Exhibit 99.1
FOR IMMEDIATE RELEASE:
TRUEBLUE REPORTS 2011 SECOND QUARTER RESULTS
TACOMA, WA. – Jul 27, 2011—TrueBlue, Inc. (NYSE:TBI) today reported revenue for the second quarter of 2011 of $320 million, an increase of 12 percent, compared to revenue of $285 million for the second quarter of 2010. Net income for the quarter was $8.5 million, or $0.20 per diluted share, compared to net income of $ 7.9 million, or $0.18 per diluted share, for the second quarter of 2010.

“Operating income grew 30 percent this quarter on continued demand for our services across most of the industry groups we serve,” said TrueBlue CEO Steve Cooper. "We are pleased with our solid performance and expect revenue growth to accelerate in the third quarter.”

From the beginning of the second quarter through July 27, 2011, the company purchased 1.16 million shares of its outstanding common stock for approximately $16 million resulting in approximately $5 million remaining under its existing share purchase program. On July 25, 2011, TrueBlue's Board of Directors approved a new program to purchase an additional $75 million of its outstanding common stock.

For the third quarter of 2011, TrueBlue estimates revenue in the range of $360 million to $370 million and net income per diluted share for the quarter of $0.27 to $0.32.

Management will discuss second quarter 2011 results on a conference call at 2 p.m. (PT), today, Wednesday, July 27, 2011. 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 2010, TrueBlue connected approximately 300,000 people to work through the following brands: Labor Ready, Spartan Staffing, CLP Resources, PlaneTechs, and Centerline, and served approximately 175,000 businesses in the services, retail, wholesale, manufacturing, transportation, aviation, and construction industries. TrueBlue, Inc. is headquartered in Tacoma, Wash. For more information, visit TrueBlue's website at www.TrueBlueInc.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 year ended Dec. 31, 2010.  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. 
Contacts
Derrek Gafford, EVP & CFO
253-680-8214
Stacey Burke, VP of Corporate Communications
253-680-8291





TRUEBLUE, INC.
SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data)
 
 
 
 
 
 
 
 
 
 
 
13 Weeks Ended
 
13 Weeks Ended
 
26 Weeks Ended
 
26 Weeks Ended
 
 
July 1,
 
June 25,
 
July 1,
 
June 25,
 
 
2011
 
2010
 
2011
 
2010
Revenue from services
 
$
320,179

 
$
284,804

 
$
594,478

 
$
524,655

Cost of services
 
234,847

 
208,974

 
439,115

 
387,700

Gross profit
 
85,332

 
75,830

 
155,363

 
136,955

Selling, general and administrative expenses
 
67,677

 
61,269

 
132,837

 
122,484

Depreciation and amortization
 
3,862

 
3,919

 
7,784

 
8,014

Income from operations
 
13,793

 
10,642

 
14,742

 
6,457

Interest and other income, net
 
166

 
190

 
474

 
518

Income before tax expense
 
13,959

 
10,832

 
15,216

 
6,975

Income tax expense
 
5,411

 
2,911

 
5,903

 
1,314

Net income
 
$
8,548

 
$
7,921

 
$
9,313

 
$
5,661

Net income per common share:
 
 
 
 
 
 
 
 
Basic
 
$
0.20

 
$
0.18

 
$
0.21

 
$
0.13

Diluted
 
$
0.20

 
$
0.18

 
$
0.21

 
$
0.13

Weighted average shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
43,367

 
43,223

 
43,413

 
43,160

Diluted
 
43,674

 
43,502

 
43,784

 
43,439







TRUEBLUE, INC.
SUMMARY CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
 
 
July 1,
 
December 31,
 
 
2011
 
2010
Assets
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
142,019

 
$
163,153

Accounts receivable, net
 
143,016

 
108,692

Other current assets
 
21,444

 
21,655

Total current assets
 
306,479

 
293,500

Property and equipment, net
 
51,192

 
53,958

Restricted cash and investments
 
122,781

 
120,067

Other assets, net
 
79,927

 
78,941

Total assets
 
$
560,379

 
$
546,466

Liabilities and shareholders’ equity
 
 
 
 
Current liabilities
 
$
99,154

 
$
85,923

Long-term liabilities
 
148,165

 
147,836

Total liabilities
 
247,319

 
233,759

Shareholders’ equity
 
313,060

 
312,707

Total liabilities and shareholders’ equity
 
$
560,379

 
$
546,466






TRUEBLUE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
 
 
 
26 Weeks Ended
 
26 Weeks Ended
 
 
July 1,
 
June 25,
 
 
2011
 
2010
Cash flows from operating activities:
 
 
 
 
Net income
 
$
9,313

 
$
5,661

Adjustments to reconcile net income to net cash:
 
 
 
 
Depreciation and amortization
 
7,784

 
8,014

Provision for doubtful accounts
 
2,125

 
4,328

Stock-based compensation
 
4,097

 
3,915

Deferred income taxes
 
1,991

 
2,782

Other operating activities
 
(485
)
 
63

Changes in operating assets and liabilities:
 
 
 
 
Accounts receivable
 
(36,449
)
 
(14,904
)
Income taxes
 
1,019

 
(2,450
)
Other assets
 
(1,845
)
 
312

Accounts payable and other accrued expenses
 
8,881

 
(406
)
Accrued wages and benefits
 
6,115

 
5,514

Workers' compensation claims reserve
 
(1,299
)
 
(2,511
)
Other liabilities
 
(112
)
 
167

Net cash provided by operating activities
 
1,135

 
10,485

 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
Capital expenditures
 
(3,678
)
 
(2,457
)
Change in restricted cash and cash equivalents
 
70,265

 
9,548

Purchases of restricted investments
 
(78,279
)
 

Maturities of restricted investments
 
5,300

 

Other
 
(2,800
)
 
29

Net cash (used in) provided by investing activities
 
(9,192
)
 
7,120

 
 
 
 
 
Cash flows used in financing activities:
 
 
 
 
Purchases and retirement of common stock
 
(12,871
)
 

Net proceeds from sale of stock through options and employee benefit plans
 
616

 
536

Commom stock repurchases for taxes upon vesting of restricted stock
 
(1,611
)
 
(1,360
)
Payments on debt
 
(206
)
 
(186
)
Other
 
691

 
61

Net cash used in financing activities
 
(13,381
)
 
(949
)
Effect of exchange rates on cash
 
304

 
(106
)
Net change in cash and cash equivalents
 
(21,134
)
 
16,550

CASH AND CASH EQUIVALENTS, beginning of year
 
163,153

 
124,377

CASH AND CASH EQUIVALENTS, end of year
 
$
142,019

 
$
140,927