Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - TrueBlue, Inc. | tbiq48k2011.htm |
| EX-99.2 - INVESTOR PRESENTATION - TrueBlue, Inc. | q4investorpresentation.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE:
TRUEBLUE REPORTS 2011 FOURTH QUARTER RESULTS
TACOMA, WA. – Feb. 8, 2012—TrueBlue, Inc. (NYSE:TBI) today reported revenue for the thirteen-week fourth quarter of 2011 of $350 million, an increase of 12 percent compared to revenue of $312 million for the fourteen-week fourth quarter of 2010. Net income for the fourth quarter was $7.6 million, or $0.19 per diluted share, compared to net income of $4.0 million, or $0.09 per diluted share, for the fourth quarter of 2010.
“We had solid revenue growth this quarter and achieved operating income growth of more than 90 percent,” said TrueBlue CEO Steve Cooper. “Our better-than-expected results were driven by additional demand in the energy industry and a successful holiday season. Our focus remains on our vertical market strategy, which includes our specialized expertise in the industries we serve, and increasing our value to local and national customers.”
For the first quarter of 2012, TrueBlue estimates revenue in the range of $300 million to $310 million and estimates net income per diluted share of $0.00 to $0.05.
Management will discuss fourth quarter 2011 results on a conference call at 2 p.m. (PT), today, Wednesday, Feb. 8, 2012. 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 2011, TrueBlue connected approximately 325,000 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 and in our most recent Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2011. 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 | 14 Weeks Ended | 52 Weeks Ended | 53 Weeks Ended | |||||||||||||
December 30, | December 31, | December 30, | December 31, | |||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenue from services | $ | 350,155 | $ | 311,943 | $ | 1,316,013 | $ | 1,149,367 | ||||||||
Cost of services | 258,324 | 230,034 | 968,967 | 845,916 | ||||||||||||
Gross profit | 91,831 | 81,909 | 347,046 | 303,451 | ||||||||||||
Selling, general and administrative expenses | 76,755 | 71,797 | 282,828 | 258,722 | ||||||||||||
Depreciation and amortization | 4,395 | 4,580 | 16,384 | 16,468 | ||||||||||||
Income from operations | 10,681 | 5,532 | 47,834 | 28,261 | ||||||||||||
Interest and other income, net | 693 | 238 | 1,490 | 901 | ||||||||||||
Income before tax expense | 11,374 | 5,770 | 49,324 | 29,162 | ||||||||||||
Income tax expense | 3,810 | 1,812 | 18,533 | 9,323 | ||||||||||||
Net income | $ | 7,564 | $ | 3,958 | $ | 30,791 | $ | 19,839 | ||||||||
Net income per common share: | ||||||||||||||||
Basic | $ | 0.19 | $ | 0.09 | $ | 0.73 | $ | 0.46 | ||||||||
Diluted | $ | 0.19 | $ | 0.09 | $ | 0.73 | $ | 0.46 | ||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 39,404 | 43,308 | 41,961 | 43,224 | ||||||||||||
Diluted | 39,848 | 43,738 | 42,322 | 43,540 | ||||||||||||
TRUEBLUE, INC. | ||||||||
SUMMARY CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited, in thousands) | ||||||||
December 30, | December 31, | |||||||
2011 | 2010 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 109,311 | $ | 163,153 | ||||
Accounts receivable, net | 153,878 | 108,692 | ||||||
Other current assets | 17,426 | 21,655 | ||||||
Total current assets | 280,615 | 293,500 | ||||||
Property and equipment, net | 56,239 | 53,958 | ||||||
Restricted cash and investments | 130,498 | 120,067 | ||||||
Other assets, net | 93,417 | 78,941 | ||||||
Total assets | $ | 560,769 | $ | 546,466 | ||||
Liabilities and shareholders’ equity | ||||||||
Current liabilities | $ | 112,289 | $ | 85,923 | ||||
Long-term liabilities | 154,901 | 147,836 | ||||||
Total liabilities | 267,190 | 233,759 | ||||||
Shareholders’ equity | 293,579 | 312,707 | ||||||
Total liabilities and shareholders’ equity | $ | 560,769 | $ | 546,466 | ||||
TRUEBLUE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
52 Weeks Ended | 53 Weeks Ended | |||||||
December 30, | December 31, | |||||||
2011 | 2010 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 30,791 | $ | 19,839 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 16,384 | 16,468 | ||||||
Provision for doubtful accounts | 6,638 | 8,158 | ||||||
Stock-based compensation | 7,432 | 7,159 | ||||||
Deferred income taxes | (1,910 | ) | 5,322 | |||||
Other operating activities | (473 | ) | (202 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (51,824 | ) | (11,604 | ) | ||||
Income taxes | 3,513 | (3,338 | ) | |||||
Other assets | (1,244 | ) | (727 | ) | ||||
Accounts payable and other accrued expenses | 5,423 | 747 | ||||||
Accrued wages and benefits | 10,793 | 2,752 | ||||||
Workers' compensation claims reserve | 4,537 | (2,195 | ) | |||||
Other liabilities | 529 | (406 | ) | |||||
Net cash provided by operating activities | 30,589 | 41,973 | ||||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (9,707 | ) | (7,050 | ) | ||||
Change in restricted cash and cash equivalents | 68,504 | 3,945 | ||||||
Purchases of restricted investments | (88,173 | ) | — | |||||
Maturities of restricted investments | 9,238 | — | ||||||
Other | (6,800 | ) | (298 | ) | ||||
Net cash used in investing activities | (26,938 | ) | (3,403 | ) | ||||
Cash flows from financing activities: | ||||||||
Purchases and retirement of common stock | (56,932 | ) | — | |||||
Net proceeds from sale of stock through options and employee benefit plans | 1,131 | 1,054 | ||||||
Common stock repurchases for taxes upon vesting of restricted stock | (1,776 | ) | (1,568 | ) | ||||
Payments on debt | (302 | ) | (382 | ) | ||||
Other | 664 | 129 | ||||||
Net cash used in financing activities | (57,215 | ) | (767 | ) | ||||
Effect of exchange rates on cash | (278 | ) | 973 | |||||
Net change in cash and cash equivalents | (53,842 | ) | 38,776 | |||||
CASH AND CASH EQUIVALENTS, beginning of year | 163,153 | 124,377 | ||||||
CASH AND CASH EQUIVALENTS, end of year | $ | 109,311 | $ | 163,153 | ||||