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Exhibit 99.1
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1511 N. Westshore Blvd., Suite 900 Tampa, Florida 33607 (813) 830-7700 www.ablest.com |
FOR IMMEDIATE RELEASE
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SYMBOL: | AIH | ||
Thursday, August 10, 2006
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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.
MORE . . .
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.
View differences made from one quarter to another to evaluate Ablest Inc's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Ablest Inc.
46653 Quarterly Reports
- 10-Q Quarterly Report May 2007
- 10-Q Quarterly Report November 2006
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10-Q Quarterly Report August 2006
- 10-Q Quarterly Report May 2006
- 10-Q Quarterly Report November 2005
