This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Http://tinyurl.com/7ewqfgc

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  
 

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50251038&lang=en



1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs