Connecting to LinkedIn...

Blank

TrueBlue Reports 2013 First Quarter Results

TrueBlue Reports 2013 First Quarter Results

TrueBlue, Inc. has reported revenue for the first quarter of 2013 of $346 million, an increase of 11 percent compared to revenue of $311 million for the first quarter of 2012. Net loss for the quarter was ($1.1 million) or ($0.03) per diluted share, compared to net income of $1.5 million or $0.04 per diluted share for the first quarter of 2012.

The first quarter of 2013 includes the acquisition of MDT Personnel and related non-recurring acquisition and integration costs. The integration has gone well and is on track to be completed in the second quarter of 2013 as originally planned.

“We are pleased with our revenue growth in the quarter,” said TrueBlue CEO Steve Cooper. “We saw steady growth in demand for our services across most industries and locations, and we are especially encouraged by an increase in construction activity. Our recent growth across a broad mix of business is building a more sustainable revenue stream to replace the large customer project that is winding down.”

For the second quarter of 2013, TrueBlue estimates revenue in the range of $415 million to $425 million and net income per diluted share for the quarter of $0.22 to $0.27.

“The increased business activity we are seeing in our results indicates positive signs for the economy this year,” Cooper said. “The current economic climate allows the company to continue to pursue its organic and acquisition growth strategies.”

TRUEBLUE, INC.

SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share data)                                                        

13 Weeks Ended                                March 29 2013                   March 30, 2012                                                  

Revenue from services                     $346,498                               $ 311,187            

Cost of services                                   259,859                                 231,952

Gross profit                                         86,639                                   79,235  

SG&A expenses                                   88,432                                   72,082  

Depreciation and amortization         5,159                                     4,768    

Income (loss) from operations         (6,952)                                   2,385    

Interest and other income, net       477                                         264        

Income (loss) before tax (benefit)   (6,475)                                   2,649    

Income tax expense (benefit)         (5,399)                                   1,119    

Net income (loss)                               $(1,076  )                               $1,530 

Tags:

Articles similar to

Articles similar to