Ablest (AMEX:AIH)
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CLEARWATER, Fla., Nov. 3 /PRNewswire/ -- Ablest Inc. (AMEX:AIH) today announced that revenue for the fiscal third quarter ended September 25, 2005, increased 16.6 percent to $34.9 million from revenue of $29.9 million in the fiscal third quarter of 2004. Net income was $367,000 or $0.13 per diluted share, compared to net income of $588,000 or $0.20 per diluted share for the similar period last year, reflecting a $290,000 pretax charge related to a settlement agreement with the company's former chief financial officer.
Revenues for the first nine months of fiscal 2005 increased 19.3 percent to $98.5 million from $82.5 million in the corresponding period of the prior fiscal year. For the nine months ended September 25, 2005, the company reported net income of $1.2 million or $0.41 per diluted share compared to net income of $377,000 equal to $0.13 per diluted share for the first nine months of fiscal 2004.
Kurt R. Moore, president and chief executive officer, said, "Ablest branches opened in 2004 and 2005 contributed over half of the $16 million year-to-date increase in revenue. Our associates' hard work and commitment to the Ablest business model are creating results which allow us to move forward with our expansion plans."
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 55 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 Income
(Amounts in thousands except share and per share amounts)
(Unaudited)
For the Thirteen Week For the Thirty-nine Week
Periods Ended Periods Ended
Sept. 25, Sept. 26, Sept. 25, Sept. 26,
2005 2004 2005 2004
Net service revenues $ 34,873 $ 29,912 $ 98,459 $ 82,509
Cost of Services 29,107 24,838 81,974 69,182
Gross Profit 5,766 5,074 16,485 13,327
Selling, general and
administrative
expenses 5,177 4,127 14,541 12,722
Operating income 589 947 1,944 605
Other:
Interest income,
net -- -- -- 2
Miscellaneous, net 1 -- (2) 1
Other income
(loss) 1 -- (2) 3
Income before
income taxes 590 947 1,942 608
Income tax expense 223 359 737 231
Net income $ 367 $ 588 $ 1,205 $ 377
Basic net income
per common share $ 0.13 $ 0.21 $ 0.42 $ 0.13
Diluted net income
per common share $ 0.13 $ 0.20 $ 0.41 $ 0.13
Weighted average
number of common
shares used in
computing net
income per
common share
Basic 2,863,168 2,840,350 2,860,418 2,838,915
Diluted 2,930,644 2,926,233 2,922,079 2,917,838
ABLEST INC.
Condensed Balance Sheets
(Amounts in thousands except share and per share amounts)
September 25, December 26,
2005 2004
(Unaudited)
ASSETS
CURRENT ASSETS
Cash $ 3,305 $ 1,357
Accounts receivable, net 16,993 16,783
Prepaid expenses and other current assets 448 160
Current deferred tax asset 1,369 1,369
Total current assets 22,115 19,669
Property, plant and equipment, net 583 543
Deferred tax asset 2,506 3,208
Goodwill 1,283 1,283
Other assets 45 40
Total assets $ 26,532 $ 24,743
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 639 $ 378
Accrued insurance 1,924 3,069
Accrued wages 3,056 1,989
Other current liabilities 617 425
Total current liabilities 6,236 5,861
Other liabilities 209 117
Total liabilities 6,445 5,978
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock of $.05 par value;
500,000 shares authorized, none issued
or outstanding at September 25, 2005 and
December 26, 2004 -- --
Common stock of $.05 par value; 7,500,000
shares authorized, 3,350,097 and 3,334,344
shares issued and outstanding including
shares held in treasury at September 25,
2005 and December 26, 2004, respectively 168 167
Additional paid-in capital 5,288 5,172
Retained earnings 16,741 15,536
Treasury stock at cost; 457,729 shares held
at September 25, 2005 and December 26, 2004 (2,110) (2,110)
Total stockholders' equity 20,087 18,765
Total liabilities and stockholders'
equity $ 26,532 $ 24,743
DATASOURCE: Ablest Inc.
CONTACT: Kurt R. Moore, President and Chief Executive Officer, Ablest
Inc., +1-727-299-1200, or