TrueBlue reports Q2 7% revenue increase
• Second quarter revenue increased by seven percent to $453 million compared to revenue of $422 million for the same quarter in 2013.
• Net income was $16.1 million, or $0.39 per diluted share, compared to net income of $12.5 million, or $0.31 per diluted share, for the second quarter of 2013.
• Adjusted EBITDA* was $25.2 million, compared to $24.3 million in the second quarter of 2013.
“We are pleased with our growth in the second quarter along with the momentum we have seen in June as seasonal business ramps up,” TrueBlue CEO Steve Cooper said. “Our organic growth continues to be strong, and the acquisitions we made in 2013 are performing to our expectations.
“We’re particularly excited about our recent acquisition of Seaton, which is off to a great start and getting favorable reactions from our customers,” Cooper added. “We’re looking forward to offering a broader range of outsourcing workforce solutions to all our customers. In addition to the temporary staffing services we’ve traditionally provided, we can now do more for customers through sourcing, screening and onboarding their on-premise temporary workers and permanent employees.”
TrueBlue completed its acquisition of Seaton June 30, the first day of its third quarter, and is now the largest industrial staffing provider in the U.S. Through the acquisition, TrueBlue added industry leaders PeopleScout, Staff Management | SMX and Australia-based HRX to its service lines. According to Cooper, the new service lines are expected to add approximately $730 million to $750 million of revenue and $35 million to $39 million of Adjusted EBITDA** to the company’s consolidated results over the next four quarters.
For the third quarter of 2014, TrueBlue estimates revenue in the range of $634 million to $647 million and net income per diluted share for the quarter of $0.38 to $0.46.