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TrueBlue Reports 2010 Second Quarter Results

TrueBlue Reports 2010 Second Quarter Results
TrueBlue, Inc. has reported net income of $7.9 million for the second quarter of 2010, compared to net income of $3.7 million for the second quarter of 2009. Revenue for the quarter was $285 million, a 15 percent increase compared to revenue of $247 million for the second quarter of 2009.
Included in net income for the second quarter of 2010 was $1.3 million of income tax benefit related to the favorable development of a prior period tax matter.
"We experienced strong revenue growth throughout the quarter," said TrueBlue CEO Steve Cooper. "Our revenue growth combined with our continued ability to successfully manage costs resulted in substantial profit growth."
Cooper continued, "We are seeing customers increase their use of temporary labor to improve the flexibility of their workforce. With our highly-trained sales force and strong service offering, we believe TrueBlue is well positioned to meet this growing need."
TrueBlue closed a net of eight branches in the second quarter, resulting in 739 branches in operation at the end of the quarter.
For the third quarter of 2010, TrueBlue estimates revenue in the range of $295 million to $305 million and net income per diluted share for the quarter of $0.15 to $0.20.

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