TrueBlue Reports 2013 First Quarter Results Business Wire TACOMA, Wash. -- April 24, 2013 TrueBlue, Inc. (NYSE:TBI) today reported revenue for the first quarter of 2013 of $346 million, an increase of 11 percent compared to revenue of $311 million for the first quarter of 2012. Net loss for the quarter was ($1.1 million) or ($0.03) per diluted share, compared to net income of $1.5 million or $0.04 per diluted share for the first quarter of 2012. The first quarter of 2013 includes the acquisition of MDT Personnel and related non-recurring acquisition and integration costs. The integration has gone well and is on track to be completed in the second quarter of 2013 as originally planned. “We are pleased with our revenue growth in the quarter,” said TrueBlue CEO Steve Cooper. “We saw steady growth in demand for our services across most industries and locations, and we are especially encouraged by an increase in construction activity. Our recent growth across a broad mix of business is building a more sustainable revenue stream to replace the large customer project that is winding down.” For the second quarter of 2013, TrueBlue estimates revenue in the range of $415 million to $425 million and net income per diluted share for the quarter of $0.22 to $0.27. “The increased business activity we are seeing in our results indicates positive signs for the economy this year,” Cooper said. “The current economic climate allows the company to continue to pursue its organic and acquisition growth strategies.” Management will discuss first quarter 2013 results on a conference callat 2 p.m. (PT), today, Wednesday, April 24. The conference call can be accessed on TrueBlue’s web site: www.trueblue.com About TrueBlue TrueBlue, Inc. is a leading provider of blue-collar staffing. In 2012, TrueBlue connected approximately 350,000 people to work through the following business lines: Labor Ready, Spartan Staffing, CLP Resources, PlaneTechs, and Centerline, and served approximately 140,000 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 atwww.trueblue.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. 28, 2012. 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 29, March 30, 2013 2012 Revenue from services $ 346,498 $ 311,187 Cost of services 259,859 231,952 Gross profit 86,639 79,235 Selling, general and administrative expenses 88,432 72,082 Depreciation and amortization 5,159 4,768 Income (loss) from operations (6,952 ) 2,385 Interest and other income, net 477 264 Income (loss) before tax expense (benefit) (6,475 ) 2,649 Income tax expense (benefit) (5,399 ) 1,119 Net income (loss) $ (1,076 ) $ 1,530 Net income (loss) per common share Basic $ (0.03 ) $ 0.04 Diluted $ (0.03 ) $ 0.04 Weighted average shares outstanding Basic 39,784 39,425 Diluted 39,784 39,914 TRUEBLUE, INC. SUMMARY CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands) March 29, December 28, 2013 2012 Assets Current assets Cash and cash equivalents $ 110,800 $ 129,513 Accounts receivable, net 191,896 167,292 Other current assets 23,492 20,361 Total current assets 326,188 317,166 Property and equipment, net 57,695 58,171 Restricted cash and investments 144,375 136,259 Other assets, net 125,790 90,147 Total assets $ 654,048 $ 601,743 Liabilities and shareholders' equity Current liabilities $ 123,941 $ 113,556 Long-term liabilities 194,198 154,513 Total liabilities 318,139 268,069 Shareholders' equity 335,909 333,674 Total liabilities and shareholders' equity $ 654,048 $ 601,743 TRUEBLUE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands) 13 Weeks Ended March 29, March 30, 2013 2012 Cash flows from operating activities Net income (loss) $ (1,076 ) $ 1,530 Adjustments to reconcile net income (loss) to net cash from operating activities Depreciation and amortization 5,159 4,768 Provision for doubtful accounts 1,652 1,049 Stock-based compensation 2,880 2,902 Deferred income taxes (3,573 ) (1,006 ) Other operating activities 180 (401 ) Changes in operating assets and liabilities, net of acquisitions Accounts receivable 4,982 8,441 Income taxes (2,136 ) 1,037 Other assets 251 1,076 Accounts payable and other accrued expenses (6,990 ) (2,644 ) Accrued wages and benefits 4,061 1,513 Workers' compensation claims reserve 549 (876 ) Other liabilities 158 303 Net cash provided by operating activities 6,097 17,692 Cash flows from investing activities Capital expenditures (3,952 ) (3,704 ) Acquisition of business, net of cash acquired (53,248 ) - Change in restricted cash and cash equivalents (4,489 ) 3,529 Purchases of restricted investments (1,365 ) (7,662 ) Maturities of restricted investments 4,128 3,907 Net cash used in investing activities (58,926 ) (3,930 ) Cash flows from financing activities Net proceeds from stock option exercises and 2,266 2,894 employee stock purchase plans Common stock repurchases for taxes upon vesting (2,010 ) (1,807 ) of restricted stock Proceeds from long term debt 34,000 - Payments on debt (397 ) - Other 479 637 Net cash provided by financing activities 34,338 1,724 Effect of exchange rates on cash (222 ) 208 Net change in cash and cash equivalents (18,713 ) 15,694 CASH AND CASH EQUIVALENTS, beginning of period 129,513 109,311 CASH AND CASH EQUIVALENTS, end of period $ 110,800 $ 125,005 Contact: TrueBlue, Inc. EVP & CFO Derrek Gafford, 253-680-8214 or VP of Corporate Communications Stacey Burke, 253-680-8291
TrueBlue Reports 2013 First Quarter Results
Press spacebar to pause and continue. Press esc to stop.