TROY, MI (February 3, 2011) -- Kelly Services, Inc. (NASDAQ: KELYA) (NASDAQ: KELYB), a leader in providing workforce solutions, today announced results for the fourth quarter and full year 2010.
Carl T. Camden, President and Chief Executive Officer, announced revenue for the fourth quarter of 2010 totaled $1.3 billion, an 11% increase compared to the corresponding quarter in 2009. Revenue for the full year totaled $5.0 billion, a 15% increase compared to the prior year. The fourth quarter of 2009 included an extra week which reduces the quarterly and annual comparisons by approximately 5% and 1%, respectively.
Earnings from operations for the fourth quarter of 2010 totaled $16.9 million, compared to losses from operations of $13.0 million reported for the fourth quarter of 2009. Included in the results from operations for the fourth quarter of 2009 are restructuring charges of $13.4 million.
Earnings from operations for the full year of 2010 totaled $38.1 million compared to a loss of $146.1 million in 2009. The results for the full year 2010 include $7.2 million of restructuring charges. The results for 2009 include $29.9 million of restructuring charges and $53.1 million of goodwill and related impairment charges.
Diluted earnings per share from continuing operations in the fourth quarter of 2010 were $0.39 compared to fourth quarter 2009 losses of $0.23 per share. The restructuring charges were $0.29 per share in the fourth quarter of 2009.
Diluted earnings per share from continuing operations for the full year of 2010 were $0.71 compared to 2009 losses of $3.01 per share. In 2010, the restructuring charges totaled $0.15 per share. In 2009, the restructuring charges totaled $0.69 per share and goodwill and related impairment charges totaled $1.43 per share.
Commenting on the fourth quarter results, Camden stated, “We’re pleased to report another successful quarter fueled by sustained demand for temporary staffing, a healthier global economy, and Kelly’s focus on business execution and operational excellence.”
Camden added that 2010 was much improved over a very difficult 2009, and Kelly made significant progress during the year in response to a changing labor market.
“As we begin 2011 and look to the future, we will continue to focus on building shareholder value by delivering a competitive profit in our industry, from the right solutions for our customers, delivered by the best talent in the business,” said Camden.
In conjunction with its fourth quarter earnings release, Kelly Services, Inc. will host a conference call at 9:00 a.m. (ET) on February 3, 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:
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, material changes in demand from large corporate customers, availability of temporary workers with appropriate skills required by customers, increases in wages paid to temporary workers, liabilities for client and employee actions, foreign currency fluctuations, changes in laws and regulations (including federal, state and international tax laws), continued availability of financing for funding working capital and acquisitions and for general corporate purposes, the Company’s ability to effectively implement and manage its information technology programs, the ability of the Company to successfully expand into new markets and service lines, and other risks, uncertainties and factors discussed in this release and in the Company’s Annual Report on Form 10-K for the fiscal year ended January 3, 2010 filed with the Securities and Exchange Commission. Actual results may differ materially from any forward looking statements contained herein.
About Kelly Services