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Kelly Services(R) Reports 3rd Quarter 2010 Results

Kelly Services(R) Reports 3rd Quarter 2010 Results

Kelly Services, Inc. (NASDAQ: KELYA) (NASDAQ: KELYB), a leader in providing workforce solutions, has announced results for the third quarter of 2010.

Carl T. Camden, President and Chief Executive Officer, announced revenue for the third quarter of 2010 totaled $1.3 billion, a 22% increase compared to the corresponding quarter in 2009. On a constant currency basis, revenue increased by 23%.

Earnings from operations for the third quarter of 2010 totaled $14.3 million, compared to losses from operations of $28.0 million reported for the third quarter of 2009. Included in the results from operations for the third quarter of 2010 are restructuring charges of $2.8 million. The loss from operations in the third quarter of 2009 included restructuring charges of $4.6 million and impairment charges of $0.5 million. Excluding the restructuring and impairment charges, earnings from operations were $17.1 million in the third quarter of 2010 compared to a loss from operations of $22.9 million in 2009.

Diluted earnings per share from continuing operations in the third quarter of 2010 were $0.26 compared to third quarter 2009 losses of $0.43 per share. The restructuring charges were $0.05 per share in the third quarter of 2010 and the restructuring and impairment charges totaled $0.12 per share in the third quarter of 2009.

Commenting on the third quarter results, Camden stated, "We're very pleased that demand for temporary staffing accelerated as global economic expansion persisted and labor markets continued to slowly strengthen. These trends, along with our ability to maintain a leaner cost structure, translated into solid third quarter earnings.

"Our efforts and discipline are clearly yielding results. We're confident that our realigned strategy enables us to take advantage of growth areas in our industry, particularly professional/technical staffing and supply chain management. We will continue to focus on improving profitability through client-focused solutions that connect the world's top companies with the world's best talent."

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