Statements of Cash Flows
Kelly Services. Inc. and Subsidiaries
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1999 |
1998(1) |
1997 |
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(In thousands of dollars) |
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| Cash flows from operating activities | |||
| Net earnings | $85,110 | $84,715 | $80,780 |
| Noncash adjustments: | |||
| Depreciation and amortization | 36,238 | 28,865 | 28,341 |
| Changes in certain working capital components | (6,923) | 2,239 | 38,751 |
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| Net cash from operating activities | 114,425 | 115,819 | 147,872 |
| Cash flows from investing activities | |||
| Capital expenditures | (76,696) | (59,089) | (39,710) |
| Short-term investments | 6,051 | 55,232 | (39,266) |
| Increase in intangibles and other assets | (10,872) | (11,133) | (7,168) |
| Acquisition of companies, net of cash received | (5,557) | (3,385) | (1,336) |
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| Net cash from investing activities | (87,074) | (18,375) | (87,480) |
| Cash flows from financing activities | |||
| (Decrease) increase in short-term borrowings | (419) | (7,329) | 13,342 |
| Dividend payments | (34,041) | (34,237) | (33,150) |
| Exercise of stock options, restricted stock awards and other | 1,893 | 3,180 | 2,698 |
| Purchase of treasury stock | (551) | (75,949) |
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| Net cash from financing activities | (33,118) | (114,335) | (17,110) |
| Net change in cash and equivalents | (5,767) | (16,891) | 43,282 |
| Cash and equivalents at beginning of year | 59,799 | 76,690 | 33,408 |
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| Cash and equivalents at end of year | 54,032 | 59,799 | 76,690 |
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