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TrueBlue net income down, revenue up

Post by Kelly Kearsley on Jan. 30, 2008 at 5:18 pm with No Comments »
January 30, 2008 5:18 pm

Tacoma-based TrueBlue, Inc. reported a decrease in net income for fourth quarter of last year due mostly to minimum wage increases and the company’s closing of offices.

TrueBlue is the parent company to Labor Ready and other temporary staffing agencies.

The company generated net income of $14.4 million or $0.33 per diluted share, a decrease from $21.6 million or $0.42 per diluted share for the fourth quarter of 2006.

“That’s due the pricing pressure of the tough economy,” CEO Steve Cooper said Wednesday. “We have not been able to pass through all the costs … and we closed a lot of offices and that had to be expensed.”

TrueBlue’s revenue increased 4.6 percent to $353.6 million for the fourth quarter of 2007, compared to revenue of $338.1 million for the same period in 2006.

“The revenue is all driven by the acquisitions we’ve done,” Cooper said. “Our core business revenue is flat.”

TrueBlue acquired a Florida-based construction and aircraft mechanics staffing companies last year.

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