The Company’s balance sheet remained solid at the end of the quarter.  At the end of 2Q11, the Company had cash and cash equivalents of $543.5 million.  Accounts receivables were $4,496.8 million at the end of 2Q11. Total current asset was $5,288.6 million.

Accounts payable was $1,541 million in 2Q11.  Long-term Debt was $290.6 million in 2Q11. Total share holders’ equity was $2,555.7 million in 2Q11.

Cash (used) in operating activities was approximately $192.1 million during the quarter. Capital expenditures for the quarter were approximately $16.4 million. The Company generated a negative free cash flow of $49 million. During the quarter, the Company bought back 306,000 shares for $18.8 million and has an authorization to repurchase 2.9 million more shares.
 

• Economic Sensitivity: With the majority of its business concentrated in commercial staffing, the Company's revenue is particularly responsive to changes in the general economy

• Pricing Pressure: The staffing/recruiting industry has been experiencing increasing pricing pressure as clients target bill rate reductions and some staffing providers reduce bill rates to preserve volume

• Competition: There are low barriers to entry in this industry, and the Company faces several competitors that also have strong brands

• Integration Risks of COMSYS: The firms see the COMSYS acquisition as a good fit for the Company; however, they believe that it could add some integration risks for Manpower

• Regulatory Changes: Any change to labor market laws in Europe or elsewhere that makes labor markets less restrictive or prohibit temporary-staffing services could negatively affect demand for the Company’s service

 • Concentration: Manpower generates a substantial portion of its revenue from relatively mature areas of the temporary-staffing industry

• Currency Translation: Fluctuations in currency values can have an adverse impact on reported earnings, as MAN derives most of its revenue from foreign countries.