CLEARWATER, Fla., March 2 /PRNewswire/ -- 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. ABLEST INC. Condensed Statements of Operations (Amounts
in thousands except share and per share amounts) (Unaudited) For
the Thirteen Week For the Fifty-two Week Periods Ended Periods
Ended December 25, December 26, December 25, December 26, 2005 2004
2005 2004 Net service revenues $ 38,998 $ 33,844 $137,457 $116,353
Cost of Services 32,497 28,756 114,471 97,938 Gross Profit 6,501
5,088 22,986 18,415 Selling, general and administrative expenses
5,358 4,321 19,899 17,043 Operating income 1,143 767 3,087 1,372
Other: Interest income (expense), net (7) (1) (7) 1 Miscellaneous,
net -- 24 (2) 25 Other income (7) 23 (9) 26 Income from continuing
operations before income taxes 1,136 790 3,078 1,398 Income tax
expense 1,805 284 2,542 515 Net (loss) income $ (669) $ 506 $ 536 $
883 Basic net (loss) income per common share $ (0.23) $ 0.18 $ 0.19
$ 0.31 Diluted net (loss) income per common share $ (0.23) $ 0.17 $
0.18 $ 0.30 Weighted average number of common shares used in
computing net income per common share Basic 2,863,133 2,840,345
2,861,097 2,839,272 Diluted 2,929,657 2,933,898 2,922,981 2,921,853
ABLEST INC. Condensed Balance Sheets (Amounts in thousands except
share and per share amounts) (Unaudited) December 25, December 26,
2005 2004 ASSETS CURRENT ASSETS Cash $ 1,931 $ 1,357 Accounts
receivable, net 18,760 16,783 Prepaid expenses and other current
assets 469 160 Current deferred tax asset 1,246 1,369 Total current
assets 22,406 19,669 Property, plant and equipment, net 1,732 543
Deferred tax asset 863 3,208 Goodwill, net 1,283 1,283 Other assets
171 40 Total assets $26,455 $24,743 LIABILITIES AND STOCKHOLDERS'
EQUITY CURRENT LIABILITIES Accounts payable $ 841 $ 378 Accrued
insurance 2,536 3,069 Accrued wages 2,738 1,989 Other current
liabilities 514 425 Total current liabilities 6,629 5,861 Other
liabilities 432 117 Total liabilities 7,061 5,978 COMMITMENTS AND
CONTINGENCIES STOCKHOLDERS' EQUITY Preferred stock of $.05 par
value; 500,000 shares authorized, none issued or outstanding at
December 25, 2005 and December 26, 2004 -- -- Common stock of $.05
par value; 7,500,000 shares authorized, 3,346,877 and 3,334,344
shares issued and outstanding including shares held in treasury at
December 25, 2005 and December 26, 2004, respectively 167 167
Additional paid-in capital 5,265 5,172 Retained earnings 16,072
15,536 Treasury stock at cost; 457,729 shares held at December 25,
2005 and December 26, 2004 (2,110) (2,110) Total stockholders'
equity 19,394 18,765 Total liabilities and stockholders' equity
$26,455 $24,743 DATASOURCE: Ablest Inc. CONTACT: Charles H. Heist,
Chairman and Chief Financial Officer of Ablest Inc.,
+1-727-299-1200, or
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