Kelly Services(R) Reports 1st Quarter Results
07 Mai 2014 - 1:30PM
Marketwired
Kelly Services(R) Reports 1st Quarter Results
TROY, MI--(Marketwired - May 7, 2014) - Kelly Services, Inc.
(NASDAQ: KELYA) (NASDAQ: KELYB), a leader in providing workforce
solutions, today announced results for the first quarter of
2014.
Carl T. Camden, President and Chief Executive Officer, announced
revenue for the first quarter of 2014 totaled $1.3 billion, a 1%
increase compared to the corresponding quarter of 2013.
Earnings from operations for the first quarter of 2014 totaled
$6.3 million, compared to $7.1 million reported for the first
quarter of 2013.
Diluted earnings per share in the first quarter of 2014 were
$0.07 compared to $0.34 per share in the first quarter of
2013.
"We're pleased with our first quarter performance, which is
better than expectations and confirms our strategic direction,"
stated Camden. "It's clear we are making progress on adjusting our
operating models and focusing on higher-margin growth -- and we're
delivering a profit while investing aggressively in Kelly's
long-term success."
Camden noted that although confidence is returning among many
U.S. companies, that isn't necessarily translating into strong job
growth. "Rather than waiting for the job market to change
significantly in 2014, Kelly is taking the necessary steps to
secure our position in the specialty staffing and outsourcing and
consulting markets. In particular, we continue to see strong demand
and revenue growth in the talent supply chain management approach
delivered through our OCG segment."
Kelly also reported that on May 6, 2014, its board of directors
declared a dividend of $0.05 per share. The dividend is
payable June 3, 2014 to shareholders of record as of the close of
business on May 19, 2014.
In conjunction with its first quarter earnings release, Kelly
Services, Inc. will host a conference call at 9:00 a.m. (ET) on May
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 and technology introductions, changing
market and economic conditions, our ability to achieve our business
strategy, our ability to retain the services of our senior
management, local management and field personnel, our ability to
adequately protect our intellectual property rights, including our
brand, our ability to successfully develop new service offerings,
our exposure to risks associated with services outside traditional
staffing, including business process outsourcing, 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 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, 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 net financial 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, our ability to access credit markets and continued
availability of financing for funding working capital, 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 provided employment to
approximately 540,000 employees in 2013. Revenue in 2013 was
$5.4 billion. Visit kellyservices.com and connect with us on
Facebook, LinkedIn, and Twitter. Download The Talent Project,
a free iPad® app by Kelly Services.
iPad is a trademark of Apple Inc., registered in the U.S.
and other countries. App Store is a service mark of Apple
Inc.
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KELLY SERVICES, INC. AND SUBSIDIARIES |
|
CONSOLIDATED STATEMENTS OF EARNINGS |
|
FOR THE 13 WEEKS ENDED MARCH 30, 2014 AND MARCH 31,
2013 |
|
(UNAUDITED) |
|
(In millions of dollars except per share data) |
|
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2014 |
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|
2013 |
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Change |
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% Change |
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Revenue from services |
$ |
1,330.8 |
|
|
$ |
1,314.8 |
|
|
$ |
16.0 |
|
|
|
1.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of services |
|
1,108.5 |
|
|
|
1,097.9 |
|
|
|
10.6 |
|
|
|
1.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
222.3 |
|
|
|
216.9 |
|
|
|
5.4 |
|
|
|
2.5 |
|
|
|
|
|
|
|
|
|
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|
|
|
|
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Selling, general and administrative expenses |
|
216.0 |
|
|
|
209.8 |
|
|
|
6.2 |
|
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|
3.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from operations |
|
6.3 |
|
|
|
7.1 |
|
|
|
(0.8 |
) |
|
|
(11.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Other expense, net |
|
1.7 |
|
|
|
1.0 |
|
|
|
0.7 |
|
|
|
73.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Earnings before taxes |
|
4.6 |
|
|
|
6.1 |
|
|
|
(1.5 |
) |
|
|
(25.1 |
) |
|
|
|
|
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|
|
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|
|
|
|
|
|
Income tax expense (benefit) |
|
2.1 |
|
|
|
(6.8 |
) |
|
|
8.9 |
|
|
|
130.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
|
2.5 |
|
|
|
12.9 |
|
|
|
(10.4 |
) |
|
|
(80.5 |
) |
|
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Basic earnings per share |
|
0.07 |
|
|
|
0.34 |
|
|
|
(0.27 |
) |
|
|
(79.4 |
)% |
Diluted earnings per share |
|
0.07 |
|
|
|
0.34 |
|
|
|
(0.27 |
) |
|
|
(79.4 |
)% |
|
|
|
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STATISTICS: |
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|
Gross profit rate |
|
16.7 |
% |
|
|
16.5 |
% |
|
|
0.2 |
|
|
pts. |
|
|
|
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Selling, general and administrative expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of
revenue |
|
16.2 |
|
|
|
16.0 |
|
|
|
0.2 |
|
|
|
|
|
|
|
% of
gross profit |
|
97.2 |
|
|
|
96.7 |
|
|
|
0.5 |
|
|
|
|
|
|
|
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% Return: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from operations |
|
0.5 |
|
|
|
0.5 |
|
|
|
0.0 |
|
|
|
|
|
|
|
Earnings before taxes |
|
0.3 |
|
|
|
0.5 |
|
|
|
(0.2 |
) |
|
|
|
|
|
|
Net
earnings |
|
0.2 |
|
|
|
1.0 |
|
|
|
(0.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective income tax rate |
|
45.1 |
% |
|
|
(110.9 |
)% |
|
|
156.0 |
|
|
pts. |
|
|
|
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Average number of shares outstanding |
|
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(millions): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Basic |
|
37.4 |
|
|
|
37.2 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
37.4 |
|
|
|
37.2 |
|
|
|
|
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|
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Shares adjusted for nonvested restricted awards |
|
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(millions): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
38.5 |
|
|
|
38.2 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
38.5 |
|
|
|
38.2 |
|
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KELLY SERVICES, INC. AND SUBSIDIARIES |
|
RESULTS OF OPERATIONS BY SEGMENT |
|
(UNAUDITED) |
|
(In millions of dollars) |
|
|
|
|
|
|
|
|
|
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|
|
|
|
First Quarter |
|
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Constant |
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Currency |
|
|
2014 |
|
|
2013 |
|
|
Change |
|
|
Change |
|
AMERICAS |
|
|
|
|
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|
Commercial |
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
Revenue from services |
$ |
613.2 |
|
|
$ |
638.3 |
|
|
(3.9 |
)% |
|
(2.7 |
)% |
|
|
Staffing fee-based income (included in revenue from
services) |
|
3.7 |
|
|
|
3.9 |
|
|
(4.4 |
) |
|
(2.4 |
) |
|
|
Gross profit |
|
91.8 |
|
|
|
93.5 |
|
|
(1.8 |
) |
|
(0.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit rate |
|
15.0 |
% |
|
|
14.7 |
% |
|
0.3 |
pts. |
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
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|
PT |
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
Revenue from services |
$ |
236.4 |
|
|
$ |
242.6 |
|
|
(2.6 |
)% |
|
(2.4 |
)% |
|
|
Staffing fee-based income (included in revenue from
services) |
|
4.1 |
|
|
|
3.9 |
|
|
5.7 |
|
|
6.3 |
|
|
|
Gross profit |
|
39.8 |
|
|
|
38.3 |
|
|
4.0 |
|
|
4.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit rate |
|
16.8 |
% |
|
|
15.8 |
% |
|
1.0 |
pts. |
|
|
|
|
|
|
|
|
|
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|
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|
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|
Total Americas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from services |
$ |
849.6 |
|
|
$ |
880.9 |
|
|
(3.6 |
)% |
|
(2.6 |
)% |
|
|
Staffing fee-based income (included in revenue from
services) |
|
7.8 |
|
|
|
7.8 |
|
|
0.6 |
|
|
1.9 |
|
|
|
Gross profit |
|
131.6 |
|
|
|
131.8 |
|
|
(0.2 |
) |
|
0.7 |
|
|
|
Total SG&A expenses |
|
109.5 |
|
|
|
107.9 |
|
|
1.5 |
|
|
2.4 |
|
|
|
Earnings from operations |
|
22.1 |
|
|
|
23.9 |
|
|
(7.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit rate |
|
15.5 |
% |
|
|
15.0 |
% |
|
0.5 |
pts. |
|
|
|
|
|
Expense rates: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of
revenue |
|
12.9 |
|
|
|
12.3 |
|
|
0.6 |
|
|
|
|
|
|
|
% of
gross profit |
|
83.3 |
|
|
|
81.9 |
|
|
1.4 |
|
|
|
|
|
|
Return on sales |
|
2.6 |
|
|
|
2.7 |
|
|
(0.1 |
) |
|
|
|
|
|
|
|
|
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|
EMEA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from services |
$ |
221.9 |
|
|
$ |
201.0 |
|
|
10.4 |
% |
|
9.6 |
% |
|
|
Staffing fee-based income (included in revenue from
services) |
|
5.1 |
|
|
|
5.5 |
|
|
(7.8 |
) |
|
(5.0 |
) |
|
|
Gross profit |
|
32.9 |
|
|
|
31.1 |
|
|
5.9 |
|
|
5.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit rate |
|
14.8 |
% |
|
|
15.5 |
% |
|
(0.7 |
)
pts. |
|
|
|
|
|
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|
PT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from services |
$ |
47.7 |
|
|
$ |
43.5 |
|
|
9.6 |
% |
|
6.9 |
% |
|
|
Staffing fee-based income (included in revenue from
services) |
|
3.6 |
|
|
|
4.0 |
|
|
(8.8 |
) |
|
(7.9 |
) |
|
|
Gross profit |
|
11.1 |
|
|
|
10.7 |
|
|
3.8 |
|
|
2.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit rate |
|
23.3 |
% |
|
|
24.6 |
% |
|
(1.3 |
)
pts. |
|
|
|
|
|
|
|
|
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|
Total EMEA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from services |
$ |
269.6 |
|
|
$ |
244.5 |
|
|
10.3 |
% |
|
9.1 |
% |
|
|
Staffing fee-based income (included in revenue from
services) |
|
8.7 |
|
|
|
9.5 |
|
|
(8.2 |
) |
|
(6.2 |
) |
|
|
Gross profit |
|
44.0 |
|
|
|
41.8 |
|
|
5.4 |
|
|
4.4 |
|
|
|
SG&A expenses excluding restructuring charges |
|
41.9 |
|
|
|
42.2 |
|
|
(0.6 |
) |
|
|
|
|
|
Restructuring charges |
|
- |
|
|
|
(0.2 |
) |
|
(100.0 |
) |
|
|
|
|
|
Total SG&A expenses |
|
41.9 |
|
|
|
42.0 |
|
|
(0.2 |
) |
|
(1.4 |
) |
|
|
Earnings from operations |
|
2.1 |
|
|
|
(0.2 |
) |
|
NM |
|
|
|
|
|
|
Earnings from operations excluding restructuring
charges |
|
2.1 |
|
|
|
(0.4 |
) |
|
NM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit rate |
|
16.3 |
% |
|
|
17.1 |
% |
|
(0.8 |
)
pts. |
|
|
|
|
|
Expense rates (excluding restructuring charges): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of
revenue |
|
15.5 |
|
|
|
17.2 |
|
|
(1.7 |
) |
|
|
|
|
|
|
% of
gross profit |
|
95.1 |
|
|
|
100.8 |
|
|
(5.7 |
) |
|
|
|
|
|
Return on sales (excluding restructuring charges) |
|
0.8 |
|
|
|
(0.1 |
) |
|
0.9 |
|
|
|
|
|
|
|
|
|
|
KELLY SERVICES, INC. AND SUBSIDIARIES |
|
RESULTS OF OPERATIONS BY SEGMENT |
|
(UNAUDITED) |
|
(In millions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter |
|
|
|
|
|
|
|
|
|
|
|
Constant |
|
|
|
|
|
|
|
|
|
|
|
Currency |
|
|
2014 |
|
|
2013 |
|
|
Change |
|
|
Change |
|
APAC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from services |
$ |
83.0 |
|
|
$ |
81.5 |
|
|
1.8 |
% |
|
9.3 |
% |
|
|
Staffing fee-based income (included in revenue from
services) |
|
2.2 |
|
|
|
2.7 |
|
|
(20.4 |
) |
|
(12.9 |
) |
|
|
Gross profit |
|
12.3 |
|
|
|
11.6 |
|
|
6.5 |
|
|
14.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit rate |
|
14.8 |
% |
|
|
14.2 |
% |
|
0.6 |
pts. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from services |
$ |
8.6 |
|
|
$ |
10.2 |
|
|
(15.3 |
)% |
|
(7.2 |
)% |
|
|
Staffing fee-based income (included in revenue from
services) |
|
1.7 |
|
|
|
2.0 |
|
|
(14.0 |
) |
|
(6.0 |
) |
|
|
Gross profit |
|
2.8 |
|
|
|
3.3 |
|
|
(16.5 |
) |
|
(8.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit rate |
|
32.0 |
% |
|
|
32.5 |
% |
|
(0.5 |
)
pts. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total APAC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from services |
$ |
91.6 |
|
|
$ |
91.7 |
|
|
(0.1 |
)% |
|
7.5 |
% |
|
|
Staffing fee-based income (included in revenue from
services) |
|
3.9 |
|
|
|
4.7 |
|
|
(17.8 |
) |
|
(10.0 |
) |
|
|
Gross profit |
|
15.1 |
|
|
|
14.9 |
|
|
1.4 |
|
|
9.2 |
|
|
|
SG&A expenses excluding restructuring charges |
|
14.3 |
|
|
|
15.6 |
|
|
(7.8 |
) |
|
|
|
|
|
Restructuring charges |
|
- |
|
|
|
0.2 |
|
|
(100.0 |
) |
|
|
|
|
|
Total SG&A expenses |
|
14.3 |
|
|
|
15.8 |
|
|
(9.0 |
) |
|
(1.1 |
) |
|
|
Earnings from operations |
|
0.8 |
|
|
|
(0.9 |
) |
|
NM |
|
|
|
|
|
|
Earnings from operations excluding restructuring
charges |
|
0.8 |
|
|
|
(0.7 |
) |
|
NM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit rate |
|
16.5 |
% |
|
|
16.2 |
% |
|
0.3 |
pts. |
|
|
|
|
|
Expense rates (excluding restructuring charges): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of
revenue |
|
15.7 |
|
|
|
17.0 |
|
|
(1.3 |
) |
|
|
|
|
|
|
% of
gross profit |
|
95.1 |
|
|
|
104.7 |
|
|
(9.6 |
) |
|
|
|
|
|
Return on sales (excluding restructuring charges) |
|
0.8 |
|
|
|
(0.8 |
) |
|
1.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OCG |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from services |
$ |
134.4 |
|
|
$ |
107.4 |
|
|
25.1 |
% |
|
25.9 |
% |
|
|
Gross profit |
|
32.6 |
|
|
|
29.2 |
|
|
11.8 |
|
|
12.3 |
|
|
|
Total SG&A expenses |
|
31.4 |
|
|
|
26.7 |
|
|
17.9 |
|
|
18.4 |
|
|
|
Earnings from operations |
|
1.2 |
|
|
|
2.5 |
|
|
(52.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit rate |
|
24.3 |
% |
|
|
27.2 |
% |
|
(2.9 |
)
pts. |
|
|
|
|
|
Expense rates: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of
revenue |
|
23.4 |
|
|
|
24.8 |
|
|
(1.4 |
) |
|
|
|
|
|
|
% of
gross profit |
|
96.3 |
|
|
|
91.4 |
|
|
4.9 |
|
|
|
|
|
|
Return on sales |
|
0.9 |
|
|
|
2.3 |
|
|
(1.4 |
) |
|
|
|
|
|
|
|
|
|
KELLY SERVICES, INC. AND SUBSIDIARIES |
|
CONSOLIDATED BALANCE SHEETS |
|
(UNAUDITED) |
|
(In millions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
Mar. 30, 2014 |
|
|
Dec. 29, 2013 |
|
|
Mar. 31, 2013 |
|
Current Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and equivalents |
$ |
57.9 |
|
|
$ |
125.7 |
|
|
$ |
62.1 |
|
|
Trade accounts receivable, less allowances of $10.2,
$9.9 and $10.1, respectively |
|
1,080.2 |
|
|
|
1,023.1 |
|
|
|
999.8 |
|
|
Prepaid expenses and other current assets |
|
61.6 |
|
|
|
52.2 |
|
|
|
56.8 |
|
|
Deferred taxes |
|
29.2 |
|
|
|
35.5 |
|
|
|
36.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
1,228.9 |
|
|
|
1,236.5 |
|
|
|
1,155.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and Equipment, Net |
|
90.8 |
|
|
|
92.0 |
|
|
|
87.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncurrent Deferred Taxes |
|
129.3 |
|
|
|
121.7 |
|
|
|
106.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill, Net |
|
90.3 |
|
|
|
90.3 |
|
|
|
90.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets |
|
265.1 |
|
|
|
258.1 |
|
|
|
208.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
1,804.4 |
|
|
$ |
1,798.6 |
|
|
$ |
1,648.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
$ |
54.8 |
|
|
$ |
28.3 |
|
|
$ |
50.2 |
|
|
Accounts payable and accrued liabilities |
|
321.7 |
|
|
|
342.4 |
|
|
|
311.8 |
|
|
Accrued payroll and related taxes |
|
291.2 |
|
|
|
294.9 |
|
|
|
250.2 |
|
|
Accrued insurance |
|
25.5 |
|
|
|
27.6 |
|
|
|
31.4 |
|
|
Income and other taxes |
|
68.4 |
|
|
|
68.8 |
|
|
|
61.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
761.6 |
|
|
|
762.0 |
|
|
|
704.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncurrent Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Accrued insurance |
|
45.4 |
|
|
|
46.0 |
|
|
|
41.6 |
|
|
Accrued retirement benefits |
|
140.4 |
|
|
|
134.7 |
|
|
|
120.2 |
|
|
Other long-term liabilities |
|
31.8 |
|
|
|
33.3 |
|
|
|
22.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noncurrent liabilities |
|
217.6 |
|
|
|
214.0 |
|
|
|
184.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
40.1 |
|
|
|
40.1 |
|
|
|
40.1 |
|
|
Treasury stock |
|
(56.0 |
) |
|
|
(56.2 |
) |
|
|
(61.1 |
) |
|
Paid-in capital |
|
27.5 |
|
|
|
26.0 |
|
|
|
27.8 |
|
|
Earnings invested in the business |
|
751.9 |
|
|
|
751.3 |
|
|
|
711.0 |
|
|
Accumulated other comprehensive income |
|
61.7 |
|
|
|
61.4 |
|
|
|
40.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
825.2 |
|
|
|
822.6 |
|
|
|
758.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders' Equity |
$ |
1,804.4 |
|
|
$ |
1,798.6 |
|
|
$ |
1,648.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATISTICS: |
|
|
|
|
|
|
|
|
|
|
|
Working Capital |
$ |
467.3 |
|
|
$ |
474.5 |
|
|
$ |
450.2 |
|
Current Ratio |
|
1.6 |
|
|
|
1.6 |
|
|
|
1.6 |
|
Debt-to-capital % |
|
6.2 |
% |
|
|
3.3 |
% |
|
|
6.2 |
% |
Global Days Sales Outstanding |
|
57 |
|
|
|
52 |
|
|
|
54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KELLY SERVICES, INC. AND SUBSIDIARIES |
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
FOR THE 13 WEEKS ENDED MARCH 30, 2014 AND MARCH 31,
2013 |
|
(UNAUDITED) |
|
(In millions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 |
|
|
2013 |
|
|
|
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
Net earnings |
$ |
2.5 |
|
|
$ |
12.9 |
|
|
Noncash adjustments: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
5.3 |
|
|
|
5.3 |
|
|
|
Provision for bad debts |
|
1.6 |
|
|
|
0.4 |
|
|
|
Stock-based compensation |
|
1.7 |
|
|
|
1.2 |
|
|
|
Other, net |
|
0.3 |
|
|
|
0.2 |
|
|
Changes in operating assets and liabilities |
|
(102.2 |
) |
|
|
(14.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net
cash (used in) from operating activities |
|
(90.8 |
) |
|
|
5.9 |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
Capital expenditures |
|
(3.3 |
) |
|
|
(2.8 |
) |
|
Investment in equity affiliate |
|
(0.6 |
) |
|
|
- |
|
|
Other investing activities |
|
0.1 |
|
|
|
0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash used in investing activities |
|
(3.8 |
) |
|
|
(2.6 |
) |
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
Net change in short-term borrowings |
|
26.5 |
|
|
|
(13.7 |
) |
|
Dividend payments |
|
(1.9 |
) |
|
|
(1.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net
cash from (used in) financing activities |
|
24.6 |
|
|
|
(15.6 |
) |
|
|
|
|
|
|
|
|
Effect of exchange rates on cash and equivalents |
|
2.2 |
|
|
|
(1.9 |
) |
|
|
|
|
|
|
|
|
Net change in cash and equivalents |
|
(67.8 |
) |
|
|
(14.2 |
) |
Cash and equivalents at beginning of period |
|
125.7 |
|
|
|
76.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and equivalents at end of period |
$ |
57.9 |
|
|
$ |
62.1 |
|
|
|
|
|
|
|
KELLY SERVICES, INC. AND SUBSIDIARIES |
|
REVENUE FROM SERVICES |
|
(UNAUDITED) |
|
(In millions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter (Commercial, PT and OCG) |
|
|
|
|
|
|
% Change |
|
|
|
|
|
|
|
|
|
Constant |
|
|
2014 |
|
2013 |
|
US$ |
|
|
Currency |
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
|
|
|
|
|
|
|
|
|
|
|
United States |
$ |
839.9 |
|
$ |
839.5 |
|
0.0 |
% |
|
0.0 |
% |
|
Canada |
|
46.7 |
|
|
56.0 |
|
(16.6 |
) |
|
(8.9 |
) |
|
Mexico |
|
30.7 |
|
|
30.4 |
|
0.8 |
|
|
5.6 |
|
|
Puerto Rico |
|
25.1 |
|
|
23.1 |
|
8.5 |
|
|
8.5 |
|
|
Brazil |
|
15.9 |
|
|
18.5 |
|
(13.9 |
) |
|
0.0 |
|
Total Americas |
|
958.3 |
|
|
967.5 |
|
(1.0 |
) |
|
(0.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
EMEA |
|
|
|
|
|
|
|
|
|
|
|
|
France |
|
62.8 |
|
|
57.3 |
|
9.7 |
|
|
5.6 |
|
|
Switzerland |
|
62.3 |
|
|
53.4 |
|
16.6 |
|
|
11.8 |
|
|
Russia |
|
34.9 |
|
|
34.5 |
|
1.2 |
|
|
16.6 |
|
|
United Kingdom |
|
27.8 |
|
|
25.8 |
|
7.7 |
|
|
1.0 |
|
|
Portugal |
|
26.6 |
|
|
17.8 |
|
49.8 |
|
|
43.9 |
|
|
Germany |
|
16.7 |
|
|
16.0 |
|
4.2 |
|
|
0.3 |
|
|
Italy |
|
14.9 |
|
|
15.1 |
|
(1.3 |
) |
|
(5.0 |
) |
|
Norway |
|
14.4 |
|
|
14.8 |
|
(3.1 |
) |
|
4.7 |
|
|
Other |
|
17.1 |
|
|
17.4 |
|
(1.6 |
) |
|
(4.6 |
) |
Total EMEA |
|
277.5 |
|
|
252.1 |
|
10.1 |
|
|
8.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
APAC |
|
|
|
|
|
|
|
|
|
|
|
|
Singapore |
|
30.3 |
|
|
26.1 |
|
16.1 |
|
|
19.0 |
|
|
Australia |
|
26.5 |
|
|
32.7 |
|
(19.0 |
) |
|
(6.3 |
) |
|
Malaysia |
|
16.5 |
|
|
16.7 |
|
(0.7 |
) |
|
6.2 |
|
|
New
Zealand |
|
12.3 |
|
|
11.5 |
|
7.4 |
|
|
7.2 |
|
|
Other |
|
9.4 |
|
|
8.2 |
|
14.7 |
|
|
31.4 |
|
Total APAC |
|
64.7 |
|
|
69.1 |
|
(0.1 |
) |
|
7.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Kelly Services, Inc. |
$ |
1,300.5 |
|
$ |
1,288.7 |
|
1.2 |
% |
|
2.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
ANALYST CONTACT:
James Polehna (248) 244-4586 james_polehna@kellyservices.com
MEDIA CONTACT: Jane
Stehney (248) 244-5630 jane_stehney@kellyservices.com
Kelly Services (NASDAQ:KELYA)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Kelly Services (NASDAQ:KELYA)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024