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Kellys Losses Continue

Kellys Losses Continue

Kelly Services, Inc has announced its results for the third quarter of 2009.
Carl T. Camden, President and Chief Executive Officer, announced revenue for the third quarter of 2009 totalled $1.0 billion, a 25% decrease compared to the corresponding quarter in 2008. On a constant currency basis, revenue decreased by 22%.

Losses from operations for the third quarter of 2009 totalled $28.0 million, compared to losses from operations of $14.5 million reported for the third quarter of 2008. Included in the results from operations are legal charges of $4.3 million in the third quarter of 2009 and $22.5 million in the third quarter of 2008.

Diluted losses per share from continuing operations in the third quarter of 2009 were $0.43 compared to third quarter 2008 losses of $0.33 per share. The legal charges totalled $0.08 per share in the third quarter of 2009 and $0.40 per share in the third quarter of 2008.

Commenting on the third quarter results, Camden was cautiously optimistic. "We are seeing signs that the global economy is picking up steam and job losses are stabilizing," he said. "In the past few months, trends have shown modest improvement, and we're particularly encouraged by the steady, sequential nature of that upturn."

Camden added that job creation may lag for a while. "Employers are understandably concerned about the sustainability of this recovery and likely will be guarded about expanding their workforce.

"In the meantime, Kelly has done an excellent job of streamlining, managing costs, maintaining a strong balance sheet, and serving our customers. Today, we're a more agile and focused company. We believe we're in a very good position to grow with this economy."

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