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:
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.
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