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Kelly Services(R) Reports 1st Quarter Results

TROY, MI -- (Marketwired) -- 05/07/14 -- Kelly Services, Inc. (NASDAQ: KELYA) (NASDAQ: KELYB), a leader in providing workforce solutions, today announced results for the first quarter of 2014.

Carl T. Camden, President and Chief Executive Officer, announced revenue for the first quarter of 2014 totaled $1.3 billion, a 1% increase compared to the corresponding quarter of 2013.

Earnings from operations for the first quarter of 2014 totaled $6.3 million, compared to $7.1 million reported for the first quarter of 2013.

Diluted earnings per share in the first quarter of 2014 were $0.07 compared to $0.34 per share in the first quarter of 2013.

"We're pleased with our first quarter performance, which is better than expectations and confirms our strategic direction," stated Camden. "It's clear we are making progress on adjusting our operating models and focusing on higher-margin growth -- and we're delivering a profit while investing aggressively in Kelly's long-term success."

Camden noted that although confidence is returning among many U.S. companies, that isn't necessarily translating into strong job growth. "Rather than waiting for the job market to change significantly in 2014, Kelly is taking the necessary steps to secure our position in the specialty staffing and outsourcing and consulting markets. In particular, we continue to see strong demand and revenue growth in the talent supply chain management approach delivered through our OCG segment."

Kelly also reported that on May 6, 2014, its board of directors declared a dividend of $0.05 per share. The dividend is payable June 3, 2014 to shareholders of record as of the close of business on May 19, 2014.

In conjunction with its first quarter earnings release, Kelly Services, Inc. will host a conference call at 9:00 a.m. (ET) on May 7, 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 and technology introductions, changing market and economic conditions, our ability to achieve our business strategy, our ability to retain the services of our senior management, local management and field personnel, our ability to adequately protect our intellectual property rights, including our brand, our ability to successfully develop new service offerings, our exposure to risks associated with services outside traditional staffing, including business process outsourcing, the risks associated with past and future acquisitions, exposure to risks associated with investments in equity affiliates, material changes in demand from or loss of large corporate customers, risks associated with conducting business in foreign countries, including foreign currency fluctuations, 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, 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 maintain adequate financial and management processes and controls, impairment charges triggered by adverse industry or market developments, unexpected changes in claim trends on workers' compensation, disability and medical benefit plans, the net financial impact of the Patient Protection and Affordable Care Act on our business, the impact of changes in laws and regulations (including federal, state and international tax laws and the expiration and/or reinstatement of the U.S. work opportunity credit program), the risk of additional tax or unclaimed property liabilities in excess of our estimates, 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, 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) (NASDAQ: 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 provided employment to approximately 540,000 employees in 2013. Revenue in 2013 was $5.4 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.

                   KELLY SERVICES, INC. AND SUBSIDIARIES
                    CONSOLIDATED STATEMENTS OF EARNINGS
         FOR THE 13 WEEKS ENDED MARCH 30, 2014 AND MARCH 31, 2013
                                (UNAUDITED)
              (In millions of dollars except per share data)

                           2014        2013        Change         % Change
                        ----------  ----------   ----------      ---------

Revenue from services   $  1,330.8  $  1,314.8   $     16.0            1.2%

Cost of services           1,108.5     1,097.9         10.6            1.0
                        ----------  ----------   ----------      ---------

Gross profit                 222.3       216.9          5.4            2.5

Selling, general and
 administrative expenses     216.0       209.8          6.2            3.0
                        ----------  ----------   ----------      ---------

Earnings from operations       6.3         7.1         (0.8)         (11.8)

Other expense, net             1.7         1.0          0.7           73.3
                        ----------  ----------   ----------      ---------

Earnings before taxes          4.6         6.1         (1.5)         (25.1)

Income tax expense
 (benefit)                     2.1        (6.8)         8.9          130.4
                        ----------  ----------   ----------      ---------

Net earnings                   2.5        12.9        (10.4)         (80.5)
                        ==========  ==========   ==========      =========



Basic earnings per share      0.07        0.34        (0.27)         (79.4)%
Diluted earnings per
 share                        0.07        0.34        (0.27)         (79.4)%

----------------------------------------------------------------------------

STATISTICS:

Gross profit rate             16.7%       16.5%         0.2  pts.

Selling, general and
 administrative
 expenses:
  % of revenue                16.2        16.0          0.2
  % of gross profit           97.2        96.7          0.5

% Return:
  Earnings from
   operations                  0.5         0.5          0.0
  Earnings before taxes        0.3         0.5         (0.2)
  Net earnings                 0.2         1.0         (0.8)

Effective income tax
 rate                         45.1%     (110.9)%      156.0  pts.

Average number of shares
 outstanding
 (millions):
  Basic                       37.4        37.2
  Diluted                     37.4        37.2

Shares adjusted for
 nonvested restricted
 awards
 (millions):
  Basic                       38.5        38.2
  Diluted                     38.5        38.2



                   KELLY SERVICES, INC. AND SUBSIDIARIES
                     RESULTS OF OPERATIONS BY SEGMENT
                                (UNAUDITED)
                         (In millions of dollars)

                                           First Quarter
                         -------------------------------------------------
                                                                  Constant
                                                                  Currency
                            2014        2013       Change          Change
                         ----------  ----------  ---------       ---------
AMERICAS
  Commercial
    Revenue from services$    613.2  $    638.3       (3.9)%          (2.7)%
    Staffing fee-based
     income (included in
     revenue from
     services)                  3.7         3.9       (4.4)           (2.4)
    Gross profit               91.8        93.5       (1.8)           (0.7)

    Gross profit rate          15.0%       14.7%       0.3 pts.

  PT
    Revenue from services$    236.4  $    242.6       (2.6)%          (2.4)%
    Staffing fee-based
     income (included in
     revenue from
     services)                  4.1         3.9        5.7             6.3
    Gross profit               39.8        38.3        4.0             4.2

    Gross profit rate          16.8%       15.8%       1.0 pts.

  Total Americas
    Revenue from services$    849.6  $    880.9       (3.6)%          (2.6)%
    Staffing fee-based
     income (included in
     revenue from
     services)                  7.8         7.8        0.6             1.9
    Gross profit              131.6       131.8       (0.2)            0.7
    Total SG&A expenses       109.5       107.9        1.5             2.4
    Earnings from
     operations                22.1        23.9       (7.6)

    Gross profit rate          15.5%       15.0%       0.5 pts.
    Expense rates:
      % of revenue             12.9        12.3        0.6
      % of gross profit        83.3        81.9        1.4
    Return on sales             2.6         2.7       (0.1)

EMEA
  Commercial
    Revenue from services$    221.9  $    201.0       10.4%            9.6%
    Staffing fee-based
     income (included in
     revenue from
     services)                  5.1         5.5       (7.8)           (5.0)
    Gross profit               32.9        31.1        5.9             5.2

    Gross profit rate          14.8%       15.5%      (0.7) pts.

  PT
    Revenue from services$     47.7  $     43.5        9.6%            6.9%
    Staffing fee-based
     income (included in
     revenue from
     services)                  3.6         4.0       (8.8)           (7.9)
    Gross profit               11.1        10.7        3.8             2.3

    Gross profit rate          23.3%       24.6%      (1.3) pts.

  Total EMEA
    Revenue from services$    269.6  $    244.5       10.3%            9.1%
    Staffing fee-based
     income (included in
     revenue from
     services)                  8.7         9.5       (8.2)           (6.2)
    Gross profit               44.0        41.8        5.4             4.4
    SG&A expenses
     excluding
     restructuring
     charges                   41.9        42.2       (0.6)
    Restructuring charges         -        (0.2)    (100.0)
    Total SG&A expenses        41.9        42.0       (0.2)           (1.4)
    Earnings from
     operations                 2.1        (0.2)        NM
    Earnings from
     operations excluding
     restructuring
     charges                    2.1        (0.4)        NM

    Gross profit rate          16.3%       17.1%      (0.8) pts.
    Expense rates
     (excluding
     restructuring
     charges):
      % of revenue             15.5        17.2       (1.7)
      % of gross profit        95.1       100.8       (5.7)
    Return on sales
     (excluding
     restructuring
     charges)                   0.8        (0.1)       0.9



                   KELLY SERVICES, INC. AND SUBSIDIARIES
                     RESULTS OF OPERATIONS BY SEGMENT
                                (UNAUDITED)
                         (In millions of dollars)

                                           First Quarter
                         -------------------------------------------------
                                                                  Constant
                                                                  Currency
                            2014        2013       Change          Change
                         ----------  ----------  ---------       ---------
APAC
  Commercial
    Revenue from services$     83.0  $     81.5        1.8%            9.3%
    Staffing fee-based
     income (included in
     revenue from
     services)                  2.2         2.7      (20.4)          (12.9)
    Gross profit               12.3        11.6        6.5            14.3

    Gross profit rate          14.8%       14.2%       0.6 pts.

  PT
    Revenue from services$      8.6  $     10.2      (15.3)%          (7.2)%
    Staffing fee-based
     income (included in
     revenue from
     services)                  1.7         2.0      (14.0)           (6.0)
    Gross profit                2.8         3.3      (16.5)           (8.6)

    Gross profit rate          32.0%       32.5%      (0.5) pts.

  Total APAC
    Revenue from services$     91.6  $     91.7       (0.1)%           7.5%
    Staffing fee-based
     income (included in
     revenue from
     services)                  3.9         4.7      (17.8)          (10.0)
    Gross profit               15.1        14.9        1.4             9.2
    SG&A expenses
     excluding
     restructuring
     charges                   14.3        15.6       (7.8)
    Restructuring charges         -         0.2     (100.0)
    Total SG&A expenses        14.3        15.8       (9.0)           (1.1)
    Earnings from
     operations                 0.8        (0.9)        NM
    Earnings from
     operations excluding
     restructuring
     charges                    0.8        (0.7)        NM

    Gross profit rate          16.5%       16.2%       0.3 pts.
    Expense rates
     (excluding
     restructuring
     charges):
      % of revenue             15.7        17.0       (1.3)
      % of gross profit        95.1       104.7       (9.6)
    Return on sales
     (excluding
     restructuring
     charges)                   0.8        (0.8)       1.6

OCG
    Revenue from services$    134.4  $    107.4       25.1%           25.9%
    Gross profit               32.6        29.2       11.8            12.3
    Total SG&A expenses        31.4        26.7       17.9            18.4
    Earnings from
     operations                 1.2         2.5      (52.6)

    Gross profit rate          24.3%       27.2%      (2.9) pts.
    Expense rates:
      % of revenue             23.4        24.8       (1.4)
      % of gross profit        96.3        91.4        4.9
    Return on sales             0.9         2.3       (1.4)



                   KELLY SERVICES, INC. AND SUBSIDIARIES
                        CONSOLIDATED BALANCE SHEETS
                                (UNAUDITED)
                          (In millions of dollars)

                                          Mar. 30,    Dec. 29,    Mar. 31,
                                            2014        2013        2013
                                         ----------  ----------  ----------
Current Assets
  Cash and equivalents                   $     57.9  $    125.7  $     62.1
  Trade accounts receivable, less
   allowances of $10.2, $9.9 and $10.1,
   respectively                             1,080.2     1,023.1       999.8
  Prepaid expenses and other current
   assets                                      61.6        52.2        56.8
  Deferred taxes                               29.2        35.5        36.3
                                         ----------  ----------  ----------

        Total current assets                1,228.9     1,236.5     1,155.0

Property and Equipment, Net                    90.8        92.0        87.5

Noncurrent Deferred Taxes                     129.3       121.7       106.6

Goodwill, Net                                  90.3        90.3        90.3

Other Assets                                  265.1       258.1       208.6
                                         ----------  ----------  ----------

Total Assets                             $  1,804.4  $  1,798.6  $  1,648.0
                                         ==========  ==========  ==========

Current Liabilities
  Short-term borrowings                  $     54.8  $     28.3  $     50.2
  Accounts payable and accrued
   liabilities                                321.7       342.4       311.8
  Accrued payroll and related taxes           291.2       294.9       250.2
  Accrued insurance                            25.5        27.6        31.4
  Income and other taxes                       68.4        68.8        61.2
                                         ----------  ----------  ----------

        Total current liabilities             761.6       762.0       704.8

Noncurrent Liabilities
  Accrued insurance                            45.4        46.0        41.6
  Accrued retirement benefits                 140.4       134.7       120.2
  Other long-term liabilities                  31.8        33.3        22.9
                                         ----------  ----------  ----------

        Total noncurrent liabilities          217.6       214.0       184.7

Stockholders' Equity
  Common stock                                 40.1        40.1        40.1
  Treasury stock                              (56.0)      (56.2)      (61.1)
  Paid-in capital                              27.5        26.0        27.8
  Earnings invested in the business           751.9       751.3       711.0
  Accumulated other comprehensive income       61.7        61.4        40.7
                                         ----------  ----------  ----------

        Total stockholders' equity            825.2       822.6       758.5
                                         ----------  ----------  ----------

Total Liabilities and Stockholders'
 Equity                                  $  1,804.4  $  1,798.6  $  1,648.0
                                         ==========  ==========  ==========

----------------------------------------------------------------------------

STATISTICS:
Working Capital                          $    467.3  $    474.5  $    450.2
Current Ratio                                   1.6         1.6         1.6
Debt-to-capital %                               6.2%        3.3%        6.2%
Global Days Sales Outstanding                    57          52          54



                   KELLY SERVICES, INC. AND SUBSIDIARIES
                   CONSOLIDATED STATEMENTS OF CASH FLOWS
          FOR THE 13 WEEKS ENDED MARCH 30, 2014 AND MARCH 31, 2013
                                (UNAUDITED)
                          (In millions of dollars)



                                                        2014        2013
                                                     ----------  ----------

Cash flows from operating activities
  Net earnings                                       $      2.5  $     12.9
  Noncash adjustments:
    Depreciation and amortization                           5.3         5.3
    Provision for bad debts                                 1.6         0.4
    Stock-based compensation                                1.7         1.2
    Other, net                                              0.3         0.2
  Changes in operating assets and liabilities            (102.2)      (14.1)
                                                     ----------  ----------

      Net cash (used in) from operating activities        (90.8)        5.9
                                                     ----------  ----------

Cash flows from investing activities
  Capital expenditures                                     (3.3)       (2.8)
  Investment in equity affiliate                           (0.6)          -
  Other investing activities                                0.1         0.2
                                                     ----------  ----------

      Net cash used in investing activities                (3.8)       (2.6)
                                                     ----------  ----------

Cash flows from financing activities
  Net change in short-term borrowings                      26.5       (13.7)
  Dividend payments                                        (1.9)       (1.9)
                                                     ----------  ----------

      Net cash from (used in) financing activities         24.6       (15.6)
                                                     ----------  ----------

Effect of exchange rates on cash and equivalents            2.2        (1.9)
                                                     ----------  ----------

Net change in cash and equivalents                        (67.8)      (14.2)
Cash and equivalents at beginning of period               125.7        76.3
                                                     ----------  ----------


Cash and equivalents at end of period                $     57.9  $     62.1
                                                     ==========  ==========



                   KELLY SERVICES, INC. AND SUBSIDIARIES
                           REVENUE FROM SERVICES
                                (UNAUDITED)
                          (In millions of dollars)

                                   First Quarter (Commercial, PT and OCG)
                                -------------------------------------------
                                                             % Change
                                                                   Constant
                                   2014        2013       US$      Currency
                                ----------  ---------- ---------  ---------

Americas
  United States                 $    839.9  $    839.5       0.0%       0.0%
  Canada                              46.7        56.0     (16.6)      (8.9)
  Mexico                              30.7        30.4       0.8        5.6
  Puerto Rico                         25.1        23.1       8.5        8.5
  Brazil                              15.9        18.5     (13.9)       0.0
                                ----------  ----------
Total Americas                       958.3       967.5      (1.0)      (0.1)

EMEA
  France                              62.8        57.3       9.7        5.6
  Switzerland                         62.3        53.4      16.6       11.8
  Russia                              34.9        34.5       1.2       16.6
  United Kingdom                      27.8        25.8       7.7        1.0
  Portugal                            26.6        17.8      49.8       43.9
  Germany                             16.7        16.0       4.2        0.3
  Italy                               14.9        15.1      (1.3)      (5.0)
  Norway                              14.4        14.8      (3.1)       4.7
  Other                               17.1        17.4      (1.6)      (4.6)
                                ----------  ----------
Total EMEA                           277.5       252.1      10.1        8.9

APAC
  Singapore                           30.3        26.1      16.1       19.0
  Australia                           26.5        32.7     (19.0)      (6.3)
  Malaysia                            16.5        16.7      (0.7)       6.2
  New Zealand                         12.3        11.5       7.4        7.2
  Other                                9.4         8.2      14.7       31.4
                                ----------  ----------
Total APAC                            64.7        69.1      (0.1)       7.7

Total Kelly Services, Inc.      $  1,300.5  $  1,288.7       1.2%       2.2%
                                ==========  ==========

ANALYST CONTACT:
James Polehna
(248) 244-4586
[email protected]

MEDIA CONTACT:
Jane Stehney
(248) 244-5630
[email protected]

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