Exhibit 99.1
(ABLEST LOGO)
     
 
  1511 N. Westshore Blvd, Suite 900
FOR IMMEDIATE RELEASE
  Tampa, Florida 33607
Wednesday May 16, 2006
  (813) 830-7700
 
  www.ablest.com
ABLEST INC. REPORTS IMPROVED REVENUE AND EARNINGS FOR FIRST QUARTER
     TAMPA, Fla., May 16 — Ablest Inc. (Amex: AIH) today announced that revenue for the 14-week fiscal first quarter ended April 2, 2006, increased 16.3 percent to $35.9 million from revenue of $30.8 million in the 13-week fiscal first quarter of 2005. Net income increased 31.8 percent to $348,000 or $0.12 per diluted share compared to net income of $264,000 or $0.09 per diluted share for 2005.
     Kurt R. Moore, president and chief executive officer, said, “We are pleased with our first quarter results. The employment and hiring markets were positive in the first quarter, contributing to demand for both Staffing Services and Professional Services. We saw continued success with our efforts to increase margins through the addition of customers in the mid to small business sectors. In addition, our branch team execution is focused on our customer and employee loyalty initiatives with good results.”
About Ablest
     Ablest is a leader in workforce services; creating and delivering local solutions that enable companies to compete and win in an ever-changing business world. Services are provided through its Staffing Services and Professional Services. Staffing Services offer customers a range of employment services in the office and light industrial sectors including employee assessment and selection, training, managed services and vendor-on-premise (VOP) programs. Professional Services offer employment and consulting services in the Information Technology and Finance and Accounting sectors. Ablest’s Services focus on improving customer performance in the areas of quality, efficiency and cost-reduction within their workforce. Ablest supplies more than 37,000 field employees and consultants to approximately 2,000 businesses annually through 56 locations in the Eastern and Southwestern United States.
     Statements made in this news release, other than those concerning historical information, should be considered forward-looking and subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected. Readers should carefully review and consider disclosures, including periodic reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission, which attempt to advise interested parties of the factors which affect the company’s business.
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ABLEST INC.
Condensed Statements of Income
(amounts in thousands except share and per share data)
(Unaudited)
                 
    For the Fourteen Week     For the Thirteen Week  
    Period Ended     Period Ended  
    April 2, 2006     March 27, 2005  
Net service revenues
   $ 35,864     $ 30,835  
Cost of services
     29,753       25,858  
 
            
 
                
Gross profit
     6,111       4,977  
 
                
Selling, general and administrative expenses
     5,551       4,549  
 
            
 
                
Operating income
     560       428  
 
            
 
                
 
                
Other:
                
Interest income, net
     —       —  
Miscellaneous income (expense), net
     1       (3 )
 
            
Other income (expense)
     1       (3 )
 
            
 
                
Income before income taxes
     561       425  
 
                
Income tax expense
     213       161  
 
            
 
                
Net income
   $ 348     $ 264  
 
            
 
                
Basic net income per common share
   $ 0.12     $ 0.09  
 
            
 
                
Diluted net income per common share
   $ 0.12     $ 0.09  
 
            
 
                
Weighted average number of common shares used in computing net income per common share
                
Basic
     2,879,764       2,854,578  
 
            
Diluted
     2,935,050       2,926,692  
 
            

 

 

ABLEST INC.
Condensed Balance Sheets
(amounts in thousands except share data)
(Unaudited)
                 
    April 2, 2006     December 25, 2005  
ASSETS
               
CURRENT ASSETS
                
Cash
   $ 4,169     $ 1,931  
Accounts receivable, net
     15,032       18,760  
Prepaid expenses and other current assets
     599       469  
Current deferred tax asset
     1,246       1,246  
 
            
Total current assets
     21,046       22,406  
 
                
Property and equipment, net
     1,997       1,732  
Deferred tax asset
     727       863  
Goodwill
     1,283       1,283  
Other assets
     243       171  
 
            
 
                
Total assets
   $ 25,296     $ 26,455  
 
            
 
                
LIABILITIES AND STOCKHOLDERS’ EQUITY
                
CURRENT LIABILITIES
                
Accounts payable
   $ 527     $ 841  
Accrued insurance
     1,985       2,536  
Accrued wages
     2,131       2,738  
Other current liabilities
     428       514  
 
            
Total current liabilities
     5,071       6,629  
 
                
Other liabilities
     122       432  
 
            
 
                
Total liabilities
     5,193       7,061  
 
            
 
                
COMMITMENTS AND CONTINGENCIES
     —       —  
 
                
STOCKHOLDERS’ EQUITY
                
Preferred stock of $.05 par value; 500,000 shares authorized, none issued or outstanding at April 2, 2006 and December 25, 2005
     —       —  
Common stock of $.05 par value; 7,500,000 shares authorized, 3,387,118 and 3,334,344 shares issued and outstanding including shares held in treasury at April 2, 2006 and December 25, 2005, respectively
     169       167  
Additional paid-in capital
     5,624       5,265  
Retained earnings
     16,420       16,072  
Treasury stock at cost; 457,729 shares held at April 2, 2006 and December 25, 2005
     (2,110 )     (2,110 )
 
            
 
                
Total stockholders’ equity
     20,103       19,394  
 
            
 
                
Total liabilities and stockholders’ equity
   $ 25,296     $ 26,455  
 
            
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SOURCE:
  Ablest Inc.
CONTACT:
  Charles H. Heist, Chairman and Chief Financial Officer
 
  813-830-7700 or theist@ablest.com/