Kelly Services® Reports 2nd Quarter 2011 Results and Announces Dividend
Kelly Services® Reports 2nd Quarter 2011 Results and Announces Dividend
August 10, 2011
KSI 2Q 2011 for SH.pdf 749.8 KB
TROY, MI (August 10, 2011) -- Kelly Services, Inc. (NASDAQ: KELYA) (NASDAQ: KELYB), a leader in providing workforce solutions, today announced results for the second quarter.
Carl T. Camden, President and Chief Executive Officer, announced revenue for the second quarter of 2011 totaled $1.4 billion, a 16% increase compared to the corresponding quarter in 2010.
Earnings from operations for the second quarter of 2011 totaled $21 million, compared to earnings from operations of $8 million reported for the second quarter of 2010.
Diluted earnings per share from continuing operations in the second quarter of 2011 were $0.53 compared to second quarter 2010 earnings of $0.11 per share.
Commenting on the second quarter results, Camden said, “We are pleased that Kelly® completed a very strong second quarter, despite the slow moving recovery. Solid revenue growth coupled with our ability to effectively leverage a leaner cost structure resulted in improved earnings.” Camden added that Kelly will continue to focus on maximizing profits across all business lines by adhering to its disciplined operational management
“A concentration on specialized outsourcing services is also expected to contribute to profits going forward,” Camden said.
“Today’s changing labor markets demand new approaches. We are creating custom workforce solutions for customers through our outsourcing and consulting services, and targeting other higher-margin staffing business such as Professional & Technical.”
Kelly also reported that on August 9, its board of directors declared a dividend of $0.05 per share. The dividend is payable on September 12, 2011 to shareholders of record as of the close of business on August 31, 2011.
In conjunction with its second quarter earnings release, Kelly Services, Inc. will host a conference call at 9:00 a.m. (ET) on August 10, 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, 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 initiated 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, 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 recent U.S. healthcare legislation 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 servicesas well asworld-classstaffing on a temporary, temporary-to-hire and direct-hire basis. Serving clients around the globe, Kelly provides employment to more than 530,000 employees annually. Revenue in 2010 was $5 billion. Visit www.kellyservices.com and connect with us on Facebook, LinkedIn, & Twitter.
# # #
ANALYST CONTACT: MEDIA CONTACT:
James Polehna Jane Stehney
(248) 244-4586 (248) 244-5630