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TrueBlue Reports 2013 Second Quarter Results

TrueBlue Reports 2013 Second Quarter Results

TrueBlue, Inc. has reported revenue for the second quarter of 2013 of $422 million, an increase of 19 percent compared to revenue of $354 million for the second quarter of 2012. Net income for the quarter was $12.5 million or $0.31 per diluted share, compared to net income of $10.3 million or $0.26 per diluted share for the second quarter of 2012.

“We are pleased with the double-digit year-over-year revenue growth we experienced this quarter,” TrueBlue CEO Steve Cooper said. “Overall, demand for our specialized blue-collar staffing solutions grew across most industries and locations.”

TrueBlue acquired MDT Personnel in the first quarter of 2013 and its integration into the company is now complete, Cooper said.

“Our teams have combined very well and I’m pleased with the way they have engaged our customers,” he said. “We’ve been successful in retaining customers and penetrating more deeply into the market.”

Cooper added that TrueBlue is optimistic about the company’s growth prospects. “Favorable trends in the staffing industry, along with the strength of our organic and acquisition growth strategies, give us confidence that we’re on track to deliver long-term shareholder value. With both the anticipated revenue decline in a large project and MDT integration costs mostly behind us, we expect to see higher levels of profit growth during the remainder of the year.”

TrueBlue estimates revenue in the range of $450 million to $460 million and net income per diluted share of $0.44 to $0.49 for the third quarter of 2013.

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