Kelly Services(R) Reports Third Quarter 2017 Earnings
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TROY, MI -- (Marketwired) -- 11/08/17 -- Financial Highlights
- Q3 revenue up 6.5%, up 5.3% in constant currency
- Q3 operating earnings of $18.2 million, down 3%
- Q3 earnings per share of $0.58 compared to $2.06, or $0.44 on an adjusted basis, a 32% increase year-over-year on an adjusted basis.
Kelly Services (NASDAQ: KELYA) (NASDAQ: KELYB), a global leader in providing workforce solutions, today announced results for the third quarter of 2017.
George S. Corona, President and Chief Executive Officer, announced revenue for the third quarter of 2017 totaled $1.3 billion, a 6.5% increase, or 5.3% in constant currency, compared to the corresponding quarter of 2016.
Earnings from operations for the third quarter of 2017 totaled $18.2 million, compared to $18.8 million reported for the third quarter of 2016.
Diluted earnings per share in the third quarter of 2017 were $0.58 compared to $2.06 per share in the third quarter of 2016. During the third quarter of 2016, Kelly transferred its APAC staffing operations to the TS Kelly Asia Pacific joint venture and recorded a pre-tax gain of $87.2 million. Kelly retains a 49% ownership interest in the joint venture. Diluted earnings per share in the third quarter of 2016 include the $1.62 after-tax gain on the APAC JV transaction. Excluding the after-tax gain from 2016 third quarter results, adjusted earnings per share were $0.44 in the third quarter of 2016.
Reflecting on the results, Corona stated, "Our third quarter performance confirmed that we are continuing to drive top-line growth and shareholder value, even as we invest in talent, technology, and solutions to accelerate our progress. Our acquisition of Teachers On Call and our decision to implement a digital talent platform confirm that we are not content to stop at short-term growth, and we are strategically positioning Kelly for long-term success as the world of work evolves."
Kelly also reported that on November 7, its board of directors declared a dividend of $0.075 per share. The dividend is payable December 7, 2017 to shareholders of record as of the close of business on November 22, 2017.
In conjunction with its third quarter earnings release, Kelly Services has published a financial presentation on the Investor Relations page of our public website and will host a conference call at 9:00 a.m. (ET) on November 8 to review the results and answer questions. The call may be accessed in one of the following ways:
Via the Internet:
Kellyservices.com
Via the Telephone:
U.S. 1 800 288-9626
International 1 651 291-5254
The pass code is Kelly Services
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 and disruptions, changing market and economic conditions, our ability to achieve our business strategy, the risk of damage to our brand, the risk our intellectual property assets could be infringed upon or compromised, our ability to successfully develop new service offerings, our exposure to risks associated with services outside traditional staffing, including business process outsourcing, our increasing dependency on third parties for the execution of critical functions, the risks associated with past and future acquisitions, exposure to risks associated with investments in equity affiliates including TS Kelly Asia Pacific, material changes in demand from or loss of large corporate customers as well as changes in their buying practices, risks associated with conducting business in foreign countries, including foreign currency fluctuations, availability of full-time employees to lead complex talent supply chain sales and operations, availability of temporary workers with appropriate skills required by customers, liabilities for employment-related claims and losses, including class action lawsuits and collective actions, risks arising from failure to preserve the privacy of information entrusted to us or to meet our obligations under global privacy laws, the risk of cyber attacks or other breaches of network or information technology security, 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 developments or operational circumstances, unexpected changes in claim trends on workers' compensation, unemployment compensation, disability and medical benefit plans, the impact of changes in laws and regulations (including federal, state and international tax laws), 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 to continue to access credit markets, 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®
As a global leader in providing workforce solutions, Kelly Services, Inc. (NASDAQ: KELYA) (NASDAQ: KELYB) and its subsidiaries, offer a comprehensive array of outsourcing and consulting services as well as world-class staffing on a temporary, temporary-to-hire, and direct-hire basis. Kelly® directly employs nearly 500,000 people around the world in addition to having a role in connecting thousands more with work through its global network of talent suppliers and partners. Revenue in 2016 was $5.3 billion. Visit kellyservices.com and connect with us on Facebook, LinkedIn, & Twitter.
KLYA-FIN
KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE 13 WEEKS ENDED OCTOBER 1, 2017 AND OCTOBER 2, 2016
(UNAUDITED)
(In millions of dollars except per share data)
% CC %
2017 2016 Change Change Change
--------- -------- ------------ -------- -------
Revenue from services $1,328.8 $1,247.8 $ 81.0 6.5% 5.3%
Cost of services 1,098.1 1,032.7 65.4 6.3
--------- -------- ------------
Gross profit 230.7 215.1 15.6 7.3 6.2
Selling, general and
administrative expenses 212.5 196.3 16.2 8.3 7.3
--------- -------- ------------
Earnings from operations 18.2 18.8 (0.6) (2.9)
Gain on investment in TS
Kelly Asia Pacific - 87.2 (87.2) NM
Other expense, net (0.4) (0.4) - (4.8)
--------- -------- ------------
Earnings before taxes
and equity in net
earnings (loss) of
affiliate 17.8 105.6 (87.8) (83.1)
Income tax (benefit)
expense (4.1) 24.7 (28.8) (116.5)
--------- -------- ------------
Net earnings before
equity in net earnings
(loss) of affiliate 21.9 80.9 (59.0) (72.9)
Equity in net earnings
(loss) of affiliate 1.1 - 1.1 NM
--------- -------- ------------
Net earnings $ 23.0 $ 80.9 $ (57.9) (71.5)%
========= ======== ============
Basic earnings per share $ 0.59 $ 2.08 $ (1.49) (71.6)%
Diluted earnings per
share $ 0.58 $ 2.06 $ (1.48) (71.8)%
----------------------------------------------------------------------------
STATISTICS:
Staffing fee-based
income (included in
revenue from services) $ 14.2 $ 13.2 $ 1.0 6.9% 4.1%
Gross profit rate 17.4% 17.2% 0.2 pts.
Conversion rate 7.9 8.7 (0.8)
% Return:
Earnings from
operations 1.4 1.5 (0.1)
Net earnings 1.7 6.5 (4.8)
Effective income tax
rate (22.9)% 23.4% (46.3) pts.
Average number of shares
outstanding (millions):
Basic 38.3 38.1
Diluted 38.8 38.4
KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE 39 WEEKS ENDED OCTOBER 1, 2017 AND OCTOBER 2, 2016
(UNAUDITED)
(In millions of dollars except per share data)
% CC %
2017 2016 Change Change Change
-------- -------- ------------ -------- --------
Revenue from services $3,952.1 $3,972.4 $ (20.3) (0.5)% (0.7)%
Cost of services 3,261.0 3,294.1 (33.1) (1.0)
-------- -------- ------------
Gross profit 691.1 678.3 12.8 1.9 1.7
Selling, general and
administrative expenses 636.2 634.9 1.3 0.2 0.1
-------- -------- ------------
Earnings from operations 54.9 43.4 11.5 26.5
Gain on investment in TS
Kelly Asia Pacific - 87.2 (87.2 NM
Other expense, net (2.5) (1.3) (1.2) (91.7)
-------- -------- ------------
Earnings before taxes
and equity in net
earnings (loss) of
affiliate 52.4 129.3 (76.9) (59.5)
Income tax expense 0.1 28.2 (28.1) (99.6)
-------- -------- ------------
Net earnings before
equity in net earnings
(loss) of affiliate 52.3 101.1 (48.8) (48.3)
Equity in net earnings
(loss) of affiliate 1.6 (0.1) 1.7 NM
-------- -------- ------------
Net earnings $ 53.9 $ 101.0 $ (47.1) (46.7)%
======== ======== ============
Basic earnings per share $ 1.38 $ 2.59 $ (1.21) (46.7)%
Diluted earnings per
share $ 1.37 $ 2.58 $ (1.21) (46.9)%
----------------------------------------------------------------------------
STATISTICS:
Staffing fee-based
income (included in
revenue from services) $ 41.4 $ 46.3 $ (4.9) (10.8)% (11.7)%
Gross profit rate 17.5% 17.1% 0.4 pts.
Conversion rate 7.9 6.4 1.5
% Return:
Earnings from
operations 1.4 1.1 0.3
Net earnings 1.4 2.5 (1.1)
Effective income tax
rate 0.2% 21.8% (21.6) pts.
Average number of shares
outstanding (millions):
Basic 38.3 38.0
Diluted 38.8 38.3
KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)
Third Quarter
------------------------------------------------
% CC %
2017 2016 Change Change
----------- ----------- ----------- -----------
AMERICAS STAFFING
--------------------------
Revenue from services $ 554.8 $ 518.2 7.1% 6.6%
Gross profit 98.8 95.0 4.1 3.7
Total SG&A expenses 85.5 80.7 6.0 5.6
Earnings from operations 13.3 14.3 (6.7)
Gross profit rate 17.8% 18.3% (0.5) pts.
Conversion rate 13.5 15.0 (1.5)
Return on sales 2.4 2.8 (0.4)
GLOBAL TALENT SOLUTIONS
--------------------------
Revenue from services $ 503.0 $ 495.0 1.6% 1.3%
Gross profit 93.0 86.2 7.9 7.6
Total SG&A expenses 72.2 70.2 2.8 2.5
Earnings from operations 20.8 16.0 30.3
Gross profit rate 18.5% 17.4% 1.1 pts.
Conversion rate 22.4 18.5 3.9
Return on sales 4.1 3.2 0.9
INTERNATIONAL STAFFING
--------------------------
Revenue from services $ 275.6 $ 239.3 15.2% 10.4%
Gross profit 39.5 35.0 12.7 7.7
Total SG&A expenses 32.3 30.5 6.1 1.9
Earnings from operations 7.2 4.5 57.0
Gross profit rate 14.3% 14.7% (0.4) pts.
Conversion rate 18.0 12.9 5.1
Return on sales 2.6 1.9 0.7
KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)
September Year to Date
--------------------------------------------------
% CC %
2017 2016 Change Change
----------- ----------- ------------ ------------
AMERICAS STAFFING
------------------------
Revenue from services $ 1,703.5 $ 1,614.7 5.5% 5.3%
Gross profit 307.9 292.9 5.1 5.0
SG&A expenses
excluding
restructuring charges 252.6 244.1 3.5 3.4
Restructuring charges 0.4 1.8 (80.0) (79.8)
Total SG&A expenses 253.0 245.9 2.9 2.8
Earnings from
operations 54.9 47.0 16.8
Earnings from
operations excluding
restructuring charges 55.3 48.8 13.2
Gross profit rate 18.1% 18.1% - pts.
Conversion rate 17.8 16.1 1.7
Conversion rate
excluding
restructuring charges 18.0 16.7 1.3
Return on sales 3.2 2.9 0.3
Return on sales
excluding
restructuring charges 3.2 3.0 0.2
GLOBAL TALENT SOLUTIONS
------------------------
Revenue from services $ 1,495.8 $ 1,486.5 0.6% 0.6%
Gross profit 272.2 257.2 5.8 5.9
SG&A expenses
excluding
restructuring charges 218.8 213.2 2.6 2.7
Restructuring charges 2.0 0.4 415.5 417.6
Total SG&A expenses 220.8 213.6 3.4 3.5
Earnings from
operations 51.4 43.6 18.0
Earnings from
operations excluding
restructuring charges 53.4 44.0 21.5
Gross profit rate 18.2% 17.3% 0.9 pts.
Conversion rate 18.9 16.9 2.0
Conversion rate
excluding
restructuring charges 19.6 17.1 2.5
Return on sales 3.4 2.9 0.5
Return on sales
excluding
restructuring charges 3.6 3.0 0.6
INTERNATIONAL STAFFING
------------------------
Revenue from services $ 766.0 $ 885.6 (13.5)% (14.0)%
Gross profit 112.7 131.4 (14.2) (14.8)
SG&A expenses
excluding
restructuring charges 96.2 115.1 (16.4) (16.8)
Restructuring charges - 1.2 (100.0) (100.0)
Total SG&A expenses 96.2 116.3 (17.2) (17.6)
Earnings from
operations 16.5 15.1 9.1
Earnings from
operations excluding
restructuring charges 16.5 16.3 1.6
Gross profit rate 14.7% 14.8% (0.1) pts.
Conversion rate 14.6 11.5 3.1
Conversion rate
excluding
restructuring charges 14.6 12.3 2.3
Return on sales 2.2 1.7 0.5
Return on sales
excluding
restructuring charges 2.2 1.8 0.4
KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In millions of dollars)
October 1, Jan. 1, October 2,
2017 2017 2016
----------- ----------- -----------
Current Assets
Cash and equivalents $ 22.2 $ 29.6 $ 27.6
Trade accounts receivable, less
allowances of $13.1, $12.5 and
$11.1, respectively 1,271.7 1,138.3 1,125.8
Prepaid expenses and other current
assets 70.0 46.7 53.0
----------- ----------- -----------
Total current assets 1,363.9 1,214.6 1,206.4
Noncurrent Assets
Property and equipment, net 81.4 80.8 80.5
Deferred taxes 192.0 180.1 179.8
Goodwill 107.1 88.4 88.4
Investment in equity affiliate 116.4 114.8 113.6
Other assets 475.9 349.4 370.6
----------- ----------- -----------
Total noncurrent assets 972.8 813.5 832.9
Total Assets $ 2,336.7 $ 2,028.1 $ 2,039.3
=========== =========== ===========
Current Liabilities
Short-term borrowings $ 23.9 $ - $ 8.7
Accounts payable and accrued
liabilities 496.1 455.1 408.7
Accrued payroll and related taxes 312.6 241.5 276.9
Accrued insurance 25.6 23.4 26.8
Income and other taxes 60.0 51.1 56.9
----------- ----------- -----------
Total current liabilities 918.2 771.1 778.0
Noncurrent Liabilities
Accrued insurance 49.7 45.5 40.2
Accrued retirement benefits 175.0 157.4 153.9
Other long-term liabilities 66.8 42.1 50.7
----------- ----------- -----------
Total noncurrent liabilities 291.5 245.0 244.8
Stockholders' Equity
Common stock 40.1 40.1 40.1
Treasury stock (35.2) (39.0) (39.1)
Paid-in capital 30.0 28.6 26.2
Earnings invested in the business 968.8 923.6 906.8
Accumulated other comprehensive
income 123.3 58.7 82.5
----------- ----------- -----------
Total stockholders' equity 1,127.0 1,012.0 1,016.5
Total Liabilities and Stockholders'
Equity $ 2,336.7 $ 2,028.1 $ 2,039.3
=========== =========== ===========
----------------------------------------------------------------------------
STATISTICS:
Working Capital $ 445.7 $ 443.5 $ 428.4
Current Ratio 1.5 1.6 1.6
Debt-to-capital % 2.1% -% 0.9%
Global Days Sales Outstanding 58 53 56
Year-to-Date Free Cash Flow $ 18.2 $ 26.9 $ 20.4
KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE 39 WEEKS ENDED OCTOBER 1, 2017 AND OCTOBER 2, 2016
(UNAUDITED)
(In millions of dollars)
2017 2016
----------- -----------
Cash flows from operating activities:
Net earnings $ 53.9 $ 101.0
Noncash adjustments:
Depreciation and amortization 16.5 16.0
Provision for bad debts 3.6 6.1
Stock-based compensation 6.8 7.6
Gain on investment in TS Kelly Asia Pacific
equity affiliate - (87.2)
Other, net (2.3) (2.2)
Changes in operating assets and liabilities, net
of acquisition (45.6) (13.1)
----------- -----------
Net cash from operating activities 32.9 28.2
----------- -----------
Cash flows from investing activities:
Capital expenditures (14.7) (7.8)
Acquisition of company, net of cash received (37.2) -
Net cash proceeds from investment in TS Kelly
Asia Pacific equity affiliate - 18.8
Proceeds from repayment of loan to TS Kelly
equity affiliate 0.6 -
Other investing activities - (0.4)
----------- -----------
Net cash (used in) from investing activities (51.3) 10.6
----------- -----------
Cash flows from financing activities:
Net change in short-term borrowings 23.9 (47.8)
Dividend payments (8.7) (7.7)
Payments of tax withholding for restricted
shares (1.7) (2.1)
Other financing activities (0.1) 0.4
----------- -----------
Net cash from (used in) financing activities 13.4 (57.2)
----------- -----------
Effect of exchange rates on cash and equivalents (2.4) 3.8
----------- -----------
Net change in cash and equivalents (7.4) (14.6)
Cash and equivalents at beginning of period 29.6 42.2
----------- -----------
Cash and equivalents at end of period $ 22.2 $ 27.6
=========== ===========
KELLY SERVICES, INC. AND SUBSIDIARIES
REVENUE FROM SERVICES
(UNAUDITED)
(In millions of dollars)
Third Quarter (Americas, International and
GTS)
----------------------------------------------
% CC %
2017 2016 Change Change
---------- ---------- ----------- -----------
Americas
United States $ 941.1 $ 900.3 4.5% 4.5%
Canada 37.1 34.9 6.2 1.9
Mexico 32.9 27.6 19.4 13.3
Puerto Rico 15.9 20.9 (23.8) (23.8)
Brazil 12.3 13.3 (7.4) (9.4)
---------- ----------
Total Americas 1,039.3 997.0 4.2 3.9
EMEA
France 73.0 60.8 20.1 14.1
Switzerland 59.1 55.0 7.4 6.0
Portugal 46.0 39.2 17.5 11.6
United Kingdom 23.3 19.5 19.1 19.5
Russia 22.5 18.4 22.4 11.6
Italy 15.9 13.6 17.1 11.1
Germany 15.5 14.2 8.5 3.0
Norway 8.9 8.4 7.2 2.5
Ireland 8.3 7.7 8.1 2.6
Other 12.1 9.7 25.0 18.4
---------- ----------
Total EMEA 284.6 246.5 15.5 10.7
Total APAC 4.9 4.3 12.6 8.8
---------- ----------
Total Kelly Services, Inc. $ 1,328.8 $ 1,247.8 6.5% 5.3%
========== ==========
KELLY SERVICES, INC. AND SUBSIDIARIES
REVENUE FROM SERVICES
(UNAUDITED)
(In millions of dollars)
September Year to Date (Americas,
International and GTS)
------------------------------------------------
% CC %
2017 2016 Change Change
---------- ---------- ------------ ------------
Americas
United States $ 2,866.8 $ 2,765.8 3.7% 3.7%
Canada 105.8 105.2 0.6 (0.5)
Mexico 85.0 79.6 6.8 9.1
Puerto Rico 51.2 65.9 (22.3) (22.3)
Brazil 38.3 33.5 14.3 1.6
---------- ----------
Total Americas 3,147.1 3,050.0 3.2 3.1
EMEA
France 202.1 178.6 13.2 13.3
Switzerland 161.3 156.2 3.3 3.6
Portugal 124.0 111.6 11.1 11.2
Russia 69.3 49.0 41.5 21.5
United Kingdom 64.3 66.2 (2.9) 5.7
Italy 45.3 42.1 7.6 7.7
Germany 43.3 45.3 (4.5) (4.3)
Norway 24.9 24.4 2.2 1.0
Ireland 23.4 18.1 295.0 29.8
Other 33.5 27.8 20.7 20.5
---------- ----------
Total EMEA 791.4 719.3 10.0 9.6
Total APAC 13.6 203.1 (93.3) (13.1)
---------- ----------
Total Kelly Services, Inc. $ 3,952.1 $ 3,972.4 (0.5)% (0.7)%
========== ==========
KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
FOR THE 13 AND 39 WEEKS ENDED OCTOBER 1, 2017 AND OCTOBER 2, 2016
(UNAUDITED)
(In millions of dollars except per share data)
Third Quarter September Year to Date
---------------------- ------------------------
2017 2016 2017 2016
---------- ---------- ----------- -----------
Revenue from services $ 1,328.8 $ 1,247.8 $ 3,952.1 $ 3,972.4
Disposal of APAC
businesses (Note 1) - - - (191.1)
---------- ---------- ----------- -----------
Adjusted revenue from
services $ 1,328.8 $ 1,247.8 $ 3,952.1 $ 3,781.3
========== ========== =========== ===========
Third Quarter September Year to Date
---------------------- ------------------------
2017 2016 2017 2016
---------- ---------- ----------- -----------
Gross profit $ 230.7 $ 215.1 $ 691.1 $ 678.3
Disposal of APAC
businesses (Note 1) - - - (30.2)
---------- ---------- ----------- -----------
Adjusted gross profit $ 230.7 $ 215.1 $ 691.1 $ 648.1
========== ========== =========== ===========
Third Quarter September Year to Date
---------------------- ------------------------
2017 2016 2017 2016
---------- ---------- ----------- -----------
Earnings from operations $ 18.2 $ 18.8 $ 54.9 $ 43.4
Disposal of APAC
businesses (Note 1) - - - (5.9)
Restructuring charges
(Note 2) - - 2.4 3.4
---------- ---------- ----------- -----------
Adjusted earnings from
operations $ 18.2 $ 18.8 $ 57.3 $ 40.9
========== ========== =========== ===========
Third Quarter
------------------------------------------------
2017 2016
---------------------- ------------------------
Amount Per Share Amount Per Share
---------- ---------- ----------- -----------
Net earnings $ 23.0 $ 0.58 $ 80.9 $ 2.06
Gain on investment in
equity affiliate, net of
taxes (Note 3) - - (63.7) (1.62)
---------- -----------
Adjusted net earnings $ 23.0 $ 0.58 $ 17.2 $ 0.44
========== ===========
September Year to Date
------------------------------------------------
2017 2016
---------------------- ------------------------
Amount Per Share Amount Per Share
---------- ---------- ----------- -----------
Net earnings $ 53.9 $ 1.37 $ 101.0 $ 2.58
Disposal of APAC
businesses (Note 1) - - (4.5) (0.12)
Restructuring charges, net
of taxes (Note 2) 1.7 0.04 2.5 0.07
Gain on investment in
equity affiliate, net of
taxes (Note 3) - - (63.7) (1.63)
---------- -----------
Adjusted net earnings $ 55.6 $ 1.41 $ 35.3 $ 0.90
========== ===========
Note: Earnings per share amounts for each quarter are required to be computed independently and may not equal the amounts computed for the total year.
KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
(UNAUDITED)
Management believes that the non-GAAP (Generally Accepted Accounting Principles) information excluding the 2016 disposal of APAC businesses, 2017 and 2016 restructuring charges and the 2016 gain on investment of equity affiliate is useful to understand the Company's fiscal 2017 financial performance and increases comparability. Specifically, Management believes that removing the impact of these items allows for a more meaningful comparison of current period operating performance with the operating results of prior periods. These non-GAAP measures may have limitations as analytical tools because they exclude items which can have a material impact on cash flow and earnings per share. As a result, Management considers these measures, along with reported results, when it reviews and evaluates the Company's financial performance. Management believes that these measures provide greater transparency to investors and provide insight into how Management is evaluating the Company's financial performance. Non-GAAP measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.
(1) Disposal of APAC businesses represents the 2016 operational
results of business contributed to TS Kelly Asia Pacific in the third
quarter of 2016.
(2) Restructuring charges in 2017 represent costs related primarily to
optimizing our GTS service delivery models to deliver expected cost
savings. Restructuring charges in 2016 include costs related to
actions taken in the Americas and International regions designed to
increase operational efficiency and align our staffing operations with
opportunities for growth within their markets.
(3) Gain on investment in equity affiliate represents the difference
between the fair value and book value of amounts contributed by the
Company to the investment in TS Kelly Asia Pacific in the third
quarter of 2016.
ANALYST CONTACT: James Polehna (248) 244-4586 [email protected] MEDIA CONTACT:Jane Stehney(248) [email protected]
Source: Kelly Services
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