| | | |
| | Exhibit 99.1 |
| | | 1511 N. Westshore Blvd, Suite 900 |
| | | Tampa, Florida 33607 |
| | | (813) 830-7700 |
| | | www.ablest.com |
| | | |
| FOR IMMEDIATE RELEASE | | SYMBOL: AIH |
| Monday May 14, 2007 | | TRADED: AMEX |
ABLEST INC. REPORTS FIRST QUARTER 2007 RESULTS
TAMPA, Fla., May 14 — Ablest Inc. (Amex: AIH) today announced that revenue for the 13-week fiscal first quarter ended April 1, 2007, decreased 12.2 percent to $31.5 million from revenue of $35.9 million in the 14-week fiscal first quarter of 2006. Net loss for first quarter 2007 was $290,000 or $0.10 per diluted share compared to net income of $348,000 or $0.12 per diluted share for the first three months of 2006.
Kurt R. Moore, president and chief executive officer, said, “The net loss for the quarter is attributable to both incremental professional fees expense approximating $626,000 relating to the Special Committee of the Board of Directors evaluation of buyout proposals and other strategic alternatives and continuing weakness in the homebuilding, furniture and consumer products markets. In addition, the first quarter of 2006 contained 14 weeks as compared with 13 weeks in 2007. Nonetheless, we expect business conditions to improve as 2007 progresses. Our new business pipelines are healthy and existing customers are indicating increasing demand for our services over the remainder of the year.”
About Ablest
Ablest is a leader in workforce services; creating and delivering local solutions that enable companies to compete and win in an ever-changing business world. Services are provided through its Staffing Services and Professional Services Divisions. Staffing Services offers customers a range of employment services in the office and light industrial sectors including employee assessment and selection, training, managed services and vendor-on-premise (VOP) programs. Professional Services offers employment and consulting services in the Information Technology and Finance and Accounting sectors. Ablest’s Services focus on improving customer performance in the areas of quality, efficiency and cost-reduction within their workforce. Ablest supplies more than 35,000 field employees and consultants to approximately 2,000 businesses annually through 62 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. Management’s estimates and assumptions are based on historical experience and other factors believed to be reasonable under the circumstances. The following important factors, among others, could affect future results and events, causing those results and events to differ materially from those expressed or implied in our forward-looking statements: business conditions and competitive factors in our customers’ industries, our ability to successfully expand into new markets and offer new service lines, the availability of qualified personnel, the non-exclusive, short-term nature of our customers’ commitments, economic and political conditions and unemployment levels in the United States and other countries, increases in payroll related costs, including state unemployment insurance and workers compensation insurance, obsolescence or impairment of our information systems, our ability to successfully invest in and implement information systems, the cost of and our ability to comply with Section 404 of the Sarbanes-Oxley Act of 2002,liabilities under our self-insurance program, and other factors that we may not have currently identified or quantified. In addition, 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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