TrueBlue, Inc. (Labor Ready) has reported a net loss of ($5.3 million) for the quarter ended March 27, 2009, compared to net income of $8.8 million for the first quarter of 2008. Revenue for the quarter was $224 million, a decrease of 31% compared to the first quarter of 2008. The 31% revenue decline consisted of a 5% increase from acquisitions completed within the last 12 months offset by a 36% decline in organic revenue.
Our bottom line results were better than expected due to aggressive and well executed cost management throughout the organization, said TrueBlue CEO Steve Cooper. Our first priority is to provide exceptional customer service at each of our brands. At the same time, we are scaling costs to match current demand for our services.
TrueBlue closed 40 branches in the quarter, resulting in 810 branches in operation at the end of the quarter.