EX-99.1 2 g98069exv99w1.htm EX-99.1 exv99w1
 

Exhibit 99.1
     
(ABLEST LOGO)
  1901 Ulmerton Road, Suite 300
Clearwater, Florida 33762-2317
(727) 299-1200
www.ablest.com
FOR IMMEDIATE RELEASE
Thursday, November 3, 2005
  SYMBOL:      AIH    
TRADED:     AMEX
ABLEST ANNOUNCES THIRD QUARTER RESULTS
     CLEARWATER, Fla., Nov. 3 — 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.
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Exhibit 99.1
PAGE 2 / ABLEST ANNOUNCES THIRD QUARTER RESULTS
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, 2005     Sept. 26, 2004     Sept. 25, 2005     Sept. 26, 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  
     
MORE...

 


 

Exhibit 99.1
PAGE 3 / ABLEST ANNOUNCES THIRD QUARTER RESULTS
ABLEST INC.
Condensed Balance Sheets
(Amounts in thousands except share and per share amounts)
                 
    September 25, 2005     December 26, 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  
 
           
#####
     
SOURCE:
  Ablest Inc.
CONTACT:
  Kurt R. Moore, President and Chief Executive Officer,
 
  727-299-1200 or kmoore@ablest.com/