KELLY SERVICES REPORTS FIRST QUARTER SALES AND EARNINGS
KELLY SERVICES REPORTS FIRST QUARTER SALES AND EARNINGS TROY, Mich., April 23 /PRNewswire/ -- Kelly Services, Inc.
(NASDAQ: KELYA, KELYB), the nation's largest staffing support company, today announced sales and earnings for the first quarter of 1992.
Terence E. Adderley, Kelly Services President and Chief Executive Officer, announced that sales for the quarter ended March 29, 1992, were $377 million, an increase of 14.2 percent from the $330 million reported for the corresponding period in 1991. Net earnings of $6.2 million were 26.5 percent lower than the $8.5 million reported for the first quarter of 1991. Earnings per share in the first quarter amounted to 21 cents per share versus first quarter 1991 earnings of 28 cents per share. "We are pleased by the accelerating increase in sales, which continues a trend begun early in 1991. Our intensified sales efforts and divisional reorganization have been complemented by a slow strengthening of the economy and a gradual improvement in the demand for temporary help," Adderley said. "Pricing pressures, however, continued to have a negative impact on net earnings during the first quarter." Comparative sales and earnings for the first quarters of 1992 and 1991 were: KELLY SERVICES, INC. 13 Weeks Ended March 29, March 31, 1992 1991 (In 000's except per share data) Sales of services $377,384 $330,335 Costs and expenses 367,710 317,135 Earnings before income taxes 9,674 13,200 Income taxes 3,465 4,750 Net earnings 6,209 8,450 Earnings per share 0.21 0.28 Average number of Class A and B common shares outstanding 30,112 30,085 -0- 4/23/92 /CONTACT: Robert F. Stoner, Chief Financial Officer, Kelly Services, Inc., 313-244-4362/ (KELY) CO: Kelly Services, Inc. ST: Michigan IN: SU: ERN
JG -- DE007 -- 1770 04/23/92 10:41 EDT
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|Date:||Apr 23, 1992|
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