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Kelly Revenue Rises 11%

February 03 2011

Kelly Services Inc. (NASD: KELYA) reported fourth-quarter revenue rose 11.0 percent to $1.33 billion from $1.19 billion in the year-ago quarter.

"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," said President and CEO Carl Camden.
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.

Kelly's Americas Commercial segment reported a 16.0 percent year-over-year increase in fourth-quarter revenue to $646.3 million. That's down from the 35.5 percent year-over-year growth in the third-quarter.

Fourth-quarter revenue in the Americas Professional and Technical segment rose 10.4 percent to $229.9 million.

Kelly's fourth-quarter U.S. revenue rose 13.2 percent to $829.6 million. Revenue in Canada rose 8.9 percent to $56.2 million.

Mexico and Puerto Rico are also included in Kelly's North American operations. Mexican fourth-quarter revenue rose 45.2 percent to $27.6 million, and Puerto Rican fourth-quarter revenue rose 51.5 percent to $22.6 million.

European revenue fell  2.5 percent to $275.8 million in the fourth quarter. Asia Pacific revenue rose 23.0 percent to $114.0 million

Fourth-quarter gross margin improved to 16.3 percent from 15.8 percent in the fourth quarter of last year.

Kelly posted fourth-quarter net income of $14.6 million compared to a loss of $8.2 million in the fourth quarter of 2009.

Kelly Services Inc. (NASD: KELYA)
For the fourth quarter ended Jan 2, 2011, compared with the same period in the previous year.
Revenue: $1.33 billion, +11.0 percent
Net income: $14.6 million vs. a net loss of $8.2 million
For the 2010 fiscal year ended Jan. 2, 2011 compared with the previous year:
Revenue: $5.0 billion, +635.5 percent
Net income: $26.1 million vs. a net loss of $104.5 million


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