Ablest Reports Second Quarter And First Half Results
August 02 2004 - 12:28PM
PR Newswire (US)
Ablest Reports Second Quarter And First Half Results CLEARWATER,
Fla., Aug. 2 /PRNewswire/ -- Ablest Inc. (AMEX:AIH) today announced
that fiscal second quarter 2004 revenues were $26.8 million, an
increase of 10.6 percent compared to revenues of $24.3 million for
the similar period in 2003. Net income was $230,000 or eight cents
per basic and diluted share for the quarter compared with a net
loss of $72,000 or three cents per basic and diluted share in the
second quarter of 2003. Comparatively, last year's second quarter
results were negatively impacted by a $600,000 increase in the
company's reserves for workers' compensation claims. Revenues for
the first six months of fiscal 2004 increased 10.7 percent to $52.6
million from $47.5 million in the corresponding period of the prior
year. For the six months ended June 27, 2004, the company reported
a net loss of $211,000 or seven cents per basic and diluted share
compared to the first half of 2003 when the company reported a net
loss of $141,000 or five cents per share. For the first six months
of 2004, worker's compensation costs were 3.7 percent of revenues
as compared to 3.6 percent in the first six months of 2003. Kurt R.
Moore, president and chief executive officer, said, "Staffing
requirements increased from most of our existing large client
companies, including both light industrial and clerical customers.
In addition, revenue from new clients contributed to our higher
volume and expanded our client base." "Overall, the demand for
staffing industry jobs increased further in the second quarter,"
Mr. Moore added. "We continue to capitalize on growth opportunities
presented by the economic environment. We are successfully
generating new accounts while supporting current customers with our
service- oriented operating culture. During the second quarter, we
also opened two locations in new markets." Mr. Moore said, "We
continue to work closely on initiatives to manage workers'
compensation and unemployment insurance costs. SG&A expenses
for the quarter, at 15.9 percent of revenue, were flat on a
percentage basis with the prior year. Our financial condition
remains healthy with no debt." 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 48 locations in the Eastern and
Southwestern United States. Certain statements contained in this
news release, including statements regarding anticipated
improvement in economic conditions and trends in worker's
compensation claims, and other statements contained herein
regarding matters that are not historical facts, are
"forward-looking" statements (as such term is defined in The
Private Securities Litigation Reform Act of 1995, as amended).
Because such statements are subject to risks and uncertainties,
actual results may differ materially from those expressed or
implied by such forward-looking statements. Factors that could
cause actual results to differ materially from those expressed or
implied by such forward-looking statements include, but are not
limited to, changes in general economic conditions and unforeseen
events impacting new worker's compensation claims, and those risks
and uncertainties discussed in filings made by the Company with the
Securities and Exchange Commission, including its periodic reports
on Forms 10-K and 10- Q. ABLEST INC. Condensed Statements of
Operations (Amounts in thousands except share and per share
amounts) Thirteen Week Twenty-six Week Period Ended Period Ended
June 27, June 29, June 27, June 29, 2004 2003 2004 2003 Net service
revenues $26,827 $24,264 $52,597 $47,503 Cost of services 22,203
20,550 44,344 39,666 Gross profit 4,624 3,714 8,253 7,837 Selling,
general and administrative expenses 4,258 3,830 8,595 8,075
Operating income (loss) 366 (116) (342) (238) Other: Interest
income (expense), net -- (17) 2 (22) Miscellaneous, net 6 17 1 33
Other income (loss) 6 -- 3 11 Income (loss) before income taxes 372
(116) (339) (227) Income tax expense (benefit) 142 (44) (128) (86)
Net income (loss) $230 $(72) $(211) $(141) Basic net income (loss)
per common share $0.08 $(0.03) $(0.07) $(0.05) Diluted net income
(loss) per common share $0.08 $(0.03) $(0.07) $(0.05) Weighted
average number of common shares used in computing net income (loss)
per common share Basic 2,840,443 2,868,381 2,838,197 2,864,845
Diluted 2,918,708 2,868,381 2,913,641 2,864,845 ABLEST INC.
Condensed Balance Sheets (Amounts in thousands except share and per
share amounts) June 27, December 28, 2004 2003 ASSETS (Unaudited)
Current assets: Cash and cash equivalents $2,410 $1,614 Accounts
receivable, net 12,621 13,778 Prepaid expenses and other current
assets 344 213 Current deferred tax asset 1,239 1,085 Total current
assets 16,614 16,690 Property, plant and equipment, net 616 647
Deferred tax asset 3,920 3,920 Goodwill, net 1,283 1,283 Other
assets 38 39 Total assets $22,471 $22,579 LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $479
$326 Accrued expenses and other current liabilities 4,273 4,438
Total current liabilities 4,752 4,764 Other liabilities 48 89 Total
liabilities 4,800 4,853 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS'
EQUITY: Preferred stock of $.05 par value; 500,000 shares
authorized, none issued or outstanding at June 27, 2004 and
December 28, 2003 -- -- Common stock of $.05 par value; 7,500,000
shares authorized, 3,334,344 and 3,308,929 shares issued and
outstanding including shares held in treasury at June 27, 2004 and
December 28, 2003, respectively 167 165 Additional paid-in capital
5,172 5,018 Retained earnings 14,442 14,653 Treasury stock at cost;
457,729 shares held at June 27, 2004 and December 28, 2003 (2,110)
(2,110) Total stockholders' equity 17,671 17,726 Total liabilities
and stockholders' equity $22,471 $22,579 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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