DOW JONES NEWSWIRES
TrueBlue Inc.'s (NYSE:TBI) (TBI) first-quarter net income fell to $8.8 million, or 20 cents a share, from $10.3 million, or 21 cents a share, a year earlier, hurt in part by higher expenses.
A Thomson Financial survey of analysts, on average, predicted earnings of 20 cents a share for the quarter.
The Tacoma, Wash., staffing company said revenue increased to $324 million from $290 million.
Also on Wednesday, TrueBlue agreed to acquire light industrial staffing company, Personnel Management Inc. for about $19 million in cash. The deal is expect to close at the end of April.
Looking forward, the company expects second-quarter earnings of 28 cents to 30 cents a share on revenue of $350 million to $355 million, excluding the impact of its Personnel Management acquisition. If the acquisition closes when expected, TrueBlue expects the deal to add $20 million in revenue for the second quarter.
TrueBlue posted 2007 revenue of $1.39 billion.
-Veronica Dagher; 201-938-5400; AskNewswires@dowjones.com
(END) Dow Jones Newswires 04-16-08 1639 Copyright (c) 2008 Dow Jones & Company, Inc.
