Record Q4 and 2013 Revenue TACOMA, Wash. --(BUSINESS WIRE)-- TrueBlue, Inc. (NYSE:TBI) today reported revenue for the fourth quarter of 2013 of $449 million , an increase of 30 percent compared to revenue of $345 million for the fourth quarter of 2012. Net income for the fourth quarter of 2013 was $14.5 million , or $0 .36 per diluted share, compared to net income of $7.4 million , or $0.19 per diluted share, for the fourth quarter of 2012. Revenue for the fiscal year of 2013 was $1.67 billion , an increase of 20 percent compared to $1.39 billion for fiscal 2012. Net income for 2013 was $44.9 million , or $1.11 per diluted share, compared to $33.6 million , or $0.84 per diluted share, for the prior year. “This was a very successful quarter for us with adjusted EBITDA * growth of 80 percent,” TrueBlue CEO Steve Cooper said. “We are experiencing strong organic growth across the business, and the acquisitions completed in 2013 have exceeded our expectations. Our team’s efforts resulted in a record year, and I am proud of what they accomplished.” TrueBlue acquired substantially all the assets of The Work Connection (TWC) at the beginning of the fourth quarter 2013, which expanded TrueBlue’s light industrial staffing business. TrueBlue completed three acquisitions in 2013, adding about $300 million of annualized revenue. “We remain focused on producing strong organic growth through our specialized sales and service approach, using our strong balance sheet to pursue acquisitions, and continuing to use technology to improve both the customer and worker experience as well our own efficiency,” Cooper said. TrueBlue estimates revenue in the range of $398 million to $408 million and net income per diluted share of $0.00 to $0 .05 for the first quarter of 2014. Management will discuss fourth quarter 2013 results on a conference call at 7 a.m. Pacific Time ( 10 a.m. Eastern Time ), today, Thursday, Feb. 6, 2014 . The conference call can be accessed on TrueBlue’s web site: www.trueblue.com * This is a non-GAAP financial measure for which a reconciliation is provided along with the financial statements accompanying this release. About TrueBlue TrueBlue (NYSE: TBI) is the leading provider of blue-collar staffing and helps over 130,000 businesses be more productive through easy access to dependable temporary labor. TrueBlue provides specialized blue-collar staffing solutions to industries that include construction, manufacturing, transportation, aviation, waste, hospitality, retail, renewable energy and more. TrueBlue connects approximately 375,000 people to work annually across the U.S., Canada and Puerto Rico . Learn more about TrueBlue at www.trueblue.com . Forward-looking Statements This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “expects,” “intends,” “projects,” “plans,” “believes,” “estimates,” “targets,” “anticipates,” and similar expressions are used to identify these forward-looking statements. Examples of forward-looking statements include statements relating to our future financial condition and operating results, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Examples of such factors can be found in our reports filed with the SEC , including the information under the heading ‘Risk Factors’ in our Annual Report on Form 10-K for the fiscal year ended Dec. 28, 2012 and in our quarterly reports on Form 10-Q subsequently filed. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. TRUEBLUE, INC. SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except per share data) 13 Weeks Ended 52 Weeks Ended December 27 , December 28 , December 27 , December 28 , 2013 2012 2013 2012 Revenue from services $ 448,952 $ 344,614 $ 1,668,929 $ 1,389,530 Cost of services 328,690 250,231 1,226,626 1,017,145 Gross profit 120,262 94,383 442,303 372,385 Selling, general and administrative expenses 93,709 79,215 362,248 300,459 Depreciation and amortization 5,339 4,734 20,472 18,890 Income from operations 21,214 10,434 59,583 53,036 Interest and other income, net 186 483 1,354 1,569 Income before tax expense 21,400 10,917 60,937 54,605 Income tax expense 6,889 3,502 16,013 20,976 Net income $ 14,511 $ 7,415 $ 44,924 $ 33,629 Net income per common share Basic $ 0.36 $ 0.19 $ 1.12 $ 0.85 Diluted $ 0.36 $ 0.19 $ 1.11 $ 0.84 Weighted average shares outstanding Basic 40,412 39,549 40,166 39,548 Diluted 40,775 39,929 40,502 39,862 TRUEBLUE, INC. SUMMARY CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands) December 27 , December 28 , 2013 2012 Assets Current assets Cash and cash equivalents $ 122,003 $ 129,513 Marketable securities 14,745 - Accounts receivable, net 199,519 167,292 Other current assets 20,191 20,361 Total current assets 356,458 317,166 Property and equipment, net 54,473 58,171 Restricted cash and investments 154,558 136,259 Other assets, net 153,972 90,147 Total assets $ 719,461 $ 601,743 Liabilities and shareholders' equity Current liabilities $ 121,409 $ 113,556 Long-term liabilities 204,692 154,513 Total liabilities 326,101 268,069 Shareholders' equity 393,360 333,674 Total liabilities and shareholders' equity $ 719,461 $ 601,743 TRUEBLUE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands) 52 Weeks Ended December 27 , December 28 , 2013 2012 Cash flows from operating activities Net income $ 44,924 $ 33,629 Adjustments to reconcile net income to net cash from operating activities Depreciation and amortization 20,472 18,890 Provision for doubtful accounts 12,063 6,994 Stock-based compensation 8,412 7,917 Deferred income taxes (3,844 ) 3,091 Other operating activities 2,116 1,946 Changes in operating assets and liabilities, net of acquisitions Accounts receivable (4,181 ) (20,408 ) Income taxes 4,113 (3,748 ) Other assets (7,341 ) (1,214 ) Accounts payable and other accrued expenses (3,592 ) 1,524 Accrued wages and benefits (3,643 ) (182 ) Workers' compensation claims reserve 9,859 3,746 Other liabilities 6,710 138 Net cash provided by operating activities 86,068 52,323 Cash flows from investing activities Capital expenditures (13,003 ) (17,826 ) Acquisition of businesses, net of cash acquired (77,560 ) - Purchases of marketable securities (40,800 ) - Maturities of marketable securities 20,050 - Change in restricted cash and cash equivalents (16,122 ) 7,587 Purchases of restricted investments (13,411 ) (33,778 ) Maturities of restricted investments 15,581 18,116 Other - (250 ) Net cash used in investing activities (125,265 ) (26,151 ) Cash flows from financing activities Purchases and retirement of common stock - (4,386 ) Net proceeds from stock option exercises and employee stock purchase plans 9,136 4,164 Common stock repurchases for taxes upon vesting of restricted stock (2,800 ) (2,154 ) Proceeds from note payable 34,000 - Payments on debt and other liabilities (8,681 ) (4,548 ) Other 713 751 Net cash provided by (used in) financing activities 32,368 (6,173 ) Effect of exchange rates on cash (681 ) 203 Net change in cash and cash equivalents (7,510 ) 20,202 CASH AND CASH EQUIVALENTS, beginning of period 129,513 109,311 CASH AND CASH EQUIVALENTS, end of period $ 122,003 $ 129,513 TRUEBLUE, INC. NET INCOME TO EBITDA AND ADJUSTED EBITDA RECONCILIATION (Unaudited, in thousands) 13 Weeks Ended 52 Weeks Ended December 27 , December 28 , December 27 , December 28 , 2013 2012 2013 2012 Net income $ 14,511 $ 7,415 $ 44,924 $ 33,629 Income tax expense 6,889 3,502 16,013 20,976 Interest and other income, net (186 ) (483 ) (1,354 ) (1,569 ) Depreciation and amortization 5,339 4,734 20,472 18,890 EBITDA* $ 26,553 $ 15,168 $ 80,055 $ 71,926 Non-recurring acquisition costs 825 - 7,375 - Adjusted EBITDA* $ 27,378 $ 15,168 $ 87,430 $ 71,926 * EBITDA and Adjusted EBITDA are non-GAAP financial measures. EBITDA excludes interest, taxes, depreciation and amortization from net income. Adjusted EBITDA further excludes from EBITDA non-recurring costs related to the purchase, integration, reorganization and shutdown activities related to acquisitions. EBITDA and Adjusted EBITDA are key measures used by management in evaluating performance. EBITDA and Adjusted EBITDA should not be considered a measure of financial performance in isolation or as an alternative to income from operations in the Consolidated Statements of Operations in accordance with GAAP, and, as presented, may not be comparable to similarly titled measures of other companies. TrueBlue, Inc. Derrek Gafford , 253-680-8214 EVP & CFO or Stacey Burke , 253-680-8291 VP of Corporate Communications Source: TrueBlue, Inc.
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