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:

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

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

March 30, 2012
  December 30, 2011
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

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 )


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  

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