$KELYA
KELLY SERVICES INC

2014 Q3 Form 10-Q Financial Statement

#000005513514000048 Filed on November 05, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q3
Revenue $1.396B $1.346B
YoY Change 3.78% -1.5%
Cost Of Revenue $1.171B $1.125B
YoY Change 4.07% -1.55%
Gross Profit $225.4M $220.4M
YoY Change 2.27% -1.25%
Gross Profit Margin 16.14% 16.38%
Selling, General & Admin $218.3M $200.2M
YoY Change 9.04% 1.52%
% of Gross Profit 96.85% 90.83%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.400M $4.900M
YoY Change 10.2% -16.95%
% of Gross Profit 2.4% 2.22%
Operating Expenses $218.3M $200.2M
YoY Change 9.04% 1.52%
Operating Profit $7.100M $20.20M
YoY Change -64.85% -22.31%
Interest Expense $700.0K $700.0K
YoY Change 0.0% -240.0%
% of Operating Profit 9.86% 3.47%
Other Income/Expense, Net -$2.200M -$1.300M
YoY Change 69.23%
Pretax Income $4.900M $18.90M
YoY Change -74.07% -18.88%
Income Tax $3.500M $100.0K
% Of Pretax Income 71.43% 0.53%
Net Earnings $1.400M $18.80M
YoY Change -92.55% 25.33%
Net Earnings / Revenue 0.1% 1.4%
Basic Earnings Per Share $0.03 $0.49
Diluted Earnings Per Share $0.03 $0.49
COMMON SHARES
Basic Shares Outstanding 37.60M shares 37.40M shares
Diluted Shares Outstanding 37.60M shares 37.40M shares

Balance Sheet

Concept 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $51.60M $73.90M
YoY Change -30.18% 13.34%
Cash & Equivalents $51.60M $73.90M
Short-Term Investments
Other Short-Term Assets $85.70M $102.3M
YoY Change -16.23% 12.05%
Inventory
Prepaid Expenses
Receivables $1.158B $1.072B
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.295B $1.248B
YoY Change 3.8% 9.33%
LONG-TERM ASSETS
Property, Plant & Equipment $91.10M $87.70M
YoY Change 3.88% -2.88%
Goodwill $90.30M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $291.5M $345.5M
YoY Change -15.63% 31.97%
Total Long-Term Assets $605.6M $523.5M
YoY Change 15.68% 18.04%
TOTAL ASSETS
Total Short-Term Assets $1.295B $1.248B
Total Long-Term Assets $605.6M $523.5M
Total Assets $1.901B $1.772B
YoY Change 7.31% 11.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $339.0M $308.9M
YoY Change 9.74% 14.62%
Accrued Expenses $343.0M $331.6M
YoY Change 3.44% 16.76%
Deferred Revenue
YoY Change
Short-Term Debt $88.70M $0.00
YoY Change
Long-Term Debt Due $88.70M $58.00M
YoY Change 52.93% -34.46%
Total Short-Term Liabilities $844.7M $770.0M
YoY Change 9.7% 10.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $40.70M $198.0M
YoY Change -79.44% 11.11%
Total Long-Term Liabilities $230.7M $198.0M
YoY Change 16.52% 11.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $844.7M $770.0M
Total Long-Term Liabilities $230.7M $198.0M
Total Liabilities $1.075B $968.0M
YoY Change 11.1% 10.41%
SHAREHOLDERS EQUITY
Retained Earnings $752.3M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $825.6M $803.5M
YoY Change
Total Liabilities & Shareholders Equity $1.901B $1.772B
YoY Change 7.31% 11.77%

Cashflow Statement

Concept 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $1.400M $18.80M
YoY Change -92.55% 25.33%
Depreciation, Depletion And Amortization $5.400M $4.900M
YoY Change 10.2% -16.95%
Cash From Operating Activities -$1.500M $36.10M
YoY Change -104.16% -581.33%
INVESTING ACTIVITIES
Capital Expenditures -$6.100M -$4.000M
YoY Change 52.5% -31.03%
Acquisitions
YoY Change
Other Investing Activities -$200.0K $200.0K
YoY Change -200.0% -50.0%
Cash From Investing Activities -$6.300M -$3.800M
YoY Change 65.79% -29.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.300M -26.80M
YoY Change -91.42% 262.16%
NET CHANGE
Cash From Operating Activities -1.500M 36.10M
Cash From Investing Activities -6.300M -3.800M
Cash From Financing Activities -2.300M -26.80M
Net Change In Cash -10.10M 5.500M
YoY Change -283.64% -127.09%
FREE CASH FLOW
Cash From Operating Activities -$1.500M $36.10M
Capital Expenditures -$6.100M -$4.000M
Free Cash Flow $4.600M $40.10M
YoY Change -88.53% -2458.82%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">New Accounting Pronouncements</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2014, the Financial Accounting Standards Board ("FASB") issued an accounting standard update that changes the definition of a discontinued operation to include only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on operations and financial results. The amendments are effective prospectively for fiscal periods (and interim reporting periods within those years) beginning on or after December 15, 2014 (early adoption is permitted). The adoption of this guidance is not expected to have a material effect on our results of operations, financial position or liquidity.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued new revenue recognition guidance under Accounting Standards Update ("ASU") 2014-09 that will supersede the existing revenue recognition guidance under US GAAP. The new standard focuses on creating a single source of revenue guidance for revenue arising from contracts with customers for all industries. The objective of the new standard is for companies to recognize revenue when it transfers the promised goods or services to its customers at an amount that represents what the company expects to be entitled to in exchange for those goods or services. This ASU is effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2016. Early adoption is not permitted. We are currently evaluating the impact of the new guidance on our consolidated financial statements and related disclosures.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2014, the FASB issued ASU 2014-15 requiring management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity&#8217;s ability to continue as a going concern, which is currently performed by the external auditors. Management will be required to perform this assessment for both interim and annual reporting periods and must make certain disclosures if it concludes that substantial doubt exists. This ASU is effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2016. The adoption of this guidance is not expected to have a material effect on our financial statements.</font></div></div>
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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us-gaap Other Nonoperating Income Expense
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dei Document Type
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dei Entity Central Index Key
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dei Entity Current Reporting Status
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dei Entity Filer Category
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Accelerated Filer
dei Entity Registrant Name
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Kelly Services Inc
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us-gaap Other Noncash Income Expense
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us-gaap Payments To Acquire Equity Method Investments
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us-gaap Payments To Acquire Productive Assets
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CY2014Q3 kelya Net Earnings Available To Common Shareholders
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CY2014Q3 kelya Participating Securities Distributedand Undistributed Earnings Loss Basicand Diluted
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Financial_Report.xlsx Edgar Link pending
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