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8-K - FORM 8-K - TrueBlue, Inc.tbiq48k2012.htm
EX-99.2 - INVESTOR PRESENTATION - TrueBlue, Inc.q42012investorpresentati.htm


Exhibit 99.1
FOR IMMEDIATE RELEASE:

TRUEBLUE REPORTS Q4 AND FULL YEAR 2012 RESULTS

TACOMA, WA. -- Feb. 6, 2013 -- TrueBlue, Inc. (NYSE:TBI) today reported revenue for the fourth quarter of 2012 of $345 million, a decrease of two percent compared to revenue of $350 million for the fourth quarter of 2011.  Net income for the fourth quarter of 2012 was $7.4 million, or $0.19 per diluted share, compared to net income of $7.6 million, or $0.19 per diluted share, for the fourth quarter of 2011. 
Revenue for the full fiscal year of 2012 was $1.39 billion, an increase of six percent compared to $1.32 billion for 2011. Net income for 2012 was $33.6 million, or $0.84 per diluted share, compared to $30.8 million, or $0.73 per diluted share, the prior year.
“We had steady revenue growth of four percent this quarter, excluding the impact of one large project,” said TrueBlue CEO Steve Cooper. “Solid execution across our business, along with an improving construction market, contributed to our results. Our customers value the services we provide and we continued to expand our gross margin this quarter.”  
Cooper added that TrueBlue also had another year of improved results from its safety practices and that the company is proud of its efforts to ensure that its temporary associates are working safely while providing services customers want.
“We remain optimistic about the outlook for the staffing industry as businesses increasingly look for a flexible workforce to increase productivity and control costs,” Cooper said. “We are also excited about the improving trends in construction and the demand it creates in many of the industries we serve.”
For the first quarter of 2013, TrueBlue estimates revenue in the range of $335 million to $345 million, and estimates net loss per diluted share of ($0.05) to $0.00.  This includes the operations from the purchase of substantially all of the assets of MDT Personnel, the third largest general labor staffing firm in the U.S., which TrueBlue announced today. More information about the transaction is contained in the company's 8-K also filed today.
Management will discuss fourth quarter 2012 results on a conference call at 6 a.m. (PT) today, Wednesday, Feb. 6, 2013. The conference call can be accessed on TrueBlue's web site: www.trueblue.com.
About TrueBlue
TrueBlue, Inc. is a leading provider of blue-collar staffing. In 2012, TrueBlue connected approximately 350,000 people to work through the following brands: Labor Ready, Spartan Staffing, CLP Resources, PlaneTechs, and Centerline, and served approximately 140,000 businesses in the retail, wholesale, manufacturing, transportation, aviation, services, and construction industries. TrueBlue, Inc. is headquartered in Tacoma, Wash. For more information, visit TrueBlue's website at www.trueblue.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 fiscal year ended Dec. 30, 2011 and in our quarterly reports on Form 10-Q subsequently filed. 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
 
52 Weeks Ended
 
 
December 28,
 
December 30,
 
December 28,
 
December 30,
 
 
2012
 
2011
 
2012
 
2011
Revenue from services
 
$
344,614

 
$
350,155

 
$
1,389,530

 
$
1,316,013

Cost of services
 
250,231

 
258,324

 
1,017,145

 
968,967

Gross profit
 
94,383

 
91,831

 
372,385

 
347,046

Selling, general and administrative expenses
 
79,215

 
76,755

 
300,459

 
282,828

Depreciation and amortization
 
4,734

 
4,395

 
18,890

 
16,384

Income from operations
 
10,434

 
10,681

 
53,036

 
47,834

Interest and other income, net
 
483

 
693

 
1,569

 
1,490

Income before tax expense
 
10,917

 
11,374

 
54,605

 
49,324

Income tax expense
 
3,502

 
3,810

 
20,976

 
18,533

Net income
 
$
7,415

 
$
7,564

 
$
33,629

 
$
30,791

 
 
 
 
 
 
 
 
 
Net income per common share:
 
 
 
 
 
 
 
 
Basic
 
$
0.19

 
$
0.19

 
$
0.85

 
$
0.73

Diluted
 
$
0.19

 
$
0.19

 
$
0.84

 
$
0.73

Weighted average shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
39,549

 
39,404

 
39,548

 
41,961

Diluted
 
39,929

 
39,848

 
39,862

 
42,322







TRUEBLUE, INC.
SUMMARY CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
 
 
December 28,
 
December 30,
 
 
2012
 
2011
Assets
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
129,513

 
$
109,311

Accounts receivable, net
 
167,292

 
153,878

Other current assets
 
20,361

 
17,426

Total current assets
 
317,166

 
280,615

Property and equipment, net
 
58,171

 
56,239

Restricted cash and investments
 
136,259

 
130,498

Other assets, net
 
90,147

 
93,417

Total assets
 
$
601,743

 
$
560,769

Liabilities and shareholders’ equity
 
 
 
 
Current liabilities
 
$
113,556

 
$
112,289

Long-term liabilities
 
154,513

 
154,901

Total liabilities
 
268,069

 
267,190

Shareholders’ equity
 
333,674

 
293,579

Total liabilities and shareholders’ equity
 
$
601,743

 
$
560,769






TRUEBLUE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
 
 
 
52 Weeks Ended
 
 
December 28,
 
December 30,
 
 
2012
 
2011
Cash flows from operating activities:
 
 
 
 
Net income
 
$
33,629

 
$
30,791

Adjustments to reconcile net income to net cash from operating activities:
 
 
 
 
Depreciation and amortization
 
18,890

 
16,384

Provision for doubtful accounts
 
6,994

 
6,638

Stock-based compensation
 
7,917

 
7,432

Deferred income taxes
 
3,091

 
(1,910
)
Other operating activities
 
1,946

 
(473
)
Changes in operating assets and liabilities:
 
 
 
 
Accounts receivable
 
(20,408
)
 
(51,824
)
Income taxes
 
(3,748
)
 
3,513

Other assets
 
(1,214
)
 
(1,244
)
Accounts payable and other accrued expenses
 
1,524

 
5,423

Accrued wages and benefits
 
(182
)
 
10,793

Workers' compensation claims reserve
 
3,746

 
4,537

Other liabilities
 
138

 
529

Net cash provided by operating activities
 
52,323

 
30,589

 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
Capital expenditures
 
(17,826
)
 
(9,707
)
Change in restricted cash and cash equivalents
 
7,587

 
68,504

Purchase of restricted investments
 
(33,778
)
 
(88,173
)
Maturities of restricted investments
 
18,116

 
9,238

Other
 
(250
)
 
(6,800
)
Net cash used in investing activities
 
(26,151
)
 
(26,938
)
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
Purchases and retirement of common stock
 
(4,386
)
 
(56,932
)
Net proceeds from stock option exercises and employee stock purchase plans
 
4,164

 
1,131

Common stock repurchases for taxes upon vesting of restricted stock
 
(2,154
)
 
(1,776
)
Payments on other liabilities
 
(4,548
)
 
(302
)
Other
 
751

 
664

Net cash used in financing activities
 
(6,173
)
 
(57,215
)
Effect of exchange rates on cash
 
203

 
(278
)
Net change in cash and cash equivalents
 
20,202

 
(53,842
)
CASH AND CASH EQUIVALENTS, beginning of period
 
109,311

 
163,153

CASH AND CASH EQUIVALENTS, end of period
 
$
129,513

 
$
109,311