Ablest Inc (46653) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 25, 2005

Ablest Inc

CIK: 46653

Exhibit 99.1
  1901 Ulmerton Road, Suite 300
Clearwater, Florida 33762-2317
(727) 299-1200
  SYMBOL:      AIH
Thursday, March 2, 2006
     CLEARWATER, FL., Mar. 2 — Ablest Inc. (Amex: AIH) today announced that revenue for the fiscal fourth quarter ended December 25, 2005, increased 15.2 percent to $39 million from revenue of $33.8 million in the fiscal fourth quarter of 2004. Operating income results for the fiscal fourth quarter ended December 25, 2005 in turn increased 49.0 percent to $1.1 million as compared to $767 thousand in the same fiscal quarter of 2004. Net loss was $669,000 or $0.23 per diluted share, compared to net income of $506,000 or $0.17 per diluted share for the similar period last year, reflecting a $1.2 million income tax adjustment relating to an Internal Revenue Service audit of its previously filed 2001 tax return. This adjustment reduces the deferred tax asset derived from the 2000 sale of the industrial maintenance business. The IRS has completed and closed the examinations of the company’s tax returns for all years through 2003. The company notified the IRS of their acceptance of the IRS findings and is awaiting the final IRS ruling letter. The adjustment did not impact 2005’s revenues, operating expenses or cash flows.
     Revenues for fiscal year 2005 increased 18.1 percent to $137.5 million from $116.4 million in the corresponding period of the prior fiscal year. Operating income for the fiscal year 2005 was $3.1 million as compared to operating income of $1.4 million for the similar period last year, an increase of 125 percent. For the 12 months ended December 25, 2005, the company reported net income of $536,000 or $0.18 per diluted share compared to net income of $883,000 equal to $0.30 per diluted share for the prior fiscal year.
     Kurt R. Moore, president and chief executive officer, said, “Operating income for the 2005 fiscal year more than doubled this past year. Our Associates have been working hard to increase revenue while keeping a close eye on expenses. This effort, coupled with our service level expectations, will keep us on our growth plan.” He went on to say, “The IRS adjustment, resulting from the 2000 disposition of our industrial maintenance company, affected net income, but it doesn’t detract from the solid performance posted by our talented Ablest team.”
     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 37,000 field employees and consultants to approximately 2,000 businesses annually through 56 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 Friday, March 3, 2006 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: 0000950144-06-002088
Submitted to the SEC: Fri Mar 10 2006 4:05:56 PM EST
Accepted by the SEC: Fri Mar 10 2006
Period: Sunday, December 25, 2005
Industry: Help Supply Services

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