Exhibit 99.2
TrueBlue, Inc.
2009 ASSUMPTIONS
(Unaudited)
| 2009 Estimates | ||
| Branches in operation on September 25, 2009 |
764 | |
| Branches closed year to date |
89 | |
| Revenue loss from announced branch closings |
-7% | |
| Reduction in SG&A from branch closures in 2008 & 2009 |
$31 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% | |
| Depreciation & Amortization |
$17 M | |
| Capital Expenditures |
$14 M | |
| Income Taxes |
||
| Statutory income tax rate |
39% | |
| Tax credits net of non-deductable items |
$0 M | |
| Weighted Average Diluted Share Count |
43 M |
TrueBlue, Inc.
Analysis of Revenue Growth / (Decline)
(Unaudited)
| Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||
| September 25, 2009 |
September 26, 2008 |
September 25, 2009 |
September 26, 2008 |
|||||||||
| Major Revenue Trends |
||||||||||||
| Organic revenue growth / (decline) |
-26.6 | % | -17.2 | % | -31.9 | % | -11.6 | % | ||||
| Acquisitions within last 12 months |
0.0 | % | 16.5 | % | 1.8 | % | 16.5 | % | ||||
| Total revenue growth / (decline) |
-26.6 | % | -0.7 | % | -30.1 | % | 4.9 | % | ||||
| Organic Revenue Trends* |
||||||||||||
| Same branch |
-18.8 | % | -14.7 | % | -25.8 | % | -9.7 | % | ||||
| New branches |
0.1 | % | 0.6 | % | 0.1 | % | 0.9 | % | ||||
| Closed branches |
-9.1 | % | -3.6 | % | -7.4 | % | -3.1 | % | ||||
| Currency |
-0.4 | % | -0.1 | % | -0.5 | % | 0.3 | % | ||||
| * | 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 | % | |
| July 2009 same branch sales growth |
-20.2 | % | |
| August 2009 same branch sales growth |
-18.4 | % | |
| September 2009 same branch sales growth |
-18.1 | % |