2014 Q2 Form 10-Q Financial Statement

#000076889914000041 Filed on July 28, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $453.2M $422.3M
YoY Change 7.32% 19.21%
Cost Of Revenue $333.6M $310.4M
YoY Change 7.48% 19.07%
Gross Profit $119.6M $111.9M
YoY Change 6.89% 19.6%
Gross Profit Margin 26.38% 26.49%
Selling, General & Admin $96.35M $89.34M
YoY Change 7.85% 24.9%
% of Gross Profit 80.57% 79.86%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.200M $5.200M
YoY Change 0.0% 10.64%
% of Gross Profit 4.35% 4.65%
Operating Expenses $96.35M $89.34M
YoY Change 7.85% 24.9%
Operating Profit $17.98M $17.33M
YoY Change 3.76% 0.29%
Interest Expense $322.0K $336.0K
YoY Change -4.17% 37.7%
% of Operating Profit 1.79% 1.94%
Other Income/Expense, Net $450.0K $275.0K
YoY Change 63.64% -33.25%
Pretax Income $18.43M $17.61M
YoY Change 4.69% -0.49%
Income Tax $2.350M $5.069M
% Of Pretax Income 12.75% 28.79%
Net Earnings $16.08M $12.54M
YoY Change 28.28% 21.28%
Net Earnings / Revenue 3.55% 2.97%
Basic Earnings Per Share $0.39 $0.31
Diluted Earnings Per Share $0.39 $0.31
COMMON SHARES
Basic Shares Outstanding 40.74M shares 40.14M shares
Diluted Shares Outstanding 40.97M shares 40.42M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $167.8M $136.0M
YoY Change 23.42% 5.1%
Cash & Equivalents $162.8M $116.1M
Short-Term Investments $4.997M
Other Short-Term Assets $17.60M $13.90M
YoY Change 26.62% 19.83%
Inventory
Prepaid Expenses
Receivables $208.4M $199.3M
Other Receivables $700.0K $7.000M
Total Short-Term Assets $394.6M $356.2M
YoY Change 10.77% 16.83%
LONG-TERM ASSETS
Property, Plant & Equipment $53.18M $56.31M
YoY Change -5.56% -1.72%
Goodwill $82.24M $74.63M
YoY Change 10.2%
Intangibles $28.46M $26.04M
YoY Change 9.3%
Long-Term Investments
YoY Change
Other Assets $35.39M $24.16M
YoY Change 46.49% -84.17%
Total Long-Term Assets $352.2M $319.5M
YoY Change 10.23% 15.8%
TOTAL ASSETS
Total Short-Term Assets $394.6M $356.2M
Total Long-Term Assets $352.2M $319.5M
Total Assets $746.8M $675.7M
YoY Change 10.52% 16.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $29.20M $25.30M
YoY Change 15.42% 14.48%
Accrued Expenses $44.60M $46.90M
YoY Change -4.9% 13.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $49.00M $46.40M
YoY Change 5.6%
Total Short-Term Liabilities $125.3M $127.3M
YoY Change -1.57% 7.95%
LONG-TERM LIABILITIES
Long-Term Debt $28.50M $30.80M
YoY Change -7.47%
Other Long-Term Liabilities $11.51M $3.955M
YoY Change 190.92% -97.45%
Total Long-Term Liabilities $11.51M $3.955M
YoY Change 190.92% -97.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $125.3M $127.3M
Total Long-Term Liabilities $11.51M $3.955M
Total Liabilities $330.4M $322.2M
YoY Change 2.54% 18.06%
SHAREHOLDERS EQUITY
Retained Earnings $413.8M $351.2M
YoY Change 17.81%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $416.4M $353.5M
YoY Change
Total Liabilities & Shareholders Equity $746.8M $675.7M
YoY Change 10.52% 16.34%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $16.08M $12.54M
YoY Change 28.28% 21.28%
Depreciation, Depletion And Amortization $5.200M $5.200M
YoY Change 0.0% 10.64%
Cash From Operating Activities $5.400M $18.00M
YoY Change -70.0% 78.22%
INVESTING ACTIVITIES
Capital Expenditures -$4.000M -$3.200M
YoY Change 25.0% -44.83%
Acquisitions
YoY Change
Other Investing Activities $32.00M -$12.00M
YoY Change -366.67% -366.67%
Cash From Investing Activities $28.00M -$15.30M
YoY Change -283.01% 1076.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 300.0K 2.900M
YoY Change -89.66% -170.73%
NET CHANGE
Cash From Operating Activities 5.400M 18.00M
Cash From Investing Activities 28.00M -15.30M
Cash From Financing Activities 300.0K 2.900M
Net Change In Cash 33.70M 5.600M
YoY Change 501.79% 19.15%
FREE CASH FLOW
Cash From Operating Activities $5.400M $18.00M
Capital Expenditures -$4.000M -$3.200M
Free Cash Flow $9.400M $21.20M
YoY Change -55.66% 33.33%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recently Issued Accounting Pronouncements </font></div><div style="line-height:174%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (&#8220;ASU&#8221;) 2014-09 related to revenue recognition. This guidance sets forth a five-step revenue recognition model, which supersedes the prior revenue recognition guidance, as well as most industry-specific revenue recognition guidance that previously existed in GAAP. The underlying principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. The standard also requires more detailed disclosures and provides additional guidance for transactions that were not addressed completely in the prior accounting guidance. The ASU provides two methods of initial adoption; retrospective for all periods presented, or through a cumulative adjustment in the year of adoption. It is effective for annual periods beginning after December 15, 2016, including interim periods within those annual periods. Early adoption is not permitted. We have not yet determined which method of adoption will be applied and are currently evaluating the impact that this standard will have on our consolidated financial statements.</font></div></div>
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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412000 USD
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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281000 shares
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279000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
286000 shares
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230000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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40248000 shares
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WeightedAverageNumberOfDilutedSharesOutstanding
40421000 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2014Q2 us-gaap Workers Compensation Discount Amount
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18400000 USD
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CY2014Q2 us-gaap Workers Compensation Liability Current And Noncurrent
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31474000 USD
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CollateralCommitmentsCashAndCashEquivalentsHeldInTrust
16874000 USD
CY2014Q2 tbi Collateral Commitments Cash Collateral For Letters Of Credit
CollateralCommitmentsCashCollateralForLettersOfCredit
1864000 USD
CY2013Q4 tbi Collateral Commitments Cash Collateral For Letters Of Credit
CollateralCommitmentsCashCollateralForLettersOfCredit
1864000 USD
CY2013Q4 tbi Collateral Commitments Cash Collateral Held By Insurance Carriers
CollateralCommitmentsCashCollateralHeldByInsuranceCarriers
23747000 USD
CY2014Q2 tbi Collateral Commitments Cash Collateral Held By Insurance Carriers
CollateralCommitmentsCashCollateralHeldByInsuranceCarriers
22707000 USD
CY2013Q4 tbi Collateral Commitments Lettersof Credit
CollateralCommitmentsLettersofCredit
7867000 USD
CY2014Q2 tbi Collateral Commitments Lettersof Credit
CollateralCommitmentsLettersofCredit
7824000 USD
tbi Collateral Commitments Surety Bond Annual Fee Limit Percentage Of Bond Amount
CollateralCommitmentsSuretyBondAnnualFeeLimitPercentageOfBondAmount
0.02
CY2014Q2 tbi Collateral Commitments Surety Bonds
CollateralCommitmentsSuretyBonds
15829000 USD
CY2013Q4 tbi Collateral Commitments Surety Bonds
CollateralCommitmentsSuretyBonds
16099000 USD
tbi Collateral Commitments Surety Bonds Required Cancellation Notice
CollateralCommitmentsSuretyBondsRequiredCancellationNotice
P60D
CY2014Q2 tbi Collateral Commitments Total Collateral Commitments
CollateralCommitmentsTotalCollateralCommitments
159808000 USD
CY2013Q4 tbi Collateral Commitments Total Collateral Commitments
CollateralCommitmentsTotalCollateralCommitments
165865000 USD
tbi Estimated Income Tax Rate Beforethe Effectof Tax Benefit
EstimatedIncomeTaxRateBeforetheEffectofTaxBenefit
0.399
tbi Estimated Income Tax Rate Beforethe Effectof Tax Benefit
EstimatedIncomeTaxRateBeforetheEffectofTaxBenefit
0.344
CY2014Q2 tbi Heldto Maturity Securities Accumulated Unrecognized Holding Loss
HeldtoMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss
232000 USD
CY2013Q4 tbi Heldto Maturity Securities Accumulated Unrecognized Holding Loss
HeldtoMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss
781000 USD
CY2014Q2 tbi Heldtomaturity Securities Accumulated Unrecognized Holding Gain
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1436000 USD
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HeldtomaturitySecuritiesAccumulatedUnrecognizedHoldingGain
1043000 USD
tbi Income Tax Benefit Expense Recognized Under Provisions Of American Taxpayer Relief Act Of Two Thousand Twelve
IncomeTaxBenefitExpenseRecognizedUnderProvisionsOfAmericanTaxpayerReliefActOfTwoThousandTwelve
5000000 USD
tbi Sharebased Compensation Arrangementby Sharebased Payment Award Numberof Common Stock Shares Representedby Each Performance Share
SharebasedCompensationArrangementbySharebasedPaymentAwardNumberofCommonStockSharesRepresentedbyEachPerformanceShare
1 shares
tbi Weighted Average Period Claim Payments And Receivables Above Deductible Limit
WeightedAveragePeriodClaimPaymentsAndReceivablesAboveDeductibleLimit
P15Y7M6D
tbi Workers Compensation Claim Deductible Limit
WorkersCompensationClaimDeductibleLimit
2000000 USD
CY2013Q4 tbi Workers Compensation Claim Receivables Net Of Valuation Allowance
WorkersCompensationClaimReceivablesNetOfValuationAllowance
28400000 USD
CY2014Q2 tbi Workers Compensation Claim Receivables Net Of Valuation Allowance
WorkersCompensationClaimReceivablesNetOfValuationAllowance
29300000 USD
tbi Workers Compensation Expense
WorkersCompensationExpense
33500000 USD
tbi Workers Compensation Expense
WorkersCompensationExpense
29700000 USD
CY2013Q2 tbi Workers Compensation Expense
WorkersCompensationExpense
16600000 USD
CY2014Q2 tbi Workers Compensation Expense
WorkersCompensationExpense
17500000 USD
CY2013Q4 tbi Workers Compensation Liability Netof Discount
WorkersCompensationLiabilityNetofDiscount
214829000 USD
CY2014Q2 tbi Workers Compensation Liability Netof Discount
WorkersCompensationLiabilityNetofDiscount
214037000 USD
CY2013Q4 tbi Workers Compensation Valuation Allowance
WorkersCompensationValuationAllowance
5700000 USD
CY2014Q2 tbi Workers Compensation Valuation Allowance
WorkersCompensationValuationAllowance
4900000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-26
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-27
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000768899
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
41512441 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
TrueBlue, Inc.
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
dei Trading Symbol
TradingSymbol
TBI

Files In Submission

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0000768899-14-000041-index.html Edgar Link pending
0000768899-14-000041.txt Edgar Link pending
0000768899-14-000041-xbrl.zip Edgar Link pending
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Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
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tbi-20140627.xsd Edgar Link pending
tbi-20140627_cal.xml Edgar Link unprocessable
tbi-20140627_def.xml Edgar Link unprocessable
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tbi10q062714ex311.htm Edgar Link pending
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