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TrueBlue profit falls 33%

January 31 2008

Fourth-quarter net income fell 33.4% at TrueBlue Inc. (NYSE: TBI), formerly known as Labor Ready Inc. Fourth-quarter revenue, however, rose 4.6%.

TrueBlue reported net income of $14.4 million in the fourth quarter, down from $21.6 million in the fourth quarter of 2006. The 2006 quarter included a $4.2 million tax credit, the company said.

Revenue at the industrial staffing company rose to $353.6 million in the fourth quarter from $338.1 million in the same period in the previous year. Gross margin slipped to 31.6% from 32.6%.

"Our focus on revenue growth and disciplined cost containment continues to drive our performance, despite the difficult operating environment," said TrueBlue CEO Steve Cooper. "During the quarter we closed 27 branches and made other changes across our operations to adjust for the current conditions."

Full-year 2007 net income dropped 13.4% to $66.2 million from $76.5 million in 2006.

Revenue for 2007 rose 2.7% to $1.39 billion from $1.35 billion in 2006. Gross margin shrunk to 31.9% from 32.1%.

TrueBlue forecast first-quarter revenue of $312 million to $317 million.

TrueBlue Inc. (NYSE: TBI)
For the fourth quarter ended Dec. 28, 2007, compared with the same period in 2006.
Revenue: $353.6 million, +4.6%
Net income: $14.4 million, -33.4%

For the 2007 fiscal year ended Dec. 28, compared with the previous year.
Revenue: $1.39 billion, +2.7%
Net income $66.2 million, -13.4%

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