Kelly Services®Reports 2nd Quarter 2010 Results
TROY, MI (August 11, 2010) -- Kelly Services, Inc. (NASDAQ: KELYA) (NASDAQ: KELYB), a leader in providing workforce solutions, today announced results for the second quarter of 2010. Carl T. Camden, President and Chief Executive Officer, announced revenue for the second quarter of 2010 totaled $1.2 billion, an 18% increase compared to the corresponding quarter in 2009. On a constant currency basis, revenue increased by 17%.
Earnings from operations for the second quarter of 2010 totaled $8.5 million, compared to losses from operations of $74.5 million reported for the second quarter of 2009. Included in the results from operations for the second quarter of 2010 are impairment charges of $1.5 million. The loss from operations in the second quarter of 2009 included impairment charges of $52.6 million and restructuring charges of $4.7 million. Excluding the impairment and restructuring charges, earnings from operations were $10.0 million in the second quarter of 2010 compared to a loss from operations of $17.2 million in 2009.
Diluted earnings per share from continuing operations in the second quarter of 2010 were $0.11 compared to second quarter 2009 losses of $1.89 per share. The impairment charges were $0.03 per share in the second quarter of 2010 and the impairment and restructuring charges totaled $1.52 per share in the second quarter of 2009.
Commenting on the second quarter results, Camden stated, "We're pleased that global economic expansion continues and labor markets are slowly strengthening around the world. These trends had a positive impact on our second quarter earnings as demand for temporary staffing improved. "Our efforts and discipline are clearly gaining traction. We're confident that we have realigned our strategy to take advantage of future opportunities within our industry and we'll continue to focus on improving profitability while holding expenses down, maintaining our commercial staffing stronghold, accelerating our PT and OCG growth, and winning new customers."
In conjunction with its second quarter earnings release, Kelly Services, Inc. will host a conference call at 9:00 a.m. (ET) on August 11, 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: competition, changing market and economic conditions, currency fluctuations, changes in laws and regulations, including tax laws, and other 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.
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, temp-to-hire and direct-hire basis. Serving clients around the globe, Kelly provides employment to 480,000 employees annually. Revenue in 2009 was $4.3 billion. Visit www.kellyservices.com.
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