Annual Shareholder Meeting

TrueBlue, Inc. announced unaudited consolidated earnings results for the first quarter ended March 29, 2013. For the quarter, the company reported revenue from services of $346,498,000 against $311,187,000 a year ago. Loss from operations was $6,952,000 against income from operations of $2,385,000 a year ago. Loss before tax expense was $6,475,000 against $2,649,000 a year ago. Net loss was $1,076,000 against net income of $1,530,000 a year ago. Diluted LPS was $0.03 against EPS of $0.04 a year ago. Net cash provided by operating activities were $6,097,000 against $17,692,000 a year ago. Capital expenditures were $3,952,000 against $3,704,000 a year ago. Purchases of restricted investments were $1,365,000 against $7,662,000 a year ago. Acquisition of business, net of cash acquired was $53,248,000. Negative EBITDA was $4 million compared to EBITDA of $7 million reported a year ago. Adjusted EBITDA was $2 million compared to $7 million reported a year ago. For the second quarter of 2013, the company estimates revenue in the range of $415 million to $425 million and net income per diluted share for the quarter of $0.22 to $0.27. Gross margin should be 25.6% to 26%, which is lower than second quarter last year, due to the MDT acquisition, which carried a lower gross margin than its blended average. Depreciation and amortization will be a little under $5.5 million, which includes $0.5 million for MDT. The company’s effective income tax rate is expected to be about 35%. For fiscal year 2013, the company’s expect about $85 million of adjusted EBITDA, or nearly 20% growth over 2012. The company estimates: income from operations of $55 million; depreciation and amortization of $22 million; EBITDA of $77 million.

TrueBlue, Inc., Q1 2013 Earnings Call, Apr 24, 2013