Kelly Services
Annual Report 2002

Plain-text annual report

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Today, Kelly® is a leading global provider of staffing services. Over the past 56 years, Kelly’s range of staffing solutions has grown steadily to match the needs of our global customers. Kelly temporary employees work in a wide variety of businesses and disciplines including office services, finance, engineering, law, science, healthcare, information technology, marketing, call centers, light industrial, homecare, and education. Last year, the company operated more than 2,400 offices and assigned nearly 700,000 employees in 26 countries. Sales in 2002 totaled $4.3 billion. Kelly is headquartered in Troy, Michigan, U.S.A. S U M M A R Y A N N U A L R E P O R T This is a summary annual report. Complete financial statements including Management’s Discussion and Analysis of Financial Condition and Results of Operations, and Notes to Financial Statements, are contained in Kelly Services’ Annual Report on Form 10-K, available on our website, www.kellyservices.com, or through our Investor Relations office. Please see page 30 for contact information. C O N T E N T S Financial Highlights Letter to Stockholders Corporate Integrity Staffing Solutions U.S. Commercial Professional and Technical Staffing Alternatives International Staffing the World Directors and Officers Summary Financials Stockholders’ Information 1 2 6 8 10 12 13 14 16 18 30 O U R V I S I O N To be the world’s best staffing services company and to be recognized as the best. O U R M I S S I O N To serve our customers, employees, shareholders, and society by providing a broad range of staffing services and products. To achieve our Mission: • We will develop innovative staffing services which meet the needs of our customers and contribute to their success. • We will foster an environment which stimulates professional excellence and encourages contribution by all employees. • We will provide our shareholders a fair return on their investment. • We will demonstrate good corporate citizenship through the ethical conduct of our business. O U R S H A R E D V A L U E S • Integrity, Honesty, and Ethical Behavior • Commitment to Quality and Customer Satisfaction • Dedication to Service and Personal Responsiveness • Professional Excellence and High Performance • Innovation, Creativity, and Open-Mindedness • Employee Participation, Contribution, and Teamwork • Diversity, Individual Dignity, and Mutual Respect • Growth, Profitability, and Industry Leadership O U R Q U A L I T Y P O L I C Y We are committed to quality and to the processes, measurement, and continuous improvement which are the foundations of quality management. Quality is a basic business principle for Kelly Services®. Quality means providing our internal and external customers innovative services and products that meet or exceed their expectations. Quality improvement is the job of every Kelly Services employee. Financial Highlights Sales of Services (Billions of dollars) $4.3 $4.1 $4.5 $4.3 $4.3 0 98 99 00 01 02 Diluted Earnings Per Share $2.36 $2.43 $2.23 $.52 $.46 0 98 99 00 01 02 2002 2001 Change (In thousands of dollars, except per share items) Sales of Services $ 4,323,470 $ 4,256,892 1.6% Earnings Before Income Taxes 30,754 27,586 11.5% Income Taxes 12,185 11,037 10.4% Net Earnings 18,569 16,549 12.2% Basic Earnings Per Share .52 .46 13.0% Diluted Earnings Per Share .52 .46 13.0% Dividends Per Share .40 .85 (52.9%) Working Capital 352,161 322,013 9.4% Stockholders’ Equity 619,064 607,155 2.0% Total Assets 1,072,133 1,039,381 3.2% (iii 1) To Our Stockholders In a year marked by economic recession, Kelly Services accelerated its efforts to improve efficiencies, build on existing strengths, and align operations with our strategies. In spite of only moderate sales and earnings growth during 2002, we outperformed our competitors. 2002 Results Kelly’s sales during 2002 totaled $4.3 billion, a 1.6 percent increase over 2001. Net earnings were $18.6 million, a 12.2 percent increase from the $16.5 million we earned in 2001. Diluted earnings per share were $.52 compared with $.46 achieved during the prior year. While we are not yet back to our pre-recession records set in 2000, these results represent a significant improvement over 2001. We grew sales and earnings, gained market share, and put nearly 700,000 people to work in 26 countries. Terence E. Adderley Chairman and Chief Executive Officer (left) Carl T. Camden President and Chief Operating Officer (right) Strengthening Our Position By carefully managing expenses, we leveraged modest sales increases into solid earnings gains, and still directed funds toward growth. We were able to expand current business lines, enhance products, and deploy new productivity enhancements throughout the company. And, in response to customer demand, Kelly Engineering Resources® added new offices in France and the United Kingdom. Kelly Scientific Resources® expanded to Switzerland, Scotland, and Italy — bringing its total to more than 100 offices in 12 countries. Several new enhancements were made to our office services line. Our Marketing and Service Departments introduced many improvements in employee testing and training. Kelly’s new behavior skills analysis helps us better match the right employees with the right assignment. A multilingual skills test identifies employees in high demand by companies serving the global marketplace. In addition, newly created accounting, medical, and legal office-skill evaluations allow us to focus on three new niche areas of office services staffing. Our Service Department also launched programs designed to enhance the productivity of our field operations. In North America, we began deploying our new “front office” system. This state-of-the-art system, known as Kelly StaffNet™, strengthens our ability to provide world-class service to our temporary employees and customers. In addition, we launched the all new PinPoint® Selection System, a proprietary suite of tools developed to help screen, evaluate, and hire the right employees to fit customer needs. Our internet and computer-based training programs were also significantly improved to provide full-time and temporary employees with the training, knowledge, and skills needed for success. We strengthened Kelly’s financial position. Cash on hand increased from $83 million to $101 million, as we shortened the aging of our accounts receivable. In addition, Kelly Services purchased 500,000 shares of its Class A common stock, in a negotiated transaction, from the William R. Kelly Estate. Shares were purchased at a discounted price, and financed with available cash. The stock purchase represents a prudent and effective use of our solid balance sheet and strong cash position. It is important to remember that sales growth in our industry is very dependent upon growth in the economy. 3) 3) Short-Term Uncertainty We expressed concern throughout 2002 that the economic recovery was fragile in the United States. GDP growth slowed in the second half of the year and several key economic components such as consumer spending, corporate earnings, and capital spending remained under pressure. While the U.S. economy did grow somewhat in 2002, the recovery stalled in the fourth quarter. In October 2002, we noted that the U.S. recovery did not appear to be taking on a traditional “V” or “U” shape, or even necessarily a “W” shape. Rather, it looked like it would turn out to be an “extended U,” which includes a longer period of limited or no growth. The “extended U” seems to be the pattern of this recession. The U.S. recovery is stalled and, in our judgment, there is still a possibility of another dip. With 25% of our sales outside the U.S., we are also very concerned about the lengthening European recession. We ended the year 2002 uncertain as to how 2003 would unfold for either the economy or for Kelly Services. It is important to remember that sales growth in our industry is very dependent upon growth in the economy. While we believe that we are probably in the early stages of a recovery, the near term outlook is not clear. Our perspective is not markedly different than it was when we entered 2002, and our approach is much the same. Expense control is tight. We are maintaining sufficient cash to weather a second dip or to take advantage of a robust recovery. And we are meeting customers’ needs for new offices or service extensions. Long-Term Optimism On a longer-term view, we believe that Kelly is well positioned to return to pre-recession levels of sales and earnings performance. We have operated through a number of economic expansions and recessions. While it is not clear when this particular recession will end, this lack of visibility is not unusual at this point of the economic cycle. Our experience, reflected in our financial conservatism and our marketing and operational competitiveness, gave us the flexibility to cope with the recession as it unfolded. Our excellent management team, with a balanced mix of industry veterans and skilled professionals, is positioned and ready to substantially increase market share as it successfully did during the last two years. Our market share increase was earned, not by pursuit of short-term gain, but by following the strategies that have served us well over the years. We achieved our growth by remaining true to our commitment to ethics, quality service, and a constant focus on customers — many of them the world’s largest companies. We believe that great years lie ahead — a future rich in innovation, opportunity, and prosperity. (4 Our Shared Values At a time when business credibility is under so much scrutiny, good old-fashioned values and performance are key to regaining, growing, and sustaining public confidence. We have always strived to be a company with financial and business acumen, high standards of performance, and rock-solid integrity. Above all, we are distinguished by the quality of our people — talented, inventive, optimistic, and committed to being the best. The recent business scandals have understandably heightened the public’s concern for ethics and the ethical standards of business. To our way of thinking, the reawakened level of attention to a wide range of ethical issues is a welcome development. Long before this year’s headlines and focus on financial reporting, Kelly’s ethical standards were firmly in place. These standards, established by our founder William Russell Kelly in 1946, are still expressed in our company’s Vision, Mission, Shared Values, and Quality Policy. In the pages that follow, Dr. B. Joseph White, former dean of the University of Michigan Business School, managing director of Fred Alger Management, Inc., and a member of our board of directors, shares his thoughts about the ethical responsibilities of America’s business leaders. We believe his comments are reflective of Kelly’s philosophy and way of doing business. This will be a period of great challenge and opportunity for Kelly Services. We are prepared to make significant changes as we continue to evolve as a progressive, forward-looking company. On the other hand, our basic principles will not change. Nor will we waver in making certain that the values upon which Kelly Services was founded will guide us in the years ahead. We wish to thank our customers for their confidence and loyalty, our nearly 700,000 full-time and temporary employees who are the heart of Kelly Services, our stockholders for their faith and continuing support, and our board of directors for their ongoing commitment to our company and their guidance during the past year. We achieved our growth by remaining true to our commitment to ethics, quality service, and a constant focus on customers. Terence E. Adderley Chairman and Chief Executive Officer Carl T. Camden President and Chief Operating Officer 5) 5) Corporate Integrity Thoughts From a Member of the Kelly Services Board of Directors B. Joseph White Managing Director, Fred Alger Management, Inc. Wilber K. Pierpont Collegiate Professor Dean, 1991-2001 University of Michigan Business School J A N U A R Y 2 0 0 3 D uring the past year, trust and confidence in the leadership of American public companies were badly shaken by highly visible and egregious failures of leadership integrity in companies like Enron, WorldCom, Adelphia, and Global Crossing. Guardians of public company wealth, like the accounting profession and the investment industry, failed to perform their respective roles with courage and integrity — compounding the crisis of confidence. I had the opportunity in October 2002 to share my thoughts on these matters at the thirty- sixth annual William K. McInally Memorial Lecture at the University of Michigan Business School. The title of my remarks was, “Post- Bubble, Post-Scandals: Restoring the Credibility of American Business Leadership.” Terence Adderley, Chairman and Chief Executive Officer of Kelly Services, attended the lecture. He invited me to share a few thoughts with you in this year’s Kelly Services annual report. It’s All About Character In the lecture, I listed a number of actions needed to restore public confidence in business, such as punishing wrongdoers, ensuring trustworthy financial reporting, increasing the independence of audit firms, eliminating conflicts of interest in the banking and financial services industry, requiring high-quality corporate governance, and providing resources for the S.E.C. to play its vital role of shareholder advocate and securities industry watchdog. Today, gratefully, progress is being made on all these fronts and public confidence is being restored. Tougher legislation and regulation have a role to play in improving the prospects for corporate integrity by clarifying the rules and consequences of good versus bad behavior. However, I believe that it is ultimately the personal values, mutual expectations, and courage and independence of those to whom we entrust our public companies that matter most. As a CEO friend of mine likes to say, “It’s really all about character.” Creating a Culture of Integrity After many years as both a senior executive and a corporate board member, I have come to see that high-integrity corporate behavior is the result of three critical conditions: • The CEO himself or herself must be a person of high integrity. • The CEO and the board of directors must create a culture of high expectations with regard to honest and ethical behavior throughout the company, starting with senior management since they set the example. • The CEO, senior executives, and board members must possess, and be willing to exercise, the personal courage required to sustain a high-integrity culture in the board room and throughout the company. Doing What’s Right The corporate scandals of the last year remind us that we are entitled to expect corporate leaders — senior executives and boards of directors — to focus not only on a company’s current stock price, but equally important, on its enduring value and its capacity to grow that value. Similarly, we are entitled to expect the stewards of public companies to ask on all important matters not only, “Is it legal?” but equally important, “Is it right?” Let me note here an important judgment I have made based on my service as a director of Kelly Services for nearly eight years. My confidence in the integrity and honesty of my board colleagues at Kelly Services, our CEO Terry Adderley, and his senior management team is very high. All have worked hard, and by and large successfully, to create and reinforce a culture in which honesty and ethical behavior are expected of people throughout the company. This perpetuates a proud legacy established by Russell Kelly, the Company’s founder, over fifty-five years ago. Years of Growth Ahead Turning to the larger picture of the outlook for our economy and the country, I think that it was easy for some last year to become discouraged and even pessimistic about the prospects for our American business and economic system. The scandals unsettled us all. The stock market declined for the third straight year. We heard talk of the parallels between Japan’s stagnation in the 1990s and the stagnation we in America might face in the decade following the bursting of the stock market bubble in 2000. While concern in the face of what we’ve been through is understandable, and to a degree warranted, I want to conclude by reporting to you my own strong optimism about the years ahead. Why? There are two reasons. First, while America’s economic and social systems have occasional tendencies toward excess, we also have great capacity as a nation for self-correction and renewal. Indeed, as I noted earlier, the process of reform and confidence building is well underway. Second, throughout our history, the nation’s business system has demonstrated tremendous resilience and vitality. I believe that fears of an American replay of a Japanese style post-bubble stagnation are ill-founded. For at least the last sixty years, underestimating the dynamism of the American economy has been a serious mistake, and it would be a mistake today. I look forward to many years of economic growth ahead, with Kelly Services fully participating as a high-integrity company and a growing, profitable industry leader. (6 7) U.S. Commercial Kelly Office Services provides skilled office specialists. Kelly Marketing Services supplies staff for regional and national merchandising, trade show, and detailing projects. Kelly Light Industrial Services assigns manufacturing and distribution, material handling, maintenance, and food services staff. Kelly Electronic Assembly Services provides assemblers, quality control inspectors, technicians, and material handlers. Kelly Educational Staffing® employs substitute teachers in the United States and the United Kingdom. KellyConnect® is our global call center service. KellyDirect™ offers candidates for permanent positions. KellySelect® allows both clients and temporary employees to evaluate their fit before making employment decisions. With over 55 years of recruiting, screening, hiring, and training experience, Kelly’s U.S. Commercial segment has become a specialty staffing provider for several major industries. Our leadership in the research, development, and design of industry-specific programs helps us provide customers with innovative services that guarantee the best employee fit for each work environment. KELLY EDUCATIONAL STAFFING RECOGNIZES SUBSTITUTE TEACHER OF THE YEAR Patty Sue Haston, a substitute teacher in McMinnville, Tennessee, received the KES™ National Substitute Teacher of the Year award for the 2001-2002 school year. Haston became a substitute teacher after 40 years as a fourth grade teacher. She was selected from among more than 8,000 Kelly substitute teachers for her outstanding service. (8 9) PTSA Professional, Technical and Staffing Alternatives PTSA’s many offerings benefit customers around the globe. Within each business, there is a common brand and corporate infrastructure, ensuring consistent service and quality to customers — no matter where they are located. P R O F E S S I O N A L & T E C H N I C A L Kelly Scientific Resources® supplies technicians, biologists, chemists, research associates, and other scientific professionals. Kelly Financial Resources® focuses on assigning accounting and finance professionals. Kelly Law Registry® provides attorneys and paralegals to law firms and corporate law departments. Kelly IT Resources® specializes in information technology professionals. Kelly Healthcare Resources® supports the healthcare community with medical technicians, case managers, pharmacists, and nurses. Kelly Automotive Services Group™ provides staff to the automotive industry and tier-one suppliers. Kelly Engineering Resources® employs engineers, designers, and drafters in the pharmaceutical, petrochemical, and high-tech industries. Kelly Home Care Services™ offers individualized in-home services from bedside companionship to highly skilled nurses. KELLY IT RESOURCES HITS RECORD GROWTH In spite of a slowdown in the technology sector, Kelly IT Resources grew at a healthy pace this year. Our success came as a result of expanding existing relationships within our U.S. Commercial and PTSA accounts. (10 11) PTSA Professional, Technical and Staffing Alternatives International Specialty Staffing S T A F F I N G A L T E R N A T I V E S Kelly Staff Leasing® allows customers to transfer their employees to us for benefits and payroll administration. Kelly Management Services® specializes in outsourcing solutions for call centers, office services, and warehouse and distribution. Kelly Vendor Management Solutions™ provides staffing supplier management services. Kelly HRfirst® offers multi-state permanent hiring programs through a team of recruiters. Kelly HR Consulting™ performs strategic consulting services in the areas of employment and executive compensation. Kelly International offers several specialty service lines unique to each of its markets. Our specialty staffing strategy targets international expansion of Kelly’s financial, science, and engineering groups — all business segments of our Professional, Technical and Staffing Alternatives division. KellyAssess® provides customized personnel assessment. Kelly MultiHire® manages the recruiting, screening, and placement of employees for companies hiring large numbers of people. Kelly Artworks™ provides staff to creative and multimedia industries. KELLY FINANCIAL RESOURCES EXPANDS K elly Financial Resources expanded into eight countries this year including Canada, Denmark, France, Germany, Netherlands, Norway, Russia, and Sweden, and continues to show enormous growth potential. (12 13) Staffing the World Canada Kelly Financial Resources was launched in Toronto to meet the needs of Canada’s financial hub. Malaysia Kelly continued to lead the staffing industry in Malaysia, despite a challenging market environment. United Kingdom Kelly Educational Staffing and Kelly Merchandising Resources were both successfully launched in the U.K. United States The introduction of Kelly eSolutions™ allowed us to meet increased customer demand for on-line interaction such as ordering, timekeeping, and reporting. Mexico Our Mexico operations experienced rapid growth this year, in spite of a slow economy. (14 Australia Kelly Engineering Resources was introduced in Australia, providing civil and construction support for large, multi-year, government- funded transportation and public works projects. New Zealand We achieved record growth in New Zealand in 2002 and continue to increase our market share there. Australia Belgium Canada Denmark France Germany Hong Kong India Indonesia Ireland Italy Luxembourg Malaysia Mexico Netherlands New Zealand Norway Philippines Puerto Rico Russia Singapore Spain Sweden Switzerland Thailand United Kingdom United States 15) 15) Directors and Officers B O A R D O F D I R E C T O R S Terence E. Adderley Chairman and Chief Executive Officer Carl T. Camden President and Chief Operating Officer Maureen A. Fay, O.P., Ph.D. President, University of Detroit Mercy Cedric V. Fricke Professor Emeritus, University of Michigan-Dearborn Verne G. Istock Retired Chairman/President, Bank One Corporation B. Joseph White Managing Director, Fred Alger Management, Inc. S E N I O R O F F I C E R S Terence E. Adderley Chairman and Chief Executive Officer Carl T. Camden President and Chief Operating Officer Michael L. Durik Executive Vice President, Human Resources William K. Gerber Executive Vice President and Chief Financial Officer Arlene G. Grimsley Executive Vice President, U.S. Commercial Staffing James H. Bradley Senior Vice President, Administration Joan M. Brancheau Senior Vice President and General Manager, Strategic Customer Relations George S. Corona Senior Vice President and Division General Manager Carol J. Johnson Senior Vice President and Division General Manager Rolf E. Kleiner Senior Vice President, International Michael S. Morrow Senior Vice President, Marketing George M. Reardon Senior Vice President, General Counsel, and Secretary Marc W. Rosenow Senior Vice President, Service Larry J. Seyfarth Senior Vice President, Technical Services Group James A. Tanchon Senior Vice President, Global Sales Bernard Tommasini Senior Vice President and Regional General Manager, Western Europe Andrew R. Watt Senior Vice President, PTSA Michael S. Webster Senior Vice President and Division General Manager O F F I C E R S Leif Agnéus Steven S. Armstrong D. Craig Atkinson Brian C. Ault Thomas A. Bennett Richard Binier Paul A. Bordonaro Alice M. Bowers Peter F. Brixius Barry L. Brown Jane M. Brown Jeanine E. Burgen Robert J. Buwalda Eileen M. Candels Lorenzo Caporaletti Mary Ann Carey Daniel D. Catlin Carol Clement Cheryl F. Courier Michael E. Debs Jacqueline B. Devin John P. Drew Sherry A. Drew Allison M. Everett John W. Fitter Shaun M. Fracassi Sandra W. Galac Jean-Claude Gallois Sergio Gomez Heidi L. Hanes Matthew L. Harvill William L. Heinz Christine M. Hoebermann Bonnie D. Huber Thomas P. Huizenga Matthew W. Igel Charles G. Jackson Venson J. Jennings Catherine J. King Donald P. Kingston Gregory S. Kruger Susan C. Laminack Nicole M. Lewis Wilma I. Lopez Robert J. Lyons Thomas H. Manceor Susan J. Marks Timothy G. McAward Timothy T. McClain James D. McIntire Dane D. McSpedon Jonathan D. Means W. Edward Meisenheimer Lisa R. Miller Teresa A. Moskus Terrence T. Murphy Seelin Naidoo John J. O’Connor Michael F. Orsini Carolyn J. Palmer Deborah L. Perrault Matthew V. Piwowar Antonina M. Ramsey Nicholas F. Regaldi Diane E. Reynolds Marc J. Riou Ingrid A. Roberts Rodger J. Rooney Lori L. Sakorafis Virginia A. Scaduto Aly A. Schambourg Michelle C. Schorr Lynn G. Schwartz Teresa E. Setting Dhirendra Shantilal Bradley J. Shaw Debra S. Sheehan Mark A. Siegal Glenn L. Sorrie Allen J. Sowers J. Leon Stanek Richard G. Struble Michael J. Tilley Thomas L. Totte Andrew P. Trestrail Tami A. Troxell Josefa Vidal Dana M. Warren Barbara A. Wilson Larry D. Worthen (16 17) S U M M A R Y F I N A N C I A L C O N T E N T S F O R W A R D - L O O K I N G S T A T E M E N T S Eleven Year Financial Summary Summary Statements of Earnings Summary Statements of Cash Flows Summary Balance Sheets Summary Statements of Stockholders’ Equity Report of Independent Accountants Selected Quarterly Financial Data (Unaudited) Common Stock Price Information 20 22 23 24 26 27 28 29 S U M M A R Y A N N U A L R E P O R T This is a summary annual report. Complete financial statements including Management’s Discussion and Analysis of Financial Condition and Results of Operations, and Notes to Financial Statements, are contained in Kelly Services’ Annual Report on Form 10-K, available on our website, www.kellyservices.com, or through our Investor Relations office. Please see page 30 for contact information. Certain statements contained in this Summary Annual Report are “forward- looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”). Forward-looking statements include statements that are predictive in nature; depend upon or refer to future events or conditions; or include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” or variations or negatives thereof, or by similar or comparable words or phrases. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future Company actions, that may be provided by management are also forward-looking statements as defined by the Act. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties, and assumptions about the Company; and economic and market factors in the countries in which the Company does business, among other things. These statements are not guarantees of future performance, and the Company has no specific intention to update these statements. Actual events and results may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors. The principal important risk factors that could cause the Company’s actual performance and future events and actions to differ materially from such forward-looking statements include, but are not limited to, competitive market pressures including pricing, changing market and economic conditions, material changes in demand from large corporate customers, availability of temporary workers with appropriate skills required by customers, increases in wages paid to temporary workers, liabilities for client and employee actions, foreign currency fluctuations, changes in laws and regulations (including federal, state, and international tax laws), the Company’s ability to effectively implement and manage its information technology programs, and the ability of the Company to successfully expand into new markets and service lines. Certain risk factors are discussed more fully in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission. (18 19) E L E V E N Y E A R F I N A N C I A L S U M M A R Y Kelly Services, Inc. and Subsidiaries 10 Year Growth Rates (1) 5 Year 1 Year 2002 2001 2000 1999 (2) 1998 1997 1996 1995 1994 1993 (2) 1992 Operating Results (In millions of dollars) Sales of services Cost of services Gross profit Selling, general and administrative expenses(5) Earnings from operations Interest income (expense), net Earnings before taxes Income taxes Net earnings Dividends Summary of total taxes (3) Financial Position (In millions of dollars) Current assets Current liabilities Working capital Net property and equipment Total assets Stockholders' equity Capital expenditures Depreciation and amortization Goodwill amortization (6) Common Stock Data (4) Earnings per share Basic Diluted Dividends per share: Classes A and B Stockholders' equity (book value) per share Stock price per share: Class A at year end 9.7% 10.2 7.4 8.6 (5.1) N/A (6.6) (5.7) (7.2) (4.2) 8.5 5.9% 14.7 1.2 11.3 8.0 5.4 0.3 11.9 N/A (6.7)% (6.7) (3.6) 6.0 (3.4) 2.3% 2.7 0.3 4.0 (25.9) N/A (25.8) (26.3) (25.5) (15.5) 0.2 (0.7)% 1.9 (3.0) 12.4 2.1 2.0 (3.4) 9.9 N/A (24.5)% (24.5) (14.4) 3.5 (3.3) 1.6% 2.0 (0.7) (1.1) 8.7 N/A 11.5 10.4 12.2 (53.1) 1.9 7.3% 5.5 9.4 (4.5) 3.2 2.0 (21.4) 2.3 N/A 13.0% 13.0 (52.9) 2.9 12.1 $ 4,323.5 3,630.7 692.7 662.3 30.4 0.4 30.8 12.2 18.6 14.3 392.7 $ $ 719.4 367.2 352.2 202.3 1,072.1 619.1 33.4 45.4 0.0 .52 .52 .40 17.42 24.72 $ 4,256.9 3,559.0 697.9 669.9 28.0 (0.4) 27.6 11.0 16.5 30.4 385.3 $ $ 670.2 348.2 322.0 212.0 1,039.4 607.2 42.5 44.4 2.7 .46 .46 .85 16.93 22.06 Number of common shares outstanding at year end (thousands) Average number of shares outstanding (thousands) Basic Diluted Stock splits Financial Ratios (1) Return on sales Return on average assets Return on average stockholders' equity Effective tax rate Current assets to current liabilities (current ratio) Price earnings ratio at year end 35,529 35,868 35,724 35,900 — 35,829 35,930 — 0.4% 1.8% 3.0% 39.6% 2.0 47.5 0.4% 1.6% 2.7% 40.0% 1.9 48.0 (1) Growth rates and financial ratios calculated based on data rounded to thousands. (2) Fiscal year included 53 weeks. (3) Consists of payroll taxes and federal, state, and local taxes. (4) Shares consist of Class A and B common stock adjusted for all stock splits. (5) For 1999, 1998, and 1997, includes Year 2000 expenses of $11 million, $8 million, and $1 million, respectively. (6) Goodwill amortization amounts are also included in the depreciation and amortization line item above. Note: Certain prior year amounts have been reclassified to conform with the current presentation. (20 $ 4,487.3 3,695.0 792.3 655.2 137.1 (0.4) 145.3 58.1 87.2 35.3 445.8 $ $ 721.1 384.8 336.2 201.1 1,089.6 623.5 54.2 39.5 2.0 2.44 2.43 .99 17.45 23.63 $ 4,269.1 3,503.1 766.0 622.1 143.9 (0.2) 143.7 58.6 85.1 34.0 421.1 $ $ 706.3 361.6 344.7 187.0 1,033.7 582.4 76.7 36.2 1.8 2.37 2.36 .95 16.23 25.13 $ 4,092.3 3,361.0 731.3 590.7 140.6 3.0 143.6 58.9 84.7 34.2 416.2 $ 3,852.9 3,171.6 681.3 545.5 135.8 1.2 137.0 56.2 80.8 33.2 388.2 $ 3,302.3 2,689.5 612.8 491.8 121.0 1.9 122.9 49.9 73.0 31.6 339.7 $ 2,689.8 2,148.4 541.4 435.1 106.3 7.0 113.3 43.8 69.5 29.6 283.5 $ 2,362.6 1,899.6 463.0 370.9 92.1 6.4 98.5 37.4 61.1 26.6 246.4 $ 1,954.5 1,573.8 380.7 316.8 63.9 7.0 70.9 26.3 44.6 23.8 202.4 $ $ 690.9 344.1 346.8 146.4 964.2 537.8 59.1 28.9 1.5 2.24 2.23 .91 15.02 31.75 $ $ 745.8 334.8 411.0 112.7 967.2 559.8 39.7 28.3 1.5 2.12 2.12 .87 14.67 29.25 $ $ 640.4 262.0 378.4 97.7 838.9 516.9 36.5 26.1 1.1 1.92 1.91 .83 13.58 27.50 $ $ 544.9 191.1 353.8 84.4 718.7 476.1 34.0 22.7 0.9 1.83 1.83 .78 12.52 27.75 $ $ 515.1 163.2 351.9 70.2 642.4 431.5 18.4 19.1 0.7 1.61 1.61 .70 11.37 27.50 $ $ 441.3 116.1 325.2 68.3 542.1 386.2 16.1 17.5 0.4 1.18 1.18 .63 10.23 27.75 $ 1,712.7 1,372.4 340.3 289.1 51.2 9.8 61.0 21.8 39.2 22.0 173.2 $ $ 406.1 93.4 312.7 69.3 496.1 367.3 32.4 14.7 0.3 1.04 1.04 .58 9.74 35.00 35,739 35,874 35,807 38,163 38,059 38,015 37,963 37,755 37,706 35,721 35,843 — 35,854 36,030 — 37,745 37,945 — 38,099 38,191 — 38,043 38,133 — 37,993 38,057 — 37,956 38,005 — 37,728 37,761 5 for 4 37,668 37,711 — 1.9% 8.2% 14.5% 40.0% 1.9 9.7 2.0% 8.5% 15.2% 40.8% 2.0 10.6 2.1% 8.8% 15.4% 41.0% 2.0 14.2 2.1% 8.9% 15.0% 41.0% 2.2 13.8 2.2% 9.4% 14.7% 40.6% 2.4 14.4 2.6% 10.2% 15.3% 38.7% 2.9 15.2 2.6% 10.3% 14.9% 38.0% 3.2 17.1 2.3% 8.6% 11.8% 37.1% 3.8 23.5 2.3% 8.0% 10.9% 35.7% 4.3 33.7 21) S U M M A R Y S T A T E M E N T S O F E A R N I N G S Kelly Services, Inc. and Subsidiaries S U M M A R Y S T A T E M E N T S O F C A S H F L O W S Kelly Services, Inc. and Subsidiaries Sales of services $ 4,323,470 $ 4,256,892 $ 4,487,291 Cash flows from operating activities 2002 2001 2000 (In thousands of dollars except per share items) Cost of services Gross profit Selling, general and administrative expenses Earnings from operations Gain on disposition of property Interest income (expense), net Earnings before income taxes Income taxes Net earnings 3,630,744 3,559,037 3,694,982 692,726 662,334 30,392 — 362 30,754 12,185 697,855 792,309 669,888 655,191 27,967 137,118 — (381) 8,567 (409) 27,586 145,276 11,037 58,100 $ 18,569 $ 16,549 $ 87,176 Basic earnings per share $ .52 $ .46 $ 2.44 Diluted earnings per share $ .52 $ .46 $ 2.43 Dividends per share $ .40 $ .85 $ .99 Average shares outstanding (thousands): Basic Diluted 35,724 35,900 35,829 35,930 35,721 35,843 Notes to Financial Statements can be found in the Company’s 2002 Form 10-K. Effective in 2002, the Company adopted Statement of Financial Accounting Standards No.142 “Goodwill and Other Intangible Assets” and, accordingly, eliminated the amortization of goodwill. Goodwill amortization was $2.7 million and $2.0 million in 2001 and 2000, respectively, and is included in selling, general and administrative expenses. Net income, adjusted for the elimination of goodwill amortization, would have been $18.6 million in 2001 and $88.7 million in 2000. Net earnings Noncash adjustments: Depreciation and amortization Gain on disposition of property Deferred income taxes Changes in operating assets and liabilities Net cash from operating activities Cash flows from investing activities Capital expenditures Short-term investments (Increase) decrease in other assets Acquisition of building Proceeds from disposition of property Acquisition of companies 2002 2001 2000 (In thousands of dollars) $ 18,569 $ 16,549 $ 87,176 45,428 — 6,590 19,019 89,606 (33,406) 31 (3,476) — — — 44,396 — (242) 84,522 145,225 39,465 (8,567) (593) (28,104) 89,377 (42,525) (54,237) 1,764 3,645 (11,783) — (192) Net cash from investing activities (36,851) (49,091) Cash flows from financing activities (Decrease) increase in short-term borrowings Dividend payments Exercise of stock options and other Purchase of treasury stock Net cash from financing activities (11,723) (14,293) 991 (13,216) (38,241) Effect of exchange rates on cash and equivalents 2,961 Net change in cash and equivalents Cash and equivalents at beginning of year 17,475 83,461 (24,900) (30,408) 139 (64) (55,233) (758) 40,143 43,318 3,624 (7,564) — 10,309 (20,923) (68,791) 10,629 (35,303) 85 (5,737) (30,326) (974) (10,714) 54,032 (22 23) Cash and equivalents at end of year $ 100,936 $ 83,461 $ 43,318 Notes to Financial Statements can be found in the Company’s 2002 Form 10-K. 2002 2001 2000 (In thousands of dollars) LIABILITIES AND STOCKHOLDERS’ EQUITY 2002 2001 2000 (In thousands of dollars) S U M M A R Y B A L A N C E S H E E T S Kelly Services, Inc. and Subsidiaries ASSETS Current Assets Cash and equivalents $ 100,936 $ 83,461 $ 43,318 Short-term investments 599 630 2,394 Accounts receivable, less allowances of $12,533, $12,105, and $13,614, respectively 567,517 539,692 631,771 Prepaid expenses and other current assets Deferred taxes 26,387 23,916 24,950 24,903 21,469 18,688 Total current assets 719,355 670,202 721,074 Property and Equipment Land and buildings 57,111 56,639 44,971 Equipment, furniture and leasehold improvements 295,536 275,063 253,666 Accumulated depreciation (150,315) (119,729) (97,552) Net property and equipment 202,332 211,973 201,085 Noncurrent Deferred Taxes Goodwill, Net Other Assets Total Assets 21,065 80,260 49,121 31,415 33,521 73,643 77,397 52,148 56,499 Current Liabilities Short-term borrowings $ 24,770 $ 32,939 $ 57,839 Accounts payable Payroll and related taxes Accrued insurance Income and other taxes Total current liabilities Noncurrent Liabilities Accrued insurance Accrued retirement benefits Total noncurrent liabilities Stockholders’ Equity Capital stock, $1.00 par value Class A common stock, shares issued 36,619,148 at 2002, 36,609,078 at 2001 and 36,609,040 at 2000 Class B common stock, shares issued 3,496,718 at 2002, 3,506,788 at 2001 and 3,506,826 at 2000 Treasury stock, at cost Class A common stock, 4,567,975 shares at 2002, 4,232,542 at 2001 and 4,363,578 at 2000 Class B common stock, 18,875 shares at 2002, 15,675 at 2001 and 12,817 at 2000 Paid-in capital Earnings invested in the business Accumulated foreign currency adjustments Total stockholders’ equity 85,310 181,585 27,912 47,617 367,194 45,540 40,335 85,875 36,619 3,497 88,217 154,813 24,071 48,149 84,659 172,519 21,003 48,814 348,189 384,834 39,273 44,764 84,037 34,269 47,004 81,273 36,609 36,609 3,507 3,507 (91,648) (81,721) (84,251) (511) 17,902 665,759 (12,554) 619,064 (435) 17,035 661,483 (29,323) 607,155 (371) 16,371 675,388 (23,784) 623,469 $ 1,072,133 $ 1,039,381 $ 1,089,576 Total Liabilities and Stockholders’ Equity $ 1,072,133 $ 1,039,381 $ 1,089,576 Notes to Financial Statements can be found in the Company’s 2002 Form 10-K. (24 25) S U M M A R Y S T A T E M E N T S O F S T O C K H O L D E R S ’ E Q U I T Y Kelly Services, Inc. and Subsidiaries R E P O R T O F I N D E P E N D E N T A C C O U N T A N T S To the Stockholders and Board of Directors of Kelly Services, Inc. We have audited, in accordance with generally accepted auditing standards, the consolidated financial statements of Kelly Services, Inc. and its subsidiaries as of December 29, 2002, December 30, 2001, and December 31, 2000, and for each of the three years then ended appearing in the Company’s Annual Report on Form 10-K (which statements are not presented herein) and in our report dated January 21, 2003, we expressed an unqualified opinion on those consolidated financial statements. In this report reference was made to the Company’s adoption in 2002, of Financial Accounting Standard No. 142 “Goodwill and Other Intangible Assets.” In our opinion, the information set forth in the accompanying summary balance sheets as of December 29, 2002, December 30, 2001, and December 31, 2000, and the related summary statements of earnings, of cash flows, and of stockholders’ equity for each of the three years then ended, when read in conjunction with the consolidated financial statements from which it has been derived, is fairly stated in all material respects in relation thereto. PricewaterhouseCoopers LLP Detroit, Michigan January 21, 2003 Capital Stock Class A common stock Balance at beginning of year Conversions from Class B Balance at end of year Class B common stock Balance at beginning of year Conversions to Class A Balance at end of year Treasury Stock Class A common stock Balance at beginning of year Exercise of stock options, restricted stock awards and other Treasury stock issued for acquisitions Purchase of treasury stock Balance at end of year Class B common stock Balance at beginning of year Purchase of treasury stock Balance at end of year Paid-in Capital Balance at beginning of year Exercise of stock options, restricted stock awards and other Treasury stock issued for acquisitions Balance at end of year Earnings Invested in the Business Balance at beginning of year Net earnings Dividends Balance at end of year Accumulated Foreign Currency Adjustments Balance at beginning of year Equity adjustment for foreign currency Balance at end of year Stockholders’ Equity at End of Year Comprehensive Income Net earnings Other comprehensive income - Foreign currency adjustments Comprehensive income 2002 2001 2000 (In thousands of dollars) $ 36,609 10 36,619 $ 36,609 — 36,609 $ 36,602 7 36,609 3,507 (10) 3,497 (81,721) 2,381 832 (13,140) (91,648) (435) (76) (511) 17,035 699 168 17,902 661,483 18,569 (14,293) 665,759 (29,323) 16,769 (12,554) 619,064 18,569 $ $ 16,769 $ 35,338 3,507 — 3,507 3,514 (7) 3,507 (84,251) (80,538) 1,609 921 — (81,721) (371) (64) (435) 16,371 453 211 17,035 675,388 16,549 (30,454) 661,483 (23,784) (5,539) (29,323) 607,155 16,549 (5,539) 11,010 $ $ $ 1,379 522 (5,614) (84,251) (248) (123) (371) 15,761 498 112 16,371 623,564 87,176 (35,352) 675,388 (16,282) (7,502) (23,784) 623,469 87,176 (7,502) 79,674 $ $ $ Notes to Financial Statements can be found in the Company’s 2002 Form 10-K. (26 27) S E L E C T E D Q U A R T E R L Y F I N A N C I A L D A T A ( U N A U D I T E D ) C O M M O N S T O C K P R I C E I N F O R M A T I O N Kelly Services, Inc. and Subsidiaries Kelly Services, Inc. and Subsidiaries Sales of services 2002 2001 2000 Cost of services 2002 2001 2000 Selling, general and administrative expenses 2002 2001 2000 Net earnings 2002 2001 2000 Basic earnings per share (1) 2002 2001 2000 Diluted earnings per share (1) 2002 2001 2000 Dividends per share 2002 2001 2000 First Quarter Second Quarter Third Quarter Fourth Quarter Year (In thousands of dollars except per share items) $1,000,040 1,087,198 1,080,069 $1,076,969 1,066,255 1,106,740 $1,122,715 1,066,380 1,154,480 $1,123,746 1,037,059 1,146,002 $4,323,470 4,256,892 4,487,291 841,080 905,824 892,095 906,753 887,936 909,731 940,453 894,659 948,683 942,458 870,618 944,473 3,630,744 3,559,037 3,694,982 157,774 173,199 161,406 163,741 167,448 160,342 171,547 163,975 162,017 169,272 165,266 171,426 662,334 669,888 655,191 796 4,800 16,060 3,935 6,460 21,825 6,505 4,566 26,003 7,333 723 23,288 18,569 16,549 87,176 .02 .13 .45 .02 .13 .45 .10 .25 .24 .11 .18 .61 .11 .18 .61 .10 .25 .25 .18 .13 .73 .18 .13 .73 .10 .25 .25 .21 .02 .65 .21 .02 .65 .10 .10 .25 .52 .46 2.44 .52 .46 2.43 .40 .85 .99 (1) Earnings per share amounts for each quarter are required to be computed independently and may not equal the amounts computed for the total year. 2002 Class A common High Low Final Class B common High Low Final 2001 Class A common High Low Final Class B common High Low Final 2000 Class A common High Low Final Class B common High Low Final First Quarter Second Quarter Third Quarter Fourth Quarter Year $ 28.68 21.33 28.23 $ 29.50 23.60 27.01 $ 27.37 19.80 21.84 $ 25.75 17.86 24.72 $ 29.50 17.86 24.72 27.00 21.00 27.00 29.25 18.50 23.58 29.00 24.56 27.00 26.25 23.00 23.94 26.75 22.00 23.00 28.78 23.50 23.50 26.00 21.90 24.25 26.00 21.00 22.00 25.00 22.06 23.13 24.13 22.50 24.13 27.89 20.50 20.70 27.09 17.85 20.20 24.00 19.25 21.99 26.88 22.13 23.63 24.81 24.00 24.75 26.99 18.90 25.75 24.70 18.34 22.06 23.00 19.67 21.00 29.00 20.25 23.63 25.50 24.50 24.56 28.78 18.90 25.75 29.25 17.85 22.06 29.00 19.25 21.00 29.00 20.25 23.63 26.75 22.00 24.56 (28 29) S T O C K H O L D E R S ’ I N F O R M A T I O N Kelly Services, Inc. Corporate Headquarters 999 West Big Beaver Road Troy, Michigan 48084-4782 U.S.A. (248) 362-4444 www.kellyservices.com Investor Relations Contact James M. Polehna Director, Investor Relations Kelly Services, Inc. 999 West Big Beaver Road Troy, Michigan 48084-4782 U.S.A. (248) 244-4586 Annual Meeting The Annual Meeting of Stockholders will be held on April 29, 2003, at 11:00 a.m. Eastern Daylight Time, at the Corporate Headquarters of the Company. All stockholders are invited to attend. Stock Transfer Agent & Registrar Mellon Investor Services, LLC P.O. Box 3315 South Hackensack, NJ 07606-3315 For assistance with transfers of stock to another name, lost or destroyed stock certificates, lost dividend checks, direct deposit of dividends, consolidation of accounts, or change of addresses, please contact Mellon at: Toll Free (U.S. and Canada): TDD for Hearing Impaired: Foreign Stockholders: TDD Foreign Stockholders: (866) 249-2607 (800) 231-5469 (201) 329-8660 (201) 329-8354 Independent Accountants PricewaterhouseCoopers LLP 400 Renaissance Center Detroit, Michigan 48243-1507 Financial Reports for Stockholders Stockholders, security analysts, and interested investors may obtain additional copies of this summary annual report, the Company’s quarterly reports, and copies of the Company’s Annual Report to the Securities and Exchange Commission on Form 10-K, without charge, by addressing requests to the director of Investor Relations. This information can also be found at the Kelly Services website. Dividend Reinvestment and Direct Stock Purchase Plan Registered stockholders can purchase additional shares of Kelly’s Class A common stock through Kelly’s Dividend Reinvestment and Direct Stock Purchase Plan. Initial purchases of Kelly’s Class A common stock can also be made through this Plan. Participation is voluntary and allows for automatic reinvestment of cash dividends, direct cash investments, and safekeeping of stock certificates. For more information about this service, visit our website: www.kellyservices.com and select Investor Relations or contact Investor Relations at Kelly. Stock Listings Kelly Services Class A and Class B common stock trade on the Nasdaq Stock MarketSM under the symbols: KELYA and KELYB. You may also visit their website, www.melloninvestor.com, or contact Kelly’s director of Investor Relations. Recycled Recyclable © 2003 Kelly Services, Inc. (30 ual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report ual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 mmary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly rvices 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual ort Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 S u mmary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly rvices 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual ort Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Su ummary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly vices 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual eport Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 mmary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual ort Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Su mmary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual ort Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Su Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly vices 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual ort Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Su Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly vices 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual ort Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Su Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual vices 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual ort Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 mmary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly vices 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual ort Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 999 West Big Beaver Road Troy, Michigan 48084-4782 (248) 362-4444 www.kellyservices.com 

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