Tacoma-based temporary labor provider TrueBlue Inc. saw its second-quarter profit more than double over the same period last year as the economy showed signs of stirring back to life.
The company said Wednesday that its profit for the second quarter was $7.9 million, compared with $3.7 million for the same quarter in 2009. Those higher earnings came on revenues of $285 million, up 15 percent from the second quarter of 2009. Part of that increased profit, $1.3 million, was the result of tax changes.
“We are seeing customers increase their use of temporary labor to improve the flexibility of their work force,” said TrueBlue Chief Executive Officer Steve Cooper. “We experienced strong revenue growth throughout the quarter.”
Company executives predicted that revenue in the third quarter would continue to grow, to $295 million-$305 million.
The company is parent to Labor Ready, Spartan Staffing, CLP Resources, PlaneTechs and Centerline temporary staffing services.
The second quarter this year saw revenues of $285 million. Profit will be in the range of 15 cents to 20 cents per share in the next quarter, the company said. Second-quarter profit was 18 cents a share.
The company closed 12 locations in the past quarter and opened four others. The company had 739 branch locations at the end of the quarter.
Some of the branch closures were the result of contracts with specific employers ending; others, in some cases, were consolidations to improve efficiency, said company executives.
In answer to an analyst’s question about what the company plans to do with accumulating cash, Cooper said TrueBlue will take its time deciding how to deploy those funds – by making strategic acquisitions or by buying back stock, or both.