2011 Q1
Investor Presentation
Exhibit 99.1


Cautionary Note About Forward-Looking Statements:
Certain statements made by us in this presentation that are not historical facts or that relate to
future plans, events or performances are forward-looking statements that reflect management’s
current outlook for future periods, including
statements regarding future financial performance.
These forward-looking statements are based upon our current expectations, and our actual
results may differ materially from those described or contemplated in the forward–looking
statements. Factors that may cause our 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 our customers; 2) our 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 our operations and financial results; 4) significant
labor disturbances which could disrupt industries we serve; 5) increased costs and collateral
requirements in connection with our insurance obligations, including workers’
compensation
insurance; 6) the adequacy of our financial reserves; 7) our continuing ability to comply with
financial covenants in our lines of credit and other financing agreements; 8) our ability to attract
and retain competent employees in key positions or to find temporary employees to fulfill the
needs of our customers; 9) our ability to successfully complete and integrate acquisitions that we
may make from time to time; and 10) other risks described in our
filings with the Securities and
Exchange Commission, including our most recent Form 10-K and Form 10-Q filings.
Use of estimates and forecasts:
Any references made to Q-1 2011 or fiscal year 2011 are based on management guidance issued
Feb. 09, 2011, and are included for informational purposes only.
Any reference to future financial
estimates or targets are included for informational purposes only and subject to factors discussed
in our 10-K and 10-Q filings.


Company and Industry Overview


4
Investment Highlights
Specialized approach in serving the market
Attractive industry growth prospects
Unique industry-
related upside
Strong operating leverage
Multiple opportunities to increase market share
Solid balance sheet
TrueBlue™
(NYSE:TBI)   2011 Q1 Investor Presentation


We’re the people making a positive difference.
Every day, we use our specialized brands to find
new opportunities to better serve customers and
workers at all skill levels.
Our vision:
Be
the
Leading
Provider
of
Blue-Collar
Staffing
TrueBlue™
(NYSE:TBI)
2011
Q1
Investor
Presentation


6
The
Leading
Provider
of
Blue-Collar
Staffing
Market
size/share
($)
2
Labor Ready
$4 billion (20%)
Spartan Staffing
$7 billion (1%)
CLP
$1 billion (10%)
PlaneTechs
$500 million (35%)
Centerline
$800 million (5%)
TrueBlue™
(NYSE:TBI)   2010 Q4 Investor Presentation
1
2010 revenue rounded to the nearest $5 million.
2
Staffing
Industry
Analysts
2010
forecast,
TrueBlue
estimates.
TrueBlue™
(NYSE:TBI)   2011 Q1 Investor
Presentation
Revenues in millions ($)
1
Labor Ready: $730
Spartan Staffing: $130
CLP: $100
PlaneTechs: $150
Centerline: $40


“Award of
Excellence”
“Hot Growth
Company”
“National Universal
Agreement to Mediate”
“Forbes Most
Trustworthy
Companies “
“VIP program to
promote employee
fairness and
safety”
“Platinum 400”
“Best practices by
DHS/ICE Partner”
Recognized
as
a
Credible
Industry
Leader
TrueBlue™
(NYSE:TBI)
2011
Q1
Investor
Presentation
7


8
Sales by Industry
Construction
37%
22%
Manufacturing
17%      
20%
Transportation
9%
12%
Wholesale
Trade
10%
9%
Retail
8%
7%
Services
&
Other
19%
16%
Aviation
0%
14%
2006                 2010
TrueBlue™
(NYSE:TBI)   2011 Q1 Investor
Presentation


9
Temporary
Staffing
$75 billion
Staffing Industry Analysts 2010 forecast, rounded 
TrueBlue™
(NYSE:TBI)   2011 Q1 Investor
Presentation


2010 Market
10
$20B
2015 Market Forecast
$30B
Blue-collar
Staffing
Strong
Future
Growth
Source:
Staffing
Industry
Analysts,
Moody’s
economic
forecasts,
TrueBlue
estimates
TrueBlue™
(NYSE:TBI)   2011 Q1 Investor
Presentation


Industry Growth Drivers
11
TrueBlue™
(NYSE:TBI)   2011 Q1 Investor Presentation


12
Strategic Priorities
Focus
Why
How
Organic
Growth –
Existing
Geographies
+++
Operating
Leverage
Brand Specialization
Brand Leadership
Intra-brand Industry Specialization
Service
Excellence
Geographic
Expansion
+
Increase
Market
Share
On-site Locations
Multi-Brand Locations
Acquisitions
TrueBlue™
(NYSE:TBI)   2011 Q1 Investor Presentation


13
Operating Leverage of Organic Growth
Organic growth from existing geographies = 15% -
18% incremental
operating margins
*
Example calculation of incremental operating margins:
Incremental Revenue
100
$
Gross Profit Generated
26
$  
Operating Expense
Associated with Incremental Revenue
(8) -
(11)
$      
Incremental Operating Income
18
$15  -
*
Reflects
an
approximation
of
the
incremental
operating
margin
that
management
believes
can
be
achieved
in
2011,
in
general,
with
favorable
revenue
growth
and
current
gross
margin,
revenue
mix
and
geographic
footprint.
TrueBlue™
(NYSE:TBI)   2011 Q1 Investor Presentation


Geographic Expansion Opportunities
14
Existing markets
TrueBlue™
(NYSE:TBI)   2011 Q1 Investor Presentation


15
Strategic Acquisitions
Qualitative Factors
Quantitative Factors
Blue-collar
Existing Market Tuck-ins
New Geographic Markets
Cultural Alignment
Return on Investment
Financing
TrueBlue™
(NYSE:TBI)   2011 Q1 Investor Presentation


Financial Review


17
Financial Targets
Revenue
Growth
Market
>
EBITDA
%
7%
>
TrueBlue™
(NYSE:TBI)   2011 Q1 Investor Presentation
*See disclosure and reconciliation of EBITDA on slide 25.


18
Financial Summary
** 2010 included a 53
rd
week which contributed 1% to revenue growth.
2010**
2009
Growth %
Revenue
$1,149
$1,018
13%
Gross profit
$   303
$   291
4%
% of Revenue
26.4%
28.6%
SG&A expense
$   259
$   262
-1%
% of Revenue
22.5%
25.8%
EBITDA*
$     45
$     29
55%
% of Revenue
3.9%
2.8%
Net income
$     20
$       9
122%
% of Revenue
1.7%
0.9%
Earnings per share
$  0.46
$  0.20
129%
TrueBlue™
(NYSE:TBI)   2011 Q1 Investor Presentation
*See disclosure and reconciliation of EBITDA on slide 25.


19
Recent Revenue Trends
-5%
0%
5%
10%
15%
20%
25%
30%
Q2 '10
Q3 '10
Q4 '10 *
Q1 '11
Forecast
Revenue Growth
-5%
0%
5%
10%
15%
20%
25%
30%
Q2 '10
Q3 '10
Q4 '10 *
Q1 '11
Forecast
Revenue Growth excluding
Largest Customer
*
Q4
2010
Revenue
Growth
excludes
14
th
week
for
comparative
purposes.
TrueBlue™
(NYSE:TBI)   2011 Q1 Investor Presentation


20
Strong Balance Sheet
Cash and investments
$163
$124
Current ratio
3.4       
2.9
Restricted cash
$120
$124
Workers’
comp reserve
$187
$190
Debt
$    0
$    1
Shareholders’
equity
$313
$285
Q-4 2010      Q-4 2009
$ in millions.
TrueBlue™
(NYSE:TBI)   2011 Q1 Investor Presentation


21
Investment Highlights
Specialized approach in serving the market
Attractive industry growth prospects
Unique industry-related upside
Strong operating leverage
Multiple opportunities to increase market share
Solid balance sheet
TrueBlue™
(NYSE:TBI)   2011 Q1 Investor Presentation


Appendix


23
Blue-Collar Specialties
General Labor
Postions filled on-demand
Numerous workers available
Convenient community branches
Logistics & Manufacturing
Specialized skills for manufacturing & logistics
Longer term assignments and temp to perm
On-site management of employees
Skilled Trades
Skilled tradespeople for a variety of end markets
Rigorous assessment of skill and trades experience
Long-term, multiple project opportunities
Aviation Mechanics
Mechanics and technicians for aviation
In-depth screening for aviation certification
Centralized recruiting and assignment nationwide
CDL Drivers
Temporary staffing or driver management services
Comprehensive application and hiring process
24/7 central dispatch
TrueBlue™
(NYSE:TBI)   2011 Q1 Investor Presentation


24
0
200
400
600
800
1,000
1,200
1,400
1,600
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
0
20
40
60
80
100
120
140
Historical Summary
Annual Revenue and EBITDA*
in $M
in $M
No. of Branches
200    316     486     687    816    756    748    779     815 
887     912     894    850    754     721
2008
excludes
goodwill
and
intangible
asset
impairment
charges.
See
10-K
for
additional
information.
TrueBlue™
(NYSE:TBI)   2011 Q1 Investor Presentation
*See disclosure and reconciliation of EBITDA on slide 25.


25
Reconciliation of EBITDA to Net Income
*EBITDA is non-GAAP financial measure which excludes interest, taxes, depreciation and amortization from net income. EBITDA is a key
measure used by management in evaluating performance. EBITDA should not be considered a measure of financial performance in
isolation or as an alternative to net income (loss) in the Statement of Operations in accordance with GAAP, and, as presented, may not be
comparable to similarly titled measures of other companies.
2010**
2009**
Net income
$       20
$      9
Income tax expense
9
5
Income before tax expense
29
14
Interest and other income, net
(1)
(2)
Income from operations
28
12
Depreciation & Amortization
16
17
EBITDA*
$       45
$    29
TrueBlue™
(NYSE:TBI)   2011 Q1 Investor Presentation
**Some amounts may not sum due to rounding.