Exhibit 99.1
FOR IMMEDIATE RELEASE:
TRUEBLUE REPORTS 2012 THIRD QUARTER RESULTS
TACOMA, WA-Oct. 24, 2012--TrueBlue, Inc. (NYSE:TBI) today reported revenue for the third quarter of 2012 of $379 million, an increase of 2 percent, compared to revenue of $371 million for the third quarter of 2011. Net income for the quarter was $14.3 million or $0.36 per diluted share, compared to net income of $13.9 million or $0.33 per diluted share for the third quarter of 2011.

“TrueBlue achieved revenue and earnings per share growth this quarter, while managing through an increasingly difficult economic environment,” TrueBlue CEO Steve Cooper said. “Demand for labor in manufacturing has declined and growth trends softened across most of the other industries we serve. Our results have also been adversely impacted by the anticipated decline of a large customer project.

“For the fourth quarter, we anticipate the uncertain economic conditions to continue along with further decline from our large customer project.” TrueBlue estimates revenue in the range of $332 million to $342 million and net income per diluted share of $0.11 to $0.16 for the fourth quarter.

“We remain optimistic about our specialized approach to vertical markets and believe our strategies remain on track to deliver long-term growth for our shareholders,” Cooper said.

Management will discuss third quarter 2012 results on a conference call at 2 p.m. (PT) today, Wednesday, Oct. 24. 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.
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 fiscal year ended Dec. 30, 2011 and in our quarterly reports on Form 10-Q subsequently filed. 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
 
39 Weeks Ended
 
 
September 28,
 
September 30,
 
September 28,
 
September 30,
 
 
2012
 
2011
 
2012
 
2011
Revenue from services
 
$
379,467

 
$
371,379

 
$
1,044,915

 
$
965,857

Cost of services
 
274,237

 
271,528

 
766,914

 
710,644

Gross profit
 
105,230

 
99,851

 
278,001

 
255,213

Selling, general and administrative expenses
 
77,634

 
73,235

 
221,243

 
206,071

Depreciation and amortization
 
4,660

 
4,205

 
14,156

 
11,989

Income from operations
 
22,936

 
22,411

 
42,602

 
37,153

Interest and other income, net
 
409

 
323

 
1,086

 
798

Income before tax expense
 
23,345

 
22,734

 
43,688

 
37,951

Income tax expense
 
8,998

 
8,821

 
17,474

 
14,724

Net income
 
$
14,347

 
$
13,913

 
$
26,214

 
$
23,227

 
 
 
 
 
 
 
 
 
Net income per common share:
 
 
 
 
 
 
 
 
Basic
 
$
0.36

 
$
0.33

 
$
0.66

 
$
0.54

Diluted
 
$
0.36

 
$
0.33

 
$
0.66

 
$
0.54

Weighted average shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
39,516

 
41,612

 
39,547

 
42,813

Diluted
 
39,858

 
41,958

 
39,841

 
43,176






TRUEBLUE, INC.
SUMMARY CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
 
 
September 28,
 
December 30,
 
 
2012
 
2011
Assets
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
119,341

 
$
109,311

Accounts receivable, net
 
183,101

 
153,878

Other current assets
 
15,061

 
17,426

Total current assets
 
317,503

 
280,615

Property and equipment, net
 
57,418

 
56,239

Restricted cash and investments
 
132,052

 
130,498

Other assets, net
 
91,670

 
93,417

Total assets
 
$
598,643

 
$
560,769

Liabilities and shareholders’ equity
 
 
 
 
Current liabilities
 
$
117,550

 
$
112,289

Long-term liabilities
 
156,553

 
154,901

Total liabilities
 
274,103

 
267,190

Shareholders’ equity
 
324,540

 
293,579

Total liabilities and shareholders’ equity
 
$
598,643

 
$
560,769





TRUEBLUE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
 
 
 
39 Weeks Ended
 
 
September 28,
 
September 30,
 
 
2012
 
2011
Cash flows from operating activities:
 
 
 
 
Net income
 
$
26,214

 
$
23,227

Adjustments to reconcile net income to net cash from operating activities:
 
 
 
 
Depreciation and amortization
 
14,156

 
11,989

Provision for doubtful accounts
 
4,305

 
4,424

Stock-based compensation
 
6,268

 
5,583

Deferred income taxes
 
1,191

 
899

Other operating activities
 
1,196

 
(471
)
Changes in operating assets and liabilities:
 
 
 
 
Accounts receivable
 
(33,528
)
 
(70,116
)
Income taxes
 
2,206

 
6,950

Other assets
 
(592
)
 
1,720

Accounts payable and other accrued expenses
 
(2,906
)
 
19,634

Accrued wages and benefits
 
8,248

 
12,033

Workers' compensation claims reserve
 
5,930

 
735

Other liabilities
 
280

 
(144
)
Net cash provided by operating activities
 
32,968

 
16,463

 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
Capital expenditures
 
(13,930
)
 
(6,251
)
Change in restricted cash and cash equivalents
 
487

 
65,104

Purchase of restricted investments
 
(18,153
)
 
(87,768
)
Maturities of restricted investments
 
14,418

 
6,193

Other
 
(250
)
 
(6,800
)
Net cash used in investing activities
 
(17,428
)
 
(29,522
)
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
Purchases and retirement of common stock
 
(4,386
)
 
(50,143
)
Net proceeds from stock option exercises and employee stock purchase plans
 
3,806

 
874

Common stock repurchases for taxes upon vesting of restricted stock
 
(2,076
)
 
(1,692
)
Payments on other liabilities
 
(3,987
)
 
(302
)
Other
 
764

 
674

Net cash used in financing activities
 
(5,879
)
 
(50,589
)
Effect of exchange rates on cash
 
369

 
(455
)
Net change in cash and cash equivalents
 
10,030

 
(64,103
)
CASH AND CASH EQUIVALENTS, beginning of period
 
109,311

 
163,153

CASH AND CASH EQUIVALENTS, end of period
 
$
119,341

 
$
99,050