EXHIBIT 99.1
[ABLEST LOGO] 1901 Ulmerton Road, Suite 300
Clearwater, Florida 33762-2317
(727) 299-1200
www.ablest.com
FOR IMMEDIATE RELEASE SYMBOL: AIH
Wednesday, April 30, 2003 TRADED: AMEX
ABLEST'S REVENUE INCREASED 21%; FIRST QUARTER LOSS REDUCED BY 79%
CLEARWATER, Fla., Apr. 30 -- Ablest Inc. reported revenue for the first
quarter ended March 30, 2003 of $23.2 million, a 21 percent increase over the
corresponding quarter last year. Net loss for the quarter was $69,000 or two
cents per basic and diluted share compared to a loss of $327,000 or $0.11 per
basic and diluted share in 2002.
W. David Foster, chief executive officer, said, "Despite persistent
economic uncertainty in the first quarter, the Ablest team continued to drive
revenue growth and deliver first-rate service to our customers."
"We have programs in place to develop new business and improve
margins," Mr. Foster continued. "In the first quarter those initiatives were
offset by the impact of severe pricing pressures within the staffing industry.
Higher state unemployment insurance costs have also had a major effect on our
margins."
Mr. Foster added, "We met our objectives in the first quarter by
executing our plan and closely managing costs. We continue to benefit from a
relatively strong cash position and balance sheet, as well as from our ongoing
investment in training."
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 47 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.
MORE . . .
PAGE 2 / ABLEST'S REVENUE INCREASED 21%; FIRST QUARTER LOSS REDUCED BY 79%
ABLEST INC.
Condensed Statements of Operations
(Amounts in thousands except share and per share amounts)
(Unaudited)
For the Thirteen Week
Periods Ended March 30,
2003 2002
----------- -----------
Net service revenue $ 23,239 $ 19,227
Cost of services 19,116 15,617
----------- -----------
Gross profit 4,123 3,610
Sales, general and administrative expenses 4,245 4,192
----------- -----------
Operating income (loss) (122) (582)
Other income (expense):
Interest income (expense), net (5) 50
Miscellaneous, net 16 4
----------- -----------
Total other income (expense), net 11 54
----------- -----------
Income (loss) before income taxes (111) (528)
Income tax expense (benefit) (42) (201)
----------- -----------
Net income (loss) $ (69) $ (327)
=========== ===========
Basic net income (loss) per share $ (0.02) $ (0.11)
=========== ===========
Diluted net income (loss) per common share $ (0.02) $ (0.11)
=========== ===========
Average shares outstanding, basic 2,861,310 2,900,882
Average shares outstanding, diluted 2,888,844 2,900,882
MORE...
PAGE 3 / ABLEST'S REVENUE INCREASED 21%; FIRST QUARTER LOSS REDUCED BY 79%
ABLEST INC.
Condensed Balance Sheets
(Amounts in thousands except share and per share amounts)
March 30,2003 December 29,2002
------------- ----------------
ASSETS (Unaudited)
CURRENT ASSETS
Cash and cash equivalents $ 2,893 $ 1,858
Accounts receivable, net 11,435 11,639
Prepaid expenses and other current assets 449 296
Current deferred tax asset 988 988
-------- --------
Total current assets 15,765 14,781
Property, plant and equipment, net 783 872
Deferred tax asset, net 2,234 2,234
Goodwill, net 1,283 1,283
Other assets 41 46
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Total assets $ 20,106 $ 19,216
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 345 $ 256
Accrued expenses and other current liabilities 2,942 4,008
Short-term borrowings 2,000 --
-------- --------
Total current liabilities 5,287 4,264
Other liabilities 76 81
-------- --------
Total liabilities 5,363 4,345
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COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock of $.05 par value; 500,000 shares authorized,
none issued or outstanding at
March 30, 2003 and December 29, 2002 -- --
Common stock of $.05 par value; 7,500,000 shares authorized,
3,293,395 shares issued and outstanding at
March 30, 2003 and December 29, 2002 165 165
Additional paid-in capital 4,936 4,936
Retained earnings 11,656 11,725
Treasury stock at cost; 440,207 and 428,341 shares held at
March 30, 2003 and December 29, 2002, respectively (2,014) (1,955)
-------- --------
Total stockholders' equity 14,743 14,871
-------- --------
Total liabilities and stockholders' equity $ 20,106 $ 19,216
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SOURCE: Ablest Inc.
CONTACT: Vincent J. Lombardo, Vice President and Chief Financial Officer,
727-299-1200 or vlombardo@ablest.com/