TrueBlue, Inc. (TBI) has reported 35.79 percent plunge in profit for the quarter ended Jan. 01, 2017. The company has earned $18.09 million, or $0.43 a share in the quarter, compared with $28.17 million, or $0.67 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $23.98 million, or $0.56 a share compared with $28.65 million or $0.67 a share, a year ago. Revenue during the quarter dropped 9.35 percent to $734.95 million from $810.73 million in the previous year period. Gross margin for the quarter expanded 179 basis points over the previous year period to 24.61 percent. Total expenses were 96.81 percent of quarterly revenues, up from 95.91 percent for the same period last year. That has resulted in a contraction of 89 basis points in operating margin to 3.19 percent.
Operating income for the quarter was $23.48 million, compared with $33.16 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $39.78 million compared with $46.34 million in the prior year period. At the same time, adjusted EBITDA margin contracted 30 basis points in the quarter to 5.41 percent from 5.72 percent in the last year period.
"Revenue on a comparable 13-week basis was up five percent excluding our largest customer," TrueBlue chief executive officer Steve Cooper said. "We remain highly focused on profit margins through disciplined pricing, ongoing cost containment, and capturing synergies with our acquired businesses.
For the first-quarter, Trueblue forecasts revenue to be in the range of $560 million to $575 million. The company expects diluted loss per share to be in the range of negative $0.01 to $0.04 for the first-quarter. On an adjusted basis, the company expects diluted earnings per share to be in the range of $0.09 to $0.14 for the first-quarter.
Operating cash flow improves significantlyTrueBlue, Inc. has generated cash of $261.75 million from operating activities during the year, up 263.18 percent or $189.68 million, when compared with the last year. The company has spent $143.22 million cash to meet investing activities during the year as against cash outgo of $105.03 million in the last year.
The company has spent $115.12 million cash to carry out financing activities during the year as against cash inflow of $42.79 million in the last year period.
Cash and cash equivalents stood at $34.97 million as on Jan. 01, 2017, up 17.42 percent or $5.19 million from $29.78 million on Dec. 25, 2015.
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