TrueBlue, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 26, 2014; Provides Earnings Guidance for the Fourth Quarter of 2014 and Full Year of 2015
Oct 23 14
TrueBlue, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 26, 2014. For the quarter, the company's revenue from services was $633,365,000 compared to $451,169,000 a year ago. Income from operations was $29,562,000 compared to $27,990,000 a year ago. Income before tax expense was $29,153,000 compared to $28,406,000 a year ago. Net income was $20,910,000 or $0.51 per diluted share compared to $18,952,000 or $0.47 per diluted share a year ago. EBITDA was $39,281,000 compared to $32,761,000 a year ago. Adjusted net income was $22,314,000 or $0.54 per diluted share compared to $19,332,000 or $0.48 per diluted share a year ago. Adjusted EBITDA was $42 million, up 25% compared to $33 million for the third quarter of 2013.
For the nine months, the company's revenue from services was $1,482,655,000 compared to $1,219,977,000 a year ago. Income from operations was $49,961,000 compared to $38,369,000 a year ago. Income before tax expense was $50,346,000 compared to $39,536,000 a year ago. Net income was $38,650,000 or $0.94 per diluted share compared to $30,412,000 or $0.75 per diluted share a year ago. Net cash provided by operating activities was $59,903,000 compared to $45,277,000 a year ago. Capital expenditures was $10,213,000 compared to $10,350,000 a year ago.
The company provided earnings guidance for the fourth quarter of 2014. For fourth quarter, the company expects total revenue of $695 million to $705 million or revenue growth of about 55%, which includes the following assumptions: Seaton revenue of $247 million to $253 million and legacy TrueBlue revenue of $445 million to $455 million. This represents flat organic revenue growth or 4% excluding energy. The company expects adjusted earnings per share of $0.44 to $0.49, which excludes about $1 million of nonrecurring Seaton integration costs. The company expects the integration of Seaton to be complete by the end of second quarter of 2015. Consolidated adjusted EBITDA should be $41 million to $44 million, comprised of the following assumptions: legacy TrueBlue adjusted EBITDA of $27 million to $29 million and Seaton adjusted EBITDA of $14 million to $15 million. Here are some additional consolidated assumptions: gross margin should be 22.3% to 22.7%, CapEx of $4 million to $5 million and an effective income tax rate of 40%.
For 2015, the company expects consolidated revenue growth of about 22%, broken down as follows: 14 points of consolidated growth from the Seaton acquisition, which will hit its anniversary as it starts the third quarter. Revenue from this point is considered organic. The remaining 8 points of consolidated revenue growth is comprised of 6 points from legacy TrueBlue and 2 points from Seaton. The 2 points of consolidated organic contribution from Seaton is based on a 10% growth rate assumption in the second half of 2015 in comparison with the second half of 2014. Consolidated adjusted EBITDA for 2015 is expected to be about $150 million, representing growth of over 25%. This produces an adjusted EBITDA margin of 5.6% versus the 2014 margin of 5.2% on a pro forma basis, which assumes the company owned Seaton for all of 2014. On a reported basis, which only includes its period of ownership, adjusted EBITDA will be 5.4% or 20 basis points higher than pro forma as it reported results during 2014 included Seaton's peak revenue and EBITDA quarters.
TrueBlue, Inc. Presents at JPMorgan Ultimate Services Investor Conference, Nov-12-2014 03:30 PM
Oct 17 14
TrueBlue, Inc. Presents at JPMorgan Ultimate Services Investor Conference, Nov-12-2014 03:30 PM. Venue: Westin Grand Central Hotel, 212 East 42nd Street, New York, New York, United States. Speakers: Derrek L. Gafford, Chief Financial Officer and Executive Vice President, Steven C. Cooper, Chief Executive Officer, President and Director.
TrueBlue, Inc. to Report Q3, 2014 Results on Oct 23, 2014
Oct 13 14
TrueBlue, Inc. announced that they will report Q3, 2014 results at 9:00 AM, US Eastern Standard Time on Oct 23, 2014