Ablest Reports First Quarter Profit
May 05 2005 - 8:43AM
PR Newswire (US)
Ablest Reports First Quarter Profit CLEARWATER, Fla., May 5
/PRNewswire/ -- Ablest Inc. (AMEX:AIH) today announced revenue for
the fiscal first quarter ended March 27, 2005, of $30.8 million, an
increase of 19.7 percent over revenue of $25.8 million in the
fiscal first quarter of 2004. Net income was $264,000 or $0.09 per
diluted share compared to a net loss of $441,000 or $0.16 loss per
diluted share. "The first quarter continued the momentum generated
through the end of 2004," said Kurt R. Moore, president and chief
executive officer. "We are pleased and excited with this revenue
and profit performance. Both are first quarter records for Ablest."
Mr. Moore added, "The revenue increase was evenly split between
branches opened in 2004 and previously existing branches. Greater
staffing requirements from existing clients and the addition of
several large industrial clients contributed to the growth. In
addition, we opened two new branch locations during the quarter, in
accordance with our expansion plan." "Our gross margin improved two
percentage points to 16.1 percent compared to the first quarter of
2004," Mr. Moore said. "The margin improvement resulted primarily
from recording an adjustment to our provision for workers'
compensation claims in the prior year with no corresponding
adjustment this year. We continue our efforts to minimize workers'
compensation costs through our safety initiatives and
return-to-work programs. Profitability also improved as a result of
our sales initiatives and close management of expenses in support
of our new branches and growth initiatives." Ablest Inc. provides
its clients with staffing solutions, managed services and
vendor-on-premise (VOP) programs. Staffing solutions include
clerical, industrial, information technology, finance and
accounting personnel provided through Ablest Staffing Services,
Ablest Technology Services and Ablest Finance and Accounting.
Ablest supplies more than 30,000 field employees and consultants to
more than 3,500 businesses annually through 51 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. ABLEST INC. Condensed Statements of
Operations (Amounts in thousands except share and per share
amounts) (Unaudited) For the Thirteen Week Periods Ended March 27,
March 28, 2005 2004 Net service revenues $ 30,835 $ 25,770 Cost of
services 25,858 22,141 Gross profit 4,977 3,629 Selling, general
and administrative expenses 4,549 4,337 Operating income (loss) 428
(708) Other: Interest income, net -- 2 Miscellaneous, net (3) (5)
Other income (loss) (3) (3) Income (loss) before income taxes 425
(711) Income tax expense (benefit) 161 (270) Net income (loss) $
264 $ (441) Basic net income (loss) per common share $ 0.09 $
(0.16) Diluted net income (loss) per common share $ 0.09 $ (0.16)
Weighted average number of common shares used in computing net
income (loss) per common share Basic 2,854,578 2,835,951 Diluted
2,926,692 2,908,574 ABLEST INC. Condensed Balance Sheets (Amounts
in thousands except share and per share amounts) March 27, December
26, 2005 2004 (Unaudited) ASSETS CURRENT ASSETS Cash and cash
equivalents $ 2,425 $ 1,357 Accounts receivable, net 14,703 16,783
Prepaid expenses and other current assets 346 160 Current deferred
tax asset 1,235 1,369 Total current assets 18,709 19,669 Property,
plant and equipment, net 513 543 Deferred tax asset 3,208 3,208
Goodwill, net 1,283 1,283 Other assets 430 40 Total assets $ 23,756
$ 24,743 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES
Accounts payable $ 402 $ 378 Accrued insurance 1,766 3,069 Accrued
wages 1,886 1,989 Other current liabilities 527 425 Total current
liabilities 4,581 5,861 Other liabilities 29 117 Total liabilities
4,610 5,978 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY
Preferred stock of $.05 par value; 500,000 shares authorized, none
issued or outstanding at March 27, 2005 and December 26, 2004 -- --
Common stock of $.05 par value; 7,500,000 shares authorized,
3,350,097 and 3,334,344 shares issued and outstanding including
shares held in treasury at March 27, 2005 and December 26, 2004,
respectively 168 167 Additional paid-in capital 5,288 5,172
Retained earnings 15,800 15,536 Treasury stock at cost; 457,729
shares held at March 27, 2005 and December 26, 2004 (2,110) (2,110)
Total stockholders' equity 19,146 18,765 Total liabilities and
stockholders' equity $ 23,756 $ 24,743 DATASOURCE: Ablest Inc.
CONTACT: Vincent J. Lombardo, Vice President and Chief Financial
Officer of Ablest, Inc., +1-727-299-1200, or
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