Kelly Services, Inc. has announced results
Kelly Services, Inc. has announced results for the second quarter of 2010.
Carl T. Camden, President and Chief Executive Officer, announced revenue for the second quarter of 2010 totaled $1.2 billion, an 18% increase compared to the corresponding quarter in 2009. On a constant currency basis, revenue increased by 17%.
Earnings from operations for the second quarter of 2010 totaled $8.5 million, compared to losses from operations of $74.5 million reported for the second quarter of 2009. Included in the results from operations for the second quarter of 2010 are impairment charges of $1.5 million. The loss from operations in the second quarter of 2009 included impairment charges of $52.6 million and restructuring charges of $4.7 million. Excluding the impairment and restructuring charges, earnings from operations were $10.0 million in the second quarter of 2010 compared to a loss from operations of $17.2 million in 2009.
Diluted earnings per share from continuing operations in the second quarter of 2010 were $0.11 compared to second quarter 2009 losses of $1.89 per share. The impairment charges were $0.03 per share in the second quarter of 2010 and the impairment and restructuring charges totaled $1.52 per share in the second quarter of 2009.
Commenting on the second quarter results, Camden stated, "We're pleased that global economic expansion continues and labor markets are slowly strengthening around the world. These trends had a positive impact on our second quarter earnings as demand for temporary staffing improved.
"Our efforts and discipline are clearly gaining traction. We're confident that we have realigned our strategy to take advantage of future opportunities within our industry and we'll continue to focus on improving profitability while holding expenses down, maintaining our commercial staffing stronghold, accelerating our PT and OCG growth, and winning new customers."