TrueBlue Results And Acquisition
TrueBlue Results And Acquisition
TrueBlue, Inc. has reported revenue for the fourth quarter of 2012 of $345 million, a decrease of two percent compared to revenue of $350 million for the fourth quarter of 2011. Net income for the fourth quarter of 2012 was $7.4 million, or $0.19 per diluted share, compared to net income of $7.6 million, or $0.19 per diluted share, for the fourth quarter of 2011.
Revenue for the full fiscal year of 2012 was $1.39 billion, an increase of six percent compared to $1.32 billion for 2011. Net income for 2012 was $33.6 million, or $0.84 per diluted share, compared to $30.8 million, or $0.73 per diluted share, for the prior year.
“We had steady revenue growth of four percent this quarter, excluding the impact of one large project,” said TrueBlue CEO Steve Cooper. “Solid execution across our business, along with an improving construction market, contributed to our results. Our customers value the services we provide and we continued to expand our gross margin this quarter.”
Cooper added that TrueBlue also had another year of improved results from its safety practices and that the company is proud of its efforts to ensure that its temporary associates are working safely while providing services customers want.
“We remain optimistic about the outlook for the staffing industry as businesses increasingly look for a flexible workforce to increase productivity and control costs,” Cooper said. “We are also excited about the improving trends in construction and the demand it creates in many of the industries we serve.”
TrueBlue Acquires MDT Personnel, Continues to Look for Additional Acquisitions
MDT is the third-largest general labor staffing firm in the U.S. and supplies blue-collar labor to industries similar to those served by TrueBlue, including construction, event staffing, disaster recovery, hospitality, and manufacturing. TrueBlue will expand the size of its general labor business by integrating MDT’s operations with those of Labor Ready.
“Of the many potential acquisitions we’ve considered, MDT stood out as a high-quality company with an industry-experienced sales team, diversified customer base, and results-oriented culture similar to our own,” said TrueBlue CEO Steve Cooper. “I’m excited to bring our talented teams together so that we can create even more growth by addressing the needs of our combined customers. We also look forward to attracting new customers through the additional expertise and reach we now offer with this addition to our company.”
“We’re very proud of what we accomplished at MDT and that we had built a company that caught TrueBlue’s eye,” said Mike Traina, MDT CEO. “TrueBlue has the resources necessary to build on the strategies we’ve used to deliver quality service to customers, and these customers will now have access to the full spectrum of services provided by TrueBlue. Joining the team, as our field employees have all been invited to do, also opens the door to more career opportunities for our people.”
Cooper added that the decision to acquire MDT’s operations reflects the company’s strong balance sheet, its intention to continue to grow through strategic acquisitions, and its overall optimism about growth in the staffing industry. “We have more room to grow and will continue to pursue both organic growth and acquisitions,” Cooper said.