TrueBlue Reports 2012 First Quarter Results

04/25/2012

TACOMA, Wash., Apr 25, 2012 (BUSINESS WIRE) --TrueBlue, Inc. (NYSE:TBI) today reported revenue for the first quarter of 2012 of $311 million, an increase of 13 percent compared to revenue of $274 million for the first quarter of 2011. Net income for the quarter was $1.5 million or $0.04 per diluted share, compared to net income of $0.8 million or $0.02 per diluted share for the first quarter of 2011.

"We had another quarter of solid execution across the business," said TrueBlue CEO Steve Cooper. "Customers continue to want a flexible workforce and a partner to increase productivity. We are meeting their needs with our vertical market strategy, which centers on enhancing the value we provide to customers through our expertise in their industries. I am also extremely pleased with the efforts and quality of service provided by employees throughout our organization."

For the second quarter of 2012, TrueBlue estimates revenue in the range of $350 million to $360 million and net income per diluted share for the quarter of $0.22 to $0.27.

Management will discuss first quarter 2012 results on a conference call at 2 p.m. (PT), today, Wednesday, April 25. The conference call can be accessed on TrueBlue's web site: www.trueblueinc.com.

About TrueBlue

TrueBlue, Inc. is a leading provider of blue-collar staffing. In 2011, TrueBlue connected approximately 325,000 people to work through the following brands: Labor Ready, Spartan Staffing, CLP Resources, PlaneTechs, and Centerline, and served approximately 175,000 businesses in the retail, wholesale, manufacturing, transportation, aviation, services, and construction industries. TrueBlue, Inc. is headquartered in Tacoma, Wash. For more information, visit TrueBlue's website at www.trueblueinc.com.

Cautionary Note About Forward-looking Statements

This document contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "should," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates," and similar expressions are used to identify these forward-looking statements. Examples of forward-looking statements include statements relating to our future financial condition and operating results, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Examples of such factors can be found in our reports filed with the SEC, including the information under the heading 'Risk Factors' in our Annual Report on Form 10-K for the year ended Dec. 30, 2011. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.


TRUEBLUE, INC.
SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data)



13 Weeks Ended



March 30,
2012

April 1,
2011





Revenue from services
$ 311,187
$ 274,300
Cost of services

231,952

204,269
Gross profit

79,235

70,031
Selling, general and administrative expenses

72,082

65,159
Depreciation and amortization

4,768

3,922
Income from operations

2,385

950
Interest and other income, net

264

308
Income before tax expense

2,649

1,258
Income tax expense

1,119

492
Net income
$ 1,530
$ 766





Net income per common share



Basic
$ 0.04
$ 0.02
Diluted
$ 0.04
$ 0.02





Weighted average shares outstanding



Basic

39,425

43,460
Diluted

39,914

43,854


TRUEBLUE, INC.
SUMMARY CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)



March 30,
2012


December 30,
2011
Assets



Current assets



Cash and cash equivalents
$ 125,005
$ 109,311
Accounts receivable, net

144,388

153,878
Other current assets

15,434

17,426
Total current assets

284,827

280,615
Property and equipment, net

56,296

56,239
Restricted cash and investments

130,724

130,498
Other assets, net

94,165

93,417
Total assets
$ 566,012
$ 560,769





Liabilities and shareholders' equity



Current liabilities
$ 112,390
$ 112,289
Long-term liabilities

153,625

154,901
Total liabilities

266,015

267,190
Shareholders' equity

299,997

293,579
Total liabilities and shareholders' equity
$ 566,012
$ 560,769


TRUEBLUE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)



13 Weeks Ended



March 30,
2012

April 1,
2011





Cash flows from operating activities





Net income
$ 1,530

$ 766

Adjustments to reconcile net income to net cash from operating activities





Depreciation and amortization

4,768


3,922
Provision for doubtful accounts

1,049


576
Stock-based compensation

2,902


2,575
Deferred income taxes

(1,006 )

690
Other operating activities

(401 )

(527 )
Changes in operating assets and liabilities



Accounts receivable

8,441


(12,294 )
Income taxes

1,037


(1,264 )
Other assets

1,076


458
Accounts payable and other accrued expenses

(2,644 )

(2,547 )
Accrued wages and benefits

1,513


3,695
Workers' compensation claims reserve

(876 )

(542 )
Other liabilities

303


(103 )
Net cash provided by (used in) operating activities

17,692


(4,595 )





Cash flows from investing activities





Capital expenditures

(3,704 )

(1,691 )
Change in restricted cash and cash equivalents

3,529


(635 )
Purchase of restricted investments

(7,662 )

(3,106

)

Maturities of restricted investments

3,907


-


Net cash provided by (used in) investing activities

(3,930 )

(5,432 )





Cash flows from financing activities





Net proceeds from sale of stock through options and employee benefit plans



2,894


424

Common stock repurchases for taxes upon vesting of restricted stock



(1,807 )

(1,460 )
Payments on debt

-


(103 )
Other

637


541
Net cash provided by (used in) financing activities

1,724


(598 )





Effect of exchange rates on cash

208


262





Net change in cash and cash equivalents

15,694


(10,363 )
CASH AND CASH EQUIVALENTS, beginning of period

109,311


163,153
CASH AND CASH EQUIVALENTS, end of period
$ 125,005

$ 152,790

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SOURCE: TrueBlue, Inc.

TrueBlue, Inc.
EVP & CFO
Derrek Gafford, 253-680-8214
or
VP of Corporate Communications
Stacey Burke, 253-680-8291

IR CONTACT

Derrek Gafford

Chief Financial Officer

Phone: 1-253-680-8214

InvestorRelations@TrueBlue.com

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About TrueBlue

TrueBlue (NYSE: TBI) is a leading provider of specialized workforce solutions, helping clients improve growth and performance by providing staffing, workforce management, and recruitment process outsourcing solutions. The company’s specialized workforce solutions meet clients’ needs for a reliable, efficient workforce in a wide variety of industries. TrueBlue connects as many as 840,000 people to work each year.