EX-99.1 2 c91659exv99w1.htm EXHIBIT 99.1 Exhibit 99.1
Exhibit 99.1
(LOGO)
KELLY SERVICES REPORTS 3rd QUARTER 2009 RESULTS
TROY, MI (November 6, 2009) — Kelly Services, Inc., a world leader in workforce management services and human resources solutions, today announced results for the third quarter of 2009.
Carl T. Camden, President and Chief Executive Officer, announced revenue for the third quarter of 2009 totaled $1.0 billion, a 25% decrease compared to the corresponding quarter in 2008. On a constant currency basis, revenue decreased by 22%.
Losses from operations for the third quarter of 2009 totaled $28.0 million, compared to losses from operations of $14.5 million reported for the third quarter of 2008. Included in the results from operations are legal charges of $4.3 million in the third quarter of 2009 and $22.5 million in the third quarter of 2008.
Diluted losses per share from continuing operations in the third quarter of 2009 were $0.43 compared to third quarter 2008 losses of $0.33 per share. The legal charges totaled $0.08 per share in the third quarter of 2009 and $0.40 per share in the third quarter of 2008.
Commenting on the third quarter results, Camden was cautiously optimistic. “We are seeing signs that the global economy is picking up steam and job losses are stabilizing,” he said. “In the past few months, trends have shown modest improvement, and we’re particularly encouraged by the steady, sequential nature of that upturn.”
Camden added that job creation may lag for awhile. “Employers are understandably concerned about the sustainability of this recovery and likely will be guarded about expanding their workforce.
“In the meantime, Kelly has done an excellent job of streamlining, managing costs, maintaining a strong balance sheet, and serving our customers. Today, we’re a more agile and focused company. We believe we’re in a very good position to grow with this economy.”
In conjunction with its third quarter earnings release, Kelly Services, Inc. will host a conference call at 9:00 a.m. (ET) on November 6, 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
  1 612 234-9959
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

 

1

 

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, KELYB) is a world leader in workforce management services and human resources solutions. Kelly offers a comprehensive array of temporary staffing, permanent placement, outsourcing, and consulting services. Kelly serves clients around the globe and provides employment to 650,000 employees annually. Revenue in 2008 was $5.5 billion. Visit www.kellyservices.com.
     
ANALYST CONTACT:
  MEDIA CONTACT:
James Polehna
  Judith Clark
(248) 244-4586
  (248) 244-5362
james_polehna@kellyservices.com
  judith_clark@kellyservices.com

 

2

 

KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE 13 WEEKS ENDED SEPTEMBER 27, 2009 AND SEPTEMBER 28, 2008
(UNAUDITED)
(In millions of dollars except per share data)
                                 
    2009     2008     Change     % Change  
 
                                
Revenue from services
   $ 1,049.2     $ 1,397.8     $ (348.6 )     (24.9 )%
 
                                
Cost of services
     883.0       1,152.1       (269.1 )     (23.3 )
 
                        
 
                                
Gross profit
     166.2       245.7       (79.5 )     (32.4 )
 
                                
Selling, general and administrative expenses
     193.7       260.2       (66.5 )     (25.6 )
 
                                
Asset impairments
     0.5       —       0.5     NM  
 
                        
 
                                
Loss from operations
     (28.0 )     (14.5 )     (13.5 )     (92.6 )
 
                                
Other expense, net
     (1.6 )     (0.1 )     (1.5 )   NM  
 
                        
 
                                
Loss from continuing operations before taxes
     (29.6 )     (14.6 )     (15.0 )     (102.2 )
 
                                
Income taxes
     (14.8 )     (3.1 )     (11.7 )     (375.4 )
 
                        
 
                                
Loss from continuing operations
     (14.8 )     (11.5 )     (3.3 )     (28.6 )
 
                                
Loss from discontinued operations, net of tax
     —       (0.7 )     0.7       100.0  
 
                        
 
                                
Net loss
   $ (14.8 )   $ (12.2 )   $ (2.6 )     (21.6 )%
 
                        
 
                                
Basic loss per share on common stock
                                
Loss from continuing operations
   $ (0.43 )   $ (0.33 )   $ (0.10 )     (30.3 )%
Loss from discontinued operations
     —       (0.02 )     0.02       100.0  
Net loss
     (0.43 )     (0.35 )     (0.08 )     (22.9 )
 
                                
Diluted loss per share on common stock
                                
Loss from continuing operations
   $ (0.43 )   $ (0.33 )   $ (0.10 )     (30.3 )%
Loss from discontinued operations
     —       (0.02 )     0.02       100.0  
Net loss
     (0.43 )     (0.35 )     (0.08 )     (22.9 )
 
                                
STATISTICS:
                                
 
                                
Gross profit rate
     15.8 %     17.6 %   (1.8 ) pts.        
 
                                
Selling, general and administrative expenses:
                                
% of revenue
     18.5       18.6       (0.1 )        
% of gross profit
     116.5       105.9       10.6          
 
                                
% Return — Loss from operations
     (2.7 )     (1.0 )     (1.7 )        
Loss from continuing operations before taxes
     (2.8 )     (1.0 )     (1.8 )        
Loss from continuing operations
     (1.4 )     (0.8 )     (0.6 )        
Net loss
     (1.4 )     (0.9 )     (0.5 )        
 
                                
Effective income tax rate
     49.9 %     21.2 %   28.7  pts.      

 

3

 

KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE 39 WEEKS ENDED SEPTEMBER 27, 2009 AND SEPTEMBER 28, 2008
(UNAUDITED)
(In millions of dollars except per share data)
                                 
    2009     2008     Change     % Change  
 
                                
Revenue from services
   $ 3,120.7     $ 4,238.2     $ (1,117.5 )     (26.4 )%
 
                                
Cost of services
     2,607.3       3,485.2       (877.9 )     (25.2 )
 
                        
 
                                
Gross profit
     513.4       753.0       (239.6 )     (31.8 )
 
                                
Selling, general and administrative expenses
     593.4       739.6       (146.2 )     (19.8 )
 
                                
Asset impairments
     53.1       —       53.1     NM  
 
                        
 
                                
(Loss) earnings from operations
     (133.1 )     13.4       (146.5 )   NM  
 
                                
Other expense, net
     (1.3 )     —       (1.3 )   NM  
 
                        
 
                                
(Loss) earnings from continuing operations before taxes
     (134.4 )     13.4       (147.8 )   NM  
 
                                
Income taxes
     (37.5 )     6.5       (44.0 )   NM  
 
                        
 
                                
(Loss) earnings from continuing operations
     (96.9 )     6.9       (103.8 )   NM  
 
                                
Earnings (loss) from discontinued operations, net of tax
     0.6       (0.4 )     1.0       273.7  
 
                        
 
                                
Net (loss) earnings
   $ (96.3 )   $ 6.5     $ (102.8 )   NM %
 
                        
 
                                
Basic (loss) earnings per share on common stock
                                
(Loss) earnings from continuing operations
   $ (2.78 )   $ 0.19     $ (2.97 )   NM %
Earnings (loss) from discontinued operations
     0.02       (0.01 )     0.03       300.0  
Net (loss) earnings
     (2.76 )     0.19       (2.95 )   NM  
 
                                
Diluted (loss) earnings per share on common stock
                                
(Loss) earnings from continuing operations
   $ (2.78 )   $ 0.19     $ (2.97 )   NM %
Earnings (loss) from discontinued operations
     0.02       (0.01 )     0.03       300.0  
Net (loss) earnings
     (2.76 )     0.19       (2.95 )   NM  
 
                                
STATISTICS:
                                
 
                                
Gross profit rate
     16.5 %     17.8 %   (1.3 ) pts.      
 
                                
Selling, general and administrative expenses:
                                
% of revenue
     19.0       17.5       1.5          
% of gross profit
     115.6       98.2       17.4          
 
                                
% Return — (Loss) earnings from operations
     (4.3 )     0.3       (4.6 )        
(Loss) earnings from continuing operations before taxes
     (4.3 )     0.3       (4.6 )        
(Loss) earnings from continuing operations
     (3.1 )     0.2       (3.3 )        
Net (loss) earnings
     (3.1 )     0.2       (3.3 )        
 
                                
Effective income tax rate
     27.9 %     48.5 %   (20.6 ) pts.      

 

4

 

KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)
                                 
    Third Quarter  
                            Constant  
                            Currency  
    2009     2008     Change     Change  
Americas Commercial
                                
Revenue from services (including fee-based income)
   $ 467.5     $ 621.6       (24.8 )%     (23.6 )%
Fee-based income
     1.7       4.3       (60.3 )     (59.3 )
Gross profit
     67.2       95.2       (29.4 )     (28.4 )
SG&A expenses
     67.8       83.3       (18.7 )     (17.7 )
Earnings from operations
     (0.6 )     11.9       (104.8 )        
 
                                
Gross profit rate
     14.4 %     15.3 %   (0.9 ) pts.        
Expense rates:
                                
% of revenue
     14.5       13.4       1.1          
% of gross profit
     100.8       87.6       13.2          
Operating margin
     (0.1 )     1.9       (2.0 )        
 
                                
Americas PT
                                
Revenue from services (including fee-based income)
   $ 192.1     $ 234.8       (18.2 )%     (18.1 )%
Fee-based income
     2.1       5.0       (57.3 )     (57.2 )
Gross profit
     29.5       39.1       (24.5 )     (24.4 )
SG&A expenses
     24.6       28.9       (14.6 )     (14.5 )
Earnings from operations
     4.9       10.2       (52.7 )        
 
                                
Gross profit rate
     15.4 %     16.6 %   (1.2 ) pts.        
Expense rates:
                                
% of revenue
     12.9       12.3       0.6          
% of gross profit
     83.7       74.0       9.7          
Operating margin
     2.5       4.3       (1.8 )        
 
                                
EMEA Commercial
                                
Revenue from services (including fee-based income)
   $ 228.0     $ 353.6       (35.5 )%     (29.5 )%
Fee-based income
     3.7       10.2       (64.5 )     (60.1 )
Gross profit
     33.9       63.0       (46.2 )     (41.4 )
SG&A expenses
     39.5       59.0       (33.2 )     (27.8 )
Earnings from operations
     (5.6 )     4.0       (237.9 )        
 
                                
Gross profit rate
     14.9 %     17.8 %   (2.9 ) pts.        
Expense rates:
                                
% of revenue
     17.3       16.7       0.6          
% of gross profit
     116.3       93.6       22.7          
Operating margin
     (2.4 )     1.1       (3.5 )        
 
                                
EMEA PT
                                
Revenue from services (including fee-based income)
   $ 36.4     $ 44.0       (17.3 )%     (10.7 )%
Fee-based income
     3.9       6.7       (40.5 )     (33.6 )
Gross profit
     9.8       12.9       (23.8 )     (16.9 )
SG&A expenses
     9.9       12.5       (20.2 )     (13.1 )
Earnings from operations
     (0.1 )     0.4       (131.7 )        
 
                                
Gross profit rate
     27.0 %     29.3 %   (2.3 ) pts.        
Expense rates:
                                
% of revenue
     27.3       28.3       (1.0 )        
% of gross profit
     101.3       96.8       4.5          
Operating margin
     (0.4 )     0.9       (1.3 )        

 

5

 

KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT (continued)
(UNAUDITED)
(In millions of dollars)
                                 
    Third Quarter  
                            Constant  
                            Currency  
    2009     2008     Change     Change  
APAC Commercial
                                
Revenue from services (including fee-based income)
   $ 71.2     $ 84.9       (16.2 )%     (12.0 )%
Fee-based income
     2.3       4.5       (48.4 )     (46.5 )
Gross profit
     10.3       14.7       (29.6 )     (26.4 )
SG&A expenses
     11.5       14.5       (20.8 )     (17.6 )
Earnings from operations
     (1.2 )     0.2     NM          
 
                                
Gross profit rate
     14.5 %     17.3 %   (2.8 ) pts.        
Expense rates:
                                
% of revenue
     16.1       17.1       (1.0 )        
% of gross profit
     111.1       98.7       12.4          
Operating margin
     (1.6 )     0.2       (1.8 )        
 
                                
APAC PT
                                
Revenue from services (including fee-based income)
   $ 6.5     $ 9.2       (29.7 )%     (28.0 )%
Fee-based income
     1.0       1.5       (32.7 )     (30.1 )
Gross profit
     2.0       2.8       (31.6 )     (29.7 )
SG&A expenses
     2.3       2.7       (14.7 )     (10.6 )
Earnings from operations
     (0.3 )     0.1       (347.6 )        
 
                                
Gross profit rate
     30.3 %     31.2 %   (0.9 ) pts.        
Expense rates:
                                
% of revenue
     35.9       29.6       6.3          
% of gross profit
     118.4       94.9       23.5          
Operating margin
     (5.6 )     1.6       (7.2 )        
 
                                
OCG
                                
Revenue from services (including fee-based income)
   $ 52.9     $ 55.9       (5.4 )%     (4.4 )%
Fee-based income
     5.8       7.4       (21.7 )     (19.4 )
Gross profit
     13.7       18.3       (24.7 )     (23.1 )
SG&A expenses
     17.4       18.4       (5.2 )     (3.3 )
Earnings from operations
     (3.7 )     (0.1 )   NM          
 
                                
Gross profit rate
     26.1 %     32.8 %   (6.7 ) pts.        
Expense rates:
                                
% of revenue
     33.0       32.9       0.1          
% of gross profit
     126.6       100.5       26.1          
Operating margin
     (6.9 )     (0.2 )     (6.7 )        
 
                                
Corporate Expense
   $ (20.9 )   $ (41.2 )     49.3 %        

 

6

 

KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)
                                 
    September Year to Date  
                            Constant  
                            Currency  
    2009     2008     Change     Change  
Americas Commercial
                                
Revenue from services (including fee-based income)
   $ 1,422.9     $ 1,921.1       (25.9 )%     (24.3 )%
Fee-based income
     5.1       12.9       (60.9 )     (58.7 )
Gross profit
     210.9       302.6       (30.3 )     (28.9 )
SG&A expenses
     209.0       248.8       (16.0 )     (14.4 )
Earnings from operations
     1.9       53.8       (96.4 )        
 
                                
Gross profit rate
     14.8 %     15.8 %   (1.0 ) pts.        
Expense rates:
                                
% of revenue
     14.7       13.0       1.7          
% of gross profit
     99.1       82.2       16.9          
Operating margin
     0.1       2.8       (2.7 )        
 
                                
Americas PT
                                
Revenue from services (including fee-based income)
   $ 584.3     $ 718.9       (18.7 )%     (18.6 )%
Fee-based income
     7.2       15.7       (54.2 )     (54.1 )
Gross profit
     93.2       124.2       (25.0 )     (24.8 )
SG&A expenses
     76.4       85.5       (10.6 )     (10.3 )
Earnings from operations
     16.8       38.7       (56.7 )        
 
                                
Gross profit rate
     15.9 %     17.3 %   (1.4 ) pts.        
Expense rates:
                                
% of revenue
     13.1       11.9       1.2          
% of gross profit
     82.0       68.9       13.1          
Operating margin
     2.9       5.4       (2.5 )        
 
                                
EMEA Commercial
                                
Revenue from services (including fee-based income)
   $ 656.3     $ 1,027.2       (36.1 )%     (25.5 )%
Fee-based income
     12.3       32.0       (61.6 )     (54.3 )
Gross profit
     102.8       179.7       (42.8 )     (33.6 )
SG&A expenses
     125.8       176.0       (28.5 )     (18.1 )
Earnings from operations
     (23.0 )     3.7     NM          
 
                                
Gross profit rate
     15.7 %     17.5 %   (1.8 ) pts.          
Expense rates:
                                
% of revenue
     19.2       17.1       2.1          
% of gross profit
     122.4       97.9       24.5          
Operating margin
     (3.5 )     0.4       (3.9 )        
 
                                
EMEA PT
                                
Revenue from services (including fee-based income)
   $ 102.3     $ 134.1       (23.7 )%     (12.1 )%
Fee-based income
     12.1       21.3       (42.9 )     (32.1 )
Gross profit
     28.0       40.0       (30.0 )     (18.7 )
SG&A expenses
     30.0       37.2       (19.2 )     (5.8 )
Earnings from operations
     (2.0 )     2.8       (172.0 )        
 
                                
Gross profit rate
     27.4 %     29.8 %   (2.4 ) pts.      
Expense rates:
                                
% of revenue
     29.4       27.7       1.7          
% of gross profit
     107.2       93.0       14.2          
Operating margin
     (2.0 )     2.1       (4.1 )        

 

7

 

KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT (continued)
(UNAUDITED)
(In millions of dollars)
                                 
    September Year to Date  
                            Constant  
                            Currency  
    2009     2008     Change     Change  
APAC Commercial
                                
Revenue from services (including fee-based income)
   $ 201.9     $ 262.5       (23.1 )%     (13.4 )%
Fee-based income
     6.8       14.0       (51.0 )     (46.1 )
Gross profit
     29.5       44.9       (34.5 )     (26.3 )
SG&A expenses
     33.2       44.2       (25.0 )     (16.3 )
Earnings from operations
     (3.7 )     0.7     NM          
 
Gross profit rate
     14.6 %     17.1 %     (2.5)   pts.        
Expense rates:
                                
% of revenue
     16.4       16.8       (0.4 )        
% of gross profit
     112.5       98.3       14.2          
Operating margin
     (1.8 )     0.3       (2.1 )        
 
                                
APAC PT
                                
Revenue from services (including fee-based income)
   $ 18.2     $ 27.1       (32.8 )%     (26.5 )%
Fee-based income
     2.8       4.3       (34.6 )     (27.8 )
Gross profit
     5.6       8.3       (32.6 )     (26.2 )
SG&A expenses
     6.6       8.5       (22.7 )     (13.0 )
Earnings from operations
     (1.0 )     (0.2 )     (362.0 )        
 
Gross profit rate
     30.8 %     30.7 %     0.1   pts.        
Expense rates:
                                
% of revenue
     36.3       31.5       4.8          
% of gross profit
     117.8       102.6       15.2          
Operating margin
     (5.5 )     (0.8 )     (4.7 )        
 
                                
OCG
                                
Revenue from services (including fee-based income)
   $ 151.7     $ 164.9       (8.0 )%     (6.1 )%
Fee-based income
     18.4       20.6       (10.9 )     (5.8 )
Gross profit
     44.2       54.0       (18.0 )     (14.9 )
SG&A expenses
     52.3       51.6       1.3       5.4  
Earnings from operations
     (8.1 )     2.4       (452.5 )        
 
Gross profit rate
     29.2 %     32.7 %     (3.5)   pts.        
Expense rates:
                                
% of revenue
     34.5       31.3       3.2          
% of gross profit
     118.3       95.8       22.5          
Operating margin
     (5.3 )     1.4       (6.7 )        
 
                                
Corporate Expense
   $ (60.9 )   $ (88.5 )     31.2 %        

 

8

 

KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In millions of dollars)
                         
    September 27,     December 28,     September 28,  
    2009     2008     2008  
Current Assets
                        
Cash and equivalents
   $ 91.0     $ 118.3     $ 113.6  
Trade accounts receivable, less allowances of $15.7, $17.0 and $18.6, respectively
     707.3       815.8       913.7  
Prepaid expenses and other current assets
     54.3       62.0       59.7  
Deferred taxes
     25.7       31.9       30.2  
 
                  
 
Total current assets
     878.3       1,028.0       1,117.2  
 
                        
Property and Equipment, Net
     132.5       151.3       168.3  
 
                        
Noncurrent Deferred Taxes
     66.0       40.0       48.6  
 
                        
Goodwill, Net
     67.3       117.8       161.4  
 
                        
Other Assets
     134.6       120.2       134.2  
 
                        
 
                  
 
Total Assets
   $ 1,278.7     $ 1,457.3     $ 1,629.7  
 
                  
 
                        
Current Liabilities
                        
Short-term borrowings and current portion of long-term debt
   $ 15.3     $ 35.2     $ 63.3  
Accounts payable and accrued liabilities
     201.9       244.1       242.1  
Accrued payroll and related taxes
     229.6       243.2       282.0  
Accrued insurance
     25.0       26.3       23.3  
Income and other taxes
     29.8       51.8       62.4  
 
                  
 
Total current liabilities
     501.6       600.6       673.1  
 
                        
Noncurrent Liabilities
                        
Long-term debt
     66.0       80.0       51.2  
Accrued insurance
     43.9       46.9       59.5  
Accrued retirement benefits
     74.0       61.6       70.2  
Other long-term liabilities
     14.2       15.3       17.0  
 
                  
 
Total noncurrent liabilities
     198.1       203.8       197.9  
 
                        
Stockholders’ Equity
                        
Common stock
     40.1       40.1       40.1  
Treasury stock
     (107.6 )     (111.2 )     (111.3 )
Paid-in capital
     35.9       35.8       34.5  
Earnings invested in the business
     579.7       676.0       769.6  
Accumulated other comprehensive income
     30.9       12.2       25.8  
 
                  
 
                        
Total stockholders’ equity
     579.0       652.9       758.7  
 
                  
 
                        
Total Liabilities and Stockholders’ Equity
   $ 1,278.7     $ 1,457.3     $ 1,629.7  
 
                  
 
STATISTICS:
                        
Working Capital
   $ 376.7     $ 427.4     $ 444.1  
Current Ratio
     1.8       1.7       1.7  
Debt-to-capital %
     12.3 %     15.0 %     13.1 %
Global Days Sales Outstanding
     52       50       51  

 

9

 

KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE 39 WEEKS ENDED SEPTEMBER 27, 2009 AND SEPTEMBER 28, 2008
(UNAUDITED)
(In millions of dollars)
                 
    2009     2008  
Cash flows from operating activities
                
Net (loss) earnings
   $ (96.3 )   $ 6.5  
Noncash adjustments:
                
Impairment of assets
     53.1       —  
Depreciation and amortization
     30.9       34.1  
Provision for bad debts
     2.7       4.8  
Stock-based compensation
     3.6       3.0  
Other, net
     (4.0 )     1.8  
Changes in operating assets and liabilities
     50.7       36.2  
 
            
 
                
Net cash from operating activities
     40.7       86.4  
 
            
 
                
Cash flows from investing activities
                
Capital expenditures
     (7.9 )     (23.5 )
Acquisition of companies, net of cash received
     (7.5 )     (32.4 )
Other investing activities
     (2.9 )     (0.4 )
 
            
 
                
Net cash from investing activities
     (18.3 )     (56.3 )
 
            
 
Cash flows from financing activities
                
Net change in revolving line of credit
     (11.9 )     12.5  
Repayment of debt
     (22.9 )     —  
Dividend payments
     —       (14.2 )
Purchase of treasury stock
     —       (8.0 )
Other financing activities
     (18.5 )     1.1  
 
            
 
                
Net cash from financing activities
     (53.3 )     (8.6 )
 
            
 
                
Effect of exchange rates on cash and equivalents
     3.6       (0.7 )
 
            
 
                
Net change in cash and equivalents
     (27.3 )     20.8  
Cash and equivalents at beginning of period
     118.3       92.8  
 
            
 
                
Cash and equivalents at end of period
   $ 91.0     $ 113.6  
 
            

 

10

 

KELLY SERVICES, INC. AND SUBSIDIARIES
REVENUE FROM SERVICES
(UNAUDITED)
(In millions of dollars)
                                 
    Third Quarter (Commercial, PT and OCG)  
                    % Change  
                            Constant  
    2009     2008     US$     Currency  
 
Americas
                                
United States
   $ 623.1     $ 795.8       (21.7 )%     (21.7 )%
Canada
     48.4       62.1       (22.1 )     (17.7 )
Mexico
     16.7       20.8       (19.9 )     3.0  
Puerto Rico
     12.6       19.3       (34.5 )     (34.5 )
 
                            
Total Americas
     700.8       898.0       (22.0 )     (21.1 )
 
                                
EMEA
                                
France
     69.4       93.7       (25.9 )     (21.6 )
United Kingdom
     50.8       102.5       (50.5 )     (42.7 )
Switzerland
     38.8       49.0       (21.0 )     (21.3 )
Italy
     17.4       33.9       (48.6 )     (45.7 )
Germany
     16.6       21.1       (21.7 )     (17.3 )
Russia
     16.5       25.4       (34.9 )     (16.0 )
Norway
     16.2       24.9       (34.8 )     (23.3 )
Portugal
     15.8       11.9       33.3       40.3  
Other
     26.9       40.4       (33.3 )     (27.9 )
 
                            
Total EMEA
     268.4       402.8       (33.4 )     (27.3 )
 
                                
APAC
                                
Australia
     25.0       33.9       (26.2 )     (20.8 )
Singapore
     16.4       18.7       (11.9 )     (9.2 )
Malaysia
     12.3       13.4       (8.9 )     (4.0 )
Other
     26.3       31.0       (15.3 )     (12.5 )
 
                            
Total APAC
     80.0       97.0       (17.5 )     (13.6 )
 
                                
Total Kelly Services, Inc.
   $ 1,049.2     $ 1,397.8       (24.9) %     (22.4 )%
 
                            

 

11

 

KELLY SERVICES, INC. AND SUBSIDIARIES
REVENUE FROM SERVICES
(UNAUDITED)
(In millions of dollars)
                                 
    September Year to Date (Commercial, PT and OCG)  
                    % Change  
                            Constant  
    2009     2008     US$     Currency  
 
Americas
                                
United States
   $ 1,901.2     $ 2,455.6       (22.6 )%     (22.6 )%
Canada
     131.9       187.6       (29.7 )     (19.5 )
Mexico
     47.5       58.1       (18.3 )     6.0  
Puerto Rico
     42.9       58.7       (27.0 )     (27.0 )
 
                            
Total Americas
     2,123.5       2,760.0       (23.1 )     (21.9 )
 
                                
EMEA
                                
France
     194.0       275.7       (29.6 )     (21.6 )
United Kingdom
     163.6       317.3       (48.4 )     (34.2 )
Switzerland
     99.8       143.5       (30.5 )     (27.4 )
Italy
     53.9       106.7       (49.4 )     (43.5 )
Germany
     47.5       65.3       (27.3 )     (19.0 )
Russia
     45.5       68.6       (33.7 )     (10.7 )
Norway
     44.4       69.2       (35.8 )     (20.1 )
Portugal
     40.1       11.9       237.7       274.2  
Other
     82.2       121.7       (32.5 )     (22.7 )
 
                            
Total EMEA
     771.0       1,179.9       (34.7 )     (23.9 )
 
                                
APAC
                                
Australia
     67.9       107.7       (36.9 )     (23.2 )
Singapore
     46.5       55.2       (15.6 )     (10.7 )
Malaysia
     36.4       42.9       (15.3 )     (7.4 )
Other
     75.4       92.5       (18.5 )     (10.7 )
 
                            
Total APAC
     226.2       298.3       (24.1 )     (14.7 )
 
                                
Total Kelly Services, Inc.
   $ 3,120.7     $ 4,238.2       (26.4 )%     (21.9 )%
 
                            

 

12