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Kelly Services(R) Reports 2nd Quarter 2012 Results

Kelly Services(R) Reports 2nd Quarter 2012 Results

Kelly Services, Inc. has announced its results for the second quarter of 2012.

Carl T. Camden, President and Chief Executive Officer, announced revenue for the second quarter of 2012 totaled $1.4 billion, a 3% decrease compared to the corresponding quarter of 2011.

Earnings from operations for the second quarter of 2012 totaled $23.8 million, compared to $21.3 million reported for the second quarter of 2011. Included in the results from operations for the second quarter of 2012 is a benefit due to changes in the estimated cost of restructuring of $2.2 million. The results from operations in the second quarter of 2011 also included a benefit due to changes in the estimated cost of restructuring of $0.6 million. Excluding the adjustments to restructuring charges, earnings from operations were $21.6 million in the second quarter of 2012 compared to $20.7 million in 2011.

Diluted earnings per share from continuing operations in the second quarter of 2012 were $0.40 compared to $0.53 per share in the second quarter of 2011. The benefit from adjustments to restructuring costs was $0.06 per share in the second quarter of 2012 and $0.02 per share in the second quarter of 2011.

Commenting on the second quarter results, Camden stated, "Despite tepid economic growth in the US and recessionary conditions across much of Europe, Kelly made positive strides in the second quarter. We increased our GP, improved our operating profit, and kept a tight lid on expenses -- all while delivering solid, sustained growth in OCG and our higher-margin staffing businesses."

Kelly also reported that on August 7, its board of directors declared a dividend of $0.05 per share. The dividend is payable September 6, 2012 to shareholders of record as of the close of business on August 17, 2012.

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