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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): May 10, 2006

 

 

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 additional information relating to its operating segments for the recently completed fiscal quarter ended April 2, 2006, along with quarterly and annual information for the 2003 through 2005 fiscal years, on the Investor Relations page of the Company’s website. The website may be accessed at www.kellyservices.com.

 

Copies of the schedules are attached as exhibits 99.1 through 99.4 herein.

 

Item 9.01.  Financial Statements and Exhibits

 

(d) Exhibits

 

  99.1 2006 Results of Operations by Segment - First Quarter

 

  99.2 2005 Results of Operations by Segment

 

  99.3 2004 Results of Operations by Segment

 

  99.4 2003 Results of Operations by Segment

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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: May 10, 2006     
     /s/    William K. Gerber
     William K. Gerber
     Executive Vice President and
     Chief Financial Officer
     (Principal Financial Officer)
Date: May 10, 2006     
     /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 Results of Operations by Segment – First Quarter
99.2    2005 Results of Operations by Segment
99.3    2004 Results of Operations by Segment
99.4    2003 Results of Operations by Segment
2006 Results of Operations by Segment

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Exhibit 99.1

 

KELLY SERVICES, INC.

2006 RESULTS OF OPERATIONS BY SEGMENT

(In thousands of dollars)

 

     First Qtr.
  

Revenue from Services:

         

U.S. Commercial Staffing

    $ 618,843  

PTSA

      298,513  

International

      442,733  
    

Consolidated Total

    $ 1,360,089  
    

Gross Profit Rate:

         

U.S. Commercial Staffing

      15.1 %

PTSA

      17.3  

International

      16.7  

Consolidated Total

      16.1 %
    

Expense Rate:

         

U.S. Commercial Staffing

      10.4 %

PTSA

      10.8  

International

      16.0  

Consolidated Total

      15.1 %
    

Earnings from Operations:

         

U.S. Commercial Staffing

    $ 29,535  

PTSA

      19,271  

International

      3,321  

Corporate Expense

      (38,690 )
    

Consolidated Total

    $ 13,437  
    
2005 Results of Operations by Segment

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Exhibit 99.2

 

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:

                 

U.S. Commercial Staffing

    $ 565,514     $ 602,425     $ 619,324     $ 649,709     $ 2,436,972  

PTSA

      272,422       280,964       284,889       290,160       1,128,435  

International

      411,399       428,515       440,431       444,073       1,724,418  
    
 
 
 
 

Consolidated Total

    $ 1,249,335     $ 1,311,904     $ 1,344,644     $ 1,383,942     $ 5,289,825  
    
 
 
 
 

Gross Profit Rate:

                 

U.S. Commercial Staffing

      15.2 %     15.0 %     15.1 %     15.0 %     15.1 %

PTSA

      17.5       17.4       17.2       17.4       17.3  

International

      17.2       17.4       17.2       16.8       17.2  

Consolidated Total

      16.3 %     16.3 %     16.2 %     16.1 %     16.2 %
    
 
 
 
 

Expense Rate:

                 

U.S. Commercial Staffing

      10.7 %     10.2 %     10.1 %     9.8 %     10.2 %

PTSA

      12.1       11.6       11.3       11.1       11.5  

International

      17.2       16.5       15.9       15.7       16.3  

Consolidated Total

      15.8 %     15.3 %     14.9 %     14.7 %     15.2 %
    
 
 
 
 

Earnings from Operations:

                                         

U.S. Commercial Staffing

    $ 25,401     $ 28,877     $ 30,866     $ 33,706     $ 118,850  

PTSA

      14,555       16,253       16,659       18,270       65,737  

International

      48       3,929       5,842       4,666       14,485  

Corporate Expense

      (33,909 )     (35,451 )     (36,038 )     (37,522 )     (142,920 )
    
 
 
 
 

Consolidated Total

    $ 6,095     $ 13,608     $ 17,329     $ 19,120     $ 56,152  
    
 
 
 
 
2004 Results of Operations by Segment

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Exhibit 99.3

 

KELLY SERVICES, INC.

2004 RESULTS OF OPERATIONS BY SEGMENT

(In thousands of dollars)

 

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

Revenue from Services:

                 

U.S. Commercial Staffing

    $ 549,330     $ 581,364     $ 573,873     $ 623,025     $ 2,327,592  

PTSA

      238,790       256,573       261,064       277,318       1,033,745  

International

      370,691       386,527       409,917       455,579       1,622,714  
    
 
 
 
 

Consolidated Total

    $ 1,158,811     $ 1,224,464     $ 1,244,854     $ 1,355,922     $ 4,984,051  
    
 
 
 
 

Gross Profit Rate:

                 

U.S. Commercial Staffing

      14.3 %     14.6 %     14.7 %     14.6 %     14.5 %

PTSA

      17.6       18.2       17.9       17.0       17.7  

International

      17.0       17.1       17.4       16.7       17.0  

Consolidated Total

      15.8 %     16.2 %     16.3 %     15.8 %     16.0 %
    
 
 
 
 

Expense Rate:

                 

U.S. Commercial Staffing

      10.5 %     10.2 %     10.2 %     9.5 %     10.1 %

PTSA

      12.1       12.2       11.9       11.8       12.0  

International

      17.4       16.7       16.0       15.6       16.4  

Consolidated Total

      15.7 %     15.5 %     15.3 %     15.0 %     15.3 %
    
 
 
 
 

Earnings from Operations:

                                         

U.S. Commercial Staffing

    $ 20,503     $ 25,652     $ 25,623     $ 31,486     $ 103,264  

PTSA

      13,282       15,474       15,675       14,504       58,935  

International

      (1,375 )     1,520       5,722       4,978       10,845  

Corporate Expense

      (30,536 )     (34,058 )     (34,689 )     (39,751 )     (139,034 )
    
 
 
 
 

Consolidated Total

    $ 1,874     $ 8,588     $ 12,331     $ 11,217     $ 34,010  
    
 
 
 
 
2003 Results of Operations by Segment

8

 

Exhibit 99.4

 

KELLY SERVICES, INC.

2003 RESULTS OF OPERATIONS BY SEGMENT

(In thousands of dollars)

 

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

Revenue from Services:

                 

U.S. Commercial Staffing

    $ 504,235     $ 522,549     $ 535,243     $ 569,110     $ 2,131,137  

PTSA

      221,733       223,681       221,323       228,657       895,394  

International

      277,429       313,287       340,702       367,206       1,298,624  
    
 
 
 
 

Consolidated Total

    $ 1,003,397     $ 1,059,517     $ 1,097,268     $ 1,164,973     $ 4,325,155  
    
 
 
 
 

Gross Profit Rate:

                 

U.S. Commercial Staffing

      15.1 %     14.8 %     14.0 %     13.9 %     14.4 %

PTSA

      17.8       17.9       17.6       19.2       18.1  

International

      17.9       17.6       17.2       17.1       17.4  

Consolidated Total

      16.5 %     16.3 %     15.7 %     16.0 %     16.1 %
    
 
 
 
 

Expense Rate:

                 

U.S. Commercial Staffing

      11.1 %     11.0 %     10.4 %     10.6 %     10.8 %

PTSA

      12.0       12.5       12.5       13.0       12.5  

International

      19.2       18.0       16.8       16.8       17.6  

Consolidated Total

      16.5 %     16.0 %     15.5 %     15.7 %     15.9 %
    
 
 
 
 

Earnings from Operations:

                                         

U.S. Commercial Staffing

    $ 20,624     $ 19,656     $ 19,193     $ 19,197     $ 78,670  

PTSA

      12,700       12,126       11,261       14,097       50,184  

International

      (3,483 )     (1,348 )     1,271       1,188       (2,372 )

Corporate Expense

      (29,492 )     (28,021 )     (29,116 )     (31,449 )     (118,078 )
    
 
 
 
 

Consolidated Total

    $ 349     $ 2,413     $ 2,609     $ 3,033     $ 8,404