Ablest Reports Record Revenue, Improved Profits For Fiscal 2003, Strong Fourth
Quarter Revenue And Earnings Increases
CLEARWATER, Fla., Feb. 13 /PRNewswire/ --
Ablest Inc. today announced record
revenue for the fiscal year ended December 28, 2003, of $104.0 million, a 2.8
percent increase compared to revenue of $101.2 million in fiscal 2002. Operating
income was $1.1 million, an 87.5 percent increase over 2002 operating income of
$566,000. Net income amounted to $2.9 million or $1.03 per basic share ($1.01
diluted) compared to $677,000 or $0.23 per basic and diluted share earned in
2002. The company expects to utilize certain past operating losses as an offset
against future income, and the 2003 tax benefit reflects the reversal of $2.4
millionin valuation allowances related to deferred taxes.
Fourth quarter revenue increased 13.0 percent to a record $29.9 million from
$26.4 million in the fourth quarter of the prior year and increased 12.0 percent
over the previous quarter. Fourth quarter revenue continued the 2003 trend of
revenue increasing sequentially each quarter. Fourth quarter operating income
was $741,000 compared to an operating loss of $73,000 for the similar 2002
period.
"We saw positive signs during the fourth quarter," KurtR. Moore, president and
chief executive officer, said, "with the revenue increase coming from the
continued improvement in both light industrial and clerical areas. Fourth
quarter workers' compensation expenditures were favorably impacted by programs
implemented earlier in the year. Our record revenue for both the quarter and the
year are evidence of the value our clients place on the service innovations and
level of commitment that we provide."
Mr. Moore added, "We are encouraged with these results. Execution of our
revenue-generating strategies, tactical investments in technology and a focus on
our core profitable businesses all contributed to our improved performance. We
continue to closely manage expense levels after closing several locations in
early 2003 that did not meet our long-range performance metrics. Our improved
operating margins, strong financial position and ability to execute our model
allow us to explore growth opportunities."
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 45
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 filedwith 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)
Thirteen Thirteen Fifty-two Fifty-two
Week Week Week Week
Period Ended Period Ended PeriodEnded Period Ended
Dec. 28, 2003Dec. 29, 2002 Dec. 28, 2003 Dec. 29, 2002
Net service revenues $29,877 $26,445 $ 104,048 $ 101,193
Cost of services 24,558 21,772 86,335 82,806
Gross profit 5,319 4,673 17,713 18,387
Selling, general and
administrative
expenses 4,578 4,746 16,652 17,821
Operating income (loss) 741 (73) 1,061 566
Other:
Interest income
(expense), net 1 (9) (30) 15
Miscellaneous, net 36 225 83 245
Other income 37 216 53 260
Income from continuing
operations before
income taxes 778 143 1,114 826
Income tax expense
(benefit) (1,896) 139 (1,769) 218
Net income from
continuing
operations 2,674 4 2,883 608
Discontinued operations:
Adjustment to loss on
sale of discontinued
operations,
net of income taxes 45 69 45 69
Net income $2,719 $73 $2,928 $677
Basic net income per
common share:
Continuing operations $0.94 $-- $1.01 $0.21
Adj. to loss on sale of
discontinued
operations 0.02 0.03 0.02 0.02
Basic net income per
common share $0.96 $0.03 $1.03 $0.23
Diluted net income per
common share:
Continuing operations $0.92 $-- $0.99 $0.21
Adj. to loss on sale of
discontinued
operations 0.02 0.03 0.02 0.02
Diluted net income per
common share $0.94 $0.03 $1.01 $0.23
Weighted average
number of common shares
used in computing net
income per common
share:
Basic 2,838,048 2,870,576 2,848,821 2,887,191
Diluted 2,908,492 2,870,729 2,902,470 2,887,230
ABLEST INC.
Condensed Balance Sheets
(Amounts in thousands except share and per share amounts)
December 28, 2003 December 29, 2002
ASSETS
Current assets:
Cash and cash equivalents $1,614 $1,858
Accounts receivable, net 13,778 11,639
Prepaid expenses and other current assets 213 296
Current deferred tax asset 1,085 988
Total current assets 16,690 14,781
Property, plant and equipment, net 647 872
Deferred tax asset, net 3,920 2,234
Goodwill, net 1,283 1,283
Other assets 39 46
Total assets $22,579 $19,216
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $326 $256
Accrued expenses and other current
liabilities 4,438 4,008
Total current liabilities 4,764 4,264
Otherliabilities 89 81
Total liabilities 4,853 4,345
COMMITMENTS AND CONTINGENCIES
Stockholders' equity:
Preferred stock of $.05 par value; 500,000
shares authorized, none issued or
outstanding at December 28, 2003 and
December 29, 2002 -- --
Common stock of $.05 par value; 7,500,000
shares authorized, 3,308,929 and
3,293,395 shares issued and
outstanding including shares held
in treasury at December 28, 2003 and
December 29, 2002, respectively 165 165
Additional paid-in capital 5,018 4,936
Retained earnings 4,653 11,725
Treasury stock at cost; 457,729 and
428,341 shares held at December 28, 2003
and December 29, 2002, respectively (2,110) (1,955)
Total stockholders' equity 17,726 14,871
Total liabilities and
stockholders' equity $22,579 $19,216
DATASOURCE: Ablest Inc.
CONTACT: Vincent J. Lombardo, Vice President and Chief Financial Officer
of Ablest, Inc., +1-727-299-1200, or