Kelly Services, Inc. (NASDAQ: KELYA) (NASDAQ: KELYB), a leader in
providing workforce solutions, today announced results for the
third quarter of 2012.
Carl T. Camden, President and Chief Executive Officer, announced
revenue for the third quarter of 2012 totaled $1.4 billion, a 4%
decrease compared to the corresponding quarter of 2011.
Earnings from operations for the third quarter of 2012 totaled
$24.0 million, compared to $22.1 million reported for the third
quarter of 2011.
Diluted earnings per share from continuing operations in the
third quarter of 2012 were $0.43 compared to $0.52 per share in the
third quarter of 2011.
Commenting on the third quarter results, Camden stated, "Amidst
challenging global economic conditions and a sluggish U.S. labor
market, Kelly® delivered solid third quarter results. We are very
pleased that we were able to improve gross profit, keep expenses in
line, and create leverage to improve our operating earnings by
nearly 9 percent year-over-year, despite a deceleration in
revenue."
Kelly also reported that on November 6, its board of directors
declared a dividend of $0.05 per share. The dividend is payable
December 7, 2012 to shareholders of record as of the close of
business on November 19, 2012.
In conjunction with its third quarter earnings release, Kelly
Services, Inc. will host a conference call at 9:00 a.m. (ET) on
November 7, 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: www.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, and Twitter. Download The Talent Project, a
free iPad app by Kelly Services.
KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE 13 WEEKS ENDED SEPTEMBER 30, 2012 AND OCTOBER 2, 2011
(UNAUDITED)
(In millions of dollars except per share data)
2012 2011 Change % Change
--------- --------- --------- --------
Revenue from services $ 1,354.2 $ 1,409.8 $ (55.6) (3.9)%
Cost of services 1,126.7 1,184.1 (57.4) (4.8)
--------- --------- --------- --------
Gross profit 227.5 225.7 1.8 0.7
Selling, general and
administrative expenses 203.5 203.6 (0.1) (0.1)
--------- --------- --------- --------
Earnings from operations 24.0 22.1 1.9 8.5
Other (expense) income, net (0.7) 1.0 (1.7) (177.3)
--------- --------- --------- --------
Earnings from continuing
operations before taxes 23.3 23.1 0.2 1.0
Income taxes 6.7 3.4 3.3 100.6
--------- --------- --------- --------
Earnings from continuing
operations 16.6 19.7 (3.1) (16.0)
Earnings from discontinued
operations, net of tax - - - NM
--------- --------- --------- --------
Net earnings $ 16.6 $ 19.7 $ (3.1) (15.9)%
========= ========= ========= ========
Basic earnings per share on
common stock
Earnings from continuing
operations $ 0.43 $ 0.52 $ (0.09) (17.3)%
Earnings from discontinued
operations - - - NM
Net earnings 0.43 0.52 (0.09) (17.3)
Diluted earnings per share on
common stock
Earnings from continuing
operations $ 0.43 $ 0.52 $ (0.09) (17.3)%
Earnings from discontinued
operations - - - NM
Net earnings 0.43 0.52 (0.09) (17.3)
--------- --------- --------- --------
STATISTICS:
Gross profit rate 16.8% 16.0% 0.8 pts.
Selling, general and
administrative expenses:
% of revenue 15.0 14.4 0.6
% of gross profit 89.4 90.2 (0.8)
% Return:
Earnings from operations 1.8 1.6 0.2
Earnings from continuing
operations before taxes 1.7 1.6 0.1
Earnings from continuing
operations 1.2 1.4 (0.2)
Net earnings 1.2 1.4 (0.2)
Effective income tax rate 14.3
28.9% 14.6% pts.
Average number of shares
outstanding
(millions):
Basic 37.1 36.8
Diluted 37.1 36.8
Shares adjusted for nonvested
restricted awards
(millions):
Basic 38.3 37.8
Diluted 38.3 37.8
KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE 39 WEEKS ENDED SEPTEMBER 30, 2012 AND OCTOBER 2, 2011
(UNAUDITED)
(In millions of dollars except per share data)
2012 2011 Change % Change
--------- --------- --------- --------
Revenue from services $ 4,075.1 $ 4,154.7 $ (79.6) (1.9)%
Cost of services 3,400.7 3,495.7 (95.0) (2.7)
--------- --------- --------- --------
Gross profit 674.4 659.0 15.4 2.3
Selling, general and
administrative expenses 611.9 614.0 (2.1) (0.4)
--------- --------- --------- --------
Earnings from operations 62.5 45.0 17.5 38.8
Other expense, net (1.8) (0.1) (1.7) NM
--------- --------- --------- --------
Earnings from continuing
operations before taxes 60.7 44.9 15.8 35.2
Income taxes 19.9 4.1 15.8 385.0
--------- --------- --------- --------
Earnings from continuing
operations 40.8 40.8 - -
Earnings (loss) from
discontinued operations, net of
tax 0.4 (1.2) 1.6 NM
--------- --------- --------- --------
Net earnings $ 41.2 $ 39.6 $ 1.6 4.1%
========= ========= ========= ========
Basic earnings (loss) per share
on common stock
Earnings from continuing
operations $ 1.07 $ 1.09 $ (0.02) (1.8)%
Earnings (loss) from
discontinued operations 0.01 (0.03) 0.04 NM
Net earnings 1.09 1.05 0.04 3.8
Diluted earnings (loss) per
share on common stock
Earnings from continuing
operations $ 1.07 $ 1.09 $ (0.02) (1.8)%
Earnings (loss) from
discontinued operations 0.01 (0.03) 0.04 NM
Net earnings 1.09 1.05 0.04 3.8
--------- --------- --------- --------
STATISTICS:
Gross profit rate 16.5% 15.9% 0.6 pts.
Selling, general and
administrative expenses:
% of revenue 15.0 14.8 0.2
% of gross profit 90.7 93.2 (2.5)
% Return:
Earnings from operations 1.5 1.1 0.4
Earnings from continuing
operations before taxes 1.5 1.1 0.4
Earnings from continuing
operations 1.0 1.0 0.0
Net earnings 1.0 1.0 0.0
Effective income tax rate 23.7
32.8% 9.1% 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 38.0 37.6
Diluted 38.0 37.6
KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)
Third Quarter
-------------------------------------------
Constant
Currency
2012 2011 Change Change
--------- --------- ---------- --------
Americas Commercial
Revenue from services
(including fee-based
income) $ 642.2 $ 661.7 (2.9)% (2.0)%
Fee-based income 4.4 3.2 36.9 40.8
Gross profit 96.4 93.6 3.0 4.0
Gross profit rate 15.0% 14.2% 0.8 pts.
Americas PT
Revenue from services
(including fee-based
income) $ 261.6 $ 250.8 4.3% 4.4%
Fee-based income 3.7 3.2 13.6 13.7
Gross profit 40.9 37.9 7.9 8.0
Gross profit rate 15.6% 15.1% 0.5 pts.
Total Americas
Revenue from services
(including fee-based
income) $ 903.8 $ 912.5 (1.0)% (0.3)%
Fee-based income 8.1 6.4 25.2 27.1
Gross profit 137.3 131.5 4.4 5.1
Total SG&A expenses 101.5 97.7 4.0 4.9
Earnings from operations 35.8 33.8 5.8
Gross profit rate 15.2% 14.4% 0.8 pts.
Expense rates:
% of revenue 11.2 10.7 0.5
% of gross profit 73.9 74.2 (0.3)
Operating margin 4.0 3.7 0.3
EMEA Commercial
Revenue from services
(including fee-based
income) $ 214.5 $ 261.0 (17.8)% (8.0)%
Fee-based income 5.2 6.5 (20.3) (11.7)
Gross profit 33.4 42.1 (20.8) (11.2)
Gross profit rate 15.6% 16.1% (0.5) pts.
EMEA PT
Revenue from services
(including fee-based
income) $ 41.5 $ 46.8 (11.3)% (0.8)%
Fee-based income 4.1 5.3 (23.5) (15.3)
Gross profit 10.5 12.7 (17.0) (7.5)
Gross profit rate 25.4% 27.1% (1.7) pts.
Total EMEA
Revenue from services
(including fee-based
income) $ 256.0 $ 307.8 (16.8)% (6.9)%
Fee-based income 9.3 11.8 (21.8) (13.3)
Gross profit 43.9 54.8 (19.9) (10.3)
SG&A expenses excluding
restructuring charges 40.0 47.3 (15.6)
Restructuring charges - (0.6) (100.0)
Total SG&A expenses 40.0 46.7 (14.5) (4.6)
Earnings from operations 3.9 8.1 (51.3)
Earnings from operations
excluding restructuring
charges 3.9 7.5 (47.5)
Gross profit rate 17.1% 17.8% (0.7) pts.
Expense rates (excluding
restructuring charges):
% of revenue 15.6 15.4 0.2
% of gross profit 91.1 86.4 4.7
Operating margin (excluding
restructuring charges) 1.5 2.4 (0.9)
KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)
Third Quarter
-----------------------------------------
Constant
Currency
2012 2011 Change Change
--------- --------- -------- --------
APAC Commercial
Revenue from services
(including fee-based income) $ 85.7 $ 101.8 (15.8)% (13.2)%
Fee-based income 2.9 3.8 (24.8) (20.4)
Gross profit 12.8 14.7 (13.1) (10.2)
Gross profit rate 14.9% 14.4% 0.5 pts.
APAC PT
Revenue from services
(including fee-based income) $ 14.3 $ 14.1 1.3% 3.5%
Fee-based income 4.8 4.2 13.7 15.5
Gross profit 6.2 5.6 9.1 11.1
Gross profit rate 43.0% 39.9% 3.1 pts.
Total APAC
Revenue from services
(including fee-based income) $ 100.0 $ 115.9 (13.7)% (11.1)%
Fee-based income 7.7 8.0 (4.5) (1.5)
Gross profit 19.0 20.3 (6.9) (4.2)
Total SG&A expenses 18.8 19.8 (4.9) (2.2)
Earnings from operations 0.2 0.5 (78.0)
Gross profit rate 18.9% 17.6% 1.3 pts.
Expense rates:
% of revenue 18.8 17.1 1.7
% of gross profit 99.3 97.2 2.1
Operating margin 0.1 0.5 (0.4)
OCG
Revenue from services
(including fee-based income) $ 104.7 $ 80.7 29.7% 30.9%
Fee-based income 13.2 10.5 25.3 29.1
Gross profit 28.2 19.8 42.8 45.4
Total SG&A expenses 24.2 20.0 20.5 23.6
Earnings from operations 4.0 (0.2) NM
Gross profit rate 27.0% 24.5% 2.5 pts.
Expense rates:
% of revenue 23.1 24.9 (1.8)
% of gross profit 85.5 101.3 (15.8)
Operating margin 3.9 (0.3) 4.2
KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)
September Year to Date
-------------------------------------------
Constant
Currency
2012 2011 Change Change
--------- --------- ---------- --------
Americas Commercial
Revenue from services
(including fee-based
income) $ 1,980.1 $ 1,985.3 (0.3)% 0.7%
Fee-based income 12.1 8.8 36.9 40.4
Gross profit 292.1 278.9 4.7 5.6
Gross profit rate 14.8% 14.1% 0.7 pts.
Americas PT
Revenue from services
(including fee-based
income) $ 774.1 $ 739.1 4.7% 4.9%
Fee-based income 11.3 9.7 16.3 16.5
Gross profit 120.8 109.8 9.9 10.1
Gross profit rate 15.6% 14.9% 0.7 pts.
Total Americas
Revenue from services
(including fee-based
income) $ 2,754.2 $ 2,724.4 1.1% 1.8%
Fee-based income 23.4 18.5 26.1 27.8
Gross profit 412.9 388.7 6.2 6.9
Total SG&A expenses 303.4 296.3 2.4 3.2
Earnings from operations 109.5 92.4 18.3
Gross profit rate 15.0% 14.3% 0.7 pts.
Expense rates:
% of revenue 11.0 10.9 0.1
% of gross profit 73.5 76.2 (2.7)
Operating margin 4.0 3.4 0.6
EMEA Commercial
Revenue from services
(including fee-based
income) $ 641.2 $ 751.3 (14.7)% (7.7)%
Fee-based income 17.5 18.9 (7.5) (0.1)
Gross profit 101.1 121.6 (16.9) (9.9)
Gross profit rate 15.8% 16.2% (0.4) pts.
EMEA PT
Revenue from services
(including fee-based
income) $ 125.3 $ 134.0 (6.4)% 1.2%
Fee-based income 13.1 15.0 (12.8) (6.2)
Gross profit 32.7 36.1 (9.3) (2.0)
Gross profit rate 26.1% 26.9% (0.8) pts.
Total EMEA
Revenue from services
(including fee-based
income) $ 766.5 $ 885.3 (13.4)% (6.3)%
Fee-based income 30.6 33.9 (9.8) (2.8)
Gross profit 133.8 157.7 (15.2) (8.1)
SG&A expenses excluding
restructuring charges 126.4 140.5 (10.2)
Restructuring charges (2.2) 2.8 (177.7)
Total SG&A expenses 124.2 143.3 (13.4) (6.6)
Earnings from operations 9.6 14.4 (32.7)
Earnings from operations
excluding restructuring
charges 7.4 17.2 (56.4)
Gross profit rate 17.5% 17.8% (0.3) pts.
Expense rates (excluding
restructuring charges):
% of revenue 16.5 15.9 0.6
% of gross profit 94.4 89.2 5.2
Operating margin (excluding
restructuring charges) 1.0 1.9 (0.9)
KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)
September Year to Date
-------------------------------------------
Constant
Currency
2012 2011 Change Change
--------- --------- ---------- --------
APAC Commercial
Revenue from services
(including fee-based
income) $ 258.3 $ 303.8 (15.0)% (13.4)%
Fee-based income 9.3 11.0 (14.9) (11.9)
Gross profit 38.4 42.5 (9.6) (8.0)
Gross profit rate 14.9% 14.0% 0.9 pts.
APAC PT
Revenue from services
(including fee-based
income) $ 39.9 $ 39.1 2.1% 3.8%
Fee-based income 12.9 12.2 5.2 5.6
Gross profit 16.7 16.2 2.8 3.6
Gross profit rate 41.8% 41.5% 0.3 pts.
Total APAC
Revenue from services
(including fee-based
income) $ 298.2 $ 342.9 (13.0)% (11.5)%
Fee-based income 22.2 23.2 (4.3) (2.6)
Gross profit 55.1 58.7 (6.2) (4.8)
Total SG&A expenses 57.5 59.1 (2.8) (1.3)
Earnings from operations (2.4) (0.4) (440.3)
Gross profit rate 18.5% 17.1% 1.4 pts.
Expense rates:
% of revenue 19.3 17.2 2.1
% of gross profit 104.4 100.8 3.6
Operating margin (0.8) (0.1) (0.7)
OCG
Revenue from services
(including fee-based
income) $ 282.8 $ 222.9 26.8% 27.9%
Fee-based income 37.6 28.7 31.1 33.9
Gross profit 75.0 55.8 34.3 36.4
Total SG&A expenses 69.6 59.2 17.3 19.5
Earnings from operations 5.4 (3.4) NM
Gross profit rate 26.5% 25.1% 1.4 pts.
Expense rates:
% of revenue 24.6 26.6 (2.0)
% of gross profit 92.8 106.2 (13.4)
Operating margin 1.9 (1.6) 3.5
KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In millions of dollars)
September 30, January 1, October 2,
2012 2012 2011
------------- ------------- -------------
Current Assets
Cash and equivalents $ 70.3 $ 81.0 $ 73.5
Trade accounts receivable,
less allowances of $11.9,
$13.4 and $13.7,
respectively 1,018.8 944.9 939.9
Prepaid expenses and other
current assets 62.9 50.6 53.7
Deferred taxes 38.1 38.2 27.0
------------- ------------- -------------
Total current assets 1,190.1 1,114.7 1,094.1
Property and Equipment, Net 90.4 90.6 91.6
Noncurrent Deferred Taxes 88.8 94.1 89.6
Goodwill, Net 91.2 90.2 67.3
Other Assets 174.8 152.1 145.6
------------- ------------- -------------
Total Assets $ 1,635.3 $ 1,541.7 $ 1,488.2
============= ============= =============
Current Liabilities
Short-term borrowings $ 83.6 $ 96.3 $ 79.0
Accounts payable and accrued
liabilities 279.1 237.2 227.7
Accrued payroll and related
taxes 269.9 271.4 283.0
Accrued insurance 28.8 31.5 31.4
Income and other taxes 62.7 61.3 60.0
------------- ------------- -------------
Total current liabilities 724.1 697.7 681.1
Noncurrent Liabilities
Accrued insurance 48.9 53.5 53.7
Accrued retirement benefits 108.5 91.1 82.8
Other long-term liabilities 25.1 23.7 13.6
------------- ------------- -------------
Total noncurrent
liabilities 182.5 168.3 150.1
Stockholders' Equity
Common stock 40.1 40.1 40.1
Treasury stock (63.1) (66.9) (68.6)
Paid-in capital 27.7 28.8 29.3
Earnings invested in the
business 693.0 657.5 635.3
Accumulated other
comprehensive income 31.0 16.2 20.9
------------- ------------- -------------
Total stockholders' equity 728.7 675.7 657.0
------------- ------------- -------------
Total Liabilities and
Stockholders' Equity $ 1,635.3 $ 1,541.7 $ 1,488.2
============= ============= =============
------------- ------------- -------------
STATISTICS:
Working Capital $ 466.0 $ 417.0 $ 413.0
Current Ratio 1.6 1.6 1.6
Debt-to-capital % 10.3% 12.5% 10.7%
Global Days Sales Outstanding 54 52 52
KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE 39 WEEKS ENDED SEPTEMBER 30, 2012 AND OCTOBER 2, 2011
(UNAUDITED)
(In millions of dollars)
2012 2011
------------ ------------
Cash flows from operating activities
Net earnings $ 41.2 $ 39.6
Noncash adjustments:
Depreciation and amortization 16.8 23.9
Provision for bad debts 1.2 3.5
Stock-based compensation 3.7 3.5
Other, net - (1.5)
Changes in operating assets and liabilities (42.0) (63.4)
------------ ------------
Net cash from operating activities 20.9 5.6
------------ ------------
Cash flows from investing activities
Capital expenditures (13.9) (10.0)
Other investing activities 0.1 1.0
------------ ------------
Net cash from investing activities (13.8) (9.0)
------------ ------------
Cash flows from financing activities
Net change in short-term borrowings (12.6) 61.9
Repayment of debt - (62.9)
Dividend payments (5.7) (1.9)
Other financing activities 0.1 (1.0)
------------ ------------
Net cash from financing activities (18.2) (3.9)
------------ ------------
Effect of exchange rates on cash and equivalents 0.4 0.3
------------ ------------
Net change in cash and equivalents (10.7) (7.0)
Cash and equivalents at beginning of period 81.0 80.5
------------ ------------
Cash and equivalents at end of period $ 70.3 $ 73.5
============ ============
KELLY SERVICES, INC. AND SUBSIDIARIES
REVENUE FROM SERVICES
(UNAUDITED)
(In millions of dollars)
Third Quarter (Commercial, PT and OCG)
-----------------------------------------
% Change
Constant
2012 2011 US$ Currency
--------- --------- -------- --------
Americas
United States $ 853.4 $ 858.6 (0.6)% (0.6)%
Canada 61.9 66.0 (6.1) (4.6)
Mexico 31.1 27.1 14.6 21.8
Puerto Rico 24.5 24.5 (0.0) (0.0)
Brazil 14.3 - NM NM
--------- ---------
Total Americas 985.2 976.2 0.9 1.6
EMEA
Switzerland 61.0 68.3 (10.5) 4.6
France 60.3 76.6 (21.4) (11.2)
Russia 31.7 36.4 (12.9) (4.9)
United Kingdom 25.6 30.9 (17.5) (15.9)
Portugal 18.8 22.8 (17.4) (6.8)
Germany 17.8 21.4 (16.9) (6.2)
Norway 17.6 18.3 (4.4) 2.8
Italy 13.1 18.2 (27.2) (18.2)
Other 17.2 21.7 (20.6) (11.1)
--------- ---------
Total EMEA 263.1 314.6 (16.4) (6.4)
APAC
Australia 35.4 36.8 (4.0) (3.0)
Singapore 26.0 26.2 (0.5) 1.1
Malaysia 19.1 18.1 5.6 8.9
New Zealand 13.0 13.4 (3.5) (0.7)
India 5.5 18.0 (69.1) (62.8)
Other 6.9 6.5 6.0 9.8
--------- ---------
Total APAC 105.9 119.0 (11.0) (8.4)
Total Kelly Services, Inc. $ 1,354.2 $ 1,409.8 (3.9)% (1.0)%
========= =========
KELLY SERVICES, INC. AND SUBSIDIARIES
REVENUE FROM SERVICES
(UNAUDITED)
(In millions of dollars)
September Year to Date (Commercial, PT
and OCG)
-----------------------------------------
% Change
Constant
2012 2011 US$ Currency
--------- --------- -------- --------
Americas
United States $ 2,586.3 $ 2,561.6 1.0% 1.0%
Canada 183.4 186.8 (1.8) 0.7
Mexico 82.4 79.8 3.2 13.0
Puerto Rico 76.3 70.7 8.0 8.0
Brazil 46.7 - NM NM
--------- ---------
Total Americas 2,975.1 2,898.9 2.6 3.3
EMEA
France 184.2 224.7 (18.0) (10.0)
Switzerland 174.4 177.8 (1.9) 6.0
Russia 97.1 108.4 (10.5) (3.5)
United Kingdom 79.3 92.5 (14.3) (12.4)
Portugal 56.0 66.1 (15.2) (6.8)
Germany 53.9 62.7 (14.0) (5.6)
Norway 50.8 50.9 (0.3) 5.6
Italy 44.5 53.3 (16.4) (8.5)
Other 48.4 67.4 (28.1) (20.7)
--------- ---------
Total EMEA 788.6 903.8 (12.7) (5.6)
APAC
Australia 101.6 110.3 (7.9) (7.7)
Singapore 75.1 78.6 (4.4) (3.5)
Malaysia 54.9 54.5 0.7 3.0
New Zealand 39.5 37.8 4.4 3.3
India 20.9 53.1 (60.6) (54.2)
Other 19.4 17.7 9.8 12.2
--------- ---------
Total APAC 311.4 352.0 (11.5) (9.9)
Total Kelly Services, Inc. $ 4,075.1 $ 4,154.7 (1.9)% 0.3%
========= =========
KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
(UNAUDITED)
(In millions of dollars except per share data)
Third Quarter Sept. Year to Date
---------------------- ----------------------
2012 2011 2012 2011
---------- ---------- ---------- ----------
Pretax earnings from
operations $ 24.0 $ 22.1 $ 62.5 $ 45.0
Restructuring charges (Note
1) - (0.6) (2.2) 2.8
---------- ---------- ---------- ----------
Earnings from operations
excluding restructuring
charges $ 24.0 $ 21.5 $ 60.3 $ 47.8
========== ========== ========== ==========
Third Quarter
----------------------------------------------
2012 2011
---------------------- ----------------------
Amount Per Share Amount Per Share
---------- ---------- ---------- ----------
Earnings from continuing
operations, net of taxes $ 16.6 $ 0.43 $ 19.7 $ 0.52
Restructuring charges, net
of taxes (Note 1) - - (0.6) (0.02)
---------- ----------
Earnings from continuing
operations excluding
restructuring charges, net
of taxes $ 16.6 $ 0.43 $ 19.1 $ 0.51
========== ========== ========== ==========
Sept. Year to Date
----------------------------------------------
2012 2011
---------------------- ----------------------
Amount Per Share Amount Per Share
---------- ---------- ---------- ----------
Earnings from continuing
operations, net of taxes $ 40.8 $ 1.07 $ 40.8 $ 1.09
Restructuring charges, net
of taxes (Note 1) (2.2) (0.06) 2.8 0.07
---------- ----------
Earnings from continuing
operations excluding
restructuring charges, net
of taxes $ 38.6 $ 1.02 $ 43.6 $ 1.16
========== ========== ========== ==========
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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