TRUEBLUE INC : TrueBlue Reports 2011 Second Quarter Results
07/27/2011| 04:10pm US/Eastern
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TrueBlue, Inc. (NYSE:TBI) today reported revenue for the second quarter
of 2011 of $320 million, an increase of 12 percent, compared to revenue
of $285 million for the second quarter of 2010. Net income for the
quarter was $8.5 million, or $0.20 per diluted share, compared to net
income of $7.9 million, or $0.18 per diluted share, for the second
quarter of 2010.
"Operating income grew 30 percent this quarter on continued demand for
our services across most of the industry groups we serve," said TrueBlue
CEO Steve Cooper. "We are pleased with our solid performance and expect
revenue growth to accelerate in the third quarter."
From the beginning of the second quarter through July 27, 2011, the
company purchased 1.16 million shares of its outstanding common stock
for approximately $16 million resulting in approximately $5 million
remaining under its existing share purchase program. On July 25, 2011,
TrueBlue's Board of Directors approved a new program to purchase an
additional $75 million of its outstanding common stock.
For the third quarter of 2011, TrueBlue estimates revenue in the range
of $360 million to $370 million and net income per diluted share for the
quarter of $0.27 to $0.32.
Management will discuss second quarter 2011 results on a conference call
at 2 p.m. (PT), today, Wednesday, July 27, 2011. The conference call can
be accessed on TrueBlue's web site: www.TrueBlueInc.com.
About TrueBlue
TrueBlue, Inc. is a leading provider of blue-collar staffing. In 2010,
TrueBlue connected approximately 300,000 people to work through the
following brands: Labor Ready, Spartan Staffing, CLP Resources,
PlaneTechs, and Centerline, and served approximately 175,000 businesses
in the services, retail, wholesale, manufacturing, transportation,
aviation, and construction industries. TrueBlue, Inc. is headquartered
in Tacoma, Wash. For more information, visit TrueBlue's website at www.TrueBlueInc.com.
Forward-looking Statements
This document contains "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995. Words such as
"may," "will," "should," "expects," "intends," "projects," "plans,"
"believes," "estimates," "targets," "anticipates," and similar
expressions are used to identify these forward-looking statements.
Examples of forward-looking statements include statements relating to
our future financial condition and operating results, as well as any
other statement that does not directly relate to any historical or
current fact. Forward-looking statements are based on our current
expectations and assumptions, which may not prove to be accurate. These
statements are not guarantees and are subject to risks, uncertainties,
and changes in circumstances that are difficult to predict. Many factors
could cause actual results to differ materially and adversely from these
forward-looking statements. Examples of such factors can be found in our
reports filed with the SEC, including the information under the heading
'Risk Factors' in our Annual Report on Form 10-K for the year ended Dec.
31, 2010. Any forward-looking statement speaks only as of the date on
which it is made, and we assume no obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise, except as required by law.
TRUEBLUE, INC.
SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data)
13 Weeks Ended
13 Weeks Ended
26 Weeks Ended
26 Weeks Ended
July 1,
June 25,
July 1,
June 25,
2011
2010
2011
2010
Revenue from services
$
320,179
$
284,804
$
594,478
$
524,655
Cost of services
234,847
208,974
439,115
387,700
Gross profit
85,332
75,830
155,363
136,955
Selling, general and administrative expenses
67,677
61,269
132,837
122,484
Depreciation and amortization
3,862
3,919
7,784
8,014
Income from operations
13,793
10,642
14,742
6,457
Interest and other income, net
166
190
474
518
Income before tax expense
13,959
10,832
15,216
6,975
Income tax expense
5,411
2,911
5,903
1,314
Net income
$
8,548
$
7,921
$
9,313
$
5,661
Net income per common share:
Basic
$
0.20
$
0.18
$
0.21
$
0.13
Diluted
$
0.20
$
0.18
$
0.21
$
0.13
Weighted average shares outstanding:
Basic
43,367
43,223
43,413
43,160
Diluted
43,674
43,502
43,784
43,439
TRUEBLUE, INC.
SUMMARY CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
July 1,
December 31,
2011
2010
Assets
Current assets:
Cash and cash equivalents
$
142,019
$
163,153
Accounts receivable, net
143,016
108,692
Other current assets
21,444
21,655
Total current assets
306,479
293,500
Property and equipment, net
51,192
53,958
Restricted cash and investments
122,781
120,067
Other assets, net
79,927
78,941
Total assets
$
560,379
$
546,466
Liabilities and shareholders' equity
Current liabilities
$
99,154
$
85,923
Long-term liabilities
148,165
147,836
Total liabilities
247,319
233,759
Shareholders' equity
313,060
312,707
Total liabilities and shareholders' equity
$
560,379
$
546,466
TRUEBLUE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
26 Weeks Ended
26 Weeks Ended
July 1,
June 25,
2011
2010
Cash flows from operating activities:
Net income
$
9,313
$
5,661
Adjustments to reconcile net income to net cash:
Depreciation and amortization
7,784
8,014
Provision for doubtful accounts
2,125
4,328
Stock-based compensation
4,097
3,915
Deferred income taxes
1,991
2,782
Other operating activities
(485
)
63
Changes in operating assets and liabilities:
Accounts receivable
(36,449
)
(14,904
)
Income taxes
1,019
(2,450
)
Other assets
(1,845
)
312
Accounts payable and other accrued expenses
8,881
(406
)
Accrued wages and benefits
6,115
5,514
Workers' compensation claims reserve
(1,299
)
(2,511
)
Other liabilities
(112
)
167
Net cash provided by operating activities
1,135
10,485
Cash flows from investing activities:
Capital expenditures
(3,678
)
(2,457
)
Change in restricted cash and cash equivalents
70,265
9,548
Purchases of restricted investments
(78,279
)
-
Maturities of restricted investments
5,300
-
Other
(2,800
)
29
Net cash (used in) provided by investing activities
(9,192
)
7,120
Cash flows from financing activities:
Purchases and retirement of common stock
(12,871
)
-
Net proceeds from sale of stock through options and employee benefit
plans
616
536
Common stock repurchases for taxes upon vesting of restricted stock
(1,611
)
(1,360
)
Payments on debt
(206
)
(186
)
Other
691
61
Net cash used in financing activities
(13,381
)
(949
)
Effect of exchange rates on cash
304
(106
)
Net change in cash and cash equivalents
(21,134
)
16,550
CASH AND CASH EQUIVALENTS, beginning of period
163,153
124,377
CASH AND CASH EQUIVALENTS, end of period
$
142,019
$
140,927
TrueBlue, Inc. EVP & CFO Derrek Gafford, 253-680-8214 or VP
of Corporate Communications Stacey Burke, 253-680-8291
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