Manpower Inc.
5301 N. Ironwood Road
Milwaukee, WI 53217
http://www.manpower.com

ALEXANDRIA, V.A., July 24, 1996/FOOLWIRE/-- Today, Manpower Inc. (MYSE: MAN) announced second quarter results. Manpower's net income rose 36% to $38.6 million, or $0.46 per share, from $28 million, or $0.37 per share reported for the same period last year. The 1996 net earnings includes a one-time, non-operating after tax gain of $5.5 million or $0.06 per share. Revenues increased 6.5% year over year to $1.4 billion.

For the six month period, Manpower experienced an increase in net income of 33%. Net income reported was $61.7 million, or $0.74 per share compared to $46.4 million, or $0.61 per share for the same period last year. Revenues for the six month period increased 7.7% year over year to $2.7 billion.

Manpower is not experiencing a booming period at the moment; however with steady growth in the U.S. market, the company believes that its business is improving and that it is better off compared to last quarter.

U.S. operations are clearly leading the way to improved profits and balancing out the rocky performances of the company's biggest foreign markets in the United Kingdom and France. U.S. operations had a revenue gain of 14.3% and a net income increase of 18.7%. In France, operating revenues were up 1.7% while profits were down 9%. In the U.K., operating revenues were up 7%, while profits were down 30%.

European operations are suffering from sluggish economies and difficult comparisons with last years high growth rates. France is experiencing an economic slowdown which adversely effects the companies business. The business in the U.K. on the other hand, suffers more from difficulty matching last years performance. For the same period last year, the U.K. had an exceptional growth up 130%. Regardless of the challenge faced by U.K. operations, Manpower remains optimistic because profits were up 50% compared to the same period in 1994.

Other foreign businesses experienced strong performances this quarter. Norway, Holland, and Israel had solid growth performances. In particular, business in Japan was exceptional. The market is Japan is booming and the profits from operations reflect that trend. Revenues were up 40% and profits increased over 100%.

Highlights

Manpower landed several major accounts this period. Management believes these new accounts will bring in between $150 and $200 million in the future. Although management was reluctant to mention the names of these new accounts, management did say that they are Fortune 500 companies.

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