Kelly Losses In Q1
Kelly Services, Inc. has announced results for the first quarter of 2009.
Carl T. Camden, President and Chief Executive Officer, announced revenue for the first quarter of 2009 totaled $1.0 billion, a 25% decrease compared to the corresponding quarter in 2008. Losses from operations for the first quarter of 2009 totaled $30.6 million, compared to earnings from operations of $12.9 million reported for the first quarter of 2008. Included in the results from operations for the first quarter 2009 are $5.4 million of restructuring costs relating to the Company's UK operations. The UK restructuring charge is part of a plan to further consolidate and close branches in the UK during 2009.
Commenting on the first quarter results, Camden called the Company's loss disappointing, but not unexpected given the condition of the global labor market and widespread economic slowdown.
"In spite of the challenges we're facing, we've made significant progress in reducing operating costs by 13%, while pursuing our strategic plan aimed at building long-term value for our stakeholders.
"Our ability to remain focused on diversifying globally, expanding our professional and technical staffing, and growing our outsourcing and consulting services, in this bad economy, is critical to our future success," said Camden.