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TrueBlue Reports Third Quarter 2015 Results

TACOMA, Wash.--(BUSINESS WIRE)--TrueBlue, Inc. (NYSE:TBI) announced today that revenue for the third quarter of 2015 was $684 million, an increase of 8 percent, compared to revenue of $633 million for the third quarter of 2014. Adjusted net income per share* for the third quarter of 2015 was $0.54, up from $0.53 a year ago, an increase of 2 percent.

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“Our team delivered solid organic revenue results this quarter,” said TrueBlue CEO Steve Cooper. “The pace of growth took a significant step up compared to our growth in the first half of the year. We are especially pleased that the improved results came from most geographies and industries including construction. We also saw improvement with small to medium-sized customers and continued strength with national customers.

“The appeal of our specialized service offerings continues to grow in a tightening labor market and we expect another solid quarter of growth as we finish 2015,” Cooper added. “We are excited about the opportunities for increased demand in our services during 2016 and the powerful earnings growth our business can produce.”

For the fourth quarter of 2015, the company estimates revenue in the range of $738 million to $753 million and adjusted net income per share of $0.58 to $0.64.

Management will discuss third quarter 2015 results on a conference call at 2 p.m. PT (5 p.m. ET), today, Wednesday, Oct. 21. The conference call can be accessed on TrueBlue’s website: www.trueblue.com&index=1&md5=f0f367512987e68b0001465be790c86...">www.trueblue.com.

*See the financial statements accompanying the release and the company’s website for more information on non-GAAP terms.

About TrueBlue

TrueBlue (NYSE:TBI) is a leading provider of specialized workforce solutions, helping clients improve growth and performance by providing staffing, workforce management, and recruitment process outsourcing solutions. The company’s specialized workforce solutions meet clients’ needs for a reliable, efficient workforce in a wide variety of industries. TrueBlue connects as many as 750,000 people to work each year. Learn more at www.trueblue.com&index=2&md5=eaef968fcbedf63ba17a3b41046b246...">www.trueblue.com.

Forward-looking Statements

This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “expects,” “intends,” “projects,” “plans,” “believes,” “estimates,” “targets,” “anticipates,” and similar expressions are used to identify these forward-looking statements. Examples of forward-looking statements include statements relating to our future financial condition and operating results, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Examples of such factors can be found in our reports filed with the SEC, including the information under the heading ‘Risk Factors’ in our Annual Report on Form 10-K for the fiscal year ended Dec. 26, 2014. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

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TRUEBLUE, INC.
SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share data)

13 Weeks Ended 39 Weeks Ended
September 25, September 26, September 25, September 26,
2015 2014 2015 2014
Revenue from services $ 683,918 $ 633,365 $ 1,884,947 $ 1,482,655
Cost of services 515,051 473,766 1,434,278 1,103,914
Gross profit 168,867 159,599 450,669 378,741
Selling, general and administrative expenses 125,117 120,318 354,569 308,654
Depreciation and amortization 10,498 9,719 31,415 20,126

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