TrueBlue Reports 2013 Second Quarter Results

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TrueBlue Reports 2013 Second Quarter Results

TACOMA, Wash.--(BUSINESS WIRE)-- TrueBlue, Inc. (NYS: TBI) today reported revenue for the second quarter of 2013 of $422 million, an increase of 19 percent compared to revenue of $354 million for the second quarter of 2012. Net income for the quarter was $12.5 million or $0.31 per diluted share, compared to net income of $10.3 million or $0.26 per diluted share for the second quarter of 2012.

"We are pleased with the double-digit year-over-year revenue growth we experienced this quarter," TrueBlue CEO Steve Cooper said. "Overall, demand for our specialized blue-collar staffing solutions grew across most industries and locations."

TrueBlue acquired MDT Personnel in the first quarter of 2013 and its integration into the company is now complete, Cooper said.

"Our teams have combined very well and I'm pleased with the way they have engaged our customers," he said. "We've been successful in retaining customers and penetrating more deeply into the market."

Cooper added that TrueBlue is optimistic about the company's growth prospects. "Favorable trends in the staffing industry, along with the strength of our organic and acquisition growth strategies, give us confidence that we're on track to deliver long-term shareholder value. With both the anticipated revenue decline in a large project and MDT integration costs mostly behind us, we expect to see higher levels of profit growth during the remainder of the year."

TrueBlue estimates revenue in the range of $450 million to $460 million and net income per diluted share of $0.44 to $0.49 for the third quarter of 2013.

Management will discuss second quarter 2013 results on a conference call at 2 p.m. Pacific Standard Time (5 pm. Eastern Standard Time), today, Wednesday, July 24. The conference call can be accessed on TrueBlue's web site:

About TrueBlue

TrueBlue (NYS: TBI) is the leading provider of blue-collar staffing and helps over 140,000 businesses be more productive through easy access to dependable temporary labor. TrueBlue provides specialized blue-collar staffing solutions to industries that include construction, manufacturing, transportation, aviation, waste, hospitality, retail, renewable energy and more. Through its Labor Ready, CLP, Spartan Staffing, PlaneTechs, and Centerline service lines, TrueBlue connects approximately 350,000 people to work annually across the U.S., Canada and Puerto Rico. Learn more about TrueBlue at

Forward-looking Statements

This document contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "should," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates," and similar expressions are used to identify these forward-looking statements. Examples of forward-looking statements include statements relating to our future financial condition and operating results, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Examples of such factors can be found in our reports filed with the SEC, including the information under the heading 'Risk Factors' in our Annual Report on Form 10-K for the fiscal year ended Dec. 28, 2012 and in our quarterly reports on Form 10-Q subsequently filed. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

(Unaudited, in thousands, except per share data)
13 Weeks Ended 26 Weeks Ended
June 28, June 29, June 28, June 29,
  2013   2012   2013     2012
Revenue from services $ 422,310 $ 354,261 $ 768,809 $ 665,448
Cost of services   310,437   260,725   570,296     492,677
Gross profit 111,873 93,536 198,513 172,771
Selling, general and administrative expenses 89,339 71,526 177,771 143,610
Depreciation and amortization   5,203   4,729   10,362     9,496
Income from operations 17,331 17,281 10,380 19,665
Interest and other income, net   275   412   752     677
Income before tax expense (benefit) 17,606 17,693 11,132 20,342
Income tax expense (benefit)   5,069   7,356   (330 )   8,475
Net income $ 12,537 $ 10,337 $ 11,462   $ 11,867
Net income per common share
Basic $ 0.31 $ 0.26 $ 0.29 $ 0.30
Diluted $ 0.31 $ 0.26 $ 0.28 $ 0.30
Weighted average shares outstanding
Basic 40,140 39,701 39,962 39,563
Diluted 40,421 40,097 40,248 39,993
(Unaudited, in thousands)
June 28, December 28,
  2013   2012
Current assets
Cash and cash equivalents $ 136,004 $ 129,513
Accounts receivable, net 199,315 167,292
Other current assets   20,884   20,361
Total current assets 356,203 317,166
Property and equipment, net 56,314 58,171
Restricted cash and investments 134,052 136,259
Other assets, net   129,119   90,147
Total assets $ 675,688 $ 601,743
Liabilities and shareholders' equity
Current liabilities $ 127,272 $ 113,556
Long-term liabilities   194,924   154,513
Total liabilities 322,196 268,069
Shareholders' equity   353,492   333,674
Total liabilities and shareholders' equity $ 675,688 $ 601,743
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(Unaudited, in thousands)
26 Weeks Ended
June 28, June 29,
  2013     2012  
Cash flows from operating activities
Net income $ 11,462 $ 11,867

Adjustments to reconcile net income to net cash from operating activities

Depreciation and amortization 10,362 9,496
Provision for doubtful accounts 6,415 2,022
Stock-based compensation 4,594 4,846
Deferred income taxes (2,564 ) (15 )
Other operating activities 848 972
Changes in operating assets and liabilities, net of acquisitions
Accounts receivable (8,528 ) (11,938 )
Income taxes (143 ) 4,488
Other assets 341 2,084
Accounts payable and other accrued expenses


) (3,173 )
Accrued wages and benefits


Workers' compensation claims reserve 1,583 882
Other liabilities   186     277  
Net cash provided by operating activities  


Cash flows from investing activities
Capital expenditures (7,200 ) (9,535 )
Acquisition of businesses, net of cash acquired (54,873 ) -
Change in restricted cash and cash equivalents


Purchases of restricted investments (6,789 ) (18,153 )
Maturities of restricted investments 10,871 12,726
Other   -     -  
Net cash used in investing activities  


)   (5,188 )
Cash flows from financing activities
Purchases and retirement of common stock -