-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Fh0f9UWPNzQ9NHavZh/++69z50RSdaxPlmAJiXAvP1Ksu/lHl6G62plnHKyuTrmE W+7W7t4zuoDfR749ArTP+Q== 0001193125-07-088228.txt : 20070424 0001193125-07-088228.hdr.sgml : 20070424 20070424074528 ACCESSION NUMBER: 0001193125-07-088228 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20070424 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070424 DATE AS OF CHANGE: 20070424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KELLY SERVICES INC CENTRAL INDEX KEY: 0000055135 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HELP SUPPLY SERVICES [7363] IRS NUMBER: 381510762 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-01088 FILM NUMBER: 07783035 BUSINESS ADDRESS: STREET 1: 999 W BIG BEAVER RD CITY: TROY STATE: MI ZIP: 48084 BUSINESS PHONE: 2483624444 MAIL ADDRESS: STREET 1: 999 WEST BIG BEAVER RD CITY: TROY STATE: MI ZIP: 48084 8-K 1 d8k.htm FORM 8-K Form 8-K

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 24, 2007

 

 

KELLY SERVICES, INC.

 

  
 

 

(Exact name of Registrant as specified in its charter)

  

 

DELAWARE

 

    

0-1088

 

    

38-1510762

 

 

(State or other

jurisdiction of

incorporation)

    

 

(Commission

File Number)

    

 

(IRS Employer

Identification

Number)

 

 

 

999 WEST BIG BEAVER ROAD, TROY, MICHIGAN 48084

 

  
 

 

(Address of principal executive offices)

  
  (Zip Code)  

 

 

(248) 362-4444

 

  
 

 

(Registrant’s telephone number, including area code)

  

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

[  ]    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

[  ]    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

[  ]    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

[  ]    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

  

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Item 7.01.    Regulation FD Disclosure

Kelly Services, Inc. (the “Company”) today posted quarterly information for the 2006 and 2005 fiscal years and annual information for the 2002-2006 fiscal years on the Investor Relations page of the Company’s website.

The information has been revised to reflect the realignment of the Company’s operations into four reporting segments – Americas Commercial, Americas Professional, Technical and Staffing Alternatives (PTSA), International Commercial and International PTSA. The Americas include the U.S. operations, as well as Canada, Mexico and Puerto Rico, which were previously included in International. Additionally, corporate expenses that directly support the operating units have been allocated to the four segments. The Company also sold its Kelly Home Care business during the first quarter of 2007, which is now classified as a discontinued operation. The website may be accessed at www.kellyservices.com.

Copies of the schedules are attached as exhibits 99.1 through 99.5 herein.

Item 9.01.    Financial Statements and Exhibits

(d) Exhibits

      99.1    2006 Quarterly Results of Operations

      99.2    2005 Quarterly Results of Operations

      99.3    2006 Results of Operations by Segment

      99.4    2005 Results of Operations by Segment

      99.5    2002-2006 Results of Operations

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

  KELLY SERVICES, INC.
Date: April 24, 2007  
  /s/ William K. Gerber
  William K. Gerber
  Executive Vice President and
  Chief Financial Officer
  (Principal Financial Officer)
Date: April 24, 2007  
  /s/ Michael E. Debs
  Michael E. Debs
  Senior Vice President and Corporate Controller
  (Principal Accounting Officer)

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EXHIBIT INDEX

 

Exhibit No.                          Description
    99.1    2006 Quarterly Results of Operations
    99.2    2005 Quarterly Results of Operations
    99.3    2006 Results of Operations by Segment
    99.4    2005 Results of Operations by Segment
    99.5    2002-2006 Results of Operations
 EX-99.1 2 dex991.htm 2006 QUARTERLY RESULTS OF OPERATIONS 2006 Quarterly Results of Operations

5

 

Exhibit 99.1

KELLY SERVICES, INC. AND SUBSIDIARIES

2006 QUARTERLY RESULTS OF OPERATIONS

(In thousands of dollars except per share data)

 

     First Qtr.    Second Qtr.    Third Qtr.    Fourth Qtr.    Full Year

Revenue from services

    $ 1,335,605    $ 1,392,886    $ 1,396,911    $ 1,421,376    $ 5,546,778

Cost of services

      1,122,569      1,169,538      1,166,061      1,181,884      4,640,052
                                  

Gross profit

      213,036      223,348      230,850      239,492      906,726

Selling, general and administrative expenses

      200,240      203,384      207,870      217,191      828,685
                                  

Earnings from operations

      12,796      19,964      22,980      22,301      78,041

Other income, net

      40      465      348      618      1,471
                                  

Earnings from continuing operations before taxes

      12,836      20,429      23,328      22,919      79,512

Income taxes

      4,664      8,579      6,893      2,591      22,727
                                  

Earnings from continuing operations

      8,172      11,850      16,435      20,328      56,785

Earnings from discontinued operations, net of tax

      386      823      1,383      4,114      6,706
                                  

Net earnings

    $ 8,558    $ 12,673    $ 17,818    $ 24,442    $ 63,491
                                  

Basic earnings per share

               

Earnings from continuing operations

    $ 0.23    $ 0.33    $ 0.46    $ 0.56    $ 1.58

Earnings from discontinued operations

      0.01      0.02      0.04      0.11      0.19
                                  

Net earnings

    $ 0.24    $ 0.35    $ 0.49    $ 0.68    $ 1.76
                                  

Diluted earnings per share

               

Earnings from continuing operations

    $ 0.23    $ 0.33    $ 0.45    $ 0.56    $ 1.56

Earnings from discontinued operations

      0.01      0.02      0.04      0.11      0.18
                                  

Net earnings

    $ 0.24    $ 0.35    $ 0.49    $ 0.67    $ 1.75
                                  
 EX-99.2 3 dex992.htm 2005 QUARTERLY RESULTS OF OPERATIONS 2005 Quarterly Results of Operations

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Exhibit 99.2

KELLY SERVICES, INC. AND SUBSIDIARIES

2005 QUARTERLY RESULTS OF OPERATIONS

(In thousands of dollars except per share data)

 

     First Qtr.     Second Qtr.     Third Qtr.     Fourth Qtr.     Full Year  

Revenue from services

    $ 1,221,517     $ 1,285,118     $ 1,319,215     $ 1,360,508     $ 5,186,358  

Cost of services

      1,024,299       1,078,148       1,107,887       1,146,015       4,356,349  
                                        

Gross profit

      197,218       206,970       211,328       214,493       830,009  

Selling, general and administrative expenses

      190,725       193,839       194,064       197,628       776,256  
                                        

Earnings from operations

      6,493       13,131       17,264       16,865       53,753  

Other income (expense), net

      (35 )     (152 )     10       (10 )     (187 )
                                        

Earnings from continuing operations before taxes

      6,458       12,979       17,274       16,855       53,566  

Income taxes

      2,313       3,951       4,676       4,927       15,867  
                                        

Earnings from continuing operations

      4,145       9,028       12,598       11,928       37,699  

Earnings (loss) from discontinued operations, net of tax

      (207 )     305       77       1,389       1,564  
                                        

Net earnings

    $ 3,938     $ 9,333     $ 12,675     $ 13,317     $ 39,263  
                                        

Basic earnings per share

           

Earnings from continuing operations

    $ 0.12     $ 0.25     $ 0.35     $ 0.33     $ 1.06  

Earnings from discontinued operations

      (0.01 )     0.01       —        0.04       0.04  
                                        

Net earnings

    $ 0.11     $ 0.26     $ 0.35     $ 0.37     $ 1.10  
                                        

Diluted earnings per share

           

Earnings from continuing operations

    $ 0.12     $ 0.25     $ 0.35     $ 0.33     $ 1.05  

Earnings from discontinued operations

      (0.01 )     0.01       —        0.04       0.04  
                                        

Net earnings

    $ 0.11     $ 0.26     $ 0.35     $ 0.37     $ 1.09  
                                        
 EX-99.3 4 dex993.htm 2006 RESULTS OF OPERATIONS BY SEGMENT 2006 Results of Operations by Segment

7

 

 

Exhibit 99.3

KELLY SERVICES, INC.

2006 RESULTS OF OPERATIONS BY SEGMENT

(In thousands of dollars)

 

     First Qtr.     Second Qtr.     Third Qtr.     Fourth Qtr.     Full Year  

Revenue from Services:

           

Americas - Commercial

    $ 714,465     $ 738,734     $ 723,762     $ 739,118     $ 2,916,079  

Americas - PTSA

      280,736       276,764       273,482       277,347       1,108,329  
                                        

Americas - Total

      995,201       1,015,498       997,244       1,016,465       4,024,408  

International - Commercial

      308,679       342,832       362,187       364,842       1,378,540  

International - PTSA

      31,725       34,556       37,480       40,069       143,830  
                                        

International - Total

      340,404       377,388       399,667       404,911       1,522,370  

Consolidated Total

    $ 1,335,605     $ 1,392,886     $ 1,396,911     $ 1,421,376     $ 5,546,778  
                                        

Gross Profit Rate:

           

Americas - Commercial

      14.9   %     15.1   %     15.4   %     15.9   %     15.4   %

Americas - PTSA

      16.5       16.3       17.5       17.9       17.1  

Americas - Total

      15.4       15.5       16.0       16.4       15.8  

International - Commercial

      16.8       16.9       17.1       17.0       16.9  

International - PTSA

      25.2       24.8       25.1       25.6       25.2  

International - Total

      17.6       17.6       17.8       17.9       17.7  

Consolidated Total

      16.0   %     16.0   %     16.5   %     16.8   %     16.3   %
                                        

Expense Rate:

           

Americas - Commercial

      12.0   %     11.6   %     11.9   %     11.9   %     11.8   %

Americas - PTSA

      11.3       11.5       12.0       12.4       11.8  

Americas - Total

      11.8       11.5       11.9       12.0       11.8  

International - Commercial

      17.6       17.0       16.2       17.0       16.9  

International - PTSA

      24.6       25.1       24.3       25.0       24.7  

International - Total

      18.2       17.8       16.9       17.8       17.6  

Consolidated Total

      15.0   %     14.6   %     14.9   %     15.3   %     14.9   %
                                        

Earnings (Loss) from Operations:

           

Americas - Commercial

    $ 21,133     $ 26,381     $ 25,804     $ 29,600     $ 102,918  

Americas - PTSA

      14,562       13,454       15,024       15,134       58,174  
                                        

Americas - Total

      35,695       39,835       40,828       44,734       161,092  

International - Commercial

      (2,339 )     (558 )     3,209       255       567  

International - PTSA

      180       (78 )     288       251       641  
                                        

International - Total

      (2,159 )     (636 )     3,497       506       1,208  

Corporate Expense

      (20,740 )     (19,235 )     (21,345 )     (22,939 )     (84,259 )
                                        

Consolidated Total

    $ 12,796     $ 19,964     $ 22,980     $ 22,301     $ 78,041  
                                        
 EX-99.4 5 dex994.htm 2005 RESULTS OF OPERATIONS BY SEGMENT 2005 Results of Operations by Segment

8

 

 

Exhibit 99.4

KELLY SERVICES, INC.

2005 RESULTS OF OPERATIONS BY SEGMENT

(In thousands of dollars)

 

     First Qtr.     Second Qtr.     Third Qtr.     Fourth Qtr.     Full Year  

Revenue from Services:

           

Americas - Commercial

    $ 657,867     $ 692,077     $ 714,290     $ 746,509     $ 2,810,743  

Americas - PTSA

      251,211       260,851       265,939       273,462       1,051,463  
                                        

Americas - Total

      909,078       952,928       980,229       1,019,971       3,862,206  

International - Commercial

      286,765       304,885       310,952       311,266       1,213,868  

International - PTSA

      25,674       27,305       28,034       29,271       110,284  
                                        

International - Total

      312,439       332,190       338,986       340,537       1,324,152  

Consolidated Total

    $ 1,221,517     $ 1,285,118     $ 1,319,215     $ 1,360,508     $ 5,186,358  
                                        

Gross Profit Rate:

           

Americas - Commercial

      15.0   %     14.9   %     14.9   %     14.9   %     14.9   %

Americas - PTSA

      16.6       16.4       16.2       15.9       16.3  

Americas - Total

      15.4       15.3       15.3       15.2       15.3  

International - Commercial

      17.7       17.9       17.6       17.0       17.5  

International - PTSA

      24.2       24.7       24.0       23.4       24.0  

International - Total

      18.2       18.5       18.2       17.5       18.1  

Consolidated Total

      16.1   %     16.1   %     16.0   %     15.8   %     16.0   %
                                        

Expense Rate:

           

Americas - Commercial

      12.3   %     11.9   %     11.6   %     11.4   %     11.8   %

Americas - PTSA

      12.1       11.7       11.3       11.4       11.6  

Americas - Total

      12.3       11.8       11.5       11.4       11.7  

International - Commercial

      19.2       18.1       17.1       17.2       17.9  

International - PTSA

      26.0       25.3       24.8       23.6       24.9  

International - Total

      19.8       18.7       17.8       17.8       18.5  

Consolidated Total

      15.6   %     15.1   %     14.7   %     14.5   %     15.0   %
                                        

Earnings (Loss) from Operations:

           

Americas - Commercial

    $ 17,298     $ 20,815     $ 23,513     $ 26,481     $ 88,107  

Americas - PTSA

      11,331       12,240       13,150       12,160       48,881  
                                        

Americas - Total

      28,629       33,055       36,663       38,641       136,988  

International - Commercial

      (4,384 )     (515 )     1,520       (783 )     (4,162 )

International - PTSA

      (451 )     (159 )     (237 )     (74 )     (921 )
                                        

International - Total

      (4,835 )     (674 )     1,283       (857 )     (5,083 )

Corporate Expense

      (17,301 )     (19,250 )     (20,682 )     (20,919 )     (78,152 )
                                        

Consolidated Total

    $ 6,493     $ 13,131     $ 17,264     $ 16,865     $ 53,753  
                                        
 EX-99.5 6 dex995.htm 2002-2006 RESULTS OF OPERATIONS 2002-2006 Results of Operations

9

 

 

Exhibit 99.5

KELLY SERVICES, INC. AND SUBSIDIARIES

2002-2006 RESULTS OF OPERATIONS

(In thousands of dollars except per share data)

 

     2002    2003     2004     2005     2006

Revenue from services

    $ 3,913,070    $ 4,199,173     $ 4,863,410     $ 5,186,358     $ 5,546,778

Cost of services

      3,252,403      3,534,361       4,093,092       4,356,349       4,640,052
                                     

Gross profit

      660,667      664,812       770,318       830,009       906,726

Selling, general and administrative expenses

      632,966      659,654       735,117       776,256       828,685
                                     

Earnings from operations

      27,701      5,158       35,201       53,753       78,041

Other income (expense), net

      362      (77 )     (861 )     (187 )     1,471
                                     

Earnings from continuing operations before taxes

      28,063      5,081       34,340       53,566       79,512

Income taxes

      11,022      2,218       12,133       15,867       22,727
                                     

Earnings from continuing operations

      17,041      2,863       22,207       37,699       56,785

Earnings (loss) from discontinued operations, net of tax

      1,437      2,041       (996 )     1,564       6,706
                                     

Net earnings

    $ 18,478    $ 4,904     $ 21,211     $ 39,263     $ 63,491
                                     

Basic earnings per share

            

Earnings from continuing operations

    $ 0.48    $ 0.08     $ 0.63     $ 1.06     $ 1.58

Earnings from discontinued operations

      0.04      0.06       (0.03 )     0.04       0.19
                                     

Net earnings

    $ 0.52    $ 0.14     $ 0.60     $ 1.10     $ 1.76
                                     

Diluted earnings per share

            

Earnings from continuing operations

    $ 0.47    $ 0.08     $ 0.63     $ 1.05     $ 1.56

Earnings from discontinued operations

      0.04      0.06       (0.03 )     0.04       0.18
                                     

Net earnings

    $ 0.51    $ 0.14     $ 0.60     $ 1.09     $ 1.75
                                     
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