TrueBlue reports 2014 Q1 results
Net income for the quarter was $1.7 million or $0.04 per diluted share, compared to a net loss of ($1.1) million or ($0.03) per diluted share for the first quarter of 2013. Adjusted EBITDA* for the first quarter was $7.6 million compared to $2.4 million for the first quarter of 2013. The company expanded adjusted EBITDA margin by 120 basis points.
“I’m pleased to report that TrueBlue is performing well, with 14 percent revenue growth and continued success in our efforts to control costs and operate more efficiently in our markets,” TrueBlue CEO Steve Cooper said, noting that TrueBlue consolidated 20 branches during the first quarter and expects to consolidate another 40 over the remainder of the year.
“The demand for our services is strong and we’ve created good momentum for future earnings,” he said. “We’re using new technology and innovative approaches to better serve our customers. I’m very proud of the way our employees across all our service lines are working together to find the specialized solutions our customers need and get people on the job.”
Cooper added that the company has seen a revenue upturn in April following weather-related disruptions experienced in February and March.
For the second quarter of 2014, TrueBlue estimates revenue in the range of $458 million to $468 million and net income per diluted share for the quarter of $0.33 to $0.38.
Management will discuss first quarter 2014 results on a conference call at 7 a.m. (PT), today, Tuesday, April 22, 2014. The conference call can be accessed on TrueBlue’s web site: www.trueblue.com
* This is a non-GAAP financial measure for which reconciliation is provided along with the financial statements accompanying this release.