(Source: Business Wire)

TrueBlue, Inc. (NYSE:TBI) today reported net income of $8.2 million or
$0.19 per diluted share for the quarter ended Sept. 25, 2009, compared
to net income of $16.3 million or $0.38 per diluted share for the third
quarter of 2008. Revenue for the quarter was $285 million, a decrease of
27 percent compared to the third quarter of 2008.
"Our strict cost management combined with ongoing stabilization in same
branch revenue drove our results this quarter," said TrueBlue CEO Steve
Cooper. "Ongoing risk management programs that drove workers
compensation expense lower also contributed to our better-than-expected
results. Our results demonstrate that, in addition to the strong
operating leverage in our business model, we remain focused on executing
on every element of the business."
TrueBlue closed 12 branches, resulting in 764 branches in operation at
the end of the quarter.
For the fourth quarter of 2009, TrueBlue estimates revenue in the range
of $240 million to $250 million and net income per diluted share for the
quarter of $0.00 to $0.05.
About TrueBlue
TrueBlue, Inc. (NYSE: TBI) is the leading provider of blue-collar
staffing with revenue of approximately $1.4 billion in 2008. Last year,
TrueBlue connected approximately 500,000 people to work through the
following brands: Labor Ready, Spartan Staffing, CLP Resources,
PlaneTechs, and TLC, and served approximately 250,000 businesses in the
wholesale, services, transportation, manufacturing, retail, and
construction industries. TrueBlue is headquartered in Tacoma, Wash. For
more information, visit TrueBlue's website at www.TrueBlueInc.com.
Forward-looking Statements
This news release and the schedule regarding 2009 assumptions contain
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.