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Kelly Services(R) Reports Tough 1st Quarter Results

Kelly Services(R) Reports Tough 1st Quarter Results

Kelly Services, Inc. has announced results for the first quarter of 2013.

Carl T. Camden, President and Chief Executive Officer, announced revenue for the first quarter of 2013 totaled $1.3 billion, a 3% decrease compared to the corresponding quarter of 2012.

Earnings from operations for the first quarter of 2013 totaled $7.1 million, compared to $14.7 million reported for the first quarter of 2012.

Diluted earnings per share from continuing operations in the first quarter of 2013 were $0.34 compared to $0.24 per share in the first quarter of 2012.

"The sluggish economic growth we saw throughout 2012 continued into the first quarter of 2013, accompanied by a softening in demand for temporary labor," noted Camden. "Given these tough conditions, we're pleased to report that Kelly's performance exceeded expectations. We delivered an operating profit and controlled our expenses while moving ahead with strategic investments."

Camden acknowledged that the persistently slow pace of this recovery may be a medium-term reality, but remains confident that Kelly is positioned for long-term growth. "Our strategy was designed with the modern labor market in mind. We're winning higher-margin business, expanding key customer relationships, and strengthening our talent supply chain. The growth we're seeing in our professional and technical solutions and in our outsourcing and consulting group confirms that we're on the right track."

Kelly also reported that on May 7, its board of directors declared a dividend of $0.05 per share. The dividend is payable June 4 to shareholders of record as of the close of business on May 20.

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