Kelly Services® Reports Strong Third Quarter 2015 Earnings and EPS Growth

November 4, 2015

TROY, MI -- (Marketwired) -- 11/04/15 -- Kelly Services (NASDAQ: KELYA) (NASDAQ: KELYB)

Quarterly Highlights

Earnings from operations up 51%, excluding restructuring (up 72% in constant currency)
Earnings per share of $0.23 versus $0.10, excluding restructuring, a 130% increase year-over-year
OCG segment revenue up 15% year-over-year (up 17% in constant currency)
Total Company revenue down 3% year-over-year (up 3% in constant currency)

Kelly Services (NASDAQ: KELYA) (NASDAQ: KELYB), a global leader in providing workforce solutions, today announced results for the third quarter of 2015.

Carl T. Camden, President and Chief Executive Officer, announced revenue for the third quarter of 2015 totaled $1.4 billion, a 3% decrease (a 3% increase on a constant currency basis) compared to the corresponding quarter of 2014.

Earnings from operations for the third quarter of 2015 totaled $16.6 million, compared to $7.1 million reported for the third quarter of 2014. Included in the results of operations in the third quarter of 2014 are restructuring charges of $4.0 million. Excluding the restructuring charges, earnings from operations were $11.1 million in the third quarter of 2014.

Diluted earnings per share in the third quarter of 2015 were $0.23 compared to $0.03 per share in the third quarter of 2014. Adjusted earnings per share were $0.10 in the third quarter of 2014. Included in the third quarter of 2015 was a foreign exchange impact of $0.06 per share.

Commenting on the third quarter, Camden stated, "Our third quarter results confirm that Kelly is operating as a more efficient organization, delivering both top-line growth and operating leverage. Excluding the 2014 restructuring charges, we dropped nearly 50% of our constant currency GP growth to the bottom line during the quarter; our 2014 investments in PT and OCG are continuing to yield results; and we're expanding Kelly's role as a trusted talent advisor to many of the world's top companies."

Kelly also reported that on November 3, its board of directors declared a dividend of $0.05 per share. The dividend is payable December 4 to shareholders of record as of the close of business on November 16.

In conjunction with its third quarter earnings release, Kelly Services has published a financial presentation regarding the third quarter results on the Investor Relations page of our public website and will host a conference call at 9:00 a.m. (ET) on November 4, 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 and technology introductions, changing market and economic conditions, our ability to achieve our business strategy, the risk of damage to our brand, our ability to successfully develop new service offerings, our exposure to risks associated with services outside traditional staffing, including business process outsourcing, our increasing dependency on third parties for the execution of critical functions, the risks associated with past and future acquisitions, exposure to risks associated with investments in equity affiliates, material changes in demand from or loss of large corporate customers, risks associated with conducting business in foreign countries, including foreign currency fluctuations, availability of full-time employees to lead complex talent supply chain sales and operations, availability of temporary workers with appropriate skills required by customers, liabilities for employment-related claims and losses, including class action lawsuits and collective actions, the risk of cyber attacks or other breaches of network or information technology security as well as risks associated with compliance on data privacy, 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 maintain adequate financial and management processes and controls, impairment charges triggered by adverse industry or market developments, unexpected changes in claim trends on workers' compensation, disability and medical benefit plans, the impact of the Patient Protection and Affordable Care Act on our business, the impact of changes in laws and regulations (including federal, state and international tax laws and the expiration and/or reinstatement of the U.S. work opportunity credit program), the risk of additional tax or unclaimed property liabilities in excess of our estimates, our ability to maintain specified financial covenants in our bank facilities to continue to access credit markets, 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®

As a global leader in providing workforce solutions, Kelly Services, Inc. (Nasdaq: KELYA, KELYB) and its subsidiaries, offer a comprehensive array of outsourcing and consulting services as well as world-class staffing on a temporary, temporary-to-hire, and direct-hire basis. Kelly® has a role in managing employment opportunities for more than one million workers around the globe by employing 550,000 of these individuals directly with the remaining workers engaged through its talent supply chain network of supplier partners. Revenue in 2014 was $5.6 billion. Visit kellyservices.com and connect with us on Facebook, LinkedIn, & Twitter.

KLYA-FIN



KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE 13 WEEKS ENDED SEPTEMBER 27, 2015 AND SEPTEMBER 28, 2014
(UNAUDITED)
(In millions of dollars except per share data)
												%		CC %
		2015			2014			Change				Change		Change

Revenue from services		$	1,351.0		$	1,396.4		$	(45.4	)		(3.2	)%	3.0	%

Cost of services			1,122.8			1,171.0			(48.2	)		(4.1	)

Gross profit			228.2			225.4			2.8			1.3		7.2

Selling, general and administrative expenses			211.6			218.3			(6.7	)		(3.0	)	2.0

Earnings from operations			16.6			7.1			9.5			134.9

Other expense, net			--			2.2			(2.2	)		(97.7	)

Earnings before taxes			16.6			4.9			11.7			242.2

Income tax expense			7.5			3.5			4.0			112.6

Net earnings		$	9.1		$	1.4		$	7.7			NM	%

Basic earnings per share		$	0.23		$	0.03		$	0.20			NM	%
Diluted earnings per share		$	0.23		$	0.03		$	0.20			NM	%


STATISTICS:

Gross profit rate			16.9	%		16.1	%		0.8		pts.

Selling, general and administrative expenses:
	% of revenue		15.7			15.6			0.1
	% of gross profit		92.7			96.9			(4.2	)

% Return:
Earnings from operations			1.2			0.5			0.7
Earnings before taxes			1.2			0.3			0.9
Net earnings			0.7			0.1			0.6

Effective income tax rate			45.2	%		72.7	%		(27.5	)	pts.

Average number of shares outstanding (millions):
	Basic		37.9			37.6
	Diluted		37.9			37.6

Shares adjusted for nonvested restricted awards (millions):
	Basic		38.8			38.5
	Diluted		38.8			38.5



KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE 39 WEEKS ENDED SEPTEMBER 27, 2015 AND SEPTEMBER 28, 2014
(UNAUDITED)
(In millions of dollars except per share data)
												%		CC %
		2015			2014			Change				Change		Change

Revenue from services		$	4,056.6		$	4,137.7		$	(81.1	)		(2.0	)%	3.7	%

Cost of services			3,385.8			3,461.9			(76.1	)		(2.2	)

Gross profit			670.8			675.8			(5.0	)		(0.7	)	4.6

Selling, general and administrative expenses			630.6			656.5			(25.9	)		(4.0	)	0.9

Earnings from operations			40.2			19.3			20.9			110.9

Other expense, net			3.5			4.2			(0.7	)		(14.5	)

Earnings before taxes			36.7			15.1			21.6			145.7

Income tax expense			17.1			8.4			8.7			104.4

Net earnings		$	19.6		$	6.7		$	12.9			198.2	%

Basic earnings per share		$	0.51		$	0.17		$	0.34			200.0	%
Diluted earnings per share		$	0.51		$	0.17		$	0.34			200.0	%


STATISTICS:

Gross profit rate			16.5	%		16.3	%		0.2		pts.

Selling, general and administrative expenses:
	% of revenue		15.5			15.9			(0.4	)
	% of gross profit		94.0			97.2			(3.2	)

% Return:
	Earnings from operations		1.0			0.5			0.5
	Earnings before taxes		0.9			0.4			0.5
	Net earnings		0.5			0.2			0.3

Effective income tax rate			46.5	%		55.9	%		(9.4	)	pts.

Average number of shares outstanding (millions):
	Basic		37.8			37.5
	Diluted		37.8			37.5

Shares adjusted for nonvested restricted awards (millions):
	Basic		38.8			38.5
	Diluted		38.8			38.5



KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)

				Third Quarter
													Constant
													Currency
				2015			2014			Change			Change
AMERICAS
	Commercial
		Revenue from services		$	615.5		$	640.8		(4.0	)%		(1.1)	%
		Staffing fee-based income included in revenue from services			3.8			3.8		(0.1	)		2.8
		Gross profit			96.6			91.7		5.4			7.9
		Gross profit rate			15.7	%		14.3	%	1.4		pts.
	PT
		Revenue from services		$	242.8		$	242.5		0.1	%		0.6	%
		Staffing fee-based income included in revenue from services			4.7			4.4		8.6			9.7
		Gross profit			41.0			39.6		3.6			4.1
		Gross profit rate			16.9	%		16.3	%	0.6		pts.
	Total Americas
		Revenue from services		$	858.3		$	883.3		(2.8	)%		(0.6)	%
		Staffing fee-based income included in revenue from services			8.5			8.2		4.6			6.5
		Gross profit			137.6			131.3		4.8			6.7
		Total SG&A expenses			113.7			110.8		2.6			4.5
		Earnings from operations			23.9			20.5		16.9

	Gross profit rate				16.0	%		14.9	%	1.1		pts.
	Expense rates:
		% of revenue			13.2			12.5		0.7
		% of gross profit			82.7			84.5		(1.8	)
	Return on sales				2.8			2.3		0.5

EMEA
	Commercial
		Revenue from services		$	199.0		$	231.3		(13.9	)%		2.6	%
		Staffing fee-based income included in revenue from services			3.2			4.2		(23.6	)		(4.5	)
		Gross profit			27.7			33.6		(17.4	)		(1.4	)
		Gross profit rate			13.9	%		14.5	%	(0.6	)	pts.
	PT
		Revenue from services		$	43.6		$	48.1		(9.3	)%		7.5	%
		Staffing fee-based income included in revenue from services			2.6			3.5		(24.1	)		(6.2	)
		Gross profit			9.4			10.9		(13.3	)		4.6
		Gross profit rate			21.6	%		22.6	%	(1.0	)	pts.
	Total EMEA
		Revenue from services		$	242.6		$	279.4		(13.1	)%		3.5	%
		Staffing fee-based income included in revenue from services			5.8			7.7		(23.8	)		(5.3	)
		Gross profit			37.1			44.5		(16.4	)		0.1
		Total SG&A expenses			31.8			40.0		(20.7	)		(6.2	)
		Earnings from operations			5.3			4.5		22.4

		Gross profit rate			15.3	%		15.9	%	(0.6	)	pts.
		Expense rates:
			% of revenue		13.1			14.3		(1.2	)
			% of gross profit		85.4			90.0		(4.6	)
		Return on sales			2.2			1.6		0.6



KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)

				Third Quarter
													Constant
													Currency
				2015			2014			Change			Change
APAC
	Commercial
		Revenue from services		$	83.2		$	91.0		(8.5	)%		9.2	%
		Staffing fee-based income included in revenue from services			1.4			2.0		(28.5	)		(16.7	)
		Gross profit			10.7			11.7		(8.5	)		9.1
		Gross profit rate			12.8	%		12.8	%	--		pts.
	PT
		Revenue from services		$	9.9		$	10.6		(6.4	)%		11.8	%
		Staffing fee-based income included in revenue from services			1.3			2.0		(34.3	)		(22.6	)
		Gross profit			2.5			3.3		(24.6	)		(10.8	)
		Gross profit rate			25.4	%		31.5	%	(6.1	)	pts.
	Total APAC
		Revenue from services		$	93.1		$	101.6		(8.3	)%		9.5	%
		Staffing fee-based income included in revenue from services			2.7			4.0		(31.4	)		(19.7	)
		Gross profit			13.2			15.0		(12.1	)		4.7
		SG&A expenses excluding restructuring charges			11.1			14.2		(21.6	)
		Restructuring charges			--			0.3		(100.0	)
		Total SG&A expenses			11.1			14.5		(23.2	)		(8.8	)
		Earnings from operations			2.1			0.5		297.9
		Earnings from operations excluding restructuring charges			2.1			0.8		154.9

		Gross profit rate			14.2	%		14.8	%	(0.6	)	pts.
		Expense rates (excluding restructuring charges):
			% of revenue		11.9			14.0		(2.1	)
			% of gross profit		84.3			94.6		(10.3	)
		Return on sales (excluding restructuring charges)			2.2			0.8		1.4

OCG
		Revenue from services		$	171.8		$	149.8		14.7	%		16.8	%
		Gross profit			41.4			35.8		15.5			18.4
		Total SG&A expenses			33.2			32.2		3.2			6.3
		Earnings from operations			8.2			3.6		123.7

		Gross profit rate			24.1	%		23.9	%	0.2		pts.
		Expense rates:
			% of revenue		19.3			21.5		(2.2	)
			% of gross profit		80.2			89.8		(9.6	)
		Return on sales			4.8			2.4		2.4



KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)

				September Year to Date
													Constant
													Currency
				2015			2014			Change			Change
AMERICAS
	Commercial
		Revenue from services		$	1,908.2		$	1,915.1		(0.4	)%		1.8	%
		Staffing fee-based income included in revenue from services			10.8			10.4		3.4			6.0
		Gross profit			290.3			280.0		3.7			5.6
		Gross profit rate			15.2	%		14.6	%	0.6		pts.
	PT
		Revenue from services		$	721.8		$	723.1		(0.2	)%		0.2	%
		Staffing fee-based income included in revenue from services			13.1			11.7		11.7			12.6
		Gross profit			122.0			118.4		3.1			3.6
		Gross profit rate			16.9	%		16.4	%	0.5		pts.
	Total Americas
		Revenue from services		$	2,630.0		$	2,638.2		(0.3	)%		1.4	%
		Staffing fee-based income included in revenue from services			23.9			22.1		7.7			9.5
		Gross profit			412.3			398.4		3.5			5.0
		Total SG&A expenses			339.8			332.9		2.0			3.5
		Earnings from operations			72.5			65.5		11.0

		Gross profit rate			15.7	%		15.1	%	0.6		pts.
		Expense rates:
			% of revenue		12.9			12.6		0.3
			% of gross profit		82.4			83.6		(1.2	)
		Return on sales			2.8			2.5		0.3

EMEA
	Commercial
		Revenue from services		$	573.0		$	690.2		(17.0	)%		0.3	%
		Staffing fee-based income included in revenue from services			9.9			14.0		(29.2	)		(11.0	)
		Gross profit			79.1			101.0		(21.7	)		(5.4	)
		Gross profit rate			13.8	%		14.6	%	(0.8	)	pts.
	PT
		Revenue from services		$	126.8		$	145.5		(12.8	)%		4.7	%
		Staffing fee-based income included in revenue from services			7.7			10.7		(27.7	)		(10.2	)
		Gross profit			27.2			33.3		(18.1	)		(0.4	)
		Gross profit rate			21.5	%		22.8	%	(1.3	)	pts.
	Total EMEA
		Revenue from services		$	699.8		$	835.7		(16.3	)%		1.1	%
		Staffing fee-based income included in revenue from services			17.6			24.7		(28.5	)		(10.7	)
		Gross profit			106.3			134.3		(20.8	)		(4.1	)
		SG&A expenses excluding restructuring charges			99.5			124.2		(19.9	)
		Restructuring charges			--			0.8		(100.0	)
		Total SG&A expenses			99.5			125.0		(20.4	)		(4.7	)
		Earnings from operations			6.8			9.3		(25.5	)
		Earnings from operations excluding restructuring charges			6.8			10.1		(31.5	)

		Gross profit rate			15.2	%		16.1	%	(0.9	)	pts.
		Expense rates (excluding restructuring charges):
			% of revenue		14.2			14.9		(0.7	)
			% of gross profit		93.5			92.5		1.0
		Return on sales (excluding restructuring charges)			1.0			1.2		(0.2	)



KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)

				September Year to Date
													Constant
													Currency
				2015			2014			Change			Change
APAC
	Commercial
		Revenue from services		$	259.1		$	260.5		(0.5	)%		13.1	%
		Staffing fee-based income included in revenue from services			4.7			5.9		(20.3	)		(10.8	)
		Gross profit			34.9			35.7		(2.2	)		10.8
		Gross profit rate			13.5	%		13.7	%	(0.2	)	pts.
	PT
		Revenue from services		$	30.7		$	29.2		5.4	%		20.5	%
		Staffing fee-based income included in revenue from services			4.4			5.8		(23.7	)		(14.6	)
		Gross profit			8.1			9.4		(13.6	)		(2.4	)
		Gross profit rate			26.4	%		32.2	%	(5.8	)	pts.
	Total APAC
		Revenue from services		$	289.8		$	289.7		0.1	%		13.8	%
		Staffing fee-based income included in revenue from services			9.1			11.7		(22.0	)		(12.7	)
		Gross profit			43.0			45.1		(4.6	)		8.0
		SG&A expenses excluding restructuring charges			35.5			43.3		(18.0	)
		Restructuring charges			--			1.3		(100.0	)
		Total SG&A expenses			35.5			44.6		(20.5	)		(10.1	)
		Earnings from operations			7.5			0.5		NM
		Earnings from operations excluding restructuring charges			7.5			1.8		338.5

		Gross profit rate			14.8	%		15.6	%	(0.8	)%	pts.
		Expense rates (excluding restructuring charges):
			% of revenue		12.3			15.0		(2.7	)
			% of gross profit		82.7			96.2		(13.5	)
		Return on sales (excluding restructuring charges)			2.6			0.6		2.0

OCG
		Revenue from services		$	486.3		$	422.1		15.2	%		17.0	%
		Gross profit			112.6			101.3		11.1			13.4
		Total SG&A expenses			98.1			94.7		3.6			6.4
		Earnings from operations			14.5			6.6		116.7

		Gross profit rate			23.1	%		24.0	%	(0.9	)	pts.
		Expense rates:
			% of revenue		20.2			22.4		(2.2	)
			% of gross profit		87.1			93.4		(6.3	)
		Return on sales			3.0			1.6		1.4



KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In millions of dollars)

		September 27, 2015			December 28, 2014			September 28, 2014
Current Assets
	Cash and equivalents	$	44.9		$	83.1		$	51.6
	Trade accounts receivable, less allowances of $9.7, $10.7 and $9.2, respectively		1,160.3			1,122.8			1,158.1
	Prepaid expenses and other current assets		49.0			47.9			56.8
	Deferred taxes		35.0			34.4			28.9
Total current assets			1,289.2			1,288.2			1,295.4

Property and Equipment, Net			88.3			93.0			91.1

Noncurrent Deferred Taxes			140.8			146.3			132.7

Goodwill, Net			90.3			90.3			90.3

Other Assets			341.3			300.1			291.5

Total Assets		$	1,949.9		$	1,917.9		$	1,901.0

Current Liabilities
	Short-term borrowings	$	76.8		$	91.9		$	88.7
	Accounts payable and accrued liabilities		385.2			364.0			339.0
	Accrued payroll and related taxes		312.8			308.5			318.6
	Accrued insurance		25.9			26.9			24.4
	Income and other taxes		59.5			68.8			74.0

Total current liabilities			860.2			860.1			844.7

Noncurrent Liabilities
Accrued insurance			42.2			43.9			43.4
Accrued retirement benefits			139.5			140.8			146.6
Other long-term liabilities			48.4			39.4			40.7

Total noncurrent liabilities			230.1			224.1			230.7

Stockholders' Equity
	Common stock		40.1			40.1			40.1
	Treasury stock		(46.9	)		(49.8	)		(52.5	)
	Paid-in capital		26.7			24.9			26.7
	Earnings invested in the business		781.3			767.4			752.3
	Accumulated other comprehensive income		58.4			51.1			59.0

Total stockholders' equity			859.6			833.7			825.6

Total Liabilities and Stockholders' Equity		$	1,949.9		$	1,917.9		$	1,901.0


STATISTICS:
	Working Capital	$	429.0		$	428.1		$	450.7
	Current Ratio		1.5			1.5			1.5
	Debt-to-capital %		8.2	%		9.9	%		9.7	%
	Global Days Sales Outstanding		57			54			58



KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE 39 WEEKS ENDED SEPTEMBER 27, 2015 AND SEPTEMBER 28, 2014
(UNAUDITED)
(In millions of dollars)

			2015			2014
Cash flows from operating activities:
	Net earnings		$	19.6		$	6.7
	Noncash adjustments:
		Depreciation and amortization		16.6			16.2
		Provision for bad debts		3.3			3.6
		Stock-based compensation		4.6			4.1
		Other, net		(0.7	)		1.3
	Changes in operating assets and liabilities			(44.9	)		(140.9	)

		Net cash used in operating activities		(1.5	)		(109.0	)

Cash flows from investing activities:
	Capital expenditures			(12.3	)		(15.0	)
	Investment in equity affiliate			(0.5	)		(5.4	)
	Other investing activities			(0.4	)		0.2

		Net cash used in investing activities		(13.2	)		(20.2	)

Cash flows from financing activities:
	Net change in short-term borrowings			(13.8	)		60.4
	Dividend payments			(5.7	)		(5.7	)
	Other financing activities			0.2			0.4

		Net cash (used in) from financing activities		(19.3	)		55.1

Effect of exchange rates on cash and equivalents				(4.2	)		--

Net change in cash and equivalents				(38.2	)		(74.1	)
Cash and equivalents at beginning of period				83.1			125.7


Cash and equivalents at end of period			$	44.9		$	51.6



KELLY SERVICES, INC. AND SUBSIDIARIES
REVENUE FROM SERVICES
(UNAUDITED)
(In millions of dollars)

		Third Quarter (Commercial, PT and OCG)
						% Change
								Constant
		2015		2014		US$		Currency

Americas
	United States	$	899.8	$	873.7	3.0	%	3.0	%
	Canada		37.9		51.9	(27.0	)	(12.6	)
	Mexico		31.3		37.0	(15.2	)	6.1
	Puerto Rico		23.8		25.7	(7.5	)	(7.5	)
	Brazil		10.4		13.6	(23.5	)	11.4
Total Americas			1,003.2		1,001.9	0.1		2.1

EMEA
	France		63.1		70.1	(10.0	)	7.4
	Switzerland		58.0		66.7	(13.0	)	(8.2	)
	Portugal		33.5		33.3	0.8		20.2
	United Kingdom		27.7		26.2	5.7		14.0
	Russia		17.0		28.7	(40.6	)	2.9
	Germany		15.4		17.5	(12.1	)	4.8
	Italy		14.0		14.8	(5.5	)	12.6
	Norway		10.1		14.8	(31.8	)	(10.5	)
	Other		11.5		15.8	(27.1	)	(13.2	)
Total EMEA			250.3		287.9	(13.1	)	3.5

APAC
	Singapore		32.6		33.4	(2.3	)	8.5
	Australia		28.8		32.3	(10.7	)	13.8
	Malaysia		14.0		16.7	(16.1	)	6.0
	New Zealand		9.4		12.7	(26.4	)	(4.7	)
	Other		12.7		11.5	10.4		20.9
Total APAC			97.5		106.6	(8.5	)	9.5

Total Kelly Services, Inc.		$	1,351.0	$	1,396.4	(3.2)	%	3.0	%



KELLY SERVICES, INC. AND SUBSIDIARIES
REVENUE FROM SERVICES
(UNAUDITED)
(In millions of dollars)

		September Year to Date (Commercial, PT and OCG)
						% Change
								Constant
		2015		2014		US$		Currency

Americas
	United States	$	2,706.4	$	2,601.9	4.0	%	4.0	%
	Canada		122.2		148.2	(17.5	)	(5.5	)
	Mexico		95.2		102.3	(6.9	)	10.4
	Puerto Rico		75.2		78.4	(4.0	)	(4.0	)
	Brazil		34.2		43.2	(20.8	)	2.8
Total Americas			3,033.2		2,974.0	2.0		3.5

EMEA
	France		180.4		202.2	(10.8	)	8.4
	Switzerland		160.7		195.7	(17.9	)	(12.9	)
	Portugal		98.7		92.4	6.9		29.9
	United Kingdom		78.4		82.4	(4.8	)	3.7
	Russia		57.4		96.4	(40.4	)	(0.9	)
	Germany		43.1		50.7	(15.0	)	3.1
	Italy		39.5		46.3	(14.6	)	3.6
	Norway		29.5		43.6	(32.5	)	(12.8	)
	Other		32.8		50.9	(35.6	)	(21.8	)
Total EMEA			720.5		860.6	(16.3	)	0.9

APAC
	Singapore		96.9		94.8	2.3		10.9
	Australia		92.1		88.8	3.8		24.8
	Malaysia		45.4		50.0	(9.3	)	5.2
	New Zealand		30.2		38.2	(21.1	)	(6.1	)
	Other		38.3		31.3	22.4		29.7
Total APAC			302.9		303.1	(0.1	)	13.8

Total Kelly Services, Inc.		$	4,056.6	$	4,137.7	(2.0)	%	3.7	%



KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
FOR THE 13 WEEKS ENDED SEPTEMBER 27, 2015 AND SEPTEMBER 28, 2014
(UNAUDITED)
(In millions of dollars except per share data)

		2015							2014
		As reported		Restructuring Charges (Note 1)			Adjusted Earnings		Adjusted Earnings		% Change

Revenue from services		$	1,351.0	$	--		$	1,351.0	$	1,396.4	(3.2)	%

Cost of services			1,122.8		--			1,122.8		1,171.0	(4.1	)

Gross profit			228.2		--			228.2		225.4	1.3

SG&A expenses			211.6		--			211.6		214.3	(1.2	)

Earnings from operations			16.6		--			16.6		11.1	50.7

Other expense, net			--		--			--		2.2	(97.7	)

Earnings before taxes			16.6		--			16.6		8.9	88.3

Inc. tax expense (benefit)			7.5		--			7.5		5.0	48.8

Net earnings		$	9.1	$	--		$	9.1	$	3.9	141.1	%

Earnings per share:
	Basic	$	0.23	$	--		$	0.23	$	0.10	130.0	%
	Diluted	$	0.23	$	--		$	0.23	$	0.10	130.0	%


		2014
		As reported		Restructuring Charges (Note 1)			Adjusted Earnings

Revenue from services		$	1,396.4	$	--		$	1,396.4

Cost of services			1,171.0		--			1,171.0

Gross profit			225.4		--			225.4

SG&A expenses			218.3		(4.0	)		214.3

Earnings from operations			7.1		4.0			11.1

Other expense, net			2.2		--			2.2

Earnings before taxes			4.9		4.0			8.9

Inc. tax expense (benefit)			3.5		1.5			5.0

Net earnings		$	1.4	$	2.5		$	3.9

Earnings per share:
	Basic	$	0.03	$	0.06		$	0.10
	Diluted	$	0.03	$	0.06		$	0.10

Note: Earnings per share amounts for each quarter are required to be computed independently and may not equal the amounts computed for the total year.


KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
FOR THE 39 WEEKS ENDED SEPTEMBER 27, 2015 AND SEPTEMBER 28, 2014
(UNAUDITED)
(In millions of dollars except per share data)

		2015							2014
		As reported		Restructuring Charges (Note 1)			Adjusted Earnings		Adjusted Earnings		% Change

Revenue from services		$	4,056.6	$	--		$	4,056.6	$	4,137.7	(2.0)	%

Cost of services			3,385.8		--			3,385.8		3,461.9	(2.2	)

Gross profit			670.8		--			670.8		675.8	(0.7	)

SG&A expenses			630.6		--			630.6		650.7	(3.1	)

Earnings from operations			40.2		--			40.2		25.1	61.6

Other expense, net			3.5		--			3.5		4.2	(14.5	)

Earnings before taxes			36.7		--			36.7		20.9	76.7

Inc. tax expense (benefit)			17.1		--			17.1		10.5	62.4

Net earnings		$	19.6	$	--		$	19.6	$	10.4	91.4	%

Earnings per share:
	Basic	$	0.51	$	--		$	0.51	$	0.27	88.9	%
	Diluted	$	0.51	$	--		$	0.51	$	0.27	88.9	%


		2014
		As reported		Restructuring Charges (Note 1)			Adjusted Earnings

Revenue from services		$	4,137.7	$	--		$	4,137.7

Cost of services			3,461.9		--			3,461.9

Gross profit			675.8		--			675.8

SG&A expenses			656.5		(5.8	)		650.7

Earnings from operations			19.3		5.8			25.1

Other expense, net			4.2		--			4.2

Earnings before taxes			15.1		5.8			20.9

Inc. tax expense (benefit)			8.4		2.1			10.5

Net earnings		$	6.7	$	3.7		$	10.4

Earnings per share:
	Basic	$	0.17	$	0.10		$	0.27
	Diluted	$	0.17	$	0.10		$	0.27

Note: Earnings per share amounts for each quarter are required to be computed independently and may not equal the amounts computed for the total year.

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 2015 financial performance and increases comparability. Specifically, Management believes that excluding these items 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 charges in 2014 include costs related to the U.S. management simplification restructuring plan, costs incurred for exiting the staffing business in Sweden, and costs related to closing branches in Australia and consolidating back office functions in Australia and New Zealand.

Source: Kelly Services

News Provided by Acquire Media

Press Release Details

Kelly Services® Reports Strong Third Quarter 2015 Earnings and EPS Growth