Ablest Reports Record Revenue, Improved Profits For Fiscal 2003, Strong Fourth Quarter Revenue And Earnings Increases

Ablest Reports Record Revenue, Improved Profits For Fiscal 2003, Strong Fourth
Quarter Revenue And Earnings Increases 


CLEARWATER, Fla., Feb. 13  /PRNewswire/ -- Ablest Inc.  today announced record
revenue for the fiscal year ended December 28, 2003, of $104.0 million, a 2.8
percent increase compared to revenue of $101.2 million in fiscal 2002. Operating
income was $1.1 million, an 87.5 percent increase over 2002 operating income of
$566,000. Net income amounted to $2.9 million or $1.03 per basic share ($1.01
diluted) compared to $677,000 or $0.23 per basic and diluted share earned in
2002. The company expects to utilize certain past operating losses as an offset
against future income, and the 2003 tax benefit reflects the reversal of $2.4
millionin valuation allowances related to deferred taxes.

Fourth quarter revenue increased 13.0 percent to a record $29.9 million from
$26.4 million in the fourth quarter of the prior year and increased 12.0 percent
over the previous quarter. Fourth quarter revenue continued the 2003 trend of
revenue increasing sequentially each quarter. Fourth quarter operating income
was $741,000 compared to an operating loss of $73,000 for the similar 2002
period.

"We saw positive signs during the fourth quarter," KurtR. Moore, president and
chief executive officer, said, "with the revenue increase coming from the
continued improvement in both light industrial and clerical areas. Fourth
quarter workers' compensation expenditures were favorably impacted by programs
implemented earlier in the year. Our record revenue for both the quarter and the
year are evidence of the value our clients place on the service innovations and
level of commitment that we provide."

Mr. Moore added, "We are encouraged with these results. Execution of our
revenue-generating strategies, tactical investments in technology and a focus on
our core profitable businesses all contributed to our improved performance. We
continue to closely manage expense levels after closing several locations in
early 2003 that did not meet our long-range performance metrics. Our improved
operating margins, strong financial position and ability to execute our model
allow us to explore growth opportunities."

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 45
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 filedwith 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)

                        Thirteen      Thirteen     Fifty-two     Fifty-two
                            Week         Week         Week         Week
                    Period Ended Period Ended PeriodEnded Period Ended
                   Dec. 28, 2003Dec. 29, 2002 Dec. 28, 2003 Dec. 29, 2002

  Net service revenues   $29,877      $26,445    $ 104,048    $ 101,193
  Cost of services        24,558       21,772       86,335       82,806

    Gross profit           5,319        4,673       17,713       18,387
  Selling, general and
   administrative
   expenses                4,578        4,746       16,652       17,821

    Operating income (loss)  741         (73)        1,061          566

  Other:
   Interest income
    (expense), net             1          (9)         (30)           15
   Miscellaneous, net         36          225           83          245

    Other income              37          216           53          260

    Income from continuing
     operations before
     income taxes            778          143        1,114          826

  Income tax expense
   (benefit)             (1,896)          139      (1,769)          218

    Net income from
     continuing
     operations            2,674            4        2,883          608

  Discontinued operations:
   Adjustment to loss on
    sale of discontinued
    operations,
    net of income taxes       45           69           45           69

    Net income            $2,719          $73       $2,928         $677

  Basic net income per
   common share:
    Continuing operations  $0.94          $--        $1.01        $0.21
    Adj. to loss on sale of
     discontinued
     operations             0.02         0.03     0.02         0.02

   Basic net income per
    common share           $0.96        $0.03        $1.03        $0.23


  Diluted net income per
   common share:
    Continuing operations  $0.92          $--        $0.99        $0.21
    Adj. to loss on sale of
     discontinued
     operations             0.02         0.03         0.02         0.02

  Diluted net income per
   common share            $0.94        $0.03        $1.01        $0.23

  Weighted average
   number of common shares
   used in computing net
   income per common
   share:
     Basic             2,838,048    2,870,576    2,848,821    2,887,191

     Diluted           2,908,492    2,870,729    2,902,470    2,887,230


                               ABLEST INC.
               Condensed Balance Sheets
        (Amounts in thousands except share and per share amounts)

                                   December 28, 2003    December 29, 2002
  ASSETS
  Current assets:
   Cash and cash equivalents                  $1,614              $1,858
   Accounts receivable, net                   13,778              11,639
   Prepaid expenses and other current assets     213                 296
   Current deferred tax asset                  1,085                 988

    Total current assets                      16,690              14,781

  Property, plant and equipment, net             647                 872
  Deferred tax asset, net                      3,920               2,234
  Goodwill, net                            1,283               1,283
  Other assets                                    39                  46

  Total assets                               $22,579             $19,216

  LIABILITIES AND STOCKHOLDERS' EQUITY
  Current liabilities:
   Accounts payable                             $326                $256
   Accrued expenses and other current
    liabilities                                4,438               4,008

    Total current liabilities                  4,764               4,264

  Otherliabilities                               89                  81

    Total liabilities                          4,853               4,345

  COMMITMENTS AND CONTINGENCIES

  Stockholders' equity:
   Preferred stock of $.05 par value; 500,000
    shares authorized, none issued or
    outstanding at December 28, 2003 and
    December 29, 2002                             --                  --
   Common stock of $.05 par value; 7,500,000
    shares authorized, 3,308,929 and
    3,293,395 shares issued and
    outstanding including shares held
    in treasury at December 28, 2003 and
    December 29, 2002, respectively              165                 165
   Additional paid-in capital                  5,018               4,936
   Retained earnings    4,653              11,725
   Treasury stock at cost; 457,729 and
    428,341 shares held at December 28, 2003
    and December 29, 2002, respectively      (2,110)             (1,955)

     Total stockholders' equity               17,726              14,871

     Total liabilities and
      stockholders' equity                   $22,579             $19,216


DATASOURCE: Ablest Inc.



CONTACT:  Vincent J. Lombardo, Vice President and Chief Financial Officer

of Ablest, Inc., [phone], or 

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