Did anyone notice that TrueBlue, Inc., up the road from BBSI's Vancouver HQ, in Tacoma, filed a $100 million shelf registration statement today?
Under "Use of Proceeds," TBI lists "acquisitions" first.
In TBI's 10-Q, TBI states that "We will also evaluate strategic acquisitions in the blue-collar staffing market that can produce strong returns on investment. Our focus is on acquisitions that can accelerate the building of a national presence for a particular brand or that provide an opportunity to serve a new, but sizable portion of the blue-collar staffing market."
TBI has $125 million in cash and cash equivalents as of March 30, and another $131 million in restricted cash and investments - combined, these amounts are well in excess of TBI's workers compensation liabilities.