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Kelly Services Reports 4th Quarter 2009 and Year-End Results

Kelly Services Reports 4th Quarter 2009 and Year-End Results

Kelly Services, Inc has announced its results for the fourth quarter and year ended January 3, 2010.

Carl T. Camden, President and Chief Executive Officer, announced revenue for the fourth quarter of 2009 totalled $1.2 billion, a 7% decrease compared to the corresponding quarter in 2008. On a sequential basis, fourth quarter revenue increased 14%, compared to the third quarter in 2009. Revenue for the full year totalled $4.3 billion, a 22% decrease compared to the prior year.

Losses from operations for the fourth quarter of 2009 totalled $13.0 million, compared to losses from operations of $83.7 million reported for the fourth quarter of 2008. Included in the results from operations for the fourth quarter of 2009 are restructuring charges of $13.4 million. The loss from operations in the fourth quarter of 2008 included impairment charges of $80.5 million and restructuring charges of $4.3 million. Excluding the impairment and restructuring charges, earnings from operations were $0.4 million in the fourth quarter of 2009 compared to $1.1 million in 2008.

Losses from operations for the full year of 2009 totalled $146.1 million compared to a loss of $70.3 million in 2008. The results for the full year 2009 include $53.1 million of impairment charges, $5.3 million of legal charges and $29.9 million of restructuring charges. The results for 2008 included $80.5 million of impairment charges, $22.5 million of legal charges and $6.5 million of restructuring charges.

Commenting on the fourth quarter results, Camden was optimistic. "We are very pleased that the improved revenue trends in our business, combined with our significant cost reduction initiatives allowed us to realize a small operating profit for the fourth quarter, excluding restructuring charges."

Camden added that while 2009 has been a challenging year for the staffing industry, "Kelly has done an excellent job of re-shaping and strategically positioning the company to seize future growth opportunities and create value for our shareholders.

"We look forward to 2010, and will focus on maximizing profitability across all operations accelerating growth of higher-margin Professional & Technical disciplines and outsourcing and consulting services winning new business and helping our customers manage their ever-changing workforce needs."

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