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Kelly Revenue Up 16%, Net Income Leaps

August 10 2011

Kelly Services Inc. (NASD: KELYA) reported revenue rose 16.2 percent in its second quarter ended July 3, while net income rose more than four-fold. Revenue was $1.41 billion, up from $1.21 billion in the second quarter of last year.

Second-quarter revenue in Kelly’s Americas Commercial segment rose 11.6 percent year over year to $670.3 million. Second-quarter revenue in the Americas Professional and Technical segment rose 12.6 percent to $247.7 million.

Second-quarter revenue in Kelly’s outsourcing and consulting group division rose 22.5 percent to $74.0 million. OCG includes recruitment process outsourcing, managed services, independent contractor compliance, executive search, outplacement and other services.

Kelly’s second-quarter U.S. revenue rose 12.0 percent to $863.3 million. Revenue in Canada rose 12.8 percent to $61.4 million, up 6.0 percent on a constant currency basis.

Mexico and Puerto Rico are also included in Kelly’s North American operations. Mexican second-quarter revenue rose 25.9 percent (up 17.2 percent on a constant currency basis) to $27.6 million, and Puerto Rican second-quarter revenue rose 25.7 percent to $24.1 million.

Second-quarter revenue in Kelly’s Europe, Middle East and Africa region rose 24.9 percent to $310.9 million; it was up 8.3 percent in constant currency. Asia Pacific revenue rose 26.1 percent in to $118.5 million, up 12.6 percent in constant currency.

Second-quarter gross margin edged up to 16.0 percent from 15.8 percent in the second quarter of 2010.

Kelly posted second-quarter net income of $18.8 million, more than four times the year-ago income of $3.9 million.

Kelly Services Inc. (NASD: KELYA)
For the second quarter ended July 3, 2011, compared with the same period in the previous year.
Revenue: $1.41 billion, +16.2 percent
Net income: $18.8 million vs. $3.9 million

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