TrueBlue Reports Q4 and Full Year 2012 Results
TACOMA, Wash.--(BUSINESS WIRE)-- TrueBlue, Inc. (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, for 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 companys 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.
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 TrueBlues website at www.trueblue.com.
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.
|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,|
|Revenue from services||$||344,614||$||350,155||$||1,389,530||$||1,316,013|
|Cost of services||250,231||258,324||1,017,145||968,967|
|Selling, general and administrative expenses||79,215||76,755||300,459||282,828|
|Depreciation and amortization||4,734||4,395||18,890||16,384|
|Income from operations||10,434||10,681||53,036||47,834|
|Interest and other income, net||483||693||1,569||1,490|
|Income before tax expense||10,917||11,374||54,605||49,324|
|Income tax expense||3,502||3,810||20,976||18,533|
|Net income per common share|
|Weighted average shares outstanding|
|SUMMARY CONSOLIDATED BALANCE SHEETS|
|(Unaudited, in thousands)|
|December 28,||December 30,|
|Cash and cash equivalents||$||129,513||$||109,311|
|Accounts receivable, net||167,292||153,878|
|Other current assets||20,361||17,426|
Total current assets
|Property and equipment, net||58,171||56,239|
|Restricted cash and investments||136,259||130,498|
|Other assets, net||90,147||93,417|
|Liabilities and shareholders' equity|
|Total liabilities and shareholders' equity||$||601,743||$||560,769|
|CONSOLIDATED STATEMENTS OF CASH FLOWS|
|(Unaudited, in thousands)|
|52 Weeks Ended|
|December 28,||December 30,|
|Cash flows from operating activities|
Adjustments to reconcile net income to net cash from operating activities
|Depreciation and amortization||18,890||16,384|
|Provision for doubtful accounts||6,994||6,638|
|Deferred income taxes||3,091||(1,910||)|
|Other operating activities||1,946||(473||)|
|Changes in operating assets and liabilities|
|Accounts payable and other accrued expenses||1,524||5,423|
|Accrued wages and benefits||(182||)||10,793|
|Workers' compensation claims reserve||3,746||4,537|
|Net cash provided by operating activities||52,323||30,589|
|Cash flows from investing activities|
|Change in restricted cash and cash equivalents||7,587||68,504|
|Purchases of restricted investments||(33,778||)||(88,173||)|
|Maturities of restricted investments||18,116||9,238|
|Net cash used in investing activities||(26,151||)||(26,938||)|
|Cash flows from financing activities|
|Purchases and retirement of common stock||(4,386||)||(56,932||)|
Net proceeds from stock option exercises and employee stock purchase plans
Common stock repurchases for taxes upon vesting of restricted stock
|Payments on other liabilities||(4,548||)||(302||)|
|Net cash used in financing activities||(6,173||)||(57,215||)|
|Effect of exchange rates on cash||203||(278||)|
|Net change in cash and cash equivalents||20,202||(53,842||)|
|CASH AND CASH EQUIVALENTS, beginning of period||109,311||163,153|
|CASH AND CASH EQUIVALENTS, end of period||$||129,513||$||109,311|
Derrek Gafford, 253-680-8214
EVP & CFO
Stacey Burke, 253-680-8291
VP of Corporate Communications
Source: TrueBlue, Inc.Copyright Business Wire 2013