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Ablest Inc (46653) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 26, 2004

Ablest Inc

CIK: 46653
 

Exhibit 99.1

     
(ABLEST LOGO)
  1901 Ulmerton Road, Suite 300
Clearwater, Florida 33762-2317
(727) 299-1200
www.ablest.com
     
FOR IMMEDIATE RELEASE
  SYMBOL: AIH
Tuesday, February 22, 2005
  TRADED: AMEX

ABLEST REPORTS RECORD FISCAL 2004 AND FOURTH QUARTER REVENUE

     CLEARWATER, Fla., Feb. 22 — Ablest Inc. today announced record revenue for the fiscal year ended December 26, 2004, of $116.4 million, an increase of 11.8 percent over revenue of $104.0 million in fiscal 2003. Operating income was $1.4 million, a 29.3 percent increase over 2003 operating income of $1.1 million. Net income amounted to $883,000 or $0.30 per diluted share. This compares with 2003 net income of $2.9 million or $1.01 per diluted share, which included a tax benefit related to the reversal of $2.4 million in valuation allowances for deferred taxes.

     For the fourth quarter ended December 26, 2004, revenue increased 13.3 percent to $33.8 million from the previous year’s record fourth quarter level of $29.9 million. During fiscal 2004, quarterly revenue increased sequentially each quarter including a 13.2 percent increase in the fourth quarter compared to the third quarter. Fourth quarter operating income was $767,000 compared to $741,000 for the similar 2003 period.

     “We are pleased with our 2004 results,” said Kurt R. Moore, president and chief executive officer. “Our record revenue for the year was driven by a record fourth quarter that saw strong demand from new and existing light industrial clients. In addition, we opened four new branches in 2004 that contributed $5.4 million in revenue.”

     Mr. Moore added, “Higher unemployment insurance costs and workers’ compensation expenditures have reduced our margins. We have initiatives focused on managing those costs and have aligned our incentive compensation programs with return on revenue. In addition, we continue to closely manage expense levels, and we were able to reduce SG&A expenses as a percentage of revenue.”

     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 49 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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The following information was filed by Ablest Inc on Wednesday, February 23, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
CIK: 46653
Form Type: 10-K Annual Report
Accession Number: 0000950144-05-002176
Submitted to the SEC: Mon Mar 07 2005 3:25:06 PM EST
Accepted by the SEC: Mon Mar 07 2005
Period: Sunday, December 26, 2004
Industry: Help Supply Services

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