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KELLY SERVICES REPORTS THIRD QUARTER SALES AND EARNINGS

 TROY, Mich., Oct. 28 /PRNewswire/ -- Kelly Services, Inc., (NASDAQ: KELYA, KELYB) an international staffing services company, today announced sales and earnings for the third quarter of 1993.
 Terence E. Adderley, Kelly Services President and Chief Executive Officer, announced that sales for the quarter ended October 3, 1993 were $519 million, an increase of 14.7 percent over the $452 million reported for the third quarter of 1992. Sales of temporary help in the United States rose 18 percent.
 Net earnings of $14 million were 22.9 percent higher than 1992 third quarter net earnings of $11.4 million. Excluding the effect of lower interest income, earnings from temporary help sales increased by 37 percent.
 Third quarter earnings per share rose to $.37, versus third quarter, 1992 earnings per share of $.30 (adjusted for the 5-for-4 stock split of May, 1993), an increase of 23.3 percent.
 Third quarter net earnings reflect the full effect of federal tax increases retroactive to the first of the year, the equivalent of $.01 earnings per share.
 "We are pleased by this quarter's results," Adderley said. "They reaffirm the continuing success of our close attention to margins. In the first quarter of 1993, margins stabilized after more than two years of erosion in our industry; in both the second and third quarters margins have continued to improve."
 "In September, the company-wide weekly sales volume reached the highest level in company history," he added. "We anticipate record sales for the year and increased earnings."
 Comparative sales and earnings for the third quarters of 1993 and 1992 were:
 KELLY SERVICES, INC.
 Third Quarter(A) Nine Months(A)
 1993 1992 1993 1992
 (In 000's except per share data)
 Sales of services $519,123 $452,439 $1,455,515 $1,245,496
 Costs and expenses 496,445 434,678 1,406,449 1,204,811
 Earnings before
 income taxes 22,678 17,761 49,066 40,685
 Income taxes 8,650 6,350 18,150 14,560
 Net earnings 14,028 11,411 30,916 26,125
 Earnings per
 share(B) 0.37 0.30 0.82 0.69
 Average number of
 Class A and B common
 shares
 outstanding(B) 37,725 37,668 37,722 37,658
 (A) The 13- and 39-week periods ended October 3, 1993 and September 27, 1992.
 (B) Adjusted for 5-for-4 stock split of May, 1993
 -0- 10/28/93 R
 /CONTACT: Robert F. Stoner, Chief Financial Officer of Kelly Services, Inc., 313-244-4362/
 (KELY)


CO: Kelly Services, Inc. ST: Michigan IN: SU: ERN

OP -- DE004R -- 7980 10/28/93 13:40 EDT
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Publication:PR Newswire
Date:Oct 28, 1993
Words:428
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