.0 3.7 (14.3) (8.6)
Gross profit 12.5 14.3 (12.2) (8.2)
Gross profit rate 14.9% 13.9% 1.0 pts.
APAC PT
Revenue from services (including
fee-based income) $ 12.8 $ 13.5 (5.4) % (1.6)%
Fee-based income 4.1 4.2 (2.0) (0.4)
Gross profit 5.3 5.6 (4.5) (2.2)
Gross profit rate 41.7% 41.3% 0.4 pts.
Total APAC
Revenue from services (including
fee-based income) $ 97.1 $ 115.8 (16.2) % (12.7)%
Fee-based income 7.1 7.9 (7.7) (4.2)
Gross profit 17.8 19.9 (10.0) (6.5)
Total SG&A expenses 19.0 20.3 (6.4) (2.6)
Earnings from operations (1.2) (0.4) (143.0)
Gross profit rate 18.4% 17.1% 1.3 pts.
Expense rates:
% of revenue 19.6 17.5 2.1
% of gross profit 106.6 102.4 4.2
Operating margin (1.2) (0.4) (0.8)
OCG
Revenue from services (including
fee-based income) $ 91.4 $ 74.0 23.4 % 25.0%
Fee-based income 12.8 9.5 35.2 39.1
Gross profit 23.7 19.0 24.4 27.2
Total SG&A expenses 22.8 19.8 14.8 17.9
Earnings from operations 0.9 (0.8) NM
Gross profit rate 25.9% 25.7% 0.2 pts.
Expense rates:
% of revenue 25.0 26.8 (1.8)
% of gross profit 96.5 104.5 (8.0)
Operating margin 0.9 (1.2) 2.1
KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)
June Year to Date
-------------------------------------------
Constant
Currency
2012 2011 Change Change
-------- -------- ------ --------
Americas Commercial
Revenue from services
(including fee-based income) $1,337.9 $1,323.6 1.1 % 2.0%
Fee-based income 7.7 5.6 36.9 40.1
Gross profit 195.7 185.3 5.5 6.5
Gross profit rate 14.6% 14.0% 0.6 pts.
Americas PT
Revenue from services
(including fee-based income) $ 512.5 $ 488.3 5.0 % 5.2%
Fee-based income 7.6 6.5 17.7 17.8
Gross profit 79.9 71.9 11.0 11.2
Gross profit rate 15.6% 14.7% 0.9 pts.
Total Americas
Revenue from services
(including fee-based income) $1,850.4 $1,811.9 2.1 % 2.9%
Fee-based income 15.3 12.1 26.6 28.2
Gross profit 275.6 257.2 7.1 7.8
Total SG&A expenses 201.9 198.6 1.6 2.4
Earnings from operations 73.7 58.6 25.5
Gross profit rate 14.9% 14.2% 0.7 pts.
Expense rates:
% of revenue 10.9 11.0 (0.1)
% of gross profit 73.3 77.2 (3.9)
Operating margin 4.0 3.2 0.8
EMEA Commercial
Revenue from services
(including fee-based income) $ 426.7 $ 490.3 (13.0) % (7.5)%
Fee-based income 12.3 12.4 (0.7) 6.1
Gross profit 67.7 79.5 (14.8) (9.2)
Gross profit rate 15.9% 16.2% (0.3) pts.
EMEA PT
Revenue from services
(including fee-based income) $ 83.8 $ 87.2 (3.8) % 2.3%
Fee-based income 9.0 9.7 (6.9) (1.2)
Gross profit 22.2 23.4 (5.1) 0.9
Gross profit rate 26.4% 26.8% (0.4) pts.
Total EMEA
Revenue from services
(including fee-based income) $ 510.5 $ 577.5 (11.6) % (6.0)%
Fee-based income 21.3 22.1 (3.4) 2.9
Gross profit 89.9 102.9 (12.6) (6.9)
SG&A expenses excluding
restructuring charges 86.4 93.2 (7.4)
Restructuring charges (2.2) 3.4 (164.1)
Total SG&A expenses 84.2 96.6 (12.9) (7.6)
Earnings from operations 5.7 6.3 (8.8)
Earnings from operations
excluding restructuring
charges 3.5 9.7 (63.2)
Gross profit rate 17.6% 17.8% (0.2) pts.
Expense rates (excluding
restructuring charges):
% of revenue 16.9 16.1 0.8
% of gross profit 96.1 90.7 5.4
Operating margin (excluding
restructuring charges) 0.7 1.7 (1.0)
KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)
June Year to Date
------------------------------------------
Constant
Currency
2012 2011 Change Change
------- ------- ------ --------
APAC Commercial
Revenue from services
(including fee-based income) $ 172.6 $ 202.0 (14.5) % (13.5)%
Fee-based income 6.4 7.2 (9.7) (7.4)
Gross profit 25.6 27.8 (7.8) (6.8)
Gross profit rate 14.8% 13.7% 1.1 pts.
APAC PT
Revenue from services
(including fee-based income) $ 25.6 $ 25.0 2.6 % 3.9%
Fee-based income 8.1 8.0 0.8 0.5
Gross profit 10.5 10.6 (0.5) (0.4)
Gross profit rate 41.1% 42.4% (1.3) pts.
Total APAC
Revenue from services
(including fee-based income) $ 198.2 $ 227.0 (12.6) % (11.6)%
Fee-based income 14.5 15.2 (4.2) (3.2)
Gross profit 36.1 38.4 (5.8) (5.1)
Total SG&A expenses 38.7 39.3 (1.7) (0.9)
Earnings from operations (2.6) (0.9) (151.2)
Gross profit rate 18.2% 16.9% 1.3 pts.
Expense rates:
% of revenue 19.5 17.3 2.2
% of gross profit 107.1 102.7 4.4
Operating margin (1.3) (0.4) (0.9)
OCG
Revenue from services
(including fee-based income) $ 178.1 $ 142.2 25.2 % 26.2%
Fee-based income 24.4 18.2 34.4 36.7
Gross profit 46.8 36.0 29.7 31.5
Total SG&A expenses 45.4 39.2 15.6 17.4
Earnings from operations 1.4 (3.2) NM
Gross profit rate 26.3% 25.4% 0.9 pts.
Expense rates:
% of revenue 25.5 27.6 (2.1)
% of gross profit 97.1 109.0 (11.9)
Operating margin 0.7 (2.3) 3.0
KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In millions of dollars)
July 1, January 1, July 3,
2012 2012 2011
----------- ----------- -----------
Current Assets
Cash and equivalents $ 65.2 $ 81.0 $ 80.5
Trade accounts receivable, less
allowances of $11.8, $13.4 and
$13.6, respectively 985.0 944.9 929.8
Prepaid expenses and other current
assets 57.9 50.6 74.1
Deferred taxes 33.4 38.2 20.6
----------- ----------- -----------
Total current assets 1,141.5 1,114.7 1,105.0
Property and Equipment, Net 90.3 90.6 96.2
Noncurrent Deferred Taxes 93.4 94.1 84.1
Goodwill, Net 91.4 90.2 67.3
Other Assets 168.4 152.1 156.4
----------- ----------- -----------
Total Assets $ 1,585.0 $ 1,541.7 $ 1,509.0
=========== =========== ===========
Current Liabilities
Short-term borrowings $ 88.5 $ 96.3 $ 89.0
Accounts payable and accrued
liabilities 269.5 237.2 222.9
Accrued payroll and related taxes 253.7 271.4 278.0
Accrued insurance 30.3 31.5 31.9
Income and other taxes 56.5 61.3 70.7
----------- ----------- -----------
Total current liabilities 698.5 697.7 692.5
Noncurrent Liabilities
Accrued insurance 51.4 53.5 54.6
Accrued retirement benefits 102.8 91.1 91.0
Other long-term liabilities 24.0 23.7 13.7
----------- ----------- -----------
Total noncurrent liabilities 178.2 168.3 159.3
Stockholders' Equity
Common stock 40.1 40.1 40.1
Treasury stock (63.2) (66.9) (68.7)
Paid-in capital 27.4 28.8 28.0
Earnings invested in the business 678.3 657.5 617.5
Accumulated other comprehensive
income 25.7 16.2 40.3
----------- ----------- -----------
Total stockholders' equity 708.3 675.7 657.2
----------- ----------- -----------
Total Liabilities and Stockholders'
Equity $ 1,585.0 $ 1,541.7 $ 1,509.0
=========== =========== ===========
----------- ----------- -----------
STATISTICS:
Working Capital $ 443.0 $ 417.0 $ 412.5
Current Ratio 1.6 1.6 1.6
Debt-to-capital % 11.1% 12.5% 11.9%
Global Days Sales Outstanding 53 52 52
KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE 26 WEEKS ENDED JULY 1, 2012 AND JULY 3, 2011
(UNAUDITED)
(In millions of dollars)
2012 2011
------- -------
Cash flows from operating activities
Net earnings $ 24.6 $ 19.9
Noncash adjustments:
Depreciation and amortization 11.6 16.3
Provision for bad debts 0.6 2.2
Stock-based compensation 2.1 1.9
Other, net - (0.1)
Changes in operating assets and liabilities (33.0) (47.0)
------- -------
Net cash from operating activities 5.9 (6.8)
------- -------
Cash flows from investing activities
Capital expenditures (9.8) (6.3)
Other investing activities - 0.9
------- -------
Net cash from investing activities (9.8) (5.4)
------- -------
Cash flows from financing activities
Net change in short-term borrowings (7.8) 71.9
Repayment of debt - (62.9)
Dividend payments (3.8) -
Other financing activities - (1.1)
------- -------
Net cash from financing activities (11.6) 7.9
------- -------
Effect of exchange rates on cash and equivalents (0.3) 4.3
------- -------
Net change in cash and equivalents (15.8) 0.0
Cash and equivalents at beginning of period 81.0 80.5
------- -------
Cash and equivalents at end of period $ 65.2 $ 80.5
======= =======
KELLY SERVICES, INC. AND SUBSIDIARIES
REVENUE FROM SERVICES
(UNAUDITED)
(In millions of dollars)
Second Quarter (Commercial, PT and OCG)
---------------------------------------
% Change
Constant
2012 2011 US$ Currency
--------- --------- -------- --------
Americas
United States $ 874.4 $ 863.3 1.3% 1.3%
Canada 62.0 61.4 0.8 5.2
Puerto Rico 25.9 24.1 7.7 7.7
Mexico 25.8 27.6 (6.4) 8.2
Brazil 14.4 - NM NM
--------- ---------
Total Americas 1,002.5 976.4 2.7 3.6
EMEA
France 61.1 78.1 (21.7) (12.1)
Switzerland 59.8 62.3 (4.0) 3.7
Russia 31.8 37.8 (16.0) (6.5)
United Kingdom 26.0 30.5 (14.7) (12.1)
Portugal 19.0 22.7 (16.2) (5.9)
Germany 17.4 21.0 (17.0) (6.8)
Norway 16.7 17.5 (3.7) 4.5
Italy 15.1 18.5 (18.9) (8.8)
Other 15.6 22.5 (30.8) (21.6)
--------- ---------
Total EMEA 262.5 310.9 (15.6) (7.0)
APAC
Australia 32.3 37.1 (12.8) (8.6)
Singapore 24.9 26.3 (5.6) (3.6)
Malaysia 18.0 18.8 (4.5) (1.5)
New Zealand 13.4 12.9 3.3 5.0
India 5.9 17.5 (66.3) (59.4)
Other 6.6 5.9 12.7 15.8
--------- ---------
Total APAC 101.1 118.5 (14.8) (11.2)
Total Kelly Services, Inc. $ 1,366.1 $ 1,405.8 (2.8)% 0.0%
========= =========
KELLY SERVICES, INC. AND SUBSIDIARIES
REVENUE FROM SERVICES
(UNAUDITED)
(In millions of dollars)
June Year to Date (Commercial, PT and
OCG)
--------------------------------------
% Change
Constant
2012 2011 US$ Currency
--------- --------- ------- --------
Americas
United States $ 1,732.9 $ 1,703.0 1.8% 1.8%
Canada 121.5 120.8 0.5 3.5
Puerto Rico 51.8 46.2 12.3 12.3
Mexico 51.3 52.7 (2.6) 8.5
Brazil 32.4 - NM NM
--------- ---------
Total Americas 1,989.9 1,922.7 3.5 4.2
EMEA
France 123.9 148.1 (16.3) (9.4)
Switzerland 113.4 109.5 3.5 6.9
Russia 65.4 72.0 (9.2) (2.8)
United Kingdom 53.7 61.6 (12.8) (10.6)
Portugal 37.2 43.3 (14.1) (6.8)
Germany 36.1 41.3 (12.5) (5.3)
Norway 33.2 32.6 2.1 7.2
Italy 31.4 35.1 (10.8) (3.4)
Other 31.2 45.7 (31.7) (25.3)
--------- ---------
Total EMEA 525.5 589.2 (10.8) (5.2)
APAC
Australia 66.2 73.5 (9.9) (10.0)
Singapore 49.1 52.4 (6.4) (5.8)
Malaysia 35.8 36.4 (1.7) 0.1
New Zealand 26.5 24.4 8.8 5.6
India 15.4 35.1 (56.2) (49.8)
Other 12.5 11.2 12.0 13.5
--------- ---------
Total APAC 205.5 233.0 (11.8) (10.7)
Total Kelly Services, Inc. $ 2,720.9 $ 2,744.9 (0.9)% 0.9%
========= =========
KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
(UNAUDITED)
(In millions of dollars except per share data)
June Year to
Second Quarter Date
---------------- ----------------
2012 2011 2012 2011
------- ------- ------- -------
Pretax earnings from operations $ 23.8 $ 21.3 $ 38.5 $ 22.9
Restructuring charges (Note 1) (2.2) (0.6) (2.2) 3.4
------- ------- ------- -------
Earnings from operations excluding
restructuring charges $ 21.6 $ 20.7 $ 36.3 $ 26.3
======= ======= ======= =======
Second Quarter
----------------------------------
2012 2011
---------------- ----------------
Per Per
Amount Share Amount Share
------- ------- ------- -------
Earnings from continuing operations, net
of taxes $ 15.0 $ 0.40 $ 20.0 $ 0.53
Restructuring charges, net of taxes
(Note 1) (2.2) (0.06) (0.6) (0.02)
------- -------
Earnings from continuing operations
excluding restructuring charges, net of
taxes $ 12.8 $ 0.34 $ 19.4 $ 0.52
======= ======= ======= =======
June Year to Date
----------------------------------
2012 2011
---------------- ----------------
Per Per
Amount Share Amount Share
------- ------- ------- -------
Earnings from continuing operations, net
of taxes $ 24.2 $ 0.64 $ 21.1 $ 0.56
Restructuring charges, net of taxes
(Note 1) (2.2) (0.06) 3.4 0.09
------- -------
Earnings from continuing operations
excluding restructuring charges, net of
taxes $ 22.0 $ 0.58 $ 24.5 $ 0.65
======= ======= ======= =======
KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
(UNAUDITED)
Management believes that the non-GAAP (Generally Accepted
Accounting Principles) information excluding the restructuring
charges is useful to understand the Company's fiscal 2012 financial
performance and increases comparability. Specifically, Management
believes that excluding this item allows for a more meaningful
comparison of current period operating performance with the
operating results of prior periods. These non-GAAP measures may
have limitations as analytical tools because they exclude items
which can have a material impact on cash flow and earnings per
share. As a result, Management considers these measures, along with
reported results, when it reviews and evaluates the Company's
financial performance. Management believes that these measures
provide greater transparency to investors and provide insight into
how Management is evaluating the Company's financial performance.
Non-GAAP measures should not be considered a substitute for, or
superior to, measures of financial performance prepared in
accordance with GAAP.
(1) Restructuring costs relate primarily to revisions of the estimated
lease termination costs for EMEA Commercial branches that closed in
prior years.
ANALYST CONTACT: James Polehna (248) 244-4586
james_polehna@kellyservices.com MEDIA CONTACT: Jane Stehney (248)
244-5630 jane_stehney@kellyservices.com
Grafico Azioni Kelly Services (NASDAQ:KELYA)
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Grafico Azioni Kelly Services (NASDAQ:KELYA)
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