TBI Q3 8K 2011 EX99.1

TACOMA, WA. – Oct. 26, 2011—TrueBlue, Inc. (NYSE:TBI) today reported revenue for the third quarter of 2011 of $371 million, an increase of 19 percent compared to revenue of $313 million for the third quarter of 2010. Net income for the quarter was $13.9 million, or $0.33 per diluted share, compared to net income of $10.2 million, or $0.23 per diluted share, for the third quarter of 2010.

“We are pleased with our results, particularly the strong revenue growth we delivered this quarter,” said TrueBlue CEO Steve Cooper. “Operating income grew 50 percent compared to the same quarter last year, excluding the impact of non-recurring HIRE Act credits in the third quarter of 2010. This demonstrates the powerful operating leverage that exists in our business.

During the quarter and through Oct. 21, TrueBlue purchased approximately 3.4 million shares of its outstanding common stock for $42 million. This brings the total shares purchased for the year to 4.3 million shares for a total of $55 million. Forty-two million dollars remains available to purchase shares under the current program approved by the Board of Directors on July 25, 2011.

For the 13-week fourth quarter of 2011, TrueBlue estimates revenue in the range of $335 million to $345 million, which is growth of about 9 percent compared to the 14-week fourth quarter of 2010. On a comparable week basis, this revenue growth would be about 18 percent. The company also estimates net income per diluted share of $0.12 to $0.17 for the fourth quarter of 2011.

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.

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.



TRUEBLUE, INC.
SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data)

	13 Weeks Ended		13 Weeks Ended		39 Weeks Ended		39 Weeks Ended
	September 30,		September 24,		September 30,		September 24,
	2011		2010		2011		2010
Revenue from services	$	371,379	$	312,769	$	965,857	$	837,424
Cost of services	271,528		228,181		710,644		615,882
Gross profit	99,851		84,588		255,213		221,542
Selling, general and administrative expenses	73,235		64,442		206,071		186,926
Depreciation and amortization	4,205		3,874		11,989		11,888
Income from operations	22,411		16,272		37,153		22,728
Interest and other income, net	323		144		798		663
Income before tax expense	22,734		16,416		37,951		23,391
Income tax expense	8,821		6,197		14,724		7,511
Net income	$	13,913	$	10,219	$	23,227	$	15,880
Net income per common share:
Basic	$	0.33	$	0.24	$	0.54	$	0.37
Diluted	$	0.33	$	0.23	$	0.54	$	0.37
Weighted average shares outstanding:
Basic	41,612		43,269		42,813		43,196
Diluted	41,958		43,509		43,176		43,456



TRUEBLUE, INC.
SUMMARY CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
	September 30,		December 31,
	2011		2010
Assets
Current assets:
Cash and cash equivalents	$	99,050	$	163,153
Accounts receivable, net	174,384		108,692
Other current assets	12,932		21,655
Total current assets	286,366		293,500
Property and equipment, net	54,733		53,958
Restricted cash and investments	136,538		120,067
Other assets, net	91,004		78,941
Total assets	$	568,641	$	546,466
Liabilities and shareholders’ equity
Current liabilities	$	125,837	$	85,923
Long-term liabilities	152,215		147,836
Total liabilities	278,052		233,759
Shareholders’ equity	290,589		312,707
Total liabilities and shareholders’ equity	$	568,641	$	546,466



	39 Weeks Ended			39 Weeks Ended
	September 30,			September 24,
	2011			2010
Cash flows from operating activities:
Net income	$	23,227		$	15,880
Adjustments to reconcile net income to net cash:
Depreciation and amortization	11,989			11,888
Provision for doubtful accounts	4,424			5,828
Stock-based compensation	5,583			5,412
Deferred income taxes	899			1,986
Other operating activities	(471		)	(141		)
Changes in operating assets and liabilities:
Accounts receivable	(70,116		)	(34,357		)
Income taxes	6,950			1,345
Other assets	1,720			253
Accounts payable and other accrued expenses	19,634			1,489
Accrued wages and benefits	12,033			4,560
Workers' compensation claims reserve	735			83
Other liabilities	(144		)	123
Net cash provided by operating activities	16,463			14,349

Cash flows from investing activities:
Capital expenditures	(6,251		)	(5,256		)
Change in restricted cash and cash equivalents	65,104			6,358
Purchases of restricted investments	(87,768		)	—
Maturities of restricted investments	6,193			—
Other	(6,800		)	(297		)
Net cash (used in) provided by investing activities	(29,522		)	805

Cash flows from financing activities:
Purchases and retirement of common stock	(50,143		)	—
Net proceeds from sale of stock through options and employee benefit plans	874			755
Common stock repurchases for taxes upon vesting of restricted stock	(1,692		)	(1,467		)
Payments on debt	(302		)	(282		)
Other	674			48
Net cash used in financing activities	(50,589		)	(946		)
Effect of exchange rates on cash	(455		)	396
Net change in cash and cash equivalents	(64,103		)	14,604
CASH AND CASH EQUIVALENTS, beginning of year	163,153			124,377
CASH AND CASH EQUIVALENTS, end of year	$	99,050		$	138,981