One of Tacoma few NYSE companies, TrueBlue Inc. today announced a seven percent gain in second quarter revenues compared to 2015, but a net loss of $64 million or $1.53 per diluted share, compared to a net income for the April through June period last year.
At issue was an impairment primarily driven by a change in the scope of services with its largest customer, as reported by the company in April, and other changes in outlook to reflect recent economic and industry conditions.
“Although we reported a net loss in the quarter due to the impairment, adjusted EBITDA results exceeded our expectation,” TrueBlue CEO Steve Cooper said. “Revenue trends have been mixed this year, but we have managed our costs and are pleased with how our teams have continued to improve the spread between our bill rates and pay rates.
TrueBlue also updated its outlook for a return to profitability in third quarter based upon revenue between $717 million and $733 million. The company, based in downtown Tacoma, is a provider of workforce solutions including staffing, large-volume on-site workforce management, and recruitment process outsourcing.