Exhibit 99.2
TrueBlue, Inc.
2009 ASSUMPTIONS
(Unaudited)
| 2009 Estimates | ||
| Branches in operation on June 26, 2009 |
775 | |
| Branches closed year to date |
77 | |
| 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 |
$15 M | |
| Income Taxes |
||
| Statutory income tax rate |
39% | |
| Tax credits net of non-deductable items |
$0.3 M | |
| Weighted Average Diluted Share Count |
43 M |
TrueBlue, Inc.
Analysis of Revenue Growth / (Decline)
(Unaudited)
| Thirteen Weeks Ended | Twenty-Six Weeks Ended | |||||||||||
| June 26, 2009 |
June 27, 2008 |
June 26, 2009 |
June 27, 2008 |
|||||||||
| Major Revenue Trends |
||||||||||||
| Organic revenue growth / (decline) |
-34.2 | % | -12.2 | % | -32.9 | % | -8.1 | % | ||||
| Acquisitions within last 12 months |
0.8 | % | 17.8 | % | 0.8 | % | 16.4 | % | ||||
| Total revenue growth / (decline) |
-33.4 | % | 5.6 | % | -32.1 | % | 8.3 | % | ||||
| Organic Revenue Trends* |
||||||||||||
| Same branch |
-27.4 | % | -10.5 | % | -29.6 | % | -6.7 | % | ||||
| New branches |
0.2 | % | 0.9 | % | 0.2 | % | 1.1 | % | ||||
| Closed branches |
-8.2 | % | -3.3 | % | -6.7 | % | -3.2 | % | ||||
| Currency |
-0.4 | % | 0.3 | % | -0.6 | % | 0.3 | % | ||||
| Holiday shift |
-0.4 | % | 0.4 | % | 0.0 | % | 0.0 | % | ||||
| * | 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 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 | % | |
| April 2009 same branch sales growth |
-31.2 | % | |
| May 2009 same branch sales growth |
-29.3 | % | |
| June 2009 same branch sales growth |
-23.9 | % |