AIH Ablest

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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