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TrueBlue revenue up 11%; reports steady growth in demand

April 25 2013

First-quarter revenue rose 11.3 percent at TrueBlue Inc. (NYSE: TBI) to $346.5 million — at the high end of its guidance. First-quarter revenue, and the earlier guidance, included the acquisition in February of MDT Personnel, a large industrial staffing firm.

“We saw steady growth in demand for our services across most industries and locations, and we are especially encouraged by an increase in construction activity,” CEO Steve Cooper said in a press release.

“The increased business activity we are seeing in our results indicates positive signs for the economy this year,” Cooper said. “The current economic climate allows the company to continue to pursue its organic and acquisition growth strategies.”

Gross margin at the Tacoma, Wash.-based industrial staffing firm narrowed to 25.0 percent in the first quarter from 25.5 percent in the year-ago quarter.

TrueBlue reported a net loss of $1.1 million in the first quarter compared to net income of $1.5 million in the year-ago quarter. The company said the first quarter included non-recurring acquisition and integration costs related to the acquisition of MDT.

TrueBlue’s brands include Labor Ready, Spartan Staffing, CLP Resources, PlaneTechs and Centerline.

TrueBlue Inc. (NYSE: TBI)
 For the first quarter ended March 29, 2013, compared with the same period last year.
 Revenue: $346.5 million, +11.3 percent
 Net loss: $1.1 million vs. net income of $1.5 million

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