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 21, 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 July 21, 2000, Manpower Inc. (the "Company")
announced the election of Nancy G. Brinker to its Board
of Directors as a Class I director with a term expiring
in 2003 and the election of Edward J. Zore to its Board
of Directors as a Class III director with a term
expiring in 2002. Ms. Brinker, 53, is the founding
chairman of the board of The Susan G. Komen Breast
Cancer Foundation and is a director of US Oncology,
Inc. and a trustee of the New York University Medical
School Foundation and Netmarket Group, Inc. Mr. Zore,
55, is President of Northwestern Mutual and a member of
its Board of Trustees. Mr. Zore is also a director of
the Frank Russell Company, Robert W. Baird Financial
Corporation and MGIC Investment Corporation. The
Company's Press Release issued July 21, 2000 is
attached hereto as an exhibit to this report and is
incorporated herein by reference (except for references
to the websites of the Company and The Empower Group or
information contained therein).
On July 25, 2000, Manpower Inc. is making
available certain operating unit results for the three
and six month periods ended June 30, 2000 and 1999.
Item 7. Exhibits.
Exhibit No. Description
99.1 Press Release dated July 21, 2000
99.2 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: July 25, 2000 /s/ Michael J. Van Handel
-------------------------------
Michael J. Van Handel
Senior Vice President, Chief Financial
Officer and Secretary
EXHIBIT INDEX
Exhibit No. Description
99.1 Press Release dated July 21, 2000
99.2 Operating Unit Results
MANPOWER INC.
PRESS RELEASE
FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION CONTACT:
Contact: Tracy Shilobrit
Manpower Inc.
(414) 906-6088
[email protected]
MANPOWER INC. ELECTS BRINKER AND ZORE TO BOARD OF DIRECTORS
MILWAUKEE, WI, USA, 21 July, 2000 - Manpower Inc.
(NYSE: MAN) today announced that Nancy Brinker, 53, and
Edward J. Zore, 55, have been elected to its board of
directors.
Brinker is founding chairman of the board of The
Susan G. Komen Breast Cancer Foundation, where she
created the Race for the Curer held today in more than
100 cities nationwide. She is a member of the
Foundation's Strategic Planning and International
Development Committees, and is a spokesperson for the
organization, which has affiliates in 114 U.S. cities
and four countries. In addition, she is a director of
US Oncology, Inc. and a trustee of the New York
University Medical School Foundation and Netmarket
Group, Inc. Brinker previously served as a director
and member of the audit committee of Meditrust
Corporation, Chairman and CEO of In Your Corner, Inc.
and a director of Caremark International, Inc., where
she sat on the Audit and Policy and Ethics Committees
and chaired the Public Policy Committee.
Zore is President of Northwestern Mutual and a
member of its Board of Trustees. He joined
Northwestern Mutual's investment department in 1969 and
has served as Chief Investment Officer and Chief
Financial Officer. Most recently, he headed the
company's life and disability income insurance
operations. In addition to his duties at Northwestern
Mutual, Zore sits on the boards of the Frank Russell
Company, Tacoma, Washington; Robert W. Baird Financial
Corporation and MGIC Investment Corporation, Milwaukee.
He serves as chairman of the board of Children's Health
Systems, Inc., and is chairman of the board of trustees
of the YMCA of Metropolitan Milwaukee.
- MORE -
MANPOWER INC. ELECTS BRINKER AND ZORE TO BOARD OF DIRECTORS/PAGE 2
Manpower Inc. is a world leader in the staffing
industry, providing workforce management services and
solutions to customers through more than 3,500 offices
in 54 countries. The firm annually provides employment
to more than 2 million people worldwide and is an
industry leader in employee assessment and training.
Manpower also offers organizational performance
consulting services worldwide through its independent
operating division, The Empower Group. More
information on Manpower Inc. can be found at the
company's website, www.manpower.com. More information
can also be found about The Empower Group at its
website, www.empowergrp.com.
Manpower Inc.
Operating Unit Results
(In millions)
Three Months Ended Six Months Ended
June 30 June 30
------------------- -------------------
2000 1999 2000 1999
Revenues from services:
United States (a) $ 609.6 $ 560.1 $ 1,173.5 $ 1,075.9
France 1,021.0 893.3 1,934.6 1,721.4
United Kingdom 347.2 264.7 712.2 537.5
Other Europe 459.8 397.1 919.3 758.1
Other Countries 276.5 212.4 542.8 409.9
--------------------- --------------------
$ 2,714.1 $ 2,327.6 $ 5,282.4 $ 4,502.8
===================== ====================
Operating Unit Profit:
United States $ 23.0 $ 21.0 $ 38.5 $ 34.3
France 31.5 21.3 52.3 34.7
United Kingdom 9.6 7.5 17.6 14.3
Other Europe 17.8 15.3 32.5 25.4
Other Countries 1.5 1.2 5.1 3.7
--------------------- --------------------
83.4 66.3 146.0 112.4
Corporate expenses 10.4 9.2 18.9 16.9
Amortization of intangibles 3.3 1.7 6.9 3.3
Non-recurring expenses (b) - 28.0 - 28.0
--------------------- --------------------
Operating profit 69.7 27.4 120.2 64.2
Interest and other expense(c) 10.7 5.0 21.5 9.9
--------------------- --------------------
Earnings before taxes $ 59.0 $ 22.4 $ 98.7 $ 54.3
===================== ====================
Footnotes:
(a) Total systemwide sales in the United States, which
includes sales of Company-owned branches and franchises were
$965.3 and $930.5 for the three months ended June 30, 2000
and 1999, respectively, and $1,887.3 and $1,780.9 for the six
months ended June 30, 2000 and 1999, respectively.
(b) Represents non-recurring items ($16.4 after tax) in the
second quarter of 1999 related to employee severances,
retirement costs and other associated realignment costs.
(c) The components of interest and other expense (income) were:
Interest expense $ 7.9 $ 3.9 $ 15.8 $ 7.8
Interest income (1.7) (1.9) (3.7) (4.1)
Translation loss(gain) 0.2 (0.1) 1.3 0.9
Loss on sale of accounts
receivable 2.1 2.3 5.2 4.6
Other 2.2 0.8 2.9 0.7
--------------------- --------------------
$ 10.7 $ 5.0 $ 21.5 $ 9.9
===================== ====================