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 | % |