Ablest (AMEX:AIH)
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Ablest Reports Record Fiscal 2004 and Fourth Quarter Revenue
CLEARWATER, Fla., Feb. 22 /PRNewswire/ -- Ablest Inc. (AMEX:AIH) today
announced record revenue for the fiscal year ended December 26, 2004, of $116.4
million, an increase of 11.8 percent over revenue of $104.0 million in fiscal
2003. Operating income was $1.4 million, a 29.3 percent increase over 2003
operating income of $1.1 million. Net income amounted to $883,000 or $0.30 per
diluted share. This compares with 2003 net income of $2.9 million or $1.01 per
diluted share, which included a tax benefit related to the reversal of $2.4
million in valuation allowances for deferred taxes.
For the fourth quarter ended December 26, 2004, revenue increased 13.3 percent
to $33.8 million from the previous year's record fourth quarter level of $29.9
million. During fiscal 2004, quarterly revenue increased sequentially each
quarter including a 13.2 percent increase in the fourth quarter compared to the
third quarter. Fourth quarter operating income was $767,000 compared to
$741,000 for the similar 2003 period.
"We are pleased with our 2004 results," said Kurt R. Moore, president and chief
executive officer. "Our record revenue for the year was driven by a record
fourth quarter that saw strong demand from new and existing light industrial
clients. In addition, we opened four new branches in 2004 that contributed $5.4
million in revenue."
Mr. Moore added, "Higher unemployment insurance costs and workers' compensation
expenditures have reduced our margins. We have initiatives focused on managing
those costs and have aligned our incentive compensation programs with return on
revenue. In addition, we continue to closely manage expense levels, and we were
able to reduce SG&A expenses as a percentage of revenue."
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 49 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 Thirteen Week For the Fifty-two Week
Periods Ended Periods Ended
December 26, December 28, December 26, December 28,
2004 2003 2004 2003
Net service revenues $33,844 $29,877 $116,353 $104,048
Cost of Services 28,756 24,558 97,938 86,335
Gross Profit 5,088 5,319 18,415 17,713
Selling, general
and administrative
expenses 4,321 4,578 17,043 16,652
Operating income 767 741 1,372 1,061
Other:
Interest income
(expense), net (1) 1 1 (30)
Miscellaneous, net 24 36 25 83
Other income 23 37 26 53
Income from
continuing
operations before
income taxes 790 778 1,398 1,114
Income tax expense
(benefit) 284 (1,896) 515 (1,769)
Net income from
continuing
operations 506 2,674 883 2,883
Discontinued
operations:
Adjustment to loss
on sale of
discontinued
operations, net
of income taxes -- 45 -- 45
Net income $506 $2,719 $883 $2,928
Basic net income
per common share:
Continuing
operations $0.18 $0.94 $0.31 $1.01
Discontinued
operations $-- $0.02 $-- $0.02
Basic net
income per
common share $0.18 $0.96 $0.31 $1.03
Diluted net income
per common share:
Continuing
operations $0.17 $0.92 $0.30 $0.99
Discontinued
operations $-- $0.02 $-- $0.02
Diluted net
income per
common share $0.17 $0.94 $0.30 $1.01
Weighted average
number of common
shares used in
computing net
income per common
share
Basic 2,840,345 2,838,048 2,839,272 2,848,821
Diluted 2,933,898 2,908,492 2,921,853 2,902,470
ABLEST INC.
Condensed Balance Sheets
(Amounts in thousands except share and per share amounts)
December 26, December 28,
2004 2003
ASSETS
CURRENT ASSETS
Cash and cash equivalents $1,357 $1,614
Accounts receivable, net 16,783 13,778
Prepaid expenses and other current assets 160 213
Current deferred tax asset 1,369 1,085
Total current assets 19,669 16,690
Property, plant and equipment, net 543 647
Deferred tax asset 3,208 3,920
Goodwill, net 1,283 1,283
Other assets 40 39
Total assets $24,743 $22,579
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $378 $326
Accrued expenses and other current
liabilities 5,483 4,438
Total current liabilities 5,861 4,764
Other liabilities 117 89
Total liabilities 5,978 4,853
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock of $.05 par value;
500,000 shares authorized, none issued
or outstanding at December 26, 2004
and December 28, 2003 -- --
Common stock of $.05 par value; 7,500,000
shares authorized, 3,334,344 and
3,308,929 shares issued and outstanding
including shares held in treasury at
December 26, 2004 and December 28, 2003,
respectively 167 165
Additional paid-in capital 5,172 5,018
Retained earnings 15,536 14,653
Treasury stock at cost; 457,729 shares
held at September 26, 2004 and
December 28, 2003 (2,110) (2,110)
Total stockholders' equity 18,765 17,726
Total liabilities and
stockholders' equity $24,743 $22,579
DATASOURCE: Ablest Inc.
CONTACT: Vincent J. Lombardo, Vice President and Chief Financial Officer
of Ablest, Inc., +1-727-299-1200, or