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Form 8-K

UNITED STATES

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): July 19, 2006

MANPOWER INC.

(Exact name of registrant as specified in its charter)

 

Wisconsin   1-10686   39-1672779
(State or other jurisdiction
of incorporation)		   (Commission
File Number)		   (IRS Employer
Identification No.)

 

5301 North Ironwood Road
Milwaukee, Wisconsin		   53217
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (414) 961-1000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Securities Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Item 2.02 Results of Operations and Financial Condition

On July 19, 2006, we issued a press release announcing our results of operations for the quarter and six-month period ended June 30, 2006. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

Item 9.01. Exhibits.

 

Exhibit No.   

Description

99.1    Press Release dated July 19, 2006
99.2    Presentation materials for July 19, 2006 conference call

SIGNATURES

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.

Dated: July 19, 2006

    

By:

  

/s/ Michael J. Van Handel

       

Michael J. Van Handel

       

Executive Vice President,

Chief Financial Officer and Secretary

EXHIBIT INDEX

 

Exhibit No.   

Description

99.1    Press Release dated July 19, 2006
99.2    Presentation materials for July 19, 2006 conference call
Press Release

Exhibit 99.1

[MANPOWER logo]

 

FOR IMMEDIATE RELEASE    Contact:
  

Mike Van Handel

  

Manpower Inc.

  

+1.414.906.6305

  

michael.vanhandel@manpower.com

Manpower Reports 2nd Quarter and First Half 2006 Results

MILWAUKEE, WI, USA, July 19, 2006 – Manpower Inc. (NYSE: MAN) today reported that earnings per diluted share for the three months ended June 30, 2006 increased 30 percent to 91 cents from 70 cents in the prior year period. Net income in the quarter increased to $80.4 million from $62.5 million a year earlier. Revenues for the second quarter totaled $4.4 billion, an increase of 10 percent from the year-earlier period. Results for the second quarter were not significantly impacted by changes in foreign currency exchange rates.

Jeffrey A. Joerres, Manpower Chairman and Chief Executive Officer, said, “We had very strong results across nearly all business units in the second quarter. The relentless execution of our key strategies of elevating and broadening our relationships with our clients, and improving our efficiency through speed and quality is producing superior results.

“Our performance underscores the momentum that we have established over the past eighteen months. As we move into the second half of 2006, our major geographies and business units continue to be well-positioned for a strong year.

“We are anticipating the third quarter of 2006 diluted earnings per share to be in the range of $1.00 to $1.04, which includes an estimated favorable currency impact of 2 cents,” Joerres stated.

Earnings per diluted share for the six months ended June 30, 2006 were $1.50, an increase of 46 percent from $1.03 per diluted share in 2005. Net income was $133.0 million compared to $94.7 million the prior year. Revenues for the six-month period were $8.4 billion, an increase of 7 percent from the prior year or 11 percent in constant currency. Foreign currency exchange rates had a negative impact of 5 cents for the six-month period.

Included in the 2006 six-month period was a 27 cents per diluted share gain on the sale of a payroll processing business in Sweden, and a 16 cents per diluted share charge related to reorganization and a global cost reduction initiative.

- MORE -

Manpower Inc. Reports 2nd Quarter Results/Page 2

In conjunction with its second quarter earnings release, Manpower will broadcast its conference call live over the Internet on July 19, 2006 at 7:30 a.m. CDT (8:30 a.m. EDT). Interested parties are invited to listen to the webcast 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; creating and delivering services that enable its clients to win in the changing world of work. The $16 billion company offers employers a range of services for the entire employment and business cycle including permanent, temporary and contract recruitment; employee assessment and selection; training; outplacement; outsourcing and consulting. Manpower’s worldwide network of 4,400 offices in 72 countries and territories enables the company to meet the needs of its 400,000 clients 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 across their total workforce, enabling clients to concentrate on their core business activities. Manpower Inc. operates under five brands: Manpower, Manpower Professional, Elan, Jefferson Wells and Right Management. More information on Manpower Inc. is available at 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 ‘Risk Factors’ in its Annual Report on Form 10-K for the year ended December 31, 2005, which information is incorporated herein by reference.

Manpower Inc.

Results of Operations

(In millions, except per share data)

 

     Three Months Ended June 30  
               % Variance  
     2006    2005    Amount
Reported		     Constant
Currency		  
     (Unaudited)  

Revenues from services (a)

    $ 4,440.0    $ 4,053.7    9.5 %   10.0 %

Cost of services

      3,623.6      3,314.5    9.3 %  
                  

Gross profit

      816.4      739.2    10.4 %   10.9 %

Selling and administrative expenses

      677.3      629.5    7.6 %   8.1 %
                  

Operating profit

      139.1      109.7    26.9 %   26.8 %

Interest and other expenses

      12.5      11.3    11.2 %  
                  

Earnings before income taxes

      126.6      98.4    28.7 %  

Provision for income taxes

      46.2      35.9    28.7 %  
                  

Net earnings

    $ 80.4    $ 62.5    28.6 %   28.2 %
                  

Net earnings per share - basic

    $ 0.92    $ 0.71    29.6 %  
                  

Net earnings per share - diluted

    $ 0.91    $ 0.70    30.0 %   28.6 %
                  

Weighted average shares - basic

      87.3      88.6    -1.5 %  
                  

Weighted average shares - diluted

      88.7      89.5    -0.9 %  
                  

 

(a) Revenues from services include fees received from our franchise offices of $8.8 million for the three months ended June 30, 2006 and 2005. These fees are primarily based on revenues generated by the franchise offices, which were $388.8 million and $375.7 million for the three months ended June 30, 2006 and 2005, respectively.

Manpower Inc.

Operating Unit Results

(In millions)

 

     Three Months Ended June 30  
               % Variance  
     2006    2005    Amount
Reported		     Constant
Currency		  
     (Unaudited)  

Revenues from Services: (a)

           

United States (b)

    $ 534.6    $ 506.7    5.5 %   5.5 %

France

      1,535.6      1,397.0    9.9 %   9.8 %

EMEA

      1,590.1      1,430.4    11.2 %   11.6 %

Jefferson Wells

      98.8      93.5    5.7 %   5.7 %

Right Management

      103.9      108.5    -4.2 %   -4.1 %

Other Operations

      577.0      517.6    11.4 %   14.2 %
                  
   $ 4,440.0    $ 4,053.7    9.5 %   10.0 %
                  

Operating Unit Profit: (a)

           

United States

    $ 22.5    $ 18.0    25.2 %   25.2 %

France

      49.7      42.0    18.3 %   17.7 %

EMEA

      51.7      37.9    36.3 %   35.4 %

Jefferson Wells

      10.0      9.3    7.7 %   7.7 %

Right Management

      11.1      9.3    19.0 %   17.6 %

Other Operations

      14.8      13.2    13.0 %   17.6 %
                  
     159.8      129.7     

Corporate expenses

      17.4      16.7     

Amortization of intangible assets

      3.3      3.3     
                  

Operating profit

      139.1      109.7    26.9 %   26.8 %

Interest and other expenses (c)

      12.5      11.3     
                  

Earnings before income taxes

    $ 126.6    $ 98.4     
                  

 

(a) Certain Eastern European countries previously reported in France are now reported in EMEA due to a change in management structure. All previously reported results for France and EMEA have been restated to conform to the current presentation.

 

(b) In the United States, revenues from services include fees received from the related franchise offices of $6.0 million and $6.3 million for the three months ended June 30, 2006 and 2005, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $291.9 million and $296.8 million for the three months ended June 30, 2006 and 2005, respectively.

 

(c) The components of interest and other expenses were:

 

     2006     2005  

Interest expense

    $ 13.1     $ 10.7  

Interest income

      (3.8 )     (2.1 )

Foreign exchange losses (gains)

      1.3       (0.6 )

Miscellaneous expenses, net

      1.9       3.3  
                
   $ 12.5     $ 11.3  
                

Manpower Inc.

Results of Operations

(In millions, except per share data)

 

     Six Months Ended June 30  
                % Variance  
     2006     2005    Amount
Reported		     Constant
Currency		  
     (Unaudited)  

Revenues from services (a)

    $ 8,369.9     $ 7,812.4    7.1 %   10.7 %

Cost of services

      6,836.1       6,391.2    7.0 %  
                   

Gross profit

      1,533.8       1,421.2    7.9 %   11.3 %

Selling and administrative expenses

      1,335.0       1,249.0    6.9 %   10.2 %
                   

Operating profit

      198.8       172.2    15.5 %   18.9 %

Interest and other (income) expenses

      (3.8 )     23.0    N/A    
                   

Earnings before income taxes

      202.6       149.2    35.8 %  

Provision for income taxes

      69.6       54.5    27.8 %  
                   

Net earnings

    $ 133.0     $ 94.7    40.4 %   45.3 %
                   

Net earnings per share - basic

    $ 1.52     $ 1.06    43.4 %  
                   

Net earnings per share - diluted

    $ 1.50     $ 1.03    45.6 %   50.5 %
                   

Weighted average shares - basic

      87.3       89.2    -2.1 %  
                   

Weighted average shares - diluted

      88.8       93.2    -4.8 %  
                   

 

(a) Revenues from services include fees received from our franchise offices of $16.8 million and $17.1 million for the six months ended June 30, 2006 and 2005, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $751.6 million and $725.5 million for the six months ended June 30, 2006 and 2005, respectively.

Manpower Inc.

Operating Unit Results

(In millions)

 

     Six Months Ended June 30  
                % Variance  
     2006     2005    Amount
Reported		     Constant
Currency		  
     (Unaudited)  

Revenues from Services: (a)

          

United States (b)

    $ 1,044.9     $ 982.6    6.3 %   6.3 %

France

      2,776.1       2,635.0    5.4 %   9.5 %

EMEA

      3,023.0       2,773.0    9.0 %   13.7 %

Jefferson Wells

      194.3       186.2    4.3 %   4.3 %

Right Management

      199.9       212.5    -5.9 %   -4.2 %

Other Operations

      1,131.7       1,023.1    10.6 %   14.1 %
                   
   $ 8,369.9     $ 7,812.4    7.1 %   10.7 %
                   

Operating Unit Profit: (a)

          

United States

    $ 32.0     $ 22.9    39.8 %   39.8 %

France

      80.1       70.4    13.8 %   17.3 %

EMEA

      74.1       52.0    42.3 %   45.9 %

Jefferson Wells

      15.7       17.4    -9.6 %   -9.6 %

Right Management

      15.4       19.1    -19.5 %   -20.7 %

Other Operations

      32.7       25.7    27.7 %   34.4 %
                   
     250.0       207.5     

Corporate expenses

      44.7       28.8     

Amortization of intangible assets

      6.5       6.5     
                   

Operating profit

      198.8       172.2    15.5 %   18.9 %

Interest and other (income) expenses (c)

      (3.8 )     23.0     
                   

Earnings before income taxes

    $ 202.6     $ 149.2     
                   

 

(a) Certain Eastern European countries previously reported in France are now reported in EMEA due to a change in management structure. All previously reported results for France and EMEA have been restated to conform to the current presentation.

 

(b) In the United States, revenues from services include fees received from the related franchise offices of $11.3 million and $11.7 million for the six months ended June 30, 2006 and 2005, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $574.2 million and $574.4 million for the six months ended June 30, 2006 and 2005, respectively.

 

(c) The components of interest and other (income) expenses were:

 

     2006     2005  

Interest expense

    $ 24.7     $ 22.3  

Interest income

      (7.1 )     (4.4 )

Foreign exchange losses

      2.2       0.2  

Miscellaneous (income) expense, net

      (23.6 )     4.9  
                
   $ (3.8 )   $ 23.0  
                

Manpower Inc.

Consolidated Balance Sheets

(In millions)

 

     Jun. 30
2006		     Dec. 31
2005		  
     (Unaudited)  

ASSETS

     

Current assets:

     

Cash and cash equivalents

    $ 768.1     $ 454.9  

Accounts receivable, net

      3,610.8       3,208.2  

Prepaid expenses and other assets

      109.6       107.5  

Future income tax benefits

      94.8       71.1  
                

Total current assets

      4,583.3       3,841.7  

Other assets:

     

Goodwill and other intangible assets, net

      1,281.1       1,256.5  

Other assets

      334.2       273.8  
                

Total other assets

      1,615.3       1,530.3  

Property and equipment:

     

Land, buildings, leasehold improvements and equipment

      687.0       642.4  

Less: accumulated depreciation and amortization

      485.4       446.0  
                

Net property and equipment

      201.6       196.4  
                
   $ 6,400.2     $ 5,568.4  
                

LIABILITIES AND SHAREHOLDERS’ EQUITY

     

Current liabilities:

     

Accounts payable

    $ 898.0     $ 685.4  

Employee compensation payable

      151.7       150.6  

Accrued liabilities

      559.0       435.4  

Accrued payroll taxes and insurance

      603.8       607.2  

Value added taxes payable

      480.6       441.9  

Short-term borrowings and current maturities of long-term debt

      281.3       260.0  
                

Total current liabilities

      2,974.4       2,580.5  

Other liabilities:

     

Long-term debt

      766.3       475.0  

Other long-term liabilities

      390.6       366.3  
                

Total other liabilities

      1,156.9       841.3  

Shareholders’ equity:

     

Common stock

      1.0       1.0  

Capital in excess of par value

      2,389.5       2,346.7  

Retained earnings

      379.2       269.9  

Accumulated other comprehensive income (loss)

      68.8       (11.0 )

Treasury stock, at cost

      (569.6 )     (460.0 )
                

Total shareholders’ equity

      2,268.9       2,146.6  
                

Total liabilities and shareholders’ equity

    $ 6,400.2     $ 5,568.4  
                

Manpower Inc.

Consolidated Statements of Cash Flows

(In millions)

 

     Six Months Ended
June 30		  
     2006     2005  
     (Unaudited)  

Cash Flows from Operating Activities:

     

Net earnings

    $ 133.0     $ 94.7  

Adjustments to reconcile net earnings to net cash provided by operating activities:

     

Depreciation and amortization

      43.8       45.5  

Amortization of discount on convertible debentures

      —         1.9  

Deferred income taxes

      (25.3 )     (6.8 )

Provision for doubtful accounts

      11.8       8.2  

Stock based compensation

      10.2       0.8  

Excess tax benefit on exercise of stock options

      (1.6 )     —    

Other non-operating gains

      (29.3 )     —    

Changes in operating assets and liabilities excluding the impact of acquisitions:

     

Accounts receivable

      (216.4 )     (140.9 )

Other assets

      18.1       (23.9 )

Other liabilities

      191.3       119.7  
                

Cash provided by operating activities

      135.6       99.2  
                

Cash Flows from Investing Activities:

     

Capital expenditures

      (34.8 )     (36.1 )

Acquisitions of businesses, net of cash acquired

      (7.2 )     (3.1 )

Proceeds from sale of business

      29.6       —    

Proceeds from sale of an equity interest

      8.8       —    

Proceeds from the sale of property and equipment

      3.1       3.1  
                

Cash used by investing activities

      (0.5 )     (36.1 )
                

Cash Flows from Financing Activities:

     

Net borrowings of short-term facilities and long-term debt

      250.8       174.2  

Cash paid to settle convertible debentures

      —         (206.6 )

Proceeds from settlement of swap agreements

      —         50.7  

Proceeds from stock option and purchase plans

      40.6       8.4  

Excess tax benefit on exercise of stock options

      1.6       —    

Repurchases of common stock

      (119.1 )     (203.5 )

Dividends paid

      (23.7 )     (17.6 )
                

Cash provided (used) by financing activities

      150.2       (194.4 )
                

Effect of exchange rate changes on cash

      27.9       (37.2 )
                

Change in cash and cash equivalents

      313.2       (168.5 )

Cash and cash equivalents, beginning of period

      454.9       531.8  
                

Cash and cash equivalents, end of period

    $ 768.1     $ 363.3  
                
Presentation materials
Manpower Inc.
2006 2
nd
Quarter Results
Now
Next
July 19, 2006
Exhibit 99.2

2
Manpower
Inc.
2006
2
nd
Quarter
Results
Forward Looking Statement
This presentation includes forward-looking statements which are
subject to risks and uncertainties. Actual results might differ
materially from those projected in the forward-looking statements.
Forward-looking statements can be identified by words such as
“expect,”
“plan,”
“may,”
“will,”
and similar expressions.  Additional
information concerning factors that could cause actual results to
materially differ from those in the forward-looking statements is
contained in the Company’s Annual Report on Form 10-K dated
December 31, 2005, which information is incorporated herein by
reference, and such other factors as may be described from time to
time in the Company’s SEC filings.

3
Manpower
Inc.
2006
2
nd
Quarter
Results
Consolidated Financial Highlights
Operating Profit
$139M
OP Margin
3.1%
29% CC
Revenue
$4.4B
Gross Margin
18.4%
EPS
$ .91
10%
10% CC
15 bps
40 bps
30%
27%
27% CC
Q2 Highlights
Throughout this presentation, the difference between reported variances and Constant Currency
(CC) variances represents the impact of currency on our financial results. Constant Currency is
further explained on our Web site.

4
Manpower
Inc.
2006
2
nd
Quarter
Results
18.39%
18.24%
16%
17%
18%
19%
Q2 2005
Temporary
Recruitment
Permanent
Recruitment
Mix - Right
Q2 2006
- 0.31%
+ 0.27%
+ 0.19%
Consolidated Gross Profit Margin Change

5
Manpower
Inc.
2006
2
nd
Quarter
Results
United States Segment
Q2 Financial Highlights
6%
OUP Margin
4.2%
70 bps
Revenue
$535M
OUP
$22M
25%
Operating Unit Profit (OUP) is the measure that we use to evaluate segment
performance.
OUP
is
equal
to
segment
revenues
less
direct
costs
and
branch
and
national headquarters operating costs.

6
Manpower
Inc.
2006
2
nd
Quarter
Results
contemporary working
France Segment
Q2 Financial Highlights
OUP Margin
3.2%
Revenue
$1.5B
OUP
$50M
10%
10% CC
20 bps
18%
18% CC

7
Manpower
Inc.
2006
2
nd
Quarter
Results
EMEA Segment
contemporary working
Q2 Financial Highlights
OUP Margin
3.2%
Revenue
$1.6B
OUP
$52M
11%
12% CC
60 bps
36%
35% CC

8
Manpower
Inc.
2006
2
nd
Quarter
Results
16%
13%
-11%
11%
25%
25%
-9%
11%
14%
15%
9%
26%
22%
9%
21%
26%
Other
Holland
Spain
Germany
Elan
UK - Manpower
Nordics
Italy
EMEA –
Q2 Revenue Growth YoY
Revenue Growth -
CC
Revenue Growth
% of Segment
Revenue
18%
18%
14%
12%
7%
7%
7%
17%

9
Manpower
Inc.
2006
2
nd
Quarter
Results
Jefferson Wells Segment
contemporary working
Q2 Financial Highlights
OUP Margin
10.2%
Revenue
$99M
OUP
$10M
20 bps
6%
8%

10
Manpower
Inc.
2006
2
nd
Quarter
Results
Right Management Segment
contemporary working
Q2 Financial Highlights
OUP Margin
10.6%
Revenue
$104M
OUP
$11M
4%
4% CC
200 bps
19%
18% CC

11
Manpower
Inc.
2006
2
nd
Quarter
Results
Other Operations Segment
contemporary working
Q2 Financial Highlights
OUP Margin
2.6%
Revenue
$577M
OUP
$15M
11%
14% CC
10 bps
13%
18% CC

12
Manpower
Inc.
2006
2
nd
Quarter
Results
31%
27%
28%
29%
1%
6%
-1%
-3%
Other
Mexico
Australia/NZ
Japan
Other Operations –
Q2 Revenue Growth YoY
Revenue Growth -
CC
Revenue Growth
% of Segment
Revenue
37%
15%
15%
33%

13
Manpower
Inc.
2006
2
nd
Quarter
Results
Financial Highlights

14
Manpower
Inc.
2006
2
nd
Quarter
Results
39%
29%
26%
32%
0%
10%
20%
30%
40%
2003
2004
2005
Q2 2006
416
370
280
280
842
902
735
1,048
0
200
400
600
800
1,000
1,200
2003
2004
2005
Q2 2006
Total Debt
Net Debt
Balance Sheet Highlights
Total Debt
($ in millions)
Total Debt to
Total Capitalization

15
Manpower
Inc.
2006
2
nd
Quarter
Results
* 1,970,300 shares in 2006 and 5,000,000 shares in 2005
Proceeds from Sale of Business
Cash Flow Summary –
First Half
2006
2005
Cash from Operations
136
99
Capital Expenditures
(35)
(36)
Free Cash Flow
101
63
Share Repurchases *
(119)
(204)
Change in Debt
251
(32)
Other
8
(4)
Change in Cash
313
(169)
($ in millions)
30
-
Proceeds from Stock Option
and Purchase Plans
42
8

16
Manpower
Inc.
2006
2
nd
Quarter
Results
Up
14-16%
Third Quarter Outlook
Revenue
U.S.
Up 1-3%
France
Up
11-13%
(Up 8-10% CC)
EMEA
(Up 11-13% CC)
Jefferson Wells
Right
Down 1-3%
(Down 3-5% CC)
Other
Up 12-14%
(Up 14-16% CC)
Total
Up 10-12%
(Up 8-10% CC)
Gross Profit Margin
18.2 -
18.4%
Operating Profit Margin
3.2 -
3.4%
Tax Rate
36.5%
EPS
$1.00 -
$1.04
(Pos. $.02 Currency)
Down 6-8%

2006 2
nd
Quarter Results
Questions?
Answers
July 19, 2006

2006 2
nd
Quarter Results
Appendix
July 19, 2006

19
Manpower
Inc.
2006
2
nd
Quarter
Results
Revenue:
France
1,241
  
1,238
 
0%
9%
EMEA
1,433
  
1,343
 
7%
16%
OUP:
France
30
       
28
      
7%
17%
EMEA
22
       
14
      
59%
74%
France and EMEA Restatement -
2006
($ in millions)
2006
2005
Var
CC Var
Q1 Restated

20
Manpower
Inc.
2006
2
nd
Quarter
Results
Revenue:
France
1,238
  
1,131
  
9%
4%
1,397
  
1,273
  
10%
5%
EMEA
1,343
  
1,146
  
17%
12%
1,430
  
1,208
  
18%
14%
OUP:
France
28
       
29
       
-2%
-7%
42
       
39
       
7%
3%
EMEA
14
       
14
       
4%
-1%
38
       
26
       
45%
40%
Revenue:
France
2,635
  
2,404
  
10%
5%
EMEA
2,773
  
2,354
  
18%
13%
OUP:
France
70
       
68
       
3%
-1%
EMEA
52
       
40
       
31%
26%
France and EMEA Restatement -
2005
($ in millions)
2005
2004
Var
CC Var
Q1 Restated
2005
2004
Var
CC Var
Q2 Restated
YTD Restated

21
Manpower
Inc.
2006
2
nd
Quarter
Results
Revenue:
France
1,479
  
1,395
  
6%
6%
1,362
  
1,401
  
-3%
6%
EMEA
1,401
  
1,312
  
7%
7%
1,487
  
1,445
  
3%
12%
OUP:
France
51
       
56
       
-9%
-8%
48
       
55
       
-14%
-6%
EMEA
46
       
34
       
35%
36%
54
       
41
       
30%
42%
Revenue:
France
4,114
  
3,799
  
8%
5%
5,476
  
5,200
  
5%
6%
EMEA
4,174
  
3,666
  
14%
11%
5,661
  
5,111
  
11%
11%
OUP:
France
121
     
124
     
-2%
-5%
169
     
179
     
-6%
-5%
EMEA
98
       
74
       
33%
30%
152
     
115
     
32%
35%
France and EMEA Restatement -
2005
($ in millions)
2005
2004
Var
CC Var
Q3 Restated
2005
2004
Var
CC Var
Q4 Restated
YTD Restated
YTD Restated