TrueBlue, Inc. (NYSE:TBI) today reported revenue for the fourth quarter of 2012 of $345 million, a decrease of two percent compared to revenue of $350 million for the fourth quarter of 2011. Net income for the fourth quarter of 2012 was $7.4 million, or $0.19 per diluted share, compared to net income of $7.6 million, or $0.19 per diluted share, for the fourth quarter of 2011.
Revenue for the full fiscal year of 2012 was $1.39 billion, an increase of six percent compared to $1.32 billion for 2011. Net income for 2012 was $33.6 million, or $0.84 per diluted share, compared to $30.8 million, or $0.73 per diluted share, for the prior year.
“We had steady revenue growth of four percent this quarter, excluding the impact of one large project,” said TrueBlue CEO Steve Cooper. “Solid execution across our business, along with an improving construction market, contributed to our results. Our customers value the services we provide and we continued to expand our gross margin this quarter.”
Cooper added that TrueBlue also had another year of improved results from its safety practices and that the company is proud of its efforts to ensure that its temporary associates are working safely while providing services customers want.“We remain optimistic about the outlook for the staffing industry as businesses increasingly look for a flexible workforce to increase productivity and control costs,” Cooper said. “We are also excited about the improving trends in construction and the demand it creates in many of the industries we serve.” For the first quarter of 2013, TrueBlue estimates revenue in the range of $335 million to $345 million, and estimates net loss per diluted share of ($0.05) to $0.00. This includes the operations from the purchase of substantially all of the assets of MDT Personnel, the third largest general labor staffing firm in the U.S., which TrueBlue announced today. More information about the transaction is contained in the company’s 8-K also filed today.