Another day, another blue-collar dollar. Staffing firm TrueBlue
specializes in providing general laborers on short notice for
short-term jobs in fields such as construction, hospitality,
landscaping, and transportation. The company offers general labor
staffing services from more than 690 branches throughout
the US and Canada, mostly under the Labor Ready brand.
Other units, operating through branches, include
Spartan Staffing (light industrial temporary services), CLP
Resources (skilled construction trades), and Centerline Drivers
(temporary and dedicated driver placement). TrueBlue mainly serves
companies residing in the services, construction, transportation,
manufacturing, retail, and wholesale sectors.
The company has a network of some 690 branches across all 50
states, Puerto Rico, and Canada, plus 162 on-premise locations at
customer's facilities. The US generates about 96% of its total
TrueBlue operates through two reportable segments. Staffing
Services (98% of total sales) provides a wide range of blue-collar
staffing services including general labor, light industrial,
skilled trades, aviation, transportation mechanics, technicians,
and drivers. Its Managed Services segment provides recruitment
process outsourcing services.
TrueBlue has achieved extraordinary growth over the last several
years, with revenue climbing 30% from $1.67 billion in 2013 to a
record-setting $2.17 billion in 2014. The historic growth was
primarily attributed to key acquisitions. About 24% of its revenue
growth in 2014 was fueled by its acquisition of Seaton. It also
experienced organic growth across most of its geographic and
TrueBlue's net income surged 46% from $45 million in 2013 to $66
million in 2014 mainly due to the higher revenue. The company's
operating cash inflow decreased from $86 million in 2013 to $48
million in 2014 due to changes in working capital as a result of an
increase in account receivables and income taxes.
TrueBlue has used acquisitions to generate milestone
revenues and to diversify its mix of services, particularly in
the light industrial and skilled labor staffing sectors. In 2014 it
grew significantly through the purchase of staffing service
provider Seaton. The deal included Seaton's PeopleScout, Staff
Management SMX, HRX, and StudentScout service lines.
Also in 2014, TrueBlue obtained The Work Connection (TWC).
TWC's operations were merged with Spartan Staffing to expand
TrueBlue's light industrial service line. The company in 2014 also
acquired MDT Personnel a temporary staffing provider with 105
branches and 15 on-site locations across 25 states. That deal
expanded the size of its general labor business by integrating
MDT's operations with those of Labor Ready.