Exhibit 99.1
FOR IMMEDIATE RELEASE:
TRUEBLUE REPORTS 2012 FIRST QUARTER RESULTS
TACOMA, WA. – April 25, 2012 - 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. 
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
 
 
March 30,
 
April 1,
 
 
2012
 
2011
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







TRUEBLUE, INC.
SUMMARY CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
 
 
March 30,
 
December 30,
 
 
2012
 
2011
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






TRUEBLUE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
 
 
 
13 Weeks Ended
 
 
March 30,
 
April 1,
 
 
2012
 
2011
Cash flows from operating activities:
 
 
 
 
Net income
 
$
1,530

 
$
766

Adjustments to reconcile net income to net cash from operating activities:
 
 
 
 
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
)
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
Capital expenditures
 
(3,704
)
 
(1,691
)
Change in restricted cash and cash equivalents
 
3,529

 
(635
)
Purchase of restricted investments
 
(7,662
)
 
(3,106
)
Maturities of restricted investments
 
3,907

 

Net cash provided by (used in) investing activities
 
(3,930
)
 
(5,432
)
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
Net proceeds from sale of stock through options and employee benefit plans
 
2,894

 
424

Common stock repurchases for taxes upon vesting of restricted stock
 
(1,087
)
 
(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