Although Tacoma-based workforce management company TrueBlue on Wednesday announced that revenue for the second quarter totaled $673 million, an increase of 7 percent compared to revenue of $628 million for the same quarter last year, the company did report an overall quarterly loss.
Net loss for the second quarter was $64 million, or $1.53 per share, compared to net income of $17 million, or 42 cents per share for the second quarter of 2015.
Included in the results for the second quarter is a noncash goodwill and intangible charge of $99 million, which is equivalent to $80 million after tax, or $1.91 per share.
“The impairment was primarily driven by a change in the scope of services with our largest customer as reported by TrueBlue in April,” the company said in its earnings release.
The reported loss aside, TrueBlue CEO Steve Cooper stated, “Revenue trends have been mixed this year, but we have managed our costs and are pleased with how our teams have continued to improve the spread between our bill rates and pay rates. We are taking the right steps to preserve our profit margin and continue producing long-term growth for shareholders.”
In its outlook for the third quarter, the company said it expects revenue of between $717 million and $733 million, and net income between $24 million and $26 million.
C.R. Roberts: 253-597-8535