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TrueBlue Reports 2011 Third Quarter Results

TrueBlue Reports 2011 Third Quarter Results

TrueBlue, Inc. has reported revenue for the third quarter of 2011 of $371 million, an increase of 19 percent compared to revenue of $313 million for the third quarter of 2010. Net income for the quarter was $13.9 million, or $0.33 per diluted share, compared to net income of $10.2 million, or $0.23 per diluted share, for the third quarter of 2010.

"We are pleased with our results, particularly the strong revenue growth we delivered this quarter," said TrueBlue CEO Steve Cooper. "Operating income grew 50 percent compared to the same quarter last year, excluding the impact of non-recurring HIRE Act credits in the third quarter of 2010. This demonstrates the powerful operating leverage that exists in our business.

"TrueBlue's vertical market strategy, including our dedicated sales leaders equipped with expertise in the industries we serve, drove our better-than-expected revenue. We will continue to build on our strong vertical market capabilities to increase value to all of our customers from the local to national level."

During the quarter and through Oct. 21, TrueBlue purchased approximately 3.4 million shares of its outstanding common stock for $42 million. This brings the total shares purchased for the year to 4.3 million shares for a total of $55 million. Forty-two million dollars remains available to purchase shares under the current program approved by the Board of Directors on July 25, 2011.

For the 13-week fourth quarter of 2011, TrueBlue estimates revenue in the range of $335 million to $345 million, which is growth of about 9 percent compared to the 14-week fourth quarter of 2010. On a comparable week basis, this revenue growth would be about 18 percent. The company also estimates net income per diluted share of $0.12 to $0.17 for the fourth quarter of 2011.

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