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Stock Market & Financial Investment News

News Breaks
January 30, 2014
07:33 EDTKELYAKelly Services reports Q4 EPS ex-items 45c, consensus 31c
Reports Q4 revenue $1.4B, consensus $1.35B.
News For KELYA From The Last 14 Days
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October 28, 2014
14:45 EDTKELYAKelly Services sees Q4 restructuring charge $5.3M-$6.3M
Kelly Services disclosed in a regulatory filing that on September 15, the board of directors of Kelly Services approved a management simplification restructuring plan that was subsequently communicated to Kelly personnel in October 2014. The company noted, "We expect to complete this Plan during the fourth quarter of 2014. Estimated headcount reduction related to the above actions is approximately 100 permanent positions across our global workforce, including several senior leadership positions that will be vacated at the end of December 2014. The headcount reduction related to the Americas segment is estimated to be 40 positions, OCG headcount is estimated to be reduced by 5 positions and corporate headquarters is estimated to be reduced by 55 positions.Related to this Plan, we reported restructuring charges of $3.7M, consisting entirely of severance costs, in the third quarter of 2014. These severance costs include contract termination costs of $2.9M and substantive plan costs of $0.8M. Subsequent restructuring charges, to be incurred in the fourth quarter, are estimated to range between $5.3M to $6.3M and will include additional severance, as well as lease termination costs of approximately $2Mn. We estimate restructuring charges to total between $9Mn to $10M,, and will be recorded entirely in corporate selling, general, and administrative expenses. The majority of these costs will result in future cash expenditures, starting in the fourth quarter of 2014."

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