<SEC-DOCUMENT>0000898432-14-000893.txt : 20140630
<SEC-HEADER>0000898432-14-000893.hdr.sgml : 20140630
<ACCEPTANCE-DATETIME>20140630144921
ACCESSION NUMBER:		0000898432-14-000893
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140630
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140630
DATE AS OF CHANGE:		20140630

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TrueBlue, Inc.
		CENTRAL INDEX KEY:			0000768899
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-HELP SUPPLY SERVICES [7363]
		IRS NUMBER:				911287341
		STATE OF INCORPORATION:			WA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14543
		FILM NUMBER:		14948534

	BUSINESS ADDRESS:	
		STREET 1:		1015 A STREET
		CITY:			TACOMA
		STATE:			WA
		ZIP:			98402
		BUSINESS PHONE:		253-383-9101

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 2910
		STREET 2:		1015 A. ST.
		CITY:			TACOMA
		STATE:			WA
		ZIP:			98402

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LABOR READY INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DICKS HAMBURGERS INC
		DATE OF NAME CHANGE:	19900329
</SEC-HEADER>
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<div style="TEXT-ALIGN: center; MARGIN-TOP: 1.5pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">UNITED STATES</div>

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<div style="TEXT-ALIGN: center; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">FORM&#160;8-K</div>

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<div style="TEXT-ALIGN: center; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">CURRENT REPORT</div>

<div style="TEXT-ALIGN: center; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">PURSUANT TO SECTION&#160;13 OR 15(D)&#160;OF THE</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">SECURITIES EXCHANGE ACT OF 1934</div>

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<div style="TEXT-ALIGN: center; FONT-WEIGHT: bold">(Exact Name of Registrant as Specified in Its Charter)</div>
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<div style="TEXT-ALIGN: center; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Washington</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1015 A Street, Tacoma, Washington</div>
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<div style="TEXT-ALIGN: center; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(253) 383-9101</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 1pt; FONT-SIZE: 10pt">obligation of the registrant under any of the following provisions (<font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">see </font>General Instruction A.2. below):</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item&#160;1.01.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;Entry into a Material Definitive Agreement.</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">In connection with the completion of its acquisition of Staffing Solutions Holdings, Inc., a Delaware corporation ("<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Seaton</font>"), on June 30, 2014 TrueBlue, Inc. (the "<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Company</font>") entered into a Second Amended and Restated Credit Agreement with Bank of America, N.A., as administrative agent and collateral agent, Wells Fargo Bank, National Association, and PNC Capital Markets LLC, as joint lead arrangers and joint book runners, Wells Fargo Bank, National Association and PNC Capital Markets LLC, as co-documentation agents, and the lenders that are parties thereto (the "<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Revolving Credit Facility</font>").&#160; The Revolving Credit Facility amends and restates the Company's Amended and Restated Credit Agreement dated as of September 30, 2011 (as subsequently amended) and replaces Seaton's existing credit facility.</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The Revolving Credit Facility provides for a secured revolving credit facility of up to a maximum of $300 million, matures in five years and provides for the following:</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;&#160;&#8226; Borrowing Base. The amount the Company can borrow under the Revolving Credit Facility is calculated according to a formula that is based upon the sum of (a) 90% of eligible billed receivables, plus (b) the lesser of (i) 85% of eligible unbilled accounts receivable and (ii) 15% of all eligible receivables, plus (c) $17,437,500 for Eligible Real Property; minus (d) certain reserves, including a reserve for temporary worker payroll.</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#8226; Accordion. The Revolving Credit Facility contains an accordion feature which, subject to lender approval, provides the Company with the option to increase the total amount of the facility up to $400 million.</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#8226; Loan fees and interest. Under the terms of the Revolving Credit Facility, the Company pays a variable rate of interest on the outstanding principal balance, a fee on outstanding letters-of-credit and an unused commitment fee.&#160; These rates are based on LIBOR or the Base Rate (prime rate/daily 1-month LIBOR), plus an applicable spread based on Excess Liquidity as a percentage of the total commitments, as set forth below:</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Excess Liquidity as a percentage of <br>
 the Total Commitments</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Base Rate<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><br>
</font> Revolving Loans</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">LIBOR<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><br>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Letters</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">of Credit</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.25%</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1.25%</div>
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<td style="BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 1px solid; WIDTH: 19%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1.25%</div>
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<td style="BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 1px solid; WIDTH: 39%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Greater than 50% to 75%</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.50%</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1.50%</div>
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<td style="BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 1px solid; WIDTH: 19%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1.50%</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">.75%</div>
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<td style="BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1.75%</div>
</td>
<td style="BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 1px solid; WIDTH: 19%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1.75%</div>
</td>
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<td style="BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 1px solid; WIDTH: 39%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Equal to or less than 25%</div>
</td>
<td style="BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 1px solid; WIDTH: 22%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1.00%</div>
</td>
<td style="BORDER-BOTTOM: #000000 0.5pt solid; WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2.00%</div>
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<td style="BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 1px solid; WIDTH: 19%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1px solid">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2.00%</div>
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<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">* Top tier pricing is available only if the Company achieves a Funded Debt to Consolidated EBITDA ratio of less than 1.5:1.0.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">"Excess Liquidity," is the amount equal to (i) unused borrowing capacity under the Revolving Credit Facility plus (ii) certain unrestricted cash and cash equivalents.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">An unused commitment fee rate of (i) 0.375% when utilization is less than 25%, or (ii) 0.25% when utilization is greater than or equal to 25%, is also applied against the unused portion of the Revolving Credit Facility. Under the terms of the Revolving Credit Facility, letters-of-credit are priced at the margin in effect for LIBOR loans plus a fronting fee of 0.125%.</div>
</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#8226; Collateral. Obligations under the Revolving Credit Facility will be secured by substantially all of the Company's and its domestic subsidiaries' personal property and the Company's headquarters located in Tacoma, Washington.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">On June 30, 2014, the Company issued a press release announcing the consummation of the Seaton acquisition, including the Revolving Credit Facility, which is included as Exhibit 99.1 to this Form 8-K.</div>

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<div style="MARGIN-BOTTOM: 12pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">On June 30, 2014, the Company completed its previously announced acquisition of all of the outstanding equity interests of Seaton pursuant to a Stock Purchase Agreement (the "<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Purchase Agreement</font>"), dated as of June 1, 2014, among the Company, Seaton, and its equityholders.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The cash purchase price for the acquisition was $310 million, subject to certain working capital and other adjustments.&#160; A portion of the purchase price was funded through the entry into the Revolving Credit Facility described in Item 1.01 with Bank of America, N.A., as administrative agent and collateral agent, Wells Fargo Bank, National Association, and PNC Capital Markets LLC, as joint lead arrangers and joint book runners, Wells Fargo Bank, National Association and PNC Capital Markets LLC, as co-documentation agents, and the lenders that are parties thereto.</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">To the extent required by Item 2.03 of Form 8-K, the information contained or incorporated in Item 1.01 of this Form 8-K with respect to the Revolving Credit Facility is incorporated by reference in this Item 2.03.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(a)</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Financial Statements of Businesses Acquired.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The financial statements required by Item 9.01(a) will be filed by amendment to this Form 8-K as soon as practicable, but not later than 71 calendar days after the date on which this Form 8-K was required to be filed.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(b)</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pro Forma Financial Information.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The pro forma financial information required by Item 9.01(b) will be filed by amendment to this Form 8-K as soon as practicable, but not later than 71 calendar days after the date on which this Form 8-K was required to be filed.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Press Release of the Company dated June 30, 2014</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SIGNATURES</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">TRUEBLUE, INC.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(Registrant)</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Date:&#160; June 30, 2014</div>
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<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><u><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">By:&#160; /s/&#160; &#160; </font><font style="FONT-VARIANT: small-caps; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">JAMES E. DEFEBAUGH</font></u><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><br>
</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; James E. Defebaugh<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><br>
</font>Executive Vice President, General Counsel and Secretary<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><br>
</font></font> &#160;</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">TRUEBLUE COMPLETES ACQUISITION OF SEATON</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;PeopleScout, Staff Management | SMX, HRX and StudentScout Join TrueBlue</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">TACOMA, WASH. &#8211; June 30, 2014</font> -- TrueBlue, Inc. announced today that it has completed its previously announced acquisition of Seaton Corp., including its PeopleScout, Staff Management | SMX, HRX and StudentScout service lines.</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">&#160;"We are pleased to have these respected and industry-leading brands join TrueBlue along with their talented employees," TrueBlue CEO Steve Cooper said. "We can now offer a broader range of specialized solutions to help clients better manage their workforce."&#160;</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Cooper said TrueBlue will expand many of the centralized practices used by PeopleScout and Staff Management | SMX to support the company's strategy to deliver its staffing services through a smaller branch footprint.</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"Our acquisition strategy has always been about building new competencies," he said.&#160;"The addition of Staff Management | SMX allows us to address the complex needs of customers with large, industrial workforces.&#160;Similarly, just as we've helped customers increase the productivity of their workforces through access to specialized staffing services, the addition of PeopleScout means customers can now rely on TrueBlue to do the same for recruiting their full-time workforce."</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The acquisition makes TrueBlue the largest industrial staffing provider in the U.S., bringing 2013 pro forma revenue to $2.3 billion.</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">About TrueBlue:</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">TrueBlue (NYSE: TBI) is a leading staffing provider that helps over 130,000 businesses be more productive through easy access to dependable temporary labor. TrueBlue provides specialized staffing solutions and onsite workforce management to industries that include construction, manufacturing, transportation, aviation, waste, hospitality, retail, renewable energy and more. Repeatedly recognized as one of Forbes Magazine's "Most Trustworthy Companies" for its accounting and governance practices, TrueBlue connects approximately 375,000 people to work annually across the U.S., Canada and Puerto Rico. Learn more about TrueBlue at <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #0433ff; FONT-SIZE: 10pt">www.trueblue.com</font>.</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Forward-looking Statements</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">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 the expected benefits of the acquisition and 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.&#160;Among these factors are the occurrence of any event, change or other circumstances that could give rise to risks related to disruption of management time from ongoing business operations due to the acquisition and failure to realize the benefits expected from the acquisition. Examples of additional factors can be found in our most recent filings with the Securities Exchange Commission. 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.&#160;</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Contacts:</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Derrek Gafford, EVP &amp; CFO</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><u>253-680-8214</u></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Stacey Burke, VP of Corporate Communications</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><u>253-680-8291</u></div>
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<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">&#160;</div>

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