Exhibit 99.1
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1901 Ulmerton Road, Suite 300 Clearwater, Florida 33762-2317
(727) 299-1200
www.ablest.com |
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FOR IMMEDIATE RELEASE
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SYMBOL: AIH |
Thursday, March 2, 2006
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TRADED: AMEX |
ABLEST ANNOUNCES 2005 RECORD OPERATING RESULTS
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 companys 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 2005s 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
doesnt 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
Companys business.
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