Exhibit 99.1
![]() | 1901 Ulmerton Road, Suite 300 Clearwater, Florida 33762-2317 (727) 299-1200 www.ablest.com |
FOR IMMEDIATE RELEASE Thursday, November 3, 2005 | SYMBOL: AIH TRADED: AMEX |
ABLEST ANNOUNCES THIRD QUARTER RESULTS
CLEARWATER, Fla., Nov. 3 — Ablest Inc. (Amex: AIH) today announced that revenue for the fiscal third quarter ended September 25, 2005, increased 16.6 percent to $34.9 million from revenue of $29.9 million in the fiscal third quarter of 2004. Net income was $367,000 or $0.13 per diluted share, compared to net income of $588,000 or $0.20 per diluted share for the similar period last year, reflecting a $290,000 pretax charge related to a settlement agreement with the company’s former chief financial officer.
Revenues for the first nine months of fiscal 2005 increased 19.3 percent to $98.5 million from $82.5 million in the corresponding period of the prior fiscal year. For the nine months ended September 25, 2005, the company reported net income of $1.2 million or $0.41 per diluted share compared to net income of $377,000 equal to $0.13 per diluted share for the first nine months of fiscal 2004.
Kurt R. Moore, president and chief executive officer, said, “Ablest branches opened in 2004 and 2005 contributed over half of the $16 million year-to-date increase in revenue. Our associates’ hard work and commitment to the Ablest business model are creating results which allow us to move forward with our expansion plans.”
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 55 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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Exhibit 99.1
PAGE 2 / ABLEST ANNOUNCES THIRD QUARTER RESULTS
PAGE 2 / ABLEST ANNOUNCES THIRD QUARTER RESULTS
ABLEST INC.
Condensed Statements of Income
(Amounts in thousands except share and per share amounts)
(Unaudited)
Condensed Statements of Income
(Amounts in thousands except share and per share amounts)
(Unaudited)
For the Thirteen Week | For the Thirty-nine Week | |||||||||||||||
Periods Ended | Periods Ended | |||||||||||||||
Sept 25, 2005 | Sept. 26, 2004 | Sept. 25, 2005 | Sept. 26, 2004 | |||||||||||||
Net service revenues | $ | 34,873 | $ | 29,912 | $ | 98,459 | $ | 82,509 | ||||||||
Cost of Services | 29,107 | 24,838 | 81,974 | 69,182 | ||||||||||||
Gross Profit | 5,766 | 5,074 | 16,485 | 13,327 | ||||||||||||
Selling, general and administrative expenses | 5,177 | 4,127 | 14,541 | 12,722 | ||||||||||||
Operating income | 589 | 947 | 1,944 | 605 | ||||||||||||
Other: | ||||||||||||||||
Interest income, net | — | — | — | 2 | ||||||||||||
Miscellaneous, net | 1 | — | (2 | ) | 1 | |||||||||||
Other income (loss) | 1 | — | (2 | ) | 3 | |||||||||||
Income before income taxes | 590 | 947 | 1,942 | 608 | ||||||||||||
Income tax expense | 223 | 359 | 737 | 231 | ||||||||||||
Net income | $ | 367 | $ | 588 | $ | 1,205 | $ | 377 | ||||||||
Basic net income per common share | $ | 0.13 | $ | 0.21 | $ | 0.42 | $ | 0.13 | ||||||||
Diluted net income per common share | $ | 0.13 | $ | 0.20 | $ | 0.41 | $ | 0.13 | ||||||||
Weighted average number of common shares used in computing net income per common share | ||||||||||||||||
Basic | 2,863,168 | 2,840,350 | 2,860,418 | 2,838,915 | ||||||||||||
Diluted | 2,930,644 | 2,926,233 | 2,922,079 | 2,917,838 | ||||||||||||
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Exhibit 99.1
PAGE 3 / ABLEST ANNOUNCES THIRD QUARTER RESULTS
ABLEST INC.
Condensed Balance Sheets
(Amounts in thousands except share and per share amounts)
Condensed Balance Sheets
(Amounts in thousands except share and per share amounts)
September 25, 2005 | December 26, 2004 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash | $ | 3,305 | $ | 1,357 | ||||
Accounts receivable, net | 16,993 | 16,783 | ||||||
Prepaid expenses and other current assets | 448 | 160 | ||||||
Current deferred tax asset | 1,369 | 1,369 | ||||||
Total current assets | 22,115 | 19,669 | ||||||
�� | ||||||||
Property, plant and equipment, net | 583 | 543 | ||||||
Deferred tax asset | 2,506 | 3,208 | ||||||
Goodwill | 1,283 | 1,283 | ||||||
Other assets | 45 | 40 | ||||||
Total assets | $ | 26,532 | $ | 24,743 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable | $ | 639 | $ | 378 | ||||
Accrued insurance | 1,924 | 3,069 | ||||||
Accrued wages | 3,056 | 1,989 | ||||||
Other current liabilities | 617 | 425 | ||||||
Total current liabilities | 6,236 | 5,861 | ||||||
Other liabilities | 209 | 117 | ||||||
Total liabilities | 6,445 | 5,978 | ||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
STOCKHOLDERS’ EQUITY | ||||||||
Preferred stock of $.05 par value; 500,000 shares authorized, none issued or outstanding at September 25, 2005 and December 26, 2004 | — | — | ||||||
Common stock of $.05 par value; 7,500,000 shares authorized, 3,350,097 and 3,334,344 shares issued and outstanding including shares held in treasury at September 25, 2005 and December 26, 2004, respectively | 168 | 167 | ||||||
Additional paid-in capital | 5,288 | 5,172 | ||||||
Retained earnings | 16,741 | 15,536 | ||||||
Treasury stock at cost; 457,729 shares held at September 25, 2005 and December 26, 2004 | (2,110 | ) | (2,110 | ) | ||||
Total stockholders’ equity | 20,087 | 18,765 | ||||||
Total liabilities and stockholders’ equity | $ | 26,532 | $ | 24,743 | ||||
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SOURCE: | Ablest Inc. | |
CONTACT: | Kurt R. Moore, President and Chief Executive Officer, | |
727-299-1200 or kmoore@ablest.com/ |