TrueBlue Reports 2012 First Quarter Results
TACOMA, Wash.--(BUSINESS WIRE)-- 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: www.trueblueinc.com
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 www.trueblueinc.com.
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.
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TRUEBLUE, INC. SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except per share data) |
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13 Weeks Ended |
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March 30, 2012 |
April 1, 2011 |
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| 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 | ||||
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TRUEBLUE, INC. SUMMARY CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands) |
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March 30, |
December 30, 2011 |
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| Assets | ||||||
| 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 | ||
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TRUEBLUE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands) |
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13 Weeks Ended |
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March 30, 2012 |
April 1, 2011 |
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Cash flows from operating activities |
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| Net income | $ | 1,530 | $ | 766 | ||||
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Adjustments to reconcile net income to net cash from operating activities |
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| 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 | ) | |||||
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Cash flows from investing activities |
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| Capital expenditures | (3,704 | ) | (1,691 | ) | ||||
| Change in restricted cash and cash equivalents | 3,529 | (635 | ) | |||||
| Purchase of restricted investments | (7,662 | ) |
(3,106 |
) |
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| Maturities of restricted investments | 3,907 |
- |
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| Net cash provided by (used in) investing activities | (3,930 | ) | (5,432 | ) | ||||
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Cash flows from financing activities |
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Net proceeds from sale of stock through options and employee benefit plans |
2,894 | 424 | ||||||
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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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TrueBlue, Inc.
EVP & CFO
Derrek Gafford, 253-680-8214
or
VP
of Corporate Communications
Stacey Burke, 253-680-8291
Source: TrueBlue, Inc.
Released April 25, 2012