Ablest (AMEX:AIH)
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Ablest Reports Third Quarter Revenue and Earnings Growth
CLEARWATER, Fla., Nov. 4 /PRNewswire/ -- Ablest Inc. (AMEX:AIH) today
announced that net income for the third fiscal quarter ended September 26,
2004, increased 68 percent to $588,000 or 21 cents per basic and 20 cents per
diluted share from $350,000 or 12 cents per basic and diluted share a year
earlier. Revenues for the third quarter were $29.9 million, an increase of
12.2 percent compared to revenues of $26.7 million for the similar period in
2003.
Revenues for the first nine months of fiscal 2004 increased 11.2 percent to
$82.5 million from $74.2 million in the corresponding period of the prior year.
For the nine months ended September 26, 2004, the company reported net income
of $377,000 or 13 cents per basic and diluted share compared to the same period
of 2003 when the company reported net income of $209,000 or seven cents per
share.
"The third quarter growth was the result of strong performances from most of
our geographic regions," said Kurt R. Moore, president and chief executive
officer. "In addition, we are encouraged to see increased demand for staffing
from a broad base of client companies including renewed demand from the small
and mid-sized client sectors."
Mr. Moore added, "We see positive indicators resulting from what appears to be
a sustained economic recovery. The three locations we opened earlier this year
have contributed over $2.0 million to revenue this year and all are currently
contributing to our operating profit."
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 48 locations in the Eastern and Southwestern United States.
Certain statements contained in this news release, including statements
regarding anticipated improvement in economic conditions and trends in worker's
compensation claims, and other statements contained herein regarding matters
that are not historical facts, are "forward-looking" statements (as such term
is defined in The Private Securities Litigation Reform Act of 1995, as
amended). Because such statements are subject to risks and uncertainties,
actual results may differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking statements
include, but are not limited to, changes in general economic conditions and
unforeseen events impacting new worker's compensation claims, and those risks
and uncertainties discussed in filings made by the Company with the Securities
and Exchange Commission, including its periodic reports on Forms 10-K and 10-Q.
ABLEST INC.
Condensed Statements of Operations
(Amounts in thousands except share and per share amounts)
(Unaudited)
For the For the
Thirteen Week Thirty-nine Week
Periods Ended Periods Ended
September September September September
26, 28, 26, 28,
2004 2003 2004 2003
Net service revenues $29,912 $26,668 $82,509 $74,171
Cost of Services 24,838 22,111 69,182 61,777
Gross Profit 5,074 4,557 13,327 12,394
Selling, general and
administrative
expenses 4,127 3,999 12,722 12,074
Operating income 947 558 605 320
Other:
Interest (expense)
income, net -- (9) 2 (31)
Miscellaneous, net -- 14 1 47
Other income -- 5 3 16
Income before
income taxes 947 563 608 336
Income tax expense 359 213 231 127
Net income $ 588 $ 350 $ 377 $ 209
Basic net income per
common share $ 0.21 $ 0.12 $ 0.13 $ 0.07
Diluted net income per
common share $ 0.20 $ 0.12 $ 0.13 $ 0.07
Weighted average
number of common
shares used in
computing net
income per common
share
Basic 2,840,350 2,858,197 2,838,915 2,862,629
Diluted 2,926,233 2,876,197 2,917,838 2,880,629
ABLEST INC.
Condensed Balance Sheets
(Amounts in thousands except share and per share amounts)
September 26, December 28,
2004 2003
(Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 2,340 $ 1,614
Accounts receivable, net 14,327 13,778
Prepaid expenses and other current
assets 192 213
Current deferred tax asset 1,085 1,085
Total current assets 17,944 16,690
Property, plant and equipment, net 538 647
Deferred tax asset 3,920 3,920
Goodwill, net 1,283 1,283
Other assets 39 39
Total assets $ 23,724 $ 22,579
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 330 $ 326
Accrue expenses and other current
liabilities 5,055 4,438
Total current liabilities 5,385 4,764
Other liabilities 80 89
Total liabilities 5,465 4,853
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock of $.05 par value;
500,000 shares authorized, none
issued or outstanding at
September 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
September 26, 2004 and
December 28, 2003,respectively 167 165
Additional paid-in capital 5,172 5,018
Retained earnings 15,030 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 18,259 17,726
Total liabilities and
stockholders' equity $ 23,724 $ 22,579
DATASOURCE: Ablest Inc.
CONTACT: Vincent J. Lombardo, Vice President and Chief Financial Officer
of Ablest, Inc., +1-727-299-1200, or