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Manpower Reports 2nd Quarter, First Half Results

Earnings Per Share Rise 23 Percent for 2nd Quarter on 17 Percent Revenue Gain

PRNewswire
MILWAUKEE
Jul 25, 2000

Manpower Inc. (NYSE: MAN) today reported that net income for the three months ended June 30, 2000, rose 20 percent to $38.0 million, or 49 cents per diluted share, from $31.8 million, or 40 cents per diluted share, a year earlier. Revenues for the second quarter totaled $2.7 billion, a gain of 17 percent from the year-earlier period.

Results for 1999's second quarter included one-time items totaling a net charge of $.7 million after taxes. Excluding these items, second-quarter operating profit rose 26 percent to $69.7 million.

"Our earnings growth continues to be propelled by solid performances in continental Europe. France, the main engine in Europe, came in with a profit increase of 48% in U.S. dollars," said Manpower President and Chief Executive Officer Jeffrey A. Joerres. "We posted particularly strong gains in both revenues and operating profit which allowed us to overcome the weakness of the Euro. And we have been setting the stage for future global growth by extending our office reach and capabilities through strategic initiatives."

Building on the first quarter 2000 acquisition of Elan Group Ltd., a U.K. and European information-technology staffing leader, over the past two months Manpower launched The Empower Group, a new operating division which provides organizational performance consulting services to major multinational firms worldwide, and announced a strategic alliance with SHL Group plc, the world leader in employee testing and assessment.

"Through these actions, we are positioning Manpower to deliver even greater value to our customers and shareholders," Joerres said. "We are taking advantage of opportunities worldwide to enhance our capabilities and grow."

Net income for the six months ended June 30, 2000, totaled $63.6 million, or 82 cents per diluted share, up 22 percent from $52.4 million, or 66 cents per diluted share, in 1999's first half. Revenues for the first half rose 17 percent to $5.3 billion, while systemwide sales grew 15 percent to $6.1 billion.

This news release contains statements 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. Factors that may cause the Company's actual results to differ materially from those contained in the forward-looking statement can be found in the Company's reports filed with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 1999.

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, http://www.manpower.com/ . More information can also be found about The Empower Group at its website, http://www.empowergrp.com/ .

                              Manpower Inc.
                          Results of Operations
                   (In millions, except per share data)

                        Three Months Ended         Six Months Ended
                             June 30                    June 30
                     2000      1999   Variance   2000     1999    Variance

  Systemwide sales $3,121.9  $2,756.1   13.3% $6,097.4  $5,318.5    14.6%

  Revenue from
   services         2,714.1   2,327.6   16.6%  5,282.4   4,502.8    17.3%
  Cost of services  2,236.3   1,922.9   16.3%  4,358.6   3,717.8    17.2%

  Gross profit        477.8     404.7   18.1%    923.8     785.0    17.7%

  Selling and
   administrative
   expenses           408.1     377.3    8.2%    803.6     720.8    11.5%

  Operating profit     69.7      27.4  154.3%    120.2      64.2    87.2%

  Interest and
   other expenses      10.7       5.0  112.5%     21.5       9.9   117.3%

  Earnings before
   income taxes        59.0      22.4  163.7%     98.7      54.3    81.7%

  Provision for
   income taxes        21.0      (9.4)   N/A      35.1       1.9     N/A

  Net earnings        $38.0     $31.8   19.6%    $63.6     $52.4    21.5%


  Net earnings per
   share - basic      $0.50     $0.41   22.0%    $0.84     $0.67    25.4%

  Net earnings per
   share - diluted   $0.49      $0.40   22.5%    $0.82     $0.66    24.2%


  Weighted average
   shares - basic     76.0       77.8   (2.3%)    76.0      78.4    (3.0%)

  Weighted average
   shares - diluted   77.1       78.5   (1.7%)    77.2      79.2    (2.5%)


                              Manpower Inc.
                         Condensed Balance Sheets
                              (In millions)

                                                   June 30,        Dec. 31,
                                                     2000           1999
                                                  (Unaudited)
  Current assets:
    Cash and cash equivalents                       $144.5         $241.7
    Accounts receivable                            2,121.7        1,897.6
    Prepaid expenses and other assets                116.9          118.0

      Total current assets                         2,383.1        2,257.3

  Other assets                                       420.8          279.0

  Property and equipment                             179.8          182.4

      Total assets                                $2,983.7       $2,718.7


  Current liabilities:
    Accounts payable                                $471.2         $388.0
    Employee compensation payable                     71.8           71.9
    Accrued liabilities                              193.5          180.2
    Accrued payroll taxes and insurance              334.9          340.9
    Value added tax payable                          307.8          305.6
    Short-term borrowings and current
     maturities of long-term debt                    134.1          131.5

      Total current liabilities                    1,513.3        1,418.1

  Other liabilities:
    Long-term debt                                   513.9          357.5
    Other long-term liabilities                      302.5          292.5

      Total other liabilities                        816.4          650.0

  Shareholders' equity                               654.0          650.6

    Total liabilities and
     shareholders' equity                         $2,983.7       $2,718.7

SOURCE: Manpower Inc.

Contact: Mike Van Handel, Chief Financial Officer of Manpower Inc.,
414-906-6305

Website: http://www.empowergrp.com/

Website: http://www.manpower.com/


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