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Ablest Inc (46653) SEC Filing 10-Q Quarterly report for the period ending Sunday, July 2, 2006

Ablest Inc

CIK: 46653
 

Exhibit 99.1
     
(ABLEST LOGO)
  1511 N. Westshore Blvd., Suite 900
Tampa, Florida 33607
(813) 830-7700
www.ablest.com
         
FOR IMMEDIATE RELEASE
  SYMBOL:   AIH
Thursday, August 10, 2006
  TRADED:   AMEX
ABLEST INC. REPORTS INCREASED REVENUE FOR SECOND QUARTER
     TAMPA, Fla., Aug. 10 — Ablest Inc. today reported that revenue for the fiscal second quarter ended July 2, 2006 increased 4.9 percent to $34.3 million as compared to revenue of $32.8 million in the 2005 second quarter. Net income decreased to $285,000 or $0.10 per diluted share compared to $574,000 or $0.20 per diluted share for the similar period last year. Net income in the fiscal second quarter was negatively impacted because of higher than planned increase in workers’ compensation expense accruals of approximately $254,000.
     Revenues for the first 27 weeks of fiscal 2006 increased 10.4 percent to $70.2 million from $63.6 million in the corresponding 26-week period of the prior year. For the six months ended July 2, 2006, net income was $633,000 or $0.21 per diluted share compared to the first half of 2005 when the company reported net income of $838,000 equal to $0.29 cents per diluted share.
     Kurt R. Moore, president and chief executive officer, said, “The company experienced an increase in claims costs and incidence rates in 2006 which required an increase in our workers’ compensation expense estimates. Senior management is addressing this matter to reduce the growth rate of the expense.”
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 58 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 Thursday, August 10, 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-Q Quarterly 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-Q Quarterly Report
Accession Number: 0000950144-06-007801
Submitted to the SEC: Fri Aug 11 2006 10:56:02 AM EST
Accepted by the SEC: Fri Aug 11 2006
Period: Sunday, July 2, 2006
Industry: Help Supply Services

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