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View All NewsTrueBlue revenue edges down when excluding Seaton acquisition
Industrial staffing provider TrueBlue Inc. (NYSE: TBI) reported fourth-quarter revenue jumped 54.0% in the wake of its June acquisition of Seaton, one of the largest US staffing firms. However, revenue edged down 0.8% when excluding Seaton revenue.
Revenue fell just short of the guidance of $695 million to $705 million the company released with its third-quarter report. The guidance called for fourth-quarter Seaton revenue of $247 million to $253 million and legacy TrueBlue revenue of $445 million to $455 million.
| (US$ thousands) | Q4 2014 | Q4 2013 | % growth |
| Revenue from services-Total company | $691,390 | $448,952 | 54.0% |
| Revenue from services-Legacy TrueBlue | $445,351 | $448,952 | -0.8% |
| Revenue from services-Seaton | $246,039 | - | - |
| Gross profit | $158,238 | $120,263 | 31.6% |
| Gross margin percentage | 22.9% | 26.8% | |
| Net income | $27,024 | $14,511 | 86.2% |
Quote
“Our focus has always been on providing customers with workforce solutions to improve the performance of their business,” said President and CEO Steve Cooper. “The acquisition of Seaton added new industry-leading service lines in recruitment process outsourcing (RPO), managed service provider (MSP) solutions, and on-premise staffing, which are meeting all of our performance expectations. Combined with our specialized staffing service lines, we now offer more solutions to meet our customers’ increasingly complex talent needs.”
Full-year results
| (US$ thousands) | 2014 | 2013 | % growth |
| Revenue from services | $2,174,045 | $1,668,929 | 30.3% |
| Gross profit | $536,979 | $442,303 | 21.4% |
| Gross margin percentage | 24.7% | 26.5% | |
| Net income | $65,675 | $44,924 | 46.2% |
Guidance
TrueBlue estimates first-quarter revenue to range from $556 million to $570 million, or revenue growth of about 56 percent.
Share price and market cap
Shares in TrueBlue fell 4.30% in early afternoon trading to $21.57. The company has a market cap of approximately $860.60 million, according to Yahoo!