Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - TrueBlue, Inc. | tbiq38k2011.htm |
| EX-99.2 - INVESTOR PRESENTATION - TrueBlue, Inc. | q3investorpresentation.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE:
TRUEBLUE REPORTS 2011 THIRD QUARTER RESULTS
TACOMA, WA. – Oct. 26, 2011—TrueBlue, Inc. (NYSE:TBI) today reported revenue for the third quarter of 2011 of $371 million, an increase of 19 percent compared to revenue of $313 million for the third quarter of 2010. Net income for the quarter was $13.9 million, or $0.33 per diluted share, compared to net income of $10.2 million, or $0.23 per diluted share, for the third quarter of 2010.
“We are pleased with our results, particularly the strong revenue growth we delivered this quarter,” said TrueBlue CEO Steve Cooper. “Operating income grew 50 percent compared to the same quarter last year, excluding the impact of non-recurring HIRE Act credits in the third quarter of 2010. This demonstrates the powerful operating leverage that exists in our business.
“TrueBlue's vertical market strategy, including our dedicated sales leaders equipped with expertise in the industries we serve, drove our better-than-expected revenue. We will continue to build on our strong vertical market capabilities to increase value to all of our customers from the local to national level.”
During the quarter and through Oct. 21, TrueBlue purchased approximately 3.4 million shares of its outstanding common stock for $42 million. This brings the total shares purchased for the year to 4.3 million shares for a total of $55 million. Forty-two million dollars remains available to purchase shares under the current program approved by the Board of Directors on July 25, 2011.
For the 13-week fourth quarter of 2011, TrueBlue estimates revenue in the range of $335 million to $345 million, which is growth of about 9 percent compared to the 14-week fourth quarter of 2010. On a comparable week basis, this revenue growth would be about 18 percent. The company also estimates net income per diluted share of $0.12 to $0.17 for the fourth quarter of 2011.
Management will discuss third quarter 2011 results on a conference call at 2 p.m. (PT), today, Wednesday, Oct. 26, 2011. The conference call and a copy of the slides for the 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.
Contacts
Derrek Gafford, EVP & CFO
253-680-8214
Stacey Burke, VP of Corporate Communications
253-680-8291
TRUEBLUE, INC. | ||||||||||||||||
SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(Unaudited, in thousands, except per share data) | ||||||||||||||||
13 Weeks Ended | 13 Weeks Ended | 39 Weeks Ended | 39 Weeks Ended | |||||||||||||
September 30, | September 24, | September 30, | September 24, | |||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenue from services | $ | 371,379 | $ | 312,769 | $ | 965,857 | $ | 837,424 | ||||||||
Cost of services | 271,528 | 228,181 | 710,644 | 615,882 | ||||||||||||
Gross profit | 99,851 | 84,588 | 255,213 | 221,542 | ||||||||||||
Selling, general and administrative expenses | 73,235 | 64,442 | 206,071 | 186,926 | ||||||||||||
Depreciation and amortization | 4,205 | 3,874 | 11,989 | 11,888 | ||||||||||||
Income from operations | 22,411 | 16,272 | 37,153 | 22,728 | ||||||||||||
Interest and other income, net | 323 | 144 | 798 | 663 | ||||||||||||
Income before tax expense | 22,734 | 16,416 | 37,951 | 23,391 | ||||||||||||
Income tax expense | 8,821 | 6,197 | 14,724 | 7,511 | ||||||||||||
Net income | $ | 13,913 | $ | 10,219 | $ | 23,227 | $ | 15,880 | ||||||||
Net income per common share: | ||||||||||||||||
Basic | $ | 0.33 | $ | 0.24 | $ | 0.54 | $ | 0.37 | ||||||||
Diluted | $ | 0.33 | $ | 0.23 | $ | 0.54 | $ | 0.37 | ||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 41,612 | 43,269 | 42,813 | 43,196 | ||||||||||||
Diluted | 41,958 | 43,509 | 43,176 | 43,456 | ||||||||||||
TRUEBLUE, INC. | ||||||||
SUMMARY CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited, in thousands) | ||||||||
September 30, | December 31, | |||||||
2011 | 2010 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 99,050 | $ | 163,153 | ||||
Accounts receivable, net | 174,384 | 108,692 | ||||||
Other current assets | 12,932 | 21,655 | ||||||
Total current assets | 286,366 | 293,500 | ||||||
Property and equipment, net | 54,733 | 53,958 | ||||||
Restricted cash and investments | 136,538 | 120,067 | ||||||
Other assets, net | 91,004 | 78,941 | ||||||
Total assets | $ | 568,641 | $ | 546,466 | ||||
Liabilities and shareholders’ equity | ||||||||
Current liabilities | $ | 125,837 | $ | 85,923 | ||||
Long-term liabilities | 152,215 | 147,836 | ||||||
Total liabilities | 278,052 | 233,759 | ||||||
Shareholders’ equity | 290,589 | 312,707 | ||||||
Total liabilities and shareholders’ equity | $ | 568,641 | $ | 546,466 | ||||
TRUEBLUE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
39 Weeks Ended | 39 Weeks Ended | |||||||
September 30, | September 24, | |||||||
2011 | 2010 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 23,227 | $ | 15,880 | ||||
Adjustments to reconcile net income to net cash: | ||||||||
Depreciation and amortization | 11,989 | 11,888 | ||||||
Provision for doubtful accounts | 4,424 | 5,828 | ||||||
Stock-based compensation | 5,583 | 5,412 | ||||||
Deferred income taxes | 899 | 1,986 | ||||||
Other operating activities | (471 | ) | (141 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (70,116 | ) | (34,357 | ) | ||||
Income taxes | 6,950 | 1,345 | ||||||
Other assets | 1,720 | 253 | ||||||
Accounts payable and other accrued expenses | 19,634 | 1,489 | ||||||
Accrued wages and benefits | 12,033 | 4,560 | ||||||
Workers' compensation claims reserve | 735 | 83 | ||||||
Other liabilities | (144 | ) | 123 | |||||
Net cash provided by operating activities | 16,463 | 14,349 | ||||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (6,251 | ) | (5,256 | ) | ||||
Change in restricted cash and cash equivalents | 65,104 | 6,358 | ||||||
Purchases of restricted investments | (87,768 | ) | — | |||||
Maturities of restricted investments | 6,193 | — | ||||||
Other | (6,800 | ) | (297 | ) | ||||
Net cash (used in) provided by investing activities | (29,522 | ) | 805 | |||||
Cash flows from financing activities: | ||||||||
Purchases and retirement of common stock | (50,143 | ) | — | |||||
Net proceeds from sale of stock through options and employee benefit plans | 874 | 755 | ||||||
Common stock repurchases for taxes upon vesting of restricted stock | (1,692 | ) | (1,467 | ) | ||||
Payments on debt | (302 | ) | (282 | ) | ||||
Other | 674 | 48 | ||||||
Net cash used in financing activities | (50,589 | ) | (946 | ) | ||||
Effect of exchange rates on cash | (455 | ) | 396 | |||||
Net change in cash and cash equivalents | (64,103 | ) | 14,604 | |||||
CASH AND CASH EQUIVALENTS, beginning of year | 163,153 | 124,377 | ||||||
CASH AND CASH EQUIVALENTS, end of year | $ | 99,050 | $ | 138,981 | ||||