Statements of Cash Flows
Kelly Services, Inc. and Subsidiaries
| 1998(1) |
1997 |
1996 |
||
| (In thousands of dollars) | ||||
| Cash flows from operating activities | ||||
| Net earnings | $84,715 | $80,780 | $73,009 | |
| Noncash adjustments: | ||||
| Depreciation and amortization | 28,865 | 28,341 | 26,136 | |
| Changes in certain working capital components | 5,060 |
38,714 |
(112,763) |
|
| Net cash from operating activities | 118,640 | 147,835 | (13,618) | |
| Cash flows from investing activities | ||||
| Capital expenditures | (59,213) | (39,731) | (36,548) | |
| Short-term investments | 55,232 | (39,266) | 46,702 | |
| Increase in intangibles and other assets | (17,215) |
(8,446) |
(10,694) |
|
| Net cash from investing activities | (21,196) | (87,443) | (540) | |
| Cash flows from financing activities | ||||
| (Decrease) increase in short-term borrowings | (7,329) | 13,342 | 25,154 | |
| Dividend payments | (34,237)< | (33,150) | (31,579) | |
| Exercise of stock options and restricted stock awards | 3,180 | 2,698 | 1,180 | |
| Purchase of treasury stock | (75,949) |
- |
- |
|
| Net cash from financing activities | (114,335) | (17,110) | (5,245) | |
| Net change in cash and equivalents | (16,891) | 43,282 | (19,403) | |
| Cash and equivalents at beginning of year | 76,690 |
33,408 |
52,811 |
|
| Cash and equivalents at end of year | $59,799 |
$76,690 |
$33,408 |
|
See accompanying Notes to Financial Statements.
(1) Fiscal year included 53 weeks.