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Kelly Services Reports 4th Quarter and Full Year 2010 Results

Kelly Services Reports 4th Quarter and Full Year 2010 Results

Kelly Services, Inc., a leader in providing workforce solutions, today announced results for the fourth quarter and full year 2010.

Carl T. Camden, President and Chief Executive Officer, announced revenue for the fourth quarter of 2010 totaled $1.3 billion, an 11% increase compared to the corresponding quarter in 2009. Revenue for the full year totaled $5.0 billion, a 15% increase compared to the prior year. The fourth quarter of 2009 included an extra week which reduces the quarterly and annual comparisons by approximately 5% and 1%, respectively.

Earnings from operations for the fourth quarter of 2010 totaled $16.9 million, compared to losses from operations of $13.0 million reported for the fourth quarter of 2009. Included in the results from operations for the fourth quarter of 2009 are restructuring charges of $13.4 million.

Earnings from operations for the full year of 2010 totaled $38.1 million compared to a loss of $146.1 million in 2009. The results for the full year 2010 include $7.2 million of restructuring charges. The results for 2009 include $29.9 million of restructuring charges and $53.1 million of goodwill and related impairment charges.

Diluted earnings per share from continuing operations in the fourth quarter of 2010 were $0.39 compared to fourth quarter 2009 losses of $0.23 per share. The restructuring charges were $0.29 per share in the fourth quarter of 2009.

Diluted earnings per share from continuing operations for the full year of 2010 were $0.71 compared to 2009 losses of $3.01 per share. In 2010, the restructuring charges totaled $0.15 per share. In 2009, the restructuring charges totaled $0.69 per share and goodwill and related impairment charges totaled $1.43 per share.

Commenting on the fourth quarter results, Camden stated, "We're pleased to report another successful quarter fueled by sustained demand for temporary staffing, a healthier global economy, and Kelly's focus on business execution and operational excellence."

Camden added that 2010 was much improved over a very difficult 2009, and Kelly made significant progress during the year in response to a changing labor market.

"As we begin 2011 and look to the future, we will continue to focus on building shareholder value by delivering a competitive profit in our industry, from the right solutions for our customers, delivered by the best talent in the business," said Camden.

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