It's always disturbing to see the CEO selling stock. I'm never happy to see that, especially before the price drops. However, I think we need to watch the next few quarters of earning to see if this was an insider trading hustle.
If earnings and sales remain great (which I personally think will happen - this appears to be a very well managed company), the price will appreciate rapidly when the market comes up. If profits tank, the selling will smell very badly, and I'm sure suits will be filed.
Personally, I'm long. I've seen nothing in the fundamentals that frightens me, and I see ever expanding need for their product.
Finally, here's some recent sales info from Zacks site:
Labor Ready Reports Revenue For 4 Weeks Ended August 28 Rises 87% to $60.3 Million
PR Newswire - September 01, 1998 07:45
TACOMA, Wash., Sept. 1 /PRNewswire/ -- Labor
Ready, Inc. (Nasdaq: LBOR), the nation's leading
provider of temporary manual labor, reported that
sales for the four weeks ended August 28, climbed
87% to a record $60.3 million from $32.3 million for
the same period a year earlier. The Company also
reported year-to-date revenue for the 34 weeks
ended August 28, was a record $352.2 million, an
increase of 87% from revenue of $188.5 million for
the same period last year. Labor Ready had 483
offices as of August 28, up from 308 offices a year
ago.
Labor Ready Chairman and CEO Glenn Welstad
said, "The results of August sales clearly
demonstrate that Labor Ready is stronger than ever.
Demand in August exceeded our expectations,
outpacing even the huge gains we registered in July
of $54.5 million. The fundamentals driving our
business growth are in place and the wind is at our
back."
The Company reported the revenue growth in August
continued the pattern of being evenly distributed
around the country. The states with the largest
volume of sales were California, Texas, Washington,
Ohio, Michigan and Florida. Three of these states
registered revenue gains of more than 100%.
Based in Tacoma, Washington, Labor Ready is the
nation's leading provider of temporary manual labor
to the light industrial, construction and small
business markets, with dispatch offices in 46 states
and Canada.
This release contains forward-looking statements,
such as statements about the Company's growth in
revenue, the demand for temporary manual labor and
the Company's ability to satisfy market demand. The
Company's actual results could differ materially from
the results identified in any forward-looking
statements. Factors that could cause such a
difference include, (1) uncertainties regarding its
ability to manage and continue its rapid growth, (2)
economic conditions in its key market areas, and (3)
other risks described in the Company's 1997 Form
10-K.
SOURCE Labor Ready Inc.
/CONTACT: Richard Stern or Jeffrey Goldberger,
212-888-0044, both of
Stern & Co.; or Joe Sambataro, Chief Financial
Officer of Labor Ready, Inc.,
800-610-8920 ext. 3203/ |
