TrueBlue, Inc (TBI) has reported a 32.92 percent plunge in profit for the quarter ended Apr. 02, 2017. The company has earned $4.67 million, or $0.11 a share in the quarter, compared with $6.97 million, or $0.17 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $8.89 million, or $0.21 a share compared with $11.07 million or $0.27 a share, a year ago. Revenue during the quarter dropped 12.03 percent to $568.24 million from $645.98 million in the previous year period. Gross margin for the quarter expanded 124 basis points over the previous year period to 24.54 percent. Total expenses were 98.87 percent of quarterly revenues, up from 98.67 percent for the same period last year. That has resulted in a contraction of 20 basis points in operating margin to 1.13 percent.
Operating income for the quarter was $6.41 million, compared with $8.60 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $17.86 million compared with $21.42 million in the prior year period. At the same time, adjusted EBITDA margin contracted 17 basis points in the quarter to 3.14 percent from 3.32 percent in the last year period.
“Our team did a great job managing bill rates and reducing operating expenses to generate net income ahead of our expectation,” TrueBlue chief executive officer Steve Cooper said. “With the majority of the revenue growth headwind behind us from our former largest customer, we have set the stage for long-term growth.
For the second-quarter, Trueblue projects revenue to be in the range of $600 million to $615 million. Trueblue expects net income to be in the range of $12 million to $14.10 million for the second-quarter. Trueblue forecasts adjusted net income to be in the range of $16 million to $18.20 million for the second-quarter. The company forecasts diluted earnings per share to be in the range of $0.29 to $0.34 for the second-quarter. On an adjusted basis, the company forecasts diluted earnings per share to be in the range of $0.38 to $0.43 for the second-quarter.
Operating cash flow drops significantly
TrueBlue, Inchas generated cash of $53.98 million from operating activities during the quarter, down 66.37 percent or $ 106.53 million, when compared with the last year period. The company has spent $2.68 million cash to meet investing activities during the quarter as against cash outgo of $87.53 million in the last year period.
The company has spent $59.84 million cash to carry out financing activities during the quarter as against cash outgo of $81.32 million in the last year period.
Cash and cash equivalents stood at $26.08 million as on Apr. 02, 2017, up 19.17 percent or $4.19 million from $21.89 million on Mar. 25, 2016.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
