Exhibit 99.2
TrueBlue, Inc.
2009 ASSUMPTIONS
(Unaudited)
| | |
| | | 2009 Estimates |
Branches in operation on March 27, 2009 | | 810 |
New branches for 2009 | | 0 |
Branches closed in Q1 2009 | | 40 |
Branches expected to close in Q2 2009 | | 35 |
Revenue loss from announced branch closings | | -6% |
Reduction in SG&A from branch closures in 2008 & 2009 | | $30 M |
Revenue growth from 2008 acquisitions | | 1% |
Incremental SG&A from 2008 acquisitions | | $3 M |
Variable SG&A associated with same branch revenue | | 6% |
Gross Margin | | 28.5% – 29.0% |
Depreciation & Amortization | | $17.5 M |
Capital Expenditures | | $14 M |
Income Tax Rate | | 38% |
Weighted Average Diluted Share Count | | 43 M |
TrueBlue, Inc.
Analysis of Revenue Growth / (Decline)
(Unaudited)
| | | | |
| | | Thirteen Weeks Ended |
| | | March 27,
2009 | | March 28,
2008 |
Major Revenue Trends | | | | |
Organic revenue growth / (decline) | | -35.7% | | -3.4% |
Acquisitions within last 12 months | | 5.0% | | 15.0% |
| | | | |
Total revenue growth / (decline) | | -30.7% | | 11.6% |
| | | | |
| | |
Organic Revenue Trends* | | | | |
Same branch | | -32.8% | | -1.6% |
New branches | | 0.2% | | 1.3% |
Closed branches | | -4.9% | | -3.2% |
Currency | | -0.9% | | 0.6% |
Holiday shift | | 0.4% | | -0.5% |
| * | Percentages for organic revenue components do not sum to total organic revenue growth as same branch growth is determined off a revenue base of branches open for 12 or more months, whereas other organic revenue revenue growth components are measured off a total revenue base. |
TrueBlue, Inc.
Analysis of Year-Over-Year Same Branch Revenue Growth / (Decline)
(Unaudited)
| | |
| | | Same Branch
Growth / (Decline) |
January 2009 same branch sales growth | | -30.2% |
February 2009 same branch sales growth | | -31.9% |
March 2009 same branch sales growth | | -35.3% |
