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TrueBlue Reports 2012 Second Quarter Results

Stocks in this article: TBI

TrueBlue, Inc. (NYSE:TBI) today reported revenue for the second quarter of 2012 of $354 million, an increase of 11 percent compared to revenue of $320 million for the second quarter of 2011. Net income for the quarter was $10.3 million or $0.26 per diluted share, compared to net income of $8.5 million or $0.20 per diluted share for the second quarter of 2011.

“We executed very well this quarter,” said TrueBlue CEO Steve Cooper. “Our team delivered double-digit growth in revenue and profits. Our services are increasingly relevant to customers who are turning to us as they manage their businesses through this uncertain economic environment. Our disciplined approach to managing our business will continue to drive growth and deliver value over the long term.”

For the third quarter of 2012, TrueBlue estimates revenue in the range of $385 million to $395 million and net income per diluted share for the quarter of $0.34 to $0.39.

Management will discuss second quarter 2012 results on a conference call at 2 p.m. (PT), today, Wednesday, July 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.

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 fiscal year ended Dec. 30, 2011 and in our quarterly reports on Form 10-Q subsequently filed. 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   26 Weeks Ended
June 29, 2012   July 1, 2011 June 29, 2012   July 1, 2011
 
Revenue from services $ 354,261 $ 320,179 $ 665,448 $ 594,478
Cost of services   260,725   234,847   492,677   439,115
Gross profit 93,536 85,332 172,771 155,363
Selling, general and administrative expenses 71,526 67,677 143,610 132,837
Depreciation and amortization   4,729   3,862   9,496   7,784
Income from operations 17,281 13,793 19,665 14,742
Interest and other income, net   412   166   677   474
Income before tax expense 17,693 13,959 20,342 15,216
Income tax expense   7,356   5,411   8,475   5,903
Net income $ 10,337 $ 8,548 $ 11,867 $ 9,313
 
Net income per common share
Basic $ 0.26 $ 0.20 $ 0.30 $ 0.21
Diluted $ 0.26 $ 0.20 $ 0.30 $ 0.21
 
Weighted average shares outstanding
Basic 39,701 43,367 39,563 43,413
Diluted 40,097 43,674 39,993 43,784
 
 
TRUEBLUE, INC. SUMMARY CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands)
 
  June 29, 2012   December 30, 2011
Assets
Current assets
Cash and cash equivalents $ 129,446 $ 109,311
Accounts receivable, net 163,794 153,878
Other current assets   11,662   17,426
Total current assets 304,902 280,615
Property and equipment, net 57,251 56,239
Restricted cash and investments 124,949 130,498
Other assets, net   93,693   93,417
Total assets $ 580,795 $ 560,769
 
Liabilities and shareholders' equity
Current liabilities $ 117,949 $ 112,289
Long-term liabilities   154,977   154,901
Total liabilities 272,926 267,190
Shareholders' equity   307,869   293,579
Total liabilities and shareholders' equity $ 580,795 $ 560,769
 
 
TRUEBLUE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands)
 
  26 Weeks Ended
June 29, 2012   July 1, 2011
 
Cash flows from operating activities
Net income $ 11,867 $ 9,313

Adjustments to reconcile net income to net cash from operating activities

Depreciation and amortization 9,496 7,784
Provision for doubtful accounts 2,022 2,125
Stock-based compensation 4,846 4,097
Deferred income taxes (15 ) 1,991
Other operating activities 972 (485 )
Changes in operating assets and liabilities
Accounts receivable (11,938 ) (36,449 )
Income taxes 4,488 1,019
Other assets 2,084 (1,845 )
Accounts payable and other accrued expenses (3,173 ) 8,881
Accrued wages and benefits 5,949 6,115
Workers' compensation claims reserve 882 (1,299 )
Other liabilities   277     (112 )
Net cash provided by operating activities   27,757     1,135  
 
Cash flows from investing activities
Capital expenditures (9,535 ) (3,678 )
Change in restricted cash and cash equivalents 9,774 70,265
Purchase of restricted investments (18,153 ) (78,279 )
Maturities of restricted investments 12,726 5,300
Other   -     (2,800 )
Net cash used in investing activities   (5,188 )   (9,192 )
 
Cash flows from financing activities
Purchases and retirement of common stock (3,990 ) (12,871 )

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

3,142 616

Common stock repurchases for taxes upon vesting of restricted stock

(1,996 ) (1,611 )
Payments on debt (88 ) (206 )
Other   556     691  
Net cash used in financing activities   (2,376 )   (13,381 )

 

Effect of exchange rates on cash   (58 )   304  
 
Net change in cash and cash equivalents 20,135 (21,134 )
CASH AND CASH EQUIVALENTS, beginning of period   109,311     163,153  
CASH AND CASH EQUIVALENTS, end of period $ 129,446   $ 142,019  
 




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