TAMPA, Fla., May 16 /PRNewswire/ -- Ablest Inc. (AMEX:AIH) today announced that revenue for the 14-week fiscal first quarter ended April 2, 2006, increased 16.3 percent to $35.9 million from revenue of $30.8 million in the 13-week fiscal first quarter of 2005. Net income increased 31.8 percent to $348,000 or $0.12 per diluted share compared to net income of $264,000 or $0.09 per diluted share for 2005.
Kurt R. Moore, president and chief executive officer, said, "We are pleased with our first quarter results. The employment and hiring markets were positive in the first quarter, contributing to demand for both Staffing Services and Professional Services. We saw continued success with our efforts to increase margins through the addition of customers in the mid to small business sectors. In addition, our branch team execution is focused on our customer and employee loyalty initiatives with good results." About Ablest Ablest is a leader in workforce services; creating and delivering local solutions that enable companies to compete and win in an ever-changing business world. Services are provided through its Staffing Services and Professional Services. Staffing Services offer customers a range of employment services in the office and light industrial sectors including employee assessment and selection, training, managed services and vendor-on- premise (VOP) programs. Professional Services offer employment and consulting services in the Information Technology and Finance and Accounting sectors. Ablest's Services focus on improving customer performance in the areas of quality, efficiency and cost-reduction within their workforce. Ablest supplies more than 37,000 field employees and consultants to approximately 2,000 businesses annually through 56 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 For the
Fourteen Week Thirteen Week
Period Ended Period Ended
April 2, 2006 March 27, 2005 Net service revenues $35,864 $30,835
Cost of services 29,753 25,858 Gross profit 6,111 4,977 Selling, general and administrative
expenses 5,551 4,549 Operating income (loss) 560 428 Other:
Interest income, net -- --
Miscellaneous income (expense), net 1 (3)
Other income (expense) 1 (3) Income before income taxes 561 425 Income tax expense 213 161 Net income $348 $264 Basic net income per common share $0.12 $0.09
Diluted net income per common share $0.12 $0.09 Weighted average number of common shares
used in computing net income per common
share
Basic 2,879,764 2,854,578
Diluted 2,935,050 2,926,692 ABLEST INC. Condensed Balance Sheets
(Amounts in thousands except share and per share amounts)
(Unaudited) April 2, 2006 December 25,2005
ASSETS
CURRENT ASSETS
Cash $ 4,169 $ 1,951
Accounts receivable, net 15,032 18,760
Prepaid expenses and other current
assets 599 469
Current deferred tax asset 1,246 1,246
Total current assets 21,046 22,406 Property, plant and equipment, net 1,997 1,732
Deferred tax asset 727 863
Goodwill 1,283 1,283
Other assets 243 171 Total assets $25,296 $26,455
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 527 $ 841
Accrued insurance 1,985 2,536
Accrued wages 2,131 2,738
Other current liabilities 428 514
Total current liabilities 5,071 6,629 Other liabilities 122 432 Total liabilities 5,193 7,061
COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY
Preferred stock of $.05 par value;
500,000 shares authorized, none
issued or outstanding at April 2,
2006 and December 25, 2005 -- --
Common stock of $.05 par value;
7,500,000 shares authorized,
3,387,118 and 3,334,344 shares issued
and outstanding including shares held
in treasury at April 2, 2006 and
December 25, 2005, respectively 169 167
Additional paid-in capital 5,624 5,265
Retained earnings 16,420 16,072
Treasury stock at cost; 457,729 shares
held at April 2, 2006 and December
25, 2005 (2,110) (2,110) Total stockholders' equity 20,103 19,394 Total liabilities and stockholders'
equity $25,296 $26,455
DATASOURCE: Ablest Inc.
CONTACT: Charles H. Heist, Chairman and Chief Financial Officer, Ablest Inc., +1-813-830-7700, or
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