8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 4, 2005

ABLEST INC.

(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation) 1-10893
(Commission File Number) 65-0978462
(I.R.S. Identification No.)

1901 Ulmerton Road, Suite 300, Clearwater, Florida
(Address of principal executive offices) 33762
(Zip Code)

(727) 299-1200
(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

     o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230 .425)

     o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

     o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

     o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	Item 2.02. Results of Operations and Financial Condition
	Item 9.01 Financial Statements and Exhibits
SIGNATURE
EXHIBIT LIST
EX-99.1: PRESS RELEASE DATED AUGUST 4, 2005

Item 2.02. Results of Operations and Financial Condition

     On August 4, 2005, Ablest Inc. issued a press release announcing financial results for the quarter ended June 26, 2005. A copy of the press release is furnished as Exhibit 99.1 to this report.

     The information in this Item 2.02 shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in this Item 2.02 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits

     (c)       Exhibits

99.1 Press Release dated August 4, 2005 issued by Ablest Inc.

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SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		Ablest Inc.
August 4, 2005	By:	/s/ Vincent J. Lombardo
		Vincent J. Lombardo,
		Vice President, Chief Financial Officer, Secretary and Treasurer

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EXHIBIT LIST

     The following exhibit is filed herewith.

Exhibit No.	Description
99.1	Press Release dated August 4, 2005 issued by Ablest Inc.

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EX-99.1

Exhibit 99.1

1901 Ulmerton Road, Suite 300
Clearwater, Florida 33762-2317
(727) 299-1200
www.ablest.com

FOR IMMEDIATE RELEASE	SYMBOL:	AIH
Thursday, August 4, 2005	TRADED:	AMEX

ABLEST REPORTS SECOND QUARTER PROFIT MORE THAN DOUBLED;
SIGNS THREE-YEAR EXTENSION ON CREDIT AGREEMENT AT REDUCED RATES

     CLEARWATER, Fla., Aug. 4 — Ablest Inc. today reported substantially improved financial results for the fiscal second quarter ended June 26, 2005. Revenue increased 22.4 percent to $32.8 million from revenue of $26.8 million in the fiscal second quarter of 2004. Net income increased two-and-one-half times to $574,000 or $0.20 per diluted share compared to net income of $230,000 or $0.08 per diluted share for the same period last year.

     Revenues for the first six months of fiscal 2005 increased 20.9 percent to $63.6 million from $52.6 million in the corresponding period of the prior year. For the six months ended June 26, 2005, the company reported net income of $838,000 or $0.29 per diluted share compared to the same period of 2004 when the company reported a net loss of $211,000 equal to seven cents per share.

     Kurt R. Moore, president and chief executive officer, said, “Our strong second quarter results are attributable to our associates’ hard work in executing Ablest’ service model and expansion plans. We continue to see increases from many of our existing large client companies and have been successful opening new locations. Branches opened less than one year accounted for approximately one half of our revenue increase.”

     “To improve profitability, we focused our selling efforts on higher margin and lower risk accounts,” Mr. Moore said. “The gross margin improvement was driven by our selective addition of higher margin accounts and our ability to reduce the costs associated with larger accounts.” He added, “We are pleased by the favorable results in workers’ compensation costs and will continue our efforts to manage these costs. Also contributing to our improved profitability was our associates’ ability to grow by leveraging the organization’s resources.”

     Mr. Moore also said, “The company renewed for an additional three years its $7.5 million committed credit agreement at a 75 basis-point reduction in borrowing rates. We received excellent support from our banking partner and consider the favorable renewal as acknowledging our strong operational results and solid financial position. We currently have no outstanding debt and this facility will continue to provide us the liquidity necessary to achieve our growth plans.”

     Ablest Inc. provides its clients with staffing solutions, managed services and vendor-on-premise (VOP) programs. Staffing solutions include clerical, industrial, information technology, finance and accounting personnel provided through Ablest Staffing Services, Ablest Technology Services and Ablest Finance and Accounting. Ablest supplies more than 30,000 field employees and consultants to more than 3,500 businesses annually through 52 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.

MORE . . .

Exhibit 99.1
PAGE 2 / ABLEST REPORTS SECOND QUARTER PROFIT MORE THAN DOUBLED

ABLEST INC.
Condensed Statements of Operations
(Amounts in thousands except share and per share amounts)
(Unaudited)

	For the Thirteen Week				For the Twenty Six Week
	Periods Ended				Periods Ended
	June 26, 2005		June 27, 2004		June 26, 2005			June 27, 2004
Net service revenues	$	32,751	$	26,827	$	63,586		$	52,597
Cost of services		27,009		22,203		52,867			44,344
Gross profit		5,742		4,624		10,719			8,253
Selling, general and administrative expenses		4,815		4,258		9,364			8,595
Operating income (loss)		927		366		1,355			(342	)
Other:
Interest income, net		—		—		—			2
Miscellaneous, net		—		6		(3	)		1
Other income (loss)		—		6		(3	)		3
Income (loss) before income taxes		927		372		1,352			(339	)
Income tax expense (benefit)		353		142		514			(128	)
Net income (loss)	$	574	$	230	$	838		$	(211	)
Basic net income (loss) per common share	$	0.20	$	0.08	$	0.29		$	(0.07	)
Diluted net income (loss) per common share	$	0.20	$	0.08	$	0.29		$	(0.07	)
Weighted average number of common shares used in computing net income (loss) per common share
Basic		2,863,509		2,840,443		2,859,043			2,838,197
Diluted		2,940,368		2,918,708		2,933,530			2,913,641

MORE...

Exhibit 99.1
PAGE 3 / ABLEST REPORTS SECOND QUARTER PROFIT MORE THAN DOUBLED

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

ASSETS	June 26, 2005			December 26, 2004
	(Unaudited)
CURRENT ASSETS
Cash and cash equivalents	$	2,886		$	1,357
Accounts receivable, net		15,376			16,783
Prepaid expenses and other current assets		689			160
Current deferred tax asset		1,369			1,369
Total current assets		20,320			19,669
Property, plant and equipment, net		538			543
Deferred tax asset		2,721			3,208
Goodwill, net		1,283			1,283
Other assets		40			40
Total assets	$	24,902		$	24,743
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	521		$	378
Accrued insurance		1,642			3,069
Accrued wages		2,363			1,989
Other current liabilities		505			425
Total current liabilities		5,031			5,861
Other liabilities		151			117
Total liabilities		5,182			5,978
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock of $.05 par value; 500,000 shares authorized, none issued or outstanding at June 26, 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 June 26, 2005 and December 26, 2004, respectively		168			167
Additional paid-in capital		5,288			5,172
Retained earnings		16,374			15,536
Treasury stock at cost; 457,729 shares held at June 26, 2005 and December 26, 2004		(2,110	)		(2,110	)
Total stockholders’ equity		19,720			18,765
Total liabilities and stockholders’ equity	$	24,902		$	24,743

SOURCE:	Ablest Inc.
CONTACT:	Vincent J. Lombardo, Vice President and Chief Financial Officer,
	727-299-1200 or vlombardo@ablest.com/

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