Manpower Inc. (MAN) filed Quarterly Report for the period ended 2009-09-30.
Manpower Inc. is a leading non-governmental employment services organization. The company's largest operations based on revenues are located in the United States France and the United Kingdom. The company provides a variety of staffing and workforce management services and solutions including temporary staffing services contract services and training and testing of temporary and permanent workers. The company provides employment services to a wide variety of customers. Manpower Inc. has a market cap of $3.68 billion; its shares were traded at around $46.94 with a P/E ratio of 29.4 and P/S ratio of 0.2. The dividend yield of Manpower Inc. stocks is 1.6%. Manpower Inc. had an annual average earning growth of 10.3% over the past 10 years. GuruFocus rated Manpower Inc. the business predictability rank of 2-star.
Highlight of Business Operations:
Interest and Other Expenses were $29.3 million for the third quarter of 2009 compared to $13.4 million for the same period in 2008. Net Interest Expense increased $9.0 million in the third quarter to $19.8 million, primarily due to the $7.5 million of interest expense related to the early extinguishment of our interest rate swap agreements and the amended revolving credit facility (see Note 1 to the Consolidated Financial Statements for further information). The remaining $1.5 million increase in Net Interest Expense is due to the decrease in interest income because of lower interest rates on our cash and investments. Translation gains were $0.6 million in the third quarter of 2009 and 2008. Miscellaneous Expenses, net, which consist of other non-operating income and expenses, provided income of $0.2 million in the third quarter of 2009 compared to expense of $3.2 million in the third quarter of 2008. In the third quarter of 2009, we also incurred a $10.3 million loss related to a sale of an equity investment in Japan.
Net Loss Per Share - Diluted was a loss of $0.64 per diluted share in the third quarter of 2009 compared to a loss of $0.55 per diluted share in the third quarter of 2008. Included in Net Loss in the third quarter of 2009 were a $61.0 million, net of tax, or $0.78 per diluted share, goodwill impairment charge recorded related to Jefferson Wells, $4.6 million, net of tax, or $0.06 per diluted share, of interest expense related to the extinguishment of our interest rate swap agreements and amended revolving credit facility, and $5.3 million, net of tax, or $0.06 per diluted share related to the sale of an equity investment in Japan. Included in Net Loss in the third quarter of 2008 is the goodwill and intangible asset impairment charge related to Right management of $154.6 million, net of tax, or $1.97 per diluted share. Exchange rates had a $0.02 negative impact on Net Loss Per Share - Diluted in 2009 compared to 2008. Weighted Average Shares - Diluted were 78.4 million shares in the third quarter of 2009, a decline of 0.3% from the third quarter of 2008. This decline is primarily a result of share repurchases made in 2008. There was no dilutive impact of stock-based awards in the third quarter of 2009 and 2008 as we were in a loss position in both years.
MAN is in the portfolios of HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC, Tom Gayner of Markel Gayner Asset Management Corp, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc.
Rate This Article: |
  |