1
Index to Exhibits on page 14
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2001
OR
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 0-1088
KELLY SERVICES, INC.
---------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
DELAWARE 38-1510762
--------------------------------- ----------------------
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
999 WEST BIG BEAVER ROAD, TROY, MICHIGAN 48084
------------------------------------------------------------------------------
(Address of principal executive offices)
(Zip Code)
(248) 362-4444
----------------------------------------------------------------------
(Registrant's telephone number, including area code)
No Change
-----------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report.)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the Registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.
Yes X No
--- ---
At November 2, 2001, 32,372,900 shares of Class A and 3,491,551 shares
of Class B common stock of the Registrant were outstanding.
2
KELLY SERVICES, INC. AND SUBSIDIARIES
Page
Number
------
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
Statements of Earnings 3
Balance Sheets 4
Statements of Stockholders' Equity 5
Statements of Cash Flows 6
Notes to Financial Statements 7
Item 2. Management's Discussion and Analysis of Results of Operations
and Financial Condition 9
PART II. OTHER INFORMATION AND SIGNATURE
Item 6. Exhibits and Reports on Form 8-K 12
Signature 13
Index to Exhibits Required by Item 601, Regulation S-K 14
3
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
KELLY SERVICES, INC. AND SUBSIDIARIES
STATEMENTS OF EARNINGS
(UNAUDITED)
(In thousands of dollars except per share data)
13 Weeks Ended 39 Weeks Ended
-------------------------- --------------------------
Sept. 30, Oct. 1, Sept. 30, Oct. 1,
2001 2000 2001 2000
----------- ----------- ----------- -----------
Sales of services $ 1,066,380 $ 1,154,480 $ 3,219,833 $ 3,341,289
Cost of services 894,659 948,683 2,688,419 2,750,509
----------- ----------- ----------- -----------
Gross profit 171,721 205,797 531,414 590,780
Selling, general and
administrative expenses 163,975 162,017 504,622 483,765
----------- ----------- ----------- -----------
Earnings from operations 7,746 43,780 26,792 107,015
Interest expense, net (135) (297) (411) (177)
----------- ----------- ----------- -----------
Earnings before income taxes 7,611 43,483 26,381 106,838
Income taxes 3,045 17,480 10,555 42,950
----------- ----------- ----------- -----------
Net earnings $ 4,566 $ 26,003 $ 15,826 $ 63,888
=========== =========== =========== ===========
Earnings per share:
Basic $ .13 $ .73 $ .44 $ 1.79
Diluted .13 .73 .44 1.78
Average shares outstanding
(thousands):
Basic 35,855 35,728 35,817 35,716
Diluted 35,948 35,840 35,910 35,807
Dividends per share $ .25 $ .25 $ .75 $ .74
See accompanying Notes to Financial Statements.
4
KELLY SERVICES, INC. AND SUBSIDIARIES
BALANCE SHEETS AS OF SEPTEMBER 30, 2001 AND DECEMBER 31, 2000
(In thousands of dollars)
ASSETS
- ------ 2001 2000
------------- -------------
CURRENT ASSETS: (UNAUDITED)
Cash and equivalents $ 79,695 $ 43,318
Short-term investments 877 2,394
Accounts receivable, less allowances of
$13,415 and $13,614, respectively 584,830 631,771
Prepaid expenses and other current assets 26,621 24,903
Deferred taxes 51,834 52,209
------------- -------------
Total current assets 743,857 754,595
PROPERTY AND EQUIPMENT:
Land and buildings 57,255 44,971
Equipment, furniture and
leasehold improvements 283,168 253,666
Accumulated depreciation (126,338) (97,552)
------------- -------------
Total property and equipment 214,085 201,085
INTANGIBLES AND OTHER ASSETS 120,733 133,896
------------- -------------
TOTAL ASSETS $ 1,078,675 $ 1,089,576
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
- ------------------------------------
CURRENT LIABILITIES:
Short-term borrowings $ 47,190 $ 57,839
Accounts payable 68,891 69,375
Payroll and related taxes 241,606 234,807
Accrued insurance 62,784 55,272
Income and other taxes 46,616 48,814
------------- -------------
Total current liabilities 467,087 466,107
STOCKHOLDERS' EQUITY:
Capital stock, $1.00 par value
Class A common stock, shares issued 36,608,640
at 2001 and 36,609,040 at 2000 36,609 36,609
Class B common stock, shares issued 3,507,226
at 2001 and 3,506,826 at 2000 3,507 3,507
Treasury stock, at cost
Class A common stock, 4,236,047 shares at 2001
and 4,363,578 shares at 2000 (81,789) (84,251)
Class B common stock, 15,675 shares at 2001
and 12,817 shares at 2000 (435) (371)
Paid-in capital 16,999 16,371
Earnings invested in the business 664,347 675,388
Accumulated foreign currency adjustments (27,650) (23,784)
------------- -------------
Total stockholders' equity 611,588 623,469
------------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,078,675 $ 1,089,576
============= =============
See accompanying Notes to Financial Statements.
5
KELLY SERVICES, INC. AND SUBSIDIARIES
STATEMENTS OF STOCKHOLDERS' EQUITY
(UNAUDITED)
(In thousands of dollars)
13 Weeks Ended 39 Weeks Ended
---------------------- ----------------------
Sept. 30, Oct. 1, Sept. 30, Oct. 1,
2001 2000 2001 2000
--------- --------- --------- ---------
Capital Stock
Class A common stock
Balance at beginning of period $ 36,609 $ 36,609 $ 36,609 $ 36,602
Conversions from Class B -- -- -- 7
--------- --------- --------- ---------
Balance at end of period 36,609 36,609 36,609 36,609
Class B common stock
Balance at beginning of period 3,507 3,507 3,507 3,514
Conversions to Class A -- -- -- (7)
--------- --------- --------- ---------
Balance at end of period 3,507 3,507 3,507 3,507
Treasury Stock
Class A common stock
Balance at beginning of period (82,315) (84,792) (84,251) (80,538)
Exercise of stock options, restricted stock
awards and other 56 47 1,541 1,243
Treasury stock issued for acquisitions 470 358 921 522
Purchase of treasury stock -- -- -- (5,614)
--------- --------- --------- ---------
Balance at end of period (81,789) (84,387) (81,789) (84,387)
Class B common stock
Balance at beginning of period (376) (284) (371) (248)
Purchase of treasury stock (59) (38) (64) (74)
--------- --------- --------- ---------
Balance at end of period (435) (322) (435) (322)
Paid-in Capital
Balance at beginning of period 16,871 16,212 16,371 15,761
Exercise of stock options, restricted stock
awards and other 19 21 417 433
Treasury stock issued for acquisitions 109 73 211 112
--------- --------- --------- ---------
Balance at end of period 16,999 16,306 16,999 16,306
Earnings Invested in the Business
Balance at beginning of period 668,747 643,965 675,388 623,564
Net earnings 4,566 26,003 15,826 63,888
Dividends (8,966) (8,933) (26,867) (26,417)
--------- --------- --------- ---------
Balance at end of period 664,347 661,035 664,347 661,035
Accumulated Foreign Currency Adjustments
Balance at beginning of period (32,572) (23,132) (23,784) (16,282)
Equity adjustment for foreign currency 4,922 (6,473) (3,866) (13,323)
--------- --------- --------- ---------
Balance at end of period (27,650) (29,605) (27,650) (29,605)
--------- --------- --------- ---------
Stockholders' Equity at end of period $ 611,588 $ 603,143 $ 611,588 $ 603,143
========= ========= ========= =========
Comprehensive Income
Net earnings $ 4,566 $ 26,003 $ 15,826 $ 63,888
Other comprehensive income - Foreign
currency adjustments 4,922 (6,473) (3,866) (13,323)
--------- --------- --------- ---------
Comprehensive Income $ 9,488 $ 19,530 $ 11,960 $ 50,565
========= ========= ========= =========
See accompanying Notes to Financial Statements.
6
KELLY SERVICES, INC. AND SUBSIDIARIES
STATEMENTS OF CASH FLOWS
(UNAUDITED)
FOR THE 39 WEEKS ENDED SEPTEMBER 30, 2001 AND OCTOBER 1, 2000
(In thousands of dollars)
2001 2000
-------------- --------------
Cash flows from operating activities:
Net earnings $ 15,826 $ 63,888
Noncash adjustments:
Depreciation and amortization 32,351 28,949
Decrease (increase) in accounts receivable, net 40,587 (52,889)
Changes in certain working capital components 17,148 63,715
-------------- --------------
Net cash from operating activities 105,912 103,663
-------------- --------------
Cash flows from investing activities:
Capital expenditures (31,086) (35,155)
Acquisition of building (11,783) -
Proceeds from sales and maturities of short-term investments 561,438 695,165
Purchases of short-term investments (559,921) (693,126)
Decrease (increase) in other assets 9,365 (9,933)
Acquisition of companies, net of cash received (139) (19,860)
-------------- --------------
Net cash from investing activities (32,126) (62,909)
-------------- --------------
Cash flows from financing activities:
(Decrease) increase in short-term borrowings (10,649) 6,302
Dividend payments (26,827) (26,380)
Purchase of treasury stock (64) (5,688)
Stock options and other 131 72
-------------- --------------
Net cash from financing activities (37,409) (25,694)
-------------- --------------
Net change in cash and equivalents 36,377 15,060
Cash and equivalents at beginning of period 43,318 54,032
-------------- --------------
Cash and equivalents at end of period $ 79,695 $ 69,092
============== ==============
See accompanying Notes to Financial Statements.
7
KELLY SERVICES, INC. AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
(In thousands of dollars)
1. Basis of Presentation
The accompanying unaudited consolidated financial statements of the Company have
been prepared in accordance with Rule 10-01 of Regulation S-X and do not include
all the information and notes required by generally accepted accounting
principles for complete financial statements. All adjustments, consisting only
of normal recurring adjustments, have been made which, in the opinion of
management, are necessary for a fair presentation of the results of the interim
periods. The results of operations for such interim periods are not necessarily
indicative of results of operations for a full year. The unaudited consolidated
financial statements should be read in conjunction with the Company's
consolidated financial statements and notes thereto for the fiscal year ended
December 31, 2000 (the 2000 consolidated financial statements).
2. Segment Disclosures
The Company's reportable segments, which are based on the Company's method of
internal reporting, are: (1) U.S. Commercial Staffing, (2) Professional,
Technical and Staffing Alternatives (PTSA) and (3) International. The following
table presents information about the reported sales and earnings from operations
of the Company for the 13-week and 39-week periods ended September 30, 2001 and
October 1, 2000. Segment data presented is net of intersegment revenues. Asset
information by reportable segment is not presented, since the Company does not
produce such information internally.
13 Weeks Ended 39 Weeks Ended
2001 2000 2001 2000
-------------- -------------- ------------- --------------
Sales:
U.S. Commercial Staffing $ 515,475 $ 601,630 $ 1,594,353 $ 1,724,328
PTSA 270,163 270,670 807,333 790,267
International 280,742 282,180 818,147 826,694
-------------- -------------- ------------- --------------
Consolidated Total $ 1,066,380 $ 1,154,480 $ 3,219,833 $ 3,341,289
============== ============== ============= ==============
Earnings from Operations:
U.S. Commercial Staffing $ 27,549 $ 49,627 $ 90,589 $ 135,517
PTSA 9,964 19,777 35,916 52,032
International 4,282 8,365 7,853 20,493
Corporate (34,049) (33,989) (107,566) (101,027)
-------------- -------------- ------------- --------------
Consolidated Total $ 7,746 $ 43,780 $ 26,792 $ 107,015
============== ============== ============= ==============
3. Contingencies
The Company is subject to various legal proceedings, claims and liabilities
which arise in the ordinary course of its business. Litigation is subject to
many uncertainties, the outcome of individual litigated matters is not
predictable with assurance and it is reasonably possible that some of the
foregoing matters could be decided unfavorably to the Company. Although the
amount of the liability at September 30, 2001 with respect to these matters
cannot be ascertained, the Company believes that any resulting liability will
not be material to the financial statements of the Company at September 30,
2001.
8
KELLY SERVICES, INC. AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS (continued)
(UNAUDITED)
(In thousands of dollars)
4. Earnings Per Share
The reconciliations of earnings per share computations for the 13-week and
39-week periods ended September 30, 2001 and October 1, 2000 were as follows:
13 Weeks Ended 39 Weeks Ended
2001 2000 2001 2000
----------- ----------- ----------- -----------
Net earnings $ 4,566 $ 26,003 $ 15,826 $ 63,888
=========== =========== =========== ===========
Determination of shares (thousands):
Weighted average common
shares outstanding 35,855 35,728 35,817 35,716
Effect of dilutive securities:
Stock options 6 - 10 -
Restricted and performance awards and other 87 112 83 91
----------- ----------- ----------- -----------
Weighted average common shares
outstanding - assuming dilution 35,948 35,840 35,910 35,807
=========== =========== =========== ===========
Earnings per share - basic $ .13 $ .73 $ .44 $ 1.79
Earnings per share - assuming dilution $ .13 $ .73 $ .44 $ 1.78
9
Item 2. Management's Discussion and Analysis of Results of Operations and
Financial Condition.
Results of Operations:
Third Quarter
Sales of services in the third quarter of 2001 were $1.066 billion, a decrease
of 7.6% from the same period in 2000. Sales declined in the U.S. Commercial
Staffing segment by 14.3% in the third quarter as compared to last year. Sales
declined 14% in July, 13% in August and 15% in September. The trend improved
slightly in August, but worsened in September, leading the Company to expect
continued significantly negative U.S. Commercial sales comparisons for the
fourth quarter.
Professional, Technical and Staffing Alternatives (PTSA) sales decreased by 0.2%
compared to last year. Although this is a decrease compared to the second
quarter PTSA growth rate of 3.8%, individual business unit performance was
varied. Kelly Engineering Resources sales increased over 10% during the third
quarter as compared to prior year. This unit provides engineering support to the
aerospace, chemical, petrochemical and electrical industries. We continue to see
growth in demand in this unit in spite of the economic environment. In addition,
General Contractor Services experienced accelerating year over year sales growth
of nearly 50% in the third quarter. This small, but rapidly growing unit manages
multiple staffing suppliers on behalf of customers, primarily for professional
and technical temporary employees. Kelly Staff Leasing continued to contribute
positive sales growth during the quarter as well.
However, most units within PTSA experienced slower sales growth when compared to
the previous two quarters. In fact, three large units, the Automotive Services
Group, Kelly Law Registry and Kelly IT Resources experienced double-digit
revenue declines in the third quarter. These declines are consistent with the
trends in the industry.
Translated U.S. dollar sales in the International segment decreased by 0.5% as
compared to the third quarter of 2000. However, on a constant currency basis,
international revenue growth was approximately 2%, which reflected slowing from
the 4% growth rate in the second quarter. The Company experienced continued
slowing of demand in Canada, Puerto Rico and Australia, and the beginnings of
significant slowing throughout Continental Europe. Recruitment fee income also
decreased during the third quarter.
Cost of services, consisting of payroll and related tax and benefit costs of
employees assigned to customers, decreased 5.7% in the third quarter as compared
to the same period in 2000.
Gross profit as a percentage of sales was 16.1% in 2001, which was down from the
17.8% rate in 2000. The gross profit rates of all three of the Company's
business segments showed decreases, as compared to last year, primarily due to
an ongoing shift in mix of sales to larger customers, combined with decreases in
recruitment fee income.
Selling, general and administrative expenses were $164.0 million in the third
quarter, an increase of 1.2% over the same period in 2000. That is a sequential
improvement from the 7.3% growth rate during the first quarter, and 4.4% growth
during the second quarter. The Company implemented a number of expense reduction
initiatives that began to show results during the third quarter. Expenses
averaged 15.4% of sales in the third quarter of 2001, a 1.4% increase versus the
14.0% rate in 2000.
Earnings from operations of $7.7 million were 82.3% lower than the third quarter
of 2000. U.S. Commercial earnings totaled $27.5 million, a decrease of 44.5%
compared to earnings of $49.6 million last year. Expenses were well managed, and
decreased nearly 3% versus last year. However, the 14.3% sales decrease,
combined with the decrease in gross profit rate, produced the significant
earnings decline.
PTSA earnings totaled $10.0 million, a 49.6% decrease compared to earnings of
$19.8 million last year. The Company continued to invest in the professional and
technical businesses, opening new branches and implementing new technology,
which impacted the expenses in the third quarter. In addition, recruitment fee
income decreased in many business units, which negatively impacted the gross
profit rate.
International earnings totaled $4.3 million, down 48.8%, compared to earnings of
$8.4 million last year. Decreases in recruitment fee income negatively impacted
profitability, despite a quarter of relatively good expense control.
Net interest expense was $135 thousand, a 54.5% improvement compared to last
year's net interest expense of $297 thousand. The improvement is primarily
attributable to higher cash levels than last year, combined with the impact of
lower interest rates on both investment and short term debt balances.
10
Earnings before income taxes were $7.6 million, a decrease of 82.5%, compared to
pretax earnings of $43.5 million earned for the same period in 2000. Income
taxes were 40.0% of pretax income in the third quarter of 2001 and 40.2% in the
third quarter of 2000.
Net earnings were $4.6 million in the third quarter of 2001, a decrease of 82.4%
from the third quarter of 2000. Diluted earnings per share were $.13, a decrease
of 82.2% as compared to $.73 in the same period last year.
Year-to-Date
Sales of services totaled $3.220 billion during the first nine months of 2001, a
decrease of 3.6% from 2000. Sales in the U.S. Commercial Staffing segment
declined by 7.5%, while PTSA sales grew by 2.2% compared to last year.
Translated U.S. dollar sales in the International segment declined by 1.0% as
compared to the first nine months of 2000. However, on a constant currency
basis, international revenue growth was approximately 4%.
Gross profit as a percentage of sales was 16.5% in 2001, which decreased 1.2%
compared to the 17.7% rate recorded last year. This reflected decreases in the
gross profit rates of all three business segments, primarily due to a shift in
mix of sales to larger customers, combined with decreases in recruitment fee
income.
Selling, general and administrative expenses of $504.6 million were 4.3% higher
than last year. The expense rate was 15.7% of sales in 2001 and 14.5% in 2000.
Compared to last year, the impact of lower sales, combined with increased
depreciation, drove most of the increase in the expense rate.
Net interest expense for the first nine months was $411 thousand, compared to
last year's net interest expense of $177 thousand. The increase in net interest
expense for the nine-month period is primarily attributable to higher average
short-term borrowing levels than last year, particularly during the first
quarter, partially offset by higher cash balances and lower interest rates
during the second and third quarters.
Earnings before taxes were $26.4 million, a decrease of 75.3% from 2000. These
earnings averaged a pretax margin of 0.8% in the first nine months of 2001 and
3.2% in 2000. Income taxes were 40.0% of pretax earnings in the first nine
months of 2001 and 40.2% in 2000.
Net earnings were $15.8 million or 75.2% below the first nine months of 2000.
Diluted earnings per share were $.44, a decrease of 75.3% as compared to $1.78
in the first nine months of 2000.
Financial Condition
Assets totaled $1.079 billion at September 30, 2001, a decrease of 1.0% from the
$1.090 billion at December 31, 2000. Working capital decreased $11.7 million
during the nine-month period. The current ratio was 1.6 at September 30, 2001
and December 31, 2000.
During the first nine months of 2001, net cash from operating activities was
$105.9 million, an increase of 2.2% from the comparable period in 2000. This
increase resulted principally from a decrease in the accounts receivable balance
offset by a decline in net earnings and lower growth of payroll and related
taxes. The Company's global day's sales outstanding for the third quarter were
50 days in 2001, an improvement of one day over the 51 days reported in 2000.
Capital expenditures for the first nine months totaled $31.1 million, down 11.6%
from the $35.2 million spent during the same period of 2000. Of the total, over
75% related to information technology investments. Capital expenditures peaked
in 1999 at $77 million. The Company reduced capital expenditures last year to
$54 million. Annual capital expenditures are projected to total between $40 to
$45 million in 2001.
During the first quarter, the Company acquired a fully leased commercial office
building that will be used for future expansion. This transaction was the second
leg of a tax-free exchange for undeveloped land the Company initiated in the
fourth quarter of 2000. The land was effectively swapped for the building, but
in accordance with generally accepted accounting principles, it is shown as a
cash acquisition for $11.8 million in the first nine months of 2001.
The quarterly dividend rate applicable to Class A and Class B shares outstanding
was $.25 per share in the third quarter of 2001.
The Company's financial position continues to be strong. The Company continues
to carry no long-term debt and expects to meet its growth requirements
principally through cash generated from operations.
11
Market Risk-Sensitive Instruments And Positions
The Company does not hold or invest in derivative contracts. The Company is
exposed to foreign currency risk primarily due to its net investment in foreign
subsidiaries. This risk is mitigated by the use of the Company's multi-currency
line of credit. This credit facility is used to borrow in local currencies which
mitigates the exchange rate risk resulting from foreign currency-denominated net
investments fluctuating in relation to the U.S. dollar. In addition, the Company
is exposed to interest rate risks through its use of the multi-currency line of
credit.
Overall, the Company's holdings and positions in market risk-sensitive
instruments do not subject the Company to material risk.
New Accounting Standards
In July 2001, the Financial Accounting Standards Board (FASB) issued Statement
No. 141, Business Combinations. Statement 141 requires that the purchase method
be used for business combinations initiated after June 30, 2001. The Company
does not expect it to have a material impact on the Company's consolidated
financial statements.
In July 2001, the FASB issued Statement No. 142, Goodwill and Other Intangible
Assets. Statement 142 requires that goodwill no longer be amortized to earnings,
but instead be reviewed for impairment. The provisions of this Statement are
required to be applied starting with fiscal years beginning after December 15,
2001. This Statement is required to be applied at the beginning of an entity's
fiscal year and to be applied to all goodwill and other intangible assets
recognized in its financial statements at that date. Impairment losses for
goodwill and indefinite-lived intangible assets that arise due to the initial
application of this Statement are to be reported as resulting from a change in
accounting principle. Goodwill and intangible assets acquired after June 30,
2001, will be subject immediately to the nonamortization and amortization
provisions of this Statement. The Company has not completed its determination of
the impact that the adoption of this new accounting standard will have on its
consolidated financial statements.
In August 2001, the FASB issued Statement No. 144, Accounting for the Impairment
or Disposal of Long-Lived Assets. This Statement supercedes FASB Statement No.
121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived
Assets to be Disposed Of, and the accounting and reporting provisions of
Accounting Principles Board Opinion No. 30, Reporting the Results of Operations
- - Reporting the Effects of Disposal of a Segment of a Business, and
Extraordinary, Unusual and Infrequently Occurring Events and Transactions. This
Statement also amends Accounting Research Bulletin No. 51, Consolidated
Financial Statements. The provisions of this Statement are effective for
financial statements issued for fiscal years beginning after December 15, 2001,
and interim periods within those fiscal years, with early application
encouraged. The Company has not determined the impact, if any, that this
Statement will have on its consolidated financial position or results of
operations.
Forward-Looking Statements
Except for the historical statements and discussions contained herein,
statements contained in this report relate to future events that are subject to
risks and uncertainties, such as: competition, changing market and economic
conditions, currency fluctuations, changes in laws and regulations, the
Company's ability to effectively implement and manage its information technology
programs and other factors discussed in the report and in the Company's filings
with the Securities and Exchange Commission. Actual results may differ
materially from any projections contained herein.
12
PART II. OTHER INFORMATION AND SIGNATURE
Item 6. Exhibits and Reports on Form 8-K.
(a) See Index to Exhibits required by Item 601, Regulation S-K,
set forth on page 14 of this filing.
(b) No reports on Form 8-K were filed during the quarter for which
this report is filed.
13
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
KELLY SERVICES, INC.
Date: November 13, 2001
/s/ William K. Gerber
William K. Gerber
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer and
Principal Accounting Officer)
14
INDEX TO EXHIBITS
REQUIRED BY ITEM 601,
REGULATION S-K
--------------
Exhibit
No. Description Document
- ----- ------------ ---------
3 By-laws. 2