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TrueBlue revenue falls 14.7%, swings to loss

February 05 2009

TrueBlue Inc. (NYSE: TBI) announced fourth-quarter revenue fell 14.7% year-over-year to $301.6 million, and reported a net loss of $46.0 million.

The Tacoma WA-based industrial staffing firm said a 28% decrease in organic revenue more than offset 13% growth from acquisitions.

"The decline in demand for our services accelerated in the fourth quarter," CEO Steve Cooper said. "Labor markets have made extreme adjustments during this recession, and we have made corresponding adjustments to our cost structure."

TrueBlue closed 70 branches in the fourth quarter, for a total of 102 closures in 2008.

The $46.0 million net loss compares with net income of $14.4 million in the fourth quarter of 2007. TrueBlue said net income would have been $3.3 million without an impairment charge of $61 million (which had a net of tax impact of $49.3 million) for goodwill and intangible assets related to its acquisitions over the past five years.

Fourth-quarter gross margin fell to 29.3% from 31.6%.

Full-year 2008 revenue fell 0.1% to $1.38 billion. Gross margin for 2008 edged down to 29.8% from 31.9%.

Full-year net loss was $4.2 million, compared with net income of $66.2 million in 2007.

TrueBlue estimates first-quarter revenue of between $220 million to $230 million, a decrease of 29.0% to 32.1% over the first quarter of 2008.

TrueBlue Inc. (NYSE: TBI)
For the fourth quarter ended Dec. 26, 2008, compared with the same period in 2007.
Revenue: $301.6 million, -14.7%
Net loss: $46.0 million vs. net income of $14.4 million

For the full year ended Dec. 26, 2008, compared with the previous year.
Revenue: $1.38 billion, -0.1%
Net loss: $4.2 million vs. net income of $66.2 million

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