EXHIBIT 99.1




TRUEBLUE REPORTS RECORD Q1 REVENUE AND NET INCOME
Revenue Up 45 Percent, Net Income More than Triples

TACOMA, WA-April 23, 2015--TrueBlue, Inc. (NYSE:TBI) announced today that revenue for the first quarter of 2015 was $573 million, an increase of 45 percent, compared to revenue of $396 million for the first quarter of 2014. Adjusted net income per share* for the first quarter of 2015 was $0.20, up from $0.06 a year ago. Adjusted EBITDA* for the first quarter of 2015 was $19 million, an increase of 156 percent, compared to $8 million a year ago.  
 
“This was a very good quarter for us, with record first quarter revenue and net income,” TrueBlue CEO Steve Cooper said. “The recruitment process outsourcing and on-premise management businesses we acquired last summer are continuing to win in the marketplace and deliver impressive results. In addition, strategies we implemented over the past several months have produced adjusted EBITDA growth of 50 percent from legacy TrueBlue services.”
 
Cooper added that the company is well-positioned for continued growth with its expansion into the fast-growing RPO market and the favorable growth outlook for construction and small business.

“Businesses are finding the right mix of contingent and permanent employees to drive their businesses forward with our talent and flexible workforce solutions,” said Cooper. “We can offer more to customers than ever before, and also serve more customers because of the investments we’ve made. It’s a great time to be a leader in delivering talent solutions that improve the performance of our customers.”

The company estimates revenue in the range of $627 million to $642 million and adjusted net income per diluted share of $0.37 to $0.42 for the second quarter of 2015. Adjusted EBITDA is expected to be in the range of $32 million to $35 million for the second quarter. 
 
Management will discuss first quarter 2015 results on a conference call at 2 p.m. PT (5 p.m. ET), today, Thursday, April 23. The conference call can be accessed on TrueBlue’s web site: www.trueblue.com.
 
  *See the financial statements accompanying the release for more information on non-GAAP terms.
 
About TrueBlue
TrueBlue (NYSE: TBI) is a leading provider of specialized workforce solutions, helping clients improve growth and performance by providing staffing, recruitment process outsourcing and managed service provider solutions. The company’s specialized workforce solutions meet clients’ needs for a reliable, efficient workforce in a wide variety of industries. TrueBlue connects as many as 750,000 people to work each year. Learn more 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. 26, 2014. 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 27, 2015
 
March 28, 2014
Revenue from services
$
573,315

 
$
396,063

Cost of services
443,479

 
296,504

Gross profit
129,836

 
99,559

Selling, general and administrative expenses
111,593

 
91,982

Depreciation and amortization
10,520

 
5,161

Income from operations
7,723

 
2,416

Interest and other income (expense), net
(534
)
 
344

Income before tax expense
7,189

 
2,760

Income tax expense
1,473

 
1,104

Net income
$
5,716

 
$
1,656

 
 
 
 
Net income per common share:
 
 
 
Basic
$
0.14

 
$
0.04

Diluted
$
0.14

 
$
0.04

 
 
 
 
Weighted average shares outstanding:
 
 
 
Basic
41,031

 
40,572

Diluted
41,362

 
40,891






TRUEBLUE, INC.
SELECTED FINANCIAL DATA
(Unaudited, in thousands)

 
13 Weeks Ended
 
March 27, 2015
 
March 28, 2014
 
Legacy TrueBlue
 
Seaton (1)
 
Total Company
 
Legacy TrueBlue
Revenue from services
$
397,556

 
$
175,759

 
$
573,315

 
$
396,063

 
 
 
 
 
 
 
 
Adjusted EBITDA (2)
11,420

 
7,979

 
19,399

 
7,577


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

(2) Adjusted EBITDA is a non-GAAP financial measure. Adjusted EBITDA excludes from net income, interest, taxes, depreciation and amortization, non-recurring costs related to the purchase, integration, reorganization, and shutdown activities related to acquisitions. See reconciliation of GAAP Net income to Adjusted EBITDA below.










TRUEBLUE, INC.
SUMMARY CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)

 
March 27, 2015
 
December 26, 2014
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
17,779

 
$
19,666

Marketable securities

 
1,500

Accounts receivable, net
290,746

 
359,903

Other current assets
33,941

 
34,738

Total current assets
342,466

 
415,807

Property and equipment, net
58,591

 
61,392

Restricted cash and investments
172,039

 
168,426

Other assets, net
414,375

 
421,046

Total assets
$
987,471

 
$
1,066,671

 
 
 
 
Liabilities and shareholders' equity
 
 
 
Current liabilities
$
183,828

 
$
187,230

Long-term debt, less current portion
110,817

 
199,383

Other long-term liabilities
217,384

 
210,724

Total liabilities
512,029

 
597,337

Shareholders' equity
475,442

 
469,334

Total liabilities and shareholders' equity
$
987,471

 
$
1,066,671






TRUEBLUE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
 
Thirteen weeks ended
 
March 27, 2015
 
March 28, 2014
Cash flows from operating activities:
 
 
 
   Net income
$
5,716

 
$
1,656

Adjustments to reconcile net income to net cash from operating activities:
 
 
 
Depreciation and amortization
10,520

 
5,161

Provision for doubtful accounts
1,745

 
3,487

Stock-based compensation
3,389

 
2,876

Deferred income taxes
(299
)
 
(1,433
)
Other operating activities
(316
)
 
(435
)
Changes in operating assets and liabilities:
 
 
 
Accounts receivable
67,411

 
9,949

Income taxes
943

 
3,567

Other assets
4,496

 
(331
)
Accounts payable and other accrued expenses
4,369

 
(3,307
)
Accrued wages and benefits
(3,999
)
 
1,380

Workers' compensation claims reserve
159

 
261

Other liabilities
1,626

 
664

Net cash provided by operating activities
95,760

 
23,495

 
 
 
 
Cash flows from investing activities:
 
 
 
Capital expenditures
(3,458
)
 
(2,091
)
Purchases of marketable securities

 
(25,057
)
Sales and maturities of marketable securities
1,500

 
9,450

Change in restricted cash and cash equivalents
(8,215
)
 
(1,491
)
Maturities of restricted investments
4,288

 
4,215

Net cash used in investing activities
(5,885
)
 
(14,974
)
 
 
 
 
Cash flows from financing activities:
 
 
 
Net proceeds from stock option exercises and employee stock purchase plans
411

 
602

Common stock repurchases for taxes upon vesting of restricted stock
(3,026
)
 
(2,474
)
Net change in revolving credit facility
(88,000
)
 

Payments on debt and other liabilities
(566
)
 
(567
)
Other
865

 
973

Net cash used in financing activities
(90,316
)
 
(1,466
)
Effect of exchange rate changes on cash and cash equivalents
(1,446
)
 
(240
)
Net change in cash and cash equivalents
(1,887
)
 
6,815

CASH AND CASH EQUIVALENTS, beginning of period
19,666

 
122,003

CASH AND CASH EQUIVALENTS, end of period
$
17,779

 
$
128,818







TRUEBLUE, INC.
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA
RECONCILIATION OF GAAP NET INCOME PER DILUTED SHARE TO ADJUSTED NET INCOME PER DILUTED SHARE
(Unaudited, in thousands, except for per share data)

 
13 Weeks Ended
 
March 27, 2015
 
March 28, 2014
GAAP net income
$
5,716

 
$
1,656

Income tax expense
1,473

 
1,104

Interest expense (income), net
534

 
(344
)
Income from operations
7,723

 
2,416

 
 
 
 
Depreciation and amortization
10,520

 
5,161

EBITDA (4)
18,243

 
7,577

Non-recurring acquisition and integration costs (1)
1,156

 

Adjusted EBITDA (4)
$
19,399

 
$
7,577

 
 
 
 
GAAP net income per diluted share
$
0.14

 
$
0.04

Non-recurring acquisition and integration costs, net of tax (1)
0.02

 

Amortization of intangible assets of acquired businesses, net of tax (2)
0.07

 
0.02

Adjust income taxes to marginal rate (3)
(0.03
)
 

Adjusted net income per diluted share (5)
$
0.20

 
$
0.06

 
 
 
 
Diluted weighted average shares outstanding
41,362

 
40,891


(1) Non-recurring acquisition and integration costs for the current quarter consist of the acquisition of Seaton, which was completed on June 30, 2014, the first business day of our third quarter of fiscal 2014.

(2) Amortization of intangible assets of acquired businesses.

(3) Adjust income taxes to a marginal rate of 40%.

(4) EBITDA and Adjusted EBITDA are non-GAAP financial measures. EBITDA excludes interest, taxes, depreciation and amortization from net income. 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 measures 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.

(5) Adjusted net income per diluted share is a non-GAAP financial measure which excludes from net income on a per diluted share basis non-recurring costs related to the purchase, integration, reorganization and shutdown activities related to acquisitions, net of tax, amortization of intangibles of acquired businesses, net of tax and adjusts income taxes to a marginal rate of 40%. Adjusted net income per diluted share is a key measure used by management in evaluating performance and communicating comparable results. Adjusted net income per diluted share should not be considered a measure of financial performance in isolation or as an alternative to Net income per diluted 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.