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Buys boost TrueBlue revenue

July 17 2008

Second-quarter revenue rose 6% at TrueBlue Inc. (NYSE: TBI) to $370.7 million. However, the Tacoma WA-based industrial staffing company said acquisitions made in the last year boosted revenue in the quarter by 18%, it fell 12% organically.

"Economic pressures have created a broad-based reduction in demand across the geographies and industries we serve," CEO Steve Cooper said.

The company said it closed 18 branches in the second quarter, although it added 44 branches with its acquisition of Personnel Management Inc., an industrial staffing firm.

TrueBlue's gross margin slipped to 29.8% in the second quarter from 31.9% in the same period last year.

Net income fell 11% year-over-year to $16.7 million from $18.8 million in the second quarter of 2007. The company reported a four-cent per diluted share boost from a tax benefit.

TrueBlue's acquisitions over the past year included Skilled Services in May 2007; PlaneTechs, an aviation maintenance staffing firm in December 2007; TLC, a truck-driver staffing firm in February; and Personnel Management Inc. in May.

The company estimated third-quarter revenue of $390 million to $400 million — roughly flat to 2.4% above the same period in 2007.

TrueBlue Inc. (NYSE: TBI)
For the second quarter ended June 27, 2008, compared with the same period in 2007.
Revenue: $370.7 million, +6%
Net income: $16.7 million, -11%

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