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TrueBlue Reports 2011 First Quarter Results

TrueBlue, Inc. (NYSE:TBI) today reported revenue for the first quarter of 2011 of $274 million, an increase of 14 percent compared to revenue of $240 million for the first quarter of 2010. Net income for the quarter was $0.8 million or $0.02 per diluted share, compared to a net loss of $2.3 million or $0.05 per diluted share for the first quarter of 2010.

“Our team continues to do an outstanding job in serving the needs of our customers,” said TrueBlue CEO Steve Cooper. “We experienced broad-based demand for our services with double-digit growth across most industries we serve. Businesses are increasingly turning to our blue-collar staffing solutions to increase the efficiency of their workforce.”

For the second quarter of 2011, TrueBlue estimates revenue in the range of $315 million to $325 million and net income per diluted share for the quarter of $0.15 to $0.20.

Management will discuss first quarter 2011 results on a conference call at 2 p.m. (PT), today, Wednesday, April 27. 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 2010, TrueBlue connected approximately 300,000 people to work through the following brands: Labor Ready, Spartan Staffing, CLP Resources, PlaneTechs, and Centerline, and served approximately 175,000 businesses in the services, retail, wholesale, manufacturing, transportation, aviation, and construction industries. TrueBlue, Inc. is headquartered in Tacoma, Wash. For more information, visit TrueBlue’s website at  www.TrueBlueInc.com.

Forward-looking Statements

This news release contains forward-looking statements that reflect management’s current outlook for future periods, including statements regarding economic trends and future profitability. These forward-looking statements are based upon TrueBlue’s current expectations, and TrueBlue’s actual results may differ materially from those described or contemplated in the forward-looking statements. Factors that may cause TrueBlue’s actual results to differ materially from those contained in the forward-looking statements, include without limitation the following: 1) national and global economic conditions, including the impact of changes in national and global credit markets and other changes on TrueBlue customers; 2) TrueBlue’s ability to continue to attract and retain customers and maintain profit margins in the face of new and existing competition; 3) new laws and regulations that could have a materially adverse effect on TrueBlue’s operations and financial results; 4) significant labor disturbances which could disrupt industries TrueBlue serves; 5) increased costs and collateral requirements in connection with TrueBlue’s insurance obligations, including workers’ compensation insurance; 6) the adequacy of TrueBlue’s financial reserves; 7) TrueBlue’s continuing ability to comply with financial covenants in its lines of credit and other financing agreements; 8) TrueBlue’s ability to attract and retain competent employees in key positions or to find temporary employees to fulfill the needs of its customers; 9) TrueBlue’s ability to successfully complete and integrate acquisitions that it may make from time to time; and 10) other risks described in TrueBlue’s filings with the Securities and Exchange Commission, including its most recent Form 10-K and Form 10-Q filings.
TRUEBLUE, INC.
SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data)
   
13 Weeks Ended 13 Weeks Ended
April 1, March 26,
2011   2010  
 
Revenue from services $ 274,300 $ 239,851
Cost of services   204,269   178,726  
Gross profit 70,031 61,125
Selling, general and administrative expenses 65,159 61,214
Depreciation and amortization   3,922   4,095  
Income (loss) from operations 950 (4,184 )
Interest and other income, net   308   328  
Income (loss) before tax expense (benefit) 1,258 (3,856 )
Income tax expense (benefit)   492   (1,597 )
Net income (loss) $ 766 $ (2,259 )
 
Net income (loss) per common share:
Basic $ 0.02 $ (0.05 )
Diluted $ 0.02 $ (0.05 )
 
Weighted average shares outstanding:
Basic 43,460 43,083
Diluted 43,854 43,083
 
TRUEBLUE, INC.
SUMMARY CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
       
April 1, December 31,
2011 2010
Assets
Current assets:
Cash and cash equivalents $ 152,790 $ 163,153
Accounts receivable, net 120,410 108,692
Other current assets   22,172   21,655
Total current assets 295,372 293,500
Property and equipment, net 52,386 53,958
Restricted cash and investments 123,808 120,067
Other assets, net   78,403   78,941
Total assets $ 549,969 $ 546,466
 
Liabilities and shareholders' equity
Current liabilities $ 85,869 $ 85,923
Long-term liabilities   148,290   147,836
Total liabilities 234,159 233,759
Shareholders' equity   315,810   312,707
Total liabilities and shareholders' equity $ 549,969 $ 546,466
 
TRUEBLUE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
     
13 Weeks Ended 13 Weeks Ended
April 1, March 26,
  2011     2010  
 
Cash flows from operating activities:
Net income (loss) $ 766 $ (2,259 )
Adjustments to reconcile net income (loss) to net cash:
Depreciation and amortization 3,922 4,095
Provision for doubtful accounts 576 2,066
Stock-based compensation 2,575 2,430
Deferred income taxes 690 1,118
Other operating activities (527 ) 23
Changes in operating assets and liabilities:
Accounts receivable (12,294 ) 2,395
Income taxes (1,264 ) (3,183 )
Other assets 458 587
Accounts payable and other accrued expenses (2,547 ) (1,248 )
Accrued wages and benefits 3,695 (477 )
Workers' compensation claims reserve (542 ) (2,314 )
Other liabilities   (103 )   225  
Net cash (used in) provided by operating activities   (4,595 )   3,458  
 
Cash flows from investing activities:
Capital expenditures (1,691 ) (777 )
Change in restricted cash and cash equivalents

(635
) 2,305
Purchase of restricted investments

(3,106
)
Other   -     10  
Net cash (used in) provided by investing activities   (5,432 )   1,538  
 
Cash flows from financing activities:
Net proceeds from sale of stock through options and employee benefit plans 424 294
Common stock repurchases for taxes upon vesting of restricted stock (1,460 ) (1,153 )
Payments on debt (103 ) (92 )
Other   541     77  
Net cash used in financing activities   (598 )   (874 )
 
Effect of exchange rates on cash   262     16  
 
Net change in cash and cash equivalents (10,363 ) 4,138
 
CASH AND CASH EQUIVALENTS, beginning of period   163,153     124,377  
CASH AND CASH EQUIVALENTS, end of period $ 152,790   $ 128,515  
 
TRUEBLUE, INC.
Schedule of Total Revenue Growth (1)
(Unaudited)
       
January 2011 19%
February 2011 12%
March 2011 13%
 
Q-1 2011 14%
 
(1) Revenue growth is organic; no acquisition activity within the last 12 months

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