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TrueBlue Reports Third Quarter 2009 Results
Wednesday, October 21, 2009 4:51 PM


(Source: Business Wire)trackingTrueBlue, 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.


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