Exhibit 99.2
TrueBlue, Inc.
2009 ASSUMPTIONS
(Unaudited)
| | |
| | | 2009
Estimates |
Branches in operation on September 25, 2009 | | 764 |
Branches closed year to date | | 89 |
Revenue loss from announced branch closings | | -7% |
Reduction in SG&A from branch closures in 2008 & 2009 | | $31 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% |
Depreciation & Amortization | | $17 M |
Capital Expenditures | | $14 M |
Income Taxes | | |
Statutory income tax rate | | 39% |
Tax credits net of non-deductable items | | $0 M |
Weighted Average Diluted Share Count | | 43 M |
TrueBlue, Inc.
Analysis of Revenue Growth / (Decline)
(Unaudited)
| | | | | | | | | | | | |
| | | Thirteen Weeks Ended | | | Thirty-Nine Weeks Ended | |
| | | September 25,
2009 | | | September 26,
2008 | | | September 25,
2009 | | | September 26,
2008 | |
Major Revenue Trends | | | | | | | | | | | | |
Organic revenue growth / (decline) | | -26.6 | % | | -17.2 | % | | -31.9 | % | | -11.6 | % |
Acquisitions within last 12 months | | 0.0 | % | | 16.5 | % | | 1.8 | % | | 16.5 | % |
| | | | | | | | | | | | |
Total revenue growth / (decline) | | -26.6 | % | | -0.7 | % | | -30.1 | % | | 4.9 | % |
| | | | | | | | | | | | |
| | | | |
Organic Revenue Trends* | | | | | | | | | | | | |
Same branch | | -18.8 | % | | -14.7 | % | | -25.8 | % | | -9.7 | % |
New branches | | 0.1 | % | | 0.6 | % | | 0.1 | % | | 0.9 | % |
Closed branches | | -9.1 | % | | -3.6 | % | | -7.4 | % | | -3.1 | % |
Currency | | -0.4 | % | | -0.1 | % | | -0.5 | % | | 0.3 | % |
| * | 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 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 | % |
April 2009 same branch sales growth | | -31.2 | % |
May 2009 same branch sales growth | | -29.3 | % |
June 2009 same branch sales growth | | -23.9 | % |
July 2009 same branch sales growth | | -20.2 | % |
August 2009 same branch sales growth | | -18.4 | % |
September 2009 same branch sales growth | | -18.1 | % |
