TrueBlue Inc. reported revenue for the second quarter of 2011 of $320 million, an increase of 12 percent, compared to revenue of $285 million for the second quarter of 2010. Net income for the quarter was $8.5 million, or 20 cents per diluted share, compared to net income of $7.9 million, or 18 cents per diluted share, for the second quarter of 2010.
From the beginning of the second quarter through July 27, the company purchased 1.16 million shares of its outstanding common stock for about $16 million, resulting in about $5 million remaining under its existing share purchase program. On July 25, TrueBlue’s board of directors approved a new program to purchase an additional $75 million of its outstanding common stock.
For the third quarter of 2011, the Tacoma-based company estimates revenue in the range of $360 million to $370 million and net income per diluted share of 27 cents to 32 cents.
TrueBlue is a leading provider of blue-collar staffing the Labor Ready, Spartan Staffing, CLP Resources, PlaneTechs and Centerline brands.