$KELYA
KELLY SERVICES INC

2015 Q1 Form 10-Q Financial Statement

#000005513515000030 Filed on May 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $1.321B $1.331B
YoY Change -0.77% 1.22%
Cost Of Revenue $1.100B $1.109B
YoY Change -0.74% 0.97%
Gross Profit $220.3M $222.3M
YoY Change -0.9% 2.49%
Gross Profit Margin 16.68% 16.7%
Selling, General & Admin $208.2M $216.0M
YoY Change -3.61% 2.96%
% of Gross Profit 94.51% 97.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.500M $5.300M
YoY Change 3.77% 0.0%
% of Gross Profit 2.5% 2.38%
Operating Expenses $208.2M $216.0M
YoY Change -3.61% 2.96%
Operating Profit $12.10M $6.300M
YoY Change 92.06% -11.27%
Interest Expense $900.0K $600.0K
YoY Change 50.0% -160.0%
% of Operating Profit 7.44% 9.52%
Other Income/Expense, Net -$2.500M -$1.700M
YoY Change 47.06%
Pretax Income $9.600M $4.600M
YoY Change 108.7% -24.59%
Income Tax $5.900M $2.100M
% Of Pretax Income 61.46% 45.65%
Net Earnings $3.700M $2.500M
YoY Change 48.0% -80.62%
Net Earnings / Revenue 0.28% 0.19%
Basic Earnings Per Share $0.10 $0.07
Diluted Earnings Per Share $0.10 $0.07
COMMON SHARES
Basic Shares Outstanding 37.70M shares 37.40M shares
Diluted Shares Outstanding 37.80M shares 37.40M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $49.40M $57.90M
YoY Change -14.68% -6.76%
Cash & Equivalents $49.40M $57.90M
Short-Term Investments
Other Short-Term Assets $84.40M $90.80M
YoY Change -7.05% -2.47%
Inventory
Prepaid Expenses
Receivables $1.099B $1.080B
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.233B $1.229B
YoY Change 0.34% 6.4%
LONG-TERM ASSETS
Property, Plant & Equipment $89.80M $90.80M
YoY Change -1.1% 3.77%
Goodwill $90.30M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $305.2M $394.4M
YoY Change -22.62% 25.13%
Total Long-Term Assets $633.2M $575.5M
YoY Change 10.03% 16.73%
TOTAL ASSETS
Total Short-Term Assets $1.233B $1.229B
Total Long-Term Assets $633.2M $575.5M
Total Assets $1.866B $1.804B
YoY Change 3.43% 9.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $344.4M $321.7M
YoY Change 7.06% 3.18%
Accrued Expenses $319.5M $316.7M
YoY Change 0.88% 12.46%
Deferred Revenue
YoY Change
Short-Term Debt $80.60M $0.00
YoY Change
Long-Term Debt Due $80.60M $54.80M
YoY Change 47.08% 9.16%
Total Short-Term Liabilities $809.1M $761.6M
YoY Change 6.24% 8.06%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $37.70M $217.6M
YoY Change -82.67% 17.81%
Total Long-Term Liabilities $226.1M $217.6M
YoY Change 3.91% 17.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $809.1M $761.6M
Total Long-Term Liabilities $226.1M $217.6M
Total Liabilities $1.035B $979.2M
YoY Change 5.72% 10.08%
SHAREHOLDERS EQUITY
Retained Earnings $769.2M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $831.1M $825.2M
YoY Change
Total Liabilities & Shareholders Equity $1.866B $1.804B
YoY Change 3.43% 9.49%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $3.700M $2.500M
YoY Change 48.0% -80.62%
Depreciation, Depletion And Amortization $5.500M $5.300M
YoY Change 3.77% 0.0%
Cash From Operating Activities -$16.40M -$90.80M
YoY Change -81.94% -1638.98%
INVESTING ACTIVITIES
Capital Expenditures -$2.600M -$3.300M
YoY Change -21.21% 17.86%
Acquisitions
YoY Change
Other Investing Activities $200.0K -$100.0K
YoY Change -300.0% -150.0%
Cash From Investing Activities -$2.800M -$3.800M
YoY Change -26.32% 46.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$12.90M $24.60M
YoY Change -152.44% -257.69%
NET CHANGE
Cash From Operating Activities -$16.40M -$90.80M
Cash From Investing Activities -$2.800M -$3.800M
Cash From Financing Activities -$12.90M $24.60M
Net Change In Cash -$32.10M -$70.00M
YoY Change -54.14% 469.11%
FREE CASH FLOW
Cash From Operating Activities -$16.40M -$90.80M
Capital Expenditures -$2.600M -$3.300M
Free Cash Flow -$13.80M -$87.50M
YoY Change -84.23% -1105.75%

Facts In Submission

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CY2015Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<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 May 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued new revenue recognition guidance under Accounting Standards Update (&#8220;ASU&#8221;) 2014-09 that will supersede the existing revenue recognition guidance under U.S. Generally Accepted Accounting Principles. 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. In April 2015, the FASB proposed a one-year deferral of the effective date. If approved, the effective date will change to December 15, 2017 and the FASB has also proposed that early adoption will then be permitted, but not before the original effective date of December 15, 2016. 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 style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2015, the FASB issued ASU 2015-03 amending current guidance for debt issuance costs. The new guidance requires debt issuance costs to be presented as a deduction from the carrying amount of the related debt liability rather than as an asset. This ASU is effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2015 and early adoption is permitted. The new guidance will be applied retrospectively to all prior periods presented. 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:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Management has evaluated other recently issued accounting pronouncements and does not believe that any of these pronouncements will have a significant impact on our consolidated financial statements and related disclosures.</font></div></div>

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