This document is a summary annual report for Kelly Services for the year 2002. It provides the following key information in 3 sentences:
Kelly Services saw a 1.6% increase in sales to $4.3 billion for 2002, with net earnings increasing 12.2% to $18.6 million. Despite moderate sales and earnings growth during a difficult economic period, Kelly Services outperformed competitors by expanding business lines, enhancing products, and deploying new technologies. Looking ahead, Kelly Services is well positioned for stronger growth as the economy recovers due to its experienced management team, financial stability, focus on customers, and commitment to ethics and quality service.
The 2005 Kelly Services annual report summarizes the company's performance in 2005. Key points include:
1) Kelly Services saw record sales of over $5.3 billion in 2005, up 6.1% from 2004, and net earnings increased 85% to $39.3 million.
2) The company expanded its global presence in 2005, entering the Japanese staffing market through a joint venture with Tempstaff and Sony.
3) Kelly Services' strategic growth plan focuses on expanding its branch network globally, introducing new services, and improving productivity and quality through initiatives like a payroll and billing project.
4) The outlook for Kelly Services and the staffing industry remains positive due to trends like an aging
Kelly Services lobbied to close a corporate tax loophole known as "SUTA dumping". This practice allowed companies to reduce their unemployment tax bills by shifting employees between different payroll units. Kelly argued this enriched competitors and cost state governments over $1 billion in taxes. With Kelly's lobbying, Congress unanimously passed a bill making SUTA dumping illegal, which President Bush was expected to sign. While some criticized the legislation as stifling legitimate tax planning, Kelly viewed closing the loophole as correcting an improper tax advantage for other companies.
Cynergies Solutions Group sources and delivers human capital to technology companies to help them rapidly deliver talent and products/services to market ahead of competitors. They pride themselves on tailoring IT solutions to anticipate client needs and exceed expectations. The company has received many awards and has been named to lists of fastest growing and top women-owned businesses for their success.
Allen & York Sustainability RecruitmentJessWilson12
Allen & York is an international recruitment firm specializing in sustainability and environmental professionals. They have extensive experience recruiting candidates across industries like energy, engineering, environment, health and safety, and planning/construction. Allen & York aims to provide clients with high quality candidates through their global network and technical expertise in sustainability fields.
Resourcing solutions international brochuremarki-inabbar
Resourcing Solutions is a global specialist recruiter known for sourcing scarce skills candidates in engineering, construction, and rail. They understand the challenges clients face in identifying suitable candidates with the required expertise. Their reputation is based on detailed market knowledge, strong client relationships, and a commitment to top value through consultant integrity and passion. They operate with best practices to provide leading solutions for proactively sourcing the best talent.
Resourcing Solutions is a global specialist recruiter known for sourcing scarce skills candidates in engineering, construction, and rail. They understand the challenges clients face in identifying suitable candidates with the required expertise. Their reputation is built on detailed market knowledge, strong client relationships, and a commitment to top value through consultant integrity and passion. They operate with best practices to provide leading solutions for proactively sourcing the best talent.
Endevis is a staffing firm that provides various talent acquisition solutions including professional recruitment and search, professional flexible staffing, high volume recruitment, and e-First services. They utilize a proprietary "recruitment engine" of researchers and recruiters trained in direct recruiting methods. Endevis aims to exceed client expectations by delivering high quality, customized talent solutions across multiple industries.
Global Resources is a specialist recruitment company that provides temporary, contract, and permanent personnel for the renewable energy industry. They have offices around the world and recruit for a wide range of engineering, technical, and other professional positions to support clients in sectors like offshore wind, hydro, and marine energy. The company has experience meeting workforce needs across the development, manufacturing, installation, and operations stages of renewable energy projects.
The 2005 Kelly Services annual report summarizes the company's performance in 2005. Key points include:
1) Kelly Services saw record sales of over $5.3 billion in 2005, up 6.1% from 2004, and net earnings increased 85% to $39.3 million.
2) The company expanded its global presence in 2005, entering the Japanese staffing market through a joint venture with Tempstaff and Sony.
3) Kelly Services' strategic growth plan focuses on expanding its branch network globally, introducing new services, and improving productivity and quality through initiatives like a payroll and billing project.
4) The outlook for Kelly Services and the staffing industry remains positive due to trends like an aging
Kelly Services lobbied to close a corporate tax loophole known as "SUTA dumping". This practice allowed companies to reduce their unemployment tax bills by shifting employees between different payroll units. Kelly argued this enriched competitors and cost state governments over $1 billion in taxes. With Kelly's lobbying, Congress unanimously passed a bill making SUTA dumping illegal, which President Bush was expected to sign. While some criticized the legislation as stifling legitimate tax planning, Kelly viewed closing the loophole as correcting an improper tax advantage for other companies.
Cynergies Solutions Group sources and delivers human capital to technology companies to help them rapidly deliver talent and products/services to market ahead of competitors. They pride themselves on tailoring IT solutions to anticipate client needs and exceed expectations. The company has received many awards and has been named to lists of fastest growing and top women-owned businesses for their success.
Allen & York Sustainability RecruitmentJessWilson12
Allen & York is an international recruitment firm specializing in sustainability and environmental professionals. They have extensive experience recruiting candidates across industries like energy, engineering, environment, health and safety, and planning/construction. Allen & York aims to provide clients with high quality candidates through their global network and technical expertise in sustainability fields.
Resourcing solutions international brochuremarki-inabbar
Resourcing Solutions is a global specialist recruiter known for sourcing scarce skills candidates in engineering, construction, and rail. They understand the challenges clients face in identifying suitable candidates with the required expertise. Their reputation is based on detailed market knowledge, strong client relationships, and a commitment to top value through consultant integrity and passion. They operate with best practices to provide leading solutions for proactively sourcing the best talent.
Resourcing Solutions is a global specialist recruiter known for sourcing scarce skills candidates in engineering, construction, and rail. They understand the challenges clients face in identifying suitable candidates with the required expertise. Their reputation is built on detailed market knowledge, strong client relationships, and a commitment to top value through consultant integrity and passion. They operate with best practices to provide leading solutions for proactively sourcing the best talent.
Endevis is a staffing firm that provides various talent acquisition solutions including professional recruitment and search, professional flexible staffing, high volume recruitment, and e-First services. They utilize a proprietary "recruitment engine" of researchers and recruiters trained in direct recruiting methods. Endevis aims to exceed client expectations by delivering high quality, customized talent solutions across multiple industries.
Global Resources is a specialist recruitment company that provides temporary, contract, and permanent personnel for the renewable energy industry. They have offices around the world and recruit for a wide range of engineering, technical, and other professional positions to support clients in sectors like offshore wind, hydro, and marine energy. The company has experience meeting workforce needs across the development, manufacturing, installation, and operations stages of renewable energy projects.
Greg Coleman is a commercial real estate broker specializing in office leasing and sales. He has over $45 million in transaction experience representing Fortune 500 companies. Coleman has leased over 500,000 square feet of commercial space valued at over $40 million in the Nashville area. He has represented several companies in relocating or expanding their headquarters and regional offices. Coleman holds the CCIM designation and is an active community member.
The document is a proposal from Friends & Associates consulting firm to address organizational problems at Divya Electronics Ltd. It outlines problems like communication barriers, unclear objectives, low employee morale. The proposal details Friends & Associates' approach to solve the problems through workshops, training and new management strategies. It estimates the project will take 4 months at a cost of Rs. 400,000-450,000 and lists benefits like improved employee motivation, better client service and changes to the company's structure.
Mini study regarding 3 organization that been choose for HRD.
1- Celestica Electronics (M) Sdn. Bhd
2 - TWI Training & Certification (S.E Asia) Sdn. Bhd
3- Ramunia Holding Berhad
Labor Ready is a temporary staffing agency that provides general labor workers to businesses across multiple industries. They aim to put people to work and have dispatched over 450,000 temporary employees annually. Labor Ready emphasizes safety, screening workers, and matching the right people to jobs in order to best serve both their business customers and temporary employees.
FoodRecruit offers a flat fee recruitment service for the food industry at 90% lower cost than traditional recruiters. They advertise jobs on major job boards, search large CV databases, screen candidates, and provide client reports and interview arrangements. FoodRecruit aims to pass on savings from online recruitment methods to food industry customers while maintaining a high quality, full-service recruitment process. Their flat fee model allows them to charge significantly less than percentage-based recruitment fees.
Granger Reis is an executive search and consultancy firm that specializes in certain industry sectors. They focus on developing long-term partnerships with clients and placing leaders who can deliver sustainable value. They prioritize ethical practice and put clients' interests first due to being privately owned. Granger Reis employs experienced consultants with in-depth sector knowledge and robust networks to provide executive search, interim placements, and consultancy services to organizations ranging from large corporations to startups.
Mott MacDonald is a £1 billion global management, engineering, and development consultancy with over 14,000 staff working in 140 countries. They have over 150 years of experience and have won over 200 industry awards in the last two years. They provide holistic and innovative solutions to public and private sector clients across 12 core business areas.
Impact Recruitment Services is a recruitment agency located in Northampton, UK that specializes in both permanent and temporary placements across a variety of industrial, commercial, supply chain, technical, engineering, and senior appointment sectors. They pride themselves on developing strong partnerships with both clients and candidates to understand their needs and provide a bespoke workforce strategy. In addition to recruitment services, Impact offers a free online resource called Impact Extra that provides employment advice, document templates, and specialist consultation to clients and candidates.
Impact Recruitment Services is a full-service recruitment agency based in Northampton, UK that specializes in temporary and permanent placements. They strive to form partnerships with clients to understand their needs and provide candidates that become assets to their businesses. In addition to recruitment services, Impact offers various extras through their Impact Extra program, including employment advice, document downloads, and meeting space. Their goal is to exceed expectations and deliver high satisfaction levels for both clients and candidates.
Kelly Services is a global staffing company that operates in 30 countries. In 2005, Kelly Services achieved record sales of over $5.3 billion, an increase of 6.1% over the previous year. Net earnings also increased significantly by 85% to $39.3 million. Kelly Services continued its strategic expansion by entering the Japanese staffing market through a joint venture with Tempstaff, one of Japan's largest staffing companies, and Sony Corporation. This positions Kelly Services to better serve multinational customers in Asia and take advantage of opportunities in Japan, the fourth largest staffing market in the world.
YRC Worldwide Inc. reported record revenue and operating profit in 2006. The company achieved its fourth consecutive year of returns exceeding its weighted average cost of capital. In 2006, YRC formed new organizational structures including YRC National Transportation and the Enterprise Solutions Group to improve efficiency and enable faster growth. The company will continue pursuing its strategic goal of becoming a global leader in transportation and supply chain solutions.
YRC Worldwide Inc. reported record revenue and operating profit in 2006. The company achieved its fourth consecutive year of returns exceeding its weighted average cost of capital. In 2006, YRC formed new organizational structures including YRC National Transportation and the Enterprise Solutions Group to improve efficiency and enable faster growth. The company expects these changes to bring together capabilities and accelerate performance in 2007.
Global Resources is a specialist recruitment company that provides temporary, contract, and permanent personnel for the renewable energy industry. They have offices around the world and recruit for a wide range of engineering, technical, and other professional positions to support clients in sectors like offshore wind, hydro, and marine energy. The company has experience meeting workforce needs across the development, manufacturing, installation, and operations stages of renewable energy projects.
Global Resources is a specialist recruitment company that provides temporary, contract, and permanent personnel for the renewable energy industry. They have offices around the world and recruit for a wide range of engineering, technical, and other professional positions to support clients in sectors like offshore wind, hydro, and marine energy. The company has experience meeting workforce needs across the development, manufacturing, installation, and operations stages of renewable energy projects.
Global Resources is a specialist recruitment company that provides temporary, contract, and permanent personnel for the renewable energy industry. They have offices around the world and recruit for a wide range of engineering, technical, and other professional positions to support clients in sectors like offshore wind, hydro, and marine energy. The company has experience meeting workforce needs across the development, manufacturing, installation, and operations stages of renewable energy projects.
Kelly Services is a global staffing company founded in 1946. In 2003, Kelly Services operated 2,500 offices in 26 countries, assigning nearly 700,000 employees and generating $4.3 billion in sales. However, 2003 was a transitional year for Kelly Services, as sporadic economic conditions and a weak labor market led to decreased earnings. Net earnings were $5.1 million, down 72.5% from 2002, due to issues like escalating workers' compensation claims and higher state unemployment taxes. The summary indicates that while 2003 was challenging, Kelly Services' service offerings and global operations positioned it well for future growth as demand for staffing services increased later in the year.
The document provides an overview of Morgan McKinley's technical division and its capabilities in the UAE. The technical division is split into four teams: Construction & Design Engineering, Logistics and Supply Chain, Manufacturing & Operations, and IT & Telecommunications. It recruits qualified professionals for middle and senior management roles across various sectors. Morgan McKinley has extensive experience and local knowledge of the UAE market, and finds the best technical talent both locally and internationally to meet its clients' needs.
Next Ventures is a global technology staffing firm that specializes in sourcing local talent internationally. They have experienced significant growth and now serve as a preferred recruiter for many innovative businesses. Next Ventures differentiates itself through its consultants' deep expertise in specific technology niches, flexibility in customizing services, and dedication to building long-term partnerships with clients and candidates.
The document discusses Manpower's performance and strategies during a period of economic uncertainty in 2002. It summarizes that Manpower strengthened its financial position, improved efficiency, expanded services, and increased customer relationships despite challenging market conditions. Manpower emerged stronger and confident in its leadership position. The speed of work increased pressure on companies, but Manpower provided flexibility and quality service to help customers.
1st Global is a CPA firm growth consultant that helps CPA, tax, and estate planning firms adopt wealth management services to provide sustainable growth strategies. 1st Global provides world-class research, practice consulting, business development processes, and innovative technology to deliver total wealth management capabilities. More than 1,000 professionals have affiliated with 1st Global, making it the largest independently owned financial services partner for accounting and tax firms. 1st Global is committed to adhering to high ethical standards and excellence in customer service, having received the DALBAR Award for Service Excellence six times for delivering superior service.
Workmen provides facilities management and hospitality services through a consolidated network of resources and industry professionals (1). The CEO has 19 years of diversified business experience and takes a proactive approach to meet demanding customer needs (2). Workmen believes in honesty and integrity overriding their business mission, and aims to meet growing customer demands through trust, integrity, and a focus on service excellence (3).
Collins McNicholas is Ireland's most respected recruitment and HR services organization, with over 30 experienced recruiters providing a wide range of recruitment and HR consulting services to clients across Ireland. They pride themselves on their ethics, quality of service, and long-standing relationships with both candidates and clients, as evidenced by their ISO certification and numerous awards and achievements over their 17+ year history.
Greg Coleman is a commercial real estate broker specializing in office leasing and sales. He has over $45 million in transaction experience representing Fortune 500 companies. Coleman has leased over 500,000 square feet of commercial space valued at over $40 million in the Nashville area. He has represented several companies in relocating or expanding their headquarters and regional offices. Coleman holds the CCIM designation and is an active community member.
The document is a proposal from Friends & Associates consulting firm to address organizational problems at Divya Electronics Ltd. It outlines problems like communication barriers, unclear objectives, low employee morale. The proposal details Friends & Associates' approach to solve the problems through workshops, training and new management strategies. It estimates the project will take 4 months at a cost of Rs. 400,000-450,000 and lists benefits like improved employee motivation, better client service and changes to the company's structure.
Mini study regarding 3 organization that been choose for HRD.
1- Celestica Electronics (M) Sdn. Bhd
2 - TWI Training & Certification (S.E Asia) Sdn. Bhd
3- Ramunia Holding Berhad
Labor Ready is a temporary staffing agency that provides general labor workers to businesses across multiple industries. They aim to put people to work and have dispatched over 450,000 temporary employees annually. Labor Ready emphasizes safety, screening workers, and matching the right people to jobs in order to best serve both their business customers and temporary employees.
FoodRecruit offers a flat fee recruitment service for the food industry at 90% lower cost than traditional recruiters. They advertise jobs on major job boards, search large CV databases, screen candidates, and provide client reports and interview arrangements. FoodRecruit aims to pass on savings from online recruitment methods to food industry customers while maintaining a high quality, full-service recruitment process. Their flat fee model allows them to charge significantly less than percentage-based recruitment fees.
Granger Reis is an executive search and consultancy firm that specializes in certain industry sectors. They focus on developing long-term partnerships with clients and placing leaders who can deliver sustainable value. They prioritize ethical practice and put clients' interests first due to being privately owned. Granger Reis employs experienced consultants with in-depth sector knowledge and robust networks to provide executive search, interim placements, and consultancy services to organizations ranging from large corporations to startups.
Mott MacDonald is a £1 billion global management, engineering, and development consultancy with over 14,000 staff working in 140 countries. They have over 150 years of experience and have won over 200 industry awards in the last two years. They provide holistic and innovative solutions to public and private sector clients across 12 core business areas.
Impact Recruitment Services is a recruitment agency located in Northampton, UK that specializes in both permanent and temporary placements across a variety of industrial, commercial, supply chain, technical, engineering, and senior appointment sectors. They pride themselves on developing strong partnerships with both clients and candidates to understand their needs and provide a bespoke workforce strategy. In addition to recruitment services, Impact offers a free online resource called Impact Extra that provides employment advice, document templates, and specialist consultation to clients and candidates.
Impact Recruitment Services is a full-service recruitment agency based in Northampton, UK that specializes in temporary and permanent placements. They strive to form partnerships with clients to understand their needs and provide candidates that become assets to their businesses. In addition to recruitment services, Impact offers various extras through their Impact Extra program, including employment advice, document downloads, and meeting space. Their goal is to exceed expectations and deliver high satisfaction levels for both clients and candidates.
Kelly Services is a global staffing company that operates in 30 countries. In 2005, Kelly Services achieved record sales of over $5.3 billion, an increase of 6.1% over the previous year. Net earnings also increased significantly by 85% to $39.3 million. Kelly Services continued its strategic expansion by entering the Japanese staffing market through a joint venture with Tempstaff, one of Japan's largest staffing companies, and Sony Corporation. This positions Kelly Services to better serve multinational customers in Asia and take advantage of opportunities in Japan, the fourth largest staffing market in the world.
YRC Worldwide Inc. reported record revenue and operating profit in 2006. The company achieved its fourth consecutive year of returns exceeding its weighted average cost of capital. In 2006, YRC formed new organizational structures including YRC National Transportation and the Enterprise Solutions Group to improve efficiency and enable faster growth. The company will continue pursuing its strategic goal of becoming a global leader in transportation and supply chain solutions.
YRC Worldwide Inc. reported record revenue and operating profit in 2006. The company achieved its fourth consecutive year of returns exceeding its weighted average cost of capital. In 2006, YRC formed new organizational structures including YRC National Transportation and the Enterprise Solutions Group to improve efficiency and enable faster growth. The company expects these changes to bring together capabilities and accelerate performance in 2007.
Global Resources is a specialist recruitment company that provides temporary, contract, and permanent personnel for the renewable energy industry. They have offices around the world and recruit for a wide range of engineering, technical, and other professional positions to support clients in sectors like offshore wind, hydro, and marine energy. The company has experience meeting workforce needs across the development, manufacturing, installation, and operations stages of renewable energy projects.
Global Resources is a specialist recruitment company that provides temporary, contract, and permanent personnel for the renewable energy industry. They have offices around the world and recruit for a wide range of engineering, technical, and other professional positions to support clients in sectors like offshore wind, hydro, and marine energy. The company has experience meeting workforce needs across the development, manufacturing, installation, and operations stages of renewable energy projects.
Global Resources is a specialist recruitment company that provides temporary, contract, and permanent personnel for the renewable energy industry. They have offices around the world and recruit for a wide range of engineering, technical, and other professional positions to support clients in sectors like offshore wind, hydro, and marine energy. The company has experience meeting workforce needs across the development, manufacturing, installation, and operations stages of renewable energy projects.
Kelly Services is a global staffing company founded in 1946. In 2003, Kelly Services operated 2,500 offices in 26 countries, assigning nearly 700,000 employees and generating $4.3 billion in sales. However, 2003 was a transitional year for Kelly Services, as sporadic economic conditions and a weak labor market led to decreased earnings. Net earnings were $5.1 million, down 72.5% from 2002, due to issues like escalating workers' compensation claims and higher state unemployment taxes. The summary indicates that while 2003 was challenging, Kelly Services' service offerings and global operations positioned it well for future growth as demand for staffing services increased later in the year.
The document provides an overview of Morgan McKinley's technical division and its capabilities in the UAE. The technical division is split into four teams: Construction & Design Engineering, Logistics and Supply Chain, Manufacturing & Operations, and IT & Telecommunications. It recruits qualified professionals for middle and senior management roles across various sectors. Morgan McKinley has extensive experience and local knowledge of the UAE market, and finds the best technical talent both locally and internationally to meet its clients' needs.
Next Ventures is a global technology staffing firm that specializes in sourcing local talent internationally. They have experienced significant growth and now serve as a preferred recruiter for many innovative businesses. Next Ventures differentiates itself through its consultants' deep expertise in specific technology niches, flexibility in customizing services, and dedication to building long-term partnerships with clients and candidates.
The document discusses Manpower's performance and strategies during a period of economic uncertainty in 2002. It summarizes that Manpower strengthened its financial position, improved efficiency, expanded services, and increased customer relationships despite challenging market conditions. Manpower emerged stronger and confident in its leadership position. The speed of work increased pressure on companies, but Manpower provided flexibility and quality service to help customers.
1st Global is a CPA firm growth consultant that helps CPA, tax, and estate planning firms adopt wealth management services to provide sustainable growth strategies. 1st Global provides world-class research, practice consulting, business development processes, and innovative technology to deliver total wealth management capabilities. More than 1,000 professionals have affiliated with 1st Global, making it the largest independently owned financial services partner for accounting and tax firms. 1st Global is committed to adhering to high ethical standards and excellence in customer service, having received the DALBAR Award for Service Excellence six times for delivering superior service.
Workmen provides facilities management and hospitality services through a consolidated network of resources and industry professionals (1). The CEO has 19 years of diversified business experience and takes a proactive approach to meet demanding customer needs (2). Workmen believes in honesty and integrity overriding their business mission, and aims to meet growing customer demands through trust, integrity, and a focus on service excellence (3).
Collins McNicholas is Ireland's most respected recruitment and HR services organization, with over 30 experienced recruiters providing a wide range of recruitment and HR consulting services to clients across Ireland. They pride themselves on their ethics, quality of service, and long-standing relationships with both candidates and clients, as evidenced by their ISO certification and numerous awards and achievements over their 17+ year history.
Jacobs Engineering Group Inc. is one of the largest professional technical services companies in the world, with 60,000 employees across 25+ countries. It provides engineering, consulting, and construction services to a wide range of industrial, commercial, and government clients. Jacobs focuses on building long-term client relationships through superior performance and value to drive its profitable 15% annual growth goal.
Jacobs Engineering Group Inc. is one of the largest professional technical services companies in the world, with 60,000 employees across 25+ countries. It provides engineering, consulting, and construction services to a wide range of industrial, commercial, and government clients. Jacobs focuses on building long-term client relationships through superior performance and value to drive its profitable 15% annual growth goal.
The document provides an annual report for ArvinMeritor for 2004. It discusses the challenges faced that year including a fluctuating economy, rising fuel prices, and global uncertainty. It summarizes the company's financial performance with sales increasing 19% to $8 billion and operating income increasing 6% to $260 million. It outlines the new CEO's plan to rationalize assets, refocus resources on core businesses, and regenerate growth through new contracts and technology.
The document provides an annual report for ArvinMeritor for 2004. It discusses the challenges faced that year including a fluctuating economy, rising fuel prices, and global uncertainty. It summarizes the company's financial performance with sales increasing 19% to $8 billion and operating income increasing 6% to $260 million. It outlines the new CEO's plan to rationalize assets, refocus resources on core strengths, and regenerate the business to drive growth and improve returns.
1) SAIC achieved strong financial results in FY2008, with revenues of $8.94 billion, up 11% from FY2007, and operating income of $666 million, up 16% from the previous year.
2) SAIC completed strategic acquisitions to expand in energy, infrastructure, and environment areas and appointed a new COO, Larry Prior, to lead organizational transition efforts.
3) Project Alignment is a major multi-year initiative to improve performance by integrating HR, finance, IT and other functions into a shared services model across the company.
The document provides an overview of the services offered by the Global Energy Group, a contracting and service company operating globally but principally supporting the international energy industry. The company offers turnkey project solutions and standalone services across seven core business units: project services, fabrication, inspection/survey/access, resource management, pipelines/welding, supply chain solutions, and construction/utilities. It emphasizes the company's commitment to safety, quality, and using skilled personnel to deliver innovative solutions for clients in sectors like oil/gas, petrochemicals, and more.
Global Resource Solutions provides recruitment services to the fast-moving consumer goods (FMCG) industry globally. They have over 20 years of experience in permanent and contract recruitment with specialized staffing for industries like FMCG, pharmaceuticals, telecoms, energy, and information and communications technology. Their services include executive search, contract recruitment, managed services, and they focus on building qualified candidate networks for clients.
This document is a Form 10-Q quarterly report filed by Unisys Corporation with the SEC for the quarter ending March 31, 2001. It includes Unisys' consolidated balance sheet, statement of income, statement of cash flows, and notes to the financial statements. The financial statements show that for the quarter, Unisys reported revenue of $1.6 billion, net income of $69.3 million, and ended the quarter with $326 million in cash and cash equivalents.
This document is a Form 10-Q quarterly report filed by Unisys Corporation with the SEC for the quarter ended June 30, 2001. The report includes Unisys' consolidated balance sheet, statement of income, statement of cash flows, and notes to the financial statements. It summarizes Unisys' financial performance and position, including reporting a net income of $12.1 million on revenue of $1.46 billion for the quarter.
This document is a Form 10-Q quarterly report filed by Unisys Corporation with the Securities and Exchange Commission for the quarter ending September 30, 2001. The report includes Unisys' consolidated balance sheet, statement of income, and statement of cash flows for the periods. It shows that for the quarter, Unisys reported revenue of $1.376 billion and net income of $20.9 million. For the nine months, revenue was $4.461 billion and net income was $102.3 million.
This document is Unisys Corporation's annual report (Form 10-K) filed with the Securities and Exchange Commission for the fiscal year ending December 31, 2001. It summarizes Unisys' business operations, principal products and services, customers, competition, research and development activities, and other details. Unisys has two business segments - Services and Technology. The Services segment provides consulting, outsourcing, and other services, while the Technology segment develops servers and related products. Major customers include companies in financial services, communications, and the US government.
This document is a Form 10-Q quarterly report filed by Unisys Corporation with the Securities and Exchange Commission for the quarterly period ended March 31, 2002. The report includes Unisys' consolidated balance sheet, statement of income, and statement of cash flows for the periods ended March 31, 2002 and 2001. It also includes notes to the financial statements providing additional details on earnings per share calculations, adoption of new accounting standards, segment information, and other items.
This document is a SEC Form 10-Q filing for Unisys Corporation for the quarterly period ended June 30, 2002. It includes Unisys' consolidated balance sheet, statement of income, and statement of cash flows for the periods. The filing shows that for the six months ended June 30, 2002, Unisys reported revenue of $2.72 billion and net income of $74.9 million. Cash and cash equivalents decreased to $201.1 million as of June 30, 2002 from $325.9 million as of December 31, 2001.
This document is a quarterly report filed with the SEC by Unisys Corporation for the quarter ending September 30, 2002. It includes Unisys' consolidated balance sheet, income statement, and cash flow statement for the periods shown. The balance sheet shows the company had total assets of $5.48 billion against total liabilities and stockholders' equity of the same amount. The income statement indicates net income of $59 million for the quarter on revenues of $1.33 billion. Cash flow from operations was $70 million for the first nine months of the year. Notes to the financial statements provide additional details on earnings per share calculations and the impact of a new accounting standard for goodwill.
This document is the Unisys Corporation's annual report (Form 10-K) filed with the Securities and Exchange Commission for the fiscal year ending December 31, 2002. It provides information on Unisys' business segments of Services and Technology, its principal products and services, markets, materials, intellectual property, seasonality, customers, backlog, and competition. Unisys is a global information technology company offering systems integration, outsourcing, infrastructure services, server technology, and consulting. Its major customers include governments and companies in financial services, communications and other industries.
This document is Unisys Corporation's quarterly report filed with the SEC for the quarter ending March 31, 2003. It includes the consolidated balance sheet, income statement, cash flow statement, and notes for the quarter. The balance sheet shows total assets of $5.1 billion including $433.1 million in cash. Total liabilities were $1.9 billion including long-term debt of $1.0 billion. Stockholders' equity was $901.6 million. The income statement shows revenue of $1.4 billion and net income of $38.5 million. Cash flow from operations was negative $64.9 million for the quarter.
Unisys Corporation filed a Form 10-Q with the SEC for the quarterly period ended June 30, 2003. The filing includes Unisys' consolidated balance sheet, income statement, and notes to the financial statements. For the quarter, Unisys reported revenue of $1.425 billion, net income of $52.5 million, and earnings per share of $0.16. Year-to-date, Unisys reported revenue of $2.824 billion, net income of $91 million, and earnings per share of $0.28. As of June 30, 2003, Unisys had total assets of $5.155 billion and total stockholders' equity of $1.002 billion
This document is Unisys Corporation's quarterly report filed with the SEC for the third quarter of 2003. It includes Unisys' consolidated balance sheet, income statement, and cash flow statement for the periods ended September 30, 2003 and 2002. Key details include total revenue of $1.45 billion for Q3 2003, net income of $56.2 million, and basic earnings per share of $0.17. For the nine months ended September 30, 2003, total revenue was $4.27 billion and net income was $147.2 million.
This document is a Form 10-K filed by Unisys Corporation with the Securities and Exchange Commission for the fiscal year ended December 31, 2003. It provides an overview of Unisys, including that it is a global information technology company with Services and Technology business segments. It describes Unisys' principal products and services in each segment, as well as information on customers, materials, patents, seasonality, backlog, and competition.
This document is Unisys Corporation's quarterly report filed with the SEC for the quarter ended March 31, 2004. It includes Unisys' consolidated balance sheets, statements of income, and statements of cash flows for the quarters ended March 31, 2004 and 2003. For the quarter ended March 31, 2004, Unisys reported revenue of $1.46 billion and net income of $28.9 million.
Unisys Corporation reported financial results for the first quarter of 2004 and 2003. Revenue increased slightly from $1.4 billion to $1.46 billion year-over-year. Net income was $28.9 million compared to $38.5 million in the prior year. Earnings per share were $0.09 compared to $0.12. The company also provided supplemental non-GAAP information excluding pension expenses/income to enhance understanding of operational performance. Free cash flow was $16.1 million compared to negative $154.3 million in the prior year period.
This SEC filing is Unisys Corporation's quarterly report on Form 10-Q for the quarter ended June 30, 2004. It includes Unisys' consolidated financial statements, including their balance sheet, income statement, and statement of cash flows for the quarter. It also provides notes to the financial statements and breaks down revenue and operating results by business segment. The filing provides investors with Unisys' financial performance and position for the quarter according to US GAAP and SEC regulations.
- Unisys Corporation reported consolidated financial results for the second quarter and first half of 2004 compared to the same periods in 2003.
- Total revenue was $1.388 billion for Q2 2004 compared to $1.425 billion for Q2 2003. Net income was $19.4 million for Q2 2004 compared to $52.5 million for Q2 2003.
- For the first half of 2004, total revenue was $2.851 billion compared to $2.824 billion for the first half of 2003. Net income was $48.3 million for the first half of 2004 compared to $91 million for the same period of 2003.
This document is a Form 10-Q quarterly report filed by Unisys Corporation with the SEC for the quarter ended September 30, 2004. The report includes Unisys' consolidated financial statements and notes. It summarizes that for the quarter, Unisys reported revenue of $1.45 billion, operating income of -$38 million, and net income of $25.2 million. Additionally, the report notes a $82 million pretax restructuring charge related to headcount reductions of approximately 1,400 employees and facility consolidation.
The document provides financial information for Unisys Corporation, including revenue, costs, expenses, operating income, net income, and earnings per share for quarters ending September 30, 2004 and 2003 and year-to-date periods ending September 30, 2004 and 2003. It also includes balance sheet information as of September 30, 2004 and December 31, 2003 and cash flow information for the nine month periods ending September 30, 2004 and 2003.
This document is a Form 10-K filed by Unisys Corporation with the Securities and Exchange Commission for the fiscal year ended December 31, 2004. It provides an overview of Unisys' business operations, organizational structure, products and services, facilities, legal proceedings, executive officers, and financial performance. Unisys has two business segments - Services and Technology. It provides a variety of IT services and solutions, as well as proprietary servers and technologies. Key details in the filing include a description of Unisys' major markets, suppliers, patents, backlog, competition, research and development expenses, environmental matters, international presence, and available information.
- Unisys Corporation reported revenue of $1.524 billion for Q4 2004, down from $1.637 billion in Q4 2003, and revenue of $5.821 billion for 2004, down from $5.911 billion in 2003.
- Net income was $34.9 million loss for Q4 2004 compared to net income of $111.5 million in Q4 2003, and net income was $38.6 million for 2004 compared to $258.7 million in 2003.
- Cash and cash equivalents increased to $660.5 million at the end of 2004 from $635.9 million at the end of 2003.
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1. nual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services
2 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report
Kelly Services
nual Report 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly
rvices 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual
ervices 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual
port Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 S u
mmary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly
ervices 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual
port Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Su
ummary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly
rvices 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual
eport Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002
mmary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly
Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual
port Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Su
mmary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly
Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual
port Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Su
Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly
rvices 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual
port Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Su
Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly
rvices 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual
port Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Su
Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly
Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual
2002 Summary Annual Report
rvices 2002 Summary Annual Report Kelly Services Kelly Services
2 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report
ly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary
nual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services
2 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report
2. C O R P O R AT E P R O F I L E OUR VISION
To be the world’s best staffing services company and to be
recognized as the best.
Kelly Services Inc. was founded in 1946 by William Russell Kelly, the
pioneer of the modern temporary help industry. Today, Kelly® is
OUR MISSION
a leading global provider of staffing services. Over the past 56 years,
To serve our customers, employees, shareholders, and society by
Kelly’s range of staffing solutions has grown steadily to match the
providing a broad range of staffing services and products.
needs of our global customers.
To achieve our Mission:
• We will develop innovative staffing services which meet the needs of
Kelly temporary employees work in a wide variety
our customers and contribute to their success.
of businesses and disciplines including office
• We will foster an environment which stimulates professional
services, finance, engineering, law, science,
excellence and encourages contribution by all employees.
healthcare, information technology, marketing,
• We will provide our shareholders a fair return on their investment.
call centers, light industrial, homecare, and
• We will demonstrate good corporate citizenship through the ethical
education.
conduct of our business.
Last year, the company operated more than 2,400 offices and assigned
OUR SHARED VALUES
nearly 700,000 employees in 26 countries. Sales in 2002 totaled
• Integrity, Honesty, and Ethical Behavior
$4.3 billion. Kelly is headquartered in Troy, Michigan, U.S.A.
• Commitment to Quality and Customer Satisfaction
• Dedication to Service and Personal Responsiveness
CONTENTS • Professional Excellence and High Performance
• Innovation, Creativity, and Open-Mindedness
Financial Highlights 1
• Employee Participation, Contribution, and Teamwork
Letter to Stockholders 2 • Diversity, Individual Dignity, and Mutual Respect
• Growth, Profitability, and Industry Leadership
SUMMARY ANNUAL REPORT
Corporate Integrity 6
Staffing Solutions
OUR QUALITY POLICY
U.S. Commercial 8 This is a summary annual report. Complete financial statements We are committed to quality and to the processes, measurement, and
Professional and Technical 10
including Management’s Discussion and Analysis of Financial Condition continuous improvement which are the foundations of quality management.
Staffing Alternatives 12
and Results of Operations, and Notes to Financial Statements, are
International 13 Quality is a basic business principle for Kelly Services®.
contained in Kelly Services’ Annual Report on Form 10-K, available on
Staffing the World 14 Quality means providing our internal and external customers innovative
our website, www.kellyservices.com, or through our Investor Relations
services and products that meet or exceed their expectations.
office. Please see page 30 for contact information.
Directors and Officers 16
Quality improvement is the job of every Kelly Services employee.
Summary Financials 18
Stockholders’ Information 30
3. Financial
Highlights
2002 2001 Change
Sales of Services (In thousands of dollars, except per share items)
(Billions of dollars)
$4.5
$4.3 $4.3 $4.3
$4.1
Sales of Services $ 4,323,470 $ 4,256,892 1.6%
Earnings Before Income Taxes 30,754 27,586 11.5%
Income Taxes 12,185 11,037 10.4%
0
98 99 00 01 02
Net Earnings 18,569 16,549 12.2%
Basic Earnings Per Share .52 .46 13.0%
Diluted Earnings Per Share .52 .46 13.0%
Diluted Earnings Per Share
$2.36 $2.43
$2.23 Dividends Per Share .40 .85 (52.9%)
Working Capital 352,161 322,013 9.4%
Stockholders’ Equity 619,064 607,155 2.0%
$.52
$.46
0 Total Assets 1,072,133 1,039,381 3.2%
98 99 00 01 02
1)
(iii
4. To Our
Stockholders
Strengthening Our Position
n a year marked by economic recession, Kelly Services accelerated its efforts to improve
I efficiencies, build on existing strengths, and align operations with our strategies. In spite of By carefully managing expenses, we leveraged modest sales increases into solid
only moderate sales and earnings growth during 2002, we outperformed our competitors. earnings gains, and still directed funds toward growth. We were able to expand
current business lines, enhance products, and deploy new productivity
2002 Results enhancements throughout the company. And, in response to customer demand,
Kelly’s sales during 2002 totaled $4.3 billion, a 1.6 percent increase over 2001. Net earnings Kelly Engineering Resources® added new offices in France and the United
It is important to
were $18.6 million, a 12.2 percent increase from the $16.5 million we earned in 2001. Diluted Kingdom. Kelly Scientific Resources® expanded to Switzerland, Scotland, and
earnings per share were $.52 compared with $.46 achieved during the prior year. Italy — bringing its total to more than 100 offices in 12 countries.
remember that sales
While we are not yet back to our pre-recession records set in 2000, these results represent a Several new enhancements were made to our office services line. Our
growth in our
significant improvement over 2001. We grew sales and earnings, gained market share, and put Marketing and Service Departments introduced many improvements in employee
nearly 700,000 people to work in 26 countries. testing and training. Kelly’s new behavior skills analysis helps us better match the
industry is very
right employees with the right assignment. A multilingual skills test identifies
employees in high demand by companies serving the global marketplace. In
addition, newly created accounting, medical, and legal office-skill evaluations allow dependent upon
us to focus on three new niche areas of office services staffing.
growth in the
Our Service Department also launched programs designed to enhance the
productivity of our field operations. In North America, we began deploying our economy.
new “front office” system. This state-of-the-art system, known as Kelly StaffNet™,
strengthens our ability to provide world-class service to our temporary employees
and customers. In addition, we launched the all new PinPoint® Selection System,
a proprietary suite of tools developed to help screen, evaluate, and hire the right
employees to fit customer needs. Our internet and computer-based training
programs were also significantly improved to provide full-time and temporary
employees with the training, knowledge, and skills needed for success.
Terence E. Adderley
Chairman and
We strengthened Kelly’s financial position. Cash on hand increased from
Chief Executive Officer (left)
$83 million to $101 million, as we shortened the aging of our accounts receivable.
Carl T. Camden
In addition, Kelly Services purchased 500,000 shares of its Class A common
President and
stock, in a negotiated transaction, from the William R. Kelly Estate. Shares were
Chief Operating Officer (right)
purchased at a discounted price, and financed with available cash. The stock
purchase represents a prudent and effective use of our solid balance sheet and
strong cash position.
3)
3)
5. Our Shared Values
Short-Term Uncertainty
At a time when business credibility is under so much scrutiny, good
We expressed concern throughout 2002 that the economic recovery was fragile in the United
old-fashioned values and performance are key to regaining, growing, and
States. GDP growth slowed in the second half of the year and several key economic components such
sustaining public confidence.
as consumer spending, corporate earnings, and capital spending remained under pressure. While the
U.S. economy did grow somewhat in 2002, the recovery stalled in the fourth quarter.
We have always strived to be a company with financial and business acumen,
high standards of performance, and rock-solid integrity. Above all, we are
In October 2002, we noted that the U.S. recovery did not appear to be taking on a traditional
distinguished by the quality of our people — talented, inventive, optimistic, and
“V” or “U” shape, or even necessarily a “W” shape. Rather, it looked like it would turn out to be an
committed to being the best.
“extended U,” which includes a longer period of limited or no growth. The “extended U” seems to be
the pattern of this recession.
We achieved our
The recent business scandals have understandably heightened the public’s
concern for ethics and the ethical standards of business. To our way of thinking,
The U.S. recovery is stalled and, in our judgment, there is still a possibility of another dip.
growth by remaining
the reawakened level of attention to a wide range of ethical issues is a welcome
With 25% of our sales outside the U.S., we are also very concerned about the lengthening
development. Long before this year’s headlines and focus on financial reporting,
European recession.
true to our
Kelly’s ethical standards were firmly in place. These standards, established by our
founder William Russell Kelly in 1946, are still expressed in our company’s
We ended the year 2002 uncertain as to how 2003 would unfold for either the economy or for
commitment to
Vision, Mission, Shared Values, and Quality Policy.
Kelly Services. It is important to remember that sales growth in our industry is very dependent upon
growth in the economy. While we believe that we are probably in the early stages of a recovery, the
ethics, quality service,
In the pages that follow, Dr. B. Joseph White, former dean of the University of
near term outlook is not clear.
Michigan Business School, managing director of Fred Alger Management, Inc.,
and a constant focus
and a member of our board of directors, shares his thoughts about the ethical
Our perspective is not markedly different than it was when we entered 2002, and our approach is
responsibilities of America’s business leaders. We believe his comments are
much the same. Expense control is tight. We are maintaining sufficient cash to weather a second dip
on customers.
reflective of Kelly’s philosophy and way of doing business.
or to take advantage of a robust recovery. And we are meeting customers’ needs for new offices or
service extensions.
This will be a period of great challenge and opportunity for Kelly Services.
We are prepared to make significant changes as we continue to evolve as a
Long-Term Optimism
progressive, forward-looking company. On the other hand, our basic principles
On a longer-term view, we believe that Kelly is well positioned to return to pre-recession levels of
will not change. Nor will we waver in making certain that the values upon which
sales and earnings performance. We have operated through a number of economic expansions and
Kelly Services was founded will guide us in the years ahead.
recessions. While it is not clear when this particular recession will end, this lack of visibility is not
unusual at this point of the economic cycle.
We wish to thank our customers for their confidence and loyalty, our nearly
700,000 full-time and temporary employees who are the heart of Kelly Services,
Our experience, reflected in our financial conservatism and our marketing and operational
our stockholders for their faith and continuing support, and our board of
competitiveness, gave us the flexibility to cope with the recession as it unfolded. Our excellent
directors for their ongoing commitment to our company and their guidance
management team, with a balanced mix of industry veterans and skilled professionals, is positioned
during the past year.
and ready to substantially increase market share as it successfully did during the last two years.
Our market share increase was earned, not by pursuit of short-term gain, but by following the
strategies that have served us well over the years. We achieved our growth by remaining true to our
commitment to ethics, quality service, and a constant focus on customers — many of them the
world’s largest companies. We believe that great years lie ahead — a future rich in innovation, Terence E. Adderley Carl T. Camden
opportunity, and prosperity. Chairman and Chief Executive Officer President and Chief Operating Officer
5)
(4 5)
6. Corporate
Integrity Thoughts From a Member of the Kelly Services Board of Directors
• The CEO and the board of directors must Years of Growth Ahead
B. Joseph White
create a culture of high expectations with Turning to the larger picture of the outlook
Managing Director,
regard to honest and ethical behavior for our economy and the country, I think that it
Fred Alger Management, Inc.
Wilber K. Pierpont Collegiate Professor throughout the company, starting with senior was easy for some last year to become
Dean, 1991-2001
management since they set the example. discouraged and even pessimistic about the
University of Michigan Business School
prospects for our American business and
• The CEO, senior executives, and board economic system. The scandals unsettled us all.
JANUARY 2003
members must possess, and be willing to The stock market declined for the third straight
uring the past year, trust and confidence conflicts of interest in the banking and financial exercise, the personal courage required to
D
year. We heard talk of the parallels between
in the leadership of American public services industry, requiring high-quality corporate sustain a high-integrity culture in the board Japan’s stagnation in the 1990s and the
companies were badly shaken by highly governance, and providing resources for the room and throughout the company. stagnation we in America might face in the
visible and egregious failures of leadership S.E.C. to play its vital role of shareholder decade following the bursting of the stock market
Doing What’s Right
integrity in companies like Enron, WorldCom, advocate and securities industry watchdog. bubble in 2000.
Adelphia, and Global Crossing. Guardians of Today, gratefully, progress is being made on all The corporate scandals of the last year
public company wealth, like the accounting these fronts and public confidence is being remind us that we are entitled to expect While concern in the face of what we’ve
profession and the investment industry, failed to restored. corporate leaders — senior executives and boards been through is understandable, and to a degree
perform their respective roles with courage and of directors — to focus not only on a company’s warranted, I want to conclude by reporting to
integrity — compounding the crisis of confidence. Tougher legislation and regulation have a current stock price, but equally important, on its you my own strong optimism about the years
role to play in improving the prospects for enduring value and its capacity to grow that ahead. Why? There are two reasons. First, while
I had the opportunity in October 2002 to corporate integrity by clarifying the rules and value. Similarly, we are entitled to expect the America’s economic and social systems have
share my thoughts on these matters at the thirty- consequences of good versus bad behavior. stewards of public companies to ask on all occasional tendencies toward excess, we also have
sixth annual William K. McInally Memorial However, I believe that it is ultimately the important matters not only, “Is it legal?” but great capacity as a nation for self-correction and
Lecture at the University of Michigan Business personal values, mutual expectations, and equally important, “Is it right?” renewal. Indeed, as I noted earlier, the process of
School. The title of my remarks was, “Post- courage and independence of those to whom we reform and confidence building is well underway.
Bubble, Post-Scandals: Restoring the Credibility entrust our public companies that matter most. Let me note here an important judgment I Second, throughout our history, the nation’s
of American Business Leadership.” Terence As a CEO friend of mine likes to say, “It’s really have made based on my service as a director of business system has demonstrated tremendous
Adderley, Chairman and Chief Executive Officer all about character.” Kelly Services for nearly eight years. My resilience and vitality. I believe that fears of an
of Kelly Services, attended the lecture. He confidence in the integrity and honesty of my American replay of a Japanese style post-bubble
Creating a Culture of Integrity
invited me to share a few thoughts with you in board colleagues at Kelly Services, our CEO stagnation are ill-founded. For at least the last
this year’s Kelly Services annual report. After many years as both a senior executive Terry Adderley, and his senior management sixty years, underestimating the dynamism of the
and a corporate board member, I have come to team is very high. All have worked hard, and American economy has been a serious mistake,
It’s All About Character see that high-integrity corporate behavior is the by and large successfully, to create and reinforce and it would be a mistake today.
In the lecture, I listed a number of actions result of three critical conditions: a culture in which honesty and ethical behavior
needed to restore public confidence in business, are expected of people throughout the I look forward to many years of economic
such as punishing wrongdoers, ensuring • The CEO himself or herself must be a company. This perpetuates a proud legacy growth ahead, with Kelly Services fully
trustworthy financial reporting, increasing the person of high integrity. established by Russell Kelly, the Company’s participating as a high-integrity company and a
independence of audit firms, eliminating founder, over fifty-five years ago. growing, profitable industry leader.
(6 7)
7. U.S. Commercial
Kelly Office Services provides skilled office specialists.
Kelly Marketing Services supplies staff for regional and national
merchandising, trade show, and detailing projects.
Kelly Light Industrial Services assigns manufacturing and
distribution, material handling, maintenance, and food services staff.
Kelly Electronic Assembly Services provides assemblers,
quality control inspectors, technicians, and material handlers.
Kelly Educational Staffing® employs substitute teachers in the
United States and the United Kingdom.
KellyConnect® is our global call center service.
KellyDirect™ offers candidates for permanent positions.
KellySelect® allows both clients and temporary employees to evaluate
their fit before making employment decisions.
KELLY EDUCATIONAL STAFFING RECOGNIZES SUBSTITUTE TEACHER OF THE YEAR
P atty Sue Haston, a substitute teacher in McMinnville,
With over 55 years of recruiting, screening, hiring, and training
Tennessee, received the KES™ National Substitute
experience, Kelly’s U.S. Commercial segment has become a
Teacher of the Year award for the 2001-2002 school year.
specialty staffing provider for several major industries.
Haston became a substitute teacher after 40 years as a fourth
Our leadership in the research, development, and design of
grade teacher. She was selected from among more than 8,000
industry-specific programs helps us provide customers with
Kelly substitute teachers for her outstanding service.
innovative services that guarantee the best employee fit for each
work environment.
(8 9)
8. PTSA
Professional, Technical and
Staffing Alternatives
PROFESSIONAL & TECHNICAL
Kelly Scientific Resources® supplies technicians, biologists,
chemists, research associates, and other scientific professionals.
Kelly Financial Resources® focuses on assigning accounting and
finance professionals.
Kelly Law Registry® provides attorneys and paralegals to law firms
and corporate law departments.
Kelly IT Resources® specializes in information technology
professionals.
Kelly Healthcare Resources® supports the healthcare community
with medical technicians, case managers, pharmacists, and nurses.
Kelly Automotive Services Group™ provides staff to the automotive
industry and tier-one suppliers.
Kelly Engineering Resources® employs engineers, designers, and
drafters in the pharmaceutical, petrochemical, and high-tech industries.
Kelly Home Care Services™ offers individualized in-home services
from bedside companionship to highly skilled nurses.
PTSA’s many offerings benefit
KELLY IT RESOURCES HITS RECORD GROWTH
customers around the globe. Within
I
each business, there is a common brand n spite of a slowdown in the technology sector,
and corporate infrastructure, ensuring Kelly IT Resources grew at a healthy pace this year.
consistent service and quality to Our success came as a result of expanding existing relationships
customers — no matter where within our U.S. Commercial and PTSA accounts.
they are located.
(10 11)
9. PTSA International
Professional, Technical and
Specialty Staffing
Staffing Alternatives
Kelly International offers several specialty
S TA F F I N G A LT E R N AT I V E S
service lines unique to each of its markets.
Kelly Staff Leasing® allows customers to transfer their employees to us for
benefits and payroll administration. Our specialty staffing strategy targets
international expansion of Kelly’s financial,
Kelly Management Services® specializes in outsourcing solutions
for call centers, office services, and warehouse and distribution. science, and engineering groups — all
business segments of our Professional,
Kelly Vendor Management Solutions™ provides staffing supplier
management services.
Technical and Staffing Alternatives division.
Kelly HRfirst® offers multi-state permanent hiring programs through a team
of recruiters.
Kelly HR Consulting™ performs strategic consulting services in the areas
of employment and executive compensation. KellyAssess® provides customized personnel assessment.
Kelly MultiHire® manages the recruiting, screening, and placement of
employees for companies hiring large numbers of people.
Kelly Artworks™ provides staff to creative and multimedia industries.
KELLY FINANCIAL RESOURCES EXPANDS
K elly Financial Resources expanded into eight
countries this year including Canada, Denmark, France,
Germany, Netherlands, Norway, Russia, and Sweden,
and continues to show enormous growth potential.
(12 13)
10. Staffing
the World Canada Malaysia
Kelly Financial Kelly continued to lead the
Resources was launched staffing industry in Malaysia,
in Toronto to meet despite a challenging
Australia
the needs of market environment.
Canada’s
Belgium
financial hub.
Canada
Denmark
France
Germany
Hong Kong
India
Indonesia
Ireland
Italy
Luxembourg
United Kingdom
Malaysia
Kelly Educational
Staffing and Kelly
Mexico
Merchandising Resources
were both successfully
Netherlands
launched in the U.K.
New Zealand
Norway
Philippines
Puerto Rico
United States Australia
The introduction of Kelly Engineering
Russia
Kelly eSolutions™ allowed Resources was
us to meet increased introduced in
Singapore
customer demand for Australia, providing civil
on-line interaction such as and construction support for
Spain
ordering, timekeeping, and large, multi-year, government-
reporting. funded transportation and Sweden
public works projects.
Switzerland
Thailand
United Kingdom
Mexico United States
Our Mexico
New Zealand
operations
We achieved
experienced rapid
record growth in
growth this year, in spite
New Zealand in 2002
of a slow economy.
and continue to increase
our market share there.
15)
(14 15)
11. Directors
and Officers
OFFICERS
BOARD OF DIRECTORS
Leif Agnéus Matthew L. Harvill Deborah L. Perrault
Steven S. Armstrong William L. Heinz Matthew V. Piwowar
D. Craig Atkinson Christine M. Hoebermann Antonina M. Ramsey
Brian C. Ault Bonnie D. Huber Nicholas F. Regaldi
Thomas A. Bennett Thomas P. Huizenga Diane E. Reynolds
Richard Binier Matthew W. Igel Marc J. Riou
Paul A. Bordonaro Charles G. Jackson Ingrid A. Roberts
Alice M. Bowers Venson J. Jennings Rodger J. Rooney
Cedric V. Fricke Verne G. Istock B. Joseph White
Terence E. Adderley Carl T. Camden Maureen A. Fay, O.P Ph.D.
., Peter F. Brixius Catherine J. King Lori L. Sakorafis
Professor Emeritus, Retired Chairman/President, Managing Director,
Chairman and President and President,
University of Bank One Corporation Fred Alger Management, Inc.
Chief Executive Officer Chief Operating Officer University of Detroit Mercy Barry L. Brown Donald P. Kingston Virginia A. Scaduto
Michigan-Dearborn
Jane M. Brown Gregory S. Kruger Aly A. Schambourg
Jeanine E. Burgen Susan C. Laminack Michelle C. Schorr
Robert J. Buwalda Nicole M. Lewis Lynn G. Schwartz
SENIOR OFFICERS
Eileen M. Candels Wilma I. Lopez Teresa E. Setting
Lorenzo Caporaletti Robert J. Lyons Dhirendra Shantilal
Terence E. Adderley James H. Bradley Marc W. Rosenow Mary Ann Carey Thomas H. Manceor Bradley J. Shaw
Chairman and Senior Vice President, Senior Vice President,
Chief Executive Officer Administration Service Daniel D. Catlin Susan J. Marks Debra S. Sheehan
Carol Clement Timothy G. McAward Mark A. Siegal
Carl T. Camden Larry J. Seyfarth
Joan M. Brancheau
President and Senior Vice President,
Senior Vice President and
Cheryl F. Courier Timothy T. McClain Glenn L. Sorrie
Chief Operating Officer Technical Services Group
General Manager,
Strategic Customer Relations Michael E. Debs James D. McIntire Allen J. Sowers
Michael L. Durik James A. Tanchon
Executive Vice President, Senior Vice President,
George S. Corona Jacqueline B. Devin Dane D. McSpedon J. Leon Stanek
Human Resources Senior Vice President and Global Sales
John P. Drew Jonathan D. Means Richard G. Struble
Division General Manager
William K. Gerber Bernard Tommasini
Sherry A. Drew W. Edward Meisenheimer Michael J. Tilley
Executive Vice President and Senior Vice President and
Carol J. Johnson
Chief Financial Officer Senior Vice President and Regional General Manager, Allison M. Everett Lisa R. Miller Thomas L. Totte
Division General Manager Western Europe
Arlene G. Grimsley John W. Fitter Teresa A. Moskus Andrew P. Trestrail
Executive Vice President, Rolf E. Kleiner Andrew R. Watt
Shaun M. Fracassi Terrence T. Murphy Tami A. Troxell
U.S. Commercial Staffing Senior Vice President, Senior Vice President,
International PTSA Sandra W. Galac Seelin Naidoo Josefa Vidal
Michael S. Morrow Michael S. Webster Jean-Claude Gallois John J. O’Connor Dana M. Warren
Senior Vice President, Senior Vice President and
Sergio Gomez Michael F. Orsini Barbara A. Wilson
Marketing Division General Manager
Heidi L. Hanes Carolyn J. Palmer Larry D. Worthen
George M. Reardon
Senior Vice President,
General Counsel, and Secretary
(16 17)
12. SUMMARY FINANCIAL CONTENTS F O R WA R D - LO O K I N G S TAT E M E N T S
Certain statements contained in this Summary Annual Report are “forward-
Eleven Year Financial Summary 20
looking” statements within the meaning of the Private Securities Litigation
Summary Statements of Earnings 22
Reform Act of 1995 (the “Act”). Forward-looking statements include statements
Summary Statements of Cash Flows 23
that are predictive in nature; depend upon or refer to future events or
Summary Balance Sheets 24
conditions; or include words such as “expects,” “anticipates,” “intends,” “plans,”
Summary Statements of Stockholders’ Equity 26
“believes,” “estimates,” or variations or negatives thereof, or by similar or
Report of Independent Accountants 27
comparable words or phrases. In addition, any statements concerning future
Selected Quarterly Financial Data (Unaudited) 28
financial performance (including future revenues, earnings or growth rates),
Common Stock Price Information 29
ongoing business strategies or prospects, and possible future Company actions,
that may be provided by management are also forward-looking statements as
defined by the Act. Forward-looking statements are based on current
expectations and projections about future events and are subject to risks,
uncertainties, and assumptions about the Company; and economic and market
factors in the countries in which the Company does business, among other
SUMMARY ANNUAL REPORT things. These statements are not guarantees of future performance, and the
Company has no specific intention to update these statements.
This is a summary annual report. Complete financial statements
including Management’s Discussion and Analysis of Financial Condition
Actual events and results may differ materially from those expressed or forecasted
and Results of Operations, and Notes to Financial Statements, are
in forward-looking statements due to a number of factors. The principal
contained in Kelly Services’ Annual Report on Form 10-K, available on
important risk factors that could cause the Company’s actual performance and
our website, www.kellyservices.com, or through our Investor Relations
future events and actions to differ materially from such forward-looking
office. Please see page 30 for contact information.
statements include, but are not limited to, competitive market pressures
including pricing, changing market and economic conditions, material changes
in demand from large corporate customers, availability of temporary workers
with appropriate skills required by customers, increases in wages paid to
temporary workers, liabilities for client and employee actions, foreign currency
fluctuations, changes in laws and regulations (including federal, state, and
international tax laws), the Company’s ability to effectively implement and
manage its information technology programs, and the ability of the Company to
successfully expand into new markets and service lines. Certain risk factors are
discussed more fully in the Company’s Annual Report on Form 10-K filed with
the Securities and Exchange Commission.
(18 19)
13. ELEVEN YEAR FINANCIAL SUMMARY
Kelly Services, Inc. and Subsidiaries
Growth Rates (1)
(2) (2)
10 Year 5 Year 1 Year 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992
Operating Results (In millions of dollars)
Sales of services 9.7% 2.3% 1.6% $ 4,323.5 $ 4,256.9 $ 4,487.3 $ 4,269.1 $ 4,092.3 $ 3,852.9 $ 3,302.3 $ 2,689.8 $ 2,362.6 $ 1,954.5 $ 1,712.7
Cost of services 10.2 2.7 2.0 3,630.7 3,559.0 3,695.0 3,503.1 3,361.0 3,171.6 2,689.5 2,148.4 1,899.6 1,573.8 1,372.4
Gross profit 7.4 0.3 (0.7) 692.7 697.9 792.3 766.0 731.3 681.3 612.8 541.4 463.0 380.7 340.3
Selling, general and administrative expenses(5) 8.6 4.0 (1.1) 662.3 669.9 655.2 622.1 590.7 545.5 491.8 435.1 370.9 316.8 289.1
Earnings from operations (5.1) (25.9) 8.7 30.4 28.0 137.1 143.9 140.6 135.8 121.0 106.3 92.1 63.9 51.2
Interest income (expense), net N/A N/A N/A 0.4 (0.4) (0.4) (0.2) 3.0 1.2 1.9 7.0 6.4 7.0 9.8
Earnings before taxes (6.6) (25.8) 11.5 30.8 27.6 145.3 143.7 143.6 137.0 122.9 113.3 98.5 70.9 61.0
Income taxes (5.7) (26.3) 10.4 12.2 11.0 58.1 58.6 58.9 56.2 49.9 43.8 37.4 26.3 21.8
Net earnings (7.2) (25.5) 12.2 18.6 16.5 87.2 85.1 84.7 80.8 73.0 69.5 61.1 44.6 39.2
Dividends (4.2) (15.5) (53.1) 14.3 30.4 35.3 34.0 34.2 33.2 31.6 29.6 26.6 23.8 22.0
Summary of total taxes (3) 8.5 0.2 1.9 392.7 385.3 445.8 421.1 416.2 388.2 339.7 283.5 246.4 202.4 173.2
Financial Position (In millions of dollars)
$ 721.1 $ 706.3 $ 690.9 $ 745.8 $ 640.4 $ 544.9 $ 515.1 $ 441.3 $ 406.1
Current assets 5.9% (0.7)% 7.3% $ 719.4 $ 670.2
384.8 361.6 344.1 334.8 262.0 191.1 163.2 116.1 93.4
Current liabilities 14.7 1.9 5.5 367.2 348.2
336.2 344.7 346.8 411.0 378.4 353.8 351.9 325.2 312.7
Working capital 1.2 (3.0) 9.4 352.2 322.0
201.1 187.0 146.4 112.7 97.7 84.4 70.2 68.3 69.3
Net property and equipment 11.3 12.4 (4.5) 202.3 212.0
1,089.6 1,033.7 964.2 967.2 838.9 718.7 642.4 542.1 496.1
Total assets 8.0 2.1 3.2 1,072.1 1,039.4
623.5 582.4 537.8 559.8 516.9 476.1 431.5 386.2 367.3
Stockholders' equity 5.4 2.0 2.0 619.1 607.2
54.2 76.7 59.1 39.7 36.5 34.0 18.4 16.1 32.4
Capital expenditures 0.3 (3.4) (21.4) 33.4 42.5
39.5 36.2 28.9 28.3 26.1 22.7 19.1 17.5 14.7
Depreciation and amortization 11.9 9.9 2.3 45.4 44.4
2.0 1.8 1.5 1.5 1.1 0.9 0.7 0.4 0.3
Goodwill amortization (6) N/A N/A N/A 0.0 2.7
Common Stock Data (4)
Earnings per share
Basic (6.7)% (24.5)% 13.0% $ .52 $ .46 $ 2.44 $ 2.37 $ 2.24 $ 2.12 $ 1.92 $ 1.83 $ 1.61 $ 1.18 $ 1.04
Diluted (6.7) (24.5) 13.0 .52 .46 2.43 2.36 2.23 2.12 1.91 1.83 1.61 1.18 1.04
Dividends per share: Classes A and B (3.6) (14.4) (52.9) .40 .85 .99 .95 .91 .87 .83 .78 .70 .63 .58
Stockholders' equity (book value) per share 6.0 3.5 2.9 17.42 16.93 17.45 16.23 15.02 14.67 13.58 12.52 11.37 10.23 9.74
Stock price per share: Class A at year end (3.4) (3.3) 12.1 24.72 22.06 23.63 25.13 31.75 29.25 27.50 27.75 27.50 27.75 35.00
Number of common shares outstanding at year end (thousands) 35,529 35,868 35,739 35,874 35,807 38,163 38,059 38,015 37,963 37,755 37,706
Average number of shares outstanding (thousands)
Basic 35,724 35,829 35,721 35,854 37,745 38,099 38,043 37,993 37,956 37,728 37,668
Diluted 35,900 35,930 35,843 36,030 37,945 38,191 38,133 38,057 38,005 37,761 37,711
Stock splits — — — — — — — — — 5 for 4 —
Financial Ratios (1)
Return on sales 0.4% 0.4% 1.9% 2.0% 2.1% 2.1% 2.2% 2.6% 2.6% 2.3% 2.3%
Return on average assets 1.8% 1.6% 8.2% 8.5% 8.8% 8.9% 9.4% 10.2% 10.3% 8.6% 8.0%
Return on average stockholders' equity 3.0% 2.7% 14.5% 15.2% 15.4% 15.0% 14.7% 15.3% 14.9% 11.8% 10.9%
Effective tax rate 39.6% 40.0% 40.0% 40.8% 41.0% 41.0% 40.6% 38.7% 38.0% 37.1% 35.7%
Current assets to current liabilities (current ratio) 2.0 1.9 1.9 2.0 2.0 2.2 2.4 2.9 3.2 3.8 4.3
Price earnings ratio at year end 47.5 48.0 9.7 10.6 14.2 13.8 14.4 15.2 17.1 23.5 33.7
(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) For 1999, 1998, and 1997, includes Year 2000 expenses of $11 million, $8 million, and $1 million, respectively.
(6) Goodwill amortization amounts are also included in the depreciation and amortization line item above.
Note: Certain prior year amounts have been reclassified to conform with the current presentation.
(20 21)
14. S U M M A R Y S TAT E M E N T S EARNINGS S U M M A R Y S TAT E M E N T S CASH FLOWS
OF OF
Kelly Services, Inc. and Subsidiaries Kelly Services, Inc. and Subsidiaries
2002 2001 2000 2002 2001 2000
(In thousands of dollars except per share items) (In thousands of dollars)
Sales of services $ 4,323,470 $ 4,256,892 $ 4,487,291 Cash flows from operating activities
Net earnings $ 18,569 $ 16,549 $ 87,176
Cost of services 3,630,744 3,559,037 3,694,982
Noncash adjustments:
Gross profit 692,726 697,855 792,309
Depreciation and amortization 45,428 44,396 39,465
Gain on disposition of property — — (8,567)
Selling, general and administrative expenses 662,334 669,888 655,191
Deferred income taxes 6,590 (242) (593)
Earnings from operations 30,392 27,967 137,118
Changes in operating assets and liabilities 19,019 84,522 (28,104)
Gain on disposition of property — — 8,567
Net cash from operating activities 89,606 145,225 89,377
Interest income (expense), net 362 (381) (409)
Cash flows from investing activities
Earnings before income taxes 30,754 27,586 145,276 Capital expenditures (33,406) (42,525) (54,237)
Short-term investments 31 1,764 3,624
Income taxes 12,185 11,037 58,100
(Increase) decrease in other assets (3,476) 3,645 (7,564)
Net earnings $ 18,569 $ 16,549 $ 87,176
Acquisition of building — (11,783) —
Basic earnings per share $ .52 $ .46 $ 2.44 Proceeds from disposition of property — — 10,309
Acquisition of companies — (20,923)
(192)
Diluted earnings per share $ .52 $ .46 $ 2.43
Net cash from investing activities (36,851) (49,091) (68,791)
Dividends per share $ .40 $ .85 $ .99
Cash flows from financing activities
Average shares outstanding (thousands):
(Decrease) increase in short-term borrowings (11,723) (24,900) 10,629
Basic 35,724 35,829 35,721
Diluted 35,900 35,930 35,843 Dividend payments (14,293) (30,408) (35,303)
Exercise of stock options and other 991 139 85
Notes to Financial Statements can be found in the Company’s 2002 Form 10-K.
Effective in 2002, the Company adopted Statement of Financial Accounting Standards No.142 “Goodwill and Other
Purchase of treasury stock (13,216) (64) (5,737)
Intangible Assets” and, accordingly, eliminated the amortization of goodwill. Goodwill amortization was $2.7 million and
$2.0 million in 2001 and 2000, respectively, and is included in selling, general and administrative expenses. Net income,
adjusted for the elimination of goodwill amortization, would have been $18.6 million in 2001 and $88.7 million in 2000. Net cash from financing activities (38,241) (55,233) (30,326)
Effect of exchange rates on cash and equivalents 2,961 (758) (974)
Net change in cash and equivalents 17,475 40,143 (10,714)
Cash and equivalents at beginning of year 83,461 43,318 54,032
Cash and equivalents at end of year $ 100,936 $ 83,461 $ 43,318
Notes to Financial Statements can be found in the Company’s 2002 Form 10-K.
(22 23)