Aesthetic Medical International 8-K Ablest Reports Record Fiscal 2004 and Fourth Quarter Revenue

Exhibit 99.1

1901 Ulmerton Road, Suite 300
Clearwater, Florida 33762-2317
(727) 299-1200
www.ablest.com

FOR IMMEDIATE RELEASE	SYMBOL: AIH
Tuesday, February 22, 2005	TRADED: AMEX

ABLEST REPORTS RECORD FISCAL 2004 AND FOURTH QUARTER REVENUE

     CLEARWATER, Fla., Feb. 22 — Ablest Inc. today announced record revenue for the fiscal year ended December 26, 2004, of $116.4 million, an increase of 11.8 percent over revenue of $104.0 million in fiscal 2003. Operating income was $1.4 million, a 29.3 percent increase over 2003 operating income of $1.1 million. Net income amounted to $883,000 or $0.30 per diluted share. This compares with 2003 net income of $2.9 million or $1.01 per diluted share, which included a tax benefit related to the reversal of $2.4 million in valuation allowances for deferred taxes.

     For the fourth quarter ended December 26, 2004, revenue increased 13.3 percent to $33.8 million from the previous year’s record fourth quarter level of $29.9 million. During fiscal 2004, quarterly revenue increased sequentially each quarter including a 13.2 percent increase in the fourth quarter compared to the third quarter. Fourth quarter operating income was $767,000 compared to $741,000 for the similar 2003 period.

     “We are pleased with our 2004 results,” said Kurt R. Moore, president and chief executive officer. “Our record revenue for the year was driven by a record fourth quarter that saw strong demand from new and existing light industrial clients. In addition, we opened four new branches in 2004 that contributed $5.4 million in revenue.”

     Mr. Moore added, “Higher unemployment insurance costs and workers’ compensation expenditures have reduced our margins. We have initiatives focused on managing those costs and have aligned our incentive compensation programs with return on revenue. In addition, we continue to closely manage expense levels, and we were able to reduce SG&A expenses as a percentage of revenue.”

     Ablest Inc. provides its clients with staffing solutions, managed services and vendor-on-premise (VOP) programs. Staffing solutions include clerical, industrial and information technology personnel provided through Ablest Staffing Services and Ablest Technology Services. Ablest supplies more than 30,000 field employees and consultants to more than 3,500 businesses annually through 49 locations in the Eastern and Southwestern United States.

     Statements made in this news release, other than those concerning historical information, should be considered forward-looking and subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected. Readers should carefully review and consider disclosures, including periodic reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission, which attempt to advise interested parties of the factors which affect the Company’s business.

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PAGE 2 / ABLEST REPORTS RECORD FISCAL 2004 AND FOURTH QUARTER REVENUE

ABLEST INC.
Condensed Statements of Operations
(Amounts in thousands except share and per share amounts)
(Unaudited)

	For the Thirteen Week						For the Fifty-two Week
	Periods Ended						Periods Ended
	December 26, 2004			December 28, 2003			December 26, 2004		December 28, 2003
Net service revenues	$	33,844		$	29,877		$	116,353	$	104,048
Cost of Services		28,756			24,558			97,938		86,335
Gross Profit		5,088			5,319			18,415		17,713
Selling, general and administrative expenses		4,321			4,578			17,043		16,652
Operating income		767			741			1,372		1,061
Other:
Interest income (expense), net		(1	)		1			1		(30	)
Miscellaneous, net		24			36			25		83
Other income		23			37			26		53
Income from continuing operations before income taxes		790			778			1,398		1,114
Income tax expense (benefit)		284			(1,896	)		515		(1,769	)
Net income from continuing operations	$	506		$	2,674		$	883	$	2,883
Discontinued operations:
Adjustment to loss on sale of discontinued operations, net of income taxes		—			45			—		45
Net income	$	506			2,719			883		2,928
Basic net income per common share:
Continuing operations	$	0.18		$	0.94		$	0.31	$	1.01
Discontinued operations	$	—		$	0.02		$	—	$	0.02
Basic net income per common share	$	0.18		$	0.96		$	0.31	$	1.03
Diluted net income per common share:
Continuing operations	$	0.17		$	0.92		$	0.30	$	0.99
Discontinued operations	$	—		$	0.02		$	—	$	0.02
Diluted net income per common share	$	0.17		$	0.94		$	0.30	$	1.01
Weighted average number of common shares used in computing net income per common share
Basic		2,840,345			2,838,048			2,839,272		2,848,821
Diluted		2,933,898			2,908,492			2,921,853		2,902,470

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PAGE 3 / ABLEST REPORTS RECORD FISCAL 2004 AND FOURTH QUARTER REVENUE

ABLEST INC.
Condensed Balance Sheets
(Amounts in thousands except share and per share amounts)

	December 26, 2004			December 28, 2003
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	1,357		$	1,614
Accounts receivable, net		16,783			13,778
Prepaid expenses and other current assets		160			213
Current deferred tax asset		1,369			1,085
Total current assets		19,669			16,690
Property, plant and equipment, net		543			647
Deferred tax asset		3,208			3,920
Goodwill, net		1,283			1,283
Other assets		40			39
Total assets	$	24,743		$	22,579
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	378		$	326
Accrued expenses and other current liabilities		5,483			4,438
Total current liabilities		5,861			4,764
Other liabilities		117			89
Total liabilities		5,978			4,853
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock of $.05 par value; 500,000 shares authorized, none issued or outstanding at December 26, 2004 and December 28, 2003		—			—
Common stock of $.05 par value; 7,500,000 shares authorized, 3,334,344 and 3,308,929 shares issued and outstanding including shares held in treasury at December 26, 2004 and December 28, 2003, respectively		167			165
Additional paid-in capital		5,172			5,018
Retained earnings		15,536			14,653
Treasury stock at cost; 457,729 shares held at September 26, 2004 and December 28, 2003		(2,110	)		(2,110	)
Total stockholders’ equity		18,765			17,726
Total liabilities and stockholders’ equity	$	24,743		$	22,579

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SOURCE:	Ablest Inc.
CONTACT:	Vincent J. Lombardo, Vice President and Chief Financial Officer, 727-299-1200 or vlombardo@ablest.com/