MILWAUKEE, Oct 19, 2005 — Manpower Inc. (NYSE: MAN) today reported that earnings per diluted share for the three months ended September 30, 2005 were 87 cents, the same as the prior year period. Net income in the quarter was $76.3 million compared to $83.4 million a year earlier. Included in the prior year quarter was an $8.0 million adjustment to the income tax provision, resulting in a favorable impact on prior year diluted earnings per share of 8 cents. Revenues for the third quarter totaled $4.1 billion, an increase of 6 percent from the year-earlier period. The impact of changes in foreign currencies between years on third quarter results was negligible.
Jeffrey A. Joerres, Manpower Chairman and Chief Executive Officer, said, “Our strong results in the third quarter can be attributed to several Manpower geographies and business units throughout the world relentlessly pursuing our strategies in their markets.” Joerres added, “The U.S., Germany, Italy, Japan and Sweden are among the markets that clearly demonstrated our ability to produce solid profit growth as a company. Additionally, our Jefferson Wells and Elan brands both produced solid, sustainable results in the quarter.
“We are anticipating the fourth quarter of 2005 diluted earnings per share to be in the range of 82 to 86 cents, which includes an estimated negative currency impact of 5 cents,” Joerres stated.
Earnings per diluted share for the nine months ended September 30, 2005 were $1.88 compared to $1.86 per diluted share in 2004. Net income was $171.0 million compared to $176.1 million the prior year. Revenues for the nine-month period were $12.0 billion, an increase of 10 percent from the prior year. On a constant currency basis, earnings per diluted share for the nine- month period were $1.84 on an 8 percent improvement in revenues.
In addition to the previously discussed income tax adjustment of 8 cents per diluted share, the prior year nine-month results also include a first quarter non-operating gain of $14.2 million ($10.2 million net of income taxes), or 11 cents per diluted share.
In conjunction with its third quarter earnings release, Manpower will broadcast its conference call live over the Internet on October 19, 2005 at 8:00 a.m. CDT (9:00 a.m. EDT). Interested parties are invited to listen to the webcast and view the presentation by logging on to http://investor.manpower.com .
Supplemental financial information referenced in the conference call can be found at http://investor.manpower.com .
About Manpower Inc.
Manpower Inc. (NYSE: MAN) is a world leader in the employment services industry, offering customers a continuum of services to meet their needs throughout the employment and business cycle. The company specializes in permanent, temporary and contract recruitment; employee assessment; training; career transition; organizational consulting; and professional financial services. Manpower’s worldwide network of 4,300 offices in 72 countries and territories enables the company to meet the needs of its 400,000 customers per year, including small and medium size enterprises in all industry sectors, as well as the world’s largest multinational corporations. The focus of Manpower’s work is on raising productivity through improved quality, efficiency and cost-reduction, enabling customers to concentrate on their core business activities. In addition to the Manpower brand, the company operates under the brand names of Right Management Consultants, Jefferson Wells and Elan. More information on Manpower Inc. is available at http://www.manpower.com .
Forward-Looking Statements
This news release contains statements, including earning projections, that are forward-looking in nature and, accordingly, are subject to risks and uncertainties regarding the Company’s expected future results. The Company’s actual results may differ materially from those described or contemplated in the forward-looking statements. Factors that may cause the Company’s actual results to differ materially from those contained in the forward-looking statements can be found in the Company’s reports filed with the SEC, including the information under the heading ‘Forward-Looking Statements’ in its Annual Report on Form 10-K for the year ended December 31, 2004, which information is incorporated herein by reference.
