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Kelly Services, Inc. (NASDAQ:KELYA) (NASDAQ:KELYB), the work force solutions provider, has announced results for the fourth quarter and year ended 3 January 2010.
Carl T. Camden, President and Chief Executive Officer, announced revenue for the fourth quarter of 2009 totalled $1.2 billion, a 7% decrease compared to the corresponding quarter in 2008. On a sequential basis, fourth quarter revenue increased 14%, compared to the third quarter in 2009. Revenue for the full year totalled $4.3 billion, a 22% decrease compared to the prior year. The fourth quarter included an extra week which adds approximately 4-5% to Kelly's quarterly comparisons and 1% to annual comparisons.
Losses from operations for the fourth quarter of 2009 totalled $13.0 million, compared to losses from operations of $83.7 million reported for the fourth quarter of 2008. Included in the results from operations for the fourth quarter of 2009 are restructuring charges of $13.4 million. The loss from operations in the fourth quarter of 2008 included impairment charges of $80.5 million and restructuring charges of $4.3 million. Excluding the impairment and restructuring charges, earnings from operations were $0.4 million in the fourth quarter of 2009 compared to $1.1 million in 2008.
Losses from operations for the full year of 2009 totalled $146.1 million compared to a loss of $70.3 million in 2008. The results for the full year 2009 include $53.1 million of impairment charges, $5.3 million of legal charges and $29.9 million of restructuring charges. The results for 2008 included $80.5 million of impairment charges, $22.5 million of legal charges and $6.5 million of restructuring charges.
In France Q4 2009 revenues were up by 4.7% from $75.1 million in Q4 2008 to $78.7 million in Q4 2009. In constant currency revenues were down by -6.2%.
In Switzerland Q4 2009 revenues were down by -6.4% from $41.4 million in Q4 2008 to $38.8 million in Q4 2009. In constant currency revenues were down by
In Portugal Q4 2009 revenues were up by 24.4% from $15.6 million in Q4 2008 to $19.4 million in Q4 2009. In constant currency revenues were up by 11.3%.
"We look forward to 2010, and will focus on maximizing profitability across all operations; accelerating growth of higher-margin Professional & Technical disciplines and outsourcing and consulting services; winning new business, and helping our customers manage their ever-changing workforce needs."