Kelly Services, Inc. Annual Report 2002

FY2002 Annual Report · Kelly Services, Inc.

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Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly

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Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly

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
ervices 2002 Summary Annual Report Kelly Services 2002 Summary Annual Report Kelly Services
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C O R P O R A T E P R O F I L E

Kelly Services Inc. was founded in 1946 by William Russell Kelly, the

pioneer of the modern temporary help industry. 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

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

Diluted Earnings Per Share

$2.36

$2.43

$2.23

$.52

$.46

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

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.

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.

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.

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

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)

(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)

(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

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

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

.10
.25
.24

.11
.18
.61

.10
.25
.25

.18
.13
.73

.10
.25
.25

.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.

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999 West Big Beaver Road

Troy, Michigan 48084-4782

(248) 362-4444