Q3 Results at Kelly
Kelly Services, Inc., has announced results for the third quarter of 2008.
Carl T. Camden, President and Chief Executive Officer, Kelly Services, Inc has announced revenue for the third quarter of 2008 totaled $1.4 billion, a 2% decrease compared to the corresponding quarter in 2007.
Losses from operations for the third quarter of 2008 totaled $14.5 million, compared to $20.8 million earnings from operations reported for the third quarter of 2007. Included in the results of operations for the third quarter 2008 is a $22.5 million pre-tax charge related to several litigation matters. Earnings from operations in the third quarter of 2007 included $2.5 million of pre-tax restructuring costs.
Commenting on the results, Camden said, Our third quarter performance reflects the rapid deterioration in global economic conditions and further weakening of the staffing market, particularly in the U.S. Absent the litigation charge, we would have reported modest earnings for the quarter. Although a disappointment, these lawsuits do not affect our ability to execute our long-term strategy.
Camden concluded, In spite of the tumultuous economic landscape and the cyclical nature of our business, Kelly remains focused on building a stronger company for our employees and customers, while creating lasting value for our shareholders.