Return to 1997 Financial Contents

Eleven Year Financial Summary

Kelly Services, Inc. and Subsidiaries

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10 Year 5 Year 1 Year 1997 1996 1995 1994 1993 1992 (2) 1991 1990 1989 1988 1987(2)
Operating Results (In millions of dollars)
  Sales of services 12.8 % 17.6 % 16.7 % $3,852.9 $3,302.3 $2,689.8 $2,362.6 $1,954.5 $1,712.7 $1,424.3 $1,456.3 $1,364.9 $1,262.1 $1,157.3
  Cost of services 13.9 18.2 17.9 3,171.6 2,689.5 2,148.4 1,899.6 1,573.8 1,372.4 1,115.7 1,098.5 1,017.3 944.3 861.9
  Gross profit 8.7 14.9 11.2 681.3 612.8 541.4 463.0 380.7 340.3 308.6 357.8 347.6 317.8 295.4
  Selling, general and administrative 10.1 13.5 10.9 545.5 491.8 435.1 370.9 316.8 289.1 262.0 259.0 247.3 225.8 207.6
  Earnings from operations 4.4 21.5 12.2 135.8 121.0 106.3 92.1 63.9 51.2 46.6 98.8 100.3 92.0 87.8
  Interest income, net (11.4) (34.1) (37.9) 1.2 1.9 7.0 6.4 7.0 9.8 13.6 14.2 12.6 7.3 4.1
  Earnings before taxes 4.1 17.6 11.4 137.0 122.9 113.3 98.5 70.9 61.0 60.2 113.0 112.9 99.3 91.9
  Income taxes 3.1 20.9 12.6 56.2 49.9 43.8 37.4 26.3 21.8 21.6 41.8 42.1 39.0 41.4
  Net earnings 4.8 15.5 10.6 80.8 73.0 69.5 61.1 44.6 39.2 38.6 71.2 70.8 60.3 50.5
  Dividends 10.4 8.5 5.0 33.2 31.6 29.6 26.6 23.8 22.0 21.7 19.8 17.4 14.4 12.3
  Summary of total taxes (3) 11.2 17.5 14.3 388.2 339.7 283.5 246.4 202.4 173.2 143.0 162.0 151.3 142.7 134.3



Financial Position (In millions of dollars)
  Current assets 12.8 % 13.5 % 17.1 % $771.0 $658.6 $558.6 $526.7 $447.1 $408.6 $411.4 $393.2 $353.9 $292.2 $232.1
  Current liabilities 18.0 25.9 26.5 407.4 322.0 242.6 210.9 155.9 128.8 124.4 106.0 110.5 96.5 77.6
  Working capital 8.9 5.4 8.0 363.6 336.6 316.0 315.8 291.2 279.8 287.0 287.2 243.4 195.7 154.5
  Net property and equipment 15.1 10.2 15.4 112.7 97.7 84.4 70.2 68.3 69.3 51.5 37.9 34.0 30.8 27.5
  Total assets 14.0 14.3 15.3 967.2 838.9 718.7 642.4 542.1 496.1 479.4 443.8 394.3 326.4 261.8
  Stockholders' equity 11.8 8.8 8.3 559.8 516.9 476.1 431.5 386.2 367.3 355.0 337.8 283.7 229.9 184.2
  Capital expenditures 21.4 4.1 8.7 39.7 36.5 34.0 18.4 16.1 32.4 23.5 12.0 11.2 10.5 5.7
  Depreciation 13.7 10.4 0.1 22.9 22.9 20.4 17.3 16.6 14.0 9.8 8.8 7.9 7.4 6.4



Common Stock Data (4)
  Earnings per share
  Basic $2.12 $1.92 $1.83 $1.61 $1.18 $1.04 $1.03 $1.89 $1.89 $1.61 $1.35
  Diluted 2.12 1.91 1.83 1.61 1.18 1.04 1.02 1.89 1.88 1.60 1.34
  Dividends per share: Classes A and B .87 .83 .78 .70 .63 .58 .57 .53 .46 .38 .33
  Stockholders' equity (book value) per share 14.67 13.58 12.52 11.37 10.23 9.74 9.43 8.98 7.55 6.13 4.91
  Stock price per share: Class A at year end 29 1/4 27 1/2 27 3/4 27 1/2 27 3/4 35 22 26 3/8 31 3/8 23 3/4 25
  Number of common shares outstanding at year end (thousands) 38,163 38,059 38,015 37,963 37,755 37,706 37,624 37,603 37,570 37,520 37,501
  Average number of shares outstanding (thousands) 38,099 38,043 37,993 37,956 37,728 37,668 37,616 37,586 37,548 37,509 37,514
  Stock splits - - - - 5 for 4 - - - 5 for 4 - 3 for 2
Financial Ratios(1)
  Return on sales 2.1% 2.2% 2.6% 2.6% 2.3% 2.3% 2.7% 4.9% 5.2% 4.8% 4.4%
  Return on average assets 8.9% 9.4% 10.2% 10.3% 8.6% 8.0% 8.4% 17.0% 19.6% 20.5% 21.2%
  Return on average stockholders' equity 15.0% 14.7% 15.3% 14.9% 11.8% 10.9% 11.1% 22.9% 27.6% 29.1% 30.4%
  Effective tax rate 41.0% 40.6% 38.7% 38.0% 37.1% 35.7% 35.9% 37.0% 37.3% 39.3% 45.1%
  Current assets to current liabilities (current ratio) 1.9 2.0 2.3 2.5 2.9 3.2 3.3 3.7 3.2 3.0 3.0
  Price earnings ratio at year end 13.8 14.3 15.2 17.1 23.5 33.7 21.4 14.0 16.6 14.8 18.5
(1) Growth rates and financial ratios calculated based on data rounded to thousands.
(2) Fiscal year included 53 weeks.
(3) Consists of payroll taxes and federal, state and local taxes.
(4) Shares consist of Class A and B common stock adjusted for all stock splits.