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TrueBlue Reports 2011 Second Quarter Results

TrueBlue Reports 2011 Second Quarter Results

TrueBlue, Inc. (NYSE:TBI) today reported revenue for the second quarter of 2011 of $320 million, an increase of 12 percent, compared to revenue of $285 million for the second quarter of 2010. Net income for the quarter was $8.5 million, or $0.20 per diluted share, compared to net income of $7.9 million, or $0.18 per diluted share, for the second quarter of 2010.

"Operating income grew 30 percent this quarter on continued demand for our services across most of the industry groups we serve," said TrueBlue CEO Steve Cooper. "We are pleased with our solid performance and expect revenue growth to accelerate in the third quarter."

From the beginning of the second quarter through July 27, 2011, the company purchased 1.16 million shares of its outstanding common stock for approximately $16 million resulting in approximately $5 million remaining under its existing share purchase program. On July 25, 2011, TrueBlue's Board of Directors approved a new program to purchase an additional $75 million of its outstanding common stock.

For the third quarter of 2011, TrueBlue estimates revenue in the range of $360 million to $370 million and net income per diluted share for the quarter of $0.27 to $0.32.

Management will discuss second quarter 2011 results on a conference call at 2 p.m. (PT), today, Wednesday, July 27, 2011. The conference call can be accessed on TrueBlue's web site: http://www.trueblueinc.com.

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