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): November 10, 2006

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.)

1511 N. Westshore Blvd., Suite 900, Tampa, Florida
(Address of principal executive offices) 33607
(Zip Code)

(813) 830-7700

(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

EX-99.1 PRESS RELEASE

Item 2.02. Results of Operations and Financial Condition

     On November 10, 2006, Ablest Inc. issued a press release announcing financial results for the quarter ended October 1, 2006. 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 November 10, 2006 issued by Ablest Inc.

2

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.
November 10, 2006	By:	/s/ John Horan
	John Horan,
	Vice President and Chief Financial Officer

3

EXHIBIT LIST

     The following exhibit is filed herewith.

Exhibit No.	Description
99.1	Press Release dated November 10, 2006 issued by Ablest Inc.

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EX-99.1

Exhibit 99.1

1511 N. Westshore Blvd., Suite 900
Tampa, Florida 33607
(813) 830-7700
www.ablest.com

FOR IMMEDIATE RELEASE	SYMBOL:	AIH
Friday, November 10, 2006	TRADED:	AMEX

ABLEST INC. REPORTS INCREASED NET INCOME FOR THIRD QUARTER

     TAMPA, Fla., Nov. 10 — Ablest Inc. (Amex: AIH) today reported that net income for the fiscal third quarter ended October 1, 2006 increased to $396,000 or $0.13 per diluted share compared to $367,000 or $0.13 per diluted share for the similar period last year. Revenues were $34.7 million compared to $34.9 million in the 2005 third quarter.

     For the first 40 weeks of fiscal 2006 revenues increased 6.5 percent to $104.9 million from $98.5 million in the corresponding 39-week period of the prior year. Net income was $1.0 million or $0.35 per diluted share compared to $1.2 million equal to $0.41 cents per diluted share for the 39 weeks ended September 25, 2005. Increased selling, general and administrative expenses relating to both new offices and sales staff additions contributed to this reduction in 2006 net income as compared to the prior year.

     Kurt R. Moore, president and chief executive officer, said, “Third quarter 2006 revenues were essentially flat compared to the third quarter 2005 reflecting both the slowdown we are seeing in certain industries such as home building, furniture and consumer products and also our selective paring of customers not meeting our margin expectations. While 2006 year-to-date revenue increased only modestly, gross profit increased 10.6 percent versus the year-ago third quarter level and was up 7.2 percent over the previous quarter’s gross profit due to our strategy execution and servicing efforts to improve pricing and margins across the company.”

About Ablest

     Ablest is a leader in workforce services; creating and delivering local solutions that enable companies to compete and win in an ever-changing business world. Services are provided through its Staffing Services and Professional Services Divisions. Staffing Services offers customers a range of employment services in the office and light industrial sectors including employee assessment and selection, training, managed services and vendor-on-premise (VOP) programs. Professional Services offers employment and consulting services in the Information Technology and Finance and Accounting sectors. Ablest’s Services focus on improving customer performance in the areas of quality, efficiency and cost-reduction within their workforce. Ablest supplies more than 37,000 field employees and consultants to approximately 2,000 businesses annually through 60 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 . . .

PAGE 2 / ABLEST INC. REPORTS INCREASED NET INCOME FOR THIRD QUARTER

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

	Thirteen				Forty		Thirty Nine
	Week				Week		Week
	Periods Ended				Period Ended		Period Ended
	Oct 1, 2006		Sept 25, 2005		Oct 1, 2006		Sept 25, 2005
Net service revenues	$	34,672	$	34,873	$	104,876	$	98,459
Cost of services		28,491		29,107		86,642		81,974
Gross profit		6,181		5,766		18,234		16,485
Selling, general and administrative expenses		5,528		5,177		16,545		14,541
Operating income		653		589		1,689		1,944
Other:
Interest income, net		13		—		22		—
Miscellaneous income (expense), net		—		1		21		(2	)
Other income (expense)		13		1		43		(2	)
Income before income taxes		666		590		1,732		1,942
Income tax expense		270		223		703		737
Net income	$	396	$	367	$	1,029	$	1,205
Basic net income per common share	$	0.13	$	0.13	$	0.35	$	0.42
Diluted net income per common share	$	0.13	$	0.13	$	0.35	$	0.41
Weighted average number of common shares in computing net income per common share
Basic		2,879,566		2,863,168		2,879,073		2,860,418
Diluted		2,972,953		2,930,644		2,961,314		2,922,079

MORE . . .

PAGE 3 / ABLEST INC. REPORTS INCREASED NET INCOME FOR THIRD QUARTER

ABLEST INC.
Condensed Balance Sheets
(amounts in thousands except share data)
(Unaudited)

	October 1, 2006			December 25, 2005
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	4,251		$	1,931
Accounts receivable, net		16,301			18,760
Prepaid expenses and other current assets		704			469
Current deferred tax asset		1,017			1,246
Total current assets		22,273			22,406
Property and equipment, net		2,661			1,732
Deferred tax asset		867			863
Goodwill		1,283			1,283
Other assets		63			171
Total assets	$	27,147		$	26,455
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	203		$	841
Accrued insurance		2,417			2,536
Accrued wages		2,948			2,738
Other current liabilities		518			514
Total current liabilities		6,086			6,629
Other liabilities		265			432
Total liabilities		6,351			7,061
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock of $.05 par value; 500,000 shares authorized, none issued or outstanding at October 1, 2006 and December 25, 2005		—			—
Common stock of $.05 par value; 7,500,000 shares authorized, 3,387,118 and 3,334,344 shares issued and outstanding including shares held in treasury at October 1, 2006 and December 25, 2005, respectively		169			167
Additional paid-in capital		5,636			5,265
Retained earnings		17,101			16,072
Treasury stock at cost; 457,729 shares held at October 1, 2006 and December 25, 2005		(2,110	)		(2,110	)
Total stockholders’ equity		20,796			19,394
Total liabilities and stockholders’ equity	$	27,147		$	26,455

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SOURCE:	Ablest Inc.
CONTACT:	John Horan, Vice President and Chief Financial Officer
	813/830-7700 or jhoran@ablest.com/