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Earnings: TrueBlue

July 23, 2009

TrueBlue Inc. (NYSE: TBI) reported Wednesday that second-quarter revenue fell 33% year-over-year to $247 million, above the $229 million consensus estimate according to Reuters Estimates. The Tacoma WA-based industrial staffing firm reported it closed 36 branches in the first quarter.

Same branch revenue year-over-year declines for April, May, and June were 31%, 29%, and 24%, respectively. The company’s last acquisition was at the end of April of 2008, according to CEO Steve Cooper.

Cooper suggested the federal government’s stimulus package was not a substantial driver of revenue for the quarter. “The bulk of this stimulus money has yet to be released and it appears at this point most of these projects will not even start until early 2010,â€VbCrLf he said in a conference call with analysts.

Gross margin narrowed to 29.5% from 29.8% in the year-ago quarter.

TrueBlue reported second-quarter earnings per share of $0.09, higher than the consensus estimate of a $0.04 loss per share. Third-quarter guidance of earnings between $0.10 and $0.15 per share beat the consensus estimate of $0.05 earnings per share.

The company guided to third-quarter revenue between $267 million to $277 million, above the $253 million consensus estimate.

The Tacoma WA-based company's brands include Labor Ready, Spartan Staffing, CLP Resources, PlaneTechs and TLC.

TrueBlue Inc. (NYSE: TBI)
For the second-quarter ended June 26, 2009, compared with the same period in the previous year.
Revenue: $247 million, -33%
Net income: $16.7 million, -78%