EXHIBIT 99.1


TRUEBLUE REPORTS RECORD SECOND QUARTER 2015 RESULTS
Revenue and Adjusted Net Income per Share Growth of Nearly 40 Percent

TACOMA, WA-July 22, 2015--TrueBlue, Inc. (NYSE:TBI) announced today that revenue for the second quarter of 2015 was $628 million, an increase of 38 percent, compared to revenue of $453 million for the second quarter of 2014. Adjusted net income per share* for the second quarter of 2015 was $0.45, up from $0.32 a year ago, an increase of 39 percent. Adjusted EBITDA* for the second quarter of 2015 was $36.7 million compared to $25.2 million a year ago, an increase of 46 percent.
 
“During the quarter, we saw solid demand for both our legacy staffing and acquired brands,” said TrueBlue CEO Steve Cooper. “The addition of Staff Management | SMX, PeopleScout and HRX has grown TrueBlue’s client list by providing customers with workforce management and recruiting process outsourcing (RPO) solutions with worldwide capabilities.”

Cooper expressed confidence that the company’s staffing, workforce management and RPO businesses, combined with its acquisition strategy, have placed TrueBlue in position to drive strong revenue growth.

“We are seeing the benefits of our strategic acquisitions, which are complementing the demand for our core business,” Cooper said. “The end of the second quarter marked the one-year anniversary of the acquisition of Seaton, and as we look back at it a year later, we are extremely pleased with every aspect of the acquisition. PeopleScout, Staff Management | SMX and HRX met all performance expectations while adding top talent and expanding our technological capabilities.”

For the third quarter of 2015, the company estimates revenue in the range of $658 million to $673 million and adjusted net income per share of $0.52 to $0.58.
 
Management will discuss second quarter 2015 results on a conference call at 2 p.m. PT (5 p.m. ET), today, Wednesday, July 22. 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, workforce management, and recruitment process outsourcing 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








TRUEBLUE, INC.
SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data)
 
13 Weeks Ended
 
26 Weeks Ended
 
June 26, 2015
 
June 27, 2014
 
June 26, 2015
 
June 27, 2014
Revenue from services
$
627,714

 
$
453,227

 
$
1,201,029

 
$
849,290

Cost of services
475,748

 
333,644

 
919,227

 
630,148

Gross profit
151,966

 
119,583

 
281,802

 
219,142

Selling, general and administrative expenses
117,859

 
96,354

 
229,452

 
188,336

Depreciation and amortization
10,397

 
5,247

 
20,917

 
10,408

Income from operations
23,710

 
17,982

 
31,433

 
20,398

Interest and other income (expense), net
(202
)
 
450

 
(736
)
 
794

Income before tax expense
23,508

 
18,432

 
30,697

 
21,192

Income tax expense
6,235

 
2,350

 
7,708

 
3,453

Net income
$
17,273

 
$
16,082

 
$
22,989

 
$
17,739

 
 
 
 
 
 
 
 
Net income per common share:
 
 
 
 
 
 
 
Basic
$
0.42

 
$
0.39

 
$
0.56

 
$
0.44

Diluted
$
0.42

 
$
0.39

 
$
0.55

 
$
0.43

 
 
 
 
 
 
 
 
Weighted average shares outstanding:
 
 
 
 
 
 
 
Basic
41,240

 
40,739

 
41,135

 
40,655

Diluted
41,475

 
40,969

 
41,472

 
40,934






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

 
13 Weeks Ended
 
June 26, 2015
 
June 27, 2014
 
Legacy TrueBlue
 
Seaton (1)
 
Total Company
 
Legacy TrueBlue
Revenue from services
$
459,707

 
$
168,007

 
$
627,714

 
$
453,227

 
 
 
 
 
 
 
 
Adjusted EBITDA (2)
29,188

 
7,550

 
36,738

 
25,217


(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, and 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.

(3) Commencing with the third quarter of 2015 we will anniversary the Seaton acquisition and accordingly, will discontinue presenting selected financial data for legacy TrueBlue and Seaton and commence presenting comparative selected segment financial data.










TRUEBLUE, INC.
SEGMENT DATA
(Unaudited, in thousands)
 
13 Weeks Ended
 
June 26, 2015
Revenue from services
 
Staffing Services
$
601,103

Managed Services
26,611

Total Company
$
627,714

 
 
EBITDA (1)
 
Staffing Services
$
38,834

Managed Services
4,326


43,160

Corporate unallocated
(6,422
)
Adjusted EBITDA (1)
36,738

Non-recurring one-time costs (2)
(2,631
)
 
34,107

 
 
Depreciation and amortization
10,397

Interest expense, net
202

Income before tax expense
$
23,508

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






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

 
June 26, 2015
 
December 26, 2014
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
21,288

 
$
19,666

Marketable securities

 
1,500

Accounts receivable, net
324,021

 
359,903

Other current assets
28,376

 
34,738

Total current assets
373,685

 
415,807

Property and equipment, net
56,805

 
61,392

Restricted cash and investments
164,673

 
168,426

Other assets, net
412,814

 
421,046

Total assets
$
1,007,977

 
$
1,066,671

 
 
 
 
Liabilities and shareholders' equity
 
 
 
Current liabilities
$
192,116

 
$
187,230

Long-term debt, less current portion
99,750

 
199,383

Other long-term liabilities
219,675

 
210,724

Total liabilities
511,541

 
597,337

Shareholders' equity
496,436

 
469,334

Total liabilities and shareholders' equity
$
1,007,977

 
$
1,066,671






TRUEBLUE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
 
Twenty-six weeks ended
 
June 26, 2015
 
June 27, 2014
Cash flows from operating activities:
 
 
 
Net income
$
22,989

 
$
17,739

Adjustments to reconcile net income to net cash from operating activities:
 
 
 
Depreciation and amortization
20,917

 
10,408

Provision for doubtful accounts
3,976

 
6,286

Stock-based compensation
5,769

 
4,987

Deferred income taxes
(1,537
)
 
(4,088
)
Other operating activities
678

 
(54
)
Changes in operating assets and liabilities:
 
 
 
Accounts receivable
31,906

 
(15,180
)
Income taxes
5,035

 
3,647

Other assets
1,474

 
(66
)
Accounts payable and other accrued expenses
5,919

 
(566
)
Accrued wages and benefits
2,603

 
5,291

Workers’ compensation claims reserve
4,463

 
(792
)
Other liabilities
2,506

 
1,310

Net cash provided by operating activities
106,698

 
28,922

 
 
 
 
Cash flows from investing activities:
 
 
 
Capital expenditures
(7,459
)
 
(6,113
)
Purchases of marketable securities

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

 
36,175

Change in restricted cash and cash equivalents
8,227

 
19,007

Purchases of restricted investments
(12,959
)
 
(18,196
)
Maturities of restricted investments
7,504

 
7,202

Net cash provided by (used in) investing activities
(3,187
)
 
13,018

 
 
 
 
Cash flows from financing activities:
 
 
 
Net proceeds from stock option exercises and employee stock purchase plans
837

 
1,349

Common stock repurchases for taxes upon vesting of restricted stock
(3,183
)
 
(2,665
)
Net change in revolving credit facility
(98,500
)
 

Payments on debt and other liabilities
(1,133
)
 
(1,133
)
Other
961

 
1,269

Net cash used in financing activities
(101,018
)
 
(1,180
)
Effect of exchange rate changes on cash and cash equivalents
(871
)
 
86

Net change in cash and cash equivalents
1,622

 
40,846

CASH AND CASH EQUIVALENTS, beginning of period
19,666

 
122,003

CASH AND CASH EQUIVALENTS, end of period
$
21,288

 
$
162,849







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
 
June 26, 2015
 
June 27, 2014
GAAP net income
$
17,273

 
$
16,082

Income tax expense
6,235

 
2,350

Interest expense (income), net
202

 
(450
)
Income from operations
23,710

 
17,982

 
 
 
 
Depreciation and amortization
10,397

 
5,247

EBITDA (4)
34,107

 
23,229

Non-recurring acquisition and integration costs (1)
2,631

 
1,987

Adjusted EBITDA (4)
$
36,738

 
$
25,216

 
 
 
 
GAAP net income per diluted share
$
0.42

 
$
0.39

Non-recurring acquisition and integration costs, net of tax (1)
0.04

 
0.03

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

 
0.02

Adjust income taxes to marginal rate (3)
(0.08
)
 
(0.12
)
Adjusted net income per diluted share (5)
$
0.45

 
$
0.32

 
 
 
 
Diluted weighted average shares outstanding
41,475

 
40,969


(1) Non-recurring acquisition and integration costs 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.