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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

TrueBlue Reports 2012 Third Quarter Results

TrueBlue, Inc. (NYSE:TBI) today reported revenue for the third quarter of 2012 of $379 million, an increase of 2 percent, compared to revenue of $371 million for the third quarter of 2011. Net income for the quarter was $14.3 million or $0.36 per diluted share, compared to net income of $13.9 million or $0.33 per diluted share for the third quarter of 2011.

“TrueBlue achieved revenue and earnings per share growth this quarter, while managing through an increasingly difficult economic environment,” TrueBlue CEO Steve Cooper said. “Demand for labor in manufacturing has declined and growth trends softened across most of the other industries we serve. Our results have also been adversely impacted by the anticipated decline of a large customer project.

“For the fourth quarter, we anticipate the uncertain economic conditions to continue along with further decline from our large customer project.” TrueBlue estimates revenue in the range of $332 million to $342 million and net income per diluted share of $0.11 to $0.16 for the fourth quarter.

“We remain optimistic about our specialized approach to vertical markets and believe our strategies remain on track to deliver long-term growth for our shareholders,” Cooper said.

Management will discuss third quarter 2012 results on a conference call at 2 p.m. (PT) today, Wednesday, Oct. 24. 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 39 Weeks Ended
September 28, September 30, September 28, September 30,
2012 2011 2012 2011
 
Revenue from services $ 379,467 $ 371,379 $ 1,044,915 $ 965,857
Cost of services   274,237   271,528   766,914   710,644
Gross profit 105,230 99,851 278,001 255,213
Selling, general and administrative expenses 77,634 73,235 221,243 206,071
Depreciation and amortization   4,660   4,205   14,156   11,989
Income from operations 22,936 22,411 42,602 37,153
Interest and other income, net   409   323   1,086   798
Income before tax expense 23,345 22,734 43,688 37,951
Income tax expense   8,998   8,821   17,474   14,724
Net income $ 14,347 $ 13,913 $ 26,214 $ 23,227
 
Net income per common share
Basic $ 0.36 $ 0.33 $ 0.66 $ 0.54
Diluted $ 0.36 $ 0.33 $ 0.66 $ 0.54
 
Weighted average shares outstanding
Basic 39,516 41,612 39,547 42,813
Diluted 39,858 41,958 39,841 43,176
 
TRUEBLUE, INC.
SUMMARY CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
   
September 28, December 30,
2012 2011

Assets

Current assets
Cash and cash equivalents $ 119,341 $ 109,311
Accounts receivable, net 183,101 153,878
Other current assets   15,061   17,426
Total current assets 317,503 280,615
Property and equipment, net 57,418 56,239
Restricted cash and investments 132,052 130,498
Other assets, net   91,670   93,417
Total assets $ 598,643 $ 560,769
 
Liabilities and shareholders' equity
Current liabilities $ 117,550 $ 112,289
Long-term liabilities   156,553   154,901
Total liabilities 274,103 267,190
Shareholders' equity   324,540   293,579
Total liabilities and shareholders' equity $ 598,643 $ 560,769
 
TRUEBLUE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
   
39 Weeks Ended
September 28, September 30,
2012 2011
 
Cash flows from operating activities
Net income $ 26,214 $ 23,227

Adjustments to reconcile net income to net cash from operating activities

Depreciation and amortization 14,156 11,989
Provision for doubtful accounts 4,305 4,424
Stock-based compensation 6,268 5,583
Deferred income taxes 1,191 899
Other operating activities 1,196 (471 )
Changes in operating assets and liabilities
Accounts receivable (33,528 ) (70,116 )
Income taxes 2,206 6,950
Other assets (592 ) 1,720
Accounts payable and other accrued expenses (2,906 ) 19,634
Accrued wages and benefits 8,248 12,033
Workers' compensation claims reserve 5,930 735
Other liabilities   280     (144 )
Net cash provided by operating activities   32,968     16,463  
 
Cash flows from investing activities
Capital expenditures (13,930 ) (6,251 )
Change in restricted cash and cash equivalents 487 65,104
Purchases of restricted investments (18,153 ) (87,768 )
Maturities of restricted investments 14,418 6,193
Other   (250 )   (6,800 )
Net cash used in investing activities   (17,428 )   (29,522 )
 
Cash flows from financing activities
Purchases and retirement of common stock (4,386 ) (50,143 )

Net proceeds from stock option exercises and employee stock purchase plans

3,806 874

Common stock repurchases for taxes upon vesting of restricted stock

(2,076 ) (1,692 )
Payments on other liabilities (3,987 ) (302 )
Other   764     674  
Net cash used in financing activities   (5,879 )   (50,589 )
 
Effect of exchange rates on cash   369     (455 )
 
Net change in cash and cash equivalents 10,030 (64,103 )
CASH AND CASH EQUIVALENTS, beginning of period   109,311     163,153  
CASH AND CASH EQUIVALENTS, end of period $ 119,341   $ 99,050  




1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 17,001.22 -38.27 -0.22%
S&P 500 1,988.40 -3.97 -0.20%
NASDAQ 4,538.5510 +6.4470 0.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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