TBI Q4 8K 2012 EX99.1

TACOMA, WA. -- Feb. 6, 2013 -- TrueBlue, Inc. (NYSE:TBI) today reported revenue for the fourth quarter of 2012 of $345 million, a decrease of two percent compared to revenue of $350 million for the fourth quarter of 2011. Net income for the fourth quarter of 2012 was $7.4 million, or $0.19 per diluted share, compared to net income of $7.6 million, or $0.19 per diluted share, for the fourth quarter of 2011.

“We had steady revenue growth of four percent this quarter, excluding the impact of one large project,” said TrueBlue CEO Steve Cooper. “Solid execution across our business, along with an improving construction market, contributed to our results. Our customers value the services we provide and we continued to expand our gross margin this quarter.”

For the first quarter of 2013, TrueBlue estimates revenue in the range of $335 million to $345 million, and estimates net loss per diluted share of ($0.05) to $0.00. This includes the operations from the purchase of substantially all of the assets of MDT Personnel, the third largest general labor staffing firm in the U.S., which TrueBlue announced today. More information about the transaction is contained in the company's 8-K also filed today.

TrueBlue, Inc. is a leading provider of blue-collar staffing. In 2012, TrueBlue connected approximately 350,000 people to work through the following brands: Labor Ready, Spartan Staffing, CLP Resources, PlaneTechs, and Centerline, and served approximately 140,000 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.trueblue.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 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.



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

	13 Weeks Ended				52 Weeks Ended
	December 28,		December 30,		December 28,		December 30,
	2012		2011		2012		2011
Revenue from services	$	344,614	$	350,155	$	1,389,530	$	1,316,013
Cost of services	250,231		258,324		1,017,145		968,967
Gross profit	94,383		91,831		372,385		347,046
Selling, general and administrative expenses	79,215		76,755		300,459		282,828
Depreciation and amortization	4,734		4,395		18,890		16,384
Income from operations	10,434		10,681		53,036		47,834
Interest and other income, net	483		693		1,569		1,490
Income before tax expense	10,917		11,374		54,605		49,324
Income tax expense	3,502		3,810		20,976		18,533
Net income	$	7,415	$	7,564	$	33,629	$	30,791

Net income per common share:
Basic	$	0.19	$	0.19	$	0.85	$	0.73
Diluted	$	0.19	$	0.19	$	0.84	$	0.73
Weighted average shares outstanding:
Basic	39,549		39,404		39,548		41,961
Diluted	39,929		39,848		39,862		42,322



TRUEBLUE, INC.
SUMMARY CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
	December 28,		December 30,
	2012		2011
Assets
Current assets:
Cash and cash equivalents	$	129,513	$	109,311
Accounts receivable, net	167,292		153,878
Other current assets	20,361		17,426
Total current assets	317,166		280,615
Property and equipment, net	58,171		56,239
Restricted cash and investments	136,259		130,498
Other assets, net	90,147		93,417
Total assets	$	601,743	$	560,769
Liabilities and shareholders’ equity
Current liabilities	$	113,556	$	112,289
Long-term liabilities	154,513		154,901
Total liabilities	268,069		267,190
Shareholders’ equity	333,674		293,579
Total liabilities and shareholders’ equity	$	601,743	$	560,769



	52 Weeks Ended
	December 28,			December 30,
	2012			2011
Cash flows from operating activities:
Net income	$	33,629		$	30,791
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	18,890			16,384
Provision for doubtful accounts	6,994			6,638
Stock-based compensation	7,917			7,432
Deferred income taxes	3,091			(1,910		)
Other operating activities	1,946			(473		)
Changes in operating assets and liabilities:
Accounts receivable	(20,408		)	(51,824		)
Income taxes	(3,748		)	3,513
Other assets	(1,214		)	(1,244		)
Accounts payable and other accrued expenses	1,524			5,423
Accrued wages and benefits	(182		)	10,793
Workers' compensation claims reserve	3,746			4,537
Other liabilities	138			529
Net cash provided by operating activities	52,323			30,589

Cash flows from investing activities:
Capital expenditures	(17,826		)	(9,707		)
Change in restricted cash and cash equivalents	7,587			68,504
Purchase of restricted investments	(33,778		)	(88,173		)
Maturities of restricted investments	18,116			9,238
Other	(250		)	(6,800		)
Net cash used in investing activities	(26,151		)	(26,938		)

Cash flows from financing activities:
Purchases and retirement of common stock	(4,386		)	(56,932		)
Net proceeds from stock option exercises and employee stock purchase plans	4,164			1,131
Common stock repurchases for taxes upon vesting of restricted stock	(2,154		)	(1,776		)
Payments on other liabilities	(4,548		)	(302		)
Other	751			664
Net cash used in financing activities	(6,173		)	(57,215		)
Effect of exchange rates on cash	203			(278		)
Net change in cash and cash equivalents	20,202			(53,842		)
CASH AND CASH EQUIVALENTS, beginning of period	109,311			163,153
CASH AND CASH EQUIVALENTS, end of period	$	129,513		$	109,311