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: www.trueblue.com

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 www.trueblue.com.

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.

TRUEBLUE, INC.
SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data)
                  
 
 
13 Weeks Ended26 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 profit111,87393,536198,513172,771
Selling, general and administrative expenses89,33971,526177,771143,610
Depreciation and amortization 5,203 4,729 10,362  9,496
Income from operations17,33117,28110,38019,665
Interest and other income, net 275 412 752  677
Income before tax expense (benefit)17,60617,69311,13220,342
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
Basic40,14039,70139,96239,563
Diluted40,42140,09740,24839,993
 
 
TRUEBLUE, INC.
SUMMARY CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
            
June 28,December 28,
 2013 2012
Assets
Current assets
Cash and cash equivalents$136,004$129,513
Accounts receivable, net199,315167,292
Other current assets 20,884 20,361
Total current assets356,203317,166
Property and equipment, net56,31458,171
Restricted cash and investments134,052136,259
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 liabilities322,196268,069
Shareholders' equity 353,492 333,674
Total liabilities and shareholders' equity$675,688$601,743
 
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TRUEBLUE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(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 amortization10,3629,496
Provision for doubtful accounts6,4152,022
Stock-based compensation4,5944,846
Deferred income taxes(2,564)(15)
Other operating activities848972
Changes in operating assets and liabilities, net of acquisitions
Accounts receivable(8,528)(11,938)
Income taxes(143)4,488
Other assets3412,084
Accounts payable and other accrued expenses

(7,496

)(3,173)
Accrued wages and benefits

7,053

5,949
Workers' compensation claims reserve1,583882
Other liabilities 186  277 
Net cash provided by operating activities 

24,113

  27,757 
 
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

3,709

9,774
Purchases of restricted investments(6,789)(18,153)
Maturities of restricted investments10,87112,726
Other -  - 
Net cash used in investing activities 

(54,282

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