(Source: Business Wire)

TrueBlue, Inc. (NYSE:TBI) today reported net income of $3.7 million or $0.09 per diluted share for the quarter ended June 26, 2009, compared to net income of $16.7 million or $0.39 per diluted share for the second quarter of 2008. Revenue for the quarter was $247 million, a decrease of 33 percent compared to the second quarter of 2008.
"We continue to manage our business with tremendous discipline and experienced better-than-expected results in several areas this quarter," said TrueBlue CEO Steve Cooper. "Monthly same branch revenue trends improved, our risk management programs drove lower workers' compensation expense, and our focused approach to controlling costs further reduced operating expenses. Our results demonstrate the strong operating leverage in our business model as well as the expanded need for our services."
TrueBlue closed 36 branches in the quarter, resulting in 775 branches in operation at the end of the quarter.
For the third quarter of 2009, TrueBlue estimates revenue in the range of $267 million to $277 million and net income per diluted share for the quarter of $0.10 to $0.15.
The company filed a $100 million Shelf Registration Statement today with the Securities and Exchange Commission which, when effective, will allow the company to sell various securities in amounts and prices determined at the time of sale. The filing will enable the company to access capital efficiently and quickly if needed, however, it has no current plans to make an offering.
About TrueBlue
TrueBlue, Inc. (NYSE:TBI) is the leading provider of blue-collar staffing with revenue of approximately $1.4 billion in 2008. Each year, TrueBlue connects approximately 500,000 people to work through the following brands: Labor Ready, Spartan Staffing, CLP Resources, PlaneTechs, and TLC. Headquartered in Tacoma, Wash., TrueBlue serves approximately 250,000 small to mid-sized businesses in wholesale, services, transportation, manufacturing, retail, and construction industries. For more information, visit TrueBlue's website at www.TrueBlueInc.com.
Forward-looking Statements
This news release contains forward-looking statements, such as statements about the ranges of revenues, gross margins and net income/(loss) anticipated for future periods, improvements in safety and workers' compensation claims and costs, strategies for increasing revenue and net income, and other factors that may affect TrueBlue's financial results and operations in the future. TrueBlue's actual results are, however, subject to a number of risks, including without limitation the following: 1) national and global economic conditions, including the impact of changes in national and global credit markets and other changes on TrueBlue customers; 2) TrueBlue's ability to continue to attract and retain customers and maintain profit margins in the face of new and existing competition; 3) potential new laws and regulations that could have a materially adverse effect on TrueBlue's operations and financial results; 4) significant labor disturbances which could disrupt industries TrueBlue serves; 5) increased costs and collateral requirements in connection with TrueBlue's insurance obligations, including workers' compensation insurance; 6) the adequacy of TrueBlue's financial reserves; 7) TrueBlue's continuing ability to comply with financial covenants in its lines of credit and other financing agreements; 8) TrueBlue's ability to attract and retain competent employees in key positions or to find temporary employees or skilled trade workers to fulfill the needs of our customers; 9) TrueBlue's ability to successfully complete and integrate acquisitions that it may make from time to time; 10) TrueBlue's ability to timely execute strategies for acquired companies; and 11) other risks described in TrueBlue's filings with the Securities and Exchange Commission, including its most recent Form 10-K and Form 10-Q filings.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make an offer, solicitation or sale in such jurisdiction. The offering of these securities will be made only by means of the prospectus supplement and accompanying prospectus.
TrueBlue, Inc.