LABOR READY, INC.
SUMMARY CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
| |
Quarter Ended December 31, |
Year Ended December 31, |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| |
2002 |
2001 |
2002 |
2001 |
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| |
(unaudited) |
|
|
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| Revenues from services | $ | 222,626 | $ | 214,297 | $ | 862,733 | $ | 916,965 | |||||
| Cost of services | 157,345 | 150,666 | 612,661 | 641,911 | |||||||||
| Gross profit | 65,281 | 63,631 | 250,072 | 275,054 | |||||||||
| Selling, general and administrative expenses | 57,443 | 59,473 | 220,216 | 252,739 | |||||||||
| Depreciation and amortization | 2,170 | 2,003 | 9,144 | 8,203 | |||||||||
| Income from operations | 5,668 | 2,155 | 20,712 | 14,112 | |||||||||
| Interest and other income (expense) | (1,168 | ) | 215 | (2,810 | ) | 755 | |||||||
| Income before provision for income taxes | 4,500 | 2,370 | 17,902 | 14,867 | |||||||||
| Taxes on income | 1,249 | 902 | 6,316 | 5,652 | |||||||||
| Net income | $ | 3,251 | $ | 1,468 | $ | 11,586 | $ | 9,215 | |||||
Basic net income per share |
$ |
0.08 |
$ |
0.04 |
$ |
0.28 |
$ |
0.23 |
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Diluted net income per share |
$ |
0.08 |
$ |
0.04 |
$ |
0.28 |
$ |
0.23 |
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Weighted average shares outstanding: |
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| Basic | 40,985 | 40,536 | 41,017 | 40,573 | |||||||||
| Diluted | 41,697 | 40,789 | 41,771 | 40,702 | |||||||||
LABOR READY, INC.
SUMMARY CONSOLIDATED BALANCE SHEETS
| |
As of December 31, |
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|---|---|---|---|---|---|---|---|---|---|
| |
2002 |
2001 |
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| Assets | |||||||||
| Current assets | |||||||||
| Cash, cash equivalents, and marketable securities | $ | 84,874 | $ | 48,865 | |||||
| Accounts receivable, net | 66,987 | 62,912 | |||||||
| Other current assets | 19,726 | 22,164 | |||||||
| Total current assets | 171,587 | 133,941 | |||||||
| Property and equipment, net | 31,217 | 36,894 | |||||||
| Other assets | 114,396 | 43,608 | |||||||
| Total assets | $ | 317,200 | $ | 214,443 | |||||
| Liabilities and shareholders' equity | |||||||||
| Current liabilities | $ | 57,836 | $ | 53,198 | |||||
| Long-term liabilities | 127,253 | 41,552 | |||||||
| Total liabilities | 185,089 | 94,750 | |||||||
| Shareholders' equity | 132,111 | 119,693 | |||||||
| Total liabilities and shareholders' equity | $ | 317,200 | $ | 214,443 | |||||