TrueBlue Reports 2013 Second Quarter Results Business Wire TACOMA, Wash. -- July 24, 2013 TrueBlue, Inc. (NYSE:TBI) today reported revenue for the second quarter of 2013 of $422million, an increase of 19percent compared to revenue of $354 million for the second quarter of 2012. Net income for the quarter was $12.5million or $0.31per diluted share, compared to net income of $10.3 million or $0.26 per diluted share for the second quarter of 2012. “We are pleased with the double-digit year-over-year revenue growth we experienced this quarter,” TrueBlue CEO Steve Cooper said. “Overall, demand for our specialized blue-collar staffing solutions grew across most industries and locations.” TrueBlue acquired MDT Personnel in the first quarter of 2013 and its integration into the company is now complete, Cooper said. “Our teams have combined very well and I’m pleased with the way they have engaged our customers,” he said. “We’ve been successfulinretaining customers and penetratingmore deeply into the market.” Cooper added that TrueBlue is optimistic about thecompany’s growth prospects.“Favorable trends in the staffing industry, along withthe strength of our organic and acquisition growth strategies,give us confidence that we’re on track to deliverlong-termshareholder value.With both theanticipatedrevenue decline in a large project and MDTintegration costs mostlybehind us, we expectto see higher levels of profit growthduring the remainder of the year.” TrueBlueestimates revenue in the range of $450million to $460million and net income per diluted share of$0.44 to $0.49forthe third quarter of 2013. Management will discuss second quarter 2013 results on a conference callat 2 p.m. Pacific Standard Time (5 pm. Eastern Standard Time), today, Wednesday, July 24. The conference call can be accessed on TrueBlue’s web site:www.trueblue.com About TrueBlue TrueBlue (NYSE: TBI) is the leading provider of blue-collar staffing and helps over 140,000 businesses be more productive through easy access to dependable temporary labor.TrueBlue provides specialized blue-collar staffing solutions to industries that include construction, manufacturing, transportation, aviation, waste, hospitality, retail, renewable energy and more.Through its Labor Ready, CLP, Spartan Staffing, PlaneTechs, and Centerline service lines, TrueBlue connects approximately 350,000 people to work annually across the U.S., Canada and Puerto Rico. Learn more aboutTrueBlue 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 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 28, June 29, June 28, June 29, 2013 2012 2013 2012 Revenue from $ 422,310 $ 354,261 $ 768,809 $ 665,448 services Cost of 310,437 260,725 570,296 492,677 services Gross profit 111,873 93,536 198,513 172,771 Selling, general and 89,339 71,526 177,771 143,610 administrative expenses Depreciation and 5,203 4,729 10,362 9,496 amortization Income from 17,331 17,281 10,380 19,665 operations Interest and other income, 275 412 752 677 net Income before tax expense 17,606 17,693 11,132 20,342 (benefit) Income tax expense 5,069 7,356 (330 ) 8,475 (benefit) Net income $ 12,537 $ 10,337 $ 11,462 $ 11,867 Net income per common share Basic $ 0.31 $ 0.26 $ 0.29 $ 0.30 Diluted $ 0.31 $ 0.26 $ 0.28 $ 0.30 Weighted average shares outstanding Basic 40,140 39,701 39,962 39,563 Diluted 40,421 40,097 40,248 39,993 TRUEBLUE, INC. SUMMARY CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands) June 28, December 28, 2013 2012 Assets Current assets Cash and cash equivalents $ 136,004 $ 129,513 Accounts receivable, net 199,315 167,292 Other current assets 20,884 20,361 Total current assets 356,203 317,166 Property and equipment, net 56,314 58,171 Restricted cash and investments 134,052 136,259 Other assets, net 129,119 90,147 Total assets $ 675,688 $ 601,743 Liabilities and shareholders' equity Current liabilities $ 127,272 $ 113,556 Long-term liabilities 194,924 154,513 Total liabilities 322,196 268,069 Shareholders' equity 353,492 333,674 Total liabilities and $ 675,688 $ 601,743 shareholders' equity TRUEBLUE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands) 26 Weeks Ended June 28, June 29, 2013 2012 Cash flows from operating activities Net income $ 11,462 $ 11,867 Adjustments to reconcile net income to net cash from operating activities Depreciation and amortization 10,362 9,496 Provision for doubtful 6,415 2,022 accounts Stock-based compensation 4,594 4,846 Deferred income taxes (2,564 ) (15 ) Other operating activities 848 972 Changes in operating assets and liabilities, net of acquisitions Accounts receivable (8,528 ) (11,938 ) Income taxes (143 ) 4,488 Other assets 341 2,084 Accounts payable and other accrued (7,496 ) (3,173 ) expenses Accrued wages and benefits 7,053 5,949 Workers' compensation claims 1,583 882 reserve Other liabilities 186 277 Net cash provided by 24,113 27,757 operating activities Cash flows from investing activities Capital expenditures (7,200 ) (9,535 ) Acquisition of businesses, net of cash (54,873 ) - acquired Change in restricted cash and cash 3,709 9,774 equivalents Purchases of restricted (6,789 ) (18,153 ) investments Maturities of restricted 10,871 12,726 investments Other - - Net cash used in investing (54,282 ) (5,188 ) activities Cash flows from financing activities Purchases and retirement of - (3,990 ) common stock Net proceeds from stock option exercises and employee stock purchase 6,023 3,142 plans Common stock repurchases for taxes upon vesting of (2,182 ) (1,996 ) restricted stock Proceeds from note payable 34,000 - Payments on debt (1,115 ) (88 ) Other 478 556 Net cash provided by (used in) 37,204 (2,376 ) financing activities Effect of exchange rates on (544 ) (58 ) cash Net change in cash and cash 6,491 20,135 equivalents CASH AND CASH EQUIVALENTS, beginning 129,513 109,311 of period CASH AND CASH EQUIVALENTS, end of $ 136,004 $ 129,446 period Contact: TrueBlue, Inc. EVP & CFO Derrek Gafford, 253-680-8214 or VP of Corporate Communications Stacey Burke, 253-680-8291
TrueBlue Reports 2013 Second Quarter Results
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