Eleven Year Financial Summary
Kelly Services, Inc. and Subsidiaries
| Growth Rates(1) |
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| 10 Year |
5 Year |
1 Year |
1998(2) |
1997 |
1996 |
1995 |
1994 |
1993 |
1992(2) |
1991 |
1990 |
1989 |
1988 |
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| Operating Results (In millions of dollars) | |||||||||||||||
| Sales of services | 12.5% | 15.9% | 6.2% | $4,092.3 | $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 | |
| Cost of services | 13.5 | 16.4 | 6.0 | 3,361.0 | 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 | |
| Gross profit | 8.7 | 13.9 | 7.3 | 731.3 | 681.3 | 612.8 | 541.4 | 463.0 | 380.7 | 340.3 | 308.6 | 357.8 | 347.6 | 317.8 | |
| Selling, general and administrative | 10.1 | 13.3 | 8.3 | 590.7 | 545.5 | 491.8 | 435.1 | 370.9 | 316.8 | 289.1 | 262.0 | 259.0 | 247.3 | 225.8 | |
| Earnings from operations | 4.3 | 17.1 | 3.6 | 140.6 | 135.8 | 121.0 | 106.3 | 92.1 | 63.9 | 51.2 | 46.6 | 98.8 | 100.3 | 92.0 | |
| Interest income, net | (8.5) | (15.5) | 146.6 | 3.0 | 1.2 | 1.9 | 7.0 | 6.4 | 7.0 | 9.8 | 13.6 | 14.2 | 12.6 | 7.3 | |
| Earnings before taxes | 3.8 | 15.2 | 4.8 | 143.6 | 137.0 | 122.9 | 113.3 | 98.5 | 70.9 | 61.0 | 60.2 | 113.0 | 112.9 | 99.3 | |
| Income taxes | 4.2 | 17.5 | 4.8 | 58.9 | 56.2 | 49.9 | 43.8 | 37.4 | 26.3 | 21.8 | 21.6 | 41.8 | 42.1 | 39.0 | |
| Net earnings | 3.5 | 13.7 | 4.9 | 84.7 | 80.8 | 73.0 | 69.5 | 61.1 | 44.6 | 39.2 | 38.6 | 71.2 | 70.8 | 60.3 | |
| Dividends | 9.0 | 7.5 | 3.3 | 34.2 | 33.2 | 31.6 | 29.6 | 26.6 | 23.8 | 22.0 | 21.7 | 19.8 | 17.4 | 14.4 | |
| Summary of total taxes(3) | 11.3 | 15.5 | 7.2 | 416.2 | 388.2 | 339.7 | 283.5 | 246.4 | 202.4 | 173.2 | 143.0 | 162.0 | 151.3 | 142.7 | |
| Financial Position (In millions of dollars) | |||||||||||||||
| Current assets | 9.4% | 10.0% | (6.6)% | $719.9 | $771.0 | $658.6 | $558.6 | $526.7 | $447.1 | $408.6 | $411.4 | $393.2 | $353.9 | $292.2 | |
| Current liabilities | 16.0 | 22.3 | 4.7 | 426.5 | 407.4 | 322.0 | 242.6 | 210.9 | 155.9 | 128.8 | 124.4 | 106.0 | 110.5 | 96.5 | |
| Working capital | 4.1 | 0.2 | (19.3) | 293.4 | 363.6 | 336.6 | 316.0 | 315.8 | 291.2 | 279.8 | 287.0 | 287.2 | 243.4 | 195.7 | |
| Net property and equipment | 16.9 | 16.5 | 29.8 | 146.4 | 112.7 | 97.7 | 84.4 | 70.2 | 68.3 | 69.3 | 51.5 | 37.9 | 34.0 | 30.8 | |
| Total assets | 11.4 | 12.2 | (0.3) | 964.2 | 967.2 | 838.9 | 718.7 | 642.4 | 542.1 | 496.1 | 479.4 | 443.8 | 394.3 | 326.4 | |
| Stockholders' equity | 8.9 | 6.8 | (3.9) | 537.8 | 559.8 | 516.9 | 476.1 | 431.5 | 386.2 | 367.3 | 355.0 | 337.8 | 283.7 | 229.9 | |
| Capital expenditures | 18.9 | 29.8 | 49.0 | 59.2 | 39.7 | 36.5 | 34.0 | 18.4 | 16.1 | 32.4 | 23.5 | 12.0 | 11.2 | 10.5 | |
| Depreciation and amortization | 14.1 | 10.5 | 1.8 | 28.9 | 28.3 | 26.1 | 22.7 | 19.1 | 17.5 | 14.7 | 10.5 | 9.5 | 8.4 | 7.8 | |
| Common Stock Data(4) | |||||||||||||||
| Earnings per share | |||||||||||||||
| Basic | $2.24 | $2.12 | $1.92 | $1.83 | $1.61 | $1.18 | $1.04 | $1.03 | $1.89 | $1.89 | $1.61 | ||||
| Diluted | 2.23 | 2.12 | 1.91 | 1.83 | 1.61 | 1.18 | 1.04 | 1.02 | 1.89 | 1.88 | 1.60 | ||||
| Dividends per share: Classes A and B | .91 | .87 | .83 | .78 | .70 | .63 | .58 | .57 | .53 | .46 | .38 | ||||
| Stockholders' equity (book value) per share | 15.02 | 14.67 | 13.58 | 12.52 | 11.37 | 10.23 | 9.74 | 9.43 | 8.98 | 7.55 | 6.13 | ||||
| Stock price per share: Class A at year end | 31.75 | 29.25 | 27.50 | 27.75 | 27.50 | 27.75 | 35.00 | 22.00 | 26.38 | 31.38 | 23.75 | ||||
| Number of common shares outstanding at year end (thousands) | 35,807 | 38,163 | 38,059 | 38,015 | 37,963 | 37,755 | 37,706 | 37,624 | 37,603 | 37,570 | 37,520 | ||||
| Average number of shares outstanding (thousands) | |||||||||||||||
| Basic | 37,745 | 38,099 | 38,043 | 37,993 | 37,956 | 37,728 | 37,668 | 37,616 | 37,586 | 37,548 | 37,509 | ||||
| Diluted | 37,945 | 38,191 | 38,133 | 38,057 | 38,005 | 37,761 | 37,711 | 37,679 | 37,644 | 37,630 | 37,596 | ||||
| Stock splits | -- | -- | -- | -- | -- | 5 for 4 | -- | -- | -- | 5 for 4 | -- | ||||
| Financial Ratios(1) | |||||||||||||||
| Return on sales | 2.1% | 2.1% | 2.2% | 2.6% | 2.6% | 2.3% | 2.3% | 2.7% | 4.9% | 5.2% | 4.8% | ||||
| Return on average assets | 8.8% | 8.9% | 9.4% | 10.2% | 10.3% | 8.6% | 8.0% | 8.4% | 17.0% | 19.6% | 20.5% | ||||
| Return on average stockholders' equity | 15.4% | 15.0% | 14.7% | 15.3% | 14.9% | 11.8% | 10.9% | 11.1% | 22.9% | 27.6% | 29.1% | ||||
| Effective tax rate | 41.0% | 41.0% | 40.6% | 38.7% | 38.0% | 37.1% | 35.7% | 35.9% | 37.0% | 37.3% | 39.3% | ||||
| Current assets to current liabilities (current ratio) | 1.7 | 1.9 | 2.0 | 2.3 | 2.5 | 2.9 | 3.2 | 3.3 | 3.7 | 3.2 | 3.0 | ||||
| Price earnings ratio at year end | 14.2 | 13.8 | 14.3 | 15.2 | 17.1 | 23.5 | 33.7 | 21.4 | 14.0 | 16.6 | 14.8 | ||||
(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.
(5) Certain prior year amounts have been reclassified to conform with the current presentation.