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TrueBlue Inc Doubles Net Income

TrueBlue Inc Doubles Net Income

TrueBlue, Inc has reported revenue for the first quarter of 2012 of $311 million, an increase of 13 percent compared to revenue of $274 million for the first quarter of 2011. Net income for the quarter was $1.5 million or $0.04 per diluted share, compared to net income of $0.8 million or $0.02 per diluted share for the first quarter of 2011.

"We had another quarter of solid execution across the business," said TrueBlue CEO Steve Cooper. "Customers continue to want a flexible workforce and a partner to increase productivity. We are meeting their needs with our vertical market strategy, which centers on enhancing the value we provide to customers through our expertise in their industries. I am also extremely pleased with the efforts and quality of service provided by employees throughout our organization."

For the second quarter of 2012, TrueBlue estimates revenue in the range of $350 million to $360 million and net income per diluted share for the quarter of $0.22 to $0.27. 

TRUEBLUE, INC.

SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share data)

                                                             13 Weeks Ended March 30 2012                       April 1, 2011

                                                              

Revenue from services                      $311,187                                                             $ 274,300

Cost of services                                   231,952                                                                 204,269

Gross profit                                          79,235                                                                     70,031

SG&A expenses                                   72,082                                                                      65,159

Depreciation and amortization        4,768                                                                         3,922

Income from operations                     2,385                                                                          950

Interest and other income, net         264                                                                             308

Income before tax expense                2,649                                                                        1,258

Income tax expense                          1,119                                                                          492

Net income                                         $ 1,530                                                                       $766

   

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