EX-99.1 2 tbiq18k2013ex991.htm PRESS RELEASE OF THE COMPANY DATED APRIL 24, 2013
Exhibit 99.1
FOR IMMEDIATE RELEASE:
TRUEBLUE REPORTS 2013 FIRST QUARTER RESULTS
TACOMA, WA-April 24, 2013--TrueBlue, Inc. (NYSE:TBI) today reported revenue for the first quarter of 2013 of $346 million, an increase of 11 percent compared to revenue of $311 million for the first quarter of 2012. Net loss for the quarter was ($1.1 million) or ($0.03) per diluted share, compared to net income of $1.5 million or $0.04 per diluted share for the first quarter of 2012.
The first quarter of 2013 includes the acquisition of MDT Personnel and related non-recurring acquisition and integration costs. The integration has gone well and is on track to be completed in the second quarter of 2013 as originally planned.
“We are pleased with our revenue growth in the quarter,” said TrueBlue CEO Steve Cooper. “We saw steady growth in demand for our services across most industries and locations, and we are especially encouraged by an increase in construction activity. Our recent growth across a broad mix of business is building a more sustainable revenue stream to replace the large customer project that is winding down.”
For the second quarter of 2013, TrueBlue estimates revenue in the range of $415 million to $425 million and net income per diluted share for the quarter of $0.22 to $0.27.
“The increased business activity we are seeing in our results indicates positive signs for the economy this year,” Cooper said. “The current economic climate allows the company to continue to pursue its organic and acquisition growth strategies.”
Management will discuss first quarter 2013 results on a conference call at 2 p.m. (PT), today, Wednesday, April 24. 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 business lines: 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. 28, 2012. 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
|  | March 29, |  | March 30,
|  | 2013 |  | 2012
Revenue from services |  | $ | 346,498 |  |  | $ | 311,187 |
Cost of services |  | 259,859 |  |  | 231,952 |
Gross profit |  | 86,639 |  |  | 79,235 |
Selling, general and administrative expenses |  | 88,432 |  |  | 72,082 |
Depreciation and amortization |  | 5,159 |  |  | 4,768 |
Income (loss) from operations |  | (6,952 | ) |  | 2,385 |
Interest and other income, net |  | 477 |  |  | 264 |
Income (loss) before tax expense (benefit) |  | (6,475 | ) |  | 2,649 |
Income tax expense (benefit) |  | (5,399 | ) |  | 1,119 |
Net income (loss) |  | $ | (1,076 | ) |  | $ | 1,530 |
Net income (loss) per common share: |  |  |  |
Basic |  | $ | (0.03 | ) |  | $ | 0.04 |
Diluted |  | $ | (0.03 | ) |  | $ | 0.04 |
Weighted average shares outstanding: |  |  |  |
Basic |  | 39,784 |  |  | 39,425 |
Diluted |  | 39,784 |  |  | 39,914 |

TRUEBLUE, INC.
SUMMARY CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
|  | March 29, |  | December 28,
|  | 2013 |  | 2012
Assets |  |  |  |
Current assets: |  |  |  |
Cash and cash equivalents |  | $ | 110,800 |  |  | $ | 129,513 |
Accounts receivable, net |  | 191,896 |  |  | 167,292 |
Other current assets |  | 23,492 |  |  | 20,361 |
Total current assets |  | 326,188 |  |  | 317,166 |
Property and equipment, net |  | 57,695 |  |  | 58,171 |
Restricted cash and investments |  | 144,375 |  |  | 136,259 |
Other assets, net |  | 125,790 |  |  | 90,147 |
Total assets |  | $ | 654,048 |  |  | $ | 601,743 |
Liabilities and shareholders’ equity |  |  |  |
Current liabilities |  | $ | 123,941 |  |  | $ | 113,556 |
Long-term liabilities |  | 194,198 |  |  | 154,513 |
Total liabilities |  | 318,139 |  |  | 268,069 |
Shareholders’ equity |  | 335,909 |  |  | 333,674 |
Total liabilities and shareholders’ equity |  | $ | 654,048 |  |  | $ | 601,743 |

TRUEBLUE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)

|  | 13 Weeks Ended
|  | March 29, |  | March 30,
|  | 2013 |  | 2012
Cash flows from operating activities: |  |  |  |
Net income (loss) |  | $ | (1,076 | ) |  | $ | 1,530 |
Adjustments to reconcile net income (loss) to net cash from operating activities: |  |  |  |
Depreciation and amortization |  | 5,159 |  |  | 4,768 |
Provision for doubtful accounts |  | 1,652 |  |  | 1,049 |
Stock-based compensation |  | 2,880 |  |  | 2,902 |
Deferred income taxes |  | (3,573 | ) |  | (1,006 | )
Other operating activities |  | 180 |  |  | (401 | )
Changes in operating assets and liabilities, net of acquisitions: |  |  |  |
Accounts receivable |  | 4,982 |  |  | 8,441 |
Income taxes |  | (2,136 | ) |  | 1,037 |
Other assets |  | 251 |  |  | 1,076 |
Accounts payable and other accrued expenses |  | (6,990 | ) |  | (2,644 | )
Accrued wages and benefits |  | 4,061 |  |  | 1,513 |
Workers' compensation claims reserve |  | 549 |  |  | (876 | )
Other liabilities |  | 158 |  |  | 303 |
Net cash provided by operating activities |  | 6,097 |  |  | 17,692 |
Cash flows from investing activities: |  |  |  |
Capital expenditures |  | (3,952 | ) |  | (3,704 | )
Acquisition of business, net of cash acquired |  | (53,248 | ) |  | — |
Change in restricted cash and cash equivalents |  | (4,489 | ) |  | 3,529 |
Purchase of restricted investments |  | (1,365 | ) |  | (7,662 | )
Maturities of restricted investments |  | 4,128 |  |  | 3,907 |
Net cash used in investing activities |  | (58,926 | ) |  | (3,930 | )
Cash flows from financing activities: |  |  |  |
Net proceeds from stock option exercises and employee stock purchase plans |  | 2,266 |  |  | 2,894 |
Common stock repurchases for taxes upon vesting of restricted stock |  | (2,010 | ) |  | (1,807 | )
Proceeds from long term debt |  | 34,000 |  |  | — |
Payments on debt |  | (397 | ) |  | — |
Other |  | 479 |  |  | 637 |
Net cash provided by financing activities |  | 34,338 |  |  | 1,724 |
Effect of exchange rates on cash |  | (222 | ) |  | 208 |
Net change in cash and cash equivalents |  | (18,713 | ) |  | 15,694 |
CASH AND CASH EQUIVALENTS, beginning of period |  | 129,513 |  |  | 109,311 |
CASH AND CASH EQUIVALENTS, end of period |  | $ | 110,800 |  |  | $ | 125,005 |