TBI Q3 2014 Press Release Exhibit 99.1

“We are pleased with the success of our growth strategies, which produced strong revenue and profit growth this quarter,” TrueBlue CEO Steve Cooper said. “Our team continues to focus on providing more value to customers through the specialized services we offer. In addition, we have a proven track record of acquiring companies with complementary service offerings that enable our customers to better manage their workforce.”

TrueBlue (NYSE: TBI) is a leading staffing, recruiting and workforce management company. The company fills individual positions on demand, staffs entire facilities, and manages outsourced recruiting processes and staffing vendor programs for a wide variety of clients. The company’s specialized workforce solutions meet clients’ needs for a reliable, efficient workforce, and it serves a wide variety of industries. TrueBlue connects as many as 500,000 people to work each year. Learn more about TrueBlue 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. 27, 2013. Additional risk factors resulting from the acquisition of Seaton will be included in our Form 10-Q. 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.



	13 Weeks Ended					39 Weeks Ended
	September 26, 2014			September 27, 2013		September 26, 2014		September 27, 2013
Revenue from services	$	633,365		$	451,169	$	1,482,655	$	1,219,977
Cost of services	473,766			327,641		1,103,914		897,937
Gross profit	159,599			123,528		378,741		322,040
Selling, general and administrative expenses	120,318			90,767		308,654		268,538
Depreciation and amortization	9,719			4,771		20,126		15,133
Income from operations	29,562			27,990		49,961		38,369
Interest and other income (expense), net	(409		)	416		385		1,167
Income before tax expense	29,153			28,406		50,346		39,536
Income tax expense	8,243			9,454		11,696		9,124
Net income	$	20,910		$	18,952	$	38,650	$	30,412

Net income per common share
Basic	$	0.51		$	0.47	$	0.95	$	0.76
Diluted	$	0.51		$	0.47	$	0.94	$	0.75

Weighted average shares outstanding
Basic	40,793			40,330		40,701		40,085
Diluted	41,038			40,670		40,971		40,395



	13 Weeks Ended
	September 26, 2014							September 27, 2013
	Legacy TrueBlue		Seaton (1)		Total Company			Legacy TrueBlue
Revenue from services	$	484,729	$	148,636	$	633,365		$	451,169

Adjusted EBITDA (2)	34,932		6,688		41,620			33,394
Non-recurring acquisition costs (3)					2,339			633
EBITDA (2)					39,281			32,761
Depreciation and amortization					9,719			4,771
Interest income (expense), net					(409		)	416
Income before tax expense					$	29,153		$	28,406


(1) Seaton was acquired effective June 30, 2014. Therefore, the comparative prior year amounts are not presented.

(2) EBITDA and Adjusted EBITDA are non-GAAP financial measures. EBITDA excludes interest, taxes, depreciation and amortization from net income (loss). Adjusted EBITDA further excludes from EBITDA non-recurring costs related to the purchase, integration, reorganization and shutdown activities related to acquisitions. EBITDA and Adjusted EBITDA are key measures used by management in evaluating performance. EBITDA and Adjusted EBITDA should not be considered a measure of financial performance in isolation or as an alternative to income from operations in the Consolidated Statements of Operations in accordance with GAAP, and, as presented, may not be comparable to similarly titled measures of other companies.

(3) Non-recurring acquisition costs for the 13 weeks ended September 26, 2014 related to the acquisition and integration of Seaton. The acquisition was completed effective June 30, 2014, the first day of our third quarter. The non-recurring acquisition costs for the prior year related to the acquisition and integration of TWC.



	September 26, 2014		December 27, 2013
Assets
Current assets:
Cash and cash equivalents	$	29,244	$	122,003
Marketable securities	1,746		14,745
Accounts receivable, net	310,926		199,519
Other current assets	35,629		20,191
Total current assets	377,545		356,458
Property and equipment, net	79,304		54,473
Restricted cash and investments	152,281		154,558
Other assets, net	391,597		153,972
Total assets	$	1,000,727	$	719,461

Liabilities and shareholders' equity
Current liabilities	$	177,958	$	121,409
Long-term debt	174,950		29,656
Other long-term liabilities	207,853		175,036
Total liabilities	560,761		326,101
Shareholders' equity	439,966		393,360
Total liabilities and shareholders' equity	$	1,000,727	$	719,461



	39 Weeks Ended
	September 26, 2014			September 27, 2013
Cash flows from operating activities
Net income	$	38,650		$	30,412
Adjustments to reconcile net income to net cash from operating activities
Depreciation and amortization	20,126			15,133
Provision for doubtful accounts	9,619			8,785
Stock-based compensation	8,902			6,428
Deferred income taxes	6,077			(1,694		)
Other operating activities	(148		)	1,213
Changes in operating assets and liabilities, net of acquisition
Accounts receivable	(26,391		)	(24,776		)
Income taxes	(3,179		)	6,580
Other assets	(6,510		)	(4,703		)
Accounts payable and other accrued expenses	(1,687		)	(6,728		)
Accrued wages and benefits	11,373			11,419
Workers' compensation claims reserve	532			2,785
Other liabilities	2,539			423
Net cash provided by operating activities	59,903			45,277

Cash flows from investing activities
Capital expenditures	(10,213		)	(10,350		)
Acquisition of businesses, net of cash acquired	(307,972		)	(54,872		)
Purchases of marketable securities	(25,057		)	(35,300		)
Sales and maturities of marketable securities	43,917			205
Change in restricted cash and cash equivalents	10,020			(1,338		)
Purchases of restricted investments	(18,196		)	(9,175		)
Maturities of restricted investments	10,588			13,337
Net cash used in investing activities	(296,913		)	(97,493		)

Cash flows from financing activities
Net proceeds from stock option exercises and employee stock purchase plans	1,673			8,731
Common stock repurchases for taxes upon vesting of restricted stock	(3,021		)	(2,653		)
Proceeds from note payable	186,994			34,000
Payments on debt and other liabilities	(41,700		)	(8,115		)
Other	1,242			720
Net cash provided by financing activities	145,188			32,683

Effect of exchange rates on cash	(937		)	(435		)
Net change in cash and cash equivalents	(92,759		)	(19,968		)
CASH AND CASH EQUIVALENTS, beginning of period	122,003			129,513
CASH AND CASH EQUIVALENTS, end of period	$	29,244		$	109,545



	13 Weeks Ended
	September 26, 2014		September 27, 2013
GAAP Net income	$	20,910	$	18,952
Non-recurring acquisition costs, net of income tax (1)	1,404		380
Adjusted Net income	$	22,314	$	19,332

GAAP Net income per diluted share	$	0.51	$	0.47
Non-recurring acquisition costs, net of income tax (1)	0.03		0.01
Adjusted Net income per diluted share (2)	$	0.54	$	0.48

(1) Non-recurring acquisition costs for the current quarter related to the acquisition and integration of Seaton. The acquisition was completed on June 30, 2014, the first business day of our third quarter. The non-recurring acquisition costs for the prior year related to the acquisition and integration of TWC. The impact on net income per diluted share is net of income taxes at 40%.

(2) Adjusted net income and adjusted net income per diluted share are non-GAAP financial measures which exclude non-recurring costs for the purchase, integration, reorganization, and shutdown activities related to acquisitions, and which is used by management in communicating comparable performance. Adjusted net income and adjusted net income per diluted share should not be considered measures of financial performance in isolation or as an alternative to net income and net income per share in the Consolidated Statements of Operations in accordance with GAAP, and, as presented, may not be comparable to similarly titled measures of other companies.


•	Revenue was $633 million, up 40 percent compared to revenue of $451 million for the third quarter in 2013.


•	Net income was $21 million compared to $19 million for the third quarter of 2013.


•	Adjusted net income^* was $22 million, or $0.54 per diluted share, compared to $19 million, or $0.48 per diluted share, for the third quarter of 2013.


•	Adjusted EBITDA^* was $42 million, up 25 percent compared to $33 million for the third quarter of 2013.


*	This is a non-GAAP financial measure that excludes non-recurring acquisition and integration costs for which a reconciliation is provided along with the financial statements accompanying this release.