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TrueBlue net income up 91 percent in fourth quarter

Post by John Gillie / The News Tribune on Feb. 8, 2012 at 3:30 pm with No Comments »
February 8, 2012 3:30 pm

A brisk demand from energy companies and holiday businesses for temporary workers gave Tacoma-based labor provider TrueBlue Inc. an earnings boost in the fourth quarter, the company reported today.

TrueBlue’s net income was up 91 percent for the fourth quarter of 2011 to $7.56 million from $3.96 million in the fourth quarter of 2010. Revenues during last year’s fourth quarter were $350.2 million, up 12 percent from the same period a year earlier. Adjusted for the one-week shorter accounting period in 2011, revenues were up 22 percent, the company said.

For the entire year, net income was up 55.2 percent from $19.8 million in 2010 to $30.8 million in 2011.

TrueBlue Chief Executive Steve Cooper said the company estimates revenue will be in the range of $300 million to $310 million in the first quarter of 2012 and profits will be in the range of zero to 5 cents a share.

TrueBlue’s brands include Labor Ready, Spartan Staffing, CLP Resources, PlaneTechs and Centerline. The company last year provided labor for some 175,000 businesses.

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