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Third-quarter revenue rose 2.2 percent at TrueBlue Inc. (NYSE: TBI) to $379.5 million from $371.4 million in the third quarter of last year. Gross margin at the Tacoma, Wash.-based industrial staffing firm improved to 27.7 percent from 26.9 percent in the year-ago quarter.
CEO Steve Cooper said the firm was managing through an increasingly difficult economic environment.
“Demand for labor in manufacturing has declined and growth trends softened across most of the industries we serve,” Cooper said. “Our results have been adversely impacted by the anticipated decline of a large customer project.”
The company reported third-quarter net income of $14.3 million, a 3.1 percent increase compared to $13.9 million in the year-ago quarter.
TrueBlue expects fourth-quarter revenue to decline approximately 4 percent, according to a filing with the U.S. Securities and Exchange Commission.
The company ranks No. 13 on Staffing Industry Analysts’ 2012 list of largest U.S. staffing firms.
TrueBlue Inc. (NYSE: TBI)
For the third quarter ended Sept. 28, 2012, compared with the same period last year.
Revenue: $379.5 million, +2.2 percent
Net income: $14.3 million, +3.1 percent