Tacoma's TrueBlue Inc. reports record year

Staff writerFebruary 7, 2014 

Tacoma-headquartered industrial staffing provider reported this week fourth quarter and annual financial results that substantially exceeded 2012's fourth quarter and 2012 annual figures.

"We are experiencing strong organic growth across the business, and the acquisitions completed in 2013 have exceeded our expectations," said Steve Cooper, TrueBlue's chief executive.

Fourth quarter revenue was $449 million, a 30 percent increase compared with revenue of $345 million for the fourth quarter of 2012.  Net income was reported at $14.5 million, or 36 cents per share, compared with net income of $7.4 million, or 19 cents a share, in the fourth quarter of 2012. That's a 95.7 percent increase.

Full year revenues for 2013 were $1.67 billion, a 20 percent increase compared with $1.39 billion for fiscal 2012. Net income was almost $45 million compared with $33.6 million for 2012.  That income amounts to $1.11 a share for 2013 and 84 cents a share for the prior year.

Part of the large increases in revenues and profits were due to the acquisitions the company made in 2013.  TrueBlue acquired The Work Connection at the beginning of the fourth quarter last year and two other companies during the year. Those acquisitions contributed about $300 million in annualized revenues to TrueBlue.

The company predicted revenues ranging from $398 million to $408 million in the first quarter of 2014 and net income ranging from 0 to 5 cents a share in that period.

TrueBlue shares closed Friday at $25.26 a share, down 22 cents a share.

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


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