0001437749-13-005456.txt : 20130508 0001437749-13-005456.hdr.sgml : 20130508 20130508074007 ACCESSION NUMBER: 0001437749-13-005456 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130508 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130508 DATE AS OF CHANGE: 20130508 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: 0101 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-01088 FILM NUMBER: 13822295 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 kelya20130430_8k.htm FORM 8-K kelya20130430_8k.htm

 

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): May 8, 2013

 

 

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))

 

 
 

  

Item 2.02.     Results of Operations and Financial Condition

 

Kelly Services, Inc. (the “Company”) today released financial information containing highlighted financial data for the three months ended March 31, 2013. A copy of the press release is attached as exhibit 99.1 herein.

 

Item 9.01.     Financial Statements and Exhibits

 

(d) Exhibits

 

      99.1      Press Release dated May 8, 2013.        

  

 
2
 

  

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: May 8, 2013
/s/ Patricia Little  
  Patricia Little  
  Executive Vice President and  
  Chief Financial Officer  

(Principal Financial Officer)


 

 

Date: May 8, 2013

/s/ Michael E. Debs

Michael E. Debs
Senior Vice President and

Chief Accounting Officer

(Principal Accounting Officer)

 

 
3
 

   

EXHIBIT INDEX

 

 

Exhibit No.                                   Description

 

 

99.1

Press release dated May 8, 2013

 

 

 4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 EX-99 2 kelya20130430_8kex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

 

KELLY SERVICES® REPORTS 1st QUARTER RESULTS

 

TROY, MI (May 8, 2013) -- Kelly Services, Inc. (NASDAQ: KELYA) (NASDAQ: KELYB), a leader in providing workforce solutions, today announced results for the first quarter of 2013.

 

Carl T. Camden, President and Chief Executive Officer, announced revenue for the first quarter of 2013 totaled $1.3 billion, a 3% decrease compared to the corresponding quarter of 2012.

 

Earnings from operations for the first quarter of 2013 totaled $7.1 million, compared to $14.7 million reported for the first quarter of 2012.

 

Diluted earnings per share from continuing operations in the first quarter of 2013 were $0.34 compared to $0.24 per share in the first quarter of 2012.

 

“The sluggish economic growth we saw throughout 2012 continued into the first quarter of 2013, accompanied by a softening in demand for temporary labor,” noted Camden. “Given these tough conditions, we’re pleased to report that Kelly’s performance exceeded expectations. We delivered an operating profit and controlled our expenses while moving ahead with strategic investments.”

 

Camden acknowledged that the persistently slow pace of this recovery may be a medium-term reality, but remains confident that Kelly is positioned for long-term growth. “Our strategy was designed with the modern labor market in mind. We’re winning higher-margin business, expanding key customer relationships, and strengthening our talent supply chain. The growth we’re seeing in our professional and technical solutions and in our outsourcing and consulting group confirms that we’re on the right track.”

 

Kelly also reported that on May 7, its board of directors declared a dividend of $0.05 per share. The dividend is payable June 4 to shareholders of record as of the close of business on May 20.

 

In conjunction with its first quarter earnings release, Kelly Services, Inc. will host a conference call at 9:00 a.m. (ET) on May 8, 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

 

 
1
 

  

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, including our ability to successfully expand into new markets and service lines, material changes in demand from or loss of large corporate customers, impairment charges triggered by adverse industry or market developments, unexpected termination of customer contracts, 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, unexpected changes in claim trends on workers’ compensation and benefit plans, 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, 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 retain the services of our senior management, local management and field personnel, the impact of changes in laws and regulations (including federal, state and international tax laws), the net financial impact of the Patient Protection and Affordable Care Act on our business, risks associated with conducting business in foreign countries, including foreign currency fluctuations, 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, 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 provides employment to more than 560,000 employees annually. Revenue in 2012 was $5.5 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.

 

 

 

# # #

 

 

ANALYST CONTACT:

James Polehna 

(248) 244-4586  

james_polehna@kellyservices.com

MEDIA CONTACT:

Jane Stehney 

(248) 244-5630

jane_stehney@kellyservices.com

 

 
2
 

 

KELLY SERVICES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE 13 WEEKS ENDED MARCH 31, 2013 AND APRIL 1, 2012

(UNAUDITED)

(In millions of dollars except per share data)

 

 

2013

2012

Change

  

% Change
                                   

Revenue from services

   $ 1,314.8   $ 1,354.8   $ (40.0 )       (3.0 ) %
                                   

Cost of services

     1,097.9     1,131.1     (33.2 )       (2.9 )
                                   

Gross profit

     216.9     223.7     (6.8 )       (3.1 )
                                   

Selling, general and administrative expenses

     209.8     209.0     0.8       0.4
                                   

Earnings from operations

     7.1     14.7     (7.6 )       (51.8 )
                                   

Other expense, net

     1.0     0.6     0.4       58.9
                                   

Earnings from continuing operations before taxes

     6.1     14.1     (8.0 )       (56.6 )
                                   

Income tax (benefit) expense

     (6.8 )     4.9     (11.7 )       (239.4 )
                                   

Earnings from continuing operations

     12.9     9.2     3.7       40.0
                                   

Earnings from discontinued operations, net of tax

     -     0.4     (0.4 )       (100.0 )
                                   

Net earnings

   $ 12.9   $ 9.6   $ 3.3       33.8

%

                                   

Basic earnings per share on common stock

                                  

Earnings from continuing operations

   $ 0.34   $ 0.24   $ 0.10       41.7

%

Earnings from discontinued operations

     -     0.01     (0.01 )       (100.0 )

Net earnings

     0.34     0.26     0.08       30.8
                                   

Diluted earnings per share on common stock

                                  

Earnings from continuing operations

   $ 0.34   $ 0.24   $ 0.10       41.7

%

Earnings from discontinued operations

     -     0.01     (0.01 )       (100.0 )

Net earnings

     0.34     0.26     0.08       30.8
                                   
                                   

STATISTICS:

                                  
                                   

Gross profit rate

     16.5

%

     16.5

%

     -

pts.

        
                                   

Selling, general and administrative expenses:

                                  

% of revenue

     16.0     15.4     0.6          

% of gross profit

     96.7     93.4     3.3          
                                   

% Return:

                                  

Earnings from operations

     0.5     1.1     (0.6 )          

Earnings from continuing operations before taxes

     0.5     1.0     (0.5 )          

Earnings from continuing operations

     1.0     0.7     0.3          

Net earnings

     1.0     0.7     0.3          
                                   

Effective income tax rate

     (110.9 )%     34.6

%

     (145.5 )

pts.

        
                                   

Average number of shares outstanding

                                  

(millions):

                                  

Basic

    37.2     36.9                  

Diluted

    37.2     36.9                  
                                   

Shares adjusted for nonvested restricted awards

                                  

(millions):

                                  

Basic

    38.2     37.8                  

Diluted

    38.2     37.8                  

 

 

 
3
 

 

KELLY SERVICES, INC. AND SUBSIDIARIES

RESULTS OF OPERATIONS BY SEGMENT

(UNAUDITED)

(In millions of dollars)

 

 

First Quarter

  
 

2013

2012

Change

Constant

Currency

Change

AMERICAS

                                

Commercial

                                
Revenue from services (including fee-based income)   $ 638.3   $ 669.3     (4.6 ) %     (4.3 ) %
Fee-based income     3.9     3.5     13.3     14.4

Gross profit

     93.5     98.0     (4.5 )     (4.2 )
                                 

Gross profit rate

     14.7

%

     14.6

%

     0.1 pts.        
                                 

PT

                                

Revenue from services (including fee-based income)

   $ 251.0   $ 250.1     0.4

%

     0.4

%

Fee-based income

     3.9     3.4     13.4     13.5

Gross profit

     40.4     40.2     0.4     0.4
                                 

Gross profit rate

     16.1

%

     16.1

%

     - pts        
                                 

Total Americas

                                

Revenue from services (including fee-based income)

   $ 889.3   $ 919.4     (3.3 ) %     (3.0 ) %

Fee-based income

     7.8     6.9     13.4     14.0

Gross profit

     133.9     138.2     (3.1 )     (2.9 )

Total SG&A expenses

     109.2     102.9     6.1     6.3

Earnings from operations

     24.7     35.3     (30.0 )        
                                 

Gross profit rate

     15.1

%

     15.0

%

     0.1 pts.        

Expense rates:

                                

% of revenue

     12.3     11.2     1.1        

% of gross profit

     81.6     74.5     7.1        

Operating margin

     2.8     3.8     (1.0 )        
                                 

EMEA

                               

Commercial

                                

Revenue from services (including fee-based income)

   $ 201.0   $ 213.0     (5.6 ) %     (5.5 ) %

Fee-based income

     5.5     6.1     (9.9 )     (9.8 )

Gross profit

     31.1     33.5     (7.2 )     (7.1 )
                                 

Gross profit rate

     15.5

%

     15.7

%

     (0.2 )pts.        
                                 

PT

                                

Revenue from services (including fee-based income)

   $ 43.5   $ 42.2     3.0

%

     3.1

%

Fee-based income

     4.0     4.6     (13.2 )     (13.0 )

Gross profit

     10.7     11.3     (5.4 )     (5.3 )
                                 

Gross profit rate

     24.6

%

     26.8

%

     (2.2 )pts.        
                                 

Total EMEA

                                

Revenue from services (including fee-based income)

   $ 244.5   $ 255.2     (4.2 ) %     (4.1 ) %

Fee-based income

     9.5     10.7     (11.3 )     (11.2 )

Gross profit

     41.8     44.8     (6.7 )     (6.6 )

SG&A expenses excluding restructuring charges

     42.2     44.5     (5.2 )        

Restructuring charges

     (0.2 )     -

NM

        

Total SG&A expenses

     42.0     44.5     (5.6 )     (5.5 )

Earnings from operations

     (0.2 )     0.3

NM

       

Earnings from operations excluding restructuring charges

     (0.4 )     0.3

NM

       
                                 

Gross profit rate

     17.1

%

     17.6

%

     (0.5 )pts.        

Expense rates (excluding restructuring charges):

                                

% of revenue

     17.2     17.4     (0.2 )        

% of gross profit

     100.8     99.2     1.6        

Operating margin (excluding restructuring charges)

     (0.1 )     0.1     (0.2 )        

 

 
4
 

 

 KELLY SERVICES, INC. AND SUBSIDIARIES

RESULTS OF OPERATIONS BY SEGMENT

(UNAUDITED)

(In millions of dollars)

  

 

First Quarter
 

2013

2012

Change

Constant

Currency

Change

APAC

                                

Commercial

                                

Revenue from services (including fee-based income)

   $ 81.5   $ 88.3     (7.7 )%     (7.4 )%

Fee-based income

     2.7     3.3     (18.7 )     (17.4 )

Gross profit

     11.6     13.1     (11.5 )     (11.0 )
                                 

Gross profit rate

     14.2

%

     14.8

%

     (0.6 )pts.        
                                 

PT

                                

Revenue from services (including fee-based income)

   $ 10.2   $ 12.8     (20.9 )%     (20.0 )%

Fee-based income

     2.0     4.0     (51.0 )     (50.5 )

Gross profit

     3.3     5.2     (36.6 )     (35.9 )
                                 

Gross profit rate

     32.5

%

     40.5

%

     (8.0 )pts.        
                                 

Total APAC

                                

Revenue from services (including fee-based income)

   $ 91.7   $ 101.1     (9.4 )%     (9.0 )%

Fee-based income

     4.7     7.3     (36.2 )     (35.4 )

Gross profit

     14.9     18.3     (18.7 )     (18.1 )

SG&A expenses excluding restructuring charges

     15.6     19.7     (20.9 )        

Restructuring charges

     0.2     -

NM

        

Total SG&A expenses

     15.8     19.7     (19.9 )     (19.3 )

Earnings from operations

     (0.9 )     (1.4 )     35.7        

Earnings from operations excluding restructuring charges

     (0.7 )     (1.4 )     50.1        
                                 

Gross profit rate

     16.2

%

     18.1

%

     (1.9 )pts.        

Expense rates (excluding restructuring charges):

                                

% of revenue

     17.0     19.4     (2.4 )        

% of gross profit

     104.7     107.6     (2.9 )        

Operating margin (excluding restructuring charges)

     (0.8 )     (1.4 )     0.6        
                                 

OCG

                                

Revenue from services (including fee-based income)

   $ 99.0   $ 86.7     14.2

%

     14.4

%

Fee-based income

     14.6     11.6     25.8     26.3

Gross profit

     27.1     23.1     17.0     17.3

Total SG&A expenses

     25.4     22.6     12.2     12.5

Earnings from operations

     1.7     0.5     233.4        
                                 

Gross profit rate

     27.3

%

     26.7

%

     0.6 pts.        

Expense rates:

                                

% of revenue

     25.6     26.1     (0.5 )        

% of gross profit

     93.8     97.8     (4.0 )        

Operating margin

     1.7     0.6     1.1        

 

 
5
 

 

KELLY SERVICES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(In millions of dollars)

 

   

Mar. 31, 2013

Dec. 30, 2012

Apr. 1, 2012

Current Assets

                        

Cash and equivalents

   $ 62.1   $ 76.3   $ 88.3

Trade accounts receivable, less allowances of $10.1, $10.4 and $12.9, respectively

     999.8     1,013.9     977.9

Prepaid expenses and other current assets

     56.8     57.5     64.2

Deferred taxes

     36.3     44.9     34.3
                           
Total current assets     1,155.0     1,192.6     1,164.7
                           

Property and Equipment, Net

     87.5     89.9     90.3
                           

Noncurrent Deferred Taxes

     106.6     82.8     96.4
                           

Goodwill, Net

     90.3     89.5     89.8
                           

Other Assets

     208.6     180.9     165.5
                           

Total Assets

   $ 1,648.0   $ 1,635.7   $ 1,606.7
                           

Current Liabilities

                        

Short-term borrowings

  $ 50.2   $ 64.1   $ 94.7

Accounts payable and accrued liabilities

     311.8     295.6     275.7

Accrued payroll and related taxes

     250.2     264.5     273.8

Accrued insurance

     31.4     32.8     30.5

Income and other taxes

     61.2     65.3     61.1
                           
Total current liabilities     704.8     722.3     735.8
                           

Noncurrent Liabilities

                        

Accrued insurance

     41.6     43.5     51.8

Accrued retirement benefits

     120.2     111.0     101.5

Other long-term liabilities

     22.9     17.9     24.6
                           
Total noncurrent liabilities     184.7     172.4     177.9
                           

Stockholders' Equity

                        

Common stock

     40.1     40.1     40.1

Treasury stock

     (61.1 )     (61.6 )     (66.6 )

Paid-in capital

     27.8     27.1     29.8

Earnings invested in the business

     711.0     700.0     665.2

Accumulated other comprehensive income

     40.7     35.4     24.5
                           
Total stockholders' equity     758.5     741.0     693.0
                           

Total Liabilities and Stockholders' Equity

   $ 1,648.0   $ 1,635.7   $ 1,606.7
                           
                           

STATISTICS:

                          

Working Capital

   $ 450.2   $ 470.3   $ 428.9

Current Ratio

     1.6     1.7     1.6

Debt-to-capital %

     6.2

%

     8.0

%

     12.0

%

Global Days Sales Outstanding

    54     53     54

 

 
6
 

 

KELLY SERVICES, INC. AND SUBSIDIARIES 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 FOR THE 13 WEEKS ENDED MARCH 31, 2013 AND APRIL 1, 2012

(UNAUDITED)

(In millions of dollars)

 

 

2013

2012
                 

Cash flows from operating activities

                

Net earnings

  $ 12.9   $ 9.6

Noncash adjustments:

                

Depreciation and amortization

     5.3     5.7

Provision for bad debts

     0.4     0.2

Stock-based compensation

     1.2     1.4

Other, net

     0.2     -

Changes in operating assets and liabilities

     (14.1 )     (3.5 )
                 

Net cash from operating activities

     5.9     13.4
                 

Cash flows from investing activities

                

Capital expenditures

     (2.8 )     (4.0 )

Other investing activities

     0.2     (0.4 )
                 

Net cash used in investing activities

     (2.6 )     (4.4 )
                 

Cash flows from financing activities

                

Net change in short-term borrowings

     (13.7 )     (2.3 )

Dividend payments

     (1.9 )     (1.9 )
                 

Net cash used in financing activities

     (15.6 )     (4.2 )
                 

Effect of exchange rates on cash and equivalents

     (1.9 )     2.5
                 

Net change in cash and equivalents

     (14.2 )     7.3

Cash and equivalents at beginning of period

     76.3     81.0
                 
                 

Cash and equivalents at end of period

   $ 62.1   $ 88.3

                                            

 
7
 

 

KELLY SERVICES, INC. AND SUBSIDIARIES

REVENUE FROM SERVICES

(UNAUDITED)

(In millions of dollars)

 
   

First Quarter (Commercial, PT and OCG)
                   

% Change
   

2013

2012

US$

Constant

Currency
                                   

Americas

                                
 

United States

   $ 839.5   $ 858.5     (2.2 )%     (2.2 )%
 

Canada

     56.0     59.5     (5.9 )     (5.2 )
 

Mexico

     30.4     25.5     19.6     16.7
 

Puerto Rico

     23.1     25.9     (10.7 )     (10.7 )
 

Brazil

     18.5     18.0     2.4     16.4

Total Americas

     967.5     987.4     (2.0 )     (1.8 )
                                   

EMEA

                                
 

France

     57.3     62.8     (8.8 )     (9.3 )
 

Switzerland

     53.4     53.6     (0.3 )     0.8
 

Russia

     34.5     33.6     2.5     3.8
 

United Kingdom

     25.8     27.7     (6.7 )     (5.5 )
 

Portugal

     17.8     18.2     (2.5 )     (2.8 )
 

Germany

     16.0     18.7     (14.4 )     (14.9 )
 

Norway

     14.8     16.5     (9.9 )     (12.3 )
 

Italy

     15.1     16.3     (7.3 )     (7.7 )
 

Other

     17.4     15.6     11.2     10.2

Total EMEA

     252.1     263.0     (4.2 )     (4.0 )
                                   

APAC

                                
 

Australia

     32.7     33.9     (3.3 )     (1.6 )
 

Singapore

     26.1     24.2     8.1     6.0
 

Malaysia

     16.7     17.8     (6.5 )     (5.7 )
 

New Zealand

     11.5     13.1     (12.7 )     (14.3 )
 

Other

     8.2     15.4     (46.9 )     (43.8 )

Total APAC

     95.2     104.4     (8.8 )     (8.4 )
                                   

Total Kelly Services, Inc.

   $ 1,314.8   $ 1,354.8     (3.0 )%     (2.7 )%

 

 

 8

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