$KELYA
KELLY SERVICES INC

2015 Q3 Form 10-Q Financial Statement

#000005513515000085 Filed on November 04, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $1.351B $1.396B
YoY Change -3.25% 3.78%
Cost Of Revenue $1.123B $1.171B
YoY Change -4.12% 4.07%
Gross Profit $228.2M $225.4M
YoY Change 1.24% 2.27%
Gross Profit Margin 16.89% 16.14%
Selling, General & Admin $211.6M $218.3M
YoY Change -3.07% 9.04%
% of Gross Profit 92.73% 96.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.600M $5.400M
YoY Change 3.7% 10.2%
% of Gross Profit 2.45% 2.4%
Operating Expenses $211.6M $218.3M
YoY Change -3.07% 9.04%
Operating Profit $16.60M $7.100M
YoY Change 133.8% -64.85%
Interest Expense $900.0K $700.0K
YoY Change 28.57% 0.0%
% of Operating Profit 5.42% 9.86%
Other Income/Expense, Net $0.00 -$2.200M
YoY Change -100.0% 69.23%
Pretax Income $16.60M $4.900M
YoY Change 238.78% -74.07%
Income Tax $7.500M $3.500M
% Of Pretax Income 45.18% 71.43%
Net Earnings $9.100M $1.400M
YoY Change 550.0% -92.55%
Net Earnings / Revenue 0.67% 0.1%
Basic Earnings Per Share $0.23 $0.03
Diluted Earnings Per Share $0.23 $0.03
COMMON SHARES
Basic Shares Outstanding 37.90M shares 37.60M shares
Diluted Shares Outstanding 37.90M shares 37.60M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $44.90M $51.60M
YoY Change -12.98% -30.18%
Cash & Equivalents $44.90M $51.60M
Short-Term Investments
Other Short-Term Assets $84.00M $85.70M
YoY Change -1.98% -16.23%
Inventory
Prepaid Expenses
Receivables $1.160B $1.158B
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.289B $1.295B
YoY Change -0.48% 3.8%
LONG-TERM ASSETS
Property, Plant & Equipment $88.30M $91.10M
YoY Change -3.07% 3.88%
Goodwill $90.30M $90.30M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $341.3M $291.5M
YoY Change 17.08% -15.63%
Total Long-Term Assets $660.7M $605.6M
YoY Change 9.1% 15.68%
TOTAL ASSETS
Total Short-Term Assets $1.289B $1.295B
Total Long-Term Assets $660.7M $605.6M
Total Assets $1.950B $1.901B
YoY Change 2.57% 7.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $385.2M $339.0M
YoY Change 13.63% 9.74%
Accrued Expenses $338.7M $343.0M
YoY Change -1.25% 3.44%
Deferred Revenue
YoY Change
Short-Term Debt $76.80M $88.70M
YoY Change -13.42%
Long-Term Debt Due $76.80M $88.70M
YoY Change -13.42% 52.93%
Total Short-Term Liabilities $860.2M $844.7M
YoY Change 1.83% 9.7%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $48.40M $40.70M
YoY Change 18.92% -79.44%
Total Long-Term Liabilities $230.1M $230.7M
YoY Change -0.26% 16.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $860.2M $844.7M
Total Long-Term Liabilities $230.1M $230.7M
Total Liabilities $1.090B $1.075B
YoY Change 1.39% 11.1%
SHAREHOLDERS EQUITY
Retained Earnings $781.3M $752.3M
YoY Change 3.85%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $859.6M $825.6M
YoY Change
Total Liabilities & Shareholders Equity $1.950B $1.901B
YoY Change 2.57% 7.31%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $9.100M $1.400M
YoY Change 550.0% -92.55%
Depreciation, Depletion And Amortization $5.600M $5.400M
YoY Change 3.7% 10.2%
Cash From Operating Activities $25.00M -$1.500M
YoY Change -1766.67% -104.16%
INVESTING ACTIVITIES
Capital Expenditures -$5.600M -$6.100M
YoY Change -8.2% 52.5%
Acquisitions
YoY Change
Other Investing Activities -$300.0K -$200.0K
YoY Change 50.0% -200.0%
Cash From Investing Activities -$5.900M -$6.300M
YoY Change -6.35% 65.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.10M -2.300M
YoY Change 513.04% -91.42%
NET CHANGE
Cash From Operating Activities 25.00M -1.500M
Cash From Investing Activities -5.900M -6.300M
Cash From Financing Activities -14.10M -2.300M
Net Change In Cash 5.000M -10.10M
YoY Change -149.5% -283.64%
FREE CASH FLOW
Cash From Operating Activities $25.00M -$1.500M
Capital Expenditures -$5.600M -$6.100M
Free Cash Flow $30.60M $4.600M
YoY Change 565.22% -88.53%

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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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 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. In July 2015, the FASB deferred the effective date by one year. This ASU will now be effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2017. Early adoption is 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. 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;">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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dei Document Period End Date
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dei Entity Registrant Name
EntityRegistrantName
KELLY SERVICES INC
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15100000 USD

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