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Kelly Services reports Q4 & full year 2013 results

Earnings from operations for the fourth quarter of 2013 totaled $9.6 million, compared to $9.8 million reported for the fourth quarter of 2012. Included in the results from operations for the fourth quarter of 2013 are restructuring charges of $0.3 million. Included in the results from operations for the fourth quarter of 2012 are asset impairment charges of $3.1 million and restructuring charges of $1.3 million. Excluding these charges from both years, earnings from operations were $9.9 million in the fourth quarter of 2013 compared to $14.2 million in 2012.

Earnings from operations for the full year of 2013 totaled $53.3 million compared to $72.3 million in 2012. Included in the results from operations for 2013 are asset impairment charges of $1.7 million and restructuring charges of $1.6 million. Included in the results from operations for 2012 are asset impairment charges of $3.1 million and a restructuring benefit of $0.9 million. Excluding these items from both years, earnings from operations were $56.6 million in 2013 compared to $74.5 million in 2012.

Diluted earnings per share from continuing operations in the fourth quarter of 2013 were $0.45 compared to $0.23 per share in the fourth quarter of 2012. Included in diluted earnings per share from continuing operations for the fourth quarter of 2013 are restructuring charges of $0.01 per share. Included in diluted earnings per share from continuing operations for the fourth quarter of 2012 are asset impairment charges of $0.05 per share, restructuring charges of $0.02 per share and a loss on the North Asia joint venture of $0.03 per share. Excluding these charges from both years, diluted earnings per share from continuing operations for the fourth quarter of 2013 were $0.45 per share compared to $0.33 per share in 2012.

Diluted earnings per share from continuing operations for the full year of 2013 were $1.54 compared to $1.31 per share in 2012. Included in diluted earnings per share from continuing operations for 2013 are restructuring charges of $0.04 per share and asset impairment charges of $0.04 per share. Included in diluted earnings per share from continuing operations for 2012 are asset impairment charges of $0.05 per share, a restructuring benefit of $0.04 per share and a loss on the North Asia joint venture of $0.03 per share. Excluding these charges from both periods, diluted earnings per share from continuing operations for 2013 were $1.62 per share compared to $1.34 per share in 2012.

Commenting on the fourth quarter, Camden stated, "Our performance exceeded our expectations, and we're pleased with the strategic progress we've made despite uneven global economic conditions. In the face of flat revenue growth, Kelly experienced an improvement in both GP and staffing fees, and continued to deliver double-digit revenue growth in our outsourcing and consulting segment."

Looking ahead, Camden sees 2014 as a year of significant investment in the Company's long-term growth. "The market is demanding access to specialized talent and more holistic workforce solutions, and we're going to invest heavily in those areas. We will hire niche recruiters, adapt our operating models, and build our talent supply chain capabilities with speed and intensity in 2014. We are confident these investments are right for our business, right for our customers and will support long-term growth for Kelly."

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