TrueBlue Reports 2013 Third Quarter Results

TrueBlue, Inc. (NYSE:TBI) today reported revenue for the third quarter of 2013 of $451 million, an increase of 19 percent compared to revenue of $379 million for the third quarter of 2012. Net income for the quarter was $19.0 million or $0.47 per diluted share, compared to net income of $14.3 million or $0.36 per diluted share for the third quarter of 2012. Excluding non-recurring transaction costs associated with acquisitions, net income per diluted share for the third quarter was $0.48.^*

“This quarter’s results reflect the successful execution of our growth strategies, which include blending strong organic growth with acquisitions that increase our share of the blue-collar job market,” TrueBlue CEO Steve Cooper said. “In addition to the strong organic revenue growth we have achieved so far this year, the acquisitions we closed in 2013 will add approximately $300 million of go-forward annual revenue.”

TrueBlue completed its acquisition of The Work Connection at the beginning of the fourth quarter. The addition of The Work Connection expands the range and reach of TrueBlue’s light industrial staffing business.

“We are encouraged by the strong demand for our services and believe there are opportunities ahead to pursue additional acquisitions that fit our strategies and enhance our ability to serve our customers,” Cooper added.

TrueBlue estimates revenue in the range of $430 million to $440 million and net income per diluted share of $0.30 to $0.35 for the fourth quarter of 2013.

Management will discuss third quarter 2013 results on a conference call at 2 p.m. Pacific Time (5 p.m. Eastern Time), today, Wednesday, Oct. 23. The conference call can be accessed on TrueBlue’s web site: www.trueblue.com

^* This is a non-GAAP financial measure for which 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 140,000 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. Through its Labor Ready, CLP, Spartan Staffing, PlaneTechs, and Centerline service lines, TrueBlue connects approximately 350,000 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.