Exhibit 99.1

FOR IMMEDIATE RELEASE:

TRUEBLUE REPORTS FOURTH QUARTER RESULTS

TACOMA, WA. – Feb. 9, 2011—TrueBlue, Inc. (NYSE:TBI) today reported results for the 14-week fourth quarter and 53-week fiscal year ended Dec. 31, 2010. For the quarter, revenue was $312 million, an increase of 19 percent, from $262 million for the 13-week fourth quarter of 2009. Excluding the additional week in the fourth quarter of 2010, revenue growth would have been 14 percent but the impact to net income was immaterial due to the standard operating expenses of that week. Net income for the fourth quarter was $4.0 million or $0.09 per diluted share, an increase of about 85 percent compared to net income of $2.1 million or $.05 per diluted share for the fourth quarter of 2009.

“We generated strong revenue growth in the fourth quarter due to wide-spread demand across most industries and geographic areas,” said TrueBlue CEO Steve Cooper. “We are encouraged with the opportunity to continue expanding our profit margins in 2011.”

Cooper added, “I am extremely proud of our team for delivering outstanding results in 2010. We more than doubled our profits. I am constantly impressed with the caliber of our people at every level of our company and we are committed to investing in their continued development.”

For the first quarter of 2011, TrueBlue estimates revenue in the range of $260 million to $270 million and net (loss)/ income per diluted share for the quarter of ($0.05) to $0.00.

About TrueBlue

TrueBlue, Inc. is a leading provider of blue-collar staffing. In 2010, TrueBlue connected approximately 300,000 people to work through the following brands: Labor Ready, Spartan Staffing, CLP Resources, PlaneTechs, and Centerline, and served approximately 175,000 businesses in the services, retail, wholesale, manufacturing, transportation, and construction industries. TrueBlue, Inc. is headquartered in Tacoma, Wash. For more information, visit TrueBlue’s website at www.TrueBlueInc.com.

Forward-looking Statements

This news release contains forward-looking statements that reflect management’s current outlook for future periods, including statements regarding economic trends and future profitability. These forward-looking statements are based upon TrueBlue’s current expectations, and TrueBlue’s actual results may differ materially from those described or contemplated in the forward –looking statements. Factors that may cause TrueBlue’s actual results to differ materially from those contained in the forward-looking statements, include without limitation the following: 1) national and global economic conditions, including the impact of changes in national and global credit markets and other changes on TrueBlue customers; 2) TrueBlue’s ability to continue to attract and retain customers and maintain profit margins in the face of new and existing competition; 3) new laws and regulations that could have a materially adverse effect on TrueBlue’s operations and financial results; 4) significant labor disturbances which could disrupt industries TrueBlue serves; 5) increased costs and collateral requirements in connection with TrueBlue’s insurance obligations, including workers’ compensation insurance; 6) the adequacy of


TrueBlue’s financial reserves; 7) TrueBlue’s continuing ability to comply with financial covenants in its lines of credit and other financing agreements; 8) TrueBlue’s ability to attract and retain competent employees in key positions or to find temporary employees to fulfill the needs of its customers; 9) TrueBlue’s ability to successfully complete and integrate acquisitions that it may make from time to time; and 10) other risks described in TrueBlue’s filings with the Securities and Exchange Commission, including its most recent Form 10-K and Form 10-Q filings.

Contacts

Derrek Gafford, EVP & CFO

253-680-8214

Stacey Burke, VP of Corporate Communications

253-680-8291


TRUEBLUE, INC.  
SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS  
(Unaudited, in thousands, except per share data)  
     14 Weeks Ended      13 Weeks Ended      53 Weeks Ended      52 Weeks Ended  
     December 31,      December 25,      December 31,      December 25,  
     2010      2009      2010      2009  

Revenue from services

   $ 311,943       $ 262,150       $ 1,149,367       $ 1,018,418   

Cost of services

     230,034         189,228         845,916         727,372   
                                   

Gross profit

     81,909         72,922         303,451         291,046   

Selling, general and administrative expenses

     71,797         65,538         258,722         262,182   

Depreciation and amortization

     4,580         4,368         16,468         17,030   
                                   

Income from operations

     5,532         3,016         28,261         11,834   

Interest and other income, net

     238         154         901         2,307   
                                   

Income before tax expense

     5,770         3,170         29,162         14,141   

Income tax expense

     1,812         1,039         9,323         5,344   
                                   

Net income

   $ 3,958       $ 2,131       $ 19,839       $ 8,797   
                                   

Net income per common share:

           

Basic

   $ 0.09       $ 0.05       $ 0.46       $ 0.21   

Diluted

   $ 0.09       $ 0.05       $ 0.46       $ 0.20   

Weighted average shares outstanding:

           

Basic

     43,308         42,946         43,224         42,842   

Diluted

     43,738         43,277         43,540         43,014   

 


TRUEBLUE, INC.  
SUMMARY CONSOLIDATED BALANCE SHEETS  
(Unaudited, in thousands)  
     December 31,      December 25,  
     2010      2009  
Assets      

Current assets:

     

Cash and cash equivalents

   $ 163,153       $ 124,377   

Accounts receivable, net

     108,692         105,246   

Other current assets

     21,655         18,440   
                 

Total current assets

     293,500         248,063   

Property and equipment, net

     53,958         60,353   

Restricted cash

     120,067         124,012   

Other assets, net

     78,941         85,701   
                 

Total assets

   $ 546,466       $ 518,129   
                 
Liabilities and shareholders’ equity      

Current liabilities

   $ 85,923       $ 84,835   

Long-term liabilities

     147,836         147,862   
                 

Total liabilities

     233,759         232,697   

Shareholders’ equity

     312,707         285,432   
                 

Total liabilities and shareholders’ equity

   $ 546,466       $ 518,129   
                 


TRUEBLUE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

 

     53 Weeks Ended     52 Weeks Ended  
     December 31,
2010
    December 25,
2009
 

Cash flows from operating activities:

    

Net income

   $ 19,839      $ 8,797   

Adjustments to reconcile net income to net cash:

    

Depreciation and amortization

     16,468        17,030   

Provision for doubtful accounts

     8,158        14,545   

Stock-based compensation

     7,159        7,066   

Deferred income taxes

     5,322        2,772   

Other operating activities

     (202     1,062   

Changes in operating assets and liabilities:

    

Accounts receivable

     (11,604     (14,812

Income taxes

     (3,338     13,397   

Other assets

     (727     919   

Accounts payable and other accrued expenses

     747        (4,573

Accrued wages and benefits

     2,752        2,015   

Workers’ compensation claims reserve

     (2,195     (14,091

Other liabilities

     (406     (522
                

Net cash provided by operating activities

     41,973        33,605   
                

Cash flows used in investing activities:

    

Capital expenditures

     (7,050     (13,153

Change in restricted cash

     3,945        (3,689

Other

     (298     94   
                

Net cash used in investing activities

     (3,403     (16,748
                

Cash flows used in financing activities:

    

Net proceeds from sale of stock through options and employee benefit plans

     1,054        1,062   

Shares withheld for taxes upon vesting of restricted stock

     (1,568     (880

Payments on debt

     (382     (394

Other

     129        (996
                

Net cash used in financing activities

     (767     (1,208
                

Effect of exchange rates on cash

     973        626   
                

Net change in cash and cash equivalents

     38,776        16,275   

CASH AND CASH EQUIVALENTS, beginning of year

     124,377        108,102   
                

CASH AND CASH EQUIVALENTS, end of year

   $ 163,153      $ 124,377   
                


TRUEBLUE, INC.

Analysis of Revenue Growth / (Decline)

(Unaudited)

 

     14 Weeks Ended     13 Weeks Ended     53 Weeks Ended     52 Weeks Ended  
     December 31,
2010
    December 25,
2009
    December 31,
2010
    December 25,
2009
 

Major Revenue Trends

        

Organic revenue growth / (decline)

     19.0     (13.1 %)      12.9     (27.8 %) 

Acquisitions within last 12 months

     0.0     0.0     0.0     1.4
                                

Total revenue growth / (decline)

     19.0     (13.1 %)      12.9     (26.4 %) 
                                

Organic Revenue Trends (1)

        

Same branch

     15.9     (6.2 %)      13.9     (21.5 %) 

Same branch excluding largest customer

     25.4     (17.0 %)      18.9     (28.3 %) 

New branches

     0.5     0.5     0.9     0.2

Consolidated / closed branches (2)

     (2.1 %)      (8.9 %)      (3.1 %)      (7.7 %) 

53rd week (3)

     5.5     0     1.4     0

 

(1) Percentages for organic revenue components do not sum to total organic revenue growth / (decline) 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.
(2) Represents the impact on revenue trends from closed branches assuming no customer retention. The majority of our closed branches are consolidated with another branch to retain customer relationships. The impact of retained customers is captured in same branch revenue.
(3) Represents revenue growth as a result of an additional week in the quarter and year ended December 31, 2010 in comparison with the same period in the prior year.

TRUEBLUE, INC.

Schedule of Year-Over-Year Same Branch Revenue Growth

(Unaudited)

 

January 2010

     5

February 2010

     13

March 2010

     15

Q-1 2010

     12

April 2010

     18

May 2010

     23

June 2010

     12

Q-2 2010

     17

July 2010

     9

August 2010

     10

September 2010

     13

Q-3 2010

     11

October 2010

     17

November 2010

     15

December 2010

     17

Q-4 2010

     16

Fiscal Year 2010

     14