SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 18, 2000
MANPOWER INC.
(Exact name of registrant as specified in its charter)
Wisconsin 1-10686 39-1672779
(State or other jurisdiction (Commission file number) (IRS Employer
of incorporation) Identification No.)
5301 North Ironwood Road
Milwaukee, Wisconsin 53217
(Address of principal executive offices)
Registrant's telephone number, including area code: (414) 961-1000
Item 5. Other Events.
On April 18, 2000, Manpower Inc. is making
available certain operating unit results for the three
month periods ended March 31, 2000 and March 31, 1999 and certain
restated operating unit results for each quarter in the years
ended December 31, 1999 and December 31, 1998. The operating unit results
for each of the quarters in the years ended December 31, 1999
and December 31, 1998 have been restated to reflect reclassification
of certain countries between certain segments due to changes
in management responsibility for those countries.
Item 7. Exhibits.
Exhibit No. Description
99.1 Operating Unit Results
99.2 Restated Operating Unit Results
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MANPOWER INC.
Date: April 18, 2000 /s/ Michael J. Van Handel
---------------------------
Michael J. Van Handel
Senior Vice President - Chief Financial
Officer, Treasurer and Secretary
EXHIBIT INDEX
Exhibit No. Description
99.1 Operating Unit Results
99.2 Restated Operating Unit Results
Manpower Inc.
Operating Unit Results
(In millions)
3 Months Ended
March 31
------------------
2000 1999
------------------
Revenues from services:
United States (a) $ 563.9 $ 515.8
France 913.6 828.0
United Kingdom 365.0 272.8
Other Europe 459.5 361.0
Other Countries 266.3 197.6
-------- --------
$2,568.3 $2,175.2
======== ========
Operating Unit Profit:
United States $ 15.4 $ 13.3
France 20.8 13.4
United Kingdom 8.0 6.9
Other Europe 14.7 10.1
Other Countries 3.7 2.4
-------- --------
62.6 46.1
Other corporate expenses 12.1 9.3
-------- --------
Operating profit 50.5 36.8
Interest and other expense (b) 10.8 4.8
-------- --------
Earnings before taxes $ 39.7 $ 32.0
======== ========
Footnotes:
(a) Total systemwide sales in the United States, which
includes sales of Company-owned branches and franchises
were $922.1 and $850.4 for the three months ended March
31, 2000 and 1999, respectively.
(b) The components of interest and other expense
(income) were:
Interest expense $ 7.9 $ 3.9
Interest income (2.0) (2.2)
Translation loss (gain) 1.1 1.0
Loss on sale of accounts
receivable 3.2 2.3
Other 0.6 (0.2)
-------- ---------
$ 10.8 $ 4.8
======== =========
Manpower Inc.
Restated Operating Unit Results
(In Millions)
First Second Third Fourth
Year Ended December 31, 1999 Quarter Quarter Quarter Quarter Total
Revenues from services:
United States $ 515.8 $ 560.1 $ 583.5 $ 591.1 $2,250.5
France 828.0 893.3 1,045.2 1,008.6 3,775.1
United Kingdom 272.8 264.7 306.1 326.7 1,170.3
Other Europe 361.0 397.1 438.2 469.2 1,665.5
Other Countries 197.6 212.4 233.8 264.9 908.7
------------------------------------------------
$2,175.2 $2,327.6 $2,606.8 $2,660.5 $9,770.1
================================================
Operating Unit Profit:
United States $ 13.3 $ 21.0 $ 22.5 $ 23.5 $ 80.3
France 13.4 21.3 33.6 32.6 100.9
United Kingdom 6.9 7.5 13.1 12.7 40.2
Other Europe 10.1 15.3 20.3 22.3 68.0
Other Countries 2.4 1.2 3.7 3.3 10.6
------------------------------------------------
46.1 66.3 93.2 94.4 300.0
Non-recurring expenses - 28.0 - - 28.0
Corporate expenses 7.7 9.2 8.6 9.0 34.5
Amortization of intangibles 1.6 1.7 1.8 1.8 6.9
------------------------------------------------
Operating profit 36.8 27.4 82.8 83.6 230.6
Interest and other expense 4.8 5.0 7.1 7.9 24.8
------------------------------------------------
Earnings before taxes $ 32.0 $ 22.4 $ 75.7 $ 75.7 $ 205.8
================================================
First Second Third Fourth
Year Ended December 31, 1998 Quarter Quarter Quarter Quarter Total
Revenues from services:
United States $ 499.1 $ 538.5 $ 558.5 $ 556.7 $2,152.8
France 721.4 900.7 1,030.5 986.9 3,639.5
United Kingdom 248.2 254.5 286.3 299.2 1,088.2
Other Europe 261.7 296.1 345.8 382.7 1,286.3
Other Countries 142.5 146.3 156.7 202.0 647.5
------------------------------------------------
$1,872.9 $2,136.1 $2,377.8 $2,427.5 $8,814.3
================================================
Operating Unit Profit:
United States $ 15.3 $ 20.3 $ 20.8 $ 21.6 $ 78.0
France 12.1 18.2 24.2 22.5 77.0
United Kingdom 7.4 5.6 14.1 15.2 42.3
Other Europe 7.0 8.0 19.5 18.4 52.9
Other Countries 6.0 4.5 2.5 3.3 16.3
------------------------------------------------
47.8 56.6 81.1 81.0 266.5
Write-down of capitalized
software - - - 92.1 92.1
Corporate expenses 9.8 10.5 9.0 9.3 38.6
Amortization of intangibles 1.2 1.2 1.4 1.6 5.4
------------------------------------------------
Operating profit 36.8 44.9 70.7 (22.0) 130.4
Interest and other expense 3.2 4.3 4.2 4.9 16.6
------------------------------------------------
Earnings before taxes $ 33.6 $ 40.6 $ 66.5 $ (26.9) $ 113.8
================================================