Exhibit 99.1
FOR IMMEDIATE RELEASE:

TRUEBLUE REPORTS 2013 SECOND QUARTER RESULTS
TACOMA, WA-July 24, 2013--TrueBlue, Inc. (NYSE:TBI) today reported revenue for the second quarter of 2013 of $422 million, an increase of 19 percent compared to revenue of $354 million for the second quarter of 2012. Net income for the quarter was $12.5 million or $0.31 per diluted share, compared to net income of $10.3 million or $0.26 per diluted share for the second quarter of 2012.
 
“We are pleased with the double-digit year-over-year revenue growth we experienced this quarter,” TrueBlue CEO Steve Cooper said. “Overall, demand for our specialized blue-collar staffing solutions grew across most industries and locations.”

TrueBlue acquired MDT Personnel in the first quarter of 2013 and its integration into the company is now complete, Cooper said.

“Our teams have combined very well and I'm pleased with the way they have engaged our customers,” he said.  “We've been successful in retaining customers and penetrating more deeply into the market.” 

Cooper added that TrueBlue is optimistic about the company's growth prospects. “Favorable trends in the staffing industry, along with the strength of our organic and acquisition growth strategies, give us confidence that we're on track to deliver long-term shareholder value. With both the anticipated revenue decline in a large project and MDT integration costs mostly behind us, we expect to see higher levels of profit growth during the remainder of the year.”
 
TrueBlue estimates revenue in the range of $450 million to $460 million and net income per diluted share of $0.44 to $0.49 for the third quarter of 2013.
 
Management will discuss second quarter 2013 results on a conference call at 2 p.m. Pacific Standard Time (5 pm. Eastern Standard Time), today, Wednesday, July 24. The conference call can be accessed on TrueBlue's web site: www.trueblue.com
 
About TrueBlue
TrueBlue (NYSE: TBI) is the leading provider of blue-collar staffing and helps over 140,000 businesses be more productive through easy access to dependable temporary labor. TrueBlue provides specialized blue-collar staffing solutions to industries that include construction, manufacturing, transportation, aviation, waste, hospitality, retail, renewable energy and more. Through its Labor Ready, CLP, Spartan Staffing, PlaneTechs, and Centerline service lines, TrueBlue connects approximately 350,000 people to work annually across the U.S., Canada and Puerto Rico. Learn more about TrueBlue at www.trueblue.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. 28, 2012 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
 
26 Weeks Ended
 
 
June 28,
2013
 
June 29,
2012
 
June 28,
2013
 
June 29,
2012
Revenue from services
 
$
422,310

 
$
354,261

 
$
768,809

 
$
665,448

Cost of services
 
310,437

 
260,725

 
570,296

 
492,677

Gross profit
 
111,873

 
93,536

 
198,513

 
172,771

Selling, general and administrative expenses
 
89,339

 
71,526

 
177,771

 
143,610

Depreciation and amortization
 
5,203

 
4,729

 
10,362

 
9,496

Income from operations
 
17,331

 
17,281

 
10,380

 
19,665

Interest and other income, net
 
275

 
412

 
752

 
677

Income before tax expense (benefit)
 
17,606

 
17,693

 
11,132

 
20,342

Income tax expense (benefit)
 
5,069

 
7,356

 
(330
)
 
8,475

Net income
 
$
12,537

 
$
10,337

 
$
11,462

 
$
11,867

 
 
 
 
 
 
 
 
 
Net income per common share:
 
 
 
 
 
 
 
 
Basic
 
$
0.31

 
$
0.26

 
$
0.29

 
$
0.30

Diluted
 
$
0.31

 
$
0.26

 
$
0.28

 
$
0.30

Weighted average shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
40,140

 
39,701

 
39,962

 
39,563

Diluted
 
40,421

 
40,097

 
40,248

 
39,993






TRUEBLUE, INC.
SUMMARY CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
 
 
June 28,
2013
 
December 28,
2012
Assets
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
136,004

 
$
129,513

Accounts receivable, net
 
199,315

 
167,292

Other current assets
 
20,884

 
20,361

Total current assets
 
356,203

 
317,166

Property and equipment, net
 
56,314

 
58,171

Restricted cash and investments
 
134,052

 
136,259

Other assets, net
 
129,119

 
90,147

Total assets
 
$
675,688

 
$
601,743

Liabilities and shareholders’ equity
 
 
 
 
Current liabilities
 
$
127,272

 
$
113,556

Long-term liabilities
 
194,924

 
154,513

Total liabilities
 
322,196

 
268,069

Shareholders’ equity
 
353,492

 
333,674

Total liabilities and shareholders’ equity
 
$
675,688

 
$
601,743


 




TRUEBLUE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
 
 
26 Weeks Ended
 
 
June 28,
2013
 
June 29,
2012
Cash flows from operating activities:
 
 
 
 
Net income
 
$
11,462

 
$
11,867

Adjustments to reconcile net income to net cash from operating activities:
 
 
 
 
Depreciation and amortization
 
10,362

 
9,496

Provision for doubtful accounts
 
6,415

 
2,022

Stock-based compensation
 
4,594

 
4,846

Deferred income taxes
 
(2,564
)
 
(15
)
Other operating activities
 
848

 
972

Changes in operating assets and liabilities, net of acquisitions:
 
 
 
 
Accounts receivable
 
(8,528
)
 
(11,938
)
Income taxes
 
(143
)
 
4,488

Other assets
 
341

 
2,084

Accounts payable and other accrued expenses
 
(7,496
)
 
(3,173
)
Accrued wages and benefits
 
7,053

 
5,949

Workers' compensation claims reserve
 
1,583

 
882

Other liabilities
 
186

 
277

Net cash provided by operating activities
 
24,113

 
27,757

Cash flows from investing activities:
 
 
 
 
Capital expenditures
 
(7,200
)
 
(9,535
)
Acquisition of business, net of cash acquired
 
(54,873
)
 
—

Change in restricted cash and cash equivalents
 
3,709

 
9,774

Purchase of restricted investments
 
(6,789
)
 
(18,153
)
Maturities of restricted investments
 
10,871

 
12,726

Net cash used in investing activities
 
(54,282
)
 
(5,188
)
Cash flows from financing activities:
 
 
 
 
Purchases and retirement of common stock
 
—

 
(3,990
)
Net proceeds from stock option exercises and employee stock purchase plans
 
6,023

 
3,142

Common stock repurchases for taxes upon vesting of restricted stock
 
(2,182
)
 
(1,996
)
Proceeds from note payable
 
34,000

 
—

Payments on debt
 
(1,115
)
 
(88
)
Other
 
478

 
556

Net cash provided by (used in) financing activities
 
37,204

 
(2,376
)
Effect of exchange rates on cash
 
(544
)
 
(58
)
Net change in cash and cash equivalents
 
6,491

 
20,135

CASH AND CASH EQUIVALENTS, beginning of period
 
129,513

 
109,311

CASH AND CASH EQUIVALENTS, end of period
 
$
136,004

 
$
129,446