Exhibit 99.2
TrueBlue, Inc.
2009 ASSUMPTIONS
(Unaudited)
| 2009 Estimates | ||
| Branches in operation on March 27, 2009 |
810 | |
| New branches for 2009 |
0 | |
| Branches closed in Q1 2009 |
40 | |
| Branches expected to close in Q2 2009 |
35 | |
| Revenue loss from announced branch closings |
-6% | |
| Reduction in SG&A from branch closures in 2008 & 2009 |
$30 M | |
| Revenue growth from 2008 acquisitions |
1% | |
| Incremental SG&A from 2008 acquisitions |
$3 M | |
| Variable SG&A associated with same branch revenue |
6% | |
| Gross Margin |
28.5% – 29.0% | |
| Depreciation & Amortization |
$17.5 M | |
| Capital Expenditures |
$14 M | |
| Income Tax Rate |
38% | |
| Weighted Average Diluted Share Count |
43 M |
TrueBlue, Inc.
Analysis of Revenue Growth / (Decline)
(Unaudited)
| Thirteen Weeks Ended | ||||
| March 27, 2009 |
March 28, 2008 | |||
| Major Revenue Trends |
||||
| Organic revenue growth / (decline) |
-35.7% | -3.4% | ||
| Acquisitions within last 12 months |
5.0% | 15.0% | ||
| Total revenue growth / (decline) |
-30.7% | 11.6% | ||
| Organic Revenue Trends* |
||||
| Same branch |
-32.8% | -1.6% | ||
| New branches |
0.2% | 1.3% | ||
| Closed branches |
-4.9% | -3.2% | ||
| Currency |
-0.9% | 0.6% | ||
| Holiday shift |
0.4% | -0.5% | ||
| * | Percentages for organic revenue components do not sum to total organic revenue growth as same branch growth is determined off a revenue base of branches open for 12 or more months, whereas other organic revenue revenue growth components are measured off a total revenue base. |
TrueBlue, Inc.
Analysis of Year-Over-Year Same Branch Revenue Growth / (Decline)
(Unaudited)
| Same Branch Growth / (Decline) | ||
| January 2009 same branch sales growth |
-30.2% | |
| February 2009 same branch sales growth |
-31.9% | |
| March 2009 same branch sales growth |
-35.3% |