Exhibit 99.2
TrueBlue, Inc.
2008 ASSUMPTIONS
(Unaudited)
|
|
|
2008 |
|
|
|
|
Estimate |
|
|
|
|
|
|
|
Branches in operation on September 26, 2008 |
|
919 |
|
|
New branches left to open in 2008 |
|
0 |
|
|
Revenue growth from acquisitions |
|
16% |
|
|
Revenue loss from closed branches |
|
-3.0% |
|
|
Reduction in SG&A from branch closures |
|
$13 M |
|
|
Incremental SG&A from acquisitions |
|
$21 M |
|
|
Additional SG&A from incremental same branch revenue |
|
10% |
|
|
Gross Margin |
|
29.7% |
|
|
Depreciation & Amortization |
|
$17 M |
|
|
Capital Expenditures |
|
$26 M |
|
|
Income Tax Rate |
|
34.5% |
|
|
Weighted Average Diluted Share Count |
|
43 M |
|
TrueBlue, Inc.
Analysis of Revenue Growth / (Decline)
(Unaudited)
|
|
|
Thirteen Weeks Ended |
|
Thirty-Nine Weeks Ended |
|
||||
|
|
|
September 26, |
|
September 28, |
|
September 26, |
|
September 28, |
|
|
|
|
2008 |
|
2007 |
|
2008 |
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Same branch |
|
-14.7 |
% |
1.2 |
% |
-9.7 |
% |
-0.2 |
% |
|
New branches |
|
0.6 |
% |
1.1 |
% |
0.9 |
% |
1.3 |
% |
|
Closed branches |
|
-3.0 |
% |
-1.4 |
% |
-3.1 |
% |
-1.3 |
% |
|
Currency and other |
|
-0.1 |
% |
0.5 |
% |
0.3 |
% |
0.4 |
% |
|
Total organic revenue growth / (decline) |
|
-17.2 |
% |
1.4 |
% |
-11.6 |
% |
0.2 |
% |
|
Acquisitions within last 12 months |
|
16.5 |
% |
3.0 |
% |
16.5 |
% |
1.9 |
% |
|
Total revenue growth / (decline) |
|
-0.7 |
% |
4.4 |
% |
4.9 |
% |
2.1 |
% |
TrueBlue, Inc.
Analysis of Year-Over-Year Same Branch Revenue Growth / (Decline)
(Unaudited)
|
|
|
Same Branch |
|
|
|
|
Growth / (Decline) |
|
|
July 2008 same branch sales growth |
|
-12.2 |
% |
|
August 2008 same branch sales growth |
|
-14.7 |
% |
|
September 2008 same branch sales growth |
|
-16.5 |
% |
TrueBlue, Inc.
Reconciliation of Net Income to EBITDA
In Thousands
(Unaudited)
|
|
|
Thirteen Weeks Ended |
|
Thirty-Nine Weeks Ended |
|
||||||||
|
|
|
September 26, |
|
September 28, |
|
September 26, |
|
September 28, |
|
||||
|
|
|
2008 |
|
2007 |
|
2008 |
|
2007 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net Income |
|
$ |
16,335 |
|
$ |
22,723 |
|
$ |
41,864 |
|
$ |
51,844 |
|
|
Income tax expense |
|
9,678 |
|
12,806 |
|
21,639 |
|
29,545 |
|
||||
|
Income before tax expense |
|
26,013 |
|
35,529 |
|
63,503 |
|
81,389 |
|
||||
|
Interest and other income, net |
|
(1,049 |
) |
(2,504 |
) |
(4,569 |
) |
(8,223 |
) |
||||
|
Income from operations |
|
24,964 |
|
33,025 |
|
58,934 |
|
73,166 |
|
||||
|
Acquisition-related intangibles amortization |
|
1,870 |
|
880 |
|
5,101 |
|
2,078 |
|
||||
|
Depreciation |
|
2,118 |
|
2,522 |
|
6,762 |
|
6,583 |
|
||||
|
EBITDA* |
|
$ |
28,952 |
|
$ |
36,427 |
|
$ |
70,797 |
|
$ |
81,827 |
|
*EBITDA is a non-GAAP financial measure. We believe EBITDA is a useful and relevant measure as it is commonly used by capital markets to value enterprises and assess financial operating results. Interest, taxes, depreciation, and amortization can vary significantly between companies in part due to differences in accounting policies, acquisitions, tax strategies, levels of investable assets, levels of indebtedness, and interest rates. Additionally, EBITDA is considered a reasonable approximation of cash flow and is one of the measures used for determining our debt compliance, rates and capacity. Due to the reasons listed above, management believes EBITDA is useful information for investors. However, EBITDA should not be used as a substitute for, and is not superior to, measures of financial performance prepared in accordance with GAAP. Likewise, the use of EBITDA may not be comparable to similarly titled measures reported by other companies.