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TrueBlue revenue up 30%

February 06 2014

TrueBlue Inc. (NYSE: TBI) reported fourth-quarter revenue rose 30.3 percent to $449.0 million. And net income rose 95.7 percent to $14.5 million in the fourth quarter from $7.4 million in the same quarter last year.

The Tacoma, Wash.-based industrial staffing firm completed three acquisitions in 2013, adding about $300 million of annualized revenue. At the beginning of the fourth quarter, the company expanded its light industrial staffing business with the acquisition of The Work Connection.

Gross margin at TrueBlue narrowed to 26.8 percent from 27.4 percent in the same quarter last year.

Shares in TrueBlue rose 10.38 percent in early afternoon trading to $25.00 in early afternoon trading.

“We are experiencing strong organic growth across the business, and the acquisitions completed in 2013 have exceeded our expectations,” said CEO Steve Cooper.

Full-year 2013 revenue rose 20.1 percent to $1.67 billion and full-year net income rose 33.6 percent to $44.9 million.

TrueBlue has a market cap of approximately $987.7 million, according to Yahoo! Its brands include Labor Ready, Spartan Staffing, CLP Resources, PlaneTechs and Centerline.


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