14.11.2007 17:00:00
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Labor Ready to Present Company Update
Labor Ready, Inc. (NYSE: LRW) CEO Steve Cooper and CFO Derrek Gafford
will review the company’s current strategies
and operational trends with analysts and portfolio managers at noon
(ET), today in New York City. The presentation will be available on the
Labor Ready website at www.laborready.com
under Investor Relations.
In anticipation of management’s presentation,
the company reaffirmed its previously released forecast for the fourth
quarter of 2007. The company estimates revenue for the fourth quarter to
be between $345 million and $350 million. Estimated net income per
diluted share for the fourth quarter is expected to be between $0.32 and
$0.34.
The company announced that it will be changing its name to "TrueBlue,
Inc.” In connection with this name change, the
ticker symbol for the company's common stock on the New York Stock
Exchange will change to "TBI." These changes take effect Dec. 18, 2007.
"We operate as one company with multiple
brands in the ‘blue collar’
staffing market,” said CEO Cooper. "Each
of our brands, Labor Ready, Spartan Staffing and CLP Resources, will
continue to operate under their brand name, providing our customers with
specialized services to meet their needs. Renaming the company provides
a clear distinction between the parent company and each of our brands
and brings focus to our vision to be the leading provider of blue-collar
staffing.” This news release contains forward-looking statements, such as
statements about the ranges of revenues, gross margins and net income
anticipated for future periods, improvements in safety and workers’
compensation claims and costs, strategies for increasing revenue and net
income, and other factors that may affect Labor Ready’s
financial results and operations in the future. Labor Ready’s
actual results are, however, subject to a number of risks, including
without limitation the following: 1) national and global economic
conditions, including the impact of changes in national and global
credit markets and other changes on Labor Ready customers; 2) Labor Ready’s
ability to continue to attract and retain customers and maintain profit
margins in the face of new and existing competition; 3) potential new
laws and regulations that could have a materially adverse effect on
Labor Ready’s operations and financial
results; 4) significant labor disturbances which could disrupt
industries Labor Ready serves; 5) increased costs and collateral
requirements in connection with Labor Ready’s
insurance obligations, including workers’
compensation insurance; 6) the adequacy of Labor Ready’s
financial reserves; 7) Labor Ready’s
continuing ability to comply with financial covenants in its lines of
credit and other financing agreements; 8) Labor Ready’s
ability to attract and retain competent employees in key positions or to
find temporary employees or skilled trade workers to fulfill the needs
of our customers; 9) Labor Ready’s ability to
successfully complete and integrate acquisitions that it may make from
time to time; 10) Labor Ready’s ability to
timely execute strategies for acquired companies; and 11) other risks
described in Labor Ready’s filings with the
Securities and Exchange Commission, including its most recent Form 10-K
and Form 10-Q filings. About Labor Ready
Labor Ready is an international provider of blue-collar staffing with
three business lines including general labor, light industrial and
skilled trades. The company operates under the brand names of Labor
Ready for its general labor business line; Spartan Staffing for its
light industrial business line; and CLP Resources for its skilled trades
business line. The company’s customers are
primarily small to mid-sized businesses in the construction,
warehousing, hospitality, landscaping, transportation, light
manufacturing, retail, wholesale, facilities and sanitation industries.
Annually, the company serves more than 300,000 customers and puts
approximately 600,000 people to work through its more than 900 branch
offices in the United States, Canada, and the United Kingdom. For
additional information, visit Labor Ready’s
website at www.laborready.com.
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